PVH : Fall 2020 Investor Update

Investor Update

Fall 2020

Safe Harbor

We (PVH Corp.) obtained the market and competitive position data used throughout this presentation from research, surveys or studies conducted by third parties, information provided by customers and industry or general publications. Industry publications and surveys generally state that they have obtained information from sources believed to be reliable but do not guarantee the accuracy and completeness of such information. While we believe that each of these studies and publications and all other information are reliable, we have not independently verified such data and we do not make any representation as to the accuracy of such information.

The information in our presentation contains certain forward-looking statements which reflect our view as of September 2, 2020 of future events and financial performance. These forward-looking statements are subject to risks and uncertainties indicated from time to time in our SEC filings, as more fully discussed in our safe harbor statements and risk factors found in our SEC filings. These risks include our right to change plans, strategies, objectives, expectations and intentions; our need to use significant cash flow to service our debt obligations; our vulnerability to weather, economic conditions, fuel prices, fashion trends, loss of retail accounts, consumer sentiment, epidemics and health-related concerns, such as the current COVID-19 outbreak, which could result in (and in the case of the COVID-19 outbreak, has resulted in certain of the following) closed factories, reduced workforces, scarcity of raw materials and scrutiny or embargoing of goods produced in infected areas, war, terrorism, fluctuations in foreign currency exchange rates and other factors; the imposition of duties or tariffs on goods, such as the recently imposed increased tariffs, and threatened increased tariffs, on goods imported into the U.S. from China; the regulation of the transaction of business with specific individuals or entities and their affiliates or goods manufactured in certain regions by the U.S. Government or the governments of other places where we do business; the impact of new and revised tax legislation and regulations; our reliance on the sales of our business partners; and our exposure to the behavior of our associates, business partners and licensors. As such, our future results could differ materially from previous results or our expectations as of September 2.

We do not undertake any obligation to update publicly any forward-looking statement, whether as a result of the receipt of new information, future events or otherwise.

This presentation includes non-GAAP financial measures, as defined under SEC rules. Reconciliations of these measures are included at the end of this presentation. Our SEC filings are available on our website at PVH.com and the SEC's website at sec.gov.

2

Our Brand Framework

Vision

To be the most admired fashion and lifestyle company in the world.

Purpose

We power brands that drive fashion forward - for good.

Priorities

Drive consumer engagement through innovative designs and personalized brand and shopping experiences that captures the heart of the consumer

Expand our worldwide reach through organic growth and acquisitions

Values

Individuality be you

Partnership work together

Passion inspire and innovate

Integrity do the right thing

Accountability own it

Invest in and evolve how we operate by leveraging technology and data to be dynamic, nimble and forward-thinking

Develop a talented and skilled workforce that embodies our values and an entrepreneurial spirit while empowering our associates to design their future

Deliver sustainable, profitable growth and generate free cash flow to create long-term stockholder value

3

PVH by the Numbers

PVH Established in

1881

$9.9 Billion

2019 Reported Revenues

>40,000

Global Associates

15% CAGR

for Non-GAAP Earnings per Share* from 2003-2019

We Operate in Over

40 Countries

PVH Foundation (the company's philanthropic division)

has been in existence for

30+ Years

>50%

Revenues Generated Outside of the U.S.

~$22 Billion

2019 Global Retail Sales

* Figures exclude certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliations.

4

Three Distinct Businesses, All Positioned for Global Growth

2019 Business Recap

PVH CORP.	Tommy Hilfiger	Calvin Klein	Heritage Brands
Global Retail Sales: ~$22B	Global Retail Sales: $9.2B	Global Retail Sales: $9.4B	Global Retail Sales: $3.3B
Revenues: $9.9B	Revenues: $4.7B	Revenues: $3.7B	Revenues: $1.5B
EBIT Margin*: 9.4%	EBIT Margin*: 13.5%	EBIT Margin*: 11.3%	EBIT Margin*: 4.0%

* Figures exclude certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliations.

5

PVH is One of the Largest Global Apparel Companies with $9.9 Billion in 2019 Revenues

$10.5

2019 Revenue ($ in Billions)

$9.9

$7.0

$6.2 $6.0 $5.8 $5.6

$3.3 $3.2 $3.2

$2.7 $2.6

Source: Factset.

6

A Rich History of Sales & Earnings Growth

Revenue & EPS Growth (2003 - 2019)

12% revenue CAGR & 15% EPS* CAGR

Heightened global volatility

			Acquired Calvin Klein		Great Recession	Acquired Tommy Hilfiger	Acquired Warnaco		$9.60	$9.54	$10
	$11,000																		$9
																$7.94	$9,657	$9,909
													$7.30					$8
												$7.03	$7.05		$8,915
													$6.80
	$9,000										$6.58
										$8,216	$8,241						$7
												$8,020	$8,203
										$5.44									$6
Millions	$7,000
								$4.31	$5,891	$6,043								$5
					$3.21													$4
$						$2.99		$4,637
$5,000
					$2.79
				$2.62
																		$3
				$1.88
	$3,000	$0.98	$1.37			$2,425	$2,397	$2,399											$2
				$2,091
			$1,641	$1,909														$1
		$1,548
	$1,000																		$0
		2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019

Note: 2003-2007 figures not restated for change in accounting for retirement plans. (*) 2003-2006 and 2008-2019 figures exclude certain amounts that were deemed non-recurring or non-operational.	7
Refer to Appendix for GAAP reconciliations.

Calvin Klein and Tommy Hilfiger Currently Account for 85% of PVH's Revenues and nearly 95% of PVH's EBIT(1)

Revenue by Business (2019)

EBIT(1) by Business (2019)

15%			6%

48%				37%

57%

37%

Tommy Hilfiger		Calvin Klein		Heritage Brands

(1) Figures exclude certain amounts that were deemed non-recurring or non-operational, as well as corporate expenses. Refer to Appendix for GAAP reconciliations.

8

Nearly 60% of PVH's Revenues and Approximately 70% of PVH's EBIT(1) are Generated Outside the U.S.

		Revenue by Region (2019)			EBIT(1) by Region (2019)
6%						9%
14%						18%						28%
						43%

37%

45%

U.S.		Europe		Asia Pacific		Americas (excluding U.S.)

Note: Americas (excluding U.S.) includes Canada, Mexico, South America, Central America and the Caribbean; Europe includes the Middle East and Africa; Asia Pacific includes Australia and New Zealand.	9
(1) Figures exclude certain amounts that were deemed non-recurring or non-operational, as well as corporate expenses. Refer to Appendix for GAAP reconciliations.

Digital Commerce is the Fastest Growing Channel

• Over $1 billion in digital sales through our digital sites and digital sites operated by our wholesale partners in 2019 (~20% growth)
• Digital represented 12% of our sales in 2019 (through our own digital sites and digital sites operated through our wholesale partners); expect it to reach 20% annually in the near-term
• Strength across all regions and forms of digital
• Significant growth in new users, in addition to strong engagement with repeat consumers
• New consumer events, enhanced site functionality and new selling models are contributing to the growth
• Continued investments in digital to drive growth and channel penetration

Owned & Operated

Wholesale Partners Online

Pure Plays

10

Focus on Innovation, Speed, Consumer Data & Flexibility

Supply Chain

• Faster & more responsive supply chain
• Leveraging 3-D Design and Showrooms
• Various speed models to optimize time to market
• Manufacturing joint venture in Ethiopia
• Focus on circularity

Design

• 3-Ddesign capabilities help reduce need for samples and expedites early- stage design process
• 3-Dshowrooms enhance the experience for vendors, while being cost and time efficient
• Centers of Excellence leverage best practices and expertise across divisions

Consumer

• Increased use of data, analytics & Consumer Insights
• Ability to tailor consumer experience based on data

11

Driving Fashion Forward - for Good

Our

Ambitions

Our	01.	Eliminate carbon emissions	05.	Source ethically	11.	Empower women
Priorities	02.	End waste		06. Amplify worker voice	12.	Foster inclusion & diversity
	03.	Eliminate hazardous chemicals	07.	Promote safe workplaces	13.	Develop talent
	04.	Innovate for circularity		08. Advance living wages	14.	Educate the future
				09.	Recruit ethically	15.	Provide access to water
				10.	Regenerate materials
PVH Values	Individuality	Partnership	Passion	Integrity	Accountability

12

Tommy Hilfiger

• One of the world's leading designer lifestyle brands
• Celebrates the essence of classic American cool style
• Strong global brand awareness

13

Tommy Hilfiger - Brand Overview

Distribution











Select Global Retail

Select Global Retail

Global Retail

Select Global Retail

Select Global Retail



Global tommy.com



Global tommy.com



Global tommy.com



Global tommy.com



Global tommy.com



Global Wholesale



Global Wholesale



Global Wholesale



Global Wholesale



Select Global Wholesale

14

Tommy Hilfiger - Brand Overview

2019 Regional Breakout

		Global Retail Sales: $9.2 BN			Reported Revenues: $4.7 BN
11%				13%
3%										35%
						42%

44%

52%

North America(1)		Latin America(2)		Asia Pacific(3)		Europe(4)

(1)	North America includes Canada and Mexico. (2) Latin America includes South America, the Caribbean and Central America. (3) Asia Pacific includes Australia and New Zealand.	15
(4)	Europe includes the Middle East and Africa.

Tommy Hilfiger Strategies

1. Product Focus

Delivering compelling products that reflect TOMMY HILFIGER's accessible premium positioning and classic American cool aesthetic, with a focus on sustainability and social innovation.

2. Category
3. Regional
Category expansion
within womenswear,	Regional expansion,
accessories, denim
particularly across
and underwear.
the Asia Pacific
	region.

	4. Brand Heat	5. Digitize
	Driving brand heat and	Digitizing the complete
	conversion by delivering	brand experience from
	dynamic consumer	design to our showrooms
	engagement initiatives that	for wholesale customers
	include brand ambassadors,	to our online and
	capsule collections,	in-store experiences.
	consumer activations and
	experiential events.

16

Tommy Hilfiger -

Global Marketing

& Communications

OBJECTIVE: Build on consumer-centricgo-to- market strategies to maintain global brand relevance & momentum

INVESTMENT: OVER $200 MILLION in 2019 global marketing spend

FOCUS: Attracting a new generation of consumers globally; Blend of global and regional brand ambassadors to connect with consumers worldwide

17

Tommy Hilfiger - Business Overview & Financials

Tommy Hilfiger Business Summary

$4.7B

2019 Reported Revenues

~$3.1B	~$1.6B
International Revenues	North America revenues
13.5%
2019 EBIT Margin(1)

(1) EBIT margin excludes certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliation of EBIT.

18

Tommy Hilfiger Europe - Overview

	Healthy brand with premium positioning	Expected Long-Term Growth
	Opportunity for further market share gains
+ Mid single-digits

Largest Category Opportunities

Women's Apparel	Performance
Apparel
Accessories	Underwear

Largest Distribution Opportunities	2019 Europe Revenues
 Outsized growth expected through digital:	by Distribution Model(1)
 Continued expansion of tommy.com
 Expand third-party business, from pure play digital								37%
commerce retailers to brick & mortar partners online
 Expansion with our wholesale partners	63%
 Continued successful performance at
retail, partly driven by enhanced
omni-channel capabilities
				Retail		Wholesale

(1) Retail and wholesale split excludes licensing revenues.

19

Tommy Hilfiger Asia - Overview

	Healthy brand with premium positioning	Expected Long-Term Growth
	China is the largest long-term regional opportunity for Tommy Hilfiger,
+ Mid to High single-digits
	with the ability to double the size of the business over time

Largest Category Opportunities

Women's Apparel

Denim

AccessoriesUnderwear

PerformanceKids Apparel

Largest Distribution Opportunities	2019 Asia Revenues
	by Distribution Model(1)

• Outsized growth expected through digital

(in China):

	Continued expansion of tommy.com	25%

• • Expand business with pure play digital commerce retailers
• Square footage expansion through new locations and renovate / expand / relocate

key locations		75%

• Japan performing well

Retail Wholesale

(1) Retail and wholesale split excludes licensing revenues.

20

Tommy Hilfiger North America - Overview

	Healthy brand with premium positioning	Expected Long-Term Growth
	Opportunity for further market share gains
+ Low single-digits

Largest Category Opportunities

DenimPerformance Apparel

Underwear	Women's Apparel
(Operated by G-III)

Accessories

Largest Distribution Opportunities

• Continued wholesale sales growth:
• • U.S. - Expanding presence outside of Macy's
  • Canada - Retail partnership with Hudson's
    Bay Company
• Focus on retail productivity, partly driven by initiatives to drive traffic with domestic consumers
• Significant digital opportunity:
• • Ability to further leverage and expand tommy.com
  • Expand third-party business, from pure play digital commerce retailers to brick & mortar partners online

2019 North America

Revenues by Distribution Model(1)

30%

70%

Retail Wholesale

(1) Retail and wholesale split excludes licensing revenues.

21

Tommy Hilfiger Licensed Businesses

Notable Licenses

Regional						Product Categories
Joint Venture
	India	Mexico		Brazil
									Women's Apparel	Footwear	Watches & Jewelry
Distributor									(North America)	(North America)	Movado
							G-III	Marc Fisher
	Indonesia	Vietnam		Philippines

License

			Men's Tailored Clothing	Eyewear	Fragrance
Korea	Latam	(North America)	Safilo	Estee Lauder
Peerless

22

Calvin Klein

• One of the world's most recognized brands
• Bold, progressive ideals

23

Calvin Klein - Brand Overview

Distribution

	Select Asia Retail		Global Retail		Global Retail		Global Retail		Global Retail
	Asia calvinklein.com		Global calvinklein.com		Global calvinklein.com		Global calvinklein.com		Global calvinklein.com
	Select Asia Wholesale		Global Wholesale		Global Wholesale		Global Wholesale		Global Wholesale

24

Calvin Klein - Brand Overview

2019 Regional Breakout

Global Retail Sales: $9.4 Billion

2%

15%

56%

27%

Reported Revenues: $3.7 Billion

2%

20%

46%

32%

North America(1)		Latin America(2)		Asia Pacific(3)		Europe(4)

(1)	North America includes Canada and Mexico. (2) Latin America includes South America, the Caribbean and Central America. (3) Asia Pacific includes Australia and New Zealand.	25
(4)	Europe includes the Middle East and Africa.

Calvin Klein -

Global Marketing

& Communications

OBJECTIVE: A marketing approach that brings together all facets of the consumer marketing experience - from consumer engagement to data capabilities to the shopping experience

INVESTMENT: With over $365 million in global annual marketing spend in 2019, (~40% funded by licensees), we leveraged CALVIN KLEIN's brand heritage to grow the top and bottom line

FOCUS: A truly digital first, socially powered marketing experience for consumers

26

Calvin Klein - Business Overview & Financials

Calvin Klein Business Summary

Over 50% of the brand's global retail sales continues to be from licensing.

$3.7B

Past

Today

2019 Reported Revenues

~$1.7B

~$2.0B

89%

53%

North America Revenues

International revenues

11.3%

47%

2019 EBIT Margin(1)

11%

2012

2019

Licensee

Directly operated

(1) EBIT margin excludes certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliation of EBIT.

27

Calvin Klein Strategies

		1. Product Focus	2. Categories
		Delivering compelling	Product improvement and
		3. Regional
		products that reflect	expansion, particularly
		CALVIN KLEIN's accessible	within men's and women's	Regional expansion,
		premium positioning and	sportswear, jeanswear,
		particularly across
		seductive aesthetic, with a	accessories and
		Europe and the Asia
		focus on sustainable	women's intimates.
		Pacific region.
		product creation.

		4. Engagement	5. Digitize	6. Efficiencies
		Reigniting the brand and	Further digitizing the	Identifying operating
		driving conversion with	brand by growing online	efficiencies across
		consumer engagement	sales and expanding	the business to drive
		initiatives that include	omni-channel	improvements in our
		brand ambassadors,	capabilities.	operating margins.
		capsule collections,
		consumer activations
		and experiential events.

28

Calvin Klein North America - Overview

	Premium positioning	Expected Long-Term Growth
	Focus on driving productivity and operational efficiencies
+ Low Single-Digits

Largest Category Opportunities

Performance Apparel	Women's Intimates
(Operated by G-III)

Men's Sportswear & Jeans

Women's Jeans	Accessories
(Operated by G-III)

Largest Distribution Opportunities

• Outsized growth expected through digital:
• • Continue to grow sales on calvinklein.com
  • Expand third-party business, from pure play digital commerce retailers to brick & mortar partners online
• Expansion with our wholesale partners, including select specialty apparel retailers
• Growth at retail, including the ability to enhance in-store execution and productivity
• • Optimize store size and square footage

2019 North America

Revenues by Distribution Model(1)

42%

58%

Retail Wholesale

(1) Retail and wholesale split excludes licensing revenues.

29

Calvin Klein Europe - Overview

	Europe is the largest near-term regional opportunity for Calvin Klein,	Expected Long-Term Growth
	with the ability to double the size of the business over time
	+ High Single-Digits
	Focus on driving productivity and operational efficiencies

Largest Category Opportunities

Largest Distribution Opportunities

2019 Europe Revenues

by Distribution Model(1)

Men's Apparel	Women's Apparel
Accessories	Performance Apparel
Men's and	Kids

• Expansion of wholesale presence
• Incremental store openings
• Digital commerce expansion:
• • Continued expansion of calvinklein.com
  • Expand third-party business, from pure play digital commerce retailers to brick & mortar partners online

54%

46%

Women's Jeanswear

Retail Wholesale

(1) Retail and wholesale split excludes licensing revenues.

30

Calvin Klein Asia- Overview

	Healthy brand with premium positioning overseas	Expected Long-Term Growth
	Ability to double the size of the business over time
+ Mid Single-Digits

• Focus on driving productivity and operational efficiencies

Largest Category Opportunities

Men's and	Men's and
Women's Jeanswear	Women's Apparel

AccessoriesPerformance Apparel

Largest Distribution Opportunities

• Expansion of wholesale presence
• Incremental store openings
• Digital commerce expansion:
• • Continued expansion of calvinklein.com
  • Expand third-party business, from pure play digital commerce retailers to brick & mortar partners online

2019 Asia Revenues

by Region

30%

52%

18%

China Korea Central & South Asia Pacific

31

Calvin Klein Latin America - Overview

• Owned business in Brazil
• Joint Venture for Mexico (Grupo Axo), which also includes our Tommy Hilfiger, Warner's, Olga and Speedo businesses in Mexico
• Licensed business in Latin America, run by American Designer Fashion S.A. (ADF)

Largest Category Opportunities in Brazil	Distribution Opportunities in Brazil
				Incremental square footage expansion
Underwear	Men's and	Performance		Digital commerce expansion
Women's Apparel	Apparel		Select wholesale door expansion

32

Calvin Klein Licensed Businesses

7 significant partnerships represented over 80% of licensing and advertising revenue in 2019. Over time, we look to assume more direct control over various licensed businesses where we have core competencies.

Global Retail Sales

Potential Buyback Opportunities

Women's Apparel / Other	Fragrance	Footwear	Men's Tailored
G-III$1.9BN	COTY $1.2BN	JIMLAR ~$370MM	PEERLESS ~$250MM
		(To be brought in-house in 2021)

Eyewear	Watches & Jewelry*	CK Calvin Klein / Asia
MARCHON ~$150MM	SWATCH ~$125MM	CLUB ~$100MM

* Will transition to Movado in Spring 2022.

33

Heritage Brands

• Portfolio of iconic American brands
• Generate healthy cash flows
• Market share opportunities

34

Heritage Brands - Overview & Financials

Summary Financials

2019 reported revenues - $1.5 BN

2019 EBIT Margin(1) - 4.0%

Heritage Brands

 Underwear

 Sportswear

 Dress furnishings

Licensed Brands Include:

 Chaps

 Kenneth Cole Reaction

 MICHAEL Michael Kors

 Michael Kors Collection

(1) EBIT margin excludes certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliation of EBIT.

35

Heritage Brands Strategies

1. Product Focus

Delivering trend-right products at an attractive value proposition, with a focus on new technologies, features and sustainability.

2. Share Gains

Leveraging and enhancing each brand's position in the market to drive market share gains, with a focus on the most profitable brands.

3. Distribution

Optimizing distribution, particularly in the mass market and digital channels, with a focus on driving profitable volume.

4. Enhance

Enhancing profitability by capitalizing on supply chain opportunities, reducing costs and maintaining a critical focus on inventory management. Closing Heritage Retail business by mid-2021, as it did not meet profitability targets.

36

Market Share Gains are Critical for our Heritage Brands Business

Category	Unit share
Neckwear	>50%
Woven Shirts	13%(1)
Bras & Panties	10%(1)
Knit Shirts	8%(1)
Casual Pants	5%(1)

(1) Based on percentage of 2019 unit volume in US Department and Chain Stores combined. Source: NPD.

37

Financial Overview

38

PVH Financial History

$ in Millions, Except per Share Data

FX Headwinds

	Warnaco Acquisition
	2014	2015		2016	2017		2018	2019
Revenues	$8,241	$8,020		$8,203	$8,915		$9,657	$9,909
Gross margin	52.6%*	51.6%*		53.4%*	54.9%		55.0%	54.7%*
EBIT*	$921	$842		$794	$864		$971	$931
EBIT margin*	11.2%	10.5%		9.7%	9.7%		10.1%	9.4%
EPS*	$7.30	$7.05		$6.80	$7.94		$9.60	$9.54
EPS growth*	4%	-3%		-4%	+17%		+21%	Flat

* Figures exclude certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliations.

39

PVH Financial History

Free Cash Flow ($ in Millions)

Gross Leverage Ratio(2)

$800					400%	450%	6.5
	$644			$664
$700			$643	400%	6.0
						350%
$600						5.5
			$461			300%
$500
				250%	5.0
$400
	$274				200%	4.5
$300
					4.0
					150%
$200						100%	3.5
	117%
$100			93%		50%	3.0
			62%
$0		44%			0%	2.5
	2016	2017	2018	2019	LTM 2Q20		2.0

Free Cash Flow		Free Cash Flow / Non-GAAP Net Income (1)

6.4x

3.1x

2.7x

2.2x 2.2x

2016

2017

2018

2019

LTM 2Q20

Debt Paydown of ~$2.0 Billion Since the Warnaco Acquisition

NOTE: Free cash flow defined as cash flow from operations less capital expenditures and dividends. Updated guidance related to the classification of certain cash receipts and cash payments in the statement of cash flows was adopted in the first quarter of 2018. As a result, contingent payments to Mr. Klein were included in cash flow from operations.

2017 and 2018 free cash flows were principally impacted by larger capital expenditures compared to prior years, an increase in inventories, principally driven by the 2018 acceleration of receipts in advance of potential tariffs on goods imported into the U.S. from China.

1. Figures exclude certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliations.
2. Gross leverage ratio does not include operating lease liabilities recorded as a result of the lease accounting guidance adopted in 2019. Figures exclude certain amounts that were deemed non- recurring or non-operational. Refer to Appendix for GAAP reconciliations.

* Figures exclude certain amounts that were deemed non-recurring or non-operational. Refer to Appendix for GAAP reconciliations.

40

Managing COVID-19

PVH Confidential - For authorized use only.

41

Taking Decisive Actions to Navigate COVID-19

Financial Measures

Reduced its North American office workforce by approximately 450 positions (12%). Reductions were across all three brand businesses and corporate functions and are expected to result in annual cost savings of approximately $80 million (beginning in 3Q20)

Closing its Heritage Brands retail business (162 outlet stores in North America) by mid-2021

Eliminating or reducing expenses, including:

• Payroll measures (hiring freezes and reduced 2020 bonus payouts)
• Marketing
• Travel
• Consulting services
• Creative and design costs

Tightly managing inventories by:

• Reducing and cancelling inventory commitments
• Redeploying basic inventory items to subsequent seasons
• Consolidating future seasonal collections
• Negotiating extended payment terms with suppliers

Liquidity Measures

Ended 2Q with ~$1.4 billion in cash and approximately $1.3 billion of available borrowings under revolving credit facilities. Additional actions include:

• Suspended share repurchases beginning in mid-March
• Suspended cash dividend beginning with 2Q
• Issued $500 million of 4 5/8 senior notes due 2025
• Entered into a new $275 million 364-day revolving credit facility
• Issued an additional €175 million of 3 5/8% senior notes due 2024
• Obtained a waiver of the leverage and interest coverage covenants under its senior credit facilities through and including 1Q21
• Reduced planned capital expenditures to approximately $190 million in 2020 from $345 million in 2019
• Closed on the sale of Speedo North America business in April 2020 for $169 million

42

Prioritizing Safety in our Stores and Workplaces

In-Store Protocols

In the U.S. and Canada, we are taking precautionary measures, including:

• Social distancing requirements
• Requiring consumers to wear masks and gloves where required by government regulation
• Reducing hours of operation to enable time for additional cleaning and restocking
• Reconfiguring stores to optimize foot traffic and prioritize safety
• Extending product return windows
• Holding returned goods for a 72 hour window and then treating items to ensure cleanliness

Workplace Protocols

Company associates in the U.S. and Canada will add enhanced health and safety practices to daily operations including:

• New disposable masks and gloves will be provided to associates each day of work
• Associates in applicable roles will be assigned labeled equipment such as two-way radios, earpieces, folding carts and rolling racks that will be cleaned after each shift
• Associates will have their temperatures checked before reporting for work
• Associates have several options to report any health and safety concerns including store managers, field leadership, human resources and the Tell PVH hotline

Similar practices are being implemented in other countries and regions.

43

Appendix

PVH Confidential - For authorized use only.

44

(2003-2006)

GAAP to Non-GAAP Net Income per Common Share Reconciliations

GAAP to Non-GAAP Reconciliations

Net Income (Loss) Per Common Share

(Dollars and Shares in Millions, Except Per Share Data)

					2006									2005									2004									2003
		GAAP			Adjustments(1)			Non-GAAP			GAAP			Adjustments(2)			Non-GAAP			GAAP			Adjustments(3)			Non-GAAP			GAAP			Adjustments(4)			Non-GAAP
Net Income (Loss) per Common Share Calculation
Net Income	$	155.2	$	6.4	$	148.8		$	103.9				$	103.9		$	58.6	$	(12.1)	$	70.7		$	14.7	$	(35.8)	$	50.5
Preferred Stock Dividends on Converted Stock		3.2			3.2						2.1	$	2.1															20.0						20.0
Inducement Payment and Offering Costs		10.9			10.9						14.2			14.2
Net Income (Loss) Available to Common Stockholders	$	141.1	$	(7.7)	$	148.8		$	87.6	$	16.3	$	103.9		$	58.6	$	(12.1)	$	70.7		$	(5.3)	$	(35.8)	$	30.5
Total Shares for Diluted Net Income (Loss) per Common Share		53.5			(3.2)			56.7			51.7			(3.3)			55.0			51.6						51.6			30.3			(0.7)			31.0
Diluted Net Income (Loss) per Common Share	$	2.64				$	2.62		$	1.70				$	1.88		$	1.14				$	1.37		$	(0.18)				$	0.98

1. Adjustments for 2006 represent the elimination of (i) a gain associated with the sale by our subsidiary on January 31, 2006 of minority interests in certain entities that operate various licensed Calvin Klein jeans and sportswear businesses in Europe and Asia; (ii) costs resulting from the departure in February 2006 of our former chief executive officer; (iii) costs associated with closing our apparel manufacturing facility in Ozark, Alabama in May 2006; (iv) the tax effects associated with the foregoing pre-tax items; and (v) an inducement payment and offering costs incurred in connection with the voluntary conversion by the holders of our Series B convertible preferred stock of a portion of such stock into shares of common stock and the subsequent sale of a portion of such common shares by the holders. The inducement payment and offering costs resulted in a reduction of net income available to common stockholders for purposes of calculating diluted net income per common share.
2. Adjustments for 2005 represent the elimination of (i) an inducement payment and offering costs incurred in connection with the voluntary conversion by the holders of our Series B convertible preferred stock of a portion of such stock into shares of common stock and the subsequent sale of such common shares by the holders. The inducement payment and offering costs resulted in a reduction of net income available to common stockholders for purposes of calculating diluted net income per common share.
3. Adjustments for 2004 represent the elimination of (i) charges related to debt extinguishment costs; (ii) charges associated with the closing of certain outlet retail stores and exiting the wholesale footwear business and other related costs; (iii) the tax effects associated with the foregoing pre-tax costs; and (iv) a tax benefit associated with the realization of certain state net operating loss carryforwards.
4. Adjustments for 2003 represent the elimination of (i) charges related to integration costs associated with our acquisition of Calvin Klein; (ii) charges associated with the impairment and closing of certain outlet retail stores and exiting the wholesale footwear business and other related costs; (iii) a gain resulting from our sale of the minority interest in Gant Company AB; and (iv) the tax effects associated with the foregoing pre-tax items. Calvin Klein integration costs consist of (a) the operating losses of certain Calvin Klein businesses, which we have closed or licensed, and associated costs in connection therewith and (b) the costs of certain duplicative personnel and facilities incurred during the integration of various logistical and back office functions.

45

(2008-2010)

GAAP to Non-GAAP Net Income per Common Share Reconciliations

GAAP to Non-GAAP Reconciliations
Net Income Per Common Share
(Dollars and Shares in Millions, Except Per Share Data)
				2010							2009							2008
	GAAP	Adjustments(1)	Non-GAAP			GAAP	Adjustments(2)	Non-GAAP			GAAP	Adjustments(3)	Non-GAAP
Net Income per Common Share Calculation
Net Income (Loss)	$	54.4	$	(236.0)	$	290.4		$	153.5	$	7.2	$	146.3		$	39.1	$	(116.9)	$	156.0
Total Shares for Diluted Net Income per Common Share		67.4				67.4			52.5				52.5			52.2				52.2
Diluted Net Income per Common Share	$	0.81			$	4.31		$	2.92			$	2.79		$	0.75			$	2.99

1. Adjustments for 2010 represent the elimination of (i) the costs incurred in connection with our acquisition and integration of Tommy Hilfiger, including transaction, restructuring and debt extinguishment costs, short-livednon-cash valuation amortization charges and the effects of hedges against Euro to U.S. dollar exchange rates relating to the purchase price; (ii) the costs incurred in connection with our exit from the United Kingdom and Ireland Van Heusen dresswear and accessories business; (iii) the recognized actuarial loss on retirement plans; (iv) the tax effects associated with the foregoing pre-tax costs; and (v) a tax benefit related to the lapse of the statute of limitations with respect to certain previously unrecognized tax positions.
2. Adjustments for 2009 represent the elimination of (i) the costs incurred in connection with our restructuring initiatives announced in the fourth quarter of 2008, including the shutdown of domestic production of machine-made neckwear, a realignment of our global sourcing organization, reductions in warehousing capacity and other initiatives to reduce corporate and administrative expenses; (ii) the recognized actuarial loss on retirement plans; (iii) the tax effects associated with the foregoing pre-tax costs; and (iv) a net tax benefit related principally to the lapse of the statute of limitations with respect to certain previously unrecognized tax positions.
3. Adjustments for 2008 represent the elimination of (i) the costs incurred in connection with our restructuring initiatives announced in the fourth quarter of 2008, including the shutdown of domestic production of machine-made neckwear, a realignment of our global sourcing organization, reductions in warehousing capacity and other initiatives to reduce corporate and administrative expenses; (ii) fixed asset impairment charges for approximately 200 of our retail stores; (iii) the recognized actuarial loss on retirement plans; (iv) the operations of our Geoffrey Beene outlet retail division and the costs associated with the closing of such division; and (v) the tax effects associated with the foregoing pre-tax costs.

46

(2011-2013)

GAAP to Non-GAAP Net Income per Common Share Reconciliations

GAAP to Non-GAAP Reconciliations
Net Income Per Common Share
(Dollars and Shares in Millions, Except Per Share Data)
				2013							2012							2011
		GAAP	Adjustments(1)	Non-GAAP			GAAP	Adjustments(2)	Non-GAAP			GAAP	Adjustments(3)	Non-GAAP
Total Earnings Before Interest and Taxes	$	513.4	$	(453.5)	$	966.9		$	660.4	$	(91.2)	$	751.6		$	491.2	$	(190.7)	$	681.9
Net Income per Common Share Calculation
Net Income Attributable to PVH Corp.	$	143.5	$	(437.5)	$	581.0		$	433.8	$	(52.6)	$	486.4		$	275.7	$	(121.2)	$	396.9
Total Shares for Diluted Net Income per Common Share		82.6				82.6			73.9				73.9			72.9				72.9
Diluted Net Income per Common Share	$	1.74			$	7.03		$	5.87			$	6.58		$	3.78			$	5.44

1. Adjustments for 2013 represent the elimination of (i) the costs incurred in connection with our acquisition and integration of The Warnaco Group, Inc. ("Warnaco") and the related restructuring; (ii) the loss incurred in connection with the sale of substantially all of the assets of the G. H. Bass & Co. ("Bass") business, including related costs; (iii) the income due to the amendment of an unfavorable contract, which resulted in the reduction of a liability recorded at the time of the Tommy Hilfiger acquisition; (iv) the costs incurred in connection with our debt modification and extinguishment; (v) the interest expense incurred prior to the Warnaco acquisition closing date related to the $700 of senior notes issued in 2012; (vi) the recognized actuarial gains on retirement plans; (vii) the tax effects associated with the foregoing pre-tax items; (viii) non-recurring discrete tax items related to the Warnaco integration; and (ix) a non-recurring discrete tax item attributable to an increase in our previously-established liability for an uncertain tax position related to European and U.S. transfer pricing arrangements.
2. Adjustments for 2012 represent the elimination of (i) the costs incurred in connection with our integration of Tommy Hilfiger and the related restructuring; (ii) the costs incurred in connection with our acquisition of Warnaco; (iii) the interest expense incurred prior to the Warnaco acquisition closing date related to the $700 of senior notes issued in 2012; (iv) the recognized actuarial losses on retirement plans; (v) the tax effects associated with the foregoing pre-tax costs; and (vi) the tax benefit resulting from the recognition of previously unrecognized net operating loss assets and tax credits.
3. Adjustments for 2011 represent the elimination of (i) the costs incurred in connection with our integration of Tommy Hilfiger and the related restructuring; (ii) the expense incurred associated with settling the unfavorable preexisting license agreement in connection with our buyout of the TOMMY HILFIGER perpetual license in India; (iii) the costs incurred in connection with our modification of our credit facility; (iv) the costs incurred in connection with our negotiated early termination of our license to market sportswear under the Timberland brand and the 2012 exit from the Izod women's wholesale sportswear business; (v) the recognized actuarial losses on retirement plans; (vi) the tax effects associated with the foregoing pre-tax costs; and (vii) the tax benefit resulting from revaluing certain deferred tax liabilities due to a decrease in the statutory tax rate in Japan.

47

GAAP to Non-GAAP Reconciliations (2014-2016)

GAAP to Non-GAAP Reconciliations
(Dollars and Shares in Millions, Except Per Share Data)
				2016								2015								2014
		GAAP	Adjustments	(1)	Non-GAAP			GAAP	Adjustments	(2)	Non-GAAP			GAAP	Adjustments	(3)	Non-GAAP
Total Revenue	$	8,203.1	$	-		$	8,203.1		$	8,020.3	$	-		$	8,020.3		$	8,241.2	$	-		$	8,241.2
Total Gross Profit		4,370.3		(7.3)		4,377.6			4,161.6		19.5		4,142.1			4,326.7		(6.5)		4,333.2
Total EBIT		789.2		(4.9)		794.1			760.5		(81.0)		841.5			529.9		(390.7)		920.6
Net Income per Common Share Attributable to PVH Calculation
Net Income	$	549.0	$	(1.1)	$	550.1		$	572.4	$	(13.3)	$	585.7		$	439.0	$	(168.8)	$	607.8
Total Shares for Diluted Net Income per Common Share		80.9					80.9			83.1					83.1			83.3					83.3
Diluted Net Income per Common Share	$	6.79				$	6.80		$	6.89				$	7.05		$	5.27				$	7.30

1. Adjustments for 2016 from the elimination of (i) the costs incurred in connection with our integration of Warnaco and the related restructuring; (ii) the costs incurred in connection with the discontinuation of several licensed product lines in the Heritage Brands dress furnishings business; (iii) the costs incurred in connection with the licensing to G-III Apparel Group, Ltd. of the Tommy Hilfiger womenswear wholesale business in the
   U.S. and Canada (the "G-III license"), which resulted in the discontinuation of our directly operated Tommy Hilfiger North America womenswear wholesale business in 2016; (iv) the costs incurred in connection with the restructuring associated with the global creative strategy for CALVIN KLEIN ; (v) the noncash gain recorded to write-up our equity investment in TH Asia, Ltd. ("TH China"), our former joint venture for TOMMY HILFIGER in China, to fair value in connection with the acquisition of the 55% interest that we did not already own (the "TH China acquisition"); (vi) the one-time costs recorded on our equity investment in TH China prior to the
   TH China acquisition closing; (vii) the costs incurred in connection with the TH China acquisition, primarily consisting of noncash valuation adjustments and amortization of short-lived assets; (viii) the costs incurred in connection with the amendment of our credit facility; (ix) the noncash costs recorded in connection with the deconsolidation of our subsidiary that principally operated and managed our Calvin Klein business in Mexico ("the Mexico deconsolidation") in connection with the formation of a joint venture in Mexico to operate that and other businesses; (x) the gain recorded in connection with a payment made to us to exit a TOMMY HILFIGER flagship store in Europe; (xi) the costs incurred in connection with the early termination of the previous license agreement for the Tommy Hilfiger men's tailored clothing business in North America (the "TH men's tailored license termination"); (xii) the recognized actuarial gain on retirement plans; (xiii) the tax effects associated with the foregoing pre-tax items; and (xiv) the tax benefits associated with discrete items related to the resolution of uncertain tax positions.
2. Adjustments for 2015 from the elimination of (i) the costs incurred in connection with our integration of Warnaco and the related restructuring; (ii) the costs incurred in connection with the operation of and exit from the Izod retail business; (iii) the costs incurred principally in connection with the discontinuation of several licensed product lines in the Heritage Brands dress furnishings business; (iv) the costs incurred in connection with the G-III license; (v) the gain recorded on our equity investment in the parent company of the Karl Lagerfeld brand ("Karl Lagerfeld"); (vi) the recognized actuarial gain on retirement plans; (vii) the tax effects associated with the foregoing pre-tax items; and (viii) the tax benefits associated with discrete items related to the resolution of uncertain tax positions and the impact of tax law and tax rate changes on deferred taxes.
3. Adjustments for 2014 from the elimination of (i) the costs incurred in connection with our integration of Warnaco and the related restructuring; (ii) the costs incurred in connection with our exit from the Izod retail business, including noncash impairment charges; (iii) the costs incurred in connection with our exit from a discontinued product line in the Tommy Hilfiger Japan business; (iv) the impairment of certain TOMMY HILFIGER stores in North America; (v) the costs incurred related to the sale of the Bass business; (vi) the costs incurred in connection with the amendment and restatement of our credit facility and the related redemption of our 7 3/8% senior notes due 2020; (vii) the net gain on the deconsolidation of certain Calvin Klein subsidiaries in Australia and New Zealand and the previously consolidated Calvin Klein joint venture in India; (viii) the recognized actuarial loss on retirement plans; (ix) the tax effects associated with the foregoing pre-tax items; and (x) the tax benefits associated with discrete items primarily related to the resolution of uncertain tax positions and various Warnaco integration activities.

48

GAAP to Non-GAAP Revenue &

Gross Margin Reconciliations

(Dollars in Millions)

	2013(1)		2008(2)		2003(3)
GAAP Revenue	$ 8,186.4	$ 2,492.0	$ 1,569.0
Adjustments	30.0	(95.0)	(21.0)
Non-GAAP Revenue	8,216.4	2,397.0	1,548.0

1. Adjustments for 2013 represent the revenue reduction due to sales returns for certain Warnaco wholesale customers in connection with initiative to reduce excess inventory levels and the costs incurred in connection with the acquisition and integration of Warnaco and the related restructuring.
2. Adjustments for 2008 represent the elimination of the operations of the Geoffrey Beene outlet retail division, which was closed.
3. Adjustments for 2003 represent the elimination of the operations of certain Calvin Klein businesses, which were closed or licensed.

49

GAAP to Non-GAAP Reconciliations (2017-2019)

GAAP to Non-GAAP Reconciliations

(Dollars and Shares in Millions, Except Per Share Data)

							2017														2018														2019
			GAAP		Adjustments(1)			Non-GAAP				GAAP		Adjustments(2)			Non-GAAP				GAAP		Adjustments(3)		Non-GAAP
Revenue
Total Revenue	$	8,914.8		$	-	$	8,914.8			$	9,656.8	$	-	$	9,656.8			$	9,909.0	$	-	$	9,909.0
Total Gross Profit																															5,388.4			29.4				5,417.8
EBIT
Tommy Hilfiger	$	318.5		$	(183.2)	$	501.7			$	610.9			(23.6)	$	634.5			$	561.7	$	(73.5)	$	635.2
Calvin Klein			410.5				-				410.5					378.2			(40.7)				418.9					253.1			(161.2)				414.3
Heritage Brands			104.3				-				104.3					90.7			-				90.7					(81.9)			(143.8)				61.9
Corporate			(200.9)			(48.0)				(152.9)					(188.1)			(15.0)				(173.1)					(174.2)			6.6				(180.8)
Total EBIT	$	632.4		$	(231.2)	$	863.6			$	891.7	$	(79.3)	$	971.0			$	558.7	$	(371.9)	$	930.6
Net Income per Common Share Attributable to
PVH Calculation
Net Income	$	537.8		$	(86.6)	$	624.4			$	746.4	$	4.0	$	742.4			$	417.3	$	(294.0)	$	711.3
Total Shares for Diluted Net Income per
Common Share			78.6								78.6					77.3							77.3					74.6							74.6
Diluted Net Income per Common Share	$	6.84					$	7.94			$	9.65				$	9.60			$	5.60				$	9.54
(1) Adjustments for 2017 represent the elimination of (i) the costs incurred related to the TH China acquisition, primarily consisting of noncash amortization of short-lived assets; (ii) the costs incurred
in connection with agreements to restructure our supply chain relationship with Li & Fung Trading Limited ("Li & Fung"), under which we terminated our non-exclusive buying agency agreement with
Li & Fung in 2017 (the "Li & Fung termination"); (iii) the costs incurred in connection with the noncash settlement of certain of our benefit obligations related to our retirement plans as a result of an
annuity purchased for certain participants, under which such obligations were transferred to an insurer; (iv) the costs incurred in connection with the relocation of the Tommy Hilfiger office in New
York, including noncash depreciation expense; (v) the net costs incurred in connection with the consolidation within our warehouse and distribution network in North America, which included a gain
recorded on the sale of a warehouse and distribution center; (vi) the costs incurred in connection with an amendment to Mr. Tommy Hilfiger's employment agreement pursuant to which we made a
cash buyout of a portion of the future payment obligation (the "Mr. Hilfiger amendment"); (vii) the costs incurred in connection with the early redemption of our $700 million 4 1/2% senior notes;
(viii) the costs incurred in connection with the issuance of our €600 million 3 1/8% senior notes; (ix) the recognized actuarial loss on retirement plans; (x) the tax effects associated with the foregoing
pre-tax items; (xi) the discrete tax benefits related to the resolution of uncertain tax positions; (xii) the discrete net tax benefit recorded in connection with the enactment of the U.S. Tax Cuts and
Jobs Act of 2017 in the fourth quarter of 2017 (the "U.S. Tax Legislation"); and (xiii) the discrete tax benefit related to an excess tax benefit from the exercise of stock options by our Chief Executive
Officer.
(2) Adjustments for 2018 represent the elimination of (i) the costs incurred related to the TH China acquisition, consisting of noncash amortization of short-lived assets; (ii) the costs related to the
restructuring associated with the strategic changes for our Calvin Klein business announced in January 2019 ("the Calvin Klein restructuring"); (iii) the recognized actuarial loss on retirement plans;
(iv) the tax effects associated with the foregoing pre-tax items; (v) the discrete net tax benefit associated with the U.S. Tax Legislation; and (vi) the discrete tax benefit related to the remeasurement
of certain of our net deferred tax liabilities in connection with the legislation in the Netherlands, which became effective on January 1, 2019.
(3) Adjustments for 2019 represent the elimination of (i) the costs incurred related to the Calvin Klein restructuring; (ii) the costs incurred in connection with the closure of our TOMMY HILFIGER
flagship and anchor stores in the United States (the "TH U.S. store closures"); (iii) the costs incurred in connection with the refinancing of our senior credit facilities; (iv) the costs incurred related to
the acquisition of the approximately 78% interest in Gazal Corporation Limited ("Gazal") that we did not already own (the "Australia acquisition") and the acquisition of the Tommy Hilfiger retail
business in Central and Southeast Asia from our previous licensee in that market (the "TH CSAP acquisition"), primarily consisting of noncash valuation adjustments; (v) the noncash gain recorded to
write up our equity investments in Gazal and PVH Brands Australia Pty. Limited ("PVH Australia") to fair value in connection with the Australia acquisition; (vi) the one-time costs recorded on our
equity investments in Gazal and PVH Australia prior to the Australia acquisition closing; (vii) the costs incurred in connection with the agreements to terminate early the licenses for the global Calvin
Klein and Tommy Hilfiger North America socks and hosiery businesses (the "Socks and Hosiery transaction") in order to consolidate the socks and hosiery businesses for all our brands in North
America in a newly formed joint venture, which began operations in December 2019, and to bring in-house the international Calvin Klein socks and hosiery wholesale businesses; (viii) the expense
resulting from the remeasurement of our mandatorily redeemable non-controlling interest recognized in connection with the Australia acquisition; (ix) the noncash loss related to the then-pending	50
sale of the Speedo North America business (the "Speedo transaction") and the expected deconsolidation of the net assets of the business ; (x) the recognized actuarial loss on retirement plans; (xi)

the discrete tax benefit related to the write-off of deferred tax liabilities in connection with the Speedo transaction; and (xii) the tax effects associated with the other foregoing pre-tax items.

GAAP to Non-GAAP Gross Debt/Earnings Before Interest, Taxes, Depreciation & Amortization (EBITDA) Reconciliations

GAAP to Non-GAAP Reconciliations
Debt/EBITDA
(Dollars in Millions, Except Ratios)
										Q2 YTD		Q2 YTD		LTM
		2016(1)		2017(2)		2018(3)		2019(4)			2019(5)		2020(6)	Q2 2020
GAAP Net Income Attributable to PVH Corp.	$	549	$	538	$	746	$	417	$	276	$	(1,148)	$	(1,007)
Pre-Tax Items Deemed Non-recurring or Non-operational		5		231		79		381			114		1,023		1,290
GAAP Interest and Taxes		241		96		147		144			110		(71)		(38)
GAAP Depreciation and Amortization		322		325		335		324			155		160		329
Interest Items Deemed Non-recurring or Non-operational		-		-		-		(9)			-		(1)		(10)
Depreciation and Amortization Items Deemed Non-recurring or Non-operation		(50)		(38)		(24)		-			-		-		-
Non-GAAP EBITDA as presented	$	1,067	$	1,152	$	1,283	$	1,257	$	655	$	(37)	$	565
Gross Debt, Including Current Portion and Short-term Borrowings	$	3,242	$	3,106	$	2,852	$	2,775						$	3,611
Finance Lease Liabilities		16		16		17		15							14
Total Debt	$	3,258	$	3,122	$	2,869	$	2,790						$	3,625
Gross Leverage Ratio		3.1		2.7		2.2		2.2							6.4

1. Amounts that were deemed non-recurring or non-operational for 2016 were (i) the costs incurred in connection with our integration of Warnaco and the related restructuring; (ii) the costs incurred in connection with the discontinuation of several licensed product lines in the Heritage Brands dress furnishings business; (iii) the costs incurred in connection with the G-III license; (iv) the costs incurred in connection with the restructuring associated with the global creative strategy for CALVIN KLEIN ; (v) the noncash gain recorded to write-up our equity investment in TH China to fair value in connection with the TH China acquisition; (vi) the one-time costs recorded on our equity investment in TH China prior to the TH China acquisition closing; (vii) the costs incurred in connection with the TH China acquisition, primarily consisting of noncash valuation adjustments and amortization of short-lived assets; (viii) the costs incurred in connection with the amendment of our credit facility; (ix) the noncash costs recorded in connection with the Mexico deconsolidation; (x) the gain recorded in connection with a payment made to us to exit a TOMMY HILFIGER flagship store in Europe; (xi) the costs incurred in connection with the TH men's tailored license termination; and (xii) the recognized actuarial gain on retirement plans.
2. Amounts that were deemed non-recurring or non-operational for 2017 were (i) the costs incurred related to the TH China acquisition, primarily consisting of noncash amortization of short-lived assets; (ii) the costs incurred in connection with the Li & Fung termination; (iii) the costs incurred in connection with the noncash settlement of certain of our benefit obligations related to our retirement plans as a result of an annuity purchased for certain participants, under which such obligations were transferred to an insurer; (iv) the costs incurred in connection with the relocation of the Tommy Hilfiger office in New York, including noncash depreciation expense; (v) the net costs incurred in connection with the consolidation within our warehouse and distribution network in North America, which included a gain recorded on the sale of a warehouse and distribution center; (vi) the costs incurred in connection with the Mr. Hilfiger amendment; (vii) the costs incurred in connection with the early redemption of our $700 million 4 1/2% senior notes; (viii) the costs incurred in connection with the issuance of our €600 million 3 1/8% senior notes; and (ix) the recognized actuarial loss on retirement plans.
3. Amounts that were deemed non-recurring or non-operational for 2018 were (i) the costs incurred related to the TH China acquisition, consisting of noncash amortization of short-lived assets; (ii) the costs related to the Calvin Klein restructuring; and (iii) the recognized actuarial loss on retirement plans.
4. Amounts that were deemed non-recurring or non-operational for 2019 were (i) the costs incurred related to the Calvin Klein restructuring; (ii) the costs incurred in connection with the TH U.S. store closures; (iii) the costs incurred in connection with the refinancing of our senior credit facilities; (iv) the costs related to the Australia and TH CSAP acquisitions, primarily consisting of noncash valuation adjustments; (v) the noncash gain recorded to write up our equity investments in Gazal and PVH Australia to fair value in connection with the Australia acquisition; (vi) the one-time costs recorded on our equity investments in Gazal and PVH Australia prior to the Australia acquisition closing; (vii) the expense resulting from the remeasurement of our mandatorily redeemable non-controlling interest recognized in connection with the Australia acquisition; (viii) the costs in connection with the Socks and Hosiery transaction; (ix) the noncash loss related to the Speedo transaction; and (x) the recognized actuarial loss on retirement plans.
5. Amounts that were deemed non-recurring or non-operational for the twenty-six weeks ended August 4, 2019 were (i) the costs incurred related to the Calvin Klein restructuring; (ii) the costs incurred in connection with the TH U.S. store closures; (iii) the costs incurred in connection with the refinancing of the Company's senior credit facilities; (iv) the noncash gain recorded to write up our equity investments in
   Gazal and PVH Australia to fair value in connection with the Australia acquisition; (v) the costs incurred related to the Australia and TH CSAP acquisitions, primarily consisting of noncash valuation adjustments; (vi) the one-time costs recorded on our equity investments in Gazal and PVH Australia prior to the Australia acquisition closing; (vii) the costs in connection with the Socks and Hosiery transaction.
6. Amounts that were deemed non-recurring or non-operational for the twenty-six weeks ended August 2, 2020 were (i) the expense resulting from the remeasurement of our mandatorily redeemable non- controlling interest that was recognized in connection with the Australia acquisition; (ii) the noncash impairment charges related to goodwill, tradenames, other intangible assets, store assets and an equity method investment as a result of the significant negative impacts of the COVID-19 pandemic on our business; (iii) the noncash net loss recorded related to the Speedo transaction and the resulting deconsolidation of the net assets of the business; (iv) the costs incurred in connection with the consolidation within our warehouse and distribution network in North America; (v) the costs incurred in connection with the reduction in the North America office workforce announced in July 2020, consisting of severance and special termination benefits; (vi) the costs incurred in connection with the planned exit from the Heritage Brands Retail business, consisting of noncash asset impairments, severance and other costs.

GAAP to Non-GAAP Cash Flow Reconciliations

GAAP to Non-GAAP Reconciliations

Cash Flow

(Dollars in Millions)

										Q2 YTD	Q2 YTD		LTM
		2016		2017		2018		2019			2019		2020	Q2 2020
Cash Flow from Operations(1)	$	903	$	644	$	853	$	1,020	$	318	$	248	$	950
Less:
Capital Expenditures		247		358		380		345			151		108		302
Dividends		12		12		12		11			9		3		5
Free Cash Flow	$	644	$	274	$	461	$	664		$	159	$	138	$	643

1. Updated guidance related to the classification of certain cash receipts and cash payments in the statement of cash flows was adopted in the first quarter of 2018. As a result, contingent payments to Mr. Klein were included in cash flow from operations. Prior amounts have been adjusted to reflect the retrospective application of this guidance.

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