v3.26.1
DEBT
 6 Months Ended
Aug. 02, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Short-Term Borrowings

The Company has the ability to draw revolving borrowings under the senior unsecured credit facilities discussed below in the section entitled “2026 Senior Unsecured Credit Facilities.” The Company had no revolving borrowings outstanding under these facilities as of August 2, 2026.

Additionally, the Company has the ability to borrow under short-term lines of credit, overdraft facilities and short-term revolving credit facilities denominated in various foreign currencies. These facilities provided for borrowing capacity of up to $234.5 million based on exchange rates in effect on August 2, 2026 and are utilized primarily to fund working capital needs. The Company had no borrowings outstanding under these facilities as of August 2, 2026.

Commercial Paper

The Company has the ability to issue unsecured commercial paper notes with maturities that vary but do not exceed 397 days from the date of issuance primarily to fund working capital needs. Borrowings under the commercial paper note program, when taken together with the revolving borrowings outstanding under the multicurrency revolving credit facility included in the 2026 facilities (as defined below), cannot exceed $1,500.0 million. The Company had no borrowings outstanding under the commercial paper note program as of August 2, 2026.
Long-Term Debt

The carrying amounts of the Company’s long-term debt were as follows:
(In millions)8/2/262/1/268/3/25
Senior unsecured Term Loan A facility due 2031 (1)
$460.5 $— $— 
Senior unsecured Term Loan A facility due 2027 (1)
— 482.4 477.9 
3 1/8% senior unsecured euro notes due 2027 (1)
690.2 709.1 692.8 
4 1/8% senior unsecured euro notes due 2029 (1)
601.9 618.2 603.9 
5 1/2% senior unsecured notes due 2030495.4 494.8 494.2 
Total    2,248.0 2,304.5 2,268.8 
Less: Current portion of long-term debt    11.5 13.1 12.8 
Long-term debt    $2,236.5 $2,291.4 $2,256.0 

(1) The carrying amount of the euro-denominated Term Loan A facilities and the senior unsecured euro notes includes the impact of changes in the exchange rate of the United States dollar against the euro.

Please see Note 10, “Fair Value Measurements,” for the fair value of the Company’s long-term debt as of August 2, 2026, February 1, 2026 and August 3, 2025.

The Company’s mandatory long-term debt repayments for the remainder of 2026 through 2031 were as follows as of August 2, 2026:
(In millions)
Fiscal Year
Amount (1)
Remainder of 2026$5.8 
2027703.1 
202811.5 
2029616.7 
2030511.5 
2031409.2 

(1) A portion of the Company’s mandatory long-term debt repayments is denominated in euros and subject to changes in the exchange rate of the United States dollar against the euro.

Total debt repayments for the remainder of 2026 through 2031 exceed the total carrying amount of the Company’s debt as of August 2, 2026 because the carrying amount reflects the unamortized portions of debt issuance costs and the original issue discounts.

As of August 2, 2026, approximately 80% of the Company’s long-term debt had fixed interest rates, with the remainder at variable interest rates.

2026 Senior Unsecured Credit Facilities

On June 24, 2026, (the “Closing Date”), the Company entered into new senior unsecured credit facilities (the “2026 facilities”), the proceeds of which, along with cash on hand, were used to repay all of the outstanding borrowings under the 2022 facilities (as defined below), as well as the related debt issuance costs.

The 2026 facilities consist of (a) a €400.0 million euro-denominated Term Loan A facility (the “Euro TLA facility”) and (b) a $1,500.0 million United States dollar-denominated multicurrency revolving credit facility (the “multicurrency revolving credit facility”), which is available in United States dollars, euros and other agreed foreign currencies. The 2026 facilities are due on June 24, 2031.

The multicurrency revolving credit facility also includes amounts available for letters of credit and has a portion available for the making of swingline loans. The issuance of such letters of credit and the making of any swingline loan, as customary, reduces the amount available under the multicurrency revolving credit facility.
The terms of the Euro TLA facility require the Company to make quarterly repayments of amounts outstanding, commencing with the calendar quarter ending September 30, 2026. Such required repayment amounts equal 2.50% per annum of the principal amount outstanding on the Closing Date, paid in equal installments and subject to certain customary adjustments, with the balance due on the maturity date of the Euro TLA facility. The outstanding borrowings under the 2026 facilities are prepayable at any time without penalty (other than customary breakage costs). Any voluntary repayments made by the Company would reduce the future required repayment amounts.

In connection with the refinancing in 2026 of the 2022 facilities, the Company paid debt issuance costs of $3.3 million (of which $0.4 million was expensed as debt modification costs and $2.9 million is being amortized over the term of the 2026 facilities) and recorded debt extinguishment costs of $0.8 million to write off previously capitalized debt issuance costs.

The Company made no payments on its term loan under the 2026 facilities during the twenty-six weeks ended August 2, 2026.

The United States dollar-denominated borrowings under the 2026 facilities bear interest at a rate per annum equal to, at the Company’s option, either a base rate or a term secured overnight financing rate (“SOFR”), calculated in a manner set forth in the 2026 facilities, plus an applicable margin.

The euro-denominated borrowings under the Euro TLA facility and multicurrency revolving credit facility bear interest at a rate per annum equal to a euro interbank offered rate (“EURIBOR”) and the euro-denominated swing line borrowings under the 2026 facilities bear interest at a rate per annum equal to a euro short-term rate (“ESTR”), calculated in a manner set forth in the 2026 facilities, plus in each case an applicable margin.

The borrowings denominated in other foreign currencies under the 2026 facilities bear interest at various indexed rates specified in the 2026 facilities and are calculated in a manner set forth in the 2026 facilities, plus an applicable margin.

The applicable margin with respect to the Euro TLA Facility as of August 2, 2026 was 1.125%. The applicable margin with respect to the multicurrency revolving credit facility as of August 2, 2026 was 0.0% for loans bearing interest at the base rate or Canadian prime rate and 1.0% for loans bearing interest at the SOFR, EURIBOR, ESTR or any other rate specified in the 2026 facilities. After the date of delivery of the compliance certificate and financial statements with respect to the Company’s fiscal quarter ending on August 1, 2027, the applicable margin for borrowings under the Euro TLA facility and each revolving credit facility will be subject to adjustment based upon (i) the Company’s net leverage ratio or (ii) after the date of delivery of notice of a change in the Company’s public debt rating by Standard & Poor’s or Moody’s.

The 2026 facilities contain customary events of default, including but not limited to nonpayment; material inaccuracy of representations and warranties; violations of covenants; certain bankruptcies and liquidations; cross-default to material indebtedness; certain material judgments; certain events related to the Employee Retirement Income Security Act of 1974, as amended; and a change in control (as defined in the 2026 facilities).

The 2026 facilities require the Company to comply with customary affirmative and negative covenants, as well as to maintain a maximum net leverage ratio, calculated in a manner set forth in the terms of the 2026 facilities. A breach of any of these operating or financial covenants would result in a default under the 2026 facilities. If an event of default occurs and is continuing, the lenders could elect to declare all amounts then outstanding, together with accrued interest, to be immediately due and payable, which would result in acceleration of the Company’s other debt.

2022 Senior Unsecured Credit Facilities

On December 9, 2022, the Company entered into senior unsecured credit facilities (the “2022 facilities”). The Company replaced the 2022 facilities with the 2026 facilities. The 2022 facilities consisted of (a) a €440.6 million euro-denominated Term Loan A facility, of which €404.8 million was outstanding as of the date it was replaced, (b) a $1,150.0 million United States dollar-denominated multicurrency revolving credit facility, available in (i) United States dollars, (ii) Australian dollars (limited to A$50.0 million), (iii) Canadian dollars (limited to C$70.0 million), or (iv) euros, yen, pounds sterling, Swiss francs or other agreed foreign currencies (limited to €250.0 million), and (c) a $50.0 million United States dollar-denominated revolving credit facility available in United States dollars or Hong Kong dollars.

The Company made payments totaling $463.9 million on its term loan under the 2022 facilities during 2026, which included a $3.2 million mandatory payment and the $460.7 million repayment of the 2022 facilities in connection with the refinancing of
the senior credit facilities. The Company made payments totaling $6.2 million on its term loan under the 2022 facilities during the twenty-six weeks ended August 3, 2025.

4 5/8% Senior Notes Due 2025

The Company had outstanding $500.0 million principal amount of 4 5/8% senior notes due July 10, 2025. The Company repaid these notes upon maturity utilizing the net proceeds from the issuance of the $500.0 million principal amount of 5 1/2% senior notes due June 13, 2030 together with other available funds, as discussed below.

3 1/8% Euro Senior Notes Due 2027

The Company has outstanding €600.0 million principal amount of 3 1/8% senior notes due December 15, 2027. The Company may redeem some or all of these notes at any time prior to September 15, 2027 by paying a “make whole” premium plus any accrued and unpaid interest. In addition, in advance of maturity, the Company may redeem the remaining outstanding notes beginning on September 15, 2027 at their principal amount plus any accrued and unpaid interest.

4 1/8% Euro Senior Notes Due 2029

The Company has outstanding €525.0 million principal amount of 4 1/8% senior notes due July 16, 2029. The Company may redeem some or all of these notes at any time prior to April 16, 2029 by paying a “make whole” premium, plus any accrued and unpaid interest. In addition, in advance of maturity, the Company may redeem the remaining outstanding notes beginning on April 16, 2029, or at any time in the event of certain developments affecting taxation, at their principal amount plus any accrued and unpaid interest.

5 1/2% Senior Notes Due 2030

The Company issued on June 13, 2025, $500.0 million principal amount of 5 1/2% senior notes due June 13, 2030. The Company paid $6.0 million of fees in connection with the issuance of the notes, which are being amortized over the term of the notes.

The Company utilized the net proceeds of the offering, together with other available funds, to repay the $500.0 million principal amount of 4 5/8% senior notes due July 10, 2025, as discussed above.

The Company may redeem some or all of these notes at any time prior to May 13, 2030 by paying a “make whole” premium, plus any accrued and unpaid interest. In addition, in advance of maturity, the Company may redeem the remaining outstanding notes beginning on May 13, 2030 at their principal amount plus any accrued and unpaid interest.

The Company’s financing arrangements contain financial and non-financial covenants and customary events of default. As of August 2, 2026, the Company was in compliance with all applicable financial and non-financial covenants under its financing arrangements.

The Company also has standby letters of credit and bank guarantees primarily to collateralize the Company’s insurance and lease obligations. The Company had $100.2 million of these standby letters of credit and bank guarantees outstanding as of August 2, 2026.
Please see Note 8, “Debt,” in the Notes to Consolidated Financial Statements included in Item 8 of the Company’s Annual Report on Form 10-K for the fiscal year ended February 1, 2026 for further discussion of the Company’s debt.