Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018 |
Mar. 28, 2018 |
Jul. 29, 2017 |
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Document And Entity Information [Abstract] | |||
Document type | 10-K | ||
Amendment flag | false | ||
Document period end date | Feb. 03, 2018 | ||
Document fiscal year focus | 2018 | ||
Document fiscal period focus | FY | ||
Trading symbol | SIG | ||
Entity registrant name | SIGNET JEWELERS LTD | ||
Entity Central Index Key | 0000832988 | ||
Current Fiscal Year End Date | --01-28 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares outstanding | 59,005,252 | ||
Entity Public Float | $ 2,543,283,372 |
Consolidated Income Statements - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 03, 2018 |
Oct. 28, 2017 |
Jul. 29, 2017 |
Apr. 29, 2017 |
Jan. 28, 2017 |
Oct. 29, 2016 |
Jul. 30, 2016 |
Apr. 30, 2016 |
Jan. 30, 2016 |
Oct. 31, 2015 |
Aug. 01, 2015 |
May 02, 2015 |
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
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Income Statement [Abstract] | |||||||||||||||
Sales | $ 2,293.1 | $ 1,156.9 | $ 1,399.6 | $ 1,403.4 | $ 2,269.9 | $ 1,186.2 | $ 1,373.4 | $ 1,578.9 | $ 6,253.0 | $ 6,408.4 | $ 6,550.2 | ||||
Cost of sales | (4,063.0) | (4,047.6) | (4,109.8) | ||||||||||||
Gross margin | 919.8 | 321.1 | 457.9 | 491.2 | 945.5 | 350.0 | 464.9 | 600.4 | 2,190.0 | 2,360.8 | 2,440.4 | ||||
Selling, general and administrative expenses | (1,872.2) | (1,880.2) | (1,987.6) | ||||||||||||
Credit transaction, net | 1.3 | 0.0 | 0.0 | ||||||||||||
Other operating income, net | 260.8 | 282.6 | 250.9 | ||||||||||||
Operating income | 579.9 | 763.2 | 703.7 | ||||||||||||
Interest expense, net | (52.7) | (49.4) | (45.9) | ||||||||||||
Income before income taxes | 527.2 | 713.8 | 657.8 | ||||||||||||
Income taxes | (7.9) | (170.6) | (189.9) | ||||||||||||
Net income | $ 343.0 | $ (12.1) | $ 85.2 | $ 70.3 | $ 287.8 | $ 14.8 | $ 81.9 | $ 146.8 | 519.3 | 543.2 | 467.9 | ||||
Dividends on redeemable convertible preferred shares | (32.9) | (11.9) | 0.0 | ||||||||||||
Net income attributable to common shareholders | $ 486.4 | $ 531.3 | $ 467.9 | ||||||||||||
Earnings per common share: | |||||||||||||||
Earnings per share: basic (usd per share) | $ 5.70 | $ (0.20) | $ 1.34 | $ 1.03 | $ 4.17 | $ 0.20 | $ 1.06 | $ 1.87 | $ 7.72 | $ 7.13 | $ 5.89 | ||||
Earnings per share: diluted (usd per share) | 5.24 | (0.20) | 1.33 | 1.03 | 3.92 | 0.20 | 1.06 | 1.87 | $ 7.44 | $ 7.08 | $ 5.87 | ||||
Weighted average common shares outstanding: | |||||||||||||||
Weighted average common shares outstanding: basic (in shares) | 63.0 | 74.5 | 79.5 | ||||||||||||
Weighted average common shares outstanding: diluted (in shares) | 69.8 | 76.7 | 79.7 | ||||||||||||
Dividends declared per common share (usd per share) | $ 0.31 | $ 0.31 | $ 0.31 | $ 0.31 | $ 0.26 | $ 0.26 | $ 0.26 | $ 0.26 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 1.24 | $ 1.04 | $ 0.88 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Feb. 03, 2018 |
Jan. 28, 2017 |
---|---|---|
Common shares, par value (usd per share) | $ 0.18 | $ 0.18 |
Common shares, authorized | 500,000,000 | 500,000,000 |
Common shares, outstanding | 60,500,000 | 68,300,000 |
Treasury shares, shares | 26,700,000 | 18,900,000 |
Series A Redeemable Convertible Preferred Stock | ||
Preferred shares, par value (usd per share) | $ 0.01 | |
Preferred shares, authorized | 500,000,000 | |
Preferred shares, outstanding | 625,000 |
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Millions |
Total |
Common shares at par value |
Additional paid-in capital |
Other reserves |
Treasury shares |
Retained earnings |
Accumulated other comprehensive (loss) income |
---|---|---|---|---|---|---|---|
Balance at Jan. 31, 2015 | $ 2,810.4 | $ 15.7 | $ 265.2 | $ 0.4 | $ (370.0) | $ 3,135.7 | $ (236.6) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 467.9 | 0.0 | 0.0 | 0.0 | 0.0 | 467.9 | 0.0 |
Other comprehensive income (loss) | (37.5) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (37.5) |
Dividends on common shares | (70.2) | 0.0 | 0.0 | 0.0 | 0.0 | (70.2) | 0.0 |
Repurchase of common shares | (130.0) | 0.0 | 0.0 | 0.0 | (130.0) | 0.0 | 0.0 |
Net settlement of equity based awards | (1.3) | 0.0 | (1.5) | 0.0 | (1.1) | 1.3 | 0.0 |
Share options exercised | 5.0 | 0.0 | (0.2) | 0.0 | 5.3 | (0.1) | 0.0 |
Share-based compensation expense | 16.4 | 0.0 | 16.4 | 0.0 | 0.0 | 0.0 | 0.0 |
Balance at Jan. 30, 2016 | 3,060.7 | 15.7 | 279.9 | 0.4 | (495.8) | 3,534.6 | (274.1) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 543.2 | 0.0 | 0.0 | 0.0 | 0.0 | 543.2 | 0.0 |
Other comprehensive income (loss) | (33.6) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (33.6) |
Dividends on common shares | (75.9) | 0.0 | 0.0 | 0.0 | 0.0 | (75.9) | 0.0 |
Dividends on redeemable convertible preferred shares | (11.9) | (11.9) | |||||
Repurchase of common shares | (1,000.0) | 0.0 | 0.0 | 0.0 | (1,000.0) | 0.0 | 0.0 |
Net settlement of equity based awards | (2.4) | 0.0 | (7.2) | 0.0 | (1.1) | 5.9 | 0.0 |
Share options exercised | 2.1 | 0.0 | 0.0 | 0.0 | 2.1 | 0.0 | 0.0 |
Share-based compensation expense | 8.0 | 0.0 | 8.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Balance at Jan. 28, 2017 | 2,490.2 | 15.7 | 280.7 | 0.4 | (1,494.8) | 3,995.9 | (307.7) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 519.3 | 0.0 | 0.0 | 0.0 | 0.0 | 519.3 | 0.0 |
Other comprehensive income (loss) | 47.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 47.1 |
Dividends on common shares | (77.5) | 0.0 | 0.0 | 0.0 | 0.0 | (77.5) | 0.0 |
Dividends on redeemable convertible preferred shares | (32.9) | (32.9) | |||||
Repurchase of common shares | (460.0) | 0.0 | 0.0 | 0.0 | (460.0) | 0.0 | 0.0 |
Net settlement of equity based awards | (2.8) | 0.0 | (6.5) | 0.0 | 12.3 | (8.6) | 0.0 |
Share options exercised | 0.3 | 0.0 | (0.1) | 0.0 | 0.4 | 0.0 | 0.0 |
Share-based compensation expense | 16.1 | 0.0 | 16.1 | 0.0 | 0.0 | 0.0 | 0.0 |
Balance at Feb. 03, 2018 | $ 2,499.8 | $ 15.7 | $ 290.2 | $ 0.4 | $ (1,942.1) | $ 4,396.2 | $ (260.6) |
Organization and summary of significant accoutning policies |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization and summary of significant accoutning policies | Organization and summary of significant accounting policies Signet Jewelers Limited (“Signet” or the “Company”), a holding company incorporated in Bermuda, is the world’s largest retailer of diamond jewelry. The Company operates through its 100% owned subsidiaries with sales primarily in the United States (“US”), United Kingdom (“UK”) and Canada. Signet manages its business as five reportable segments: the Sterling Jewelers division, the Zale division, which consists of the Zale Jewelry and Piercing Pagoda segments, the UK Jewelry division and Other. The “Other” reportable segment consists of all non-reportable segments, including subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones and unallocated corporate administrative functions. See Note 5 for additional discussion of the Company’s segments. On September 12, 2017, the Company completed the acquisition of R2Net Inc., a Delaware corporation (“R2Net”). See Note 4 for additional information regarding the acquisition. In October 2017, the Company, through its subsidiary Sterling Jewelers Inc. (“Sterling”), completed the sale of the prime-only quality portion of Sterling’s in-house finance receivable portfolio to Comenity Bank (“Comenity”). See Note 3 for additional information regarding the transaction. Signet’s sales are seasonal, with the first quarter slightly exceeding 20% of annual sales, the second and third quarters each approximating 20% and the fourth quarter accounting for almost 40% of annual sales, with December being by far the most important month of the year. The “Holiday Season” consists of results for the months of November and December. As a result, approximately 45% to 55% of Signet’s annual operating income normally occurs in the fourth quarter, comprised of nearly all of the UK Jewelry and Zale divisions’ annual operating income and about 40% to 45% of the Sterling Jewelers division’s annual operating income. The Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There are no material related party transactions. The following accounting policies have been applied consistently in the preparation of the Company’s financial statements. (a) Basis of preparation The consolidated financial statements of Signet are prepared in accordance with US generally accepted accounting principles (“US GAAP”) and include the results for the 53 week period ended February 3, 2018 (“Fiscal 2018”), as Signet’s fiscal year ends on the Saturday nearest to January 31. The comparative periods are for the 52 week period ended January 28, 2017 (“Fiscal 2017”) and the 52 week period ended January 30, 2016 (“Fiscal 2016”). Intercompany transactions and balances have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year presentation. (b) Use of estimates The preparation of these consolidated financial statements, in conformity with US GAAP and US Securities and Exchange Commission (“SEC”) regulations, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Estimates and assumptions are primarily made in relation to the valuation of accounts receivable, inventories, deferred revenue, derivatives, employee benefits, income taxes, contingencies, asset impairments, indefinite-lived intangible assets, as well as depreciation and amortization of long-lived assets. The reported results of operations are not indicative of results expected in future periods. (c) Foreign currency translation The financial position and operating results of certain foreign operations, including the UK Jewelry division and the Canadian operations of the Zale Jewelry segment, are consolidated using the local currency as the functional currency. Assets and liabilities are translated at the rates of exchange on the balance sheet date, and revenues and expenses are translated at the monthly average rates of exchange during the period. Resulting translation gains or losses are included in the accompanying consolidated statements of shareholders’ equity as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains or losses resulting from foreign currency transactions are included within the consolidated income statements, whereas translation adjustments and gains or losses related to intercompany loans of a long-term investment nature are recognized as a component of AOCI. See Note 9 for additional discussion of the Company’s foreign currency translation. (d) Revenue recognition The Company recognizes revenue when there is persuasive evidence of an arrangement, delivery of products has occurred or services have been rendered, the sale price is fixed and determinable, and collectability is reasonably assured. The Company’s revenue streams and their respective accounting treatments are discussed below. Merchandise sale and repairs Store sales are recognized when the customer receives and pays for the merchandise at the store with cash, in-house customer finance, private label credit card programs, a third party credit card or a lease purchase option. For online sales shipped to customers, sales are recognized at the estimated time the customer has received the merchandise. Amounts related to shipping and handling that are billed to customers are reflected in sales and the related costs are reflected in cost of sales. Revenues on the sale of merchandise are reported net of anticipated returns and sales tax collected. Returns are estimated based on previous return rates experienced. Any deposits received from a customer for merchandise are deferred and recognized as revenue when the customer receives the merchandise. Revenues derived from providing replacement merchandise on behalf of insurance organizations are recognized upon receipt of the merchandise by the customer. Revenues on repair of merchandise are recognized when the service is complete and the customer collects the merchandise at the store. Extended service plans and lifetime warranty agreements (“ESP”) The Company recognizes revenue related to ESP sales in proportion to when the expected costs will be incurred. The deferral period for ESP sales in each division is determined from patterns of claims costs, including estimates of future claims costs expected to be incurred. Management reviews the trends in claims to assess whether changes are required to the revenue and cost recognition rates utilized. A significant change in estimates related to the time period or pattern in which warranty-related costs are expected to be incurred could materially impact revenues. All direct costs associated with the sale of these plans are deferred and amortized in proportion to the revenue recognized and disclosed as either other current assets or other assets in the consolidated balance sheets. The Sterling Jewelers division sells ESP, subject to certain conditions, to perform repair work over the life of the product. Revenue from the sale of the lifetime ESP is recognized consistent with the estimated pattern of claim costs expected to be incurred by the Company in connection with performing under the ESP obligations. Based on an evaluation of historical claims data, management currently estimates that substantially all claims will be incurred within 17 years of the sale of the warranty contract. In the second quarter of Fiscal 2016, an operational change related to the Sterling Jewelers division’s ESP associated with ring sizing was made to further align Zale and Sterling ESP policies. As a result, revenue from the sale of these lifetime ESP in the Sterling Jewelers division is deferred and recognized over 17 years for all plans, with approximately 57% of revenue recognized within the first two years for plans sold on or after May 2, 2015 (January 28, 2017: 57%; January 30, 2016: 57%) and 42% of revenue recognized within the first two years for plans sold prior to May 2, 2015 (January 28, 2017: 42%; January 30, 2016: 42%). The Zale division also sells ESP. Zale Jewelry customers are offered lifetime warranties on certain products that cover sizing and breakage with an option to purchase theft protection for a two-year period. Revenue from the sale of lifetime ESP is deferred and recognized over 10 years, with approximately 69% of revenue recognized within the first two years (January 28, 2017: 69%; January 30, 2016: 69%). Revenues related to the optional theft protection are deferred and recognized in proportion to when the expected claims costs will be incurred over the two-year contract period. Zale Jewelry customers are also offered a two-year watch warranty and a one-year warranty that covers breakage. Piercing Pagoda customers are also offered a one-year warranty that covers breakage. Revenue from the two-year watch warranty and one-year breakage warranty is recognized on a straight-line basis over the respective contract terms. The Sterling Jewelers division also sells a Jewelry Replacement Plan (“JRP”). The JRP is designed to protect customers from damage or defects of purchased merchandise for a period of three years. If the purchased merchandise is defective or becomes damaged under normal use in that time period, the item will be replaced. JRP revenue is deferred and recognized on a straight-line basis over the period of expected claims costs. Signet also sells warranty agreements in the capacity of an agent on behalf of a third-party. The commission that Signet receives from the third-party is recognized at the time of sale less an estimate of cancellations based on historical experience. Sale vouchers Certain promotional offers award sale vouchers to customers who make purchases above a certain value, which grant a fixed discount on a future purchase within a stated time frame. The Company accounts for such vouchers by allocating the fair value of the voucher between the initial purchase and the future purchase using the relative-selling-price method. Sale vouchers are not sold on a stand-alone basis. The fair value of the voucher is determined based on the average sales transactions in which the vouchers were issued, when the vouchers are expected to be redeemed and the estimated voucher redemption rate. The fair value allocated to the future purchase is recorded as deferred revenue. Consignment inventory sales Sales of consignment inventory are accounted for on a gross sales basis as the Company is the primary obligor providing independent advice, guidance and after-sales service to customers. The products sold from consignment inventory are indistinguishable from other products that are sold to customers and are sold on the same terms. Supplier products are selected at the discretion of the Company. The Company is responsible for determining the selling price, physical security of the products and collections of accounts receivable. (e) Cost of sales and selling, general and administrative expenses Cost of sales includes merchandise costs net of discounts and allowances, freight, processing and distribution costs of moving merchandise from suppliers to distribution centers and stores inclusive of payroll, inventory shrinkage, store operating and occupancy costs, net bad debts and charges for late payments under the in-house customer finance programs. Store operating and occupancy costs include utilities, rent, real estate taxes, common area maintenance charges and depreciation. Selling, general and administrative expenses include store staff and store administrative costs; centralized administrative expenses, including information technology and cost of in-house credit prior to the Company’s outsourcing initiatives and third-party servicing of receivables subsequent to the outsourcing initiative; advertising and promotional costs and other operating expenses not specifically categorized elsewhere in the consolidated income statements. Compensation and benefits costs included within cost of sales and selling, general and administrative expenses were as follows:
(f) Store opening costs The opening costs of new locations are expensed as incurred. (g) Advertising and promotional costs Advertising and promotional costs are expensed within selling, general and administrative expenses. Production costs are expensed at the first communication of the advertisements, while communication expenses are recognized each time the advertisement is communicated. For catalogs and circulars, costs are all expensed at the first date they can be viewed by the customer. Point of sale promotional material is expensed when first displayed in the stores. Gross advertising costs totaled $360.5 million in Fiscal 2018 (Fiscal 2017: $380.6 million; Fiscal 2016: $384.2 million). (h) In-house customer finance programs Sterling Jewelers division operates customer in-house finance programs that allow customers to finance merchandise purchases from its stores. Finance charges are recognized in accordance with the contractual agreements. Gross interest earned is recorded as other operating income in the consolidated income statements. See Note 11 for additional discussion of the Company’s other operating income. In addition to interest-bearing accounts, a portion of credit sales are made using interest-free financing for one year or less, subject to certain conditions. Prior to the fourth quarter of Fiscal 2018, the accrual of interest was suspended when accounts became more than 90 days aged on a recency basis. Upon suspension of the accrual of interest, interest income was subsequently recognized to the extent cash payments are received. Accrual of interest was resumed when receivables are removed from the non-accrual status. As a result of the credit transaction in Note 3, including the processes utilized by the service provider for the Company’s remaining in-house finance receivable portfolio, it is the Company’s policy to suspend the accrual of interest when accounts become more than 120 days past due on a contractual basis. (i) Income taxes Income taxes are accounted for using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are recognized by applying statutory tax rates in effect in the years in which the differences between the financial reporting and tax filing bases of existing assets and liabilities are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is established against deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized, based on management’s evaluation of all available evidence, both positive and negative, including reversals of deferred tax liabilities, projected future taxable income and results of recent operations. The Company does not recognize tax benefits related to positions taken on certain tax matters unless the position is more likely than not to be sustained upon examination by tax authorities. At any point in time, various tax years are subject to or are in the process of being audited by various taxing authorities. The Company records a reserve for uncertain tax positions, including interest and penalties. To the extent that management’s estimates of settlements change, or the final tax outcome of these matters is different than the amounts recorded, such differences will impact the income tax provision in the period in which such determinations are made. See Note 10 for additional discussion of the Company’s income taxes. (j) Cash and cash equivalents Cash and cash equivalents are comprised of cash on hand, money market deposits and amounts placed with external fund managers with an original maturity of three months or less. Cash and cash equivalents are carried at cost which approximates fair value. In addition, receivables from third-party credit card issuers typically converted to cash within 5 days of the original sales transaction are considered cash equivalents. The following table summarizes the details of the Company’s cash and cash equivalents:
(k) Accounts receivable Accounts receivable under the customer finance programs are presented net of an allowance for uncollectible amounts. This allowance represents management’s estimate of the expected losses in the accounts receivable portfolio as of the balance sheet date, and is calculated using a model that analyzes factors such as delinquency rates and recovery rates. Prior to the fourth quarter of Fiscal 2018, the Company calculated the allowance for uncollectible amounts as follows:
Signet’s recency method of aging had been in place and unchanged since the inception of the in-house consumer financing program. The delinquency level was measured by the number of days since the last qualifying payment was received, with the qualifying payment increasing with delinquency level. The minimum payment does not decline as the balance declines. In the fourth quarter of Fiscal 2018, the Company began measuring delinquency under the contractual basis which aligns with the processes and collection strategies utilized by the Company’s third party credit service provider for the remaining in-house finance receivable portfolio beginning in October 2017. Under this measure of delinquency, credit card accounts are considered delinquent if the minimum payment is not received by the specified due date. The aging method is based on the number of completed billing cycles during which the customer has failed to make a minimum payment. Management utilizes the delinquency rates identified within the portfolio when calculating the overall allowance for the portfolio. The overall allowance continues to be based on the Company’s historical loss experience and payment performance information for accounts with similar credit quality characteristics as the remaining portfolio since the inception of the in-house consumer financing program, which was operated under the Company’s aging and collection methodologies in place prior to October 2017. As a result of the credit transaction disclosed in Note 3, the aging and collection methodologies have been revised to align with contractual method, which may result in different customer payment behaviors. A 100% allowance is made for accounts associated with bankrupt or deceased cardholders, as well as for accounts more than 120 days past due on the contractual basis. The Company’s policy for charging off uncollectible receivables is 180 days. See Note 12 for additional discussion of the Company’s accounts receivables. (l) Inventories Inventories are primarily held for resale and are valued at the lower of cost or net realizable value. Cost is determined using weighted-average cost for all inventories except for inventories held in the Company’s diamond sourcing operations, where cost is determined using specific identification. Cost includes charges directly related to bringing inventory to its present location and condition. Such charges would include warehousing, security, distribution and certain buying costs. Net realizable value is defined as estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Inventory reserves are recorded for obsolete, slow moving or defective items and shrinkage. Inventory reserves for obsolete, slow moving or defective items are calculated as the difference between the cost of inventory and its estimated market value based on targeted inventory turn rates, future demand, management strategy and market conditions. Due to the inventory being primarily comprised of precious stones and metals including gold, the age of the inventory has a limited impact on the estimated market value. Inventory reserves for shrinkage are estimated and recorded based on historical physical inventory results, expectations of future inventory losses and current inventory levels. Physical inventories are taken at least once annually for all store locations and distribution centers. See Note 13 for additional discussion of the Company’s inventories. (m) Vendor contributions Contributions are received from vendors through various programs and arrangements including cooperative advertising. Where vendor contributions related to identifiable promotional events are received, contributions are matched against the costs of promotions. Vendor contributions received as general contributions and not related to specific promotional events are recognized as a reduction of inventory costs. (n) Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation, amortization and impairment charges. Maintenance and repair costs are expensed as incurred. Depreciation and amortization are recognized on the straight-line method over the estimated useful lives of the related assets as follows:
Computer software purchased or developed for internal use is stated at cost less accumulated amortization. Signet’s policy provides for the capitalization of external direct costs of materials and services associated with developing or obtaining internal use computer software. In addition, Signet also capitalizes certain payroll and payroll-related costs for employees directly associated with internal use computer projects. Amortization is charged on a straight-line basis over periods from three to five years. Property, plant and equipment are reviewed for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Potentially impaired assets or asset groups are identified by reviewing the cash flows of individual stores. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset, based on the Company’s internal business plans. If the undiscounted cash flow is less than the asset’s carrying amount, the impairment charge recognized is determined by estimating the fair value of the assets and recording a loss for the amount that the carrying value exceeds the estimated fair value. The Company utilizes historical experience, internal business plans and an appropriate discount rate to estimate the fair value. Property and equipment at stores planned for closure are depreciated over a revised estimate of their useful lives. See Note 14 for additional discussion of the Company’s property, plant and equipment. (o) Goodwill and intangibles In a business combination, the Company estimates and records the fair value of identifiable intangible assets and liabilities acquired. The fair value of these intangible assets and liabilities is estimated based on management’s assessment, including determination of appropriate valuation technique and consideration of any third party appraisals, when necessary. Significant estimates in valuing intangible assets and liabilities acquired include, but are not limited to, future expected cash flows associated with the acquired asset or liability, expected life and discount rates. The excess purchase price over the estimated fair values of the assets acquired and liabilities assumed is recognized as goodwill. Goodwill is recorded by the Company’s reporting units based on the acquisitions made by each. Goodwill is evaluated for impairment annually and more frequently if indicators of impairment arise. In evaluating goodwill for impairment, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value (including goodwill). If the Company concludes that it is not more likely than not that the fair value of a reporting unit is less than its carrying value, then no further testing is required. However, if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then the two-step goodwill impairment test is performed to identify a potential goodwill impairment and measure the amount of impairment to be recognized, if any. The two-step impairment test involves estimating the fair value of all assets and liabilities of the reporting unit, including the implied fair value of goodwill, through either estimated discounted future cash flows or market-based methodologies. The annual testing date for goodwill allocated to the Sterling Jewelers reporting unit is the last day of the fourth quarter. The annual testing date for goodwill allocated to the reporting units associated with the Zale division and the Other reporting unit is May 31. There have been no goodwill impairment charges recorded during the fiscal periods presented in the consolidated financial statements as financial results for the reporting units have met or exceeded financial projections developed at the time of the acquisitions. If future economic conditions are different than those projected by management, future impairment charges may be required. Intangible assets with definite lives are amortized and reviewed for impairment whenever events or circumstances indicate that the carrying amount of the asset may not be recoverable. If the estimated undiscounted future cash flows related to the asset are less than the carrying amount, the Company recognizes an impairment charge equal to the difference between the carrying value and the estimated fair value, usually determined by the estimated discounted future cash flows of the asset. Intangible assets with indefinite lives are reviewed for impairment each year in the second quarter and may be reviewed more frequently if certain events occur or circumstances change. The Company first performs a qualitative assessment to determine whether it is more likely than not that the indefinite-lived intangible asset is impaired. If the Company determines that it is more likely than not that the fair value of the asset is less than its carrying amount, the Company estimates the fair value, usually determined by the estimated discounted future cash flows of the asset, compares that value with its carrying amount and records an impairment charge, if any. If future economic conditions are different than those projected by management, future impairment charges may be required. See Note 15 for additional discussion of the Company’s goodwill and intangibles. (p) Derivatives and hedge accounting The Company enters into various types of derivative instruments to mitigate certain risk exposures related to changes in commodity costs and foreign exchange rates. Derivative instruments are recorded in the consolidated balance sheets at fair value, as either assets or liabilities, with an offset to net income or other comprehensive income (“OCI”), depending on whether the derivative qualifies as an effective hedge. If a derivative instrument meets certain criteria, it may be designated as a cash flow hedge on the date it is entered into. For cash flow hedge transactions, the effective portion of the changes in fair value of the derivative instrument is recognized directly in equity as a component of AOCI and is recognized in the consolidated income statements in the same period(s) and on the same financial statement line in which the hedged item affects net income. Amounts excluded from the effectiveness calculation and any ineffective portions of the change in fair value of the derivatives are recognized immediately in other operating income, net in the consolidated income statements. In addition, gains and losses on derivatives that do not qualify for hedge accounting are recognized immediately in other operating income, net. In the normal course of business, the Company may terminate cash flow hedges prior to the occurrence of the underlying forecasted transaction. For cash flow hedges terminated prior to the occurrence of the underlying forecasted transaction, management monitors the probability of the associated forecasted cash flow transactions to assess whether any gain or loss recorded in AOCI should be immediately recognized in net income. Cash flows from derivative contracts are included in net cash provided by operating activities. See Note 18 for additional discussion of the Company’s derivatives and hedge activities. (q) Employee Benefits Signet operates a defined benefit pension plan in the UK (the “UK Plan”) which ceased to admit new employees effective April 2004. The UK Plan provides benefits to participating eligible employees. Beginning in Fiscal 2014, a change to the benefit structure was implemented and members’ benefits that accumulate after that date are now based upon career average salaries, whereas previously, all benefits were based on salaries at retirement. The UK Plan’s assets are held by the UK Plan. The net periodic pension cost of the UK Plan is measured on an actuarial basis using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate and the expected long-term rate of return on plan assets. Other material assumptions include rates of participant mortality, the expected long-term rate of compensation and pension increases, and rates of employee attrition. Gains and losses occur when actual experience differs from actuarial assumptions. If such gains or losses exceed 10% of the greater of plan assets or plan liabilities, Signet amortizes those gains or losses over the average remaining service period of the employees. The net periodic pension cost is charged to selling, general and administrative expenses in the consolidated income statements. The funded status of the UK Plan is recognized on the balance sheet, and is the difference between the fair value of plan assets and the projected benefit obligation measured at the balance sheet date. Gains or losses and prior service costs or credits that arise and are not included as components of net periodic pension cost are recognized, net of tax, in OCI. Signet also operates a defined contribution plan in the UK and a defined contribution retirement savings plan in the US. Contributions made by Signet to these pension arrangements are charged primarily to selling, general and administrative expenses in the consolidated income statements as incurred. See Note 20 for additional discussion of the Company’s employee benefits. (r) Borrowing costs Borrowings include interest-bearing bank loans, accounts receivable securitization program and bank overdrafts. Borrowing costs are capitalized and amortized into interest expense over the contractual term of the related loan. See Note 21 for additional discussion of the Company’s borrowing costs. (s) Share-based compensation Signet measures share-based compensation cost for awards classified as equity at the grant date based on the estimated fair value of the award and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period of employees. Certain share plans include a condition whereby vesting is contingent on growth exceeding a given target, and therefore awards granted with this condition are considered to be performance-based awards. Signet estimates fair value using a Black-Scholes model for awards granted under the Omnibus Plan and the binomial valuation model for awards granted under the Share Saving Plans. Deferred tax assets for awards that result in deductions on the income tax returns of subsidiaries are recorded by Signet based on the amount of compensation cost recognized and the subsidiaries’ statutory tax rate in the jurisdiction in which it will receive a deduction. Share-based compensation is primarily recorded in selling, general and administrative expenses in the consolidated income statements, along with the relevant salary cost. See Note 25 for additional discussion of the Company’s share-based compensation plans. (t) Contingent liabilities Provisions for contingent liabilities are recorded for probable losses when management is able to reasonably estimate the loss or range of loss. When it is reasonably possible that a contingent liability may result in a loss or additional loss, the range of the loss is disclosed. See Note 26 for additional discussion of the Company’s contingencies. (u) Leases Signet’s operating leases generally include retail store locations. Certain operating leases include predetermined rent increases, which are charged to the income statement on a straight-line basis over the lease term, including any construction period or other rental holiday. Other amounts paid under operating leases, such as contingent rentals, taxes and common area maintenance, are charged to the income statement as incurred. Premiums paid to acquire short-term leasehold properties and inducements to enter into a lease are recognized on a straight-line basis over the lease term. In addition, certain leases provide for contingent rentals that are not measurable at inception. These contingent rentals are primarily based on a percentage of sales in excess of a predetermined level. These amounts are excluded from minimum rent and are included in the determination of rent expense when it is probable that the expense has been incurred and the amount is reasonably estimable. See Note 26 for additional discussion of the Company’s leases. (v) Dividends Dividends on common shares are reflected as a reduction of retained earnings in the period in which they are formally declared by the Board of Directors (the “Board”). In addition, the cumulative dividends on preferred shares, whether or not declared, are reflected as a reduction of retained earnings. |
New Accounting Pronouncements |
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Feb. 03, 2018 | |
Accounting Policies [Abstract] | |
New accounting pronouncements | New accounting pronouncements New accounting pronouncements adopted during the period Inventory In July 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” The new guidance states that inventory will be measured at the lower of cost and net realizable value. The ASU defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The adoption of this guidance in the first quarter of Fiscal 2018 did not have a material impact on the Company’s financial position or results of operations. Share-based compensation In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” The new guidance simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The Company adopted all aspects of this guidance prospectively in the first quarter of Fiscal 2018 with a policy election to continue to estimate expected forfeitures in determining the amount of share-based compensation expense to be recognized. The adoption of this guidance did not have a material impact on the Company’s financial position or results of operations. See Note 25 for additional information regarding the impact on the Company’s results of operations in the first quarter of Fiscal 2018. New accounting pronouncements to be adopted in future periods Credit losses In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The new guidance requires entities to measure and recognize expected credit losses for financial assets measured at amortized cost basis. The estimate of expected credit losses should consider historical information, current information, and reasonable and supportable forecasts of expected losses over the remaining contractual life that affect collectability. ASU No. 2016-13 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019, with early adoption permitted. Signet currently expects to adopt this guidance when effective, and continues to assess the impact the adoption of this guidance will have on the Company’s financial position or results of operations. Revenue recognition In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 provides alternative methods of retrospective adoption. The FASB has issued several updates to the standard that i) defer the original effective date; ii) clarify the application of principal versus agent guidance; iii) clarify the guidance on inconsequential and perfunctory promises and licensing; and iv) clarify the guidance on the de-recognition of non-financial assets. ASU 2014‑09 and the related updates are effective for fiscal years beginning after December 15, 2017. Signet adopted ASU 2014‑09 and related updates effective February 4, 2018 using the modified retrospective approach applied only to contracts not completed as of the date of adoption with no restatement of prior periods and by recognizing the cumulative effect of initially applying the new standard as an adjustment to the opening balance of equity. As a result of the Company’s evaluation of existing contracts with customers, the Company has identified that the new standard will require the Company to adjust its presentation related to customer trade-ins, accounting for returns reserves and treatment of the amortization of certain bonus and profit-sharing arrangements related to third party credit card programs. After the adoption of ASU 2014-09, the fair value of customer trade-ins will be considered non-cash consideration when determining the transaction price, and therefore classified as revenue rather than its previous classification as a reduction to cost of goods sold. Also, upon adoption of ASU 2014-09, the Company will record its current sales return reserve within separate refund liability and asset for recovery accounts. Further, subsequent to the adoption of the new accounting guidance, the Company anticipates that the amortization of certain signing bonuses and receipt of funds in connection with economic profit sharing arrangements will be recognized as a component of sales rather than as an offset to selling, general and administrative expense. The Company anticipates that the adoption will result in incremental revenue and incremental costs of goods sold and selling general and administrative expense due to these reclassifications. We consider the impact of these adjustments immaterial to the overall consolidated financial statements. Financial instruments In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities.” The new guidance primarily impacts accounting for equity investments and financial liabilities under the fair value option, as well as, the presentation and disclosure requirements for financial instruments. Under the new guidance, equity investments will generally be measured at fair value, with subsequent changes in fair value recognized in net income. ASU No. 2016-01 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Signet plans to adopt this guidance in the first quarter of our fiscal year ending February 2, 2019. Signet does not expect the adoption of this guidance to have a material impact on the Company’s financial position or results of operations. Leases In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” The new guidance primarily impacts lessee accounting by requiring the recognition of a right-of-use asset and a corresponding lease liability on the balance sheet for long-term lease agreements. The lease liability will be equal to the present value of all reasonably certain lease payments. The right-of-use asset will be based on the liability, subject to adjustment for initial direct costs. Lease agreements that are 12 months or less are permitted to be excluded from the balance sheet. In general, leases will be amortized on a straight-line basis with the exception of finance lease agreements. ASU No. 2016-02 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018, which is effective for the first quarter of our fiscal year ending February 1, 2020. Signet is currently assessing the impact that adopting this guidance will have on the Company’s financial position or results of operations. Liabilities In March 2016, the FASB issued ASU No. 2016-04, “Liabilities - Extinguishments of Liabilities (Subtopic 405-20).” The new guidance addresses diversity in practice related to the derecognition of a prepaid stored-value product liability. Liabilities related to the sale of prepaid stored-value products within the scope of this update are financial liabilities. ASU No. 2016-04 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017, with early adoption permitted. Signet plans to adopt this guidance in the first quarter of our fiscal year ending February 2, 2019. Signet does not expect the adoption of this guidance to have a material impact on the Company’s financial position or results of operations. Intangibles In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other: Simplifying the Test for Goodwill Impairment.” The new guidance requires a single-step quantitative test to identify and measure goodwill impairment based on the excess of a reporting unit's carrying amount over its fair value. A qualitative assessment may still be completed first for an entity to determine if a quantitative impairment test is necessary. ASU No. 2017-04 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019, with early adoption permitted. Signet plans to adopt this guidance in the first quarter of our fiscal year ending February 2, 2019. Signet does not expect the adoption of this guidance to have a material impact on the Company’s financial position or results of operations. Retirement Benefits In March 2017, the FASB issued ASU No. 2017-07, “Compensation - Retirement Benefits: Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.” The new guidance requires entities to present the service cost component of the net periodic pension cost in the same income statement line item as other employee compensation costs arising from services rendered during the period. Entities will present the other components of net benefit cost separately from the service cost component and outside of operating profit within the income statement. In addition, only the service cost component will be eligible for capitalization in assets. ASU No. 2017-07 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Signet plans to adopt this guidance in the first quarter of our fiscal year ending February 2, 2019. Signet does not expect the adoption of this guidance to have a material impact on the Company’s financial position or results of operations. Derivatives and Hedging In August 2017, the FASB issued ASU No. 2017-12, “Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities.” The new guidance expands the types of risk management strategies eligible for hedge accounting, refines the documentation and effectiveness assessment requirements and modifies the presentation and disclosure requirements for hedge accounting activities. ASU No. 2017-12 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2018, with early adoption permitted. Signet is currently assessing the timing of adoption and the impact this guidance will have on the Company’s financial position or results of operations. |
Acquisitions |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions On September 12, 2017, the Company acquired the outstanding shares of R2Net, the owner of online jewelry retailer JamesAllen.com and Segoma Imaging Technologies. The acquisition rapidly enhanced the Company’s digital capabilities and accelerated its OmniChannel strategy, while adding a millennial-focused online retail brand to the Company’s portfolio. The Company paid $331.7 million, net of acquired cash of $47.3 million, for R2Net. The total consideration paid was funded with a $350.0 million bridge loan. See Note 21 for additional information regarding the bridge loan. The transaction was accounted for as a business combination during the third quarter of Fiscal 2018 with R2Net becoming a wholly-owned consolidated subsidiary of Signet. Prior to closing the acquisition, the Company incurred approximately $8.6 million of acquisition-related costs for professional services in Fiscal 2018. Acquisition-related costs were recorded as selling, general and administrative expenses in the consolidated income statements. The results of R2Net subsequent to the acquisition date are reported as a component of the results of the Sterling Jewelers division. See Note 5 for segment information. Pro forma results of operations have not been presented, as the impact on the Company’s consolidated financial results was not material. Under the acquisition method of accounting, the identifiable assets acquired and liabilities assumed are recorded at their estimated fair values on the acquisition date, with the remaining unallocated net purchase price recorded as goodwill. The following table summarizes the preliminary fair values identified for the assets acquired and liabilities assumed in the R2Net acquisition as of September 12, 2017:
As of February 3, 2018, the Company is in the process of finalizing the net assets acquired in the acquisition, most notably, the valuation of intangible assets, including technology-related assets and income taxes. The estimates and assumptions utilized in the preliminary valuation are subject to change within the measurement period as additional information is obtained. The Company expects to finalize the valuation within one year from the date of acquisition. The goodwill generated from the acquisition is primarily attributable to expected synergies and will not be deductible for tax purposes. |
Segment Information |
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Segment information | Segment information Financial information for each of Signet’s reportable segments is presented in the tables below. Signet’s chief operating decision maker utilizes sales and operating income, after the elimination of any inter-segment transactions, to determine resource allocations and performance assessment measures. Signet’s sales are derived from the retailing of jewelry, watches, other products and services as generated through the management of its five reportable segments: the Sterling Jewelers division, the Zale division, which consists of the Zale Jewelry and Piercing Pagoda segments, the UK Jewelry division and Other. The Sterling Jewelers division operates in all 50 US states. Its stores operate nationally in malls and off-mall locations principally as Kay (Kay Jewelers and Kay Jewelers Outlet) and Jared (Jared The Galleria Of Jewelry and Jared Vault). The division also operates a variety of mall-based regional brands and the JamesAllen.com website, which was acquired in the R2Net acquisition. The results for the Sterling Jewelers division include R2Net results for the period since September 12, 2017, the date of acquisition. See Note 4 for additional information. The Zale division operates jewelry stores (Zale Jewelry) and kiosks (Piercing Pagoda), located primarily in shopping malls throughout the US and Canada. Zale Jewelry includes the US store brand Zales (Zales Jewelers and Zales Outlet), which operates in all 50 US states, and the Canadian store brand Peoples Jewellers, which operates in nine provinces. The division also operates regional brands Gordon’s Jewelers and Mappins. Piercing Pagoda operates through mall-based kiosks. The UK Jewelry division operates stores in the UK, Republic of Ireland and Channel Islands. Its stores operate in shopping malls and off-mall locations (i.e. high street) principally as H.Samuel and Ernest Jones. The Other reportable segment consists of all non-reportable segments, including subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones, that are below the quantifiable threshold for separate disclosure as a reportable segment and unallocated corporate administrative functions. During the first quarter of Fiscal 2019, the Company realigned its organizational structure. The new structure will allow for further integration of operational and product development processes and support growth strategies. In accordance with this organizational change, beginning with quarterly reporting for the 13 weeks ended May 5, 2018, the Company will report three reportable segments as follows: North America, International, and Other.
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Redeemable Preferred Shares |
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Temporary Equity Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Preferred Shares | Redeemable preferred shares On October 5, 2016, the Company issued 625,000 preferred shares to Green Equity Investors VI, L.P., Green Equity Investors Side VI, L.P., LGP Associates VI-A LLC and LGP Associates VI-B LLC, all affiliates of Leonard Green & Partners, L.P., (together, the “Investors”) for an aggregate purchase price of $625.0 million, or $1,000 per share (the “Stated Value”) pursuant to the investment agreement dated August 24, 2016. The Company's preferred shares are classified as temporary equity within the consolidated balance sheet. In connection with the issuance of the preferred shares, the Company incurred direct and incremental expenses of $13.7 million, including financial advisory fees, closing costs, legal expenses and other offering-related expenses. These direct and incremental expenses originally reduced the preferred shares carrying value, and are accreted through retained earnings as a deemed dividend from the date of issuance through the first possible known redemption date, November 2024. Accumulated accretion relating to these fees of $2.3 million was recorded in the consolidated balance sheet as of February 3, 2018 (January 28, 2017: $0.6 million). Dividend rights: The preferred shares rank senior to the Company’s common shares, with respect to dividend rights and rights on the distribution of assets on any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Company. The liquidation preference for preferred shares is equal to the greater of (a) the Stated Value per share, plus all accrued but unpaid dividends and (b) the consideration holders would have received if preferred shares were converted into common shares immediately prior to the liquidation. Preferred shareholders are entitled to a cumulative dividend at the rate of 5% per annum, payable quarterly in arrears, commencing on February 15, 2017, either in cash or by increasing the Stated Value at the option of the Company. In addition, preferred shareholders were entitled to receive dividends or distributions declared or paid on common shares on an as-converted basis, other than the Company’s regularly declared quarterly cash dividends not in excess of 130% of the arithmetic average of the regular, quarterly cash dividends per common share, if any, declared by the Company during the preceding four calendar quarters. On November 2, 2016, the Board of Directors approved certain changes to the rights of the preferred shareholders, including the following: (a) elimination of the right of preferred shareholders to receive dividends or other distributions declared on the Company’s common shares and inclusion of adjustments to the conversion rate in the event of any dividend, distribution, spin-off or certain other events or transactions in respect of the common shares; and (b) addition of a requirement for approval by the holders of the majority of the issued preferred shares for the declaration or payment by the Company of any dividends or other distributions on the common shares other than (i) regularly declared quarterly cash dividends paid on the issued common shares in any calendar quarter in an amount per share that is not more than 130% of the arithmetic average of the regular, quarterly cash dividends per common share, if any, declared by the Company during the preceding four calendar quarters for such quarter and (ii) any dividends or other distributions which are paid or distributed at the same time on the common shares and the preferred shares, provided that the amount paid or distributed to the preferred shares is based on the number of common shares into which such preferred shares could be converted on the applicable record date for such dividends or other distributions. Conversion features: Preferred shares are convertible at the option of the holders at any time into common shares at the then applicable conversion rate. The conversion rate is subject to certain anti-dilution and other adjustments, including stock split / reverse stock split transactions, regular dividends declared on common shares, share repurchases (excluding amounts through open market transactions or accelerated share repurchases) and issuances of common shares or other securities convertible into common shares. The initial issuance did not include a beneficial conversion feature as the conversion price used to set the conversion ratio at the time of issuance was greater than the Company’s common stock price. At any time on or after October 5, 2018, all or a portion of outstanding preferred shares are convertible at the option of the Company if the closing price of common shares exceeds 175% of the then applicable conversion price for at least 20 consecutive trading days. The following table presents certain conversion measures as of February 3, 2018 and January 28, 2017:
Redemption rights: At any time after November 15, 2024, the Company will have the right to redeem any or all, and the holders of the preferred shares will have the right to require the Company to repurchase any or all, of the preferred shares for cash at a price equal to the Stated Value plus all accrued but unpaid dividends. Upon certain change of control or delisting events involving the Company, preferred shareholders can require the Company to repurchase, subject to certain exceptions, all or any portion of its preferred shares at (a) an amount in cash equal to 101% of the Stated Value plus all accrued but unpaid dividends or (b) the consideration the holders would have received if they had converted their preferred shares into common shares immediately prior to the change of control event. Voting rights: Preferred shareholders are entitled to vote with the holders of common shares on an as-converted basis. Holders of preferred shares are entitled to a separate class vote with respect to certain designee(s) for election to the Company’s Board of Directors, amendments to the Company’s organizational documents that have an adverse effect on the preferred shareholders and issuances by the Company of securities that are senior to, or equal in priority with, the preferred shares. Registration rights: Preferred shareholders have certain customary registration rights with respect to the preferred shares and the shares of common shares into which they are converted, pursuant to the terms of a registration rights agreement. |
Credit transaction, net |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit transaction, net | Credit transaction, net In October 2017, Signet, through its subsidiary Sterling, completed the sale of the prime-only credit quality portion of Sterling’s in-house finance receivable portfolio to Comenity. The following events summarize the credit transaction: Receivables reclassification: In the second quarter of Fiscal 2018, certain in-house finance receivables that met the criteria for sale to Comenity were reclassified from "held for investment" to "held for sale." Accordingly, the receivables were recorded at the lower of cost (par) or fair value, resulting in the reversal of the related allowance for credit losses of $20.7 million. This reversal was recorded in credit transaction, net in the consolidated income statement during the second quarter of Fiscal 2018. Proceeds received: In October 2017, the Company received $952.5 million in cash consideration reflecting the par value of the receivables sold. In addition, the Company recognized a beneficial interest asset of $10.2 million representing the present value of the cash flows the Company expects to receive under the economic profit sharing agreement related to the receivables sold. The gain upon recognition of the beneficial interest asset was recorded in credit transaction, net in the consolidated income statement during the third quarter of Fiscal 2018. Expenses: During Fiscal 2018, the Company incurred $29.6 million of transaction-related costs. These costs were recorded in credit transaction, net in the consolidated income statement during Fiscal 2018. Asset-backed securitization facility termination: In October 2017, the Company terminated the asset-backed securitization facility in order to transfer the receivables free and clear. The asset-backed securitization facility had a principal balance outstanding of $600.0 million at the time of termination. The payoff was funded through the proceeds received from the par value of receivables sold. See Note 21 for additional information regarding the asset-backed securitization facility. Program agreement: Comenity provides credit to prime-only credit quality customers with an initial term of seven years and, unless terminated by either party, additional renewal terms of two years. Under the Program Agreement, Comenity established a program to issue Sterling credit cards to be serviced, marketed and promoted in accordance with the terms of the agreement. Subject to limited exceptions, Comenity is the exclusive issuer of private label credit cards or an installment or other closed end loan product in the United States bearing specified Company trademarks, including “Kay”, “Jared” and specified regional brands, but excluding “Zale”, during the term of the agreement. The pre-existing arrangement with Comenity for the issuing of Zale credit cards was unaffected by the execution of the Program Agreement. Upon expiration or termination by either party of the Program Agreement, Sterling retains the option to purchase, or arrange the purchase by a third party of, the program assets from Comenity on terms that are no more onerous to Sterling than those applicable to Comenity under the Purchase Agreement, or in the case of a purchase by a third party, on customary terms. Additionally, the Company received a signing bonus, which may be repayable under certain conditions if the Program Agreement is terminated, and a right to receive future payments related to the performance of the credit program under an economic profit sharing agreement. The Program Agreement contains customary representations, warranties and covenants. Additionally, Signet and Genesis Financial Solutions (“Genesis”) entered into a five-year servicing agreement in October 2017, under which Genesis will provide credit servicing functions for Signet’s existing non-prime accounts receivable, as well as future non-prime account originations. During March 2018, the Company announced that it entered a definitive agreement with CarVal Investors (“CarVal”) to sell all eligible non-prime in-house accounts receivable. This agreement, in conjunction with the previously executed prime credit transaction with Comenity and the outsourcing of the servicing of the non-prime credit program to Genesis, will complete Signet’s transition to an outsourced credit structure. The sale is expected to close during the second quarter of Fiscal 2019 subject to certain closing conditions. In addition, for a five-year term, Signet will remain the issuer of non-prime credit with investment funds managed by CarVal Investors purchasing forward receivables at a discount rate determined in accordance with the agreement. Servicing of the non-prime receivables, including operational interfaces and customer servicing, will continue to be provided by Genesis. During the first quarter of Fiscal 2019, the Company will reclassify its existing in-house finance receivables from held for investment to held for sale. The Company expects to recognize a loss of approximately $140.0 million upon reclassification as held for sale receivables are required to be valued at the lower of cost (par) or fair value, which incorporates an expectation of future losses. As of February 3, 2018, the Company’s non-prime accounts receivable are presented net of an allowance for credit losses, which represents management’s estimate of expected losses incurred in the accounts receivable portfolio as of the balance sheet date, as required under US GAAP (Topic 310 of the FASB Accounting Standards Codification). The transaction is expected to close in the second quarter of Signet's Fiscal 2019 subject to certain closing conditions. Accounts receivable, net In October 2017, the Company completed the sale of the prime-only credit quality portion of the Sterling Jewelers customer in-house finance receivable portfolio. The receivables sold, which were classified as "held for sale" as of the second quarter of Fiscal 2018, are no longer reported within the consolidated balance sheet. See Note 3 for additional information regarding the sale of these receivables. Signet’s accounts receivable primarily consist of US customer in-house financing receivables. The in-house finance receivable portfolio consists of a population that is of similar characteristics and is evaluated collectively for impairment.
Signet grants credit to customers based on a variety of credit quality indicators, including consumer financial information and prior payment experience. On an ongoing basis, management monitors the credit exposure based on past due status and collection experience, as it has found a meaningful correlation between the past due status of customers and the risk of loss. During the third quarter of Fiscal 2016, Signet implemented a program to provide in-house credit to customers in the Zale division’s US locations. The allowance for credit losses associated with Zale customer in-house finance receivables was immaterial as of February 3, 2018 and January 28, 2017. Effective October 20, 2017, the Zale customer in-house financing programs are being underwritten and serviced by a third party for newly originated balances after the effective date. Other accounts receivable is comprised primarily of accounts receivable relating to the insurance loss replacement business in the UK Jewelry division of $9.3 million (January 28, 2017: $11.0 million). Sterling Jewelers customer in-house finance receivables The allowance for credit losses associated with the portion of Sterling Jewelers customer in-house finance receivables sold in October 2017 was reversed during the second quarter of Fiscal 2018. The allowance for credit losses on Sterling Jewelers remaining customer in-house finance receivables is shown below:
Net bad debt expense is defined as the provision expense less recoveries. As a result of the sale of the prime-only credit portion of the Sterling Jewelers customer in-house finance receivable portfolio and the outsourcing of the credit servicing on the remaining in-house finance receivable portfolio disclosed in Note 3, the Company revised its methodology for measuring delinquency to be based on the contractual basis. The credit quality indicator and age analysis of Sterling Jewelers customer in-house finance receivables are shown below under the contractual basis:
Prior to the fourth quarter of Fiscal 2018, the Company’s calculation of the allowance for credit losses was based on a recency measure of delinquency. The credit quality indicator and age analysis of Sterling Jewelers customer in-house finance receivables prior to the sale of the prime-only credit portion of the in-house receivable portfolio as of January 28, 2017 and January 30, 2016 are shown below under the recency basis:
As a result of the sale of the prime-only credit portion of the in-house finance receivable portfolio, the change in measure of delinquency during the fourth quarter of Fiscal 2018, and the difference in collection strategies (including minimum payments and customer contact schedules) utilized by the outsourced service provider in the fourth quarter of Fiscal 2018 as compared to the in-house collection methodologies applied by Signet in prior periods, the comparability of the portfolio performance and aging may be limited. Securitized credit card receivables The Sterling Jewelers division previously securitized its credit card receivables through its Sterling Jewelers Receivables Master Note Trust. As a condition of closing the credit transaction during the third quarter of Fiscal 2018, the Company terminated the asset-backed securitization facility to transfer the receivables free and clear. See Note 21 for additional information regarding this asset-backed securitization facility. |
Common Shares, Treasury Shares, Reserves and Dividends |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Shares, Treasury Shares, Reserves and Dividends | Common shares, treasury shares, reserves and dividends Common shares The par value of each Common Share is 18 cents. The consideration received for common shares relating to options issued during Fiscal 2018 was $0.3 million (Fiscal 2017: $2.1 million; Fiscal 2016: $5.0 million). Treasury shares Signet may from time to time repurchase common shares under various share repurchase programs authorized by Signet’s Board. Repurchases may be made in the open market, through block trades, accelerated share repurchase agreements or otherwise. The timing, manner, price and amount of any repurchases will be determined by the Company at its discretion, and will be subject to economic and market conditions, stock prices, applicable legal requirements and other factors. The repurchase programs are funded through Signet’s existing cash reserves and liquidity sources. Repurchased shares are held as treasury shares and may be used by Signet for general corporate purposes. Treasury shares represent the cost of shares that the Company purchased in the market under the applicable authorized repurchase program, shares forfeited under the Omnibus Incentive Plan and those previously held by the Employee Stock Ownership Trust (“ESOT”) to satisfy options under the Company’s share option plans. In February 2016, the Board authorized the repurchase of Signet’s common shares up to $750.0 million (the “2016 Program”). In August 2016, the Board increased its authorized share repurchase program by $625.0 million, bringing the total authorization for the 2016 Program to $1,375.0 million. The 2016 Program may be suspended or discontinued at any time without notice. On October 5, 2016, the Company entered into an accelerated share repurchase agreement (“ASR”) with a large financial institution to repurchase $525.0 million of the Company’s common shares. At inception, the Company paid $525.0 million to the financial institution and took delivery of 4.7 million shares with an initial estimated cost of $367.5 million. In December 2016, the ASR was finalized and the Company received an additional 1.3 million shares. Total shares repurchased under the ASR were 6.0 million shares at an average purchase price of $87.01 per share based on the volume-weighted average price of the Company’s common shares traded during the pricing period, less an agreed discount. The Company reflected shares delivered as treasury shares as of the date the shares were physically delivered in computing the weighted average common shares outstanding for both basic and diluted earnings per share. The ASR was accounted for as a treasury stock transaction and a forward stock purchase contract. The forward stock purchase contract was determined to be indexed to the Company’s own stock and met all of the applicable criteria for equity classification. The share repurchase activity is outlined in the table below:
In June 2017, the Board of Directors authorized a new program to repurchase $600.0 million of Signet’s common shares (the “2017 Program”). The 2017 Program may be suspended or discontinued at any time without notice. The total authorization remaining under all authorized programs as of February 3, 2018 was $650.6 million. Shares were reissued in the amounts of 0.3 million and 0.1 million, net of taxes and forfeitures, in Fiscal 2018 and Fiscal 2017, respectively, to satisfy awards outstanding under existing share-based compensation plans. Dividends on common shares
In addition, on March 14, 2018, Signet’s Board declared a quarterly dividend of $0.37 per share on its common shares. This dividend will be payable on June 1, 2018 to shareholders of record on May 4, 2018, with an ex-dividend date of May 3, 2018. Dividends on preferred shares
There were no cumulative undeclared dividends on the preferred shares that reduced net income attributable to common shareholders during Fiscal 2018. In addition, deemed dividends of $1.7 million and $0.6 million related to accretion of issuance costs associated with the preferred shares were recognized in Fiscal 2018 and Fiscal 2017, respectively. |
Earnings Per Common Share |
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Earnings per common share | Earnings per common share (“EPS”) Basic EPS is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for the period. The computation of basic EPS is outlined in the table below:
The dilutive effect of share awards represents the potential impact of outstanding awards issued under the Company’s share-based compensation plans, including restricted shares and restricted stock units issued under the Omnibus Plan and stock options issued under the Share Saving Plans and Executive Plans. The dilutive effect of preferred shares represents the potential impact for common shares that would be issued upon conversion. Potential common share dilution related to share awards and preferred shares is determined using the treasury stock and if-converted methods, respectively. Under the if-converted method, the preferred shares are assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted EPS calculation for the entire period being presented. Additionally, cumulative dividends and accretion for issuance costs associated with the preferred shares are added back to net income attributable to common shareholders. See Note 6 for additional discussion of the Company’s preferred shares. The computation of diluted EPS is outlined in the table below:
The calculation of diluted EPS excludes the following share awards on the basis that their effect would be anti-dilutive.
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Accumulated Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) The following tables present the changes in AOCI by component and the reclassifications out of AOCI, net of tax:
The amounts reclassified from AOCI were as follows:
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income taxes | Income taxes
As the statutory rate of corporation tax in Bermuda is 0%, the differences between the US federal income tax rate and the effective tax rates for Signet have been presented below:
In Fiscal 2018, Signet’s effective tax rate was lower than the US federal income tax rate primarily due to the impact of US tax reform as well as Signet’s global reinsurance and financing arrangements utilized to fund the acquisition of Zale. Signet’s future effective tax rate is dependent on changes in the geographic mix of income. US Tax Reform On December 22, 2017, the U.S. government enacted “An Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018”, which is commonly referred to as “The Tax Cuts and Jobs Act” (the “TCJ Act”). The TCJ Act provides for comprehensive tax legislation that reduces the U.S. federal statutory corporate tax rate from 35.0 percent to 21.0 percent effective January 1, 2018, limits certain deductions, including limiting the deductibility of interest expense to 30% of U.S. Earnings Before Interest, Taxes, Depreciation and Amortization, broadens the U.S. federal income tax base, requires companies to pay a one-time repatriation tax on earnings of certain foreign subsidiaries that were previously tax deferred (“transition tax”), and creates new taxes on certain foreign sourced earnings. As we have a 52-53-week tax year ending the Saturday nearest October 31, the lower corporate income tax rate is administratively phased in, resulting in a blended U.S. federal statutory tax rate of approximately 23.4 percent for our fiscal tax year from October 29, 2017 through November 3, 2018, and 21.0 percent for our fiscal tax years thereafter. On December 22, 2017, the SEC issued Staff Accounting Bulletin 118 (“SAB 118”), expressing its views regarding the FASB's Accounting Standards Codification 740, Income Taxes, in the reporting period that includes the enactment date of the TCJ Act. SAB 118 recognizes that a registrant’s review of certain income tax effects of the TCJ Act may be incomplete at the time financial statements are issued for the reporting period that includes the enactment date, including interim periods therein. Specifically, SAB 118 allows a company to report provisional estimates in the reporting period that includes the enactment date if the company does not have the necessary information available, prepared, or fully analyzed for certain income tax effects of the TCJ Act. The provisional estimates would be adjusted during a measurement period not to exceed 12 months from the enactment date of the TCJ Act, at which time the accounting for the income tax effects of the TCJ Act is required to be completed. We have not completed our accounting for the income tax effects of the enactment of the TCJ Act; however, we have made a reasonable estimate of the effects on our existing deferred tax balances. We expect to complete our analysis of the amounts recorded as of enactment of the TCJ Act within the measurement period of one year. In addition to the estimates further described below, we also used assumptions and estimates that may change as a result of future guidance and interpretation from the Internal Revenue Service, other taxing jurisdictions, the SEC, and the FASB. In particular, we anticipate that the U.S. state jurisdictions will continue to determine and announce their conformity or decoupling from the TCJ Act, either in its entirety or with respect to specific provisions. All of these potential legislative and interpretive actions could result in adjustments to our provisional estimates when the accounting for the income tax effects of the TCJ Act is completed. Accordingly, our income tax provision as of February 3, 2018, reflects the current year impacts of the TCJ Act on the effective tax rate, and the following provisional estimates of the adjustments resulting directly from the enactment of the TCJ Act based on information available, prepared, or analyzed as of February 3, 2018 in reasonable detail:
Deferred tax assets and liabilities: We remeasured our existing US deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, of which the federal component is approximately 23.4 percent for reversals expected in the tax year from October 29, 2018 through November 3, 2018 and 21.0 percent thereafter. The provisional amount recorded related to the remeasurement of our deferred tax balance is a benefit of $64.7 million. The effect of the remeasurement was recorded in the fourth quarter of Financial Year 2018, consistent with the enactment date of the TCJ Act, and reflected in our provision for income taxes. We determined that the calculation cannot be completed until all of the underlying timing differences as of November 3, 2018, are known, rather than estimated at February 3, 2018. Furthermore, we are still analyzing certain aspects of the TCJ Act and refining our calculations, which could potentially affect the measurement of these balances or potentially give rise to new or additional deferred tax amounts. Foreign tax effects: The transition tax is based on total post-1986 earnings and profits which were previously deferred from U.S. income taxes. There is no expected transition tax liability estimated as the earnings and profits of the US foreign subsidiaries are estimated to be in an aggregate deficit position. The transition tax is provisional because numerous components of the computation are estimated as of February 3, 2018. We continue to review the anticipated impacts of the global intangible low-taxed income (“GILTI”) and base erosion and anti-abuse tax (“BEAT”), which are not effective until our tax year beginning November 4, 2018. We have not recorded any impact associated with either GILTI or BEAT in the tax rate during the financial year ended February 3, 2018. The components of the provisional net tax expense recorded in the financial year ended February 3, 2018 are based on currently available information and additional information needs to be prepared, obtained and/or analyzed to determine the final amounts. The provisional tax benefit for the remeasurement of deferred taxes will require additional information necessary for the preparation of our U.S. federal tax return, and further analysis and interpretation of certain provisions of the TCJ Act could impact our deferred tax balance as of February 3, 2018. Deferred taxes Deferred tax assets (liabilities) consisted of the following:
As of February 3, 2018, Signet had deferred tax assets associated with net operating loss carry forwards of $31.7 million, which are subject to ownership change limitations rules under Section 382 of the Internal Revenue Code (“IRC”) and various US state regulations, and expire between 2018 and 2037. Deferred tax assets associated with foreign tax credits also subject to Section 382 of the IRC total $13.7 million as of February 3, 2018, which expire between 2018 and 2024 and foreign net operating loss carryforwards of $11.5 million, which expire between 2018 and 2038. Additionally, Signet had foreign capital loss carry forward deferred tax assets of $12.0 million (Fiscal 2017: $11.3 million), which are only available to offset future capital gains, if any, over an indefinite period. The increase in the total valuation allowance in Fiscal 2018 was $5.5 million (Fiscal 2017: $0.4 million net decrease; Fiscal 2016: $0.5 million net increase). The valuation allowance primarily relates to foreign capital and trading loss carry forwards, foreign tax credits and state net operating losses that, in the judgment of management, are not more likely than not to be realized. Signet believes that it is more likely than not that deferred tax assets not subject to a valuation allowance as of February 3, 2018 will be offset where permissible by deferred tax liabilities or realized on future tax returns, primarily from the generation of future taxable income. Uncertain tax positions The following table summarizes the activity related to the Company’s unrecognized tax benefits for US federal, US state and non-US tax jurisdictions:
As of February 3, 2018, Signet had approximately $12.0 million of unrecognized tax benefits in respect to uncertain tax positions. The unrecognized tax benefits relate primarily to financing arrangements and intra-group charges which are subject to different and changing interpretations of tax law. Signet recognizes accrued interest and, where appropriate, penalties related to unrecognized tax benefits within income tax expense. As of February 3, 2018, Signet had accrued interest of $2.7 million and $0.7 million of accrued penalties. If all of these unrecognized tax benefits were settled in Signet’s favor, the effective income tax rate would be favorably impacted by $13.1 million. Over the next twelve months management believes that it is reasonably possible that there could be a reduction of some or all of the unrecognized tax benefits as of February 3, 2018 due to settlement of the uncertain tax positions with the tax authorities. Signet has business activity in all states within the US and files income tax returns for the US federal jurisdiction and all applicable states. Signet also files income tax returns in the UK, Canada and certain other foreign jurisdictions. Signet is subject to examinations by the US federal and state and Canadian tax authorities for tax years ending after November 1, 2011 and is subject to examination by the UK tax authority for tax years ending after February 1, 2014. |
Other Operating Income, Net |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating income, net | Other operating income, net
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Accounts Receivable, Net |
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable, net | Credit transaction, net In October 2017, Signet, through its subsidiary Sterling, completed the sale of the prime-only credit quality portion of Sterling’s in-house finance receivable portfolio to Comenity. The following events summarize the credit transaction: Receivables reclassification: In the second quarter of Fiscal 2018, certain in-house finance receivables that met the criteria for sale to Comenity were reclassified from "held for investment" to "held for sale." Accordingly, the receivables were recorded at the lower of cost (par) or fair value, resulting in the reversal of the related allowance for credit losses of $20.7 million. This reversal was recorded in credit transaction, net in the consolidated income statement during the second quarter of Fiscal 2018. Proceeds received: In October 2017, the Company received $952.5 million in cash consideration reflecting the par value of the receivables sold. In addition, the Company recognized a beneficial interest asset of $10.2 million representing the present value of the cash flows the Company expects to receive under the economic profit sharing agreement related to the receivables sold. The gain upon recognition of the beneficial interest asset was recorded in credit transaction, net in the consolidated income statement during the third quarter of Fiscal 2018. Expenses: During Fiscal 2018, the Company incurred $29.6 million of transaction-related costs. These costs were recorded in credit transaction, net in the consolidated income statement during Fiscal 2018. Asset-backed securitization facility termination: In October 2017, the Company terminated the asset-backed securitization facility in order to transfer the receivables free and clear. The asset-backed securitization facility had a principal balance outstanding of $600.0 million at the time of termination. The payoff was funded through the proceeds received from the par value of receivables sold. See Note 21 for additional information regarding the asset-backed securitization facility. Program agreement: Comenity provides credit to prime-only credit quality customers with an initial term of seven years and, unless terminated by either party, additional renewal terms of two years. Under the Program Agreement, Comenity established a program to issue Sterling credit cards to be serviced, marketed and promoted in accordance with the terms of the agreement. Subject to limited exceptions, Comenity is the exclusive issuer of private label credit cards or an installment or other closed end loan product in the United States bearing specified Company trademarks, including “Kay”, “Jared” and specified regional brands, but excluding “Zale”, during the term of the agreement. The pre-existing arrangement with Comenity for the issuing of Zale credit cards was unaffected by the execution of the Program Agreement. Upon expiration or termination by either party of the Program Agreement, Sterling retains the option to purchase, or arrange the purchase by a third party of, the program assets from Comenity on terms that are no more onerous to Sterling than those applicable to Comenity under the Purchase Agreement, or in the case of a purchase by a third party, on customary terms. Additionally, the Company received a signing bonus, which may be repayable under certain conditions if the Program Agreement is terminated, and a right to receive future payments related to the performance of the credit program under an economic profit sharing agreement. The Program Agreement contains customary representations, warranties and covenants. Additionally, Signet and Genesis Financial Solutions (“Genesis”) entered into a five-year servicing agreement in October 2017, under which Genesis will provide credit servicing functions for Signet’s existing non-prime accounts receivable, as well as future non-prime account originations. During March 2018, the Company announced that it entered a definitive agreement with CarVal Investors (“CarVal”) to sell all eligible non-prime in-house accounts receivable. This agreement, in conjunction with the previously executed prime credit transaction with Comenity and the outsourcing of the servicing of the non-prime credit program to Genesis, will complete Signet’s transition to an outsourced credit structure. The sale is expected to close during the second quarter of Fiscal 2019 subject to certain closing conditions. In addition, for a five-year term, Signet will remain the issuer of non-prime credit with investment funds managed by CarVal Investors purchasing forward receivables at a discount rate determined in accordance with the agreement. Servicing of the non-prime receivables, including operational interfaces and customer servicing, will continue to be provided by Genesis. During the first quarter of Fiscal 2019, the Company will reclassify its existing in-house finance receivables from held for investment to held for sale. The Company expects to recognize a loss of approximately $140.0 million upon reclassification as held for sale receivables are required to be valued at the lower of cost (par) or fair value, which incorporates an expectation of future losses. As of February 3, 2018, the Company’s non-prime accounts receivable are presented net of an allowance for credit losses, which represents management’s estimate of expected losses incurred in the accounts receivable portfolio as of the balance sheet date, as required under US GAAP (Topic 310 of the FASB Accounting Standards Codification). The transaction is expected to close in the second quarter of Signet's Fiscal 2019 subject to certain closing conditions. Accounts receivable, net In October 2017, the Company completed the sale of the prime-only credit quality portion of the Sterling Jewelers customer in-house finance receivable portfolio. The receivables sold, which were classified as "held for sale" as of the second quarter of Fiscal 2018, are no longer reported within the consolidated balance sheet. See Note 3 for additional information regarding the sale of these receivables. Signet’s accounts receivable primarily consist of US customer in-house financing receivables. The in-house finance receivable portfolio consists of a population that is of similar characteristics and is evaluated collectively for impairment.
Signet grants credit to customers based on a variety of credit quality indicators, including consumer financial information and prior payment experience. On an ongoing basis, management monitors the credit exposure based on past due status and collection experience, as it has found a meaningful correlation between the past due status of customers and the risk of loss. During the third quarter of Fiscal 2016, Signet implemented a program to provide in-house credit to customers in the Zale division’s US locations. The allowance for credit losses associated with Zale customer in-house finance receivables was immaterial as of February 3, 2018 and January 28, 2017. Effective October 20, 2017, the Zale customer in-house financing programs are being underwritten and serviced by a third party for newly originated balances after the effective date. Other accounts receivable is comprised primarily of accounts receivable relating to the insurance loss replacement business in the UK Jewelry division of $9.3 million (January 28, 2017: $11.0 million). Sterling Jewelers customer in-house finance receivables The allowance for credit losses associated with the portion of Sterling Jewelers customer in-house finance receivables sold in October 2017 was reversed during the second quarter of Fiscal 2018. The allowance for credit losses on Sterling Jewelers remaining customer in-house finance receivables is shown below:
Net bad debt expense is defined as the provision expense less recoveries. As a result of the sale of the prime-only credit portion of the Sterling Jewelers customer in-house finance receivable portfolio and the outsourcing of the credit servicing on the remaining in-house finance receivable portfolio disclosed in Note 3, the Company revised its methodology for measuring delinquency to be based on the contractual basis. The credit quality indicator and age analysis of Sterling Jewelers customer in-house finance receivables are shown below under the contractual basis:
Prior to the fourth quarter of Fiscal 2018, the Company’s calculation of the allowance for credit losses was based on a recency measure of delinquency. The credit quality indicator and age analysis of Sterling Jewelers customer in-house finance receivables prior to the sale of the prime-only credit portion of the in-house receivable portfolio as of January 28, 2017 and January 30, 2016 are shown below under the recency basis:
As a result of the sale of the prime-only credit portion of the in-house finance receivable portfolio, the change in measure of delinquency during the fourth quarter of Fiscal 2018, and the difference in collection strategies (including minimum payments and customer contact schedules) utilized by the outsourced service provider in the fourth quarter of Fiscal 2018 as compared to the in-house collection methodologies applied by Signet in prior periods, the comparability of the portfolio performance and aging may be limited. Securitized credit card receivables The Sterling Jewelers division previously securitized its credit card receivables through its Sterling Jewelers Receivables Master Note Trust. As a condition of closing the credit transaction during the third quarter of Fiscal 2018, the Company terminated the asset-backed securitization facility to transfer the receivables free and clear. See Note 21 for additional information regarding this asset-backed securitization facility. |
Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Signet held $606.4 million of consignment inventory at February 3, 2018 (January 28, 2017: $574.0 million), which is not recorded on the balance sheet. The principal terms of the consignment agreements, which can generally be terminated by either party, are such that Signet can return any or all of the inventory to the relevant suppliers without financial or commercial penalties and the supplier can adjust the inventory prices prior to sale. The following table summarizes the details of the Company’s inventory:
Inventory reserves
(1) Includes the impact of foreign exchange translation between opening and closing balance sheet dates. |
Property, Plant and Equipment, Net |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, plant and equipment, net | Property, plant and equipment, net
Depreciation and amortization expense for Fiscal 2018 was $194.1 million (Fiscal 2017: $175.0 million; Fiscal 2016: $161.4 million). The expense for Fiscal 2018 includes $1.0 million (Fiscal 2017: $1.3 million; Fiscal 2016: $0.7 million) for the impairment of assets. |
Goodwill and Intangibles |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and intangibles | Goodwill and intangibles In connection with the acquisition of R2Net on September 12, 2017, the Company recognized $301.7 million of goodwill, which is reported in the Sterling Jewelers segment. The amount of goodwill generated will be adjusted for any additional assets or liabilities identified by the Company or for any adjustments to the preliminary fair values identified for the assets acquired and liabilities assumed in the R2Net acquisition. Goodwill The following table summarizes the Company’s goodwill by reportable segment:
There have been no goodwill impairment losses recognized during Fiscal 2018 and Fiscal 2017. If future economic conditions are different than those projected by management, future impairment charges may be required. Intangibles Definite-lived intangible assets include trade names and favorable lease agreements. Indefinite-lived intangible assets include trade names. Both definite and indefinite-lived assets are recorded within intangible assets, net on the consolidated balance sheets. Intangible liabilities, net is comprised of unfavorable lease agreements and contracts and is recorded within other liabilities on the consolidated balance sheets. The following table provides additional detail regarding the composition of intangible assets and liabilities:
Amortization expense relating to intangible assets was $9.3 million in Fiscal 2018 (Fiscal 2017: $13.8 million; Fiscal 2016: $13.9 million). The unfavorable leases and unfavorable contracts are classified as liabilities and recognized over the term of the underlying lease or contract. Amortization relating to intangible liabilities was $13.0 million in Fiscal 2018 (Fiscal 2017: $19.7 million; Fiscal 2016: $28.7 million). Expected future amortization for intangible assets and future amortization for intangible liabilities recorded at February 3, 2018 follows:
During the first quarter of Fiscal 2019, the Company observed a general decline in the market valuation of the Company’s common shares which could impact the assumptions used to perform an evaluation of its indefinite-lived intangible assets, including goodwill and trade names. As of the date of this report, the estimated fair value of the reporting units and indefinite-lived trade names continues to exceed the carrying values. However, the Company will continue to monitor sales trends, interest rates, and other key inputs to the estimates of fair value. A further decline in the key inputs, especially sales trends used in the valuation of trade names, may result in an impairment charge. |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | Other assets
In addition, other current assets include deferred direct selling costs in relation to the sale of ESP of $30.9 million as of February 3, 2018 (January 28, 2017: $29.4 million). |
Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments Investments in debt and equity securities are held by certain insurance subsidiaries and are reported at fair value as other assets in the accompanying consolidated balance sheets. All investments are classified as available-for-sale and include the following:
Realized gains and losses on investments are determined on the specific identification basis. There were no material net realized gains or losses during Fiscal 2018 and Fiscal 2017. Investments with a carrying value of $6.8 million and $6.6 million were on deposit with various state insurance departments at February 3, 2018 and January 28, 2017, respectively, as required by law. Investments in debt securities outstanding as of February 3, 2018 mature as follows:
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Derivatives |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives Derivative transactions are used by Signet for risk management purposes to address risks inherent in Signet’s business operations and sources of financing. The main risks arising from Signet’s operations are market risk including foreign currency risk, commodity risk, liquidity risk and interest rate risk. Signet uses derivative financial instruments to manage and mitigate certain of these risks under policies reviewed and approved by the Board of Directors. Signet does not enter into derivative transactions for speculative purposes. Market risk Signet generates revenues and incurs expenses in US dollars, Canadian dollars and British pounds. As a portion of UK Jewelry purchases and purchases made by the Canadian operations of the Zale division are denominated in US dollars, Signet enters into forward foreign currency exchange contracts, foreign currency option contracts and foreign currency swaps to manage this exposure to the US dollar. Signet holds a fluctuating amount of British pounds and Canadian dollars reflecting the cash generative characteristics of operations. Signet’s objective is to minimize net foreign exchange exposure to the income statement on non-US dollar denominated items through managing cash levels, non-US dollar denominated intra-entity balances and foreign currency swaps. In order to manage the foreign exchange exposure and minimize the level of funds denominated in British pounds and Canadian dollars, dividends are paid regularly by subsidiaries to their immediate holding companies and excess British pounds and Canadian dollars are sold in exchange for US dollars. Signet’s policy is to minimize the impact of precious metal commodity price volatility on operating results through the use of outright forward purchases of, or by entering into options to purchase, precious metals within treasury guidelines approved by the Board of Directors. In particular, Signet undertakes some hedging of its requirements for gold through the use of options, net zero-cost collar arrangements (a combination of call and put option contracts), forward contracts and commodity purchasing, while fluctuations in the cost of diamonds are not hedged. Liquidity risk Signet’s objective is to ensure that it has access to, or the ability to generate, sufficient cash from either internal or external sources in a timely and cost-effective manner to meet its commitments as they become due and payable. Signet manages liquidity risks as part of its overall risk management policy. Management produces forecasting and budgeting information that is reviewed and monitored by the Board of Directors. Cash generated from operations and external financing are the main sources of funding, which supplement Signet’s resources in meeting liquidity requirements. The main external sources of funding are a senior unsecured credit facility and senior unsecured notes as described in Note 21. Interest rate risk Signet has exposure to movements in interest rates associated with cash and borrowings. Signet may enter into various interest rate protection agreements in order to limit the impact of movements in interest rates. Interest rate swap (designated) — The Company entered into an interest rate swap in March 2015 with an aggregate notional amount of $300.0 million that is scheduled to mature through April 2019. Under this contract, the Company agrees to exchange, at specified intervals, the difference between fixed contract rates and floating rate interest amounts calculated by reference to the agreed notional amounts. This contract was entered into to reduce the consolidated interest rate risk associated with variable rate, long-term debt. The Company designated this derivative as a cash flow hedge of the variability in expected cash outflows for interest payments. The Company has effectively converted a portion of its variable-rate senior unsecured term loan into fixed-rate debt. The fair value of the swap is presented within the consolidated balance sheets, and the Company recognizes any changes in the fair value as an adjustment of AOCI within equity to the extent the swap is effective. The ineffective portion, if any, is recognized in current period earnings. As interest expense is accrued on the debt obligation, amounts in AOCI related to the interest rate swap are reclassified into income resulting in a net interest expense on the hedged amount of the underlying debt obligation equal to the effective yield of the fixed rate of the swap. In the event that the interest rate swap is dedesignated prior to maturity, gains or losses in AOCI remain deferred and are reclassified into earnings in the periods in which the hedged forecasted transaction affects earnings. Credit risk and concentrations of credit risk Credit risk represents the loss that would be recognized at the reporting date if counterparties failed to perform as contracted. Signet does not anticipate non-performance by counterparties of its financial instruments, except for customer in-house financing receivables as disclosed in Note 12 of which no single customer represents a significant portion of the Company’s receivable balance. Signet does not require collateral or other security to support cash investments or financial instruments with credit risk; however, it is Signet’s policy to only hold cash and cash equivalent investments and to transact financial instruments with financial institutions with a certain minimum credit rating. Management does not believe Signet is exposed to any significant concentrations of credit risk that arise from cash and cash equivalent investments, derivatives or accounts receivable. Commodity and foreign currency risks The following types of derivative financial instruments are utilized by Signet to mitigate certain risk exposures related to changes in commodity prices and foreign exchange rates: Forward foreign currency exchange contracts (designated) — These contracts, which are principally in US dollars, are entered into to limit the impact of movements in foreign exchange rates on forecasted foreign currency purchases. The total notional amount of these foreign currency contracts outstanding as of February 3, 2018 was $26.6 million (January 28, 2017: $37.8 million). These contracts have been designated as cash flow hedges and will be settled over the next 11 months (January 28, 2017: 12 months). Forward foreign currency exchange contracts (undesignated) — Foreign currency contracts not designated as cash flow hedges are used to limit the impact of movements in foreign exchange rates on recognized foreign currency payables and to hedge currency flows through Signet’s bank accounts to mitigate Signet’s exposure to foreign currency exchange risk in its cash and borrowings. The total notional amount of these foreign currency contracts outstanding as of February 3, 2018 was $112.7 million (January 28, 2017: $117.8 million). Commodity forward purchase contracts and net zero-cost collar arrangements (designated) — These contracts are entered into to reduce Signet’s exposure to significant movements in the price of the underlying precious metal raw material. The total notional amount of these commodity derivative contracts outstanding as of February 3, 2018 was for approximately 6,000 ounces of gold (January 28, 2017: 94,000 ounces). These contracts have been designated as cash flow hedges and will be settled over the next 12 months (January 28, 2017: 12 months). The bank counterparties to the derivative instruments expose Signet to credit-related losses in the event of their non-performance. However, to mitigate that risk, Signet only contracts with counterparties that meet certain minimum requirements under its counterparty risk assessment process. As of February 3, 2018, Signet believes that this credit risk did not materially change the fair value of the foreign currency or commodity contracts. The following table summarizes the fair value and presentation of derivative instruments in the consolidated balance sheets:
Derivatives designated as cash flow hedges The following table summarizes the pre-tax gains (losses) recorded in AOCI for derivatives designated in cash flow hedging relationships:
The following tables summarize the effect of derivative instruments designated as cash flow hedges in OCI and the consolidated income statements: Foreign currency contracts
Commodity contracts
Interest rate swaps
There was no material ineffectiveness related to the Company’s derivative instruments designated in cash flow hedging relationships during Fiscal 2018 and Fiscal 2017. Based on current valuations, the Company expects approximately $0.5 million of net pre-tax derivative gains to be reclassified out of AOCI into earnings within the next 12 months. Derivatives not designated as hedging instruments The following table presents the effects of the Company’s derivatives instruments not designated as cash flow hedges in the consolidated income statements:
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Fair Value Measurement |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurement | Fair value measurement The estimated fair value of Signet’s financial instruments held or issued to finance Signet’s operations is summarized below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown below are not necessarily indicative of the amounts that Signet would realize upon disposition nor do they indicate Signet’s intent or ability to dispose of the financial instrument. Assets and liabilities that are carried at fair value are required to be classified and disclosed in one of the following three categories: Level 1—quoted market prices in active markets for identical assets and liabilities Level 2—observable market based inputs or unobservable inputs that are corroborated by market data Level 3—unobservable inputs that are not corroborated by market data Signet determines fair value based upon quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The methods Signet uses to determine fair value on an instrument-specific basis are detailed below:
Investments in US Treasury securities and corporate equity securities are based on quoted market prices for identical instruments in active markets, and therefore were classified as Level 1 measurements in the fair value hierarchy. Investments in US government agency securities and corporate bonds and notes are based on quoted prices for similar instruments in active markets, and therefore were classified as Level 2 measurements in the fair value hierarchy. See Note 17 for additional information related to the Company’s available-for-sale investments. The fair values of derivative financial instruments have been determined based on market value equivalents at the balance sheet date, taking into account the current interest rate environment, foreign currency forward rates or commodity forward rates, and therefore were classified as Level 2 measurements in the fair value hierarchy. See Note 18 for additional information related to the Company’s derivatives. As of February 3, 2018, the fair value of the in-house finance receivable portfolio was approximately 70% of par value. This estimated value was derived from a discounted cash flow model using unobservable inputs, including estimated yields, loss rates, payment rates and discount rates to estimate the fair value associated with the accounts receivable existing as of February 3, 2018, with consideration given to the terms of the agreement entered into with CarVal Investors in March 2018. See Note 3 for additional information. The carrying amounts of cash and cash equivalents, other receivables, accounts payable, accrued expenses, other liabilities, income taxes and the revolving credit facility approximate fair value because of the short-term maturity of these amounts. The fair values of long-term debt instruments were determined using quoted market prices in inactive markets or discounted cash flows based upon current observable market interest rates and therefore were classified as Level 2 measurements in the fair value hierarchy. See Note 21 for classification between current and long-term debt. The carrying amount and fair value of outstanding debt at February 3, 2018 and January 28, 2017 were as follows:
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Pension Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension plans | Pension plans The UK Plan, which ceased to admit new employees from April 2004, is a funded plan with assets held in a separate trustee administered fund, which is independently managed. Signet used February 3, 2018 and January 28, 2017 measurement dates in determining the UK Plan’s benefit obligation and fair value of plan assets. In September 2017, the Company approved an amendment to freeze benefit accruals under the UK Plan in an effort to reduce anticipated future pension expense. As a result of this amendment, the Company will freeze the pension plan for all participants with an effective date of either December 2017 or October 2019 as elected by the plan participants. All future benefit accruals under the plan shall cease. The amendment to the plan was accounted for in accordance with FASB Accounting Standards Codification (“ASC”) Topic 715, “Compensation - Retirement Benefits.” The following tables provide information concerning the UK Plan as of and for the fiscal years ended February 3, 2018 and January 28, 2017:
Items in AOCI not yet recognized as income (expense) in the income statement:
The estimated actuarial losses and prior service credits for the UK Plan that will be amortized from AOCI into net periodic pension cost over the next fiscal year are $(1.1) million and $0.2 million, respectively. The accumulated benefit obligation for the UK Plan was $231.1 million and $208.0 million as of February 3, 2018 and January 28, 2017, respectively. The components of net periodic pension benefit (cost) and other amounts recognized in OCI for the UK Plan are as follows:
The discount rate is based upon published rates for high-quality fixed-income investments that produce expected cash flows that approximate the timing and amount of expected future benefit payments. The expected return on the UK Plan assets assumption is based upon the historical return and future expected returns for each asset class, as well as the target asset allocation of the portfolio of UK Plan assets. The UK Plan’s investment strategy is guided by an objective of achieving a return on the investments, which is consistent with the long-term return assumptions and funding policy, to ensure the UK Plan obligations are met. The investment policy is to allocate funds to a diverse portfolio of investments, including UK and overseas equities, diversified growth funds, UK corporate bonds, open-ended funds and commercial property. The commercial property investment is through a Pooled Pensions Property Fund that provides a diversified portfolio of property assets. As of February 3, 2018, the target allocation for the UK Plan’s assets was bonds 53%, diversified growth funds 34%, equities 8% and property 5%. This allocation is consistent with the long-term target allocation of investments underlying the UK Plan’s funding strategy. The fair value of the assets in the UK Plan at February 3, 2018 and January 28, 2017 are required to be classified and disclosed in one of the following three categories: Level 1—quoted market prices in active markets for identical assets and liabilities Level 2—observable market based inputs or unobservable inputs that are corroborated by market data Level 3—unobservable inputs that are not corroborated by market data The methods Signet uses to determine fair value on an instrument-specific basis are detailed below:
Investments in diversified equity securities, diversified growth funds and fixed income securities are in pooled funds. Investments are valued based on unadjusted quoted prices for each fund in active markets, where possible and, therefore, classified in Level 1 of the fair value hierarchy. If unadjusted quoted prices for identical assets are unavailable, investments are valued by the administrators of the funds. The valuation is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of units outstanding. The unit price is based on underlying investments which are generally either traded in an active market or are valued based on observable inputs such as market interest rates and quoted prices for similar securities and, therefore, classified in Level 2 of the fair value hierarchy. The investment in property is in pooled funds valued by the administrators of the fund. The valuation is based on the value of the underlying assets owned by the fund, minus its liabilities and then divided by the number of units outstanding. The unit price is based on underlying investments which are independently valued on a monthly basis. The investment in the property fund is subject to certain restrictions on withdrawals that could delay the receipt of funds by up to 16 months. Property investments are classified in Level 3 of the fair value hierarchy. The table below sets forth changes in the fair value of the Level 3 investment assets in Fiscal 2018 and Fiscal 2017:
Signet contributed $3.2 million to the UK Plan in Fiscal 2018 and expects to contribute a minimum of $2.8 million to the UK Plan in Fiscal 2019. The level of contributions is in accordance with an agreed upon deficit recovery plan and based on the results of the actuarial valuation as of April 5, 2015. The following benefit payments, which reflect expected future service, as appropriate, are estimated to be paid by the UK Plan:
In June 2004, Signet introduced a defined contribution plan which replaced the UK Plan for new UK employees. The contributions to this plan in Fiscal 2018 were $2.6 million (Fiscal 2017: $1.8 million; Fiscal 2016: $2.0 million). In the US, Signet operates a defined contribution 401(k) retirement savings plan for all eligible employees who meet minimum age and service requirements. The assets of this plan are held in a separate trust and Signet matches 50% of up to 6% of employee elective salary deferrals, subject to statutory limitations. Signet’s contributions to this plan in Fiscal 2018 were $10.0 million (Fiscal 2017: $14.6 million; Fiscal 2016: $8.3 million). The Company has also established two unfunded, non-qualified deferred compensation plans, one of which permits certain management and highly compensated employees to elect annually to defer all or a portion of their compensation and earn interest on the deferred amounts (“DCP”) and the other of which is frozen as to new participants and new deferrals. Beginning in April 2011, the DCP provided for a matching contribution based on each participant’s annual compensation deferral. The plan also permits employer contributions on a discretionary basis. In connection with these plans, Signet has invested in trust-owned life insurance policies and money market funds. The cost recognized in connection with the DCP in Fiscal 2018 was $3.8 million (Fiscal 2017: $4.6 million; Fiscal 2016: $2.9 million). The fair value of the assets in the two unfunded, non-qualified deferred compensation plans at February 3, 2018 and January 28, 2017 are required to be classified and disclosed. Although these plans are not required to be funded by the Company, the Company may elect to fund the plans. The value and classification of these assets are as follows:
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Loans, Overdrafts and Long-Term Debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, overdrafts and long-term debt | Loans, overdrafts and long-term debt
Revolving credit facility and term loan (the “Credit Facility”) During the second quarter of Fiscal 2017, Signet amended and restated its Credit Facility agreement to (i) increase the borrowing capacity under the revolving credit facility from $400 million to $700 million and extend the maturity date to July 2021 and (ii) extend the maturity date of the term loan facility to July 2021 and revise the scheduled quarterly principal repayments to align with the July 2021 maturity date. The amendment of the Credit Facility was accounted for as a modification of existing debt in accordance with ASC Topic 470-50, “Debt Modifications and Extinguishments.” In connection with the amendment of the revolving credit facility, incremental fees of $1.4 million were incurred and capitalized. Capitalized fees associated with the amended revolving credit facility as of February 3, 2018 total $2.6 million with the unamortized balance recorded as an asset within the consolidated balance sheets. Accumulated amortization related to these capitalized fees as of February 3, 2018 was $1.2 million (January 28, 2017: $0.8 million). Amortization relating to these fees of $0.4 million and $0.4 million was recorded as interest expense in the consolidated income statements for Fiscal 2018 and Fiscal 2017, respectively. As of February 3, 2018 and January 28, 2017, the Company had stand-by letters of credit outstanding of $15.7 million and $15.3 million, respectively, that reduce remaining borrowing availability. The revolving credit facility had a weighted average interest rate of 2.46% and 1.71% during Fiscal 2018 and Fiscal 2017, respectively. The senior unsecured term loan had an outstanding principal balance of $357.5 million as of the amendment date. Beginning in October 2016, the Company is required to make scheduled quarterly principal payments equal to the amounts per annum of the outstanding principal balance as follows: 5% in the first year, 7.5% in the second year, 10% in the third year, 12.5% in the fourth year and 15% in the fifth year after the initial payment date, with the balance due in July 2021. Excluding the impact of the interest rate swap designated as a cash flow hedge discussed in Note 18, the term loan had a weighted average interest rate of 2.42% and 1.78% during Fiscal 2018 and Fiscal 2017, respectively. In connection with the amendment of the term loan facility, incremental fees of $0.7 million were incurred and capitalized. Capitalized fees associated with the amended term loan facility as of February 3, 2018 total $6.2 million with the unamortized balance recorded as a direct deduction from the outstanding liability within the consolidated balance sheets. Accumulated amortization related to these capitalized fees as of February 3, 2018 was $3.5 million (January 28, 2017: $2.7 million). Amortization relating to these fees of $0.8 million and $0.9 million was recorded as interest expense in the consolidated income statements Fiscal 2018 and Fiscal 2017, respectively. Borrowings under the Credit Facility bear interest at a rate per annum equal to an applicable margin, plus, at the Company’s option, either (a) a base rate or (b) a LIBOR rate. The Credit Facility provides that the Company may voluntarily repay outstanding loans at any time without premium or penalty other than reimbursement of the lender’s redeployment and breakage costs in certain cases. In addition, the Credit Facility contains various customary representations and warranties, financial reporting requirements and other affirmative and negative covenants. The Company is required to maintain at all times a leverage ratio of no greater than 2.50 to 1.00 and a fixed charge coverage ratio of no less than 1.40 to 1.00, both determined as of the end of each fiscal quarter for the trailing twelve months. Senior unsecured notes due 2024 On May 19, 2014, Signet UK Finance plc (“Signet UK Finance”), a wholly owned subsidiary of the Company, issued $400 million aggregate principal amount of its 4.70% senior unsecured notes due in 2024 (the “Notes”). The Notes were issued under an effective registration statement previously filed with the SEC. Interest on the notes is payable semi-annually on June 15 and December 15 of each year, commencing December 15, 2014. The Notes are jointly and severally guaranteed, on a full and unconditional basis, by the Company and by certain of the Company’s wholly owned subsidiaries (such subsidiaries, the “Guarantors”). See Note 27 for additional information. The Notes were issued pursuant to a base indenture among the Company, Signet UK Finance, the Guarantors and Deutsche Bank Trust Company Americas as trustee, with the indenture containing customary covenants and events of default provisions. The Company received proceeds from the offering of approximately $393.9 million, which were net of underwriting discounts, commissions and offering expenses. Capitalized fees relating to the senior unsecured notes total $7.0 million. Accumulated amortization related to these capitalized fees as of February 3, 2018 was $2.6 million (January 28, 2017: $1.9 million). The remaining unamortized capitalized fees are recorded as a direct deduction from the outstanding liability within the consolidated balance sheets. Amortization relating to these fees of $0.7 million and $0.7 million was recorded as interest expense in the consolidated income statements for Fiscal 2018 and Fiscal 2017, respectively. Asset-backed securitization facility The Company sold an undivided interest in certain credit card receivables to Sterling Jewelers Receivables Master Note Trust (the “Issuer”) and issued two-year revolving asset-backed variable funding notes. As a condition of closing the credit transaction disclosed in Note 3, during the third quarter of Fiscal 2018, the Company terminated the asset-backed securitization facility, which had a principal balance outstanding of $600 million, in order to transfer the receivables free and clear. Unamortized capitalized fees of $0.2 million associated with the asset-backed securitization facility were written-off during the third quarter of Fiscal 2018. Capitalized fees previously totaled $3.4 million, offset by accumulated amortization of $3.4 million as of February 3, 2018 (January 28, 2017: $3.1 million). Amortization relating to these fees of $0.3 million and $0.7 million was recorded as interest expense in the consolidated income statements for Fiscal 2018 and Fiscal 2017, respectively. The asset-backed securitization facility had a weighted average interest rate of 2.50% and 2.05% during Fiscal 2018 and Fiscal 2017, respectively. Unsecured term loan (the “Bridge Loan”) In conjunction with the acquisition of R2Net, Signet entered into a $350 million unsecured term loan to finance the transaction. The Company executed and repaid the Bridge Loan during the 13 weeks ended October 28, 2017. The Bridge Loan contained customary fees in addition to interest incurred on borrowings. Fees incurred of $1.4 million and interest of $0.9 million relating to the Bridge Loan were expensed during Fiscal 2018. Other As of February 3, 2018 and January 28, 2017, the Company was in compliance with all debt covenants. As of February 3, 2018 and January 28, 2017, there were $14.2 million and $14.2 million in overdrafts, which represent issued and outstanding checks where no bank balances exist with the right of offset. |
Accrued Expenses and Other Current Liabilities |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued expenses and other current liabilities | Accrued expenses and other current liabilities
The sales returns reserve, included in accrued expenses, is as follows:
(1) Net adjustment relates to sales returns previously provided for, changes in estimate and the impact of foreign exchange translation. Sterling Jewelers and Zale Jewelry segments provide a product lifetime diamond guarantee as long as six-month inspections are performed and certified by an authorized store representative. Provided the customer has complied with the six-month inspection policy, the Company will replace, at no cost to the customer, any stone that chips, breaks or is lost from its original setting during normal wear. Management estimates the warranty accrual based on the lag of actual claims experience and the costs of such claims, inclusive of labor and material. Sterling Jewelers also provides a similar product lifetime guarantee on color gemstones. The warranty reserve for diamond and gemstone guarantee, included in accrued expenses and other current liabilities and other non-current liabilities, is as follows:
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Deferred Revenue |
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Deferred Revenue Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Revenue | Deferred revenue Deferred revenue is comprised primarily of ESP and voucher promotions and other as follows:
ESP deferred revenue
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Other Liabilities-Non-Current |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities-non-current | Other liabilities—non-current
A lease loss reserve is recorded for the net present value of the difference between the contractual rent obligations and sublease income expected from the properties. The cash expenditures on the remaining lease loss reserve are expected to be paid over the various remaining lease terms through 2023. |
Share-Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-based compensation Signet operates several share-based compensation plans which can be categorized as the “Omnibus Plan” and “Share Saving Plans.” Impact on results Share-based compensation expense and the associated tax benefits recognized in the consolidated income statements are as follows:
As of February 3, 2018, unrecognized compensation cost related to unvested awards granted under share-based compensation plans is as follows:
Since April 2012, the Company has opted to satisfy share option exercises and the vesting of restricted stock and restricted stock units (“RSUs”) under its plans with the issuance of treasury shares. Omnibus Plan In June 2009, Signet adopted the Signet Jewelers Limited Omnibus Incentive Plan (the “Omnibus Plan”). Awards that may be granted under the Omnibus Plan include restricted stock, RSUs, stock options and stock appreciation rights. The Fiscal 2018, Fiscal 2017 and Fiscal 2016 awards granted under the Omnibus Plan have two elements, time-based restricted stock and performance-based RSUs. The time-based restricted stock has a three year vesting period, subject to continued employment, and has the same voting rights and dividend rights as common shares (which are payable once the shares have vested). Performance-based RSUs granted include two performance measures, operating income (subject to certain adjustments) and return on capital employed (“ROCE”), with ROCE measure only applicable to senior executives. For both performance measures, cumulative results achieved during the relevant three year performance period are compared to target metrics established in the underlying grant agreements. The relevant performance is measured over a three year vesting period from the start of the fiscal year in which the award is granted. The Omnibus Plan permits the grant of awards to employees for up to 7,000,000 common shares. The significant assumptions utilized to estimate the weighted-average fair value of awards granted under the Omnibus Plan are as follows:
The risk-free interest rate is based on the US Treasury (for US-based award recipients in all fiscal years and UK-based award recipients in Fiscal 2018 and Fiscal 2017) or UK Gilt (for UK-based award recipients in Fiscal 2016) yield curve in effect at the grant date with remaining terms equal to the expected term of the awards. The expected term utilized is based on the contractual vesting period of the awards. The expected volatility is determined by calculating the historical volatility of Signet’s share price over the expected term of the award. The Fiscal 2018 activity for awards granted under the Omnibus Plan is as follows:
The following table summarizes additional information about awards granted under the Omnibus Plan:
Share Saving Plans Signet has three share option savings plans (collectively, the “Share Saving Plans”) available to employees as follows:
The Share Saving Plans are compensatory and compensation expense is recognized over the requisite service period. In any 10 year period not more than 10% of the issued common shares of the Company from time to time may, in aggregate, be issued or be issuable pursuant to options granted under the Share Saving Plans or any other employees share plans adopted by Signet. The Employee Share Savings Plan is a savings plan intended to qualify under US Section 423 of the US Internal Revenue Code and allows employees to purchase common shares at a discount of approximately 15% to the closing price of the New York Stock Exchange on the date of grant. Options granted under the Employee Share Savings Plan vest after 24 months and are generally only exercisable between 24 and 27 months of the grant date. The Sharesave Plan and Irish Sharesave Plan allow eligible employees to purchase common shares at a discount of approximately 20% below a determined market price based on the New York Stock Exchange. The market price is determined as the average middle market price for the three trading days prior to the invitation date, or the market price on the day immediately preceding the participation date or other market price agreed in writing, whichever is the higher value. Options granted under the Sharesave Plan and the Irish Sharesave Plan vest after 36 months and are generally only exercisable between 36 and 42 months from commencement of the related savings contract. The significant assumptions utilized to estimate the weighted-average fair value of awards granted under the Share Saving Plans are as follows:
The risk-free interest rate is based on the US Treasury (for US-based award recipients) or UK Gilt (for UK-based award recipients) yield curve in effect at the grant date with remaining terms equal to the expected term of the awards. The expected term utilized is based on the contractual vesting period of the awards, inclusive of any exercise period available to award recipients after vesting. The expected volatility is determined by calculating the historical volatility of Signet’s share price over the expected term of the awards. The Fiscal 2018 activity for awards granted under the Share Saving Plans is as follows:
(1) Intrinsic value for outstanding awards is based on the fair market value of Signet’s common stock on the last business day of the fiscal year. The following table summarizes additional information about awards granted under the Share Saving Plans:
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Commitments and Contingencies |
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Commitments and contingencies | Commitments and contingencies Operating leases Signet occupies certain properties and holds machinery and vehicles under operating leases. Rental expense for operating leases is as follows:
The future minimum operating lease payments for operating leases having initial or non-cancelable terms in excess of one year are as follows:
Contingent property liabilities Approximately 19 property leases had been assigned in the UK by Signet at February 3, 2018 (and remained unexpired and occupied by assignees at that date) and approximately 10 additional properties were sub-leased in the US and UK at that date. Should the assignees or sub-tenants fail to fulfill any obligations in respect of those leases or any other leases which have at any other time been assigned or sub-leased, Signet or one of its subsidiaries may be liable for those defaults. The number of such claims arising to date has been small, and the liability, which is charged to the income statement as it arises, has not been material. Capital commitments At February 3, 2018 Signet has committed to spend $46.9 million (January 28, 2017: $48.4 million) related to capital commitments. These commitments principally relate to the expansion and renovation of stores. Legal proceedings Employment practices As previously reported, in March 2008, a group of private plaintiffs (the “Claimants”) filed a class action lawsuit for an unspecified amount against SJI, a subsidiary of Signet, in the US District Court for the Southern District of New York alleging that US store-level employment practices are discriminatory as to compensation and promotional activities with respect to gender. In June 2008, the District Court referred the matter to private arbitration where the Claimants sought to proceed on a class-wide basis. The Claimants filed a motion for class certification and SJI opposed the motion. On February 2, 2015, the arbitrator issued a Class Determination Award in which she certified for a class-wide hearing Claimants’ disparate impact declaratory and injunctive relief class claim under Title VII, with a class period of July 22, 2004 through date of trial for the Claimants’ compensation claims and December 7, 2004 through date of trial for Claimants’ promotion claims. The arbitrator otherwise denied Claimants’ motion to certify a disparate treatment class alleged under Title VII, denied a disparate impact monetary damages class alleged under Title VII, and denied an opt-out monetary damages class under the Equal Pay Act. On February 9, 2015, Claimants filed an Emergency Motion To Restrict Communications With The Certified Class And For Corrective Notice. SJI filed its opposition to Claimants’ emergency motion on February 17, 2015, and a hearing was held on February 18, 2015. Claimants’ motion was granted in part and denied in part in an order issued on March 16, 2015. Claimants filed a Motion for Reconsideration Regarding Title VII Claims for Disparate Treatment in Compensation on February 11, 2015, which SJI opposed. April 27, 2015, the arbitrator issued an order denying the Claimants’ Motion. SJI filed with the US District Court for the Southern District of New York a Motion to Vacate the Arbitrator’s Class Certification Award on March 3, 2015, which Claimants opposed. On November 16, 2015, the US District Court for the Southern District of New York granted SJI’s Motion to Vacate the Arbitrator’s Class Certification Award in part and denied it in part. On December 3, 2015, SJI filed with the United States Court of Appeals for the Second Circuit SJI’s Notice of Appeal of the District Court’s November 16, 2015 Opinion and Order. On November 25, 2015, SJI filed a Motion to Stay the AAA Proceedings while SJI appeals the decision of the US District Court for the Southern District of New York to the United States Court of Appeals for the Second Circuit, which Claimants opposed. The arbitrator issued an order denying SJI’s Motion to Stay on February 22, 2016.SJI filed its Brief and Special Appendix with the Second Circuit on March 16, 2016. The matter was fully briefed and oral argument was heard by the U.S. Court of Appeals for the Second Circuit on November 2, 2016. On April 6, 2015, Claimants filed in the AAA Claimants’ Motion for Clarification or in the Alternative Motion for Stay of the Effect of the Class Certification Award as to the Individual Intentional Discrimination Claims, which SJI opposed. On June 15, 2015, the arbitrator granted the Claimants’ motion. On March 6, 2017, Claimants filed Claimants’ Motion for Conditional Certification of Claimants’ Equal Pay Act Claims and Authorization of Notice, which SJI opposed The arbitrator heard oral argument on Claimants’ Motion on December 18, 2015 and, on February 29, 2016, issued an Equal Pay Act Collective Action Conditional Certification Award and Order Re Claimants’ Motion For Tolling Of EPA Limitations Period, conditionally certifying Claimants’ Equal Pay Act claims as a collective action, and tolling the statute of limitations on EPA claims to October 16, 2003 to ninety days after notice issues to the putative members of the collective action. SJI filed in the AAA a Motion To Stay Arbitration Pending The District Court’s Consideration Of Respondent’s Motion To Vacate Arbitrator’s Equal Pay Act Collective Action Conditional Certification Award And Order Re Claimants’ Motion For Tolling Of EPA Limitations Period on March 10, 2016. SJI filed in the AAA a Renewed Motion To Stay Arbitration Pending The District Court’s Resolution Of Sterling’s Motion To Vacate Arbitrator’s Equal Pay Act Collective Action Conditional Certification Award And Order Re Claimants’ Motion For Tolling Of EPA Limitations Period on March 31, 2016, which Claimants opposed. On April 5, 2016, the arbitrator denied SJI’s Motion. On March 23, 2016 SJI filed with the US District Court for the Southern District of New York a Motion To Vacate The Arbitrator’s Equal Pay Act Collective Action Conditional Certification Award And Order Re Claimants’ Motion For Tolling Of EPA Limitations Period, which Claimants opposed. SJI’s Motion was denied on May 22, 2016. On May 31, 2016, SJI filed a Notice Of Appeal of Judge Rakoff’s opinion and order to the Second Circuit Court of Appeals, which Claimant’s opposed. On June 1, 2017, the Second Circuit Court of Appeals dismissed SJI’s appeal for lack of appellate jurisdiction. Claimants filed a Motion For Amended Class Determination Award on November 18, 2015, and on March 31, 2016 the arbitrator entered an order amending the Title VII class certification award to preclude class members from requesting exclusion from the injunctive and declaratory relief class certified in the arbitration. The arbitrator issued a Bifurcated Case Management Plan on April 5, 2016, and ordered into effect the parties’ Stipulation Regarding Notice Of Equal Pay Act Collective Action And Related Notice Administrative Procedures on April 7, 2016. SJI filed in the AAA a Motion For Protective Order on May 2, 2016, which Claimants opposed. The matter was fully briefed and oral argument was heard on July 22, 2016. The motion was granted in part on January 27, 2017. Notice to EPA collective action members was issued on May 3, 2016, and the opt-in period for these notice recipients closed on August 1, 2016. Approximately, 10,314 current and former employees submitted consent forms to opt in to the collective action; however, some have withdrawn their consents. The number of valid consents is disputed and yet to be determined. SJI believes the number of valid consents to be approximately 9,124. On July 24, 2017, the United States Court of Appeals for the Second Circuit issued its unanimous Summary Order that held that the absent class members “never consented” to the Arbitrator determining the permissibility of class arbitration under the agreements, and remanded the matter to the District Court to determine whether the Arbitrator exceeded her authority by certifying the Title VII class that contained absent class members who had not opted in the litigation. On August 7, 2017, SJI filed its Renewed Motion to Vacate the Class Determination Award relative to absent class members with the District Court. The matter was fully briefed and an oral argument was heard on October 16, 2017. On January 15, 2018, District Court granted SJI’s Motion finding that the Arbitrator exceeded her authority by binding non-parties (absent class members) to the Title VII claim. The District Court further held that the RESOLVE Agreement does not permit class action procedures, thereby, reducing the Claimants in the Title VII matter from 70,000 to 254. Claimants dispute that the number of claimants in the Title VII is 254. On January 18, 2018, the Claimants filed a Notice of Appeal with the United States Court of Appeals for the Second Circuit. The appeal will be fully briefed by April 16, 2018. The Second Circuit has scheduled oral argument for May 7, 2018, on this appeal. On November 10, 2017, SJI filed in the arbitration motions for summary judgment, and for decertification, of Claimants’ Equal Pay Act and Title VII promotions claims. On January 30, 2018, oral argument on SJI’s motions was heard. On January 26, 2018, SJI filed a Motion to Vacate The Equal Pay Act Collective Action Award And Tolling Order asserting that the Arbitrator exceeded her authority by conditionally certifying the Equal Pay Act claim and allowing the absent claimants to opt-in the litigation. On March 12, 2018, the Arbitrator denied SJI’s Motion to Vacate The Equal Pay Act Collective Action Award and Tolling Order. SJI still has a pending motion seeking decertification of the EPA Collective Action before the Arbitrator. On March 19, 2018, the Arbitrator issued an Order partially granting SJI’s Motion to Amend the Arbitrator’s November 2, 2017, Bifurcated Seventh Amended Case Management Plan resulting in a continuance of the May 14, 2018 trial date. A new trial date has not been set. SJI denies the allegations of the Claimants and has been defending the case vigorously. At this point, no outcome or possible loss or range of losses, if any, arising from the litigation is able to be estimated. Also, as previously reported, on September 23, 2008, the US Equal Employment Opportunity Commission (“EEOC”) filed a lawsuit against SJI in the US District Court for the Western District of New York. This suit was settled on May 5, 2017, as further described below. The EEOC’s lawsuit alleged that SJI engaged in intentional and disparate impact gender discrimination with respect to pay and promotions of female retail store employees from January 1, 2003 to the present. The EEOC asserted claims for unspecified monetary relief and non-monetary relief against the Company on behalf of a class of female employees subjected to these alleged practices. Non-expert fact discovery closed in mid-May 2013. In September 2013, SJI made a motion for partial summary judgment on procedural grounds, which was referred to a Magistrate Judge. The Magistrate Judge heard oral arguments on the summary judgment motion in December 2013. On January 2, 2014, the Magistrate Judge issued his Report, Recommendation and Order, recommending that the Court grant SJI’s motion for partial summary judgment and dismiss the EEOC’s claims in their entirety. The EEOC filed its objections to the Magistrate Judge’s ruling and SJI filed its response thereto. The District Court Judge heard oral arguments on the EEOC’s objections to the Magistrate Judge’s ruling on March 7, 2014 and on March 11, 2014 entered an order dismissing the action with prejudice. On May 12, 2014, the EEOC filed its Notice of Appeal of the District Court Judge’s dismissal of the action to United States Court of Appeals for the Second Circuit. The parties fully briefed the appeal and oral argument occurred on May 5, 2015. On September 9, 2015, the United States Court of Appeals for the Second Circuit issued a decision vacating the District Court’s order and remanding the case back to the District Court for further proceedings. SJI filed a Petition for Panel Rehearing and En Banc Review with the United States Court of Appeals for the Second Circuit, which was denied on December 1, 2015. On December 4, 2015, SJI filed in the United States Court of Appeals for the Second Circuit a Motion Of Appellee Sterling Jewelers Inc. For Stay Of Mandate Pending Petition For Writ Of Certiorari. The Motion was granted by the Second Circuit on December 10, 2015. SJI filed a Petition For Writ Of Certiorari in the Supreme Court of the United States on April 29, 2016, which was denied. The case was remanded to the Western District of New York and on November 2, 2016, the Court issued a case scheduling order. On January 25, 2017, the parties filed a joint motion to extend case scheduling order deadlines. The motion was granted on January 27, 2017. On May 5, 2017 the U.S. District Court for the Western District of New York approved and entered the Consent Decree jointly proposed by the EEOC and SJI, resolving all of the EEOC’s claims against SJI in this litigation for various injunctive relief including but not limited to the appointment of an employment practices expert to review specific policies and practices, a compliance officer to be employed by SJI, as well as obligations relative to training, notices, reporting and record-keeping. The Consent Decree does not require an outside third party monitor or require any monetary payment. The duration of the Consent Decree is three years and three months, expiring on August 4, 2020. On May 12, 2017, SJI received notice that a Class Action Complaint against SJI and Signet Jewelers Ltd. (improperly named as a party) was filed by Veronica Masten in the Superior Court of California, County of Los Angeles, alleging violations of various wage and hour labor laws. The claims include: (1) failure to pay overtime; (2) failure to provide meal periods; (3) failure to reimburse business expenses; (4) failure to provide itemized wage statements; (5) failure to timely pay wages; and a derivative claims for (6) unfair competition. SJI filed its Answer to the Complaint on June 13, 2017. On June 14, 2017, SJI removed this matter to the United States District Court for the Central District of California. After engaging in limited discovery, Plaintiff agreed to pursue her claims on an individual basis in a separate forum, and sought to dismiss her claims in this action without prejudice. Plaintiff filed a request for dismissal with the district court on December 18, 2017. The Court has not yet formally ruled on the dismissal, however, the Court’s docket indicates that the matter is closed. Shareholder Actions In August 2016, two alleged Company shareholders each filed a putative class action complaint in the United States District Court for the Southern District of New York against the Company and its then-current Chief Executive Officer and current Chief Financial Officer (Nos. 16-cv-6728 and 16-cv-6861, the “S.D.N.Y. cases”). On September 16, 2016, the Court consolidated the S.D.N.Y. cases under case number 16-cv-6728. On April 3, 2017, the plaintiffs filed a second amended complaint, purportedly on behalf of persons that acquired the Company’s securities on or between August 29, 2013, and February 27, 2017, naming as defendants the Company, its then-current and former Chief Executive Officers, and its current and former Chief Financial Officers. The second amended complaint alleged that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by, among other things, misrepresenting the Company’s business and earnings by (i) failing to disclose that the Company was allegedly having issues ensuring the safety of customers’ jewelry while in the Company’s custody for repairs, which allegedly damaged customer confidence; (ii) making misleading statements about the Company’s credit portfolio; and (iii) failing to disclose reports of sexual harassment allegations that were raised by claimants in an ongoing pay and promotion gender discrimination class arbitration (the “Arbitration”). The second amended complaint alleged that the Company’s share price was artificially inflated as a result of the alleged misrepresentations and sought unspecified compensatory damages and costs and expenses, including attorneys’ and experts’ fees. In March 2017, two other alleged Company shareholders each filed a putative class action complaint in the United States District Court for the Northern District of Texas against the Company and its then-current and former Chief Executive Officers (Nos. 17-cv-875 and 17-cv-923, the “N.D. Tex. cases”). Those complaints were nearly identical to each other and alleged that the defendants’ statements concerning the Arbitration violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The N.D. Tex. cases were subsequently transferred to the Southern District of New York and consolidated with the S.D.N.Y. cases (the “Consolidated Action”). On July 27, 2017, the Court appointed a lead plaintiff and lead plaintiff’s counsel in the Consolidated Action. On August 3, 2017, the Court ordered the lead plaintiff in the Consolidated Action to file a third amended complaint by September 29, 2017. On September 29, 2017, the lead plaintiff filed a third amended complaint that covered a putative class period of August 29, 2013, through May 24, 2017, and that asserted substantially similar claims to the second amended complaint, except that it omitted the claim based on defendants’ alleged misstatements concerning the security of customers’ jewelry while in the Company’s custody for repairs. The defendants moved to dismiss the third amended complaint on December 1, 2017. On December 4, 2017, the Court entered an order permitting the lead plaintiff to amend its complaint as of right by December 22, 2017, and providing that the lead plaintiff would not be given any further opportunity to amend its complaint to address the issues raised in the defendants’ motion to dismiss. On December 15, 2017, Nebil Aydin filed a putative class action complaint in the United States District Court for the Southern District of New York against the Company and its current Chief Executive Officer and Chief Financial Officer (No. 17-cv-9853). The Aydin complaint alleged that the defendants made misleading statements regarding the Company’s credit portfolio between August 24, 2017, and November 21, 2017, in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and sought unspecified compensatory damages and costs and expenses, including attorneys’ and experts’ fees. On January 7, 2018, the Aydin case was consolidated into the Consolidated Action. On December 22, 2017, the lead plaintiff in the Consolidated Action filed its fourth amended complaint, which asserted substantially the same claims as its third amended complaint for an expanded class period of August 28, 2013, through December 1, 2017. On January 26, 2017, the defendants moved to dismiss the fourth amended complaint. This motion was fully briefed as of March 9, 2018. On March 20, 2018, the Court granted the lead plaintiff leave to file a fifth amended complaint. On March 22, 2018, the lead plaintiff in the Consolidated Action filed its fifth amended complaint which asserts substantially the same claims as its fourth amended complaint for an expanded class period of August 29, 2013, through March 13, 2018. The prior motion to dismiss was denied as moot. The defendants will file a new motion to dismiss the fifth amended complaint by March 30, 2018. Derivative Action On September 1, 2017, Josanne Aungst filed a putative shareholder derivative action entitled Aungst v. Light, et al., No. CV-2017-3665, in the Court of Common Pleas for Summit County Ohio. The complaint in this action, which purports to have been brought by Ms. Aungst on behalf of the Company, names certain current and former directors and officers of the Company as defendants and alleges claims for breach of fiduciary duty, abuse of control, and gross mismanagement. The complaint challenges certain public disclosures and conduct relating to the allegations that were raised by the claimants in the Arbitration. The complaint also alleges that the Company’s share price was artificially inflated as a result of alleged misrepresentations and omissions. The complaint seeks money damages on behalf of the Company, changes to the Company’s corporate governance, and other equitable relief, as well as plaintiff’s legal fees and costs. The defendants’ motion to dismiss the complaint is fully briefed and awaiting decision. The Company believes that the claims brought in these shareholder actions are without merit and cannot estimate a range of potential liability, if any, at this time. Regulatory Matters On September 6, 2017, the Consumer Financial Protection Bureau (“CFPB”) notified Signet that, in accordance with the CFPB’s discretionary Notice and Opportunity to Respond and Advise (“NORA”) process, the CFPB’s Office of Enforcement is considering recommending that the CFPB take legal action against Signet, alleging that Signet violated §§ 1031 and 1036 of the Consumer Financial Protection Act of 2010, 12 U.S.C. §§ 5531, 5536, and the Truth in Lending Act, 15 U.S.C. § 1601 et seq., and its implementing regulation, relating to in-store: credit practices, promotions, and payment protection products. The purpose of a NORA letter is to provide a party being investigated an opportunity to present its position to the CFPB before an enforcement action is recommended or commenced. This notice stems from an inquiry that commenced in late 2016 when Signet received and responded to an initial Civil Investigative Demand. Signet has cooperated and continues to fully cooperate with the CFPB. On September 27, 2017, Signet submitted a response to the NORA letter to the CFPB, which stated its belief that the potential claims lack merit. The Attorney General for the State of New York (“NYAG”) is investigating similar issues under its jurisdiction. Signet has been cooperating with the NYAG’s investigation which remains ongoing. Signet is currently unable to predict the timing or outcome of the NORA process or NYAG investigation. Signet continues to believe that its acts and practices relating to the matters under investigation are lawful and, as such, has concluded the possibility of an unfavorable outcome was remote as of February 3, 2018. In the ordinary course of business, Signet may be subject, from time to time, to various other proceedings, lawsuits, disputes or claims incidental to its business, which the Company believes are not significant to Signet’s consolidated financial position, results of operations or cash flows. |
Condensed Consolidating Financial Information |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed consolidating financial information | Condensed consolidating financial information The accompanying condensed consolidating financial information has been prepared and presented pursuant to SEC Regulation S-X, Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” We and certain of our subsidiaries have guaranteed the obligations under certain debt securities that have been issued by Signet UK Finance plc. The following presents the condensed consolidating financial information for: (i) the indirect Parent Company (Signet Jewelers Limited); (ii) the Issuer of the guaranteed obligations (Signet UK Finance plc); (iii) the Guarantor subsidiaries, on a combined basis; (iv) the non-guarantor subsidiaries, on a combined basis; (v) consolidating eliminations; and (vi) Signet Jewelers Limited and Subsidiaries on a consolidated basis. Each Guarantor subsidiary is 100% owned by the Parent Company at the date of each balance sheet presented. The Guarantor subsidiaries, along with Signet Jewelers Limited, will fully and unconditionally guarantee the obligations of Signet UK Finance plc under any such debt securities. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements. The accompanying condensed consolidating financial information has been presented on the equity method of accounting for all periods presented. Under this method, investments in subsidiaries are recorded at cost and adjusted for the subsidiaries’ cumulative results of operations, capital contributions and distributions, and other changes in equity. Elimination entries include consolidating and eliminating entries for investments in subsidiaries, and intra-entity activity and balances. Condensed Consolidating Income Statement For the 53 week period ended February 3, 2018
Condensed Consolidating Income Statement For the 52 week period ended January 28, 2017
Condensed Consolidating Income Statement For the 52 week period ended January 30, 2016
Condensed Consolidating Statement of Comprehensive Income For the 53 week period ended February 3, 2018
Condensed Consolidating Statement of Comprehensive Income For the 52 week period ended January 28, 2017
Condensed Consolidating Statement of Comprehensive Income For the 52 week period ended January 30, 2016
Condensed Consolidating Balance Sheet February 3, 2018
Condensed Consolidating Balance Sheet January 28, 2017
Condensed Consolidating Statement of Cash Flows For the 53 week period ended February 3, 2018
Condensed Consolidating Statement of Cash Flows For the 52 week period ended January 28, 2017
Condensed Consolidating Statement of Cash Flows For the 52 week period ended January 30, 2016
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Quarterly Financial Information - Unaudited |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information - Unaudited | QUARTERLY FINANCIAL INFORMATION—UNAUDITED The sum of the quarterly earnings per share data may not equal the full year amount as the computations of the weighted average shares outstanding for each quarter and the full year are calculated independently.
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Organization and summary of significant accoutning policies (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||
Basis of preparation | Basis of preparation The consolidated financial statements of Signet are prepared in accordance with US generally accepted accounting principles (“US GAAP”) and include the results for the 53 week period ended February 3, 2018 (“Fiscal 2018”), as Signet’s fiscal year ends on the Saturday nearest to January 31. The comparative periods are for the 52 week period ended January 28, 2017 (“Fiscal 2017”) and the 52 week period ended January 30, 2016 (“Fiscal 2016”). Intercompany transactions and balances have been eliminated in consolidation. Certain prior year amounts have been reclassified to conform to the current year presentation. |
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Use of estimates | Use of estimates The preparation of these consolidated financial statements, in conformity with US GAAP and US Securities and Exchange Commission (“SEC”) regulations, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Estimates and assumptions are primarily made in relation to the valuation of accounts receivable, inventories, deferred revenue, derivatives, employee benefits, income taxes, contingencies, asset impairments, indefinite-lived intangible assets, as well as depreciation and amortization of long-lived assets. The reported results of operations are not indicative of results expected in future periods. |
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Foreign currency translation | Foreign currency translation The financial position and operating results of certain foreign operations, including the UK Jewelry division and the Canadian operations of the Zale Jewelry segment, are consolidated using the local currency as the functional currency. Assets and liabilities are translated at the rates of exchange on the balance sheet date, and revenues and expenses are translated at the monthly average rates of exchange during the period. Resulting translation gains or losses are included in the accompanying consolidated statements of shareholders’ equity as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains or losses resulting from foreign currency transactions are included within the consolidated income statements, whereas translation adjustments and gains or losses related to intercompany loans of a long-term investment nature are recognized as a component of AOCI. |
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Revenue recognition | Revenue recognition The Company recognizes revenue when there is persuasive evidence of an arrangement, delivery of products has occurred or services have been rendered, the sale price is fixed and determinable, and collectability is reasonably assured. The Company’s revenue streams and their respective accounting treatments are discussed below. Merchandise sale and repairs Store sales are recognized when the customer receives and pays for the merchandise at the store with cash, in-house customer finance, private label credit card programs, a third party credit card or a lease purchase option. For online sales shipped to customers, sales are recognized at the estimated time the customer has received the merchandise. Amounts related to shipping and handling that are billed to customers are reflected in sales and the related costs are reflected in cost of sales. Revenues on the sale of merchandise are reported net of anticipated returns and sales tax collected. Returns are estimated based on previous return rates experienced. Any deposits received from a customer for merchandise are deferred and recognized as revenue when the customer receives the merchandise. Revenues derived from providing replacement merchandise on behalf of insurance organizations are recognized upon receipt of the merchandise by the customer. Revenues on repair of merchandise are recognized when the service is complete and the customer collects the merchandise at the store. Extended service plans and lifetime warranty agreements (“ESP”) The Company recognizes revenue related to ESP sales in proportion to when the expected costs will be incurred. The deferral period for ESP sales in each division is determined from patterns of claims costs, including estimates of future claims costs expected to be incurred. Management reviews the trends in claims to assess whether changes are required to the revenue and cost recognition rates utilized. A significant change in estimates related to the time period or pattern in which warranty-related costs are expected to be incurred could materially impact revenues. All direct costs associated with the sale of these plans are deferred and amortized in proportion to the revenue recognized and disclosed as either other current assets or other assets in the consolidated balance sheets. The Sterling Jewelers division sells ESP, subject to certain conditions, to perform repair work over the life of the product. Revenue from the sale of the lifetime ESP is recognized consistent with the estimated pattern of claim costs expected to be incurred by the Company in connection with performing under the ESP obligations. Based on an evaluation of historical claims data, management currently estimates that substantially all claims will be incurred within 17 years of the sale of the warranty contract. In the second quarter of Fiscal 2016, an operational change related to the Sterling Jewelers division’s ESP associated with ring sizing was made to further align Zale and Sterling ESP policies. As a result, revenue from the sale of these lifetime ESP in the Sterling Jewelers division is deferred and recognized over 17 years for all plans, with approximately 57% of revenue recognized within the first two years for plans sold on or after May 2, 2015 (January 28, 2017: 57%; January 30, 2016: 57%) and 42% of revenue recognized within the first two years for plans sold prior to May 2, 2015 (January 28, 2017: 42%; January 30, 2016: 42%). The Zale division also sells ESP. Zale Jewelry customers are offered lifetime warranties on certain products that cover sizing and breakage with an option to purchase theft protection for a two-year period. Revenue from the sale of lifetime ESP is deferred and recognized over 10 years, with approximately 69% of revenue recognized within the first two years (January 28, 2017: 69%; January 30, 2016: 69%). Revenues related to the optional theft protection are deferred and recognized in proportion to when the expected claims costs will be incurred over the two-year contract period. Zale Jewelry customers are also offered a two-year watch warranty and a one-year warranty that covers breakage. Piercing Pagoda customers are also offered a one-year warranty that covers breakage. Revenue from the two-year watch warranty and one-year breakage warranty is recognized on a straight-line basis over the respective contract terms. The Sterling Jewelers division also sells a Jewelry Replacement Plan (“JRP”). The JRP is designed to protect customers from damage or defects of purchased merchandise for a period of three years. If the purchased merchandise is defective or becomes damaged under normal use in that time period, the item will be replaced. JRP revenue is deferred and recognized on a straight-line basis over the period of expected claims costs. Signet also sells warranty agreements in the capacity of an agent on behalf of a third-party. The commission that Signet receives from the third-party is recognized at the time of sale less an estimate of cancellations based on historical experience. Sale vouchers Certain promotional offers award sale vouchers to customers who make purchases above a certain value, which grant a fixed discount on a future purchase within a stated time frame. The Company accounts for such vouchers by allocating the fair value of the voucher between the initial purchase and the future purchase using the relative-selling-price method. Sale vouchers are not sold on a stand-alone basis. The fair value of the voucher is determined based on the average sales transactions in which the vouchers were issued, when the vouchers are expected to be redeemed and the estimated voucher redemption rate. The fair value allocated to the future purchase is recorded as deferred revenue. Consignment inventory sales Sales of consignment inventory are accounted for on a gross sales basis as the Company is the primary obligor providing independent advice, guidance and after-sales service to customers. The products sold from consignment inventory are indistinguishable from other products that are sold to customers and are sold on the same terms. Supplier products are selected at the discretion of the Company. The Company is responsible for determining the selling price, physical security of the products and collections of accounts receivable. |
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Cost of sales and selling, general and administrative expenses | Cost of sales and selling, general and administrative expenses Cost of sales includes merchandise costs net of discounts and allowances, freight, processing and distribution costs of moving merchandise from suppliers to distribution centers and stores inclusive of payroll, inventory shrinkage, store operating and occupancy costs, net bad debts and charges for late payments under the in-house customer finance programs. Store operating and occupancy costs include utilities, rent, real estate taxes, common area maintenance charges and depreciation. Selling, general and administrative expenses include store staff and store administrative costs; centralized administrative expenses, including information technology and cost of in-house credit prior to the Company’s outsourcing initiatives and third-party servicing of receivables subsequent to the outsourcing initiative; advertising and promotional costs and other operating expenses not specifically categorized elsewhere in the consolidated income statements. |
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Store opening costs | Store opening costs The opening costs of new locations are expensed as incurred. |
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Advertising and promotional costs | Advertising and promotional costs Advertising and promotional costs are expensed within selling, general and administrative expenses. Production costs are expensed at the first communication of the advertisements, while communication expenses are recognized each time the advertisement is communicated. For catalogs and circulars, costs are all expensed at the first date they can be viewed by the customer. Point of sale promotional material is expensed when first displayed in the stores. |
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In-house customer finance programs | In-house customer finance programs Sterling Jewelers division operates customer in-house finance programs that allow customers to finance merchandise purchases from its stores. Finance charges are recognized in accordance with the contractual agreements. Gross interest earned is recorded as other operating income in the consolidated income statements. See Note 11 for additional discussion of the Company’s other operating income. In addition to interest-bearing accounts, a portion of credit sales are made using interest-free financing for one year or less, subject to certain conditions. Prior to the fourth quarter of Fiscal 2018, the accrual of interest was suspended when accounts became more than 90 days aged on a recency basis. Upon suspension of the accrual of interest, interest income was subsequently recognized to the extent cash payments are received. Accrual of interest was resumed when receivables are removed from the non-accrual status. |
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Income taxes | Income taxes Income taxes are accounted for using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are recognized by applying statutory tax rates in effect in the years in which the differences between the financial reporting and tax filing bases of existing assets and liabilities are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. A valuation allowance is established against deferred tax assets when it is more likely than not that some portion or all of the deferred tax assets will not be realized, based on management’s evaluation of all available evidence, both positive and negative, including reversals of deferred tax liabilities, projected future taxable income and results of recent operations. The Company does not recognize tax benefits related to positions taken on certain tax matters unless the position is more likely than not to be sustained upon examination by tax authorities. At any point in time, various tax years are subject to or are in the process of being audited by various taxing authorities. The Company records a reserve for uncertain tax positions, including interest and penalties. To the extent that management’s estimates of settlements change, or the final tax outcome of these matters is different than the amounts recorded, such differences will impact the income tax provision in the period in which such determinations are made. |
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Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents are comprised of cash on hand, money market deposits and amounts placed with external fund managers with an original maturity of three months or less. Cash and cash equivalents are carried at cost which approximates fair value. In addition, receivables from third-party credit card issuers typically converted to cash within 5 days of the original sales transaction are considered cash equivalents. |
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Accounts receivable | Accounts receivable Accounts receivable under the customer finance programs are presented net of an allowance for uncollectible amounts. This allowance represents management’s estimate of the expected losses in the accounts receivable portfolio as of the balance sheet date, and is calculated using a model that analyzes factors such as delinquency rates and recovery rates. Prior to the fourth quarter of Fiscal 2018, the Company calculated the allowance for uncollectible amounts as follows:
Signet’s recency method of aging had been in place and unchanged since the inception of the in-house consumer financing program. The delinquency level was measured by the number of days since the last qualifying payment was received, with the qualifying payment increasing with delinquency level. The minimum payment does not decline as the balance declines. In the fourth quarter of Fiscal 2018, the Company began measuring delinquency under the contractual basis which aligns with the processes and collection strategies utilized by the Company’s third party credit service provider for the remaining in-house finance receivable portfolio beginning in October 2017. Under this measure of delinquency, credit card accounts are considered delinquent if the minimum payment is not received by the specified due date. The aging method is based on the number of completed billing cycles during which the customer has failed to make a minimum payment. Management utilizes the delinquency rates identified within the portfolio when calculating the overall allowance for the portfolio. The overall allowance continues to be based on the Company’s historical loss experience and payment performance information for accounts with similar credit quality characteristics as the remaining portfolio since the inception of the in-house consumer financing program, which was operated under the Company’s aging and collection methodologies in place prior to October 2017. As a result of the credit transaction disclosed in Note 3, the aging and collection methodologies have been revised to align with contractual method, which may result in different customer payment behaviors. A 100% allowance is made for accounts associated with bankrupt or deceased cardholders, as well as for accounts more than 120 days past due on the contractual basis. The Company’s policy for charging off uncollectible receivables is 180 days. |
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Inventories | Inventories Inventories are primarily held for resale and are valued at the lower of cost or net realizable value. Cost is determined using weighted-average cost for all inventories except for inventories held in the Company’s diamond sourcing operations, where cost is determined using specific identification. Cost includes charges directly related to bringing inventory to its present location and condition. Such charges would include warehousing, security, distribution and certain buying costs. Net realizable value is defined as estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Inventory reserves are recorded for obsolete, slow moving or defective items and shrinkage. Inventory reserves for obsolete, slow moving or defective items are calculated as the difference between the cost of inventory and its estimated market value based on targeted inventory turn rates, future demand, management strategy and market conditions. Due to the inventory being primarily comprised of precious stones and metals including gold, the age of the inventory has a limited impact on the estimated market value. Inventory reserves for shrinkage are estimated and recorded based on historical physical inventory results, expectations of future inventory losses and current inventory levels. Physical inventories are taken at least once annually for all store locations and distribution centers. |
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Vendor contributions | Vendor contributions Contributions are received from vendors through various programs and arrangements including cooperative advertising. Where vendor contributions related to identifiable promotional events are received, contributions are matched against the costs of promotions. Vendor contributions received as general contributions and not related to specific promotional events are recognized as a reduction of inventory costs. |
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Property, plant and equipment | Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation, amortization and impairment charges. Maintenance and repair costs are expensed as incurred. Depreciation and amortization are recognized on the straight-line method over the estimated useful lives of the related assets as follows:
Computer software purchased or developed for internal use is stated at cost less accumulated amortization. Signet’s policy provides for the capitalization of external direct costs of materials and services associated with developing or obtaining internal use computer software. In addition, Signet also capitalizes certain payroll and payroll-related costs for employees directly associated with internal use computer projects. Amortization is charged on a straight-line basis over periods from three to five years. Property, plant and equipment are reviewed for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. Potentially impaired assets or asset groups are identified by reviewing the cash flows of individual stores. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset, based on the Company’s internal business plans. If the undiscounted cash flow is less than the asset’s carrying amount, the impairment charge recognized is determined by estimating the fair value of the assets and recording a loss for the amount that the carrying value exceeds the estimated fair value. The Company utilizes historical experience, internal business plans and an appropriate discount rate to estimate the fair value. Property and equipment at stores planned for closure are depreciated over a revised estimate of their useful lives. |
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Goodwill and intangibles | Goodwill and intangibles In a business combination, the Company estimates and records the fair value of identifiable intangible assets and liabilities acquired. The fair value of these intangible assets and liabilities is estimated based on management’s assessment, including determination of appropriate valuation technique and consideration of any third party appraisals, when necessary. Significant estimates in valuing intangible assets and liabilities acquired include, but are not limited to, future expected cash flows associated with the acquired asset or liability, expected life and discount rates. The excess purchase price over the estimated fair values of the assets acquired and liabilities assumed is recognized as goodwill. Goodwill is recorded by the Company’s reporting units based on the acquisitions made by each. Goodwill is evaluated for impairment annually and more frequently if indicators of impairment arise. In evaluating goodwill for impairment, the Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value (including goodwill). If the Company concludes that it is not more likely than not that the fair value of a reporting unit is less than its carrying value, then no further testing is required. However, if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, then the two-step goodwill impairment test is performed to identify a potential goodwill impairment and measure the amount of impairment to be recognized, if any. The two-step impairment test involves estimating the fair value of all assets and liabilities of the reporting unit, including the implied fair value of goodwill, through either estimated discounted future cash flows or market-based methodologies. The annual testing date for goodwill allocated to the Sterling Jewelers reporting unit is the last day of the fourth quarter. The annual testing date for goodwill allocated to the reporting units associated with the Zale division and the Other reporting unit is May 31. There have been no goodwill impairment charges recorded during the fiscal periods presented in the consolidated financial statements as financial results for the reporting units have met or exceeded financial projections developed at the time of the acquisitions. If future economic conditions are different than those projected by management, future impairment charges may be required. Intangible assets with definite lives are amortized and reviewed for impairment whenever events or circumstances indicate that the carrying amount of the asset may not be recoverable. If the estimated undiscounted future cash flows related to the asset are less than the carrying amount, the Company recognizes an impairment charge equal to the difference between the carrying value and the estimated fair value, usually determined by the estimated discounted future cash flows of the asset. Intangible assets with indefinite lives are reviewed for impairment each year in the second quarter and may be reviewed more frequently if certain events occur or circumstances change. The Company first performs a qualitative assessment to determine whether it is more likely than not that the indefinite-lived intangible asset is impaired. If the Company determines that it is more likely than not that the fair value of the asset is less than its carrying amount, the Company estimates the fair value, usually determined by the estimated discounted future cash flows of the asset, compares that value with its carrying amount and records an impairment charge, if any. If future economic conditions are different than those projected by management, future impairment charges may be required. |
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Derivatives and hedge accounting | Derivatives and hedge accounting The Company enters into various types of derivative instruments to mitigate certain risk exposures related to changes in commodity costs and foreign exchange rates. Derivative instruments are recorded in the consolidated balance sheets at fair value, as either assets or liabilities, with an offset to net income or other comprehensive income (“OCI”), depending on whether the derivative qualifies as an effective hedge. If a derivative instrument meets certain criteria, it may be designated as a cash flow hedge on the date it is entered into. For cash flow hedge transactions, the effective portion of the changes in fair value of the derivative instrument is recognized directly in equity as a component of AOCI and is recognized in the consolidated income statements in the same period(s) and on the same financial statement line in which the hedged item affects net income. Amounts excluded from the effectiveness calculation and any ineffective portions of the change in fair value of the derivatives are recognized immediately in other operating income, net in the consolidated income statements. In addition, gains and losses on derivatives that do not qualify for hedge accounting are recognized immediately in other operating income, net. In the normal course of business, the Company may terminate cash flow hedges prior to the occurrence of the underlying forecasted transaction. For cash flow hedges terminated prior to the occurrence of the underlying forecasted transaction, management monitors the probability of the associated forecasted cash flow transactions to assess whether any gain or loss recorded in AOCI should be immediately recognized in net income. Cash flows from derivative contracts are included in net cash provided by operating activities. |
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Employee Benefits | Employee Benefits Signet operates a defined benefit pension plan in the UK (the “UK Plan”) which ceased to admit new employees effective April 2004. The UK Plan provides benefits to participating eligible employees. Beginning in Fiscal 2014, a change to the benefit structure was implemented and members’ benefits that accumulate after that date are now based upon career average salaries, whereas previously, all benefits were based on salaries at retirement. The UK Plan’s assets are held by the UK Plan. The net periodic pension cost of the UK Plan is measured on an actuarial basis using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate and the expected long-term rate of return on plan assets. Other material assumptions include rates of participant mortality, the expected long-term rate of compensation and pension increases, and rates of employee attrition. Gains and losses occur when actual experience differs from actuarial assumptions. If such gains or losses exceed 10% of the greater of plan assets or plan liabilities, Signet amortizes those gains or losses over the average remaining service period of the employees. The net periodic pension cost is charged to selling, general and administrative expenses in the consolidated income statements. The funded status of the UK Plan is recognized on the balance sheet, and is the difference between the fair value of plan assets and the projected benefit obligation measured at the balance sheet date. Gains or losses and prior service costs or credits that arise and are not included as components of net periodic pension cost are recognized, net of tax, in OCI. Signet also operates a defined contribution plan in the UK and a defined contribution retirement savings plan in the US. Contributions made by Signet to these pension arrangements are charged primarily to selling, general and administrative expenses in the consolidated income statements as incurred. |
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Borrowing costs | Borrowing costs Borrowings include interest-bearing bank loans, accounts receivable securitization program and bank overdrafts. Borrowing costs are capitalized and amortized into interest expense over the contractual term of the related loan. |
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Share-based compensation | Share-based compensation Signet measures share-based compensation cost for awards classified as equity at the grant date based on the estimated fair value of the award and recognizes the cost as an expense on a straight-line basis (net of estimated forfeitures) over the requisite service period of employees. Certain share plans include a condition whereby vesting is contingent on growth exceeding a given target, and therefore awards granted with this condition are considered to be performance-based awards. Signet estimates fair value using a Black-Scholes model for awards granted under the Omnibus Plan and the binomial valuation model for awards granted under the Share Saving Plans. Deferred tax assets for awards that result in deductions on the income tax returns of subsidiaries are recorded by Signet based on the amount of compensation cost recognized and the subsidiaries’ statutory tax rate in the jurisdiction in which it will receive a deduction. Share-based compensation is primarily recorded in selling, general and administrative expenses in the consolidated income statements, along with the relevant salary cost. |
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Contingent liabilities | Contingent liabilities Provisions for contingent liabilities are recorded for probable losses when management is able to reasonably estimate the loss or range of loss. When it is reasonably possible that a contingent liability may result in a loss or additional loss, the range of the loss is disclosed. |
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Leases | Leases Signet’s operating leases generally include retail store locations. Certain operating leases include predetermined rent increases, which are charged to the income statement on a straight-line basis over the lease term, including any construction period or other rental holiday. Other amounts paid under operating leases, such as contingent rentals, taxes and common area maintenance, are charged to the income statement as incurred. Premiums paid to acquire short-term leasehold properties and inducements to enter into a lease are recognized on a straight-line basis over the lease term. In addition, certain leases provide for contingent rentals that are not measurable at inception. These contingent rentals are primarily based on a percentage of sales in excess of a predetermined level. These amounts are excluded from minimum rent and are included in the determination of rent expense when it is probable that the expense has been incurred and the amount is reasonably estimable. |
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Dividends | Dividends Dividends on common shares are reflected as a reduction of retained earnings in the period in which they are formally declared by the Board of Directors (the “Board”). In addition, the cumulative dividends on preferred shares, whether or not declared, are reflected as a reduction of retained earnings. |
Organization and summary of significant accoutning policies (Tables) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of compensation and benefits | Compensation and benefits costs included within cost of sales and selling, general and administrative expenses were as follows:
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Schedule of cash and cash equivalents | The following table summarizes the details of the Company’s cash and cash equivalents:
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Schedule of property, plant and equipment | Property, plant and equipment are stated at cost less accumulated depreciation, amortization and impairment charges. Maintenance and repair costs are expensed as incurred. Depreciation and amortization are recognized on the straight-line method over the estimated useful lives of the related assets as follows:
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Acquisitions (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Consideration Transferred, Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values identified for the assets acquired and liabilities assumed in the R2Net acquisition as of September 12, 2017:
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Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Information, By Segment |
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Sales By Product |
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Redeemable Preferred Shares (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary Equity Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary Equity | The following table presents certain conversion measures as of February 3, 2018 and January 28, 2017:
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Common Shares, Treasury Shares, Reserves and Dividends (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 03, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Treasury Stock | The share repurchase activity is outlined in the table below:
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Schedule of Dividends |
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Series A Redeemable Convertible Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Dividends |
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Earnings Per Common Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic | The computation of basic EPS is outlined in the table below:
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Schedule of Earnings Per Share, Diluted | The computation of diluted EPS is outlined in the table below:
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Schedule of antidilutive securities excluded from computation of earnings per share |
|
Accumulated Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables present the changes in AOCI by component and the reclassifications out of AOCI, net of tax:
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Reclassification out of Accumulated Other Comprehensive Income | The amounts reclassified from AOCI were as follows:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Tax Expense by Jurisdiction |
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Reconciliation of Effective Tax Rate | As the statutory rate of corporation tax in Bermuda is 0%, the differences between the US federal income tax rate and the effective tax rates for Signet have been presented below:
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Schedule of Income Tax Provision | Accordingly, our income tax provision as of February 3, 2018, reflects the current year impacts of the TCJ Act on the effective tax rate, and the following provisional estimates of the adjustments resulting directly from the enactment of the TCJ Act based on information available, prepared, or analyzed as of February 3, 2018 in reasonable detail:
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Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets (liabilities) consisted of the following:
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Summary of Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits for US federal, US state and non-US tax jurisdictions:
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Other Operating Income, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Other Operating Income |
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Accounts Receivable, Net (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 03, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable by Portfolio Segment, Net |
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Summary of Allowance for Credit Losses | The allowance for credit losses on Sterling Jewelers remaining customer in-house finance receivables is shown below:
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Credit Quality Indicator and Age Analysis of Past Due Receivables | The credit quality indicator and age analysis of Sterling Jewelers customer in-house finance receivables are shown below under the contractual basis:
Prior to the fourth quarter of Fiscal 2018, the Company’s calculation of the allowance for credit losses was based on a recency measure of delinquency. The credit quality indicator and age analysis of Sterling Jewelers customer in-house finance receivables prior to the sale of the prime-only credit portion of the in-house receivable portfolio as of January 28, 2017 and January 30, 2016 are shown below under the recency basis:
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Inventories (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Inventory | The following table summarizes the details of the Company’s inventory:
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Schedule of Inventory Reserves | Inventory reserves
(1) Includes the impact of foreign exchange translation between opening and closing balance sheet dates. |
Property, Plant and Equipment, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of property, plant and equipment | Property, plant and equipment are stated at cost less accumulated depreciation, amortization and impairment charges. Maintenance and repair costs are expensed as incurred. Depreciation and amortization are recognized on the straight-line method over the estimated useful lives of the related assets as follows:
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Goodwill and Intangibles (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Goodwill by Reporting Unit | The following table summarizes the Company’s goodwill by reportable segment:
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Composition of Intangible Assets and Liabilities | The following table provides additional detail regarding the composition of intangible assets and liabilities:
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Summary of Expected Future Amortization Expense for Intangible Assets | Expected future amortization for intangible assets and future amortization for intangible liabilities recorded at February 3, 2018 follows:
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Summary of Expected Future Amortization of Intangible Liabilities | Expected future amortization for intangible assets and future amortization for intangible liabilities recorded at February 3, 2018 follows:
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Other Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets |
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Investments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-Sale Securities | All investments are classified as available-for-sale and include the following:
Investments in debt securities outstanding as of February 3, 2018 mature as follows:
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Derivatives (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Fair Value and Presentation of Derivative Instruments | The following table summarizes the fair value and presentation of derivative instruments in the consolidated balance sheets:
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Summary of Pre-Tax Gains (Losses) Recorded | The following table summarizes the pre-tax gains (losses) recorded in AOCI for derivatives designated in cash flow hedging relationships:
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Summary of Derivative Instruments | The following tables summarize the effect of derivative instruments designated as cash flow hedges in OCI and the consolidated income statements: Foreign currency contracts
Commodity contracts
Interest rate swaps
The following table presents the effects of the Company’s derivatives instruments not designated as cash flow hedges in the consolidated income statements:
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Fair Value Measurement (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Methods to Determine Fair Value on Instrument-Specific Basis | The methods Signet uses to determine fair value on an instrument-specific basis are detailed below:
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Schedule of Carrying Amount and Fair Value of Outstanding Debt | The carrying amount and fair value of outstanding debt at February 3, 2018 and January 28, 2017 were as follows:
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Pension Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Changes in Fair Value of Plan Assets | The following tables provide information concerning the UK Plan as of and for the fiscal years ended February 3, 2018 and January 28, 2017:
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Schedule of Changes in Projected Benefit Obligations |
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Schedule of Amounts Recognized in Balance Sheet |
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Schedule of Net Periodic Benefit Cost Not yet Recognized | Items in AOCI not yet recognized as income (expense) in the income statement:
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Components of Net Benefit Costs | The components of net periodic pension benefit (cost) and other amounts recognized in OCI for the UK Plan are as follows:
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Schedule of Assumptions Used |
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Schedule of Allocation of Plan Assets | The value and classification of these assets are as follows:
The methods Signet uses to determine fair value on an instrument-specific basis are detailed below:
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Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The table below sets forth changes in the fair value of the Level 3 investment assets in Fiscal 2018 and Fiscal 2017:
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Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are estimated to be paid by the UK Plan:
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Loans, Overdrafts and Long-Term Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Loans, Overdrafts and Long-Term Debt |
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Accrued Expenses and Other Current Liabilities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Accrued Expenses And Other Current Liabilities |
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Sales Returns Reserve | The sales returns reserve, included in accrued expenses, is as follows:
(1) Net adjustment relates to sales returns previously provided for, changes in estimate and the impact of foreign exchange translation. |
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Warranty Reserve for Diamond and Gemstone Guarantee | The warranty reserve for diamond and gemstone guarantee, included in accrued expenses and other current liabilities and other non-current liabilities, is as follows:
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Deferred Revenue (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Revenue Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Deferred Revenue | Deferred revenue is comprised primarily of ESP and voucher promotions and other as follows:
ESP deferred revenue
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Other Liabilities-Non-Current (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Liabilities |
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Share-Based Compensation (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation Expense and Associated Tax Benefits | Share-based compensation expense and the associated tax benefits recognized in the consolidated income statements are as follows:
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Summary of Unrecognized Compensation Cost Related to Outstanding Awards | As of February 3, 2018, unrecognized compensation cost related to unvested awards granted under share-based compensation plans is as follows:
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Omnibus Plan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Assumptions Utilized to Estimate Weighted-Average Fair Value of Awards Granted | The significant assumptions utilized to estimate the weighted-average fair value of awards granted under the Omnibus Plan are as follows:
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Activity for Awards Granted Under the Plan | The Fiscal 2018 activity for awards granted under the Omnibus Plan is as follows:
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Summary of Additional Information about Awards Granted | The following table summarizes additional information about awards granted under the Omnibus Plan:
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Saving Share Plans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Assumptions Utilized to Estimate Weighted-Average Fair Value of Awards Granted | The significant assumptions utilized to estimate the weighted-average fair value of awards granted under the Share Saving Plans are as follows:
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Activity for Awards Granted Under the Plan | The Fiscal 2018 activity for awards granted under the Share Saving Plans is as follows:
(1) Intrinsic value for outstanding awards is based on the fair market value of Signet’s common stock on the last business day of the fiscal year. |
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Summary of Additional Information about Awards Granted | The following table summarizes additional information about awards granted under the Share Saving Plans:
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental Expense For Operating Leases | Rental expense for operating leases is as follows:
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Future Minimum Operating Lease Payments | The future minimum operating lease payments for operating leases having initial or non-cancelable terms in excess of one year are as follows:
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Condensed Consolidating Financial Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Income Statement | Condensed Consolidating Income Statement For the 53 week period ended February 3, 2018
Condensed Consolidating Income Statement For the 52 week period ended January 28, 2017
Condensed Consolidating Income Statement For the 52 week period ended January 30, 2016
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Condensed Statement of Comprehensive Income | Condensed Consolidating Statement of Comprehensive Income For the 53 week period ended February 3, 2018
Condensed Consolidating Statement of Comprehensive Income For the 52 week period ended January 28, 2017
Condensed Consolidating Statement of Comprehensive Income For the 52 week period ended January 30, 2016
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Condensed Balance Sheet | Condensed Consolidating Balance Sheet February 3, 2018
Condensed Consolidating Balance Sheet January 28, 2017
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Condensed Cash Flow Statement | Condensed Consolidating Statement of Cash Flows For the 53 week period ended February 3, 2018
Condensed Consolidating Statement of Cash Flows For the 52 week period ended January 28, 2017
Condensed Consolidating Statement of Cash Flows For the 52 week period ended January 30, 2016
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Quarterly Financial Information - Unaudited (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Feb. 03, 2018 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information |
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Organization and summary of significant accoutning policies - Compensation and benefits (Details) - Selling, general and administrative expenses - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Wages and salaries | $ 1,140.3 | $ 1,183.2 | $ 1,222.8 |
Payroll taxes | 93.8 | 96.5 | 101.1 |
Employee benefit plans | 13.0 | 19.3 | 17.5 |
Share-based compensation | 16.1 | 8.0 | 16.4 |
Total compensation and benefits | $ 1,263.2 | $ 1,307.0 | $ 1,357.8 |
Organization and summary of significant accoutning policies - Cash and Equivalents (Details) - USD ($) $ in Millions |
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
Jan. 31, 2015 |
---|---|---|---|---|
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 225.1 | $ 98.7 | $ 137.7 | $ 193.6 |
Cash and cash equivalents held in money markets and other accounts | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 182.6 | 65.6 | ||
Cash equivalents from third-party credit card issuers | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | 40.5 | 31.1 | ||
Cash on hand | ||||
Cash and Cash Equivalents [Line Items] | ||||
Cash and cash equivalents | $ 2.0 | $ 2.0 |
Organization and summary of significant accoutning policies - Property Plant and Equipment (Details) |
12 Months Ended |
---|---|
Feb. 03, 2018 | |
Minimum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Useful life | 30 years |
Minimum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Minimum | Equipment, including software | |
Property, Plant and Equipment [Line Items] | |
Useful life | 3 years |
Maximum | Buildings | |
Property, Plant and Equipment [Line Items] | |
Useful life | 40 years |
Maximum | Leasehold Improvements | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Maximum | Furniture and fixtures | |
Property, Plant and Equipment [Line Items] | |
Useful life | 10 years |
Maximum | Equipment, including software | |
Property, Plant and Equipment [Line Items] | |
Useful life | 5 years |
Acquisitions - Additional Information (Detail) - R2Net Inc. - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Sep. 12, 2017 |
Feb. 03, 2018 |
|
Business Acquisition [Line Items] | ||
Cash consideration paid to Zale Corporation shareholders ($21 per share) | $ 331.7 | |
Cash and cash equivalents | 47.3 | |
Acquisition related costs | $ 8.6 | |
Bridge Loan | ||
Business Acquisition [Line Items] | ||
Total consideration transferred | $ 350.0 |
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions |
Feb. 03, 2018 |
Sep. 12, 2017 |
Jan. 28, 2017 |
Jan. 30, 2016 |
---|---|---|---|---|
Intangible Assets: | ||||
Goodwill | $ 821.7 | $ 517.6 | $ 515.5 | |
R2Net Inc. | ||||
Business Acquisition [Line Items] | ||||
Cash and cash equivalents | $ 47.3 | |||
Inventories | 12.1 | |||
Other current assets | 9.7 | |||
Property, plant and equipment | 3.5 | |||
Intangible Assets: | ||||
Trade names | 70.6 | |||
Current liabilities | (42.4) | |||
Deferred tax liabilities | (23.5) | |||
Fair value of net assets acquired | 77.3 | |||
Goodwill | 301.7 | |||
Total consideration transferred | $ 379.0 |
Segment Information - Additional Information (Details) |
12 Months Ended |
---|---|
Feb. 03, 2018
Segment
state
province
| |
Segment Reporting [Abstract] | |
Number of reportable segments | Segment | 5 |
Number of states in which entity operates | state | 50 |
Number of provinces in which entity operates | province | 9 |
Redeemable Preferred Shares - Narrative (Details) - Series A Redeemable Convertible Preferred Stock - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | |||
---|---|---|---|---|
Oct. 05, 2018 |
Oct. 05, 2016 |
Feb. 03, 2018 |
Jan. 28, 2017 |
|
Temporary Equity [Line Items] | ||||
Redeemable convertible preferred stock, shares issued | 625,000 | |||
Preferred stock, purchase price | $ 625.0 | |||
Shares issued, price per share | $ 1,000 | |||
Payments of stock issuance costs | $ 13.7 | |||
Accumulated accretion of dividends | $ 2.3 | $ 0.6 | ||
Preferred stock, dividend rate, percentage | 5.00% | |||
Percentage of cash equal to the stated value | 101.00% | |||
Maximum | ||||
Temporary Equity [Line Items] | ||||
Preferred dividends, percentage of average quarterly cash dividends (not more than) | 130.00% | |||
Scenario, Forecast | ||||
Temporary Equity [Line Items] | ||||
Percentage exceeding applicable conversion price | 175.00% | |||
Threshold period at which shares can be converted | 20 days |
Redeemable Preferred Shares - Redeemable Preferred Shares (Details) - Series A Redeemable Convertible Preferred Stock $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | |
---|---|---|
Feb. 03, 2018
USD ($)
$ / shares
shares
|
Jan. 28, 2017
USD ($)
$ / shares
shares
|
|
Temporary Equity [Line Items] | ||
Conversion rate | 10.9409 | 10.6529 |
Conversion price | $ / shares | $ 91.4002 | $ 93.8712 |
Potential impact of preferred shares if-converted to common shares | shares | 6.8 | 6.7 |
Liquidation preference | $ | $ 632.8 | $ 636.3 |
Common Shares, Treasury Shares, Reserves and Dividends - Additional Information (Detail) - USD ($) |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 01, 2018 |
Oct. 05, 2016 |
Dec. 31, 2016 |
Feb. 03, 2018 |
Oct. 28, 2017 |
Jul. 29, 2017 |
Apr. 29, 2017 |
Jan. 28, 2017 |
Oct. 29, 2016 |
Jul. 30, 2016 |
Apr. 30, 2016 |
Jan. 30, 2016 |
Oct. 31, 2015 |
Aug. 01, 2015 |
May 02, 2015 |
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
Jun. 30, 2017 |
Aug. 31, 2016 |
Feb. 29, 2016 |
|
Class of Stock [Line Items] | |||||||||||||||||||||
Common shares, par value (usd per share) | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | |||||||||||||||||
Proceeds from issuance of common shares | $ 300,000 | $ 2,100,000 | $ 5,000,000 | ||||||||||||||||||
Shares repurchased (shares) | 8,100,000 | 11,200,000 | 1,000,000 | ||||||||||||||||||
Amount repurchased | $ 460,000,000 | $ 1,000,000,000 | $ 130,000,000 | ||||||||||||||||||
Average repurchase price per share (usd per share) | $ 56.91 | $ 89.10 | $ 127.63 | ||||||||||||||||||
Treasury stock held (shares) | 26,700,000 | 18,900,000 | 26,700,000 | 18,900,000 | |||||||||||||||||
Treasury stock reissued | 300,000 | 100,000 | |||||||||||||||||||
Dividends declared per common share (usd per share) | $ 0.31 | $ 0.31 | $ 0.31 | $ 0.31 | $ 0.26 | $ 0.26 | $ 0.26 | $ 0.26 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 1.24 | $ 1.04 | $ 0.88 | ||||||
Dividends on preferred shares | $ 18,800,000 | $ 17,700,000 | $ 18,800,000 | $ 17,700,000 | |||||||||||||||||
Cumulative undeclared dividends | 0 | ||||||||||||||||||||
Dividends on redeemable convertible preferred shares | 32,900,000 | $ 11,900,000 | |||||||||||||||||||
Subsequent Event | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Dividends declared date | Mar. 14, 2018 | ||||||||||||||||||||
Dividends declared per common share (usd per share) | $ 0.37 | ||||||||||||||||||||
Dividends payable date | Jun. 01, 2018 | ||||||||||||||||||||
Dividends payable, date of record | May 04, 2018 | ||||||||||||||||||||
2016 Program | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Amount authorized | 1,375,000,000 | $ 1,375,000,000 | $ 625,000,000 | $ 750,000,000 | |||||||||||||||||
Shares repurchased (shares) | 8,082,630 | 10,004,333 | |||||||||||||||||||
Amount repurchased | $ 460,000,000 | $ 864,400,000 | |||||||||||||||||||
Average repurchase price per share (usd per share) | $ 56.91 | $ 86.40 | |||||||||||||||||||
Accelerated Share Repurchase Program | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Accelerated share repurchases, payment | $ 525,000,000 | ||||||||||||||||||||
Shares repurchased (shares) | 4,700,000 | 1,300,000 | 6,000,000 | ||||||||||||||||||
Amount repurchased | $ 367,500,000 | ||||||||||||||||||||
Average repurchase price per share (usd per share) | $ 87.01 | ||||||||||||||||||||
2017 Program | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Amount authorized | $ 650,600,000 | $ 650,600,000 | $ 600,000,000.0 | ||||||||||||||||||
Series A Redeemable Convertible Preferred Stock | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Dividends on redeemable convertible preferred shares | $ 1,700,000 | $ 600,000 |
Common Shares, Treasury Shares, Reserves and Dividends - Share Repurchase (Details) - USD ($) |
12 Months Ended | ||||
---|---|---|---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
Aug. 31, 2016 |
Feb. 29, 2016 |
|
Class of Stock [Line Items] | |||||
Shares repurchased (shares) | 8,100,000 | 11,200,000 | 1,000,000 | ||
Amount repurchased | $ 460,000,000 | $ 1,000,000,000 | $ 130,000,000 | ||
Average repurchase price per share (usd per share) | $ 56.91 | $ 89.10 | $ 127.63 | ||
2016 Program | |||||
Class of Stock [Line Items] | |||||
Amount authorized | $ 1,375,000,000 | $ 625,000,000 | $ 750,000,000 | ||
Shares repurchased (shares) | 8,082,630 | 10,004,333 | |||
Amount repurchased | $ 460,000,000 | $ 864,400,000 | |||
Average repurchase price per share (usd per share) | $ 56.91 | $ 86.40 | |||
2013 Program | |||||
Class of Stock [Line Items] | |||||
Amount authorized | $ 350,000,000.0 | ||||
Shares repurchased (shares) | 1,218,621 | 1,018,568 | |||
Amount repurchased | $ 135,600,000 | $ 130,000,000 | |||
Average repurchase price per share (usd per share) | $ 111.26 | $ 127.63 | |||
Remaining authorized repurchase amount | $ 50,600,000 |
Common Shares, Treasury Shares, Reserves and Dividends - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 03, 2018 |
Oct. 28, 2017 |
Jul. 29, 2017 |
Apr. 29, 2017 |
Jan. 28, 2017 |
Oct. 29, 2016 |
Jul. 30, 2016 |
Apr. 30, 2016 |
Jan. 30, 2016 |
Oct. 31, 2015 |
Aug. 01, 2015 |
May 02, 2015 |
Oct. 29, 2016 |
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Class of Stock [Line Items] | ||||||||||||||||
Dividends declared per common share (usd per share) | $ 0.31 | $ 0.31 | $ 0.31 | $ 0.31 | $ 0.26 | $ 0.26 | $ 0.26 | $ 0.26 | $ 0.22 | $ 0.22 | $ 0.22 | $ 0.22 | $ 1.24 | $ 1.04 | $ 0.88 | |
Cash dividend per share (usd per share) | $ 1.24 | $ 1.04 | $ 0.88 | |||||||||||||
Total dividends | $ 18.8 | $ 18.7 | $ 18.7 | $ 21.3 | $ 17.7 | $ 18.1 | $ 19.7 | $ 20.4 | $ 17.5 | $ 17.5 | $ 17.6 | $ 17.6 | $ 77.5 | $ 75.9 | $ 70.2 | |
Dividends on preferred shares | 18.8 | 17.7 | 18.8 | 17.7 | ||||||||||||
Series A Redeemable Convertible Preferred Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Dividends, preferred stock, cash | $ 7.8 | $ 7.8 | $ 7.8 | $ 7.8 | $ 11.3 | $ 0.0 | $ 0.0 | $ 0.0 | $ 11.3 | 31.2 | ||||||
Accrued Expenses | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Dividends, preferred stock, cash | $ 7.8 | $ 11.3 |
Earnings Per Common Share - Schedule of Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 03, 2018 |
Oct. 28, 2017 |
Jul. 29, 2017 |
Apr. 29, 2017 |
Jan. 28, 2017 |
Oct. 29, 2016 |
Jul. 30, 2016 |
Apr. 30, 2016 |
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Equity [Abstract] | |||||||||||
Net income attributable to common shareholders | $ 486.4 | $ 531.3 | $ 467.9 | ||||||||
Add: Dividends on preferred shares | (32.9) | (11.9) | 0.0 | ||||||||
Net income | $ 343.0 | $ (12.1) | $ 85.2 | $ 70.3 | $ 287.8 | $ 14.8 | $ 81.9 | $ 146.8 | $ 519.3 | $ 543.2 | $ 467.9 |
Basic weighted average number of common shares outstanding | 63.0 | 74.5 | 79.5 | ||||||||
Dilutive effect of share awards (in shares) | 0.1 | 0.1 | 0.2 | ||||||||
Dilutive effect of preferred shares (in shares) | 6.7 | 2.1 | 0.0 | ||||||||
Diluted weighted average number of common shares outstanding | 69.8 | 76.7 | 79.7 | ||||||||
Earnings per share - basic (usd per share) | $ 5.70 | $ (0.20) | $ 1.34 | $ 1.03 | $ 4.17 | $ 0.20 | $ 1.06 | $ 1.87 | $ 7.72 | $ 7.13 | $ 5.89 |
Earnings per share - diluted (usd per share) | $ 5.24 | $ (0.20) | $ 1.33 | $ 1.03 | $ 3.92 | $ 0.20 | $ 1.06 | $ 1.87 | $ 7.44 | $ 7.08 | $ 5.87 |
Earnings Per Common Share - Schedule of Antidilutive Securities Excluded From the Calculation of Earnings Per Share (Details) - shares shares in Millions |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Performance Shares | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Anti-dilutive shares excluded from the calculation of earnings per share | 0.4 | 0.1 | 0.1 |
Income Taxes - Summary of Income and Income Taxes (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Income before income taxes: | |||
– US | $ 202.2 | $ 424.0 | $ 426.1 |
– Foreign | 325.0 | 289.8 | 231.7 |
Income before income taxes | 527.2 | 713.8 | 657.8 |
Current taxation: | |||
– US | 35.9 | 137.6 | 161.7 |
– Foreign | 6.1 | 3.9 | 3.5 |
Deferred taxation: | |||
– US | (34.8) | 28.1 | 22.3 |
– Foreign | 0.7 | 1.0 | 2.4 |
Total income taxes | $ 7.9 | $ 170.6 | $ 189.9 |
Income Taxes - Schedule of Income Tax Provision (Details) $ in Millions |
12 Months Ended |
---|---|
Feb. 03, 2018
USD ($)
| |
Income Tax Disclosure [Abstract] | |
Net impact on remeasurement of US deferred tax assets and liabilities | $ 64.7 |
Net impact of reduce US tax rate on income from October 29, 2017 thru February 3, 2018 | 21.5 |
Net benefit of the TCJ Act | $ 86.2 |
Income Taxes - Reconciliation of Statutory Tax Rate to Effective Tax Rate (Details) |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Income Tax Disclosure [Abstract] | |||
US federal income tax rates | 35.00% | 35.00% | 35.00% |
US state income taxes | 1.90% | 1.90% | 2.70% |
Differences between US federal and foreign statutory income tax rates | (1.00%) | (0.20%) | (0.50%) |
Expenditures permanently disallowable for tax purposes, net of permanent tax benefits | 1.00% | 0.40% | 0.50% |
Disallowable transaction costs | 0.40% | 0.10% | 2.10% |
Impact of global reinsurance arrangements | (8.10%) | (5.40%) | (2.40%) |
Impact of global financing arrangements | (11.40%) | (8.20%) | (8.70%) |
Provisional benefit in current year taxes - the TCJ Act | (4.10%) | (0.00%) | (0.00%) |
Provisional remeasurement of deferred taxes - the TCJ Act | (12.30%) | (0.00%) | (0.00%) |
Other items | 0.10% | 0.30% | 0.20% |
Effective tax rate | 1.50% | 23.90% | 28.90% |
Income Taxes - Summary of Activity of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Reconciliation of Unrecognized Tax Benefits | |||
Unrecognized tax benefits, beginning of period | $ 12.0 | $ 11.4 | $ 11.4 |
Increases related to current year tax positions | 2.3 | 2.4 | 2.0 |
Lapse of statute of limitations | (2.4) | (1.9) | (1.9) |
Difference on foreign currency translation | 0.1 | 0.1 | (0.1) |
Unrecognized tax benefits, end of period | $ 12.0 | $ 12.0 | $ 11.4 |
Other Operating Income, Net - Components of Other Operating Income, Net (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Other Income and Expenses [Abstract] | |||
Interest income from in-house customer finance programs(1) | $ 258.1 | $ 282.5 | $ 252.6 |
Other | 2.7 | 0.1 | (1.7) |
Other operating income, net | $ 260.8 | $ 282.6 | $ 250.9 |
Accounts Receivable, Net - Portfolio of Accounts Receivable (Details) - USD ($) $ in Millions |
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
---|---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, net | $ 692.5 | $ 1,858.0 | |
Consumer Portfolio Segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, net | 649.4 | 1,813.3 | $ 1,725.9 |
Other accounts receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, net | 9.6 | 11.3 | |
Sterling Jewelers | Consumer Portfolio Segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, net | 649.4 | 1,813.3 | |
Zale Jewelry | Consumer Portfolio Segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, net | $ 33.5 | $ 33.4 |
Accounts Receivable, Net - Additional Information (Detail) - USD ($) $ in Millions |
Feb. 03, 2018 |
Jan. 28, 2017 |
---|---|---|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | $ 692.5 | $ 1,858.0 |
Other accounts receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | 9.6 | 11.3 |
UK Jewelry | Other accounts receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable, net | $ 9.3 | $ 11.0 |
Accounts Receivable, Net - Allowance for Credit Losses (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | $ (138.7) | $ (130.0) | |
Reversal of allowance on receivables sold | (30.9) | 0.0 | $ 0.0 |
Ending balance | (113.5) | (138.7) | (130.0) |
Ending receivable balance evaluated for impairment | 762.9 | 1,952.0 | 1,855.9 |
Sterling Jewelers customer in-house finance receivables, net | 692.5 | 1,858.0 | |
Consumer Portfolio Segment | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance | (138.7) | (130.0) | (113.1) |
Charge-offs, net | 221.2 | 203.4 | 173.6 |
Recoveries | 34.3 | 35.1 | 35.3 |
Provision | (251.0) | (247.2) | (225.8) |
Reversal of allowance on receivables sold | 20.7 | 0.0 | 0.0 |
Ending balance | (113.5) | (138.7) | (130.0) |
Ending receivable balance evaluated for impairment | 762.9 | 1,952.0 | 1,855.9 |
Sterling Jewelers customer in-house finance receivables, net | $ 649.4 | $ 1,813.3 | $ 1,725.9 |
Inventories - Additional Information (Details) - USD ($) $ in Millions |
Feb. 03, 2018 |
Jan. 28, 2017 |
---|---|---|
Consignment inventory | ||
Inventories | ||
Other inventory | $ 606.4 | $ 574.0 |
Inventories - Summary of Inventory Components (Details) - USD ($) $ in Millions |
Feb. 03, 2018 |
Jan. 28, 2017 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 72.0 | $ 60.8 |
Finished goods | 2,208.5 | 2,388.5 |
Total inventories | $ 2,280.5 | $ 2,449.3 |
Inventories - Rollforward of Inventory Reserves (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at beginning of period | $ 43.2 | $ 43.2 | $ 28.4 |
Charged to profit | 75.8 | 57.3 | 87.6 |
Utilized | (78.4) | (57.3) | (72.8) |
Balance at end of period | $ 40.6 | $ 43.2 | $ 43.2 |
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 194.1 | $ 175.0 | $ 161.4 |
Impairment of assets | $ 1.0 | $ 1.3 | $ 0.7 |
Goodwill and Intangibles - Additional Information (Details) - USD ($) |
12 Months Ended | |||
---|---|---|---|---|
Sep. 12, 2017 |
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Acquisitions | $ 301,700,000 | |||
Goodwill, impairment loss | 0 | $ 0 | ||
Amortization of intangible assets | 9,300,000 | 13,800,000 | $ 13,900,000 | |
Amortization of intangible liabilities | $ 13,000,000 | $ 19,700,000 | $ 28,700,000 | |
R2Net Inc. | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Acquisitions | $ 301,700,000 |
Goodwill and Intangibles - Summary of Goodwill (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
|
Goodwill [Roll Forward] | ||
Beginning balance | $ 517.6 | $ 515.5 |
Impact of foreign exchange | 2.4 | 2.1 |
Acquisitions | 301.7 | |
Ending balance | 821.7 | 517.6 |
Sterling Jewelers | ||
Goodwill [Roll Forward] | ||
Beginning balance | 23.2 | 23.2 |
Impact of foreign exchange | 0.0 | 0.0 |
Acquisitions | 301.7 | |
Ending balance | 324.9 | 23.2 |
Zale Jewelry | ||
Goodwill [Roll Forward] | ||
Beginning balance | 490.8 | 488.7 |
Impact of foreign exchange | 2.4 | 2.1 |
Acquisitions | 0.0 | |
Ending balance | 493.2 | 490.8 |
Piercing Pagoda | ||
Goodwill [Roll Forward] | ||
Beginning balance | 0.0 | 0.0 |
Impact of foreign exchange | 0.0 | 0.0 |
Acquisitions | 0.0 | |
Ending balance | 0.0 | 0.0 |
UK Jewelry | ||
Goodwill [Roll Forward] | ||
Beginning balance | 0.0 | 0.0 |
Impact of foreign exchange | 0.0 | 0.0 |
Acquisitions | 0.0 | |
Ending balance | 0.0 | 0.0 |
Other | ||
Goodwill [Roll Forward] | ||
Beginning balance | 3.6 | 3.6 |
Impact of foreign exchange | 0.0 | 0.0 |
Acquisitions | 0.0 | |
Ending balance | $ 3.6 | $ 3.6 |
Goodwill and Intangibles - Composition of Finite-Lived Intangibles (Details) - USD ($) $ in Millions |
Feb. 03, 2018 |
Jan. 28, 2017 |
---|---|---|
Intangible assets, net: | ||
Gross carrying amount | $ 49.8 | $ 49.0 |
Accumulated amortization | (46.7) | (36.8) |
Net carrying amount | 3.1 | 12.2 |
Intangible assets, gross | 528.2 | 453.8 |
Total intangible assets, net | 481.5 | 417.0 |
Definite-lived intangible liabilities: | ||
Gross carrying amount | (114.5) | (113.9) |
Accumulated amortization | 85.2 | 71.7 |
Total | (29.3) | (42.2) |
Trade names | ||
Intangible assets, net: | ||
Indefinite-lived intangible assets | $ 478.4 | $ 404.8 |
Goodwill and Intangibles - Summary of Future Amortization (Details) - USD ($) $ in Millions |
Feb. 03, 2018 |
Jan. 28, 2017 |
---|---|---|
Intangible assets, net amortization | ||
2019 | $ 2.7 | |
2020 | 0.3 | |
2021 | 0.1 | |
2022 | 0.0 | |
2023 | 0.0 | |
Net carrying amount | 3.1 | $ 12.2 |
Intangible liabilities amortization | ||
2019 | (7.7) | |
2020 | (5.7) | |
2021 | (5.4) | |
2022 | (5.4) | |
2023 | (5.1) | |
Total | $ (29.3) |
Other Assets - Components of Other Assets (Detail) - USD ($) $ in Millions |
Feb. 03, 2018 |
Jan. 28, 2017 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred ESP selling costs | $ 89.5 | $ 86.1 |
Investments | 27.9 | 27.2 |
Other assets | 53.8 | 51.8 |
Total other assets | 171.2 | 165.1 |
Deferred costs related to the sale of the extended service plan | $ 30.9 | $ 29.4 |
Investments - Summary of Available-for-sale Securities (Details) - USD ($) $ in Millions |
Feb. 03, 2018 |
Jan. 28, 2017 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $ 28.1 | $ 27.9 |
Unrealized Gain (Loss) | (0.2) | (0.7) |
Fair Value | 27.9 | 27.2 |
US Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 8.3 | 8.8 |
Unrealized Gain (Loss) | (0.8) | (0.7) |
Fair Value | 7.5 | 8.1 |
US government agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 5.3 | 4.6 |
Unrealized Gain (Loss) | (0.2) | (0.2) |
Fair Value | 5.1 | 4.4 |
Corporate bonds and notes | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 11.0 | 11.0 |
Unrealized Gain (Loss) | (0.2) | (0.1) |
Fair Value | 10.8 | 10.9 |
Corporate equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 3.5 | 3.5 |
Unrealized Gain (Loss) | 1.0 | 0.3 |
Fair Value | $ 4.5 | $ 3.8 |
Investments - Additional Information (Details) - USD ($) $ in Millions |
Feb. 03, 2018 |
Jan. 28, 2017 |
---|---|---|
Available-for-sale Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Assets held by insurance regulators | $ 6.8 | $ 6.6 |
Investments - Summary of Investments in Debt Securities Outstanding (Details) $ in Millions |
Feb. 03, 2018
USD ($)
|
---|---|
Cost | |
Less than one year | $ 2.9 |
Year two through year five | 16.9 |
Year six through year ten | 4.8 |
Total investment in debt securities | 24.6 |
Fair Value | |
Less than one year | 2.3 |
Year two through year five | 16.4 |
Year six through year ten | 4.7 |
Total investment in debt securities | $ 23.4 |
Derivatives - Additional Information (Details) oz in Thousands, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018
USD ($)
oz
|
Jan. 28, 2017
USD ($)
oz
|
Mar. 31, 2015
USD ($)
|
|
Derivative [Line Items] | |||
Ounces of gold | oz | 6 | 94 | |
Maximum | |||
Derivative [Line Items] | |||
Remaining settlement period | 12 months | ||
Cash Flow Hedging | |||
Derivative [Line Items] | |||
Expected pre-tax derivative losses | $ 0.5 | ||
Interest rate swaps | |||
Derivative [Line Items] | |||
Aggregate notional amount | $ 300.0 | ||
Foreign currency contracts | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Aggregate notional amount | 112.7 | $ 117.8 | |
Foreign currency contracts | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Aggregate notional amount | $ 26.6 | $ 37.8 | |
Remaining settlement period | 11 months | 12 months | |
Commodity contracts | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Remaining settlement period | 12 months | 12 months |
Derivatives - Derivatives Designated as Cash Flow Hedges (Details) - USD ($) $ in Millions |
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
---|---|---|---|
Foreign currency contracts | |||
Derivative [Line Items] | |||
Pre-tax gains (losses) recorded in AOCI | $ (2.4) | $ 4.1 | |
Commodity contracts | |||
Derivative [Line Items] | |||
Pre-tax gains (losses) recorded in AOCI | 1.4 | (2.1) | |
Cash Flow Hedging | |||
Derivative [Line Items] | |||
Pre-tax gains (losses) recorded in AOCI | 1.2 | 2.4 | |
Cash Flow Hedging | Foreign currency contracts | |||
Derivative [Line Items] | |||
Pre-tax gains (losses) recorded in AOCI | (2.4) | 4.1 | $ 1.4 |
Cash Flow Hedging | Commodity contracts | |||
Derivative [Line Items] | |||
Pre-tax gains (losses) recorded in AOCI | 1.4 | (2.1) | $ (3.7) |
Cash Flow Hedging | Interest rate swaps | |||
Derivative [Line Items] | |||
Pre-tax gains (losses) recorded in AOCI | $ 2.2 | $ 0.4 |
Derivatives - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
|
Not Designated as Hedging Instrument | Foreign currency contracts | Other operating income, net | ||
Derivative [Line Items] | ||
Foreign currency contracts not designated as hedging | $ 8.4 | $ 6.3 |
Pension Plans - Change in UK Plan Assets (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
|
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value at beginning of year | $ 37.1 | |
Fair value at end of year | 37.5 | $ 37.1 |
Pension plan | Foreign Plan | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value at beginning of year | 247.6 | 266.2 |
Actual return on UK Plan assets | 11.0 | 18.2 |
Employer contributions | 3.2 | 3.3 |
Members’ contributions | 0.4 | 0.6 |
Benefits paid | (8.7) | (9.9) |
Plan settlements | (10.8) | 0.0 |
Foreign currency translation | 29.5 | (30.8) |
Fair value at end of year | $ 272.2 | $ 247.6 |
Pension Plans - Change in UK Benefit Obligation (Details) - Pension plan - Foreign Plan - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at beginning of year | $ 215.7 | $ 214.9 | |
Service cost | 2.1 | 2.0 | $ 2.6 |
Past service cost | 0.0 | 0.5 | |
Interest cost | 6.1 | 7.2 | 7.7 |
Members’ contributions | 0.4 | 0.6 | |
Actuarial (gain) loss | 2.3 | 24.1 | |
Benefits paid | (8.7) | (9.9) | |
Plan settlements | (10.8) | 0.0 | |
Foreign currency translation | 25.3 | (23.7) | |
Benefit obligation at end of year | 232.4 | 215.7 | $ 214.9 |
Funded status at end of year | $ 39.8 | $ 31.9 |
Pension Plans - Components of UK Net Asset Recognized (Details) - USD ($) $ in Millions |
Feb. 03, 2018 |
Jan. 28, 2017 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current assets | $ 39.8 | $ 31.9 |
Pension plan | Foreign Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Non-current assets | $ 39.8 | $ 31.9 |
Pension Plans - AOCI Items not yet Recognized (Details) - Pension plan - Foreign Plan - USD ($) $ in Millions |
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
---|---|---|---|
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial losses | $ (51.1) | $ (55.5) | $ (43.1) |
Net prior service credits | $ 2.4 | $ 9.2 | $ 11.1 |
Pension Plans - Components of Net Periodic Pension Cost (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Net curtailment gain and settlement loss | $ 3.7 | $ 0.0 | $ 0.0 |
Pension plan | Foreign Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | (2.1) | (2.0) | (2.6) |
Interest cost | (6.1) | (7.2) | (7.7) |
Expected return on UK Plan assets | 9.4 | 10.4 | 11.5 |
Amortization of unrecognized actuarial losses | (2.8) | (1.5) | (3.4) |
Amortization of unrecognized net prior service credits | 1.4 | 1.9 | 2.2 |
Net curtailment gain and settlement loss | 3.7 | 0.0 | 0.0 |
Net periodic pension benefit | 3.5 | 1.6 | 0.0 |
Other changes in assets and benefit obligations recognized in OCI | (2.9) | (17.8) | 14.4 |
Total recognized in net periodic pension benefit (cost) and OCI | $ 0.6 | $ (16.2) | $ 14.4 |
Pension Plans - Assumptions used to Determine Benefit Obligations and Periodic Pension Costs (Details) - Pension plan - Foreign Plan |
12 Months Ended | |
---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
|
Assumptions used to determine benefit obligations (at the end of the year): | ||
Discount rate | 2.60% | 2.90% |
Salary increases | 2.50% | 2.00% |
Assumptions used to determine net periodic pension costs (at the start of the year): | ||
Discount rate | 2.90% | 3.60% |
Expected return on UK Plan assets | 3.80% | 4.20% |
Salary increases | 2.00% | 2.50% |
Pension Plans - Changes in Fair Value of Level 3 Investment Assets (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
|
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value at beginning of year | $ 37.1 | |
Fair value at end of year | 37.5 | $ 37.1 |
Significant Unobservable inputs (Level 3) | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | ||
Fair value at beginning of year | 11.8 | 13.0 |
Actual return on assets | 2.5 | (1.2) |
Fair value at end of year | $ 14.3 | $ 11.8 |
Pension Plans - Future Benefits Payments Estimated to be Paid (Details) - Pension plan - Foreign Plan $ in Millions |
Feb. 03, 2018
USD ($)
|
---|---|
Defined Benefit Plan Disclosure [Line Items] | |
Fiscal 2019 | $ 9.6 |
Fiscal 2020 | 9.5 |
Fiscal 2021 | 10.0 |
Fiscal 2022 | 10.3 |
Fiscal 2023 | 10.3 |
Thereafter | $ 53.4 |
Pension Plans - Fair Value of Unfunded, Non-qualified Deferred Compensation Plans Assets (Details) - USD ($) $ in Millions |
Feb. 03, 2018 |
Jan. 28, 2017 |
---|---|---|
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | $ 37.5 | $ 37.1 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 30.2 | 29.6 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 7.3 | 7.5 |
Corporate-owned life insurance plans | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 7.3 | 7.5 |
Corporate-owned life insurance plans | Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 7.3 | 7.5 |
Money market funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | 30.2 | 29.6 |
Money market funds | Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total assets | $ 30.2 | $ 29.6 |
Loans, Overdrafts and Long-Term Debt - Summary (Details) - USD ($) $ in Millions |
Feb. 03, 2018 |
Jan. 28, 2017 |
---|---|---|
Debt Disclosure [Abstract] | ||
Senior unsecured notes due 2024, net of unamortized discount | $ 398.9 | $ 398.8 |
Securitization facility | 0.0 | 600.0 |
Senior unsecured term loan | 326.2 | 348.6 |
Revolving credit facility | 0.0 | 56.0 |
Bank overdrafts | 14.2 | 14.2 |
Total debt | 739.3 | 1,417.6 |
Less: Current portion of loans and overdrafts | (44.0) | (91.1) |
Less: Unamortized capitalized debt issuance fees | (7.1) | (8.6) |
Long-term debt | $ 688.2 | $ 1,317.9 |
Accrued Expenses and Other Current Liabilities - Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Millions |
Feb. 03, 2018 |
Jan. 28, 2017 |
---|---|---|
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 68.3 | $ 105.8 |
Other liabilities | 34.7 | 33.0 |
Other taxes | 36.3 | 45.1 |
Payroll taxes | 11.8 | 9.9 |
Accrued expenses | 296.9 | 284.4 |
Total accrued expenses and other current liabilities | $ 448.0 | $ 478.2 |
Accrued Expenses and Other Current Liabilities - Summary of Activity in Sales Returns Reserve (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning balance | $ 13.0 | $ 14.0 | $ 15.3 |
Net adjustment | 0.5 | (1.0) | (1.3) |
Ending balance | $ 13.5 | $ 13.0 | $ 14.0 |
Accrued Expenses and Other Current Liabilities - Additional Information (Detail) |
12 Months Ended |
---|---|
Feb. 03, 2018 | |
Payables and Accruals [Abstract] | |
Lifetime diamond guarantee inspection period | 6 months |
Accrued Expenses and Other Current Liabilities - Summary of Activity in Warranty Reserve (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Balance at beginning of period | $ 40.0 | $ 41.9 | $ 44.9 |
Warranty expense | 8.5 | 11.5 | 10.8 |
Utilized | (11.3) | (13.4) | (13.8) |
Balance at end of period | $ 37.2 | $ 40.0 | $ 41.9 |
Accrued Expenses and Other Current Liabilities - Components of Warranty Reserve (Details) - USD ($) $ in Millions |
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
Jan. 31, 2015 |
---|---|---|---|---|
Warranty Reserve [Line Items] | ||||
Warranty reserve | $ 25.7 | $ 27.0 | ||
Included within accrued expenses above | 37.2 | 40.0 | $ 41.9 | $ 44.9 |
Warranty reserves | ||||
Warranty Reserve [Line Items] | ||||
Current liabilities | 11.5 | 13.0 | ||
Warranty reserve | 25.7 | 27.0 | ||
Included within accrued expenses above | $ 37.2 | $ 40.0 |
Deferred Revenue - ESP and Voucher Promotions (Details) - USD ($) $ in Millions |
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
---|---|---|---|
Deferred Revenue Warranty [Roll Forward] | |||
Voucher promotions and other | $ 41.4 | $ 30.3 | |
Total deferred revenue | 957.5 | 935.9 | |
Current liabilities | 288.6 | 276.9 | |
Non-current liabilities | 668.9 | 659.0 | |
Sterling Jewelers | |||
Deferred Revenue Warranty [Roll Forward] | |||
ESP deferred revenue | 738.0 | 737.4 | $ 715.1 |
Zale Jewelry | |||
Deferred Revenue Warranty [Roll Forward] | |||
ESP deferred revenue | $ 178.1 | $ 168.2 |
Deferred Revenue - Rollforward (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
|
Sterling Jewelers | ||
Deferred Revenue Arrangement [Line Items] | ||
ESP deferred revenue, beginning of period | $ 737.4 | $ 715.1 |
Plans sold | 269.2 | 290.8 |
Revenue recognized | (268.6) | (268.5) |
ESP deferred revenue, end of period | 738.0 | 737.4 |
Zale | ||
Deferred Revenue Arrangement [Line Items] | ||
ESP deferred revenue, beginning of period | 168.2 | 146.1 |
Plans sold | 140.1 | 150.1 |
Revenue recognized | (130.2) | (128.0) |
ESP deferred revenue, end of period | $ 178.1 | $ 168.2 |
Other Liabilities-Non-Current - Summary of Other Liabilities (Details) - USD ($) $ in Millions |
Feb. 03, 2018 |
Jan. 28, 2017 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Straight-line rent | $ 91.2 | $ 87.2 |
Deferred compensation | 32.2 | 40.7 |
Warranty reserve | 25.7 | 27.0 |
Lease loss reserve | 1.2 | 1.3 |
Other liabilities | 89.3 | 57.5 |
Total other liabilities | $ 239.6 | $ 213.7 |
Share-Based Compensation - Share-based Compensation Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Income tax benefit | $ (5.3) | $ (2.8) | $ (5.9) |
Selling, general and administrative expenses | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 16.1 | $ 8.0 | $ 16.4 |
Share-Based Compensation - Unrecognized Compensation Costs related to Awards (Details) $ in Millions |
12 Months Ended |
---|---|
Feb. 03, 2018
USD ($)
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation costs | $ 31.7 |
Omnibus Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation costs | $ 27.6 |
Weighted average period | 2 years |
Saving Share Plans | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation costs | $ 4.1 |
Weighted average period | 1 year 8 months |
Share-Based Compensation - Significant Assumptions used to Estimate Fair Value of Awards under Omnibus Plan (Details) - Omnibus Plan - $ / shares |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share price (usd per share) | $ 65.74 | $ 109.03 | $ 136.37 |
Risk free interest rate | 1.40% | 1.00% | 0.80% |
Expected term | 2 years 8 months | 2 years 9 months 12 days | 2 years 10 months 12 days |
Expected volatility | 32.30% | 28.50% | 25.40% |
Dividend yield | 2.10% | 1.10% | 0.70% |
Weighted average grant date fair value per share of awards granted (usd per share) | $ 63.42 | $ 106.48 | $ 134.46 |
Share-Based Compensation - Summary of Activity of Awards Granted under Omnibus Plan (Details) - Omnibus Plan - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Beginning Balance (shares) | 0.7 | ||
Granted (shares) | 0.9 | ||
Vested (shares) | (0.1) | ||
Lapsed (shares) | (0.4) | ||
Ending Balance (shares) | 1.1 | 0.7 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Beginning Balance (usd per share) | $ 111.98 | ||
Granted (usd per share) | 63.42 | $ 106.48 | $ 134.46 |
Vested (usd per share) | 105.76 | ||
Lapsed (usd per share) | 84.41 | ||
Ending Balance (usd per share) | $ 82.65 | $ 111.98 | |
Weighted average remaining contractual life | 1 year 6 months | 1 year 3 months 12 days | |
Intrinsic value | $ 55.0 | $ 53.0 |
Share-Based Compensation - Additional Information about Awards Granted under Omnibus Plan (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Omnibus Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of awards vested | $ 7.1 | $ 13.6 | $ 22.2 |
Share-Based Compensation - Significant Assumptions used to Estimate Fair Value of Awards under Share Saving Plan (Details) - Saving Share Plans - $ / shares |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share price (usd per share) | $ 59.84 | $ 84.37 | $ 139.18 |
Exercise price (usd per share) | $ 52.000000 | $ 67.24000000 | $ 114.67000000 |
Risk free interest rate | 1.20% | 0.60% | 0.70% |
Expected term | 2 years 8 months 10 days | 2 years 8 months 10 days | 2 years 7 months 10 days |
Expected volatility | 37.00% | 31.30% | 27.10% |
Dividend yield | 2.70% | 1.70% | 0.80% |
Weighted average grant date fair value per share of awards granted (usd per share) | $ 15.22 | $ 22.82 | $ 34.76 |
Share-Based Compensation - Additional Information about Awards Granted under Share Saving Plan (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Cash received from share options exercised | $ 0.3 | $ 2.1 | $ 5.0 |
Saving Share Plans | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value per share of awards granted (usd per share) | $ 15.22 | $ 22.82 | $ 34.76 |
Total intrinsic value of options exercised | $ 0.1 | $ 1.5 | $ 6.4 |
Cash received from share options exercised | $ 0.3 | $ 1.4 | $ 4.0 |
Commitments and Contingencies - Operating Leases (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Commitments and Contingencies Disclosure [Abstract] | |||
Minimum rentals | $ 528.1 | $ 524.4 | $ 525.7 |
Contingent rent | 8.5 | 10.2 | 15.3 |
Sublease income | (0.5) | (0.6) | (0.7) |
Total | $ 536.1 | $ 534.0 | $ 540.3 |
Commitments and Contingencies - Future Minimum Payments (Details) $ in Millions |
Feb. 03, 2018
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Fiscal 2019 | $ 460.3 |
Fiscal 2020 | 405.3 |
Fiscal 2021 | 371.4 |
Fiscal 2022 | 328.8 |
Fiscal 2023 | 284.8 |
Thereafter | 907.3 |
Total | $ 2,757.9 |
Commitments and Contingencies - Narrative (Details) $ in Millions |
1 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Aug. 01, 2016
employee
|
Aug. 31, 2016
lawsuit
|
Feb. 03, 2018
USD ($)
Property
employee
|
Jan. 28, 2017
USD ($)
|
|
Loss Contingencies [Line Items] | ||||
Number of property leases in United Kingdom | 19 | |||
Number of additional properties sublet | 10 | |||
Capital commitments related to expansion and renovation of stores | $ | $ 46.9 | $ 48.4 | ||
Environmental Protection Agency Collective Action | ||||
Loss Contingencies [Line Items] | ||||
Number of plaintiffs | employee | 10,314 | 9,124 | ||
S.D.N.Y. Cases | ||||
Loss Contingencies [Line Items] | ||||
Loss contingency, new claims filed, number | lawsuit | 2 |
Quarterly Financial Information - Unaudited (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 03, 2018 |
Oct. 28, 2017 |
Jul. 29, 2017 |
Apr. 29, 2017 |
Jan. 28, 2017 |
Oct. 29, 2016 |
Jul. 30, 2016 |
Apr. 30, 2016 |
Feb. 03, 2018 |
Jan. 28, 2017 |
Jan. 30, 2016 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Sales | $ 2,293.1 | $ 1,156.9 | $ 1,399.6 | $ 1,403.4 | $ 2,269.9 | $ 1,186.2 | $ 1,373.4 | $ 1,578.9 | $ 6,253.0 | $ 6,408.4 | $ 6,550.2 |
Gross margin | 919.8 | 321.1 | 457.9 | 491.2 | 945.5 | 350.0 | 464.9 | 600.4 | 2,190.0 | 2,360.8 | 2,440.4 |
Net income | $ 343.0 | $ (12.1) | $ 85.2 | $ 70.3 | $ 287.8 | $ 14.8 | $ 81.9 | $ 146.8 | $ 519.3 | $ 543.2 | $ 467.9 |
Earnings per common share: | |||||||||||
Earnings per share - basic (usd per share) | $ 5.70 | $ (0.20) | $ 1.34 | $ 1.03 | $ 4.17 | $ 0.20 | $ 1.06 | $ 1.87 | $ 7.72 | $ 7.13 | $ 5.89 |
Earnings per share - diluted (usd per share) | $ 5.24 | $ (0.20) | $ 1.33 | $ 1.03 | $ 3.92 | $ 0.20 | $ 1.06 | $ 1.87 | $ 7.44 | $ 7.08 | $ 5.87 |