INCOME TAXES (Tables)

12 Months Ended

Feb. 02, 2025

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

The domestic and foreign components of income (loss) before income taxes were as follows:

(In millions)	2024		2023		2022
Domestic	$	61.6	$	90.9	$	(404.9)
Foreign	644.1		750.1		793.1
Total	$	705.7	$	841.0	$	388.2

The income before income taxes in 2022 includes a $417.1 million noncash goodwill impairment recorded in conjunction with the Company’s annual goodwill impairment testing.

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision (benefit) for income taxes attributable to income consisted of the following:

(In millions)	2024		2023		2022
Federal:
Current	$	(0.2)	$	0.1	$	(6.9)
Deferred	(24.3)		(18.2)		(5.1)
State and local:
Current	5.4		5.3		(6.2)
Deferred	0.1		0.2		0.8
Foreign:
Current	127.6		186.4		191.1
Deferred	(1.4)		3.6		14.1
Total	$	107.2	$	177.4	$	187.8

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The provision (benefit) for income taxes for the years 2024, 2023 and 2022 was different from the amount computed by applying the statutory United States federal income tax rate to the underlying income as follows:

	2024			2023		2022
Statutory federal income tax rate	21.0	%		21.0	%	21.0	%
State and local income taxes, net of federal income tax benefit	0.7	%		0.8	%	1.1	%
Effects of international jurisdictions, including foreign tax credits	3.0	%		1.9	%	1.6	%
Change in estimates for uncertain tax positions	(7.6)	%	(1)	(1.6)	%	(2.2)	%
Change in valuation allowance	(1.8)	%		0.3	%	1.2	%
Tax on foreign earnings (GILTI and FDII)	(0.5)	%		(1.9)	%	1.2	%
Goodwill impairment	—	%		—	%	22.3	%
Excess tax (benefit) expense related to stock-based compensation	(0.1)	%		0.1	%	0.5	%
Other, net	0.5	%		0.5	%	1.7	%
Effective income tax rate	15.2	%		21.1	%	48.4	%

(1) Includes a benefit of 4.7% from the settlement of a multi-year audit in an international jurisdiction.

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The components of deferred income tax assets and liabilities were as follows:

(In millions)	2024		2023
Gross deferred tax assets
Tax loss and credit carryforwards	$	170.5	$	152.0
Operating lease liabilities	331.4		352.4
Employee compensation and benefits	52.7		60.2
Inventories	44.6		41.5
Accounts receivable	5.4		9.2
Accrued expenses	11.7		12.6
Property, plant and equipment	242.6		243.5
Other, net	8.2		5.4
Subtotal	867.1		876.8
Valuation allowances	(60.0)		(73.7)
Total gross deferred tax assets, net of valuation allowances	$	807.1	$	803.1
Gross deferred tax liabilities
Intangibles	$	(754.7)	$	(772.2)
Operating lease right-of-use assets	(304.8)		(322.1)
Derivative financial instruments	(44.1)		(21.1)
Total gross deferred tax liabilities	$	(1,103.6)	$	(1,115.4)
Net deferred tax liability	$	(296.5)	$	(312.3)

Summary of Income Tax Contingencies [Table Text Block]

Uncertain tax positions activity for each of the last three years was as follows:

(In millions)	2024		2023		2022
Balance at beginning of year	$	99.6	$	114.7	$	127.8
Increases related to prior year tax positions	3.2		0.6		12.4
Decreases related to prior year tax positions	(35.4)		(11.0)		(12.3)
Increases related to current year tax positions	5.0		2.9		2.7
Lapses in statute of limitations	(12.0)		(6.4)		(12.0)
Effects of foreign currency translation	(1.0)		(1.2)		(3.9)
Balance at end of year	$	59.4	$	99.6	$	114.7

The entire amount of uncertain tax positions as of February 2, 2025, if recognized, would reduce the future effective tax rate under current accounting guidance.