SIGNET JEWELERS LTD, 10-K filed on 3/26/2020
Annual Report
v3.20.1
Document and Entity Information - USD ($)
12 Months Ended
Feb. 01, 2020
Mar. 20, 2020
Aug. 03, 2019
Cover page.      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Feb. 01, 2020    
Document Transition Report false    
Entity File Number 1-32349    
Entity Registrant Name SIGNET JEWELERS LIMITED    
Entity Incorporation, State or Country Code D0    
Entity Address, Address Line One Clarendon House    
Entity Address, Address Line Two 2 Church Street    
Entity Address, City or Town Hamilton    
Entity Address, Postal Zip Code HM11    
Entity Address, Country BM    
City Area Code 441    
Local Phone Number 296 5872    
Title of 12(b) Security Common Shares of $0.18 each    
Trading Symbol SIG    
Security Exchange Name NYSE    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Public Float     $ 893,811,751
Entity Common Stock, Shares outstanding   52,346,157  
Documents Incorporated by Reference
The Registrant will incorporate by reference information required in response to Part III, Items 10-14, from its definitive proxy statement for its annual meeting of shareholders which will be filed with the Securities and Exchange Commission within 120 days after February 1, 2020.
   
Amendment Flag false    
Document Fiscal Year Focus 2020    
Document Fiscal Period Focus FY    
Entity Central Index Key 0000832988    
Current Fiscal Year End Date --02-01    
v3.20.1
Consolidated Statements Of Operations - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Income Statement [Abstract]      
Sales $ 6,137.1 $ 6,247.1 $ 6,253.0
Cost of sales (3,904.2) (4,024.1) (4,063.0)
Restructuring charges - cost of sales (9.2) (62.2) 0.0
Gross margin 2,223.7 2,160.8 2,190.0
Selling, general and administrative expenses (1,918.2) (1,985.1) (1,872.2)
Credit transaction, net 0.0 (167.4) 1.3
Restructuring charges (69.9) (63.7) 0.0
Goodwill and intangible impairments (47.7) (735.4) 0.0
Other operating income (loss) (29.6) 26.2 260.8
Operating income (loss) 158.3 (764.6) 579.9
Interest expense, net (35.6) (39.7) (52.7)
Other non-operating income, net 7.0 1.7 0.0
Income (loss) before income taxes 129.7 (802.6) 527.2
Income taxes (24.2) 145.2 (7.9)
Net income (loss) 105.5 (657.4) 519.3
Dividends on redeemable convertible preferred shares (32.9) (32.9) (32.9)
Net income (loss) attributable to common shareholders $ 72.6 $ (690.3) $ 486.4
Earnings (loss) per common share:      
Earnings per share: basic (usd per share) $ 1.40 $ (12.62) $ 7.72
Earnings per share: diluted (usd per share) $ 1.40 $ (12.62) $ 7.44
Weighted average common shares outstanding:      
Weighted average common shares outstanding: basic (in shares) 51.7 54.7 63.0
Weighted average common shares outstanding: diluted (in shares) 51.8 54.7 69.8
v3.20.1
Consolidated Statements Of Comprehensive Income - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Pre-tax amount      
Foreign currency translation adjustments $ (1.7) $ (35.9) $ 50.9
Available-for-sale securities:      
Unrealized gain (loss) (0.2) 0.6 0.5
Reclassification adjustment for (gains) losses to net income 1.0 0.0 0.0
Impact from adoption of new accounting pronouncements [1] 0.0 (1.1) 0.0
Cash flow hedges:      
Unrealized gain (loss) 14.8 6.2 3.4
Reclassification adjustment for (gains) losses to net income (3.4) (2.1) (4.6)
Pension plan:      
Actuarial gain (loss) 0.5 (4.1) 0.0
Reclassification adjustment to net income for amortization of actuarial (gains) losses 1.2 0.9 2.8
Prior service costs 0.0 (8.1) (0.6)
Reclassification adjustment to net income for amortization of net prior service credits 0.0 0.0 (1.4)
Net curtailment gain and settlement loss 0.0 0.0 (3.7)
Total other comprehensive income (loss) 12.2 (43.6) 47.3
Tax (expense) benefit      
Foreign currency translation adjustments 0.0 0.0 0.0
Available-for-sale securities:      
Unrealized gain (loss) 0.0 (0.2) (0.2)
Reclassification adjustment for (gains) losses to net income 0.0 0.0 0.0
Impact from adoption of new accounting pronouncements [1] 0.0 0.3 0.0
Cash flow hedges:      
Unrealized gain (loss) (3.6) (1.4) (1.6)
Reclassification adjustment for (gains) losses to net income 0.7 0.6 1.1
Pension plan:      
Actuarial gain (loss) (0.1) 0.7 0.0
Reclassification adjustment to net income for amortization of actuarial (gains) losses (0.2) (0.2) (0.6)
Prior service costs 0.0 1.6 0.1
Reclassification adjustment to net income for amortization of net prior service credits 0.0 0.0 0.3
Net curtailment gain and settlement loss 0.0 0.0 0.7
Total other comprehensive income (loss) (3.2) 1.4 (0.2)
After-tax amount      
Net income 105.5 (657.4) 519.3
Foreign currency translation adjustments (1.7) (35.9) 50.9
Available-for-sale securities:      
Unrealized gain (loss) (0.2) 0.4 0.3
Reclassification adjustment for (gains) losses to net income 1.0 0.0 0.0
Impact from adoption of new accounting pronouncements [1] 0.0 (0.8) 0.0
Cash flow hedges:      
Unrealized gain (loss) (11.2) (4.8) (1.8)
Reclassification adjustment for (gains) losses to net income 2.7 1.5 3.5
Pension plan:      
Actuarial gain (loss) 0.4 (3.4) 0.0
Reclassification adjustment to net income for amortization of actuarial (gains) losses 1.0 0.7 2.2
Prior service costs 0.0 (6.5) (0.5)
Reclassification adjustment to net income for amortization of net prior service credits 0.0 0.0 (1.1)
Net curtailment gain and settlement loss 0.0 0.0 (3.0)
Total other comprehensive income (loss) 9.0 (42.2) 47.1
Total comprehensive income (loss) $ 114.5 $ (699.6) $ 566.4
[1]
Adjustment reflects the reclassification of unrealized gains related to the Company’s available-for-sale equity securities as of February 3, 2018 from AOCI into retained earnings associated with the adoption of ASU 2016-01.
v3.20.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Current assets:    
Cash and cash equivalents $ 374.5 $ 195.4
Accounts receivable 38.8 23.7
Other current assets 403.5 244.0
Income taxes 6.3 5.8
Inventories, net 2,331.7 2,386.9
Total current assets 3,154.8 2,855.8
Non-current assets:    
Property, plant and equipment, net 741.9 800.5
Operating lease right-of-use assets 1,683.3  
Goodwill 248.8 296.6
Intangible assets, net 263.8 265.0
Other assets 201.8 181.2
Deferred tax assets 4.7 21.0
Total assets 6,299.1 4,420.1
Current liabilities:    
Loans and overdrafts 95.6 78.8
Accounts payable 227.9 153.7
Accrued expenses and other current liabilities 697.0 502.8
Deferred revenue 266.2 270.0
Operating lease liabilities 338.2  
Income taxes 27.7 27.7
Total current liabilities 1,652.6 1,033.0
Non-current liabilities:    
Long-term debt 515.9 649.6
Operating lease liabilities 1,437.7  
Other liabilities 116.6 224.1
Deferred revenue 731.5 696.5
Deferred tax liabilities 5.2 0.0
Total liabilities 4,459.5 2,603.2
Commitments and contingencies
Series A redeemable convertible preferred shares of $0.01 par value: 500 shares authorized, 0.625 shares outstanding 617.0 615.3
Shareholders’ equity:    
Common shares of $0.18 par value: authorized 500 shares, 52.3 shares outstanding (2019: 51.9 outstanding) 12.6 12.6
Additional paid-in capital 245.4 236.5
Other reserves 0.4 0.4
Treasury shares at cost: 17.7 shares (2019: 18.1 shares) (984.9) (1,027.3)
Retained earnings 2,242.9 2,282.2
Accumulated other comprehensive loss (293.8) (302.8)
Total shareholders’ equity 1,222.6 1,201.6
Total liabilities, redeemable convertible preferred shares and shareholders’ equity $ 6,299.1 $ 4,420.1
v3.20.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Feb. 01, 2020
Feb. 02, 2019
Common shares, par value (usd per share) $ 0.18 $ 0.18
Common shares, authorized (in shares) 500,000,000 500,000,000
Common shares, outstanding (in shares) 52,300,000 51,900,000
Treasury shares, shares (in shares) 17,700,000 18,100,000
Series A Redeemable Convertible Preferred Stock    
Preferred shares, par value (usd per share) $ 0.01 $ 0.01
Preferred shares, authorized (in shares) 500,000,000 500,000,000
Preferred shares, outstanding (in shares) 625,000 625,000
v3.20.1
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Cash flows from operating activities:      
Net income $ 105.5 $ (657.4) $ 519.3
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 178.0 183.6 203.4
Amortization of unfavorable leases and contracts (5.5) (7.9) (13.0)
Share-based compensation 16.9 16.5 16.1
Deferred taxation 21.5 (105.6) (33.4)
Credit transaction, net 0.0 160.4 (30.9)
Goodwill and intangible impairments 47.7 735.4 0.0
Restructuring charges 25.9 84.9 0.0
Net gain on extinguishment of debt (6.2) 0.0 0.0
Other non-cash movements (4.3) (3.4) 2.6
Changes in operating assets and liabilities:      
Decrease (increase) in accounts receivable (15.2) 45.7 242.1
Proceeds from sale of in-house finance receivables 0.0 445.5 952.5
Decrease (increase) in other assets and other receivables (184.2) 0.7 (6.0)
Decrease (increase) in inventories 48.8 (194.3) 210.9
Increase (decrease) in accounts payable 77.2 (78.5) (51.4)
Increase (decrease) in accrued expenses and other liabilities 232.9 55.9 3.9
Change in operating lease assets and liabilities (9.4) 0.0 0.0
Increase in deferred revenue 30.8 9.7 10.0
Increase (decrease) in income taxes payable 0.6 10.9 (82.4)
Pension plan contributions (5.3) (4.4) (3.2)
Net cash provided by operating activities 555.7 697.7 1,940.5
Investing activities      
Purchase of property, plant and equipment (136.3) (133.5) (237.4)
Proceeds from sale of assets 0.5 5.5 0.0
Purchase of available-for-sale securities (13.3) (0.6) (2.4)
Proceeds from sale of available-for-sale securities 8.3 9.6 2.2
Acquisition of R2Net Inc., net of cash acquired 0.0 0.0 (331.8)
Net cash used in investing activities (140.8) (119.0) (569.4)
Financing activities      
Dividends paid on common shares (77.4) (79.0) (76.5)
Dividends paid on redeemable convertible preferred shares (31.2) (31.2) (34.7)
Repurchase of common shares 0.0 (485.0) (460.0)
Proceeds from term and bridge loans 100.0 0.0 350.0
Repayments of term and bridge loans (294.9) (31.3) (372.3)
Settlement of Senior Notes, including third party fees (241.5) 0.0 0.0
Proceeds from securitization facility 0.0 0.0 1,745.9
Repayment of securitization facility 0.0 0.0 (2,345.9)
Proceeds from revolving credit facilities 858.3 787.0 814.0
Repayments of revolving credit facilities (588.3) (787.0) (870.0)
Payment of debt issuance costs (9.3) 0.0 0.0
Increase (decrease) of bank overdrafts 47.5 25.9 (0.1)
Other financing activities (0.2) (2.1) (4.0)
Net cash used in financing activities (237.0) (602.7) (1,253.6)
Cash and cash equivalents at beginning of period 195.4 225.1 98.7
Increase (decrease) in cash and cash equivalents 177.9 (24.0) 117.5
Effect of exchange rate changes on cash and cash equivalents 1.2 (5.7) 8.9
Cash and cash equivalents at end of period $ 374.5 $ 195.4 $ 225.1
v3.20.1
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. 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         519.3  
Other comprehensive income (loss) 47.1           47.1
Dividends on common shares (77.5)         (77.5)  
Dividends on redeemable convertible preferred shares (32.9)         (32.9)  
Repurchase of common shares (460.0)       (460.0)    
Net settlement of equity based awards (2.8)   (6.5)   12.3 (8.6)  
Share options exercised 0.3   (0.1)   0.4    
Share-based compensation expense 16.1   16.1        
Balance at Feb. 03, 2018 2,499.8 15.7 290.2 0.4 (1,942.1) 4,396.2 (260.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Impact from adoption of new accounting pronouncements [1] (16.5)         (15.7) (0.8)
Net income (657.4)         (657.4)  
Other comprehensive income (loss) (41.4)           (41.4)
Dividends on common shares (79.4)         (79.4)  
Dividends on redeemable convertible preferred shares (32.9)         (32.9)  
Repurchase of common shares (485.0)       (485.0)    
Treasury share retirements 0.0 (3.1) (58.4)   1,391.0 (1,329.5)  
Net settlement of equity based awards (2.1)   (11.8)   8.8 0.9  
Share-based compensation expense 16.5   16.5        
Balance at Feb. 02, 2019 1,201.6 12.6 236.5 0.4 (1,027.3) 2,282.2 (302.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net income 105.5         105.5  
Other comprehensive income (loss) 9.0           9.0
Dividends on common shares (77.4)         (77.4)  
Dividends on redeemable convertible preferred shares (32.9)         (32.9)  
Net settlement of equity based awards (0.1)   (8.0)   42.4 (34.5)  
Share-based compensation expense 16.9   16.9        
Balance at Feb. 01, 2020 $ 1,222.6 $ 12.6 $ 245.4 $ 0.4 $ (984.9) $ 2,242.9 $ (293.8)
[1]
Reflects reclassifications to retained earnings related to 1) unrealized gains related to the Company’s equity security investments as of February 3, 2018 from AOCI associated with the adoption of ASU 2016-01 and 2) deferred costs associated with the sale of extended service plans due to the adoption of ASU 2014-09.
v3.20.1
Organization and summary of significant accounting policies
12 Months Ended
Feb. 01, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and summary of significant accounting 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. During the first quarter of Fiscal 2019, the Company realigned its organizational structure. The new structure is expected to 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 identified three reportable segments as follows: North America, which consists of the legacy Sterling Jewelers and Zale divisions; International, which consists of the legacy 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 6 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 5 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”). In June 2018, the Company, through its subsidiary Sterling, completed the sale of all eligible non-prime in-house accounts receivable to CarVal Investors (“CarVal”) and Castlelake, L.P. (“Castlelake”). See Note 4 for additional information regarding the transaction.
Signet’s sales are seasonal, with the fourth quarter accounting for approximately 35-40% of annual sales, with December being by far the highest volume month of the year. The “Holiday Season” consists of results for the months of November and December. As a result of the Company’s seasonality, it anticipates operating income will be almost entirely generated in the fourth quarter.
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 consolidated financial statements.
(a) Basis of preparation
The consolidated financial statements of Signet are prepared in accordance with US generally accepted accounting principles (“US GAAP” or “GAAP”) and include the results for the 52 week period ended February 1, 2020 (“Fiscal 2020”), as Signet’s fiscal year ends on the Saturday nearest to January 31. The comparative periods are for the 52 week period ended February 2, 2019 (“Fiscal 2019”) and the 53 week period ended February 3, 2018 (“Fiscal 2018”). Intercompany transactions and balances have been eliminated in consolidation. Related to the adoption of new accounting pronouncements disclosed in Note 2 and the change in segments disclosed in Note 6, Signet has reclassified certain prior year amounts 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, operating lease liabilities income taxes, contingencies, asset impairments, indefinite-lived intangible assets, depreciation and amortization of long-lived assets as well as accounting for business combinations.
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 International segment and the Canadian operations of the North America 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 other operating income (loss) in the consolidated statements of operations, whereas translation adjustments and gains or losses related to intercompany loans of a long-term investment nature are recognized as a component of AOCI.
(d) Revenue recognition
The Company applies a five-step approach in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied.
See Note 3 for additional discussion of the Company’s revenue recognition.
(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 prior to credit outsourcing. 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 subsequently third-party credit costs; advertising and promotional costs and other operating expenses not specifically categorized elsewhere in the consolidated statements of operations.
Compensation and benefits costs included within cost of sales and selling, general and administrative expenses were as follows:
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Wages and salaries
$
1,079.2

 
$
1,127.2

 
$
1,140.3

Payroll taxes
84.8

 
90.3

 
93.8

Employee benefit plans
15.7

 
17.2

 
13.0

Share-based compensation
16.9

 
16.5

 
16.1

Total compensation and benefits
$
1,196.6

 
$
1,251.2

 
$
1,263.2


(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 $388.9 million in Fiscal 2020 (Fiscal 2019: $387.8 million; Fiscal 2018: $360.5 million).
(h) In-house customer finance programs
Prior to the second quarter of Fiscal 2019, the North America segment operated customer in-house finance programs that allowed customers to finance merchandise purchases from its stores. Finance charges were recognized in accordance with the contractual agreements. Gross interest earned was recorded as other operating income in the consolidated statements of operations. See Note 13 for additional discussion of the Company’s other operating income (loss). In addition to interest-bearing accounts, a portion of credit sales were made using interest-free financing for one year or less, subject to certain conditions.
Prior to the credit transaction entered into in October 2017 (see Note 4), 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 were removed from the non-accrual status.
As a result of the credit transaction noted above, the Company revised its policy to suspend the accrual of interest when accounts became more than 120 days past due on a contractual basis to align with the processes utilized by the Company’s third party credit service provider for the Company’s remaining in-house finance receivable portfolio.
(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 all or a portion 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 12 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 five days of the original sales transaction are considered cash equivalents.
The following table summarizes the details of the Company’s cash and cash equivalents:
(in millions)
February 1, 2020
 
February 2, 2019
Cash and cash equivalents held in money markets and other accounts
$
326.2

 
$
164.5

Cash equivalents from third-party credit card issuers
46.3

 
29.1

Cash on hand
2.0

 
1.8

Total cash and cash equivalents
$
374.5

 
$
195.4


The Company’s supplemental cash flow information was as follows:
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Non-cash investing activities:
 
 
 
 
 
Capital expenditures in accounts payable
$
0.1

 
$
5.6

 
$
7.0

Supplemental cash flow information:
 
 
 
 
 
Interest paid
$
34.7

 
$
39.1

 
$
50.2

Income tax paid (refunded), net
$
5.7

 
$
(44.8
)
 
$
122.3


(k) Accounts receivable
Accounts receivable under the customer finance programs were presented net of an allowance for uncollectible amounts. This allowance represented management’s estimate of the expected losses in the accounts receivable portfolio as of the balance sheet date, and was calculated using a model that analyzed factors such as delinquency rates and recovery rates. In June 2018, the Company completed the sale of the remaining North America customer in-house finance receivables. Subsequent to the completion of the credit transaction, receivables issued by the Company but pending transfer are classified as “held for sale” and recorded at fair value in the consolidated balance sheet. See Note 21 for additional information regarding the assumptions utilized in the calculation of fair value of the finance receivables held for sale.
Prior to the credit transaction entered into in October 2017 (see Note 4), the Company calculated the allowance for uncollectible amounts as follows:
Record an allowance for amounts under 90 days aged on a recency measure of delinquency based on historical loss experience and payment performance information. The recency method measured the delinquency level by the number of days since the last qualifying payment was received, with the qualifying payment increasing with delinquency level.
Record a 100% allowance for any amount aged more than 90 days on a recency measure of delinquency and any amount associated with an account the owner of which has filed for bankruptcy.
Subsequent to the sale of its prime portfolio and until the sale of its non-prime accounts receivable portfolio, the Company measured delinquency under the contractual basis which aligned with the processes and collection strategies utilized by the Company’s third party credit service provider for the remaining in-house finance receivable portfolio. Under this measure of delinquency, credit card accounts were considered delinquent if the minimum payment was not received by the specified due date. The aging method was based on the number of completed billing cycles during which the customer failed to make a minimum payment. Management utilized the delinquency rates identified within the portfolio when calculating the overall allowance for the portfolio.
Due to the reclassification of the non-prime accounts receivable portfolio to “held for sale” in the first quarter of Fiscal 2019, the Company no longer records allowances for uncollectible amounts or bad debt expense.
See Note 14 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, on a first-in first-out basis, 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 15 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:
Buildings
 
Ranging from 30 – 40 years
Leasehold improvements
 
Remaining term of lease, not to exceed 10 years
Furniture and fixtures
 
Ranging from 3 – 10 years
Equipment and software
 
Ranging from 3 – 7 years

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 seven 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 16 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 and other indefinite-lived intangible assets, such as indefinite-lived trade names, are evaluated for impairment annually. Additionally, if events or conditions were to indicate the carrying value of a reporting unit or an indefinite-lived intangible asset may be greater than its fair value, the Company would evaluate the asset for impairment at that time. Impairment testing compares the carrying amount of the reporting unit or other intangible assets with its fair value. When the carrying amount of the reporting unit or other intangible assets exceeds its fair value, an impairment charge is recorded.
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.
See Note 18 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 statements of operations 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 (loss) in the consolidated statements of operations. In addition, gains and losses on derivatives that do not qualify for hedge accounting are recognized immediately in other operating income (loss).
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 20 for additional discussion of the Company’s derivatives and hedge activities.
(q) Employee Benefits
The funded status of the defined benefit pension plan in the UK (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, a defined contribution retirement savings plan in the US, and an executive deferred compensation plan in the US. Contributions made by Signet to these benefit arrangements are charged primarily to selling, general and administrative expenses in the consolidated statements of operations as incurred.
See Note 22 for additional discussion of the Company’s employee benefits.
(r) Debt issuance costs
Borrowings include primarily interest-bearing bank loans and bank overdrafts. Direct debt issuance costs on borrowings are capitalized and amortized into interest expense over the contractual term of the related loan.
See Note 23 for additional discussion of the Company’s debt issuance 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 Company performance 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 statements of operations, consistent with the relevant salary cost.
See Note 26 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 potential loss is disclosed.
See Note 27 for additional discussion of the Company’s contingencies.
(u) 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 are reflected as a reduction of retained earnings in the period in which they are declared by the Board, as are the deemed dividends resulting from the accretion of issuance costs related to the preferred shares.
See Note 8 and Note 9 for additional information related to the Company’s equity, including the preferred shares.
v3.20.1
New accounting pronouncements
12 Months Ended
Feb. 01, 2020
Accounting Policies [Abstract]  
New accounting pronouncements New accounting pronouncements
The following section provides a description of new accounting pronouncements ("Accounting Standard Update" or "ASU") issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company.
New accounting pronouncements recently adopted
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 remaining 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. Signet adopted ASU 2016-02 and related updates effective February 3, 2019 using the additional transition method provided for in ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements,” which permitted the Company as of the effective date of ASU 2016-02 to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The impact of this approach was deemed immaterial upon adoption of ASU 2016-02. As part of the adoption of ASU 2016-02, the Company utilized the practical expedient relief package, as well as the short-term leases and portfolio approach practical expedients.
The effects of the changes made to the Company’s condensed consolidated balance sheet as of February 3, 2019 for the adoption of ASC 842 were as follows:
(in millions)
 
February 2, 2019
 
Adjustments due to ASC 842
 
February 3, 2019
Current assets:
 
 
 
 
 
 
Other current assets
 
$
244.0

 
$
(8.8
)
 
$
235.2

Non-current assets:
 
 
 
 
 
 
Operating lease right-of-use assets
 

 
1,927.2

 
1,927.2

Current liabilities:
 
 
 
 
 
 
Accrued expenses and other current liabilities
 
502.8

 
(32.9
)
 
469.9

Operating lease liabilities
 

 
376.5

 
376.5

Non-current liabilities:
 
 
 
 
 
 
Operating lease liabilities
 

 
1,676.9

 
1,676.9

Other liabilities
 
224.1

 
(102.1
)
 
122.0


See additional disclosures related to leases within Note 17.
In addition to the pronouncement above, the following ASU was adopted as of February 3, 2019. The impact on the Company's consolidated financial statements is described within the table below:
Standard
 
Description
ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, issued August 2017.
 
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. The adoption of ASU 2017-12 did not have a material impact on the Company’s financial position or results of operations.

New accounting pronouncements issued not yet adopted
Standard
 
Description
ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, issued July 2018.
 
Aligns the requirements for capitalizing implementation costs in cloud computing arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The updated guidance is not expected to have a material impact on the Company’s financial position or results of operations.
ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans, issued August 2018.
 
Modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans and clarifies the disclosure requirements regarding projected benefit obligations and accumulated benefit obligations. The ASU is effective for fiscal years ending after December 15, 2020, with early adoption permitted. The new guidance does not affect the existing recognition or measurement guidance, and therefore will have no impact on the Company’s financial condition or results of operations. The Company is evaluating the impact to related disclosures.
ASU No. 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, issued August 2018.
 
Modifies the disclosure requirements on fair value measurements in Topic 820 and eliminates ‘at a minimum’ from the phrase ‘an entity shall disclose at a minimum’ to promote the appropriate exercise of discretion by entities when considering fair value disclosures and to clarify that materiality is an appropriate consideration. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The new guidance does not affect the existing recognition or measurement guidance, and therefore will have no impact on the Company’s financial condition or results of operations. The Company is evaluating the impact to related disclosures.
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, issued June 2016.
 
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. The ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019, with early adoption permitted. The new guidance is not expected to have a material impact on the Company’s financial position or results of operations.

v3.20.1
Revenue recognition
12 Months Ended
Feb. 01, 2020
Revenue from Contract with Customer [Abstract]  
Revenue recognition Revenue recognition
The following tables provide the Company’s total sales, disaggregated by banner, for Fiscal 2020, Fiscal 2019 and Fiscal 2018:
 
 
Fiscal 2020
(in millions)
 
North America
 
International
 
Other
 
Consolidated
Sales by banner:
 
 
 
 
 
 
 
 
Kay
 
$
2,397.7

 
$

 
$

 
$
2,397.7

Zales
 
1,261.3

 

 

 
1,261.3

Jared
 
1,088.1

 

 

 
1,088.1

Piercing Pagoda
 
331.7

 

 

 
331.7

James Allen
 
250.6

 

 

 
250.6

Peoples
 
200.6

 

 

 
200.6

Regional banners
 
35.8

 

 

 
35.8

International segment banners
 

 
518.0

 

 
518.0

Other(1)
 

 

 
53.3

 
53.3

Total sales
 
$
5,565.8

 
$
518.0

 
$
53.3

 
$
6,137.1

 
 
 
 
 
 
 
 
 
 
 
Fiscal 2019
(in millions)
 
North America
 
International
 
Other
 
Consolidated
Sales by banner:
 
 
 
 
 
 
 
 
Kay
 
$
2,417.8

 
$

 
$

 
$
2,417.8

Zales
 
1,260.7

 

 

 
1,260.7

Jared
 
1,141.4

 

 

 
1,141.4

Piercing Pagoda
 
302.5

 

 

 
302.5

James Allen
 
223.7

 

 

 
223.7

Peoples
 
208.5

 

 

 
208.5

Regional banners
 
87.1

 

 

 
87.1

International segment banners
 

 
576.5

 

 
576.5

Other(1)
 

 

 
28.9

 
28.9

Total sales
 
$
5,641.7

 
$
576.5

 
$
28.9

 
$
6,247.1

 
 
 
 
 
 
 
 
 
 
 
Fiscal 2018
(in millions)
 
North America
 
International
 
Other
 
Consolidated
Sales by banner:
 
 
 
 
 
 
 
 
Kay
 
$
2,428.1

 
$

 
$

 
$
2,428.1

Zales
 
1,244.3

 

 

 
1,244.3

Jared
 
1,192.1

 

 

 
1,192.1

Piercing Pagoda
 
278.5

 

 

 
278.5

James Allen
 
88.1

 

 

 
88.1

Peoples
 
215.4

 

 

 
215.4

Regional banners
 
168.7

 

 

 
168.7

International segment banners
 

 
616.7

 

 
616.7

Other(1)
 

 

 
21.1

 
21.1

Total sales
 
$
5,615.2

 
$
616.7

 
$
21.1

 
$
6,253.0

(1)  
Includes sales from Signet’s diamond sourcing initiative.
The following tables provide the Company’s total sales, disaggregated by major product, for Fiscal 2020, Fiscal 2019 and Fiscal 2018:
 
Fiscal 2020
(in millions)
North America
 
International
 
Other
 
Consolidated
Sales by product:
 
 
 
 
 
 
 
Bridal
$
2,403.4

 
$
214.3

 
$

 
$
2,617.7

Fashion
2,131.0

 
110.5

 

 
2,241.5

Watches
214.9

 
169.1

 

 
384.0

Other(1)
816.5

 
24.1

 
53.3

 
893.9

Total sales
$
5,565.8

 
$
518.0

 
$
53.3

 
$
6,137.1

 
 
 
 
 
 
 
 
 
Fiscal 2019
(in millions)
North America
 
International
 
Other
 
Consolidated
Sales by product:
 
 
 
 
 
 
 
Bridal
$
2,478.6

 
$
234.0

 
$

 
$
2,712.6

Fashion
2,128.1

 
126.3

 

 
2,254.4

Watches
238.2

 
190.9

 

 
429.1

Other(1)
796.8

 
25.3

 
28.9

 
851.0

Total sales
$
5,641.7

 
$
576.5

 
$
28.9

 
$
6,247.1

 
 
 
 
 
 
 
 
 
Fiscal 2018
(in millions)
North America
 
International
 
Other
 
Consolidated
Sales by product:
 
 
 
 
 
 
 
Bridal
$
2,407.3

 
$
247.3

 
$

 
$
2,654.6

Fashion
2,168.2

 
137.0

 

 
2,305.2

Watches
243.6

 
195.5

 

 
439.1

Other(1)
796.1

 
36.9

 
21.1

 
854.1

Total sales
$
5,615.2

 
$
616.7

 
$
21.1

 
$
6,253.0

(1)  
Other revenue primarily includes gift and other miscellaneous jewelery sales, repairs, warranty and other miscellaneous non-jewelry sales.


The following tables provide the Company’s total sales, disaggregated by channel, for Fiscal 2020, Fiscal 2019 and Fiscal 2018:
 
Fiscal 2020
(in millions)
North America
 
International
 
Other
 
Consolidated
Sales by channel:
 
 
 
 
 
 
 
Store
$
4,880.2

 
$
453.2

 
$

 
$
5,333.4

eCommerce
685.6

 
64.8

 

 
750.4

Other

 

 
53.3

 
53.3

Total sales
$
5,565.8

 
$
518.0

 
$
53.3

 
$
6,137.1

 
 
 
 
 
 
 
 
 
Fiscal 2019
(in millions)
North America
 
International
 
Other
 
Consolidated
Sales by channel:
 
 
 
 
 
 
 
Store
$
5,022.4

 
$
513.4

 
$

 
$
5,535.8

eCommerce
619.3

 
63.1

 

 
682.4

Other

 

 
28.9

 
28.9

Total sales
$
5,641.7

 
$
576.5

 
$
28.9

 
$
6,247.1

 
 
 
 
 
 
 
 
 
Fiscal 2018
(in millions)
North America
 
International
 
Other
 
Consolidated
Sales by channel:
 
 
 
 
 
 
 
Store
$
5,176.7

 
$
557.5

 
$

 
$
5,734.2

eCommerce
438.5

 
59.2

 

 
497.7

Other

 

 
21.1

 
21.1

Total sales
$
5,615.2

 
$
616.7

 
$
21.1

 
$
6,253.0


The Company recognizes revenues when control of the promised goods and services are transferred to customers, in an amount that reflects the consideration expected to be received in exchange for those goods. Transfer of control generally occurs at the time merchandise is taken from a store, or upon receipt of the merchandise by a customer for an e-commerce shipment. The Company excludes all taxes assessed by government authorities and collected from a customer from its reported sales. The Company’s revenue streams and their respective accounting treatments are further discussed below.
On February 4, 2018, the Company adopted ASU No. 2014‑09 Revenue from Contracts with Customers (Topic 606) and related updates (“ASC 606”) 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. Financial results included in the Company's consolidated financial statements for Fiscal 2020 and Fiscal 2019 are presented under ASC 606, while Fiscal 2018 is presented under the previous accounting standard, ASC 605. As a result of adopting ASC 606, the Company adjusted its presentation related to customer trade-ins, accounting for returns reserves, costs associated with selling extended service plans and treatment of the amortization of certain bonus and profit-sharing arrangements related to third-party credit card programs. During Fiscal 2019, an additional $111.2 million of revenue was recognized primarily for non-cash consideration from customer trade-ins and $16.5 million of previously capitalized contract acquisitions costs were reclassified to beginning retained earnings.
Merchandise sales 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 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 condensed consolidated balance sheets. These direct costs primarily include sales commissions and credit card fees. Amortization of deferred ESP selling costs is included within selling, general and administrative expenses in the consolidated statements of operations. Amortization of deferred ESP selling costs were $29.5 million and $52.4 million in Fiscal 2020 and Fiscal 2019, respectively.
Unamortized deferred selling costs as of Fiscal 2020 and Fiscal 2019 were as follows:
(in millions)
February 1, 2020
 
February 2, 2019
Deferred ESP selling costs
 
 
 
Other current assets
$
23.6

 
$
23.8

Other assets
80.0

 
75.4

Total deferred ESP selling costs
$
103.6

 
$
99.2


The North America segment sells ESP, subject to certain conditions, to perform repair work over the life of the product. Customers generally pay for ESP at the store at the time of merchandise sale. 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. Lifetime ESP revenue is deferred and recognized over a maximum of 17 years after the sale of the warranty contract. Although claims experience varies between our national banners, thereby resulting in different recognition rates, approximately 55% of revenue is recognized within the first two years on a weighted average basis.
The North America segment 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, generally over the three year protection period.
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 maintains control of the merchandise through the point of sale as well as provides 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 and physical security of the products.

Deferred revenue
Deferred revenue is comprised primarily of ESP and voucher promotions as follows:
(in millions)
February 1, 2020
 
February 2, 2019
ESP deferred revenue
$
960.0

 
$
927.6

Voucher promotions and other
37.7

 
38.9

Total deferred revenue
$
997.7

 
$
966.5

 
 
 
 
Disclosed as:
 
 
 
Current liabilities
$
266.2

 
$
270.0

Non-current liabilities
731.5

 
696.5

Total deferred revenue
$
997.7

 
$
966.5

(in millions)
Fiscal 2020
 
Fiscal 2019
ESP deferred revenue, beginning of period
$
927.6

 
$
916.1

Plans sold(1)
405.1

 
395.0

Revenue recognized(2)
(372.7
)
 
(383.5
)
ESP deferred revenue, end of period
$
960.0

 
$
927.6

(1) 
Includes impact of foreign exchange translation.
(2) 
During Fiscal 2020, the Company recognized sales of approximately $193.6 million related to deferred revenue that existed at February 2, 2019 in respect to ESP and voucher promotions.
v3.20.1
Credit transaction, net
12 Months Ended
Feb. 01, 2020
Receivables [Abstract]  
Credit transaction, net Credit transaction, net
During Fiscal 2018, Signet announced a strategic initiative to outsource its North America private label credit card programs and sell the existing in-house finance receivables. Below is a summary of the transactions the Company has entered into as a result of this strategic initiative:
Fiscal 2018
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 this 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 statement of operations 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 statement of operations 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 statement of operations 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 23 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 non-prime accounts receivable portfolio prior to its sale, as well as future non-prime account originations.
Fiscal 2019
During March 2018, the Company, through its subsidiary Sterling, entered into a definitive agreement with CarVal to sell all eligible non-prime in-house accounts receivable. In May 2018, the Company exercised its option to appoint a minority party, Castlelake, to purchase 30% of the eligible receivables sold to CarVal under the Receivables Purchase Agreement. In June 2018, the Company completed the sale of the non-prime in-house accounts receivable at a price expressed as 72% of the par value of the accounts receivable. The purchase price was settled with 95% received as cash upon closing. The remaining 5% of the purchase price was deferred until the second anniversary of the closing date. Final payment of the deferred purchase price is contingent upon the non-prime in-house finance receivable portfolio achieving a pre-defined yield. The agreement contains customary representations, warranties and covenants.
Receivables reclassification: In March 2018, the eligible non-prime in-house accounts receivables that met the criteria for sale were reclassified from "held for investment" to "held for sale" on the consolidated balance sheet. Accordingly, the receivables were recorded at the lower of cost (par) or fair value as of the date of the reclassification with subsequent adjustments to the asset fair value as required through the closing date of the transaction. During Fiscal 2019, total valuation losses of $160.4 million were recorded within credit transaction, net in the consolidated statement of operations.
Proceeds received: In June 2018, the Company received $445.5 million in cash consideration for the receivables sold based on the terms of the agreements with CarVal and Castlelake described above. The Company also recorded a receivable related to the deferred purchase
price payment within other assets and will adjust the asset to fair value in each period of the performance period. See Note 21 for additional information regarding the fair value of deferred purchase price.
Expenses: During Fiscal 2019, the Company incurred $7.0 million of transaction-related costs, which were recorded within credit transaction, net in the consolidated statement of operations.
In addition, for a five-year term, Signet will remain the issuer of non-prime credit with investment funds managed by CarVal and Castlelake purchasing forward receivables at a discount rate determined in accordance with their respective agreements. Signet will hold the newly issued non-prime credit receivables on its balance sheet for two business days prior to selling the receivables to the respective counterparty in accordance with the agreements. Servicing of the non-prime receivables, including operational interfaces and customer servicing, will continue to be provided by Genesis.
Accounts receivable, net
Prior to the second quarter of Fiscal 2019, Signet’s accounts receivable primarily consisted of US customer in-house financing receivables. This accounts receivable portfolio historically consisted of a population that was of similar characteristics and was evaluated collectively for impairment.
In October 2017, the Company completed the sale of the prime portion of the Sterling customer in-house finance receivables. See Note 4 for additional information regarding the sale of the prime portion of the customer in-house finance receivable portfolio.
In June 2018, the Company completed the sale of the remaining Sterling and Zale customer in-house finance receivables. See Note 4 for additional information regarding the agreement. For a five-year term ending in 2023, Signet will remain the issuer of non-prime credit with investment funds managed by CarVal and Castlelake purchasing forward flow receivables at a discount rate determined in accordance with their respective agreements. Receivables issued by the Company but pending transfer to Carval and Castlelake as of period end are classified as “held for sale” in the consolidated balance sheet. As of February 1, 2020 and February 2, 2019, the accounts receivable held for sale were recorded at fair value. See Note 21 for additional information regarding the assumptions utilized in the calculation of fair value of the finance receivables held for sale.
(in millions)
February 1, 2020
 
February 2, 2019
Accounts receivable, held for investment
$
34.4

 
$
19.5

Accounts receivable, held for sale
4.4

 
4.2

Total accounts receivable
$
38.8

 
$
23.7


Prior to the sale of the remaining Sterling and Zale customer in-house finance receivables in June 2018, Signet granted credit to customers based on a variety of credit quality indicators, including consumer financial information and prior payment experience. Management monitored the credit exposure based on past due status and collection experience, as it had found a meaningful correlation between the past due status of customers and the risk of loss.
Accounts receivable held for investment includes accounts receivable relating to the insurance loss replacement business in the International segment and accounts receivable from our diamond sourcing initiative in the Other segment.
The activity in Fiscal 2019 and Fiscal 2018 related to the allowance for credit losses on Sterling Jewelers customer in-house finance receivables is shown below. There was no activity in Fiscal 2020 as the completion of the sale of in-house finance receivables occurred in June 2018.
(in millions)
Fiscal 2019
 
Fiscal 2018
Beginning balance:
$
(113.5
)
 
$
(138.7
)
Charge-offs, net
56.3

 
221.2

Recoveries
4.2

 
34.3

Provision
(54.6
)
 
(251.0
)
Reversal of allowance on receivables sold
107.6

 
20.7

Ending balance
$

 
$
(113.5
)
Ending receivable balance evaluated for impairment

 
762.9

Sterling Jewelers customer in-house finance receivables, net
$

 
$
649.4


v3.20.1
Acquisitions
12 Months Ended
Feb. 01, 2020
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 $331.8 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 23 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 statement of operations. The results of R2Net subsequent to the acquisition date are reported as a component of the results of the North America segment. See Note 6 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 fair values identified for the assets acquired and liabilities assumed in the R2Net acquisition as of September 12, 2017:
(in millions)
Fair values
Cash and cash equivalents
$
47.3

Inventories
12.1

Other current assets
9.7

Property, plant and equipment
3.5

Intangible assets:
 
Trade name
70.6

Technology-related
4.2

Current liabilities
(42.4
)
Deferred tax liabilities
(25.1
)
Fair value of net assets acquired
79.9

Goodwill
299.1

Total consideration transferred
$
379.0


During the second quarter of Fiscal 2019, the Company finalized the valuation of net assets acquired. The goodwill generated from the acquisition is primarily attributable to expected synergies and will not be deductible for tax purposes. See Note 18 for additional information related to goodwill and intangible assets.
v3.20.1
Segment information
12 Months Ended
Feb. 01, 2020
Segment Reporting [Abstract]  
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. During the first quarter of Fiscal 2019, the Company realigned its organizational structure. The new structure allows for further integration of operational and product development processes and supports growth strategies. In accordance with this organizational change, beginning with quarterly reporting for the 13 weeks ended May 5, 2018, the Company reported three reportable segments as follows: North America, which consists of the legacy Sterling Jewelers and Zale divisions; International, which consists of the legacy UK Jewelry division; and Other. Signet’s sales are derived from the retailing of jewelry, watches, other products and services as generated through the management of its reportable segments.
The North America reportable segment operates across the US and Canada. Its US stores operate nationally in malls and off-mall locations principally as Kay (Kay Jewelers and Kay Jewelers Outlet), Jared (Jared The Galleria Of Jewelry and Jared Vault), Zales (Zales Jewelers and Zales Outlet) and Piercing Pagoda, which operates through mall-based kiosks. Its Canadian stores operate under the Peoples Jewellers store banner. The segment also operates a variety of mall-based regional banners, including Gordon’s Jewelers in the US and Mappins in Canada, and James Allen, which was acquired in the R2Net acquisition.
The International reportable segment operates stores in the UK, Republic of Ireland and Channel Islands. Its stores operate in shopping malls and off-mall locations principally under the H.Samuel and Ernest Jones banners.
The Other reportable segment consists of all non-reportable segments that are below the quantifiable threshold for separate disclosure as a reportable segment, including subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones and unallocated corporate administrative functions.
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Sales:
 
 
 
 
 
North America segment(1)
$
5,565.8

 
$
5,641.7

 
$
5,615.2

International segment
518.0

 
576.5

 
616.7

Other
53.3

 
28.9

 
21.1

Total sales
$
6,137.1

 
$
6,247.1

 
$
6,253.0

 
 
 
 
 
 
Operating income (loss):
 
 
 
 
 
North America segment(2)
$
327.0

 
$
(621.1
)
 
$
656.1

International segment(3)
16.0

 
12.9

 
33.1

Other(4)
(184.7
)
 
(156.4
)
 
(109.3
)
Total operating income (loss)
158.3

 
(764.6
)
 
579.9

Interest expense
(35.6
)
 
(39.7
)
 
(52.7
)
Other non-operating income, net
7.0

 
1.7

 

Income (loss) before income taxes
$
129.7

 
$
(802.6
)
 
$
527.2

 
 
 
 
 
 
Depreciation and amortization:
 
 
 
 
 
North America segment
$
159.9

 
$
165.8

 
$
183.5

International segment
17.8

 
17.5

 
19.1

Other
0.3

 
0.3

 
0.8

Total depreciation and amortization
$
178.0

 
$
183.6

 
$
203.4

 
 
 
 
 
 
Capital additions:
 
 
 
 
 
North America segment
$
128.3

 
$
123.9

 
$
219.7

International segment
8.0

 
9.6

 
17.6

Other

 

 
0.1

Total capital additions
$
136.3

 
$
133.5

 
$
237.4

(1) 
Includes sales of $204.6 million, $218.3 million and $235.1 million generated by Canadian operations in Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively.
(2) 
Fiscal 2020 includes $47.7 million related to an immaterial out-of-period goodwill adjustment and $6.0 million related to inventory charges recorded in conjunction with the Company’s restructuring activities. See Note 18 and Note 7 for additional information.
Fiscal 2019 includes: 1) $731.8 million related to goodwill and intangible impairments; 2) $52.7 million related to inventory charges recorded in conjunction with the Company’s restructuring activities; and 3) $160.4 million from the valuation losses related to the sale of eligible non-prime in-house accounts receivable. See Note 18, Note 7 and Note 4 for additional information.
Fiscal 2018 amount includes a gain of $20.7 million related to the reversal of the allowance for credit losses for the in-house receivables sold, as well as the $10.2 million gain upon recognition of beneficial interest in connection with the sale of the prime portion of in-house receivables. See Note 4 for additional information.
(3) 
Fiscal 2019 includes $3.8 million related to inventory charges recorded in conjunction with the Company’s restructuring activities. See Note 7 for additional information.
(4) 
Fiscal 2020 includes $73.1 million related to charges recorded in conjunction with the Company’s restructuring activities including inventory charges and $33.2 million related to the proposed settlement of a previously disclosed shareholder litigation matter. See Note 7 and Note 27 for additional information.
Fiscal 2019 includes: 1) $69.4 million related to charges recorded in conjunction with the Company’s restructuring activities including inventory charges; 2) $11.0 million related to the resolution of a previously disclosed regulatory matter; 3) $7.0 million representing transaction costs associated with the sale of the non-prime in-house accounts receivable; and 4) $3.6 million of goodwill impairment. See Note 7, Note 27, Note 4 and Note 18 for additional information.
Fiscal 2018 includes: 1) $29.6 million of transaction costs related to the credit transaction; 2) $8.6 million of R2Net acquisition costs; and 3) $3.4 million of CEO transition costs. See Note 4 and Note 5 for additional information regarding credit transaction and acquisition of R2Net, respectively.
(in millions)
February 1, 2020
 
February 2, 2019
Total assets:
 
 
 
North America segment
$
5,240.2

 
$
3,943.0

International segment
546.4

 
367.4

Other
512.5

 
109.7

Total assets
$
6,299.1

 
$
4,420.1

 
 
 
 
Total long-lived assets:
 
 
 
North America segment
$
1,196.7

 
$
1,294.2

International segment
54.6

 
64.5

Other
3.2

 
3.4

Total long-lived assets
$
1,254.5

 
$
1,362.1


v3.20.1
Restructuring plans
12 Months Ended
Feb. 01, 2020
Restructuring and Related Activities [Abstract]  
Restructuring plans Restructuring Plans
Signet Path to Brilliance Plan
During the first quarter of Fiscal 2019, Signet launched a three-year comprehensive transformation plan, the “Signet Path to Brilliance” plan (the “Plan”) to reposition the Company to be the OmniChannel jewelry category leader. The Plan was originally expected to result in pre-tax charges in the range of $200 million - $220 million over the duration of the plan of which $105 million - $115 million are expected to be cash charges. The Company is currently evaluating its initiatives under the Plan and is unable to estimate its future costs in light of the coronavirus outbreak (“COVID-19”) as further described in Note 29.
During Fiscal 2020, restructuring charges of $79.1 million were recognized, primarily related to store closure costs, severance costs, and professional fees for legal and consulting services. Plan liabilities of $10.7 million were recorded within accrued expenses and other current liabilities and Plan liabilities of $1.7 million were recorded within other liabilities in the consolidated balance sheet as of February 1, 2020. Plan liabilities primarily represent store closure liabilities and consulting services.
Restructuring charges and other Plan related costs are classified in the consolidated statements of operations as follows:
(in millions)
Statement of operations location
 
Fiscal 2020
 
Fiscal 2019
Inventory charges(1)
Restructuring charges - cost of sales
 
$
9.2

 
$
62.2

Other Plan related expenses(2)
Restructuring charges
 
69.9

 
63.7

Total Signet Path to Brilliance Plan expenses
 
 
$
79.1

 
$
125.9

(1) 
Inventory charges represent non-cash charges. See Note 15 for additional information related to inventory and inventory reserves.
(2) 
Fiscal 2020 and Fiscal 2019 other Plan related expenses included $16.7 million and $22.7 million of non-cash charges, respectively.

The composition of restructuring charges the Company incurred during Fiscal 2020 and Fiscal 2019, as well as the cumulative amount incurred through February 1, 2020, were as follows:
(in millions)
 
Fiscal 2020
 
Fiscal 2019
 
Cumulative amount
Inventory charges
 
$
9.2

 
$
62.2

 
$
71.4

Termination benefits
 
16.1

 
9.7

 
25.8

Store closure and other costs
 
53.8

 
54.0

 
107.8

Total Signet Path to Brilliance Plan expenses
 
$
79.1

 
$
125.9

 
$
205.0



The following table summarizes the activity related to the Plan liabilities for Fiscal 2020 and Fiscal 2019:
(in millions)
 
Termination benefits
 
Store closure and other costs
 
Consolidated
Balance at February 3, 2018
 
$

 
$

 
$

Payments and other adjustments
 
(9.7
)
 
(103.6
)
 
(113.3
)
Charged to expense
 
9.7

 
116.2

 
125.9

Balance at February 2, 2019
 

 
12.6

 
12.6

Payments and other adjustments
 
(14.1
)
 
(65.2
)
 
(79.3
)
Charged to expense
 
16.1

 
63.0

 
79.1

Balance at February 1, 2020
 
$
2.0

 
$
10.4

 
$
12.4


v3.20.1
Redeemable preferred shares
12 Months Ended
Feb. 01, 2020
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 $5.7 million was recorded in the consolidated balance sheet as of February 1, 2020 (February 2, 2019: $4.0 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 1, 2020 and February 2, 2019:
(in millions, except conversion rate and conversion price)
February 1, 2020
 
February 2, 2019
Conversion rate
12.2297

 
11.3660

Conversion price
$
81.7682

 
$
87.9817

Potential impact of preferred shares if-converted to common shares
7.6

 
7.1

Liquidation preference
$
632.8

 
$
632.8


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.
v3.20.1
Common shares, treasury shares, reserves and dividends
12 Months Ended
Feb. 01, 2020
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. There was no consideration received for common shares relating to options during Fiscal 2020 or Fiscal 2019. The consideration received for common shares relating to options issued during Fiscal 2018 was $0.3 million. In Fiscal 2020 the Company received $1.0 million in cash related to issuances of shares under it’s Employee Share Purchase Plan (refer to Note 26 for further information).
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 may be held as treasury shares and used by Signet primarily for issuance of share based awards (refer to Note 26), or 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 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 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 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:
 
 
 
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
(in millions, expect per share amounts)
Amount
authorized
 
Shares
repurchased
 
Amount
repurchased
 
Average
repurchase
price per
share
 
Shares
repurchased
 
Amount
repurchased
 
Average
repurchase
price per
share
 
Shares
repurchased
 
Amount
repurchased
 
Average
repurchase
price per
share
2017 Program(1)
$
600.0

 

 
$

 
$

 
7.5

 
$
434.4

 
$
57.64

 
n/a

 
n/a

 
n/a

2016 Program(2)
$
1,375.0

 
n/a

 
n/a

 
n/a

 
1.3

 
$
50.6

 
$
39.76

 
8.1

 
$
460.0

 
$
56.91

Total
 
 

 
$

 
$

 
8.8

 
$
485.0

 
$
55.06

 
8.1

 
$
460.0

 
$
56.91

(1) 
The 2017 Program had $165.6 million remaining as of February 1, 2020.
(2) 
The 2016 Program was completed in March 2018.
n/a
Not applicable.
Shares were reissued in the amounts of 0.4 million, 0.2 million and 0.3 million, net of taxes and forfeitures, in Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively, to satisfy awards outstanding under existing share-based compensation plans. During Fiscal 2020, there were no retirements of common shares previously held as treasury shares in the consolidated balance sheets.
Dividends on common shares
 
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
(in millions, except per share amounts)
Cash dividend
per share
 
Total
dividends
 
Cash dividend
per share
 
Total
dividends
 
Cash dividend
per share
 
Total
dividends
First quarter
$
0.37

 
$
19.3

 
$
0.37

 
$
21.8

 
$
0.31

 
$
21.3

Second quarter
0.37

 
19.3

 
0.37

 
19.2

 
0.31

 
18.7

Third quarter
0.37

 
19.4

 
0.37

 
19.2

 
0.31

 
18.7

Fourth quarter(1)
0.37

 
19.4

 
0.37

 
19.2

 
0.31

 
18.8

Total
$
1.48

 
$
77.4

 
$
1.48

 
$
79.4

 
$
1.24

 
$
77.5

(1) 
Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As a result, as of February 1, 2020 and February 2, 2019, $19.4 million and $19.2 million, respectively, has been recorded in accrued expenses and other current liabilities in the consolidated balance sheets reflecting the cash dividends declared for the fourth quarter of Fiscal 2020 and Fiscal 2019, respectively.
Dividends on preferred shares
 
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
(in millions)
Total cash
dividends
 
Total cash
dividends
 
Total cash
dividends
First quarter
$
7.8

 
$
7.8

 
$
7.8

Second quarter
7.8

 
7.8

 
7.8

Third quarter
7.8

 
7.8

 
7.8

Fourth quarter(1)
7.8

 
7.8

 
7.8

Total
$
31.2

 
$
31.2

 
$
31.2

(1) 
Signet’s preferred shares dividends results in the dividend payment date being a quarter in arrears from the declaration date. As a result, as of February 1, 2020 and February 2, 2019, $7.8 million has been recorded in accrued expenses and other current liabilities in the consolidated balance sheets reflecting the cash dividends on preferred shares declared for the fourth quarter of Fiscal 2020 and Fiscal 2019.
There were no cumulative undeclared dividends on the preferred shares that reduced net income attributable to common shareholders during Fiscal 2020. In addition, deemed dividends of $1.7 million related to accretion of issuance costs associated with the preferred shares were recognized in Fiscal 2020, Fiscal 2019 and Fiscal 2018.
v3.20.1
Earnings (loss) per common share ("EPS")
12 Months Ended
Feb. 01, 2020
Earnings Per Share [Abstract]  
Earnings per common share (EPS) Earnings (loss) 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:
(in millions, except per share amounts)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Numerator:
 
 
 
 
 
Net income (loss) attributable to common shareholders
$
72.6

 
$
(690.3
)
 
$
486.4

Denominator:
 
 
 
 
 
Weighted average common shares outstanding
51.7

 
54.7

 
63.0

EPS – basic
$
1.40

 
$
(12.62
)
 
$
7.72


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, restricted stock units and stock options issued under the Omnibus Plan and stock options issued under the Share Saving 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, only in the periods in which such effect is dilutive. Additionally, in periods in which preferred shares are dilutive, cumulative dividends and accretion for issuance costs associated with the preferred shares are added back to net income (loss) attributable to common shareholders. See Note 8 for additional discussion of the Company’s preferred shares.
The computation of diluted EPS is outlined in the table below:
(in millions, except per share amounts)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Numerator:
 
 
 
 
 
Net income (loss) attributable to common shareholders
$
72.6

 
$
(690.3
)
 
$
486.4

Add: Dividends on preferred shares

 

 
32.9

Numerator for diluted EPS
$
72.6

 
$
(690.3
)
 
$
519.3

 
 
 
 
 
 
Denominator:
 
 
 
 
 
Weighted average common shares outstanding
51.7

 
54.7

 
63.0

Plus: Dilutive effect of share awards
0.1

 

 
0.1

Plus: Dilutive effect of preferred shares

 

 
6.7

Diluted weighted average common shares outstanding
51.8

 
54.7

 
69.8

 
 
 
 
 
 
EPS – diluted
$
1.40

 
$
(12.62
)
 
$
7.44


The calculation of diluted EPS excludes the following items for each respective period on the basis that their effect would be anti-dilutive.
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Share awards
0.9

 
1.1

 
0.4

Potential impact of preferred shares
7.6

 
7.1

 

Total anti-dilutive shares
8.5

 
8.2

 
0.4


v3.20.1
Accumulated other comprehensive income (loss)
12 Months Ended
Feb. 01, 2020
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:
 
 
 
 
 
 
 
Pension plan
 
 
(in millions)
Foreign
currency
translation
 
Gain (losses) on available-for-sale securities, net
 
Gains (losses)
on cash flow
hedges
 
Actuarial
gains
(losses)
 
Prior
service
credits (costs)
 
Accumulated
other
comprehensive
income (loss)
Balance at January 28, 2017
$
(263.4
)
 
$
(0.4
)
 
$
2.4

 
$
(55.5
)
 
$
9.2

 
$
(307.7
)
OCI before reclassifications
50.9

 
0.3

 
1.8

 

 
(0.5
)
 
52.5

Amounts reclassified from AOCI to net income

 

 
(3.5
)
 
4.4

 
(6.3
)
 
(5.4
)
Net current period OCI
50.9

 
0.3

 
(1.7
)
 
4.4

 
(6.8
)
 
47.1

Balance at February 3, 2018
$
(212.5
)
 
$
(0.1
)
 
$
0.7

 
$
(51.1
)
 
$
2.4

 
$
(260.6
)
OCI before reclassifications
(35.9
)
 
0.4

 
4.8

 
(3.4
)
 
(6.5
)
 
(40.6
)
Amounts reclassified from AOCI to net income

 

 
(1.5
)
 
0.7

 

 
(0.8
)
Impacts from adoption of new accounting pronouncements(1)

 
(0.8
)
 

 

 

 
(0.8
)
Net current period OCI
(35.9
)
 
(0.4
)
 
3.3

 
(2.7
)
 
(6.5
)
 
(42.2
)
Balance at February 2, 2019
$
(248.4
)
 
$
(0.5
)
 
$
4.0

 
$
(53.8
)
 
$
(4.1
)
 
$
(302.8
)
OCI before reclassifications
(1.7
)
 
(0.2
)
 
11.2

 
0.4

 

 
9.7

Amounts reclassified from AOCI to net income

 
1.0

 
(2.7
)
 
1.0

 

 
(0.7
)
Net current period OCI
(1.7
)
 
0.8

 
8.5

 
1.4

 

 
9.0

Balance at February 1, 2020
$
(250.1
)
 
$
0.3

 
$
12.5

 
$
(52.4
)
 
$
(4.1
)
 
$
(293.8
)

(1) 
Adjustment reflects the reclassification of unrealized gains related to the Company’s available-for-sale equity securities as of February 3, 2018 from AOCI into retained earnings associated with the adoption of ASU 2016-01.
 The amounts reclassified from AOCI were as follows:
 
 
Amounts reclassified from AOCI
 
 
(in millions)
 
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
 
Statement of operations caption
Losses (gains) on cash flow hedges:
 
 
 
 
 
 
 
 
Foreign currency contracts
 
$
(1.1
)
 
$
0.7

 
$
(3.2
)
 
Cost of sales (1)
Interest rate swaps
 
(0.6
)
 
(1.9
)
 
0.3

 
Interest expense, net (1)
Commodity contracts
 
(1.7
)
 
(0.9
)
 
(1.7
)
 
Cost of sales (1)
Total before income tax
 
(3.4
)
 
(2.1
)
 
(4.6
)
 
 
Income taxes
 
0.7

 
0.6

 
1.1

 
 
Net of tax
 
(2.7
)
 
(1.5
)
 
(3.5
)
 
 
 
 
 
 
 
 
 
 
 
Defined benefit pension plan items:
 
 
 
 
 
 
 
 
Amortization of unrecognized actuarial losses
 
1.2

 
0.9

 
2.8

 
Other non-operating income, net (2)
Amortization of unrecognized net prior service credits
 

 

 
(1.4
)
 
Other non-operating income, net (2)
Net curtailment gain and settlement loss
 

 

 
(3.7
)
 
Other non-operating income, net (2)
Total before income tax
 
1.2

 
0.9

 
(2.3
)
 
 
Income taxes
 
(0.2
)
 
(0.2
)
 
0.4

 
 
Net of tax
 
1.0

 
0.7

 
(1.9
)
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
 
Corporate equity securities, before income tax
 
1.0

 

 

 
Other operating income (loss)(3)
Income taxes
 

 

 

 
 
Net of tax
 
1.0

 

 

 
 
 
 
 
 
 
 
 
 
 
Total reclassifications, net of tax
 
$
(0.7
)
 
$
(0.8
)
 
$
(5.4
)
 
 
(1) 
See Note 20 for additional information.
(2) 
These items are included in the computation of net periodic pension benefit (cost). See Note 22 for additional information.
(3) 
See Note 19 for additional information.
v3.20.1
Income taxes
12 Months Ended
Feb. 01, 2020
Income Tax Disclosure [Abstract]  
Income taxes Income taxes
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Income (loss) before income taxes:
 
 
 
 
 
– US
$
32.3

 
$
(1,135.8
)
 
$
202.2

– Foreign
97.4

 
333.2

 
325.0

Total income (loss) before income taxes
$
129.7

 
$
(802.6
)
 
$
527.2

 
 
 
 
 
 
Current taxation:
 
 
 
 
 
– US
$
3.0

 
$
(55.2
)
 
$
35.9

– Foreign
1.9

 
15.8

 
6.1

Deferred taxation:
 
 
 
 
 
– US
17.0

 
(85.8
)
 
(34.8
)
– Foreign
2.3

 
(20.0
)
 
0.7

Total income tax expense (benefit)
$
24.2

 
$
(145.2
)
 
$
7.9


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:
 
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
US federal income tax rates
21.0
 %
 
21.0
 %
 
35.0
 %
US state income taxes
3.1
 %
 
2.3
 %
 
1.9
 %
Differences between US federal and foreign statutory income tax rates
1.3
 %
 
0.3
 %
 
(1.0
)%
Expenditures permanently disallowable for tax purposes, net of permanent tax benefits
3.3
 %
 
(0.8
)%
 
1.4
 %
Impact of global reinsurance arrangements
(20.3
)%
 
3.1
 %
 
(8.1
)%
Impact of global financing arrangements
 %
 
4.2
 %
 
(11.4
)%
Benefit in current taxes - the TCJ Act
 %
 
 %
 
(4.1
)%
Remeasurement of deferred taxes - the TCJ Act
 %
 
 %
 
(12.3
)%
Impairment of goodwill
7.5
 %
 
(13.4
)%
 
 %
Out of period adjustment
 %
 
1.4
 %
 
 %
Other items
2.8
 %
 
 %
 
0.1
 %
Effective tax rate
18.7
 %
 
18.1
 %
 
1.5
 %

In Fiscal 2020, Signet’s effective tax rate was lower than the US federal income tax rate primarily due to the impact of Signet’s global reinsurance arrangement partially offset by nondeductible goodwill impairment charges and other nondeductible expenses. Signet’s future effective tax rate is largely dependent on changes in the geographic mix of income.
Deferred taxes
Deferred tax assets (liabilities) consisted of the following:
 
February 1, 2020
 
February 2, 2019
(in millions)
Assets
 
(Liabilities)
 
Total
 
Assets
 
(Liabilities)
 
Total
Intangible assets
$

 
$
(63.0
)
 
$
(63.0
)
 
$

 
$
(63.8
)
 
$
(63.8
)
US property, plant and equipment

 
(55.4
)
 
(55.4
)
 

 
(68.2
)
 
(68.2
)
Foreign property, plant and equipment
6.5

 

 
6.5

 
6.5

 

 
6.5

Inventory valuation

 
(203.1
)
 
(203.1
)
 

 
(179.1
)
 
(179.1
)
Revenue deferral
102.5

 

 
102.5

 
122.0

 

 
122.0

Derivative instruments

 
(4.3
)
 
(4.3
)
 

 
(1.3
)
 
(1.3
)
Lease assets

 
(358.2
)
 
(358.2
)
 

 

 

Lease liabilities
380.6

 

 
380.6

 
26.2

 

 
26.2

Deferred compensation
7.3

 

 
7.3

 
7.5

 

 
7.5

Retirement benefit obligations

 
(6.7
)
 
(6.7
)
 

 
(5.8
)
 
(5.8
)
Share-based compensation
4.1

 

 
4.1

 
3.5

 

 
3.5

Other temporary differences
77.7

 

 
77.7

 
46.7

 

 
46.7

Net operating losses and foreign tax credits
137.0

 

 
137.0

 
151.8

 

 
151.8

Value of capital losses
12.9

 

 
12.9

 
13.9

 

 
13.9

Total gross deferred tax assets (liabilities)
$
728.6

 
$
(690.7
)
 
$
37.9

 
$
378.1

 
$
(318.2
)
 
$
59.9

Valuation allowance
(38.4
)
 

 
(38.4
)
 
(38.9
)
 

 
(38.9
)
Deferred tax assets (liabilities)
$
690.2

 
$
(690.7
)
 
$
(0.5
)
 
$
339.2

 
$
(318.2
)
 
$
21.0

 
 
 
 
 
 
 
 
 
 
 
 
Disclosed as:
 
 
 
 
 
 
 
 
 
 
 
Non-current assets
 
 
 
 
$
4.7

 
 
 
 
 
$
21.0

Non-current liabilities
 
 
 
 
(5.2
)
 
 
 
 
 

Deferred tax assets (liabilities)
 
 
 
 
$
(0.5
)
 
 
 
 
 
$
21.0


As of February 1, 2020, Signet had deferred tax assets associated with net operating loss carry forwards of $109.2 million, of which $15.1 million are subject to ownership change limitations rules under Section 382 of the Internal Revenue Code (“IRC”) and various US state regulations and expire between 2020 and 2039. Deferred tax assets associated with foreign tax credits also subject to Section 382 of the IRC total $13.7 million as of February 1, 2020, which expire between 2020 and 2024 and foreign net operating loss carryforwards of $14.1 million, which expire between 2020 and 2039. Additionally, Signet had foreign capital loss carryforward deferred tax assets of $10.5 million (Fiscal 2019: $11.6 million), which can be carried forward over an indefinite period and US capital loss carryforwards of $3.0 million which expire in 2022, both of which are only available to offset future capital gains.
The decrease in the total valuation allowance in Fiscal 2020 was $0.5 million. The valuation allowance primarily relates to capital and operating loss carry forwards and foreign tax credits 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 1, 2020 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:
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Unrecognized tax benefits, beginning of period
$
18.1

 
$
12.0

 
$
12.0

Increases related to current year tax positions
2.0

 
2.5

 
2.3

Increases related to prior year tax positions
6.0

 
6.2

 

Lapse of statute of limitations
(2.6
)
 
(2.4
)
 
(2.4
)
Difference on foreign currency translation

 
(0.2
)
 
0.1

Unrecognized tax benefits, end of period
$
23.5

 
$
18.1

 
$
12.0


As of February 1, 2020, Signet had approximately $23.5 million of unrecognized tax benefits in respect to uncertain tax positions. The unrecognized tax benefits relate primarily to intercompany deductions including 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 in the consolidated statement of operations. As of February 1, 2020, Signet had accrued interest of $3.9 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 $25.5 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 1, 2020 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.
v3.20.1
Other operating income (loss)
12 Months Ended
Feb. 01, 2020
Other Income and Expenses [Abstract]  
Other operating income (loss) Other operating income (loss)
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Interest income from in-house customer finance programs(1)
$

 
$
22.8

 
$
258.1

Shareholder litigation charge, net of insurance recoveries (2)
(33.2
)
 

 

Other
3.6

 
3.4

 
2.7

Other operating income (loss)
$
(29.6
)
 
$
26.2

 
$
260.8


(1) 
See Note 4 and Note 14 for additional information.
(2) See Note 27 for additional information.
v3.20.1
Accounts receivable, Net
12 Months Ended
Feb. 01, 2020
Receivables [Abstract]  
Accounts receivable, net Credit transaction, net
During Fiscal 2018, Signet announced a strategic initiative to outsource its North America private label credit card programs and sell the existing in-house finance receivables. Below is a summary of the transactions the Company has entered into as a result of this strategic initiative:
Fiscal 2018
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 this 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 statement of operations 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 statement of operations 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 statement of operations 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 23 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 non-prime accounts receivable portfolio prior to its sale, as well as future non-prime account originations.
Fiscal 2019
During March 2018, the Company, through its subsidiary Sterling, entered into a definitive agreement with CarVal to sell all eligible non-prime in-house accounts receivable. In May 2018, the Company exercised its option to appoint a minority party, Castlelake, to purchase 30% of the eligible receivables sold to CarVal under the Receivables Purchase Agreement. In June 2018, the Company completed the sale of the non-prime in-house accounts receivable at a price expressed as 72% of the par value of the accounts receivable. The purchase price was settled with 95% received as cash upon closing. The remaining 5% of the purchase price was deferred until the second anniversary of the closing date. Final payment of the deferred purchase price is contingent upon the non-prime in-house finance receivable portfolio achieving a pre-defined yield. The agreement contains customary representations, warranties and covenants.
Receivables reclassification: In March 2018, the eligible non-prime in-house accounts receivables that met the criteria for sale were reclassified from "held for investment" to "held for sale" on the consolidated balance sheet. Accordingly, the receivables were recorded at the lower of cost (par) or fair value as of the date of the reclassification with subsequent adjustments to the asset fair value as required through the closing date of the transaction. During Fiscal 2019, total valuation losses of $160.4 million were recorded within credit transaction, net in the consolidated statement of operations.
Proceeds received: In June 2018, the Company received $445.5 million in cash consideration for the receivables sold based on the terms of the agreements with CarVal and Castlelake described above. The Company also recorded a receivable related to the deferred purchase
price payment within other assets and will adjust the asset to fair value in each period of the performance period. See Note 21 for additional information regarding the fair value of deferred purchase price.
Expenses: During Fiscal 2019, the Company incurred $7.0 million of transaction-related costs, which were recorded within credit transaction, net in the consolidated statement of operations.
In addition, for a five-year term, Signet will remain the issuer of non-prime credit with investment funds managed by CarVal and Castlelake purchasing forward receivables at a discount rate determined in accordance with their respective agreements. Signet will hold the newly issued non-prime credit receivables on its balance sheet for two business days prior to selling the receivables to the respective counterparty in accordance with the agreements. Servicing of the non-prime receivables, including operational interfaces and customer servicing, will continue to be provided by Genesis.
Accounts receivable, net
Prior to the second quarter of Fiscal 2019, Signet’s accounts receivable primarily consisted of US customer in-house financing receivables. This accounts receivable portfolio historically consisted of a population that was of similar characteristics and was evaluated collectively for impairment.
In October 2017, the Company completed the sale of the prime portion of the Sterling customer in-house finance receivables. See Note 4 for additional information regarding the sale of the prime portion of the customer in-house finance receivable portfolio.
In June 2018, the Company completed the sale of the remaining Sterling and Zale customer in-house finance receivables. See Note 4 for additional information regarding the agreement. For a five-year term ending in 2023, Signet will remain the issuer of non-prime credit with investment funds managed by CarVal and Castlelake purchasing forward flow receivables at a discount rate determined in accordance with their respective agreements. Receivables issued by the Company but pending transfer to Carval and Castlelake as of period end are classified as “held for sale” in the consolidated balance sheet. As of February 1, 2020 and February 2, 2019, the accounts receivable held for sale were recorded at fair value. See Note 21 for additional information regarding the assumptions utilized in the calculation of fair value of the finance receivables held for sale.
(in millions)
February 1, 2020
 
February 2, 2019
Accounts receivable, held for investment
$
34.4

 
$
19.5

Accounts receivable, held for sale
4.4

 
4.2

Total accounts receivable
$
38.8

 
$
23.7


Prior to the sale of the remaining Sterling and Zale customer in-house finance receivables in June 2018, Signet granted credit to customers based on a variety of credit quality indicators, including consumer financial information and prior payment experience. Management monitored the credit exposure based on past due status and collection experience, as it had found a meaningful correlation between the past due status of customers and the risk of loss.
Accounts receivable held for investment includes accounts receivable relating to the insurance loss replacement business in the International segment and accounts receivable from our diamond sourcing initiative in the Other segment.
The activity in Fiscal 2019 and Fiscal 2018 related to the allowance for credit losses on Sterling Jewelers customer in-house finance receivables is shown below. There was no activity in Fiscal 2020 as the completion of the sale of in-house finance receivables occurred in June 2018.
(in millions)
Fiscal 2019
 
Fiscal 2018
Beginning balance:
$
(113.5
)
 
$
(138.7
)
Charge-offs, net
56.3

 
221.2

Recoveries
4.2

 
34.3

Provision
(54.6
)
 
(251.0
)
Reversal of allowance on receivables sold
107.6

 
20.7

Ending balance
$

 
$
(113.5
)
Ending receivable balance evaluated for impairment

 
762.9

Sterling Jewelers customer in-house finance receivables, net
$

 
$
649.4


v3.20.1
Inventories
12 Months Ended
Feb. 01, 2020
Inventory Disclosure [Abstract]  
Inventories Inventories
The following table summarizes the details of the Company’s inventory:
(in millions)
February 1, 2020
 
February 2, 2019
Raw materials
$
56.2

 
$
76.3

Finished goods
2,275.5

 
2,310.6

Total inventories
$
2,331.7

 
$
2,386.9


Signet held $625.7 million of consignment inventory at February 1, 2020 (February 2, 2019: $726.8 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.
Inventory reserves
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Inventory reserve, beginning of period
$
95.3

 
$
40.6

 
$
43.2

Charged to income(1)
80.2

 
131.4

 
75.8

Utilization(2)
(108.5
)
 
(76.7
)
 
(78.4
)
Inventory reserve, end of period(3)
$
67.0

 
$
95.3

 
$
40.6

(1) Includes $9.2 million in Fiscal 2020 and $62.2 million in Fiscal 2019 for inventory charges associated with the Company’s restructuring plan. The charges were primarily associated with discontinued brands and collections within the restructuring - cost of sales line item on the consolidated statements of operations. See Note 7 for additional information.
(2) Includes the impact of foreign exchange translation between opening and closing balance sheet dates, as well as $40.0 million in Fiscal 2020 and $10.6 million in Fiscal 2019 utilized for inventory identified as part of the Company’s restructuring plan. See Note 7 for additional information.
(3) Includes $20.8 million for Fiscal 2020 and $51.6 million in Fiscal 2019 for inventory identified as part of the Company’s restructuring plan. See Note 7 for additional information.
v3.20.1
Property, plant and equipment, net
12 Months Ended
Feb. 01, 2020
Property, Plant and Equipment [Abstract]  
Property, plant and equipment, net Property, plant and equipment, net
(in millions)
February 1, 2020
 
February 2, 2019
Land and buildings
$
23.4

 
$
34.0

Leasehold improvements
640.7

 
688.8

Furniture and fixtures
601.2

 
802.9

Equipment
199.1

 
196.1

Software
246.9

 
289.5

Construction in progress
95.3

 
72.0

Total
$
1,806.6

 
$
2,083.3

Accumulated depreciation and amortization
(1,064.7
)
 
(1,282.8
)
Property, plant and equipment, net
$
741.9

 
$
800.5


Depreciation and amortization expense for Fiscal 2020 was $177.1 million (Fiscal 2019: $179.6 million; Fiscal 2018: $194.1 million).
v3.20.1
Leases
12 Months Ended
Feb. 01, 2020
Leases [Abstract]  
Leases Leases
Signet occupies certain properties and holds machinery and vehicles under operating leases. Signet determines if an arrangement is a lease at the agreement’s inception. Certain operating leases include predetermined rent increases, which are charged to store occupancy costs within cost of sales on a straight-line basis over the lease term, including any construction period or other rental holiday. Other variable amounts paid under operating leases, such as taxes and common area maintenance, are charged to selling, general and administrative expenses 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 rent based on a percentage of sales in excess of a predetermined level. Further, certain leases provide for variable rent increases based on indexes specified within the lease agreement. As the contingent rent and variable increases are not measurable at inception, the amounts are excluded from minimum rent and the calculation of the operating lease liability. These amounts are included in variable lease cost and included in the determination of total lease cost when it is probable that the expense has been incurred and the amount is reasonably estimable. Operating leases are included in operating lease right-of-use (“ROU”) assets and current and non-current operating lease liabilities in the Company’s consolidated balance sheets.
ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate available at the lease commencement date, based primarily on the underlying lease term, in measuring the present value of lease payments. Lease terms, which include the period of the lease that can not be canceled, may also include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The operating lease ROU asset may also include initial direct costs, prepaid and/or accrued lease payments and the unamortized balance of lease incentives received. ROU assets are reviewed for impairment whenever events or circumstances indicate that the carrying amount of the assets may not be recoverable in accordance with the Company’s long-lived asset impairment assessment policy.
Payments arising from operating lease activity, as well as variable and short-term lease payments not included within the operating lease liability, are included as operating activities on the Company’s consolidated statement of cash flows. Operating lease payments representing costs to ready an asset for its intended use (i.e. leasehold improvements) are represented within investing activities within the Company’s consolidated statements of cash flows.
The weighted average lease term and discount rate for the Company’s outstanding operating leases were as follows:
 
 
February 1, 2020
Weighted average remaining lease term (in years)
 
6.7

Weighted average discount rate
 
5.5
%

Total lease costs are as follows:
(in millions)
 
Fiscal 2020
Operating lease cost
 
$
460.3

Short-term lease cost
 
19.4

Variable lease cost
 
107.1

Sublease income
 
(2.0
)
Total lease cost
 
$
584.8


The rent expense as determined prior to the adoption of ASC 842 was as follows:
(in millions)
 
Fiscal 2019
 
Fiscal 2018
Minimum rentals
 
$
510.3

 
$
528.1

Contingent rent
 
8.1

 
8.5

Sublease income
 
(1.1
)
 
(0.5
)
Total
 
$
517.3

 
$
536.1


Supplemental cash flow information related to leases was as follows:
(in millions)
 
Fiscal 2020
Cash paid for amounts included in the measurement of lease liabilities:
 
 
Operating cash flows from operating leases
 
$
467.7

Operating lease right-of-use assets obtained in exchange for lease obligations
 
149.9

Reduction in the carrying amount of right-of-use assets
 
360.1


The future minimum operating lease payments for operating leases having initial or non-cancelable terms in excess of one year are as follows:
(in millions)
 
February 1, 2020
Fiscal 2021
 
$
455.5

Fiscal 2022
 
395.1

Fiscal 2023
 
334.8

Fiscal 2024
 
265.6

Fiscal 2025
 
209.0

Thereafter
 
551.0

Total lease payments
 
$
2,211.0

Less: Imputed interest
 
(435.1
)
Present value of lease liabilities
 
$
1,775.9


In accordance with the prior guidance, ASC 840, Leases, the Company’s leases were previously designated as operating with no leases meeting the definition of capital leases. The designation of operating leases remains substantially unchanged under the new guidance. The future minimum lease payments by fiscal year as determined prior to the adoption of ASC 842, not including contingent rent, as disclosed in our Annual Report on Form 10-K for the fiscal year ended February 2, 2019, were as follows:
(in millions)
 
February 2, 2019
Fiscal 2020
 
$
450.4

Fiscal 2021
 
408.4

Fiscal 2022
 
361.1

Fiscal 2023
 
312.0

Fiscal 2024
 
247.4

Thereafter
 
755.2

Total
 
$
2,534.5


v3.20.1
Goodwill and intangibles
12 Months Ended
Feb. 01, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and intangibles Goodwill and intangibles
Goodwill and other indefinite-lived intangible assets, such as indefinite-lived trade names, are evaluated for impairment annually and more frequently if events or conditions are identified indicating the carrying value of a reporting unit or an indefinite-lived intangible asset may not be recoverable. In evaluating goodwill and indefinite-lived trade names 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 or indefinite-lived intangible asset is less than its carrying value. If the Company concludes that it is not more likely than not that the fair value of a reporting unit or indefinite-lived intangible asset 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 or indefinite-lived intangible asset is less than its carrying value, then a goodwill impairment test is performed to identify a potential impairment and measure the amount of impairment to be recognized, if any. When the carrying amount of the reporting unit or an indefinite-lived intangible assets exceeds its fair value, an impairment charge is recorded.
The impairment test for goodwill 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 impairment test for other indefinite-lived intangible assets involves estimating the fair value of the asset, which is typically performed using the relief from royalty method for indefinite-lived trade names.
Due to a sustained decline in the Company’s market capitalization during the 13 weeks ended May 5, 2018, the Company determined a triggering event had occurred that required an interim impairment assessment for all of its reporting units and indefinite-lived intangible assets. As part of the assessment, it was determined that an increase in the discount rate applied in the valuation was required to align with market-based assumptions and company-specific risk. This higher discount rate, in conjunction with revised long-term projections associated with finalizing certain initial aspects of the Company’s Path to Brilliance transformation plan in the first quarter, resulted in lower than previously projected long-term future cash flows for the reporting units which negatively affected the valuation compared to previous valuations. As a result of the interim impairment assessment, the Company recognized pre-tax impairment charges totaling $448.7 million in the 13 weeks ended May 5, 2018.
Due to a continued decline in the Company’s market capitalization during the 13 weeks ended February 2, 2019, the Company determined a triggering event had occurred that required additional interim impairment assessments for its reporting units and indefinite-lived intangible assets. The Company recognized additional pre-tax impairment charges totaling $286.7 million during the 13 weeks ended February 2, 2019 primarily related to revised long-term projections and a higher discount rate associated with R2Net.
During the second quarter of Fiscal 2020, the Company performed its annual evaluation of its indefinite-lived intangible assets, including goodwill and trade names identified in the Zale acquisition, for impairment indicators. Additionally, due to a continued decline in the Company’s market capitalization during the second quarter of Fiscal 2020, the Company determined a triggering event had occurred requiring interim impairment assessments for its remaining reporting units with goodwill and indefinite-lived intangible assets. Using methodologies similar to the assessments performed in Fiscal 2019 described above, the Company determined no additional impairment charges were required to be recognized during Fiscal 2020 related to the annual evaluation or interim assessment.
During the fourth quarter of Fiscal 2020, the Company completed an annual qualitative assessment of its R2Net reporting unit and related indefinite-lived trade name, and through this assessment, the Company did not identify any events or conditions that would indicate that it was more likely than not that the carrying values of the reporting units and indefinite-lived trade names exceeded their fair values.
Goodwill
During the first quarter of Fiscal 2019, using a combination of discounted cash flow and guideline public company methodologies, the Company compared the fair value of each of its reporting units with their carrying value and concluded that a deficit existed. Accordingly, in the 13 weeks ended May 5, 2018, the Company recognized pre-tax impairment charges in operations of $308.8 million within its North America segment. Due to the second triggering event in the 13 weeks ended February 2, 2019 and using similar methodologies as the initial impairment assessment, the Company recognized additional pre-tax impairment charges in the statement of operations of $208.8 million and $3.6 million within its North America and Other segments, respectively.
During the second quarter of Fiscal 2020, a non-cash immaterial out-of-period adjustment of $47.7 million, with $35.2 million related to Zales goodwill and $12.5 million related to R2Net goodwill, was recognized within Goodwill and intangible impairments on the consolidated statements of operations related to an error in the calculation of goodwill impairments during Fiscal 2019.
The following table summarizes the Company’s goodwill by reportable segment:
(in millions)
North
America
 
Other
 
Total
Balance at February 3, 2018
$
818.1

 
$
3.6

 
$
821.7

Impairment
(517.6
)
 
(3.6
)
 
(521.2
)
Impact of foreign exchange and other adjustments(1)
(3.9
)
 

 
(3.9
)
Balance at February 2, 2019
$
296.6

 
$

 
$
296.6

Impairment
(47.7
)
 

 
(47.7
)
Impact of foreign exchange
(0.1
)
 

 
(0.1
)
Balance at February 1, 2020
$
248.8

 
$

 
$
248.8


(1)
During Fiscal 2019, other adjustments include a purchase price accounting adjustment of $2.6 million related to a revised valuation of acquired intangible assets from the R2Net acquisition. Refer to Note 5 for additional details.
Intangibles
Definite-lived intangible assets include trade names and favorable lease agreements. All indefinite-lived intangible assets consist of 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.
In conjunction with the interim goodwill impairment tests noted above, the Company reviewed its indefinite-lived intangible assets for potential impairment by calculating the fair values of the assets using the relief from royalty method and comparing the fair value to their respective carrying amounts. The interim impairment test resulted in the determination that the fair values of indefinite-lived intangible assets related to certain Zales trade names were less than their carrying value. Accordingly, in the 13 weeks ended May 5, 2018, the Company recognized pre-tax impairment charges in operations of $139.9 million within its North America segment. Additionally, in conjunction with the interim goodwill impairment tests associated with the second triggering event in the fourth quarter of Fiscal 2019, the Company determined that the fair values of indefinite-lived intangible assets related to trade names, primarily James Allen, were less than their carrying value. Accordingly, in the 13 weeks ended February 2, 2019, the Company recognized pre-tax impairment charges in operations of $74.3 million within its North America segment.
There were no indefinite-lived intangible asset impairment losses recognized during Fiscal 2020.
The following table provides additional detail regarding the composition of intangible assets and liabilities:
 
 
February 1, 2020
 
February 2, 2019
(in millions)
 
Gross
carrying
amount
 
Accumulated
amortization
 
Accumulated impairment loss
 
Net
carrying
amount
 
Gross
carrying
amount
 
Accumulated
amortization
 
Accumulated impairment loss
 
Net
carrying
amount
Intangible assets, net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Definite-lived intangible assets
 
$
53.2

 
$
(50.9
)
 
$

 
$
2.3

 
$
53.3

 
$
(50.1
)
 
$

 
$
3.2

Indefinite-lived intangible assets
 
475.4

 
 
 
(213.9
)
 
261.5

 
475.9

 
 
 
(214.1
)
 
261.8

Total intangible assets, net
 
$
528.6

 
$
(50.9
)
 
$
(213.9
)
 
$
263.8

 
$
529.2

 
$
(50.1
)
 
$
(214.1
)
 
$
265.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Intangible liabilities, net
 
$
(113.9
)
 
$
98.0

 
$

 
$
(15.9
)
 
$
(113.9
)
 
$
92.5

 
$

 
$
(21.4
)

Amortization expense relating to intangible assets was $0.9 million in Fiscal 2020 (Fiscal 2019: $4.0 million; Fiscal 2018: $9.3 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 $5.5 million in Fiscal 2020 (Fiscal 2019: $7.9 million; Fiscal 2018: $13.0 million). Expected future amortization for intangible assets and future amortization for intangible liabilities recorded at February 1, 2020 follows:
(in millions)
Intangible assets, net amortization
 
Intangible liabilities amortization
Fiscal 2021
$
0.9

 
$
(5.4
)
Fiscal 2022
0.8

 
(5.4
)
Fiscal 2023
0.6

 
(5.1
)
Total
$
2.3

 
$
(15.9
)

The Company will continue to monitor the share price of the Company’s stock, as well as key business metrics and inputs used to estimate fair value, such as sales trends and interest rates. In addition, as a result of the impairment of goodwill and trade names during the fourth quarter of Fiscal 2019, goodwill of $77.8 million associated with the R2Net acquisition and the Company’s trade names within the North America segment continue to approximate their respective fair values and could be at risk for future impairments should there be an adverse business or economic change in future periods.
v3.20.1
Investments
12 Months Ended
Feb. 01, 2020
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:
 
February 1, 2020
 
February 2, 2019
(in millions)
Cost
 
Unrealized Gain (Loss)
 
Fair Value
 
Cost
 
Unrealized Gain (Loss)
 
Fair Value
US Treasury securities
$
7.2

 
$

 
$
7.2

 
$
5.1

 
$
(0.4
)
 
$
4.7

US government agency securities
4.6

 
0.1

 
4.7

 
2.6

 
(0.1
)
 
2.5

Corporate bonds and notes
8.3

 
0.2

 
8.5

 
5.3

 
(0.1
)
 
5.2

Corporate equity securities

 

 

 
2.7

 
(0.3
)
 
2.4

Total investments
$
20.1

 
$
0.3

 
$
20.4

 
$
15.7

 
$
(0.9
)
 
$
14.8


Realized gains and losses on investments are determined on the specific identification basis. Net realized gains of $1.0 million were recognized during Fiscal 2020. There were no material net realized gains or losses during Fiscal 2019 and Fiscal 2018. Investments with a carrying value of $3.7 million and $3.4 million were on deposit with various state insurance departments at February 1, 2020 and February 2, 2019, respectively, as required by law.
Investments in debt securities outstanding as of February 1, 2020 mature as follows:
(in millions)
Cost
 
Fair Value
Less than one year
$
3.5

 
$
3.5

Year two through year five
16.6

 
16.9

Total investment in debt securities
$
20.1

 
$
20.4


v3.20.1
Derivatives
12 Months Ended
Feb. 01, 2020
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 the International segment purchases and purchases made by the Canadian operations of the North America segment 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 consolidated statement of operations 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 reduce 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 forward purchase contracts, options and net zero premium collar arrangements (a combination of forwards and option contracts).
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.
The primary external sources of funding are the Company’s ABL Revolving Facility and Senior Notes as described in Note 23.
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 matured in April 2019. Under this contract, the Company agreed 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. During the term of the interest rate swap, the Company effectively converted a portion of its variable-rate senior unsecured term loan into fixed-rate debt.
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. 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. As of February 1, 2020, 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 1, 2020 was $23.0 million (February 2, 2019: $22.4 million). These contracts have been designated as cash flow hedges and will be settled over the next 12 months (February 2, 2019: 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 1, 2020 was $224.2 million (February 2, 2019: $111.5 million).
Commodity forward purchase contracts, options and net zero premium 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 1, 2020 was for approximately 63,000 ounces of gold (February 2, 2019: 89,000 ounces). These contracts have been designated as cash flow hedges and will be settled over the next 12 months (February 2, 2019: 20 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 1, 2020, 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:
 
Fair value of derivative assets
(in millions)
Balance sheet location
 
February 1, 2020
 
February 2, 2019
Derivatives designated as hedging instruments:
 
 
 
 
 
Foreign currency contracts
Other current assets
 
$

 
$
0.1

Commodity contracts
Other current assets
 
11.8

 
4.3

Commodity contracts
Other assets
 

 
1.4

Interest rate swaps
Other assets
 

 
0.6

 
 
 
11.8

 
6.4

Derivatives not designated as hedging instruments:
 
 
 
 
 
Foreign currency contracts
Other current assets
 
0.6

 
0.8

Total derivative assets
 
 
$
12.4

 
$
7.2

 
Fair value of derivative liabilities
(in millions)
Balance sheet location
 
February 1, 2020
 
February 2, 2019
Derivatives designated as hedging instruments:
 
 
 
 
 
Foreign currency contracts
Other current liabilities
 
$
(0.8
)
 
$
(0.2
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
Foreign currency contracts
Other current liabilities
 
(0.1
)
 

Total derivative liabilities
 
 
$
(0.9
)
 
$
(0.2
)

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:
(in millions)
February 1, 2020
 
February 2, 2019
Foreign currency contracts
$
(1.0
)
 
$
0.7

Commodity contracts
17.7

 
4.0

Interest rate swaps

 
0.6

Gains recorded in AOCI
$
16.7

 
$
5.3

The following tables summarize the effect of derivative instruments designated as cash flow hedges in OCI and the consolidated statements of operations:
Foreign currency contracts
(in millions)
Statement of operations caption
 
Fiscal 2020
 
Fiscal 2019
Gains (losses) recorded in AOCI, beginning of period
 
 
$
0.7

 
$
(2.4
)
Current period gains (losses) recognized in OCI
 
 
(0.6
)
 
2.4

(Gains) losses reclassified from AOCI to net income
Cost of sales(1)
 
(1.1
)
 
0.7

Gains (losses) recorded in AOCI, end of period
 
 
$
(1.0
)
 
$
0.7

Commodity contracts
(in millions)
Statement of operations caption
 
Fiscal 2020
 
Fiscal 2019
Gains recorded in AOCI, beginning of period
 
 
$
4.0

 
$
1.4

Current period gains recognized in OCI
 
 
15.4

 
3.5

Gains reclassified from AOCI to net income
Cost of sales(1)
 
(1.7
)
 
(0.9
)
Gains recorded in AOCI, end of period
 
 
$
17.7

 
$
4.0


Interest rate swaps
(in millions)
Statement of operations caption
 
Fiscal 2020
 
Fiscal 2019
Gains recorded in AOCI, beginning of period
 
 
$
0.6

 
$
2.2

Current period gains recognized in OCI
 
 

 
0.3

Gains reclassified from AOCI to net income
Interest expense, net(1)
 
(0.6
)
 
(1.9
)
Gains recorded in AOCI, end of period
 
 
$

 
$
0.6


(1) 
Refer to table below for total amounts of financial statement captions impacted by cash flow hedges.
Total amounts presented in the consolidated statements of operations
(in millions)
Fiscal 2020
 
Fiscal 2019
Cost of sales
$
(3,904.2
)
 
$
(4,024.1
)
Interest expense, net
$
(35.6
)
 
$
(39.7
)

There was no material ineffectiveness related to the Company’s derivative instruments designated in cash flow hedging relationships during Fiscal 2020 and Fiscal 2019. Based on current valuations, the Company expects approximately $10.9 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 statements of operations:
 
Statement of operations caption
 
Amount of gains (losses) recognized in net income
(in millions)
 
 
Fiscal 2020
 
Fiscal 2019
Derivatives not designated as hedging instruments:
 
 
 
 
 
Foreign currency contracts
Other operating income (loss)
 
$
(3.1
)
 
$
(14.4
)

v3.20.1
Fair value measurement
12 Months Ended
Feb. 01, 2020
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:
 
February 1, 2020
 
February 2, 2019
(in millions)
Carrying Value
 
Quoted prices in
active
markets for
identical assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Carrying Value
 
Quoted prices in
active
markets for
identical assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
Assets:
 
 
 
 
 
 
 
US Treasury securities
$
7.2

 
$
7.2

 
$

 
$
4.7

 
$
4.7

 
$

Corporate equity securities

 

 

 
2.4

 
2.4

 

Foreign currency contracts
0.6

 

 
0.6

 
0.9

 

 
0.9

Commodity contracts
11.8

 

 
11.8

 
5.7

 

 
5.7

Interest rate swaps

 

 

 
0.6

 

 
0.6

US government agency securities
4.7

 

 
4.7

 
2.5

 

 
2.5

Corporate bonds and notes
8.5

 

 
8.5

 
5.2

 

 
5.2

Total assets
$
32.8

 
$
7.2

 
$
25.6

 
$
22.0

 
$
7.1

 
$
14.9

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency contracts
$
(0.9
)
 
$

 
$
(0.9
)
 
$
(0.2
)
 
$

 
$
(0.2
)
Total liabilities
$
(0.9
)
 
$

 
$
(0.9
)
 
$
(0.2
)
 
$

 
$
(0.2
)

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 19 for additional information related to the Company’s available-for-sale investments. The fair value of derivative financial instruments has 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 20 for additional information related to the Company’s derivatives.
During the second quarter of Fiscal 2019, the Company completed the sale of all eligible non-prime in-house accounts receivable. Upon closing, 5% of the purchase price was deferred until the second anniversary of the closing date. Final payment of the deferred purchase price is contingent upon the non-prime portfolio achieving a pre-defined yield. The Company recorded an asset related to this deferred payment within other assets at fair value and will adjust the asset to fair value in each subsequent period through the performance period through AOCI until settled. This estimated fair value was derived from a discounted cash flow model using unobservable inputs, including estimated yields derived from historic performance, loss rates, payment rates and discount rates to estimate the fair value associated with the accounts receivable. As of February 1, 2020, the fair value of the deferred payment was $21.9 million, which is recorded within other assets on the consolidated balance sheet. See Note 4 and Note 14 for additional information.
Goodwill and other indefinite-lived intangible assets, are evaluated for impairment annually or more frequently if events or conditions were to indicate the carrying value of a reporting unit or an indefinite-lived intangible asset may be greater than its fair value. Impairment testing compares the carrying amount of the reporting unit or other intangible assets with its fair value. During Fiscal 2020 and 2019, the Company performed interim and annual impairment tests for goodwill and indefinite-lived intangible assets. The fair value was calculated using a combination of discounted cash flow and guideline public company methodologies for the reporting units and the relief from royalty method for the indefinite-lived intangible assets, respectively. The fair value of goodwill and indefinite-lived intangible assets is a Level 3 valuation based on certain unobservable inputs including projected cash flows and estimated risk-adjusted rates of return that would be utilized by market participants in valuing these assets or prices of similar assets. See Note 18 for additional information.
The carrying amounts of cash and cash equivalents, accounts receivable, other current assets, accounts payable, accrued expenses and other liabilities, and income taxes approximate fair value because of the short-term maturity of these amounts.
The fair values of long-term debt instruments, excluding revolving credit facilities, 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. The carrying value of the ABL Revolving Facility (as defined in Note 23) approximates fair value. The following table provides a summary of the carrying amount and fair value of outstanding debt:
 
February 1, 2020
 
February 2, 2019
(in millions)
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Long-term debt
 
 
 
 
 
 
 
Senior Notes (Level 2)
$
146.4

 
$
144.8

 
$
395.3

 
$
340.3

Term loans (Level 2)
99.5

 
100.0

 
293.0

 
294.9

Total
$
245.9

 
$
244.8

 
$
688.3

 
$
635.2


v3.20.1
Retirement plans
12 Months Ended
Feb. 01, 2020
Retirement Benefits [Abstract]  
Retirement plans Retirement plans
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. 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 froze the pension plan for all participants with an effective date of October 2019 as elected by the plan participants. All future benefit accruals under the plan have thus ceased as of this date. The amendment to the plan was accounted for in accordance with FASB Accounting Standards Codification (“ASC”) Topic 715, “Compensation - Retirement Benefits.”
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 service cost component of net periodic pension cost is charged to selling, general and administrative expenses while non-service, interest and other costs components are charged to other non-operating income, net, in the consolidated statements of operations.
The UK Plan is a funded plan with assets held in a separate trustee administered fund, which is independently managed. Signet used February 1, 2020 and February 2, 2019 measurement dates in determining the UK Plan’s benefit obligation and fair value of plan assets.
The following tables provide information concerning the UK Plan as of and for the fiscal years ended February 1, 2020 and February 2, 2019:
(in millions)
Fiscal 2020
 
Fiscal 2019
Change in UK Plan assets:
 
 
 
Fair value at beginning of year
$
245.5

 
$
272.2

Actual return on UK Plan assets
36.8

 
2.1

Employer contributions
5.3

 
4.4

Members’ contributions
0.2

 
0.3

Benefits paid
(9.4
)
 
(13.5
)
Foreign currency translation
3.5

 
(20.0
)
Fair value at end of year
$
281.9

 
$
245.5


(in millions)
Fiscal 2020
 
Fiscal 2019
Change in benefit obligation:
 
 
 
Benefit obligation at beginning of year
$
214.9

 
$
232.4

Service cost
0.7

 
0.9

Interest cost
5.5

 
5.8

Members’ contributions
0.2

 
0.3

Actuarial (gain) loss
29.2

 
(2.1
)
Benefits paid
(9.4
)
 
(13.5
)
Plan settlements

 
8.3

Foreign currency translation
2.3

 
(17.2
)
Benefit obligation at end of year
$
243.4

 
$
214.9

Funded status at end of year
$
38.5

 
$
30.6


(in millions)
February 1, 2020
 
February 2, 2019
Amounts recognized in the balance sheet consist of:
 
 
 
Non-current assets
$
38.5

 
$
30.6


Items in AOCI not yet recognized in net income in the consolidated statements of operations:
(in millions)
February 1, 2020
 
February 2, 2019
 
February 3, 2018
Net actuarial losses
$
(52.4
)
 
$
(53.8
)
 
$
(51.1
)
Net prior service (costs) credits
(4.1
)
 
(4.1
)
 
2.4


The estimated actuarial losses and prior service costs for the UK Plan that will be amortized from AOCI into net periodic pension cost over the next fiscal year are $(1.0) million and $(0.1) million, respectively.
The accumulated benefit obligation for the UK Plan was $243.4 million and $214.6 million as of February 1, 2020 and February 2, 2019, respectively.
The components of net periodic pension benefit cost and other amounts recognized in OCI for the UK Plan are as follows:
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Components of net periodic benefit (cost) income:
 
 
 
 
 
Service cost
$
(0.7
)
 
$
(0.9
)
 
$
(2.1
)
Interest cost
(5.5
)
 
(5.8
)
 
(6.1
)
Expected return on UK Plan assets
7.8

 
8.4

 
9.4

Amortization of unrecognized actuarial losses
(1.2
)
 
(0.9
)
 
(2.8
)
Amortization of unrecognized net prior service credits

 

 
1.4

Net curtailment gain and settlement loss

 

 
3.7

Total net periodic benefit (cost) income
$
0.4

 
$
0.8

 
$
3.5

Other changes in assets and benefit obligations recognized in OCI
1.7

 
(11.3
)
 
(2.9
)
Total recognized in net periodic pension benefit (cost) and OCI
$
2.1

 
$
(10.5
)
 
$
0.6


 
February 1, 2020
 
February 2, 2019
Assumptions used to determine benefit obligations (at the end of the year):
 
 
 
Discount rate
1.70
%
 
2.70
%
Salary increases
N/A

 
1.50
%
Assumptions used to determine net periodic pension costs (at the start of the year):
 
 
 
Discount rate
2.70
%
 
2.60
%
Expected return on UK Plan assets
3.50
%
 
3.60
%
Salary increases
1.50
%
 
2.50
%

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 global equities, diversified growth funds, corporate bonds, fixed income investments 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 1, 2020, the long-term target allocation for the UK Plan’s assets was bonds 68%, diversified growth funds 27%, equities 5% and property 0%. 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 1, 2020 and February 2, 2019 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:
 
Fair value measurements as of February 1, 2020
 
Fair value measurements as of February 2, 2019
(in millions)
Total
 
Quoted prices in
active
markets for
identical assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
 
Total
 
Quoted prices in
active
markets for
identical assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Asset category:
 
 
 
 
 
 
 
 
 
 
 
Diversified equity securities
$
15.1

 
$

 
$
15.1

 
$

 
$
19.4

 
$

 
$
19.4

 
$

Diversified growth funds
49.8

 
49.8

 

 

 
66.4

 
43.6

 
22.8

 

Fixed income – government bonds
139.7

 
139.7

 

 

 
80.6

 

 
80.6

 

Fixed income – corporate bonds
48.8

 

 
48.8

 

 
46.2

 

 
46.2

 

Cash
4.3

 
4.3

 

 

 
1.9

 
1.9

 

 

Investments measured at NAV(1):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diversified growth funds
17.8

 
 
 
 
 
 
 
17.4

 
 
 
 
 
 
Property
6.4

 
 
 
 
 
 
 
13.6

 
 
 
 
 
 
Total
$
281.9

 
$
193.8

 
$
63.9

 
$

 
$
245.5

 
$
45.5

 
$
169.0

 
$


(1) 
Certain assets that are measured at fair value using the net asset value (“NAV”) practical expedient have not been classified in the fair value hierarchy.
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.
Certain fixed income investments are in an interest-based return through investments in various asset classes including: asset backed securities, mortgage backed securities, collateralized debt and loan obligations, and loan investments. The same investments in are subject to certain restrictions whereby funds may only be divested quarterly. The investment in property is in pooled funds valued by the administrators of the fund. 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. The valuation of these assets are based on the NAV of underlying assets, which are independently valued on a monthly basis.
Signet contributed $5.3 million to the UK Plan in Fiscal 2020 and expects to contribute a minimum of $4.5 million to the UK Plan in Fiscal 2021. 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, 2017.
The following benefit payments are currently estimated to be paid by the UK Plan:
(in millions)
Expected benefit payments
Fiscal 2021
$
9.5

Fiscal 2022
9.6

Fiscal 2023
9.7

Fiscal 2024
9.6

Fiscal 2025
9.9

Thereafter
$
50.6


Other retirement plans
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 2020 were $2.4 million (Fiscal 2019: $2.3 million; Fiscal 2018: $2.6 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 2020 were $9.1 million (Fiscal 2019: $10.4 million; Fiscal 2018: $10.0 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. The cost recognized in connection with the DCP in Fiscal 2020 was $3.6 million (Fiscal 2019: $3.6 million; Fiscal 2018: $3.8 million).
The fair value of the assets in the two unfunded, non-qualified deferred compensation plans at February 1, 2020 and February 2, 2019 are required to be classified and disclosed. Although these plans are not required to be funded by the Company, the Company has elected to fund the plans by investing in trust-owned life insurance policies and money market funds. The value and classification of these assets are as follows:
 
Fair value measurements as of February 1, 2020
 
Fair value measurements as of February 2, 2019
(in millions)
Total
 
Quoted prices in
active markets for
identical assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Total
 
Quoted prices in
active markets for
identical assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
Assets:
 
 
 
 
 
 
 
 
 
 
 
Corporate-owned life insurance plans
$
6.5

 
$

 
$
6.5

 
$
7.0

 
$

 
$
7.0

Money market funds
21.0

 
21.0

 

 
26.9

 
26.9

 

Total assets
$
27.5

 
$
21.0

 
$
6.5

 
$
33.9

 
$
26.9

 
$
7.0


As of February 1, 2020 and February 2, 2019, the total liability recorded by the Company for the DCP was $35.4 million and $35.5 million, respectively.
v3.20.1
Loans, overdrafts and long-term debt
12 Months Ended
Feb. 01, 2020
Debt Disclosure [Abstract]  
Loans, overdrafts and long-term debt Loans, overdrafts and long-term debt
(in millions)
February 1, 2020
 
February 2, 2019
Debt:
 
 
 
Senior Notes, net of unamortized discount
$
147.5

 
$
399.0

ABL Revolving Facility
270.0

 

FILO term loan facility
100.0

 

Senior unsecured term loan

 
294.9

Other loans and bank overdrafts
95.6

 
40.1

Gross debt
$
613.1

 
$
734.0

Less: Current portion of loans and overdrafts
(95.6
)
 
(78.8
)
Less: Unamortized debt issuance costs
(1.6
)
 
(5.6
)
Total long-term debt
$
515.9

 
$
649.6



The annual aggregate maturities of our debt (excluding the impact of debt issuance costs) for the five years subsequent to February 1, 2020 are presented below.

(in millions)
 
 
Fiscal 2021
 
$
63.1

Fiscal 2022
 

Fiscal 2023
 

Fiscal 2024
 
370.0

Fiscal 2025
 
147.5

Thereafter
 

Gross Debt
 
$
580.6



Revolving credit facility and term loan (the “Credit Facility”)
On September 27, 2019, in connection with the issuance of a new senior secured asset-based credit facility, the Company repaid and terminated the Credit Facility. Refer to the “Asset-based credit facility” section below. The original maturity of the Credit Facility was July 2021. Unamortized debt issuance costs of $2.0 million associated with the Credit Facility were written-off during Fiscal 2020 upon executing the termination of the Credit Facility. This expense was recognized as a cost of extinguishment of the Credit Facility and was recorded within other non-operating income, net, in the consolidated statements of operations.
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 “Senior Notes”). The Senior Notes were issued under an effective registration statement previously filed with the SEC. Interest on the Senior Notes is payable semi-annually on June 15 and December 15 of each year. The Senior 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 28 of Item 8 for additional information. The Senior 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.
On September 5, 2019, Signet UK Finance announced the commencement of a tender offer to purchase any and all of its outstanding Senior Notes (the “Tender Offer”). Upon receipt of the requisite consents from Senior Note holders, Signet UK Finance entered into a supplemental indenture which eliminated most of the restrictive covenants and certain default provisions of the indenture. The supplemental indenture became operative on September 27, 2019 upon the Company’s acceptance and payment for the Senior Notes previously validly tendered and not validly withdrawn pursuant to the Tender Offer for an aggregate principal amount of $239.6 million, which represented a purchase price of $950.00 per $1,000.00 in principal amount of the Senior Notes validly tendered. The Company recognized a net gain on extinguishment of the validly tendered Senior Notes in Fiscal 2020 of $8.2 million, net of $1.9 million in third party fees and $2.6 million in write-off of unamortized debt issuance costs and original issue discount. This net gain was recorded within other non-operating income, net, in the consolidated statements of operations.

Unamortized debt issuance costs relating to the Notes as of February 1, 2020 was $1.1 million (February 2, 2019$3.7 million). The remaining unamortized debt issuance costs are recorded as a direct deduction from the outstanding liability within the consolidated balance sheets. Amortization relating to debt issuance costs of $0.6 million was recorded as interest expense in the consolidated statements of operations in Fiscal 2020 ($0.7 million during Fiscal 2019 and Fiscal 2018).
Asset-based credit facility
On September 27, 2019, the Company entered into a senior secured asset-based credit facility consisting of (i) a revolving credit facility in an aggregate committed amount of $1.5 billion (“ABL Revolving Facility”) and (ii) a first-in last-out term loan facility in an aggregate principal amount of $100.0 million (the “FILO Term Loan Facility” and, together with the ABL Revolving Facility, the “ABL Facility”) pursuant to that certain credit agreement. The ABL Facility will mature on September 27, 2024.

Revolving loans under the ABL Revolving Facility are available in an aggregate amount equal to the lesser of the aggregate ABL revolving commitments and a borrowing base determined based on the value of certain inventory and credit card receivables, subject to specified advance rates and reserves. Indebtedness under the ABL Facility is secured by substantially all of the assets of the Company and its subsidiaries, subject to customary exceptions. Borrowings under the ABL Revolving Facility and the FILO Term Loan Facility, as applicable, bear interest at the Company’s option at either eurocurrency rate plus the applicable margin or a base rate plus the applicable margin, in each case depending on the excess availability under the ABL Revolving Facility. As of February 1, 2020, the interest rate on the ABL Revolving Facility was 2.8%, and the interest rate on the FILO Term Loan Facility was 3.6%. The Company had stand-by letters of credit outstanding of $14.9 million on the ABL Revolving Facility as of February 1, 2020. The Company had available borrowing capacity of $1.2 billion on the ABL Revolving Facility as of February 1, 2020.

If the excess availability under the ABL Revolving Facility falls below the threshold specified in the ABL Facility agreement, the Company will be required to maintain a fixed charge coverage ratio of not less than 1.00 to 1.00. As of February 1, 2020, the threshold related to the fixed coverage ratio was approximately $150 million. The ABL Facility places certain restrictions upon the Company’s ability to, among other things, incur additional indebtedness, pay dividends, grant liens and make certain loans, investments and divestitures. This payment restrictions threshold was approximately $260 million as of February 1, 2020. The ABL Facility contains customary events of default (including payment defaults, cross-defaults to certain of our other indebtedness, breach of representations and covenants and change of control). The occurrence of an event of default under the ABL Facility would permit the lenders to accelerate the indebtedness and terminate the ABL Facility.

Debt issuance costs relating to the ABL Facility totaled $9.3 million, of which $8.7 million of these costs were allocated to the ABL Revolving Facility and $0.6 million was allocated to the FILO Term Loan Facility. The remaining unamortized debt issuance costs for the ABL Revolving Facility are recorded within other assets in the consolidated balance sheets and the remaining unamortized debt issuance costs for the FILO Term Loan Facility are recorded as a direct deduction from the outstanding liability within the consolidated balance sheets. Amortization relating to the ABL Facility debt issuance costs of $0.6 million was recorded as interest expense in the consolidated statements of operations for Fiscal 2020.
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 4, 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. Amortization relating to these fees of $0.3 million was recorded as interest expense in the consolidated statement of operations for Fiscal 2018.
Unsecured term loan (the “Bridge Loan”)
In conjunction with the acquisition of R2Net, Signet entered into a $350.0 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 1, 2020 and February 2, 2019, the Company was in compliance with all debt covenants.
As of February 1, 2020 and February 2, 2019, there were $87.5 million and $40.1 million in overdrafts, respectively, which represent issued and outstanding checks where no bank balances exist with the right of offset.
v3.20.1
Accrued expenses and other current liabilities
12 Months Ended
Feb. 01, 2020
Payables and Accruals [Abstract]  
Accrued expenses and other current liabilities Accrued expenses and other current liabilities
(in millions)
February 1, 2020
 
February 2, 2019
Accrued compensation
$
63.1

 
$
88.1

Other liabilities
13.8

 
28.3

Other taxes
32.8

 
32.6

Payroll taxes
11.7

 
10.8

Shareholder litigation (see Note 27)
240.6

 

Accrued expenses
335.0

 
343.0

Total accrued expenses and other current liabilities
$
697.0

 
$
502.8


The North America segment provides 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. A similar product lifetime guarantee is also provided on color gemstones. The warranty reserve for diamond and gemstone guarantee is as follows:
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Warranty reserve, beginning of period
$
33.2

 
$
37.2

 
$
40.0

Warranty expense
13.5

 
8.0

 
8.5

Utilized(1)
(10.4
)
 
(12.0
)
 
(11.3
)
Warranty reserve, end of period
$
36.3

 
$
33.2

 
$
37.2

(1) 
Includes impact of foreign exchange translation.
(in millions)
February 1, 2020
 
February 2, 2019
Disclosed as:
 
 
 
Current liabilities(1)
$
10.6

 
$
10.0

Other liabilities - non-current (see Note 25)
25.7

 
23.2

Total warranty reserve
$
36.3

 
$
33.2

(1) 
Included within accrued expenses above.
v3.20.1
Other liabilities - non-current
12 Months Ended
Feb. 01, 2020
Other Liabilities Disclosure [Abstract]  
Other liabilities - non-current Other liabilities - non-current
(in millions)
February 1, 2020
 
February 2, 2019
Straight-line rent
$

 
$
95.1

Deferred compensation
31.0

 
30.4

Warranty reserve
25.7

 
23.2

Other liabilities
59.9

 
75.4

Total other liabilities
$
116.6

 
$
224.1


v3.20.1
Share-based compensation
12 Months Ended
Feb. 01, 2020
Share-based Payment Arrangement [Abstract]  
Share-based compensation Share-based compensation
Signet operates several share-based compensation plans which can be categorized as the “Omnibus Plans” and “Share Saving Plans.”
Impact on results
Share-based compensation expense and the associated tax benefits recognized in the consolidated statements of operations are as follows:
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Share-based compensation expense
$
16.9

 
$
16.5

 
$
16.1

Income tax benefit
$
(4.2
)
 
$
(4.1
)
 
$
(5.3
)

As of February 1, 2020, unrecognized compensation cost related to unvested awards granted under share-based compensation plans is as follows:
(in millions)
Unrecognized Compensation Cost
 
Weighted average period
Omnibus Plan
$
21.8

 
1.7 years
Share Saving Plans
0.4

 
1.2 years
Total
$
22.2

 


The Company satisfies 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 2018, Signet’s shareholders approved and Signet adopted the Signet Jewelers Limited 2018 Omnibus Incentive Plan (the “2018 Omnibus Plan”). Upon adoption of the 2018 Omnibus Plan, shares that were previously available under the Signet Jewelers Limited Omnibus Incentive Plan, which was approved in June 2009 (the “2009 Omnibus Plan”)(collectively, with the 2018 Omnibus Incentive Plan, the “Omnibus Plans”) are no longer available for future grants and were not transferred to the 2018 Omnibus Incentive Plan. Awards that may be granted under the 2018 Omnibus Plan include restricted stock, RSUs, stock options, stock appreciation rights and other stock-based awards. The Fiscal 2020, Fiscal 2019 and Fiscal 2018 annual awards granted under the Omnibus Plans have two elements: time-based restricted stock and performance-based RSUs. Additionally, during Fiscal 2020 and Fiscal 2019, time-based stock options were granted under the Omnibus Plans. 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 in Fiscal 2020 and 2019 include two performance measures: operating income (subject to certain adjustments) and return on invested capital (“ROIC”), although the ROIC measure is applicable only to senior executives. Performance-based RSUs granted in Fiscal 2018 include two performance measures: operating income and return on capital employed (“ROCE”), although the ROCE measure is applicable only to senior executives. For the performance measures, cumulative results achieved during the relevant three year performance period are compared to target metrics established in the underlying grant agreements. The time-based stock options vest on the third anniversary of the grant date and have a ten year contractual term, subject to continued employment. Time-based RSUs generally have a three year vesting period, subject to continued employment. The 2018 Omnibus Plan permits the grant of awards to employees, non-employee directors and consultants for up to 3,575,000 common shares.
The significant assumptions utilized to estimate the weighted-average fair value of restricted stock and RSU awards granted under the Omnibus Plans are as follows:
 
Omnibus Plan
 
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Share price
$
20.76

 
$
41.36

 
$
65.74

Expected term
2.8 years

 
2.8 years

 
2.7 years

Dividend yield
7.5
%
 
3.6
%
 
2.1
%
Fair value
$
18.14

 
$
38.57

 
$
63.42

The significant assumptions utilized to estimate the weighted-average fair value of stock options granted under the Omnibus Plans are as follows:
 
Fiscal 2020
 
Fiscal 2019
Share price
$
22.17

 
$
40.09

Exercise price
$
25.18

 
$
39.72

Risk free interest rate
2.4
%
 
2.9
%
Expected term
6.0 years

 
6.5 years

Expected volatility
42.7
%
 
37.6
%
Dividend yield
6.7
%
 
3.7
%
Fair value
$
4.27

 
$
11.21

The risk-free interest rate is based on the US Treasury yield curve in effect at the grant date with remaining terms equal to the expected term of the awards. The expected term utilized is the length of time the awards are expected to be outstanding, primarily based on the
vesting period and expiration date 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 2020 activity for restricted stock and RSU awards granted under the Omnibus Plans is as follows:
 
Omnibus Plans
(in millions, except per share amounts)
No. of
shares
 
Weighted
average
grant date
fair value
 
Weighted
average
remaining
contractual
life
 
Intrinsic
value
(1)
Outstanding at February 2, 2019
1.6

 
$
54.08

 
1.5 years
 
$
39.9

Fiscal 2020 activity:
 
 
 
 
 
 
 
Granted
1.6

 
18.14

 
 
 
 
Vested
(0.2
)
 
58.24

 
 
 
 
Lapsed
(0.2
)
 
80.47

 
 
 
 
Outstanding at February 1, 2020
2.8

 
$
31.04

 
1.5 years
 
$
66.9

(1) 
Intrinsic value for outstanding restricted stock and RSUs is based on the fair market value of Signet’s common stock on the last business day of the fiscal year.
The Fiscal 2020 activity for stock options granted under the Omnibus Plans is as follows:
 
Omnibus Plans
(in millions, except per share amounts)
No. of
shares
 
Weighted
average
exercise
price
 
Weighted
average
remaining
contractual
life
 
Intrinsic
value
(1)
Outstanding at February 2, 2019
0.8

 
$
39.72

 
9.2 years
 
$

Fiscal 2020 activity:
 
 
 
 
 
 
 
Granted
0.1

 
25.18

 
 
 
 
Exercised

 

 
 
 
 
Lapsed
(0.2
)
 
39.72

 
 
 
 
Outstanding at February 1, 2020
0.7

 
$
39.13

 
8.3 years
 
$

(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 Omnibus Plan:
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Total intrinsic value of awards vested
$
3.5

 
$
6.8

 
$
7.1


Share Saving Plans
Signet has three share option savings plans (collectively, the “Share Saving Plans”) available to employees as follows:
Employee Share Purchase Plan, for US employees
Sharesave Plan, for UK employees
Irish Sub-Plan to the Sharesave Plan, for Republic of Ireland employees
The Employee Share Purchase Plan as adopted in 2018 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 5% to the closing price of the New York Stock Exchange on the date of purchase, which occurs on the last trading day of a twelve-month offering period. This plan is non-compensatory and no more than 1,250,000 shares may be issued under the Employee Share Purchase Plan.
The Sharesave Plan and Irish Sub-Plan as adopted in 2018 allow eligible employees to be granted, and to exercise, options over common shares at a discount of approximately 15% below a determined market price based on the New York Stock Exchange, using savings accumulated under savings contract entered into in accordance with the relevant plan rules. The market price is generally determined as one of: (i) the average middle market price for the three trading days immediately prior to the invitation date; (ii) the market price on the day immediately preceding the invitation date; or (iii) the market price at such other time as may be agreed with Her Majesty’s Revenue and Customs Options granted under the Sharesave Plan and the Irish Sub-Plan vest after 36 months and are generally only exercisable between 36 and 42 months from commencement of the related savings contract. These plans are compensatory and compensation expense is recognized over the requisite service period, and no more than 1,000,000 shares may be allocated under these plans.
The significant assumptions utilized to estimate the weighted-average fair value of awards granted under the Share Saving Plans are as follows:
 
Share Saving Plans
 
Fiscal 2019
 
Fiscal 2018
Share price
$
58.50

 
$
59.84

Exercise price
$
57.97

 
$
52.00

Risk free interest rate
3.0
%
 
1.2
%
Expected term
3.7 years

 
2.7 years

Expected volatility
44.4
%
 
37.0
%
Dividend yield
2.6
%
 
2.7
%
Fair value
$
18.07

 
$
15.22


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 2020 activity for awards granted under the Share Saving Plans is as follows:
 
Share Saving Plans
(in millions, except per share amounts)
No. of
shares
 
Weighted
average
exercise
price
 
Weighted
average
remaining
contractual
life
 
Intrinsic
value
(1)
Outstanding at February 2, 2019
0.2

 
$
54.80

 
1.5 years
 
$

Fiscal 2020 activity:
 
 
 
 
 
 
 
Granted

 

 
 
 
 
Exercised

 

 
 
 
 
Lapsed
(0.1
)
 
57.62

 
 
 
 
Outstanding at February 1, 2020
0.1

 
$
54.78

 
1.1 years
 
$

Exercisable at February 2, 2019

 
$

 
 
 
$

Exercisable at February 1, 2020

 
$

 
 
 
$

(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:
(in millions, except per share amounts)
Fiscal 2019
 
Fiscal 2018
Weighted average grant date fair value per share of awards granted
$
18.07

 
$
15.22

Total intrinsic value of options exercised
$

 
$
0.1

Cash received from share options exercised
$

 
$
0.3


v3.20.1
Commitments and contingencies
12 Months Ended
Feb. 01, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies Commitments and contingencies
Contingent property liabilities
Approximately 18 property leases had been assigned in the UK by Signet at February 1, 2020 (and remained unexpired and occupied by assignees at that date) and approximately four 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 amount of such claims arising to date has not been material.
Capital commitments
At February 1, 2020 Signet has committed to spend $22.3 million (February 2, 2019: $52.5 million) related to capital commitments. These commitments principally relate to the renovation of stores and capital investments in IT.
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 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 in the arbitration 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. On January 15, 2018, District Court granted SJI’s August 17, 2017 Renewed Motion to Vacate the Class Determination Award 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 potentially 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 was fully briefed and oral argument before the Second Circuit occurred on May 7, 2018. On May 17, 2019, SJI submitted a Rule 28(j) letter to the Second Circuit addressing the effects of the Supreme Court’s ruling in Lamps Plus, Inc. v. Varela, No. 17-988 (S. Ct. Apr. 24, 2019), on the pending appeal. The Second Circuit then issued an order directing the parties to submit additional arguments on that issue, which were submitted. On November 18, 2019 the Second Circuit issued an order reversing and remanding the District Court’s January 15, 2018 Order that vacated the Arbitrator’s Class Determination Award certifying for declaratory and injunctive relief a Title VII pay and promotions class of female retail sales employees. The Second Circuit held that the District Court erred when it concluded that the Arbitrator exceeded her authority in purporting to bind absent class members to the Class Determination Award. The Second Circuit remanded the case to the District Court to decide the narrower question of whether the Arbitrator erred in certifying an opt-out, as opposed to a mandatory, class for declaratory and injunctive relief. On December 2, 2019, SJI filed a petition for a hearing en banc with the United States Court of Appeals for the Second Circuit. On January 15, 2020, SJI filed a Rule 28(j) letter in the Second Circuit. On that same day the Second Circuit denied the petition for rehearing en banc. On January 21, 2020, Sterling filed its motion for stay of mandate with the Second Circuit pending the filing of a petition for writ of certiorari with the U.S. Supreme Court. On January 22, 2020, the Second Circuit granted Sterling’s motion for stay of mandate. The petition for a writ of certiorari from the U.S. Supreme Court is due on June 15, 2020.
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 was three years and three months, expiring on August 4, 2020. On March 6, 2020, SJI and the EEOC filed their Joint Motion to Approve an Amendment to And Extension of the Term of the Consent Decree, which provides for a limited extension of a few aspects of the Consent Decree terms regarding SJI’s compensation practices, and incorporating its implementation of a new retail team member compensation program into the overall Consent Decree framework. This extension will enable SJI to implement changes to its retail team member compensation strategy and validate that the new program is consistent with the overall purposes of the Consent Decree. On March 11, 2020 the U.S. District Court for the Western District of New York granted the joint motion and entered the parties’ Amendment to And Extension of the Term of the Consent Decree. The term of the amended Consent Decree expires on November 4, 2021.
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, another alleged Company shareholder 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). This 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, this 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. On March 30, 2018, the defendants moved to dismiss the fifth amended complaint. On November 26, 2018, the Court denied the defendants’ motion to dismiss.

On March 15, 2019, the lead plaintiff moved for appointment of a class representative and class counsel and for certification of a class period of August 29, 2013, through March 13, 2018. On July 10, 2019, the Court granted the motion and certified a class of all persons
and entities who purchased or otherwise acquired Signet common stock from August 29, 2013 to May 25, 2017. The Court also appointed a class representative and class counsel.

On May 9, 2019, the defendants moved for judgment on the pleadings with respect to certain alleged misstatements. On June 11, 2019, the Court denied the defendants’ motion for judgment on the pleadings. The defendants moved for reconsideration on June 18, 2019. The Court denied that motion on June 20, 2019.

On July 24, 2019, the defendants filed with the United States Court of Appeals for the Second Circuit a petition for permission to appeal the District Court’s class certification decision. On November 19, 2019, the Court of Appeals granted that petition. On November 20, 2019, the parties jointly moved to stay proceedings in the District Court while the appeal is pending. On November 21, 2019, the District Court granted that motion.

On January 16, 2020, the lead plaintiff and defendants filed a joint stipulation in the Court of Appeals withdrawing the appeal without costs or attorneys’ fees and providing that the defendants may reinstate the appeal by filing written notice by August 28, 2020. The Court of Appeals granted the stipulation on January 16, 2020.

On March 16, 2020, the Company, all of the other defendant parties to the Consolidated Action, and the lead plaintiff entered into a settlement agreement in the Consolidated Action. The settlement of $240 million provides for the dismissal of the Consolidated Action with prejudice. As a result of the settlement, the Company recorded a charge of $33.2 million during the fourth quarter of Fiscal 2020 in other operating income (loss), which includes administration costs of $0.6 million and is recorded net of expected recoveries from the Company’s insurance carriers of $207.4 million. As of February 1, 2020, the liability related to settlement and administration fees is recorded in other current liabilities, and the expected insurance recoveries are recorded in other current assets in the consolidated balance sheet. The Company currently expects to contribute approximately $35 million of the $240 million settlement payment, of which approximately $2.5 million relates to the estimated impact of foreign exchange translation in the first half of Fiscal 2021 which will be recognized upon funding of the settlement. The settlement is subject to court approval at a hearing after notice to the class.
On March 27, 2019, two actions were filed in the U.S. District Court for the Southern District of New York by investment funds that allegedly purchased the Company’s stock (Nos. 19-cv-2757 and 19-cv-2758), and name the Company and its current and former Chief Executive Officers and Chief Financial Officers as defendants. Both complaints allege violations of Sections 10(b), 18, and 20(a) of the Securities Exchange Act of 1934, and common law fraud, based on alleged misstatements and omissions concerning the Company’s credit portfolio. These claims are substantially the same as the credit-related claims in the Consolidated Action, except that No. 19-cv-2757 alleges a “relevant period” of August 29, 2013, to June 2, 2016, and No. 19-cv-2758 alleges a “relevant period” of August 29, 2013, to August 25, 2016. On May 14, 2019, and May 29, 2019, the Court entered orders staying these actions until entry of final judgment in the Consolidated Action. On March 4, 2020, the plaintiffs in No. 19-cv-2757 filed a summons with notice in the Supreme Court of the State of New York (No. 651488/2020), seeking relief that is substantially similar to those plaintiffs’ claim for common law fraud in No. 19-cv-2757.
On October 25, 2019, two more actions were filed in the U.S. District Court for the Southern District of New York by investment funds that allegedly purchased the Company’s stock (Nos. 19-cv-9916 and 19-cv-9917), and name the Company and its current and former Chief Executive Officers and Chief Financial Officers as defendants. Both complaints allege violations of Sections 10(b), 18, and 20(a) of the Securities Exchange Act of 1934, and common law fraud. The claims in No. 19-cv-9916 are substantially the same as the claims in the Consolidated Action related to the Company’s alleged failure to disclose reports of sexual harassment allegations that were raised by claimants in the Arbitration, except that No. 19-cv-9916 alleges a “relevant period” of December 2, 2016, to February 1, 2017. The claims in No. 19-cv-9917 are substantially the same as the claims in the Consolidated Action, except that No. 19-cv-9917 alleges a “relevant period” of August 28, 2014, to March 16, 2017. On November 5, 2019, the Court entered orders staying these actions until entry of final judgment in the Consolidated Action.
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 was granted on February 28, 2019. On March 26, 2019, plaintiff filed a notice of appeal of the trial court’s dismissal of the action. On July 1, 2019, plaintiff filed an appeal brief in the Court of Appeals, Ninth Judicial District, Summit County, Ohio. Defendants filed their answering brief on August 9, 2019. Plaintiff filed a reply brief on August 19, 2019. The Court of Appeals heard oral argument on January 16, 2020.

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 January 16, 2019, Sterling Jewelers Inc., (“Sterling”), a wholly owned subsidiary of Company, without admitting or denying any of the allegations, findings of fact, or conclusions of law (except to establish jurisdiction), entered into a Consent Order with the Consumer Financial Protection Bureau (the "CFPB") and New York Attorney General (the “NY AG”) settling a previously disclosed investigation of certain in-store credit practices, promotions, and payment protection products (the "Consent Order"). Among other things, the Consent Order requires Sterling to (i) submit an accurate written compliance report to the CFPB; (ii) pay an $10,000,000 civil money penalty to the CFPB;  (iii) pay a $1,000,000 civil money penalty to the NY AG: and (iv) maintain policies and procedures related to the issuance of credit cards, including with respect to credit applications, credit financing terms and conditions, and any related add-on products that are reasonably designed to ensure consumer knowledge or consent. All payments required by the Consent Order were made in February 2019. We continue to work to ensure compliance with the Consent Order, which may result in us incurring additional costs.
v3.20.1
Condensed consolidating financial information
12 Months Ended
Feb. 01, 2020
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) (“Parent”); (ii) the Issuer of the guaranteed obligations (Signet UK Finance plc) (“Issuer”); (iii) the Guarantor subsidiaries, on a combined basis (“Guarantors”); (iv) the non-guarantor subsidiaries, on a combined basis (Non-Guarantors); (v) consolidating eliminations (“Eliminations”); and (vi) Signet Jewelers Limited and Subsidiaries on a consolidated basis (“Consolidated”). Each Guarantor is 100% owned by the Parent at the date of each balance sheet presented. The Guarantors, along with Parent, will fully and unconditionally guarantee the obligations of Issuer 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 Statement of Operations
For the 52 week period ended week period ended February 1, 2020
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Sales
$

 
$

 
$
5,656.3

 
$
480.8

 
$

 
$
6,137.1

Cost of sales

 

 
(3,589.1
)
 
(315.1
)
 

 
(3,904.2
)
Restructuring charges - cost of sales

 

 
(6.0
)
 
(3.2
)
 

 
(9.2
)
Gross margin

 

 
2,061.2

 
162.5

 

 
2,223.7

Selling, general and administrative expenses
(0.9
)
 

 
(1,872.2
)
 
(45.1
)
 

 
(1,918.2
)
Restructuring charges

 

 
(62.9
)
 
(7.0
)
 

 
(69.9
)
Goodwill and intangible impairments

 

 
(35.2
)
 
(12.5
)
 

 
(47.7
)
Other operating income (loss)

 

 
(29.3
)
 
(0.3
)
 

 
(29.6
)
Operating income (loss)
(0.9
)
 

 
61.6

 
97.6

 

 
158.3

Intra-entity interest income (expense)
(2.2
)
 
14.9

 
(176.8
)
 
164.1

 

 

Interest expense, net

 
(15.5
)
 
(20.3
)
 
0.2

 

 
(35.6
)
Other non-operating income, net

 
8.1

 
(1.1
)
 

 

 
7.0

Income (loss) before income taxes
(3.1
)
 
7.5

 
(136.6
)
 
261.9

 

 
129.7

Income taxes

 
(1.4
)
 
(20.0
)
 
(2.8
)
 

 
(24.2
)
Equity in income of subsidiaries
108.6

 

 
(164.1
)
 
(140.8
)
 
196.3

 

Net income (loss)
105.5

 
6.1

 
(320.7
)
 
118.3

 
196.3

 
105.5

Dividends on redeemable convertible preferred shares
(32.9
)
 

 

 

 

 
(32.9
)
Net income (loss) attributable to common shareholders
$
72.6

 
$
6.1

 
$
(320.7
)
 
$
118.3

 
$
196.3

 
$
72.6

Condensed Consolidating Statement of Operations
For the 52 week period ended week period ended February 2, 2019
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Sales
$

 
$

 
$
5,722.8

 
$
524.3

 
$

 
$
6,247.1

Cost of sales

 

 
(3,755.5
)
 
(268.6
)
 

 
(4,024.1
)
Restructuring charges - cost of sales

 

 
(56.5
)
 
(5.7
)
 

 
(62.2
)
Gross margin

 

 
1,910.8

 
250.0

 

 
2,160.8

Selling, general and administrative expenses
(1.0
)
 

 
(1,833.4
)
 
(150.7
)
 

 
(1,985.1
)
Credit transaction, net

 

 
(167.4
)
 

 

 
(167.4
)
Restructuring charges

 

 
(55.3
)
 
(8.4
)
 

 
(63.7
)
Goodwill and intangible impairments

 

 
(470.4
)
 
(265.0
)
 

 
(735.4
)
Other operating income (loss)
(0.1
)
 

 
22.5

 
3.8

 

 
26.2

Operating income (loss)
(1.1
)
 

 
(593.2
)
 
(170.3
)
 

 
(764.6
)
Intra-entity interest income (expense)
(4.6
)
 
18.9

 
(243.4
)
 
229.1

 

 

Interest expense, net

 
(14.9
)
 
(25.0
)
 
0.2

 

 
(39.7
)
Other non-operating income, net

 

 
1.7

 

 

 
1.7

Income (loss) before income taxes
(5.7
)
 
4.0

 
(859.9
)
 
59.0

 

 
(802.6
)
Income taxes

 
(0.8
)
 
133.0

 
13.0

 

 
145.2

Equity in income of subsidiaries
(651.7
)
 

 
(1,043.1
)
 
(770.4
)
 
2,465.2

 

Net income (loss)
(657.4
)
 
3.2

 
(1,770.0
)
 
(698.4
)
 
2,465.2

 
(657.4
)
Dividends on redeemable convertible preferred shares
(32.9
)
 

 

 

 

 
(32.9
)
Net income (loss) attributable to common shareholders
$
(690.3
)
 
$
3.2

 
$
(1,770.0
)
 
$
(698.4
)
 
$
2,465.2

 
$
(690.3
)

Condensed Consolidating Statement of Operations
For the 53 week period ended week period ended February 3, 2018
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Sales
$

 
$

 
$
5,866.6

 
$
386.4

 
$

 
$
6,253.0

Cost of sales

 

 
(3,926.6
)
 
(136.4
)
 

 
(4,063.0
)
Gross margin

 

 
1,940.0

 
250.0

 

 
2,190.0

Selling, general and administrative expenses
(1.9
)
 

 
(1,738.2
)
 
(132.1
)
 

 
(1,872.2
)
Credit transaction, net

 

 
1.3

 

 

 
1.3

Other operating income (loss)
0.1

 

 
260.3

 
0.4

 

 
260.8

Operating income (loss)
(1.8
)
 

 
463.4

 
118.3

 

 
579.9

Intra-entity interest income (expense)

 
18.8

 
(190.2
)
 
171.4

 

 

Interest expense, net

 
(19.9
)
 
(21.6
)
 
(11.2
)
 

 
(52.7
)
Income (loss) before income taxes
(1.8
)
 
(1.1
)
 
251.6

 
278.5

 

 
527.2

Income taxes

 
0.2

 
(21.3
)
 
13.2

 

 
(7.9
)
Equity in income of subsidiaries
521.1

 

 
229.6

 
233.1

 
(983.8
)
 

Net income (loss)
519.3

 
(0.9
)
 
459.9

 
524.8

 
(983.8
)
 
519.3

Dividends on redeemable convertible preferred shares
(32.9
)
 

 

 

 

 
(32.9
)
Net income (loss) attributable to common shareholders
$
486.4

 
$
(0.9
)
 
$
459.9

 
$
524.8

 
$
(983.8
)
 
$
486.4


Condensed Consolidating Statement of Comprehensive Income
For the 52 week period ended week period ended February 1, 2020
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net income (loss)
$
105.5

 
$
6.1

 
$
(320.7
)
 
$
118.3

 
$
196.3

 
$
105.5

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
(1.7
)
 

 
(1.7
)
 

 
1.7

 
(1.7
)
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss)(1)
(0.2
)
 

 

 
(0.2
)
 
0.2

 
(0.2
)
Reclassification adjustment for (gains) losses to net income

1.0

 

 

 
1.0

 
(1.0
)
 
1.0

Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss)
11.2

 

 
11.2

 

 
(11.2
)
 
11.2

Reclassification adjustment for losses to net income
(2.7
)
 

 
(2.7
)
 

 
2.7

 
(2.7
)
Pension plan:
 
 
 
 
 
 
 
 
 
 
 
Actuarial gain (loss)
0.4

 

 
0.4

 

 
(0.4
)
 
0.4

Reclassification adjustment to net income for amortization of actuarial losses
1.0

 

 
1.0

 

 
(1.0
)
 
1.0

Total other comprehensive income (loss)
9.0

 

 
8.2

 
0.8

 
(9.0
)
 
9.0

Total comprehensive income (loss)
$
114.5

 
$
6.1

 
$
(312.5
)
 
$
119.1

 
$
187.3

 
$
114.5

(1) 
Amount represents unrealized losses related to the Company’s available-for-sale debt securities.

Condensed Consolidating Statement of Comprehensive Income
For the 52 week period ended week period ended February 2, 2019
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net income (loss)
$
(657.4
)
 
$
3.2

 
$
(1,770.0
)
 
$
(698.4
)
 
$
2,465.2

 
$
(657.4
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
(35.9
)
 

 
(35.4
)
 
(0.5
)
 
35.9

 
(35.9
)
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss)(1)
0.4

 

 

 
0.4

 
(0.4
)
 
0.4

Impacts from adoption of new accounting pronouncements(2)
(0.8
)
 

 

 
(0.8
)
 
0.8

 
(0.8
)
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss)
4.8

 

 
4.8

 

 
(4.8
)
 
4.8

Reclassification adjustment for losses to net income
(1.5
)
 

 
(1.5
)
 

 
1.5

 
(1.5
)
Pension plan:
 
 
 
 
 
 
 
 
 
 
 
Actuarial gain (loss)
(3.4
)
 

 
(3.4
)
 

 
3.4

 
(3.4
)
Reclassification adjustment to net income for amortization of actuarial losses
0.7

 

 
0.7

 

 
(0.7
)
 
0.7

Prior service costs
(6.5
)
 

 
(6.5
)
 

 
6.5

 
(6.5
)
Total other comprehensive income (loss)
(42.2
)
 

 
(41.3
)
 
(0.9
)
 
42.2

 
(42.2
)
Total comprehensive income (loss)
$
(699.6
)
 
$
3.2

 
$
(1,811.3
)
 
$
(699.3
)
 
$
2,507.4

 
$
(699.6
)
(1) 
Amount represents unrealized losses related to the Company’s available-for-sale debt securities.
(2) 
Adjustment reflects the reclassification of unrealized gains related to the Company’s available-for-sale equity security investments as of February 3, 2018 from AOCI into retained earnings associated with the adoption of ASU 2016-01.
Condensed Consolidating Statement of Comprehensive Income
For the 53 week period ended week period ended February 3, 2018
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net income (loss)
$
519.3

 
$
(0.9
)
 
$
459.9

 
$
524.8

 
$
(983.8
)
 
$
519.3

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
50.9

 

 
50.2

 
0.7

 
(50.9
)
 
50.9

Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss)(1)
0.3

 

 

 
0.3

 
(0.3
)
 
0.3

Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss)
1.8

 

 
1.8

 

 
(1.8
)
 
1.8

Reclassification adjustment for losses to net income
(3.5
)
 

 
(3.5
)
 

 
3.5

 
(3.5
)
Pension plan:
 
 
 
 
 
 
 
 
 
 
 
Reclassification adjustment to net income for amortization of actuarial losses
2.2

 

 
2.2

 

 
(2.2
)
 
2.2

Prior service costs
(0.5
)
 

 
(0.5
)
 

 
0.5

 
(0.5
)
Reclassification adjustment to net income for amortization of net prior service credits
(1.1
)
 

 
(1.1
)
 

 
1.1

 
(1.1
)
Net curtailment gain and settlement loss
(3.0
)
 

 
(3.0
)
 

 
3.0

 
(3.0
)
Total other comprehensive income (loss)
47.1

 

 
46.1

 
1.0

 
(47.1
)
 
47.1

Total comprehensive income (loss)
$
566.4

 
$
(0.9
)
 
$
506.0

 
$
525.8

 
$
(1,030.9
)
 
$
566.4


(1) 
Amount represents unrealized gains related to the Company’s available-for-sale debt and equity securities.
Condensed Consolidating Balance Sheet
February 1, 2020
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
0.2

 
$
0.1

 
$
277.5

 
$
96.7

 
$

 
$
374.5

Accounts receivable

 

 
13.1

 
25.7

 

 
38.8

Intra-entity receivables, net

 
3.3

 
30.7

 
598.6

 
(632.6
)
 

Other current assets

 

 
318.1

 
85.4

 

 
403.5

Income taxes

 

 
6.3

 

 

 
6.3

Inventories, net

 

 
2,232.8

 
98.9

 

 
2,331.7

Total current assets
0.2

 
3.4

 
2,878.5

 
905.3

 
(632.6
)
 
3,154.8

Non-current assets:
 
 
 
 
 
 
 
 
 
 
 
Property, plant and equipment, net

 

 
733.1

 
8.8

 

 
741.9

Operating lease right-of-use assets

 

 
1,677.8

 
5.5

 

 
1,683.3

Goodwill

 

 
171.0

 
77.8

 

 
248.8

Intangible assets, net

 

 
243.6

 
20.2

 

 
263.8

Investment in subsidiaries
2,110.8

 

 
749.3

 
474.9

 
(3,335.0
)
 

Intra-entity receivables, net

 
161.0

 

 
1,248.0

 
(1,409.0
)
 

Other assets

 

 
179.4

 
22.4

 

 
201.8

Deferred tax assets

 

 
4.7

 

 

 
4.7

Total assets
$
2,111.0

 
$
164.4

 
$
6,637.4

 
$
2,762.9

 
$
(5,376.6
)
 
$
6,299.1

Liabilities and Shareholders’ equity
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Loans and overdrafts
$

 
$

 
$
95.6

 
$

 
$

 
$
95.6

Accounts payable

 

 
166.4

 
61.5

 

 
227.9

Intra-entity payables, net
243.4

 

 
389.2

 

 
(632.6
)
 

Accrued expenses and other current liabilities
28.0

 
1.0

 
648.1

 
19.9

 

 
697.0

Deferred revenue

 

 
250.8

 
15.4

 

 
266.2

Operating lease liabilities

 

 
336.4

 
1.8

 

 
338.2

Income taxes

 
1.4

 
24.5

 
1.8

 

 
27.7

Total current liabilities
271.4

 
2.4


1,911.0

 
100.4

 
(632.6
)
 
1,652.6

Non-current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Long-term debt

 
146.4

 
369.5

 

 

 
515.9

Operating lease liabilities

 

 
1,431.8

 
5.9

 

 
1,437.7

Intra-entity payables, net

 

 
1,409.0

 

 
(1,409.0
)
 

Other liabilities

 

 
113.6

 
3.0

 

 
116.6

Deferred revenue

 

 
731.5

 

 

 
731.5

Deferred tax liabilities

 

 
2.3

 
2.9

 

 
5.2

Total liabilities
271.4

 
148.8

 
5,968.7

 
112.2

 
(2,041.6
)
 
4,459.5

Series A redeemable convertible preferred shares
617.0

 

 

 

 

 
617.0

Total shareholders’ equity
1,222.6

 
15.6

 
668.7

 
2,650.7

 
(3,335.0
)
 
1,222.6

Total liabilities, redeemable convertible preferred shares and shareholders’ equity
$
2,111.0

 
$
164.4

 
$
6,637.4

 
$
2,762.9

 
$
(5,376.6
)
 
$
6,299.1

Condensed Consolidating Balance Sheet
February 2, 2019
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
0.2

 
$
0.1

 
$
146.7

 
$
48.4

 
$

 
$
195.4

Accounts receivable

 

 
14.3

 
9.4

 

 
23.7

Intra-entity receivables, net

 
7.9

 
83.4

 
220.0

 
(311.3
)
 

Other receivables

 

 
46.5

 
26.0

 

 
72.5

Other current assets

 

 
169.4

 
2.1

 

 
171.5

Income taxes

 

 
5.1

 
0.7

 

 
5.8

Inventories, net

 

 
2,302.6

 
84.3

 

 
2,386.9

Total current assets
0.2

 
8.0

 
2,768.0

 
390.9

 
(311.3
)
 
2,855.8

Non-current assets:
 
 
 
 
 
 
 
 
 
 
 
Property, plant and equipment, net

 

 
789.6

 
10.9

 

 
800.5

Goodwill

 

 
206.3

 
90.3

 

 
296.6

Intangible assets, net

 

 
244.0

 
21.0

 

 
265.0

Investment in subsidiaries
2,155.7

 

 
(15.7
)
 
(305.5
)
 
(1,834.5
)
 

Intra-entity receivables, net

 
400.0

 

 
2,588.0

 
(2,988.0
)
 

Other assets

 

 
133.4

 
17.2

 

 
150.6

Deferred tax assets

 

 
24.5

 
(3.5
)
 

 
21.0

Retirement benefit asset

 

 
30.6

 

 

 
30.6

Total assets
$
2,155.9

 
$
408.0

 
$
4,180.7

 
$
2,809.3

 
$
(5,133.8
)
 
$
4,420.1

Liabilities and Shareholders’ equity
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Loans and overdrafts
$

 
$
(0.7
)
 
$
79.5

 
$

 
$

 
$
78.8

Accounts payable

 

 
119.7

 
34.0

 

 
153.7

Intra-entity payables, net
311.3

 

 

 

 
(311.3
)
 

Accrued expenses and other current liabilities
27.7

 
2.4

 
450.4

 
22.3

 

 
502.8

Deferred revenue

 

 
257.6

 
12.4

 

 
270.0

Income taxes

 
0.8

 
26.4

 
0.5

 

 
27.7

Total current liabilities
339.0

 
2.5

 
933.6

 
69.2

 
(311.3
)
 
1,033.0

Non-current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Long-term debt

 
396.0

 
253.6

 

 

 
649.6

Intra-entity payables, net

 

 
2,988.0

 

 
(2,988.0
)
 

Other liabilities

 

 
219.4

 
4.7

 

 
224.1

Deferred revenue

 

 
696.5

 

 

 
696.5

Deferred tax liabilities

 

 

 

 

 

Total liabilities
339.0

 
398.5

 
5,091.1

 
73.9

 
(3,299.3
)
 
2,603.2

Series A redeemable convertible preferred shares
615.3

 

 

 

 

 
615.3

Total shareholders’ equity
1,201.6

 
9.5

 
(910.4
)
 
2,735.4

 
(1,834.5
)
 
1,201.6

Total liabilities, redeemable convertible preferred shares and shareholders’ equity
$
2,155.9

 
$
408.0

 
$
4,180.7

 
$
2,809.3

 
$
(5,133.8
)
 
$
4,420.1


Condensed Consolidating Statement of Cash Flows
For the 52 week period ended week period ended February 1, 2020
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
571.7

 
$
(2.2
)
 
$
385.1

 
$
224.0

 
$
(622.9
)
 
$
555.7

Investing activities
 
 
 
 
 
 
 
 
 
 
 
Purchase of property, plant and equipment

 

 
(136.3
)
 

 

 
(136.3
)
Proceeds from sale of assets

 

 
0.5

 

 

 
0.5

Investment in subsidiaries

 

 

 
50.0

 
(50.0
)
 

Purchase of available-for-sale securities

 

 

 
(13.3
)
 

 
(13.3
)
Proceeds from available-for-sale securities

 

 

 
8.3

 

 
8.3

Net cash provided by (used in) investing activities

 

 
(135.8
)
 
45.0

 
(50.0
)
 
(140.8
)
Financing activities
 
 
 
 
 
 
 
 
 
 
 
Dividends paid on common shares
(77.4
)
 

 

 

 

 
(77.4
)
Dividends paid on redeemable convertible preferred shares
(31.2
)
 

 

 

 

 
(31.2
)
Intra-entity dividends paid

 

 

 
(622.9
)
 
622.9

 

Proceeds from term and bridge loans

 

 
100.0

 

 

 
100.0

Repayments of term and bridge loans

 

 
(294.9
)
 

 

 
(294.9
)
Settlement of Senior Notes, including third party fees

 
(241.5
)
 

 

 

 
(241.5
)
Proceeds from revolving credit facilities

 

 
858.3

 

 

 
858.3

Repayments of revolving credit facilities

 

 
(588.3
)
 

 

 
(588.3
)
Payment of debt issuance costs

 

 
(9.3
)
 

 

 
(9.3
)
Increase of bank overdrafts

 

 
47.5

 

 

 
47.5

Other financing activities
(0.2
)
 

 

 

 

 
(0.2
)
Intra-entity activity, net
(462.9
)
 
243.7

 
(233.3
)
 
402.5

 
50.0

 

Net cash provided by (used in) financing activities
(571.7
)
 
2.2

 
(120.0
)
 
(220.4
)
 
672.9

 
(237.0
)
Cash and cash equivalents at beginning of period
0.2

 
0.1

 
146.7

 
48.4

 

 
195.4

Increase (decrease) in cash and cash equivalents

 

 
129.3

 
48.6

 

 
177.9

Effect of exchange rate changes on cash and cash equivalents

 

 
1.5

 
(0.3
)
 

 
1.2

Cash and cash equivalents at end of period
$
0.2

 
$
0.1

 
$
277.5

 
$
96.7

 
$

 
$
374.5

Condensed Consolidating Statement of Cash Flows
For the 52 week period ended week period ended February 2, 2019
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
653.1

 
$
5.0

 
$
363.8

 
$
336.6

 
$
(660.8
)
 
$
697.7

Investing activities
 
 
 
 
 
 
 
 
 
 
 
Purchase of property, plant and equipment

 

 
(128.9
)
 
(4.6
)
 

 
(133.5
)
Proceeds from sale of assets

 

 

 
5.5

 

 
5.5

Investment in subsidiaries
(80.0
)
 

 

 

 
80.0

 

Purchase of available-for-sale securities

 

 

 
(0.6
)
 

 
(0.6
)
Proceeds from available-for-sale securities

 

 

 
9.6

 

 
9.6

Net cash provided by (used in) investing activities
(80.0
)
 

 
(128.9
)

9.9

 
80.0

 
(119.0
)
Financing activities
 
 
 
 
 
 
 
 
 
 
 
Dividends paid on common shares
(79.0
)
 

 

 

 

 
(79.0
)
Dividends paid on redeemable convertible preferred shares
(31.2
)
 

 

 

 

 
(31.2
)
Intra-entity dividends paid

 

 

 
(660.8
)
 
660.8

 

Repurchase of common shares
(485.0
)
 

 

 

 

 
(485.0
)
Proceeds from issuance of common shares

 

 
80.0

 

 
(80.0
)
 

Repayments of term and bridge loans

 

 
(31.3
)
 

 

 
(31.3
)
Proceeds from revolving credit facilities

 

 
787.0

 

 

 
787.0

Repayments of revolving credit facilities

 

 
(787.0
)
 

 

 
(787.0
)
Increase of bank overdrafts

 

 
25.9

 

 

 
25.9

Other financing activities
(2.1
)
 

 

 

 

 
(2.1
)
Intra-entity activity, net
22.7

 
(5.0
)
 
(307.9
)
 
290.2

 

 

Net cash provided by (used in) financing activities
(574.6
)
 
(5.0
)
 
(233.3
)
 
(370.6
)
 
580.8

 
(602.7
)
Cash and cash equivalents at beginning of period
1.7

 
0.1

 
150.5

 
72.8

 

 
225.1

Increase (decrease) in cash and cash equivalents
(1.5
)
 

 
1.6

 
(24.1
)
 

 
(24.0
)
Effect of exchange rate changes on cash and cash equivalents

 

 
(5.4
)
 
(0.3
)
 

 
(5.7
)
Cash and cash equivalents at end of period
$
0.2

 
$
0.1

 
$
146.7

 
$
48.4

 
$

 
$
195.4

Condensed Consolidating Statement of Cash Flows
For the 53 week period ended week period ended February 3, 2018
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
767.8

 
$
(0.1
)
 
$
1,856.7

 
$
586.0

 
$
(1,269.9
)
 
$
1,940.5

Investing activities
 
 
 
 
 
 
 
 
 
 
 
Purchase of property, plant and equipment

 

 
(236.3
)
 
(1.1
)
 

 
(237.4
)
Investment in subsidiaries
(219.9
)
 

 
(25.0
)
 

 
244.9

 

Purchase of available-for-sale securities

 

 

 
(2.4
)
 

 
(2.4
)
Proceeds from available-for-sale securities

 

 

 
2.2

 

 
2.2

Acquisition of R2Net, net of cash acquired

 

 
(331.8
)
 

 

 
(331.8
)
Net cash provided by (used in) investing activities
(219.9
)
 

 
(593.1
)
 
(1.3
)
 
244.9

 
(569.4
)
Financing activities
 
 
 
 
 
 
 
 
 
 
 
Dividends paid on common shares
(76.5
)
 

 

 

 

 
(76.5
)
Dividends paid on redeemable convertible preferred shares
(34.7
)
 

 

 

 

 
(34.7
)
Intra-entity dividends paid

 

 
(800.0
)
 
(469.9
)
 
1,269.9

 

Repurchase of common shares
(460.0
)
 

 

 

 

 
(460.0
)
Proceeds from issuance of common shares
0.3

 

 
219.9

 
25.0

 
(244.9
)
 
0.3

Net settlement of equity based awards
(2.9
)
 

 

 

 

 
(2.9
)
Proceeds from term and bridge loans

 

 
350.0

 

 

 
350.0

Repayments of term and bridge loans

 

 
(372.3
)
 

 

 
(372.3
)
Proceeds from securitization facility

 

 

 
1,745.9

 

 
1,745.9

Repayment of securitization facility

 

 

 
(2,345.9
)
 

 
(2,345.9
)
Proceeds from revolving credit facilities

 

 
814.0

 

 

 
814.0

Repayments of revolving credit facilities

 

 
(870.0
)
 

 

 
(870.0
)
Payment of debt issuance costs

 

 
(1.4
)
 

 

 
(1.4
)
Decrease of bank overdrafts

 

 
(0.1
)
 

 

 
(0.1
)
Intra-entity activity, net
25.9

 
0.1

 
(532.2
)
 
506.2

 

 

Net cash provided by (used in) financing activities
(547.9
)
 
0.1

 
(1,192.1
)
 
(538.7
)
 
1,025.0

 
(1,253.6
)
Cash and cash equivalents at beginning of period
1.7

 
0.1

 
70.3

 
26.6

 

 
98.7

Increase (decrease) in cash and cash equivalents

 

 
71.5

 
46.0

 

 
117.5

Effect of exchange rate changes on cash and cash equivalents

 

 
8.7

 
0.2

 

 
8.9

Cash and cash equivalents at end of period
$
1.7

 
$
0.1

 
$
150.5

 
$
72.8

 
$

 
$
225.1


v3.20.1
Subsequent events
12 Months Ended
Feb. 01, 2020
Subsequent Events [Abstract]  
Subsequent events Subsequent events
Risks and Uncertainties
In December 2019, COVID-19 was identified in Wuhan, China. In March 2020, the World Health Organization declared COVID-19 a global pandemic as a result of the further spread of the virus into all regions of the world, including those regions where the Company’s primary operations occur in North America and the UK. COVID-19 has already begun to significantly impact consumer traffic and the Company’s retail sales, based on the perceived public health risk and government-imposed quarantines and restrictions of public gatherings and commercial activity to contain spread of the virus. Effective March 23, 2020, the Company has temporarily closed all of its stores in North America, its diamond operations in New York and its support centers in the United States, and effective March 24, 2020, has temporarily closed all of its stores in the UK. The COVID-19 pandemic has also begun to disrupt the Company’s global supply chain, and may cause additional disruptions to operations if employees of the Company become sick, are quarantined, or are otherwise limited in their ability to work at Company locations or travel for business. While the Company’s eCommerce business has not yet been significantly impacted, additional federal or state mandates ordering the shut-down of additional non-essential businesses could impact the Company’s ability to take or fulfill customer orders placed online.
In addition, as a result of the uncertainty surrounding the impacts of COVID-19, beginning in February 2020, there was a significant decline in all major domestic and global financial market indicators. The Company’s share price and market capitalization has significantly declined and been reduced below its book value as of the date of this report.
The full extent and duration of the impact of COVID-19 on the Company’s operations and financial performance is currently unknown, and depends on future developments that are uncertain and unpredictable, including the duration and spread of the pandemic, its impact on capital and financial markets on a macro-scale and any new information that may emerge concerning the severity of the virus, its spread to other regions and the actions to contain the virus or treat its impact, among others.
The Company is currently evaluating the potential short-term and long-term implications of COVID-19 on its consolidated financial statements. The potential impacts to the Company’s consolidated financial statements could occur as early as the first quarter of Fiscal 2021, and include, but are not limited to: impairment of goodwill and indefinite-lived intangible assets; impairment of long lived assets, including property and equipment and operating lease right-of-use assets related to the Company’s stores; fair value and collectibility of receivables and other financial assets (including the deferred purchase price described in Note 21); valuation of inventory; and the hedge de-designation of certain foreign currency and commodity derivative financial instruments should those instruments become ineffective.
Any of these outcomes could have a material adverse impact on Signet’s business, financial condition, results of operations and cash flows. Management currently believes that it has adequate liquidity and business plans to continue to operate the business and mitigate the risks associated with COVID-19 for the next 12 months from the date of this report.
ABL Revolving Facility draw down
As a result of the aforementioned risks and uncertainties associated with the potential impacts of COVID-19 on the Company’s business, as a prudent measure to increase the Company’s financial flexibility and bolster its cash position, on March 19, 2020, the Company elected to access an additional $900 million on the ABL Revolving Facility. At the time of draw down, the Company had more than $1.2 billion in cash and approximately $292 million available on the ABL Revolving Facility.
As described in Note 23, the ABL Revolving Facility is subject to a fixed charge coverage ratio if excess availability under the facility falls below 10% of the borrowing base or $100 million, whichever is higher. The Company's most recently reported borrowing base under the ABL Revolving Facility as of the date of the draw down was approximately $1.4 billion. The Company’s Senior Notes due in 2024 are not subject to financial covenants.
CarVal’s termination of forward-flow receivable purchases; Memorandum of Understanding with Castlelake
As further described in Note 4, beginning in June 2018, CarVal and Castlelake began purchasing the majority of forward flow receivables of Signet’s non-prime credit from Signet for a five-year term. On March 23, 2020, CarVal provided notice to the Company that it was terminating the agreement effective the same day.  In the notice of termination, CarVal stated that it is willing to provide a 30-day purchase facility at substantially the same terms as the terminated agreement, but for a fixed term of 30 days from March 23, 2020. Signet is in discussions with CarVal regarding such transition agreement. Castlelake has informed Signet that, subject to their reservation of rights, they do not currently intend to terminate their agreement.  On March 25, 2020, Castlelake and Signet entered into a non-binding memorandum of understanding (“MOU”) regarding the parties’ shared interest in a potential definitive agreement whereby Castlelake would purchase 100% of the funding obligations on the forward flow and add on purchases on a go-forward basis.
v3.20.1
Quarterly Financial Information - Unaudited
12 Months Ended
Feb. 01, 2020
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.
 
Fiscal 2020
Quarters ended
(in millions, except per share amounts)
May 4, 2019
 
August 3, 2019
 
November 2, 2019
 
February 1, 2020
Sales
$
1,431.7

 
$
1,364.4

 
$
1,187.7

 
$
2,153.3

Gross margin
499.4

 
458.7

 
367.7

 
897.9

Net income (loss) attributable to common shareholders
(18.2
)
 
(44.3
)
 
(43.7
)
 
178.8

Earnings (loss) per common share:
 
 
 
 
 
 
 
Basic
$
(0.35
)
 
$
(0.86
)
 
$
(0.84
)
 
$
3.45

Diluted
$
(0.35
)
 
$
(0.86
)
 
$
(0.84
)
 
$
3.14

 
Fiscal 2019
Quarters ended
(in millions, except per share amounts)
May 5, 2018
 
August 4, 2018
 
November 3, 2018
 
February 2, 2019
Sales
$
1,480.6

 
$
1,420.1

 
$
1,191.7

 
$
2,154.7

Gross margin
484.8

 
427.0

 
371.2

 
877.8

Net income (loss) attributable to common shareholders
(504.8
)
 
(31.2
)
 
(38.1
)
 
(116.2
)
Earnings (loss) per common share:
 
 
 
 
 
 
 
Basic
$
(8.48
)
 
$
(0.56
)
 
$
(0.74
)
 
$
(2.25
)
Diluted
$
(8.48
)
 
$
(0.56
)
 
$
(0.74
)
 
$
(2.25
)

v3.20.1
Organization and summary of significant accounting policies (Policies)
12 Months Ended
Feb. 01, 2020
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” or “GAAP”) and include the results for the 52 week period ended February 1, 2020 (“Fiscal 2020”), as Signet’s fiscal year ends on the Saturday nearest to January 31. The comparative periods are for the 52 week period ended February 2, 2019 (“Fiscal 2019”) and the 53 week period ended February 3, 2018 (“Fiscal 2018”). Intercompany transactions and balances have been eliminated in consolidation. Related to the adoption of new accounting pronouncements disclosed in Note 2 and the change in segments disclosed in Note 6, Signet has reclassified certain prior year amounts to conform to the current year presentation.
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, operating lease liabilities income taxes, contingencies, asset impairments, indefinite-lived intangible assets, depreciation and amortization of long-lived assets as well as accounting for business combinations.
The reported results of operations are not indicative of results expected in future periods.
Foreign currency translation Foreign currency translation
The financial position and operating results of certain foreign operations, including the International segment and the Canadian operations of the North America 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 other operating income (loss) in the consolidated statements of operations, whereas translation adjustments and gains or losses related to intercompany loans of a long-term investment nature are recognized as a component of AOCI.
Revenue recognition Revenue recognition
The Company applies a five-step approach in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when the corresponding performance obligation is satisfied.
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 prior to credit outsourcing. 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 subsequently third-party credit costs; advertising and promotional costs and other operating expenses not specifically categorized elsewhere in the consolidated statements of operations.
Store opening costs Store opening costs
The opening costs of new locations are expensed as incurred.
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.
In-house customer finance programs In-house customer finance programs
Prior to the second quarter of Fiscal 2019, the North America segment operated customer in-house finance programs that allowed customers to finance merchandise purchases from its stores. Finance charges were recognized in accordance with the contractual agreements. Gross interest earned was recorded as other operating income in the consolidated statements of operations. See Note 13 for additional discussion of the Company’s other operating income (loss). In addition to interest-bearing accounts, a portion of credit sales were made using interest-free financing for one year or less, subject to certain conditions.
Prior to the credit transaction entered into in October 2017 (see Note 4), 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 were removed from the non-accrual status.
As a result of the credit transaction noted above, the Company revised its policy to suspend the accrual of interest when accounts became more than 120 days past due on a contractual basis to align with the processes utilized by the Company’s third party credit service provider for the Company’s remaining in-house finance receivable portfolio.
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 all or a portion 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.
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 five days of the original sales transaction are considered cash equivalents.
Accounts receivable Accounts receivable
Accounts receivable under the customer finance programs were presented net of an allowance for uncollectible amounts. This allowance represented management’s estimate of the expected losses in the accounts receivable portfolio as of the balance sheet date, and was calculated using a model that analyzed factors such as delinquency rates and recovery rates. In June 2018, the Company completed the sale of the remaining North America customer in-house finance receivables. Subsequent to the completion of the credit transaction, receivables issued by the Company but pending transfer are classified as “held for sale” and recorded at fair value in the consolidated balance sheet. See Note 21 for additional information regarding the assumptions utilized in the calculation of fair value of the finance receivables held for sale.
Prior to the credit transaction entered into in October 2017 (see Note 4), the Company calculated the allowance for uncollectible amounts as follows:
Record an allowance for amounts under 90 days aged on a recency measure of delinquency based on historical loss experience and payment performance information. The recency method measured the delinquency level by the number of days since the last qualifying payment was received, with the qualifying payment increasing with delinquency level.
Record a 100% allowance for any amount aged more than 90 days on a recency measure of delinquency and any amount associated with an account the owner of which has filed for bankruptcy.
Subsequent to the sale of its prime portfolio and until the sale of its non-prime accounts receivable portfolio, the Company measured delinquency under the contractual basis which aligned with the processes and collection strategies utilized by the Company’s third party credit service provider for the remaining in-house finance receivable portfolio. Under this measure of delinquency, credit card accounts were considered delinquent if the minimum payment was not received by the specified due date. The aging method was based on the number of completed billing cycles during which the customer failed to make a minimum payment. Management utilized the delinquency rates identified within the portfolio when calculating the overall allowance for the portfolio.
Due to the reclassification of the non-prime accounts receivable portfolio to “held for sale” in the first quarter of Fiscal 2019, the Company no longer records allowances for uncollectible amounts or bad debt expense.
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, on a first-in first-out basis, 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.
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.
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:
Buildings
 
Ranging from 30 – 40 years
Leasehold improvements
 
Remaining term of lease, not to exceed 10 years
Furniture and fixtures
 
Ranging from 3 – 10 years
Equipment and software
 
Ranging from 3 – 7 years

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 seven 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.
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 and other indefinite-lived intangible assets, such as indefinite-lived trade names, are evaluated for impairment annually. Additionally, if events or conditions were to indicate the carrying value of a reporting unit or an indefinite-lived intangible asset may be greater than its fair value, the Company would evaluate the asset for impairment at that time. Impairment testing compares the carrying amount of the reporting unit or other intangible assets with its fair value. When the carrying amount of the reporting unit or other intangible assets exceeds its fair value, an impairment charge is recorded.
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.
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 statements of operations 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 (loss) in the consolidated statements of operations. In addition, gains and losses on derivatives that do not qualify for hedge accounting are recognized immediately in other operating income (loss).
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.
Employee Benefits Employee Benefits
The funded status of the defined benefit pension plan in the UK (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, a defined contribution retirement savings plan in the US, and an executive deferred compensation plan in the US. Contributions made by Signet to these benefit arrangements are charged primarily to selling, general and administrative expenses in the consolidated statements of operations as incurred.
Debt issuance costs Debt issuance costs
Borrowings include primarily interest-bearing bank loans and bank overdrafts. Direct debt issuance costs on borrowings are capitalized and amortized into interest expense over the contractual term of the related loan.
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 Company performance 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 statements of operations, consistent with the relevant salary cost.
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 potential loss is disclosed.
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 are reflected as a reduction of retained earnings in the period in which they are declared by the Board, as are the deemed dividends resulting from the accretion of issuance costs related to the preferred shares.
New accounting pronouncements
New accounting pronouncements recently adopted
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 remaining 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. Signet adopted ASU 2016-02 and related updates effective February 3, 2019 using the additional transition method provided for in ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements,” which permitted the Company as of the effective date of ASU 2016-02 to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The impact of this approach was deemed immaterial upon adoption of ASU 2016-02. As part of the adoption of ASU 2016-02, the Company utilized the practical expedient relief package, as well as the short-term leases and portfolio approach practical expedients.
Standard
 
Description
ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities, issued August 2017.
 
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. The adoption of ASU 2017-12 did not have a material impact on the Company’s financial position or results of operations.

New accounting pronouncements issued not yet adopted
Standard
 
Description
ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract, issued July 2018.
 
Aligns the requirements for capitalizing implementation costs in cloud computing arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The updated guidance is not expected to have a material impact on the Company’s financial position or results of operations.
ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans, issued August 2018.
 
Modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans and clarifies the disclosure requirements regarding projected benefit obligations and accumulated benefit obligations. The ASU is effective for fiscal years ending after December 15, 2020, with early adoption permitted. The new guidance does not affect the existing recognition or measurement guidance, and therefore will have no impact on the Company’s financial condition or results of operations. The Company is evaluating the impact to related disclosures.
ASU No. 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, issued August 2018.
 
Modifies the disclosure requirements on fair value measurements in Topic 820 and eliminates ‘at a minimum’ from the phrase ‘an entity shall disclose at a minimum’ to promote the appropriate exercise of discretion by entities when considering fair value disclosures and to clarify that materiality is an appropriate consideration. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted. The new guidance does not affect the existing recognition or measurement guidance, and therefore will have no impact on the Company’s financial condition or results of operations. The Company is evaluating the impact to related disclosures.
ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, issued June 2016.
 
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. The ASU is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2019, with early adoption permitted. The new guidance is not expected to have a material impact on the Company’s financial position or results of operations.

v3.20.1
Organization and summary of significant accounting policies (Tables)
12 Months Ended
Feb. 01, 2020
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:
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Wages and salaries
$
1,079.2

 
$
1,127.2

 
$
1,140.3

Payroll taxes
84.8

 
90.3

 
93.8

Employee benefit plans
15.7

 
17.2

 
13.0

Share-based compensation
16.9

 
16.5

 
16.1

Total compensation and benefits
$
1,196.6

 
$
1,251.2

 
$
1,263.2


Schedule of cash and cash equivalents
The following table summarizes the details of the Company’s cash and cash equivalents:
(in millions)
February 1, 2020
 
February 2, 2019
Cash and cash equivalents held in money markets and other accounts
$
326.2

 
$
164.5

Cash equivalents from third-party credit card issuers
46.3

 
29.1

Cash on hand
2.0

 
1.8

Total cash and cash equivalents
$
374.5

 
$
195.4


Schedule of cash flow, supplemental disclosures
The Company’s supplemental cash flow information was as follows:
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Non-cash investing activities:
 
 
 
 
 
Capital expenditures in accounts payable
$
0.1

 
$
5.6

 
$
7.0

Supplemental cash flow information:
 
 
 
 
 
Interest paid
$
34.7

 
$
39.1

 
$
50.2

Income tax paid (refunded), net
$
5.7

 
$
(44.8
)
 
$
122.3


Schedule of property, plant and equipment Depreciation and amortization are recognized on the straight-line method over the estimated useful lives of the related assets as follows:
Buildings
 
Ranging from 30 – 40 years
Leasehold improvements
 
Remaining term of lease, not to exceed 10 years
Furniture and fixtures
 
Ranging from 3 – 10 years
Equipment and software
 
Ranging from 3 – 7 years

(in millions)
February 1, 2020
 
February 2, 2019
Land and buildings
$
23.4

 
$
34.0

Leasehold improvements
640.7

 
688.8

Furniture and fixtures
601.2

 
802.9

Equipment
199.1

 
196.1

Software
246.9

 
289.5

Construction in progress
95.3

 
72.0

Total
$
1,806.6

 
$
2,083.3

Accumulated depreciation and amortization
(1,064.7
)
 
(1,282.8
)
Property, plant and equipment, net
$
741.9

 
$
800.5


v3.20.1
New accounting pronouncements (Tables)
12 Months Ended
Feb. 01, 2020
Accounting Policies [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
The effects of the changes made to the Company’s condensed consolidated balance sheet as of February 3, 2019 for the adoption of ASC 842 were as follows:
(in millions)
 
February 2, 2019
 
Adjustments due to ASC 842
 
February 3, 2019
Current assets:
 
 
 
 
 
 
Other current assets
 
$
244.0

 
$
(8.8
)
 
$
235.2

Non-current assets:
 
 
 
 
 
 
Operating lease right-of-use assets
 

 
1,927.2

 
1,927.2

Current liabilities:
 
 
 
 
 
 
Accrued expenses and other current liabilities
 
502.8

 
(32.9
)
 
469.9

Operating lease liabilities
 

 
376.5

 
376.5

Non-current liabilities:
 
 
 
 
 
 
Operating lease liabilities
 

 
1,676.9

 
1,676.9

Other liabilities
 
224.1

 
(102.1
)
 
122.0


v3.20.1
Revenue recognition (Tables)
12 Months Ended
Feb. 01, 2020
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following tables provide the Company’s total sales, disaggregated by banner, for Fiscal 2020, Fiscal 2019 and Fiscal 2018:
 
 
Fiscal 2020
(in millions)
 
North America
 
International
 
Other
 
Consolidated
Sales by banner:
 
 
 
 
 
 
 
 
Kay
 
$
2,397.7

 
$

 
$

 
$
2,397.7

Zales
 
1,261.3

 

 

 
1,261.3

Jared
 
1,088.1

 

 

 
1,088.1

Piercing Pagoda
 
331.7

 

 

 
331.7

James Allen
 
250.6

 

 

 
250.6

Peoples
 
200.6

 

 

 
200.6

Regional banners
 
35.8

 

 

 
35.8

International segment banners
 

 
518.0

 

 
518.0

Other(1)
 

 

 
53.3

 
53.3

Total sales
 
$
5,565.8

 
$
518.0

 
$
53.3

 
$
6,137.1

 
 
 
 
 
 
 
 
 
 
 
Fiscal 2019
(in millions)
 
North America
 
International
 
Other
 
Consolidated
Sales by banner:
 
 
 
 
 
 
 
 
Kay
 
$
2,417.8

 
$

 
$

 
$
2,417.8

Zales
 
1,260.7

 

 

 
1,260.7

Jared
 
1,141.4

 

 

 
1,141.4

Piercing Pagoda
 
302.5

 

 

 
302.5

James Allen
 
223.7

 

 

 
223.7

Peoples
 
208.5

 

 

 
208.5

Regional banners
 
87.1

 

 

 
87.1

International segment banners
 

 
576.5

 

 
576.5

Other(1)
 

 

 
28.9

 
28.9

Total sales
 
$
5,641.7

 
$
576.5

 
$
28.9

 
$
6,247.1

 
 
 
 
 
 
 
 
 
 
 
Fiscal 2018
(in millions)
 
North America
 
International
 
Other
 
Consolidated
Sales by banner:
 
 
 
 
 
 
 
 
Kay
 
$
2,428.1

 
$

 
$

 
$
2,428.1

Zales
 
1,244.3

 

 

 
1,244.3

Jared
 
1,192.1

 

 

 
1,192.1

Piercing Pagoda
 
278.5

 

 

 
278.5

James Allen
 
88.1

 

 

 
88.1

Peoples
 
215.4

 

 

 
215.4

Regional banners
 
168.7

 

 

 
168.7

International segment banners
 

 
616.7

 

 
616.7

Other(1)
 

 

 
21.1

 
21.1

Total sales
 
$
5,615.2

 
$
616.7

 
$
21.1

 
$
6,253.0

(1)  
Includes sales from Signet’s diamond sourcing initiative.
The following tables provide the Company’s total sales, disaggregated by major product, for Fiscal 2020, Fiscal 2019 and Fiscal 2018:
 
Fiscal 2020
(in millions)
North America
 
International
 
Other
 
Consolidated
Sales by product:
 
 
 
 
 
 
 
Bridal
$
2,403.4

 
$
214.3

 
$

 
$
2,617.7

Fashion
2,131.0

 
110.5

 

 
2,241.5

Watches
214.9

 
169.1

 

 
384.0

Other(1)
816.5

 
24.1

 
53.3

 
893.9

Total sales
$
5,565.8

 
$
518.0

 
$
53.3

 
$
6,137.1

 
 
 
 
 
 
 
 
 
Fiscal 2019
(in millions)
North America
 
International
 
Other
 
Consolidated
Sales by product:
 
 
 
 
 
 
 
Bridal
$
2,478.6

 
$
234.0

 
$

 
$
2,712.6

Fashion
2,128.1

 
126.3

 

 
2,254.4

Watches
238.2

 
190.9

 

 
429.1

Other(1)
796.8

 
25.3

 
28.9

 
851.0

Total sales
$
5,641.7

 
$
576.5

 
$
28.9

 
$
6,247.1

 
 
 
 
 
 
 
 
 
Fiscal 2018
(in millions)
North America
 
International
 
Other
 
Consolidated
Sales by product:
 
 
 
 
 
 
 
Bridal
$
2,407.3

 
$
247.3

 
$

 
$
2,654.6

Fashion
2,168.2

 
137.0

 

 
2,305.2

Watches
243.6

 
195.5

 

 
439.1

Other(1)
796.1

 
36.9

 
21.1

 
854.1

Total sales
$
5,615.2

 
$
616.7

 
$
21.1

 
$
6,253.0

(1)  
Other revenue primarily includes gift and other miscellaneous jewelery sales, repairs, warranty and other miscellaneous non-jewelry sales.


The following tables provide the Company’s total sales, disaggregated by channel, for Fiscal 2020, Fiscal 2019 and Fiscal 2018:
 
Fiscal 2020
(in millions)
North America
 
International
 
Other
 
Consolidated
Sales by channel:
 
 
 
 
 
 
 
Store
$
4,880.2

 
$
453.2

 
$

 
$
5,333.4

eCommerce
685.6

 
64.8

 

 
750.4

Other

 

 
53.3

 
53.3

Total sales
$
5,565.8

 
$
518.0

 
$
53.3

 
$
6,137.1

 
 
 
 
 
 
 
 
 
Fiscal 2019
(in millions)
North America
 
International
 
Other
 
Consolidated
Sales by channel:
 
 
 
 
 
 
 
Store
$
5,022.4

 
$
513.4

 
$

 
$
5,535.8

eCommerce
619.3

 
63.1

 

 
682.4

Other

 

 
28.9

 
28.9

Total sales
$
5,641.7

 
$
576.5

 
$
28.9

 
$
6,247.1

 
 
 
 
 
 
 
 
 
Fiscal 2018
(in millions)
North America
 
International
 
Other
 
Consolidated
Sales by channel:
 
 
 
 
 
 
 
Store
$
5,176.7

 
$
557.5

 
$

 
$
5,734.2

eCommerce
438.5

 
59.2

 

 
497.7

Other

 

 
21.1

 
21.1

Total sales
$
5,615.2

 
$
616.7

 
$
21.1

 
$
6,253.0


Schedule of Other Assets
Unamortized deferred selling costs as of Fiscal 2020 and Fiscal 2019 were as follows:
(in millions)
February 1, 2020
 
February 2, 2019
Deferred ESP selling costs
 
 
 
Other current assets
$
23.6

 
$
23.8

Other assets
80.0

 
75.4

Total deferred ESP selling costs
$
103.6

 
$
99.2


Summary of Deferred Revenue
Deferred revenue is comprised primarily of ESP and voucher promotions as follows:
(in millions)
February 1, 2020
 
February 2, 2019
ESP deferred revenue
$
960.0

 
$
927.6

Voucher promotions and other
37.7

 
38.9

Total deferred revenue
$
997.7

 
$
966.5

 
 
 
 
Disclosed as:
 
 
 
Current liabilities
$
266.2

 
$
270.0

Non-current liabilities
731.5

 
696.5

Total deferred revenue
$
997.7

 
$
966.5

(in millions)
Fiscal 2020
 
Fiscal 2019
ESP deferred revenue, beginning of period
$
927.6

 
$
916.1

Plans sold(1)
405.1

 
395.0

Revenue recognized(2)
(372.7
)
 
(383.5
)
ESP deferred revenue, end of period
$
960.0

 
$
927.6

(1) 
Includes impact of foreign exchange translation.
(2) 
During Fiscal 2020, the Company recognized sales of approximately $193.6 million related to deferred revenue that existed at February 2, 2019 in respect to ESP and voucher promotions.

v3.20.1
Acquisitions (Tables)
12 Months Ended
Feb. 01, 2020
Business Combinations [Abstract]  
Summary of Consideration Transferred, Assets Acquired and Liabilities Assumed The following table summarizes the fair values identified for the assets acquired and liabilities assumed in the R2Net acquisition as of September 12, 2017:
(in millions)
Fair values
Cash and cash equivalents
$
47.3

Inventories
12.1

Other current assets
9.7

Property, plant and equipment
3.5

Intangible assets:
 
Trade name
70.6

Technology-related
4.2

Current liabilities
(42.4
)
Deferred tax liabilities
(25.1
)
Fair value of net assets acquired
79.9

Goodwill
299.1

Total consideration transferred
$
379.0


v3.20.1
Segment information (Tables)
12 Months Ended
Feb. 01, 2020
Segment Reporting [Abstract]  
Segment Reporting Information, By Segment
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Sales:
 
 
 
 
 
North America segment(1)
$
5,565.8

 
$
5,641.7

 
$
5,615.2

International segment
518.0

 
576.5

 
616.7

Other
53.3

 
28.9

 
21.1

Total sales
$
6,137.1

 
$
6,247.1

 
$
6,253.0

 
 
 
 
 
 
Operating income (loss):
 
 
 
 
 
North America segment(2)
$
327.0

 
$
(621.1
)
 
$
656.1

International segment(3)
16.0

 
12.9

 
33.1

Other(4)
(184.7
)
 
(156.4
)
 
(109.3
)
Total operating income (loss)
158.3

 
(764.6
)
 
579.9

Interest expense
(35.6
)
 
(39.7
)
 
(52.7
)
Other non-operating income, net
7.0

 
1.7

 

Income (loss) before income taxes
$
129.7

 
$
(802.6
)
 
$
527.2

 
 
 
 
 
 
Depreciation and amortization:
 
 
 
 
 
North America segment
$
159.9

 
$
165.8

 
$
183.5

International segment
17.8

 
17.5

 
19.1

Other
0.3

 
0.3

 
0.8

Total depreciation and amortization
$
178.0

 
$
183.6

 
$
203.4

 
 
 
 
 
 
Capital additions:
 
 
 
 
 
North America segment
$
128.3

 
$
123.9

 
$
219.7

International segment
8.0

 
9.6

 
17.6

Other

 

 
0.1

Total capital additions
$
136.3

 
$
133.5

 
$
237.4

(1) 
Includes sales of $204.6 million, $218.3 million and $235.1 million generated by Canadian operations in Fiscal 2020, Fiscal 2019 and Fiscal 2018, respectively.
(2) 
Fiscal 2020 includes $47.7 million related to an immaterial out-of-period goodwill adjustment and $6.0 million related to inventory charges recorded in conjunction with the Company’s restructuring activities. See Note 18 and Note 7 for additional information.
Fiscal 2019 includes: 1) $731.8 million related to goodwill and intangible impairments; 2) $52.7 million related to inventory charges recorded in conjunction with the Company’s restructuring activities; and 3) $160.4 million from the valuation losses related to the sale of eligible non-prime in-house accounts receivable. See Note 18, Note 7 and Note 4 for additional information.
Fiscal 2018 amount includes a gain of $20.7 million related to the reversal of the allowance for credit losses for the in-house receivables sold, as well as the $10.2 million gain upon recognition of beneficial interest in connection with the sale of the prime portion of in-house receivables. See Note 4 for additional information.
(3) 
Fiscal 2019 includes $3.8 million related to inventory charges recorded in conjunction with the Company’s restructuring activities. See Note 7 for additional information.
(4) 
Fiscal 2020 includes $73.1 million related to charges recorded in conjunction with the Company’s restructuring activities including inventory charges and $33.2 million related to the proposed settlement of a previously disclosed shareholder litigation matter. See Note 7 and Note 27 for additional information.
Fiscal 2019 includes: 1) $69.4 million related to charges recorded in conjunction with the Company’s restructuring activities including inventory charges; 2) $11.0 million related to the resolution of a previously disclosed regulatory matter; 3) $7.0 million representing transaction costs associated with the sale of the non-prime in-house accounts receivable; and 4) $3.6 million of goodwill impairment. See Note 7, Note 27, Note 4 and Note 18 for additional information.
Fiscal 2018 includes: 1) $29.6 million of transaction costs related to the credit transaction; 2) $8.6 million of R2Net acquisition costs; and 3) $3.4 million of CEO transition costs. See Note 4 and Note 5 for additional information regarding credit transaction and acquisition of R2Net, respectively.
(in millions)
February 1, 2020
 
February 2, 2019
Total assets:
 
 
 
North America segment
$
5,240.2

 
$
3,943.0

International segment
546.4

 
367.4

Other
512.5

 
109.7

Total assets
$
6,299.1

 
$
4,420.1

 
 
 
 
Total long-lived assets:
 
 
 
North America segment
$
1,196.7

 
$
1,294.2

International segment
54.6

 
64.5

Other
3.2

 
3.4

Total long-lived assets
$
1,254.5

 
$
1,362.1


v3.20.1
Restructuring plans (Tables)
12 Months Ended
Feb. 01, 2020
Restructuring and Related Activities [Abstract]  
Restructuring and Related Costs
Restructuring charges and other Plan related costs are classified in the consolidated statements of operations as follows:
(in millions)
Statement of operations location
 
Fiscal 2020
 
Fiscal 2019
Inventory charges(1)
Restructuring charges - cost of sales
 
$
9.2

 
$
62.2

Other Plan related expenses(2)
Restructuring charges
 
69.9

 
63.7

Total Signet Path to Brilliance Plan expenses
 
 
$
79.1

 
$
125.9

(1) 
Inventory charges represent non-cash charges. See Note 15 for additional information related to inventory and inventory reserves.
(2) 
Fiscal 2020 and Fiscal 2019 other Plan related expenses included $16.7 million and $22.7 million of non-cash charges, respectively.

The composition of restructuring charges the Company incurred during Fiscal 2020 and Fiscal 2019, as well as the cumulative amount incurred through February 1, 2020, were as follows:
(in millions)
 
Fiscal 2020
 
Fiscal 2019
 
Cumulative amount
Inventory charges
 
$
9.2

 
$
62.2

 
$
71.4

Termination benefits
 
16.1

 
9.7

 
25.8

Store closure and other costs
 
53.8

 
54.0

 
107.8

Total Signet Path to Brilliance Plan expenses
 
$
79.1

 
$
125.9

 
$
205.0



Schedule of Plan Liabilities
The following table summarizes the activity related to the Plan liabilities for Fiscal 2020 and Fiscal 2019:
(in millions)
 
Termination benefits
 
Store closure and other costs
 
Consolidated
Balance at February 3, 2018
 
$

 
$

 
$

Payments and other adjustments
 
(9.7
)
 
(103.6
)
 
(113.3
)
Charged to expense
 
9.7

 
116.2

 
125.9

Balance at February 2, 2019
 

 
12.6

 
12.6

Payments and other adjustments
 
(14.1
)
 
(65.2
)
 
(79.3
)
Charged to expense
 
16.1

 
63.0

 
79.1

Balance at February 1, 2020
 
$
2.0

 
$
10.4

 
$
12.4


v3.20.1
Redeemable preferred shares (Tables)
12 Months Ended
Feb. 01, 2020
Temporary Equity Disclosure [Abstract]  
Temporary Equity
The following table presents certain conversion measures as of February 1, 2020 and February 2, 2019:
(in millions, except conversion rate and conversion price)
February 1, 2020
 
February 2, 2019
Conversion rate
12.2297

 
11.3660

Conversion price
$
81.7682

 
$
87.9817

Potential impact of preferred shares if-converted to common shares
7.6

 
7.1

Liquidation preference
$
632.8

 
$
632.8


v3.20.1
Common shares, treasury shares, reserves and dividends (Tables)
12 Months Ended
Feb. 01, 2020
Class of Stock [Line Items]  
Class of Treasury Stock
The share repurchase activity is outlined in the table below:
 
 
 
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
(in millions, expect per share amounts)
Amount
authorized
 
Shares
repurchased
 
Amount
repurchased
 
Average
repurchase
price per
share
 
Shares
repurchased
 
Amount
repurchased
 
Average
repurchase
price per
share
 
Shares
repurchased
 
Amount
repurchased
 
Average
repurchase
price per
share
2017 Program(1)
$
600.0

 

 
$

 
$

 
7.5

 
$
434.4

 
$
57.64

 
n/a

 
n/a

 
n/a

2016 Program(2)
$
1,375.0

 
n/a

 
n/a

 
n/a

 
1.3

 
$
50.6

 
$
39.76

 
8.1

 
$
460.0

 
$
56.91

Total
 
 

 
$

 
$

 
8.8

 
$
485.0

 
$
55.06

 
8.1

 
$
460.0

 
$
56.91

(1) 
The 2017 Program had $165.6 million remaining as of February 1, 2020.
(2) 
The 2016 Program was completed in March 2018.
n/a
Not applicable.
Schedule of Dividends
 
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
(in millions, except per share amounts)
Cash dividend
per share
 
Total
dividends
 
Cash dividend
per share
 
Total
dividends
 
Cash dividend
per share
 
Total
dividends
First quarter
$
0.37

 
$
19.3

 
$
0.37

 
$
21.8

 
$
0.31

 
$
21.3

Second quarter
0.37

 
19.3

 
0.37

 
19.2

 
0.31

 
18.7

Third quarter
0.37

 
19.4

 
0.37

 
19.2

 
0.31

 
18.7

Fourth quarter(1)
0.37

 
19.4

 
0.37

 
19.2

 
0.31

 
18.8

Total
$
1.48

 
$
77.4

 
$
1.48

 
$
79.4

 
$
1.24

 
$
77.5

(1) 
Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As a result, as of February 1, 2020 and February 2, 2019, $19.4 million and $19.2 million, respectively, has been recorded in accrued expenses and other current liabilities in the consolidated balance sheets reflecting the cash dividends declared for the fourth quarter of Fiscal 2020 and Fiscal 2019, respectively.
Series A Redeemable Convertible Preferred Stock  
Class of Stock [Line Items]  
Schedule of Dividends
 
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
(in millions)
Total cash
dividends
 
Total cash
dividends
 
Total cash
dividends
First quarter
$
7.8

 
$
7.8

 
$
7.8

Second quarter
7.8

 
7.8

 
7.8

Third quarter
7.8

 
7.8

 
7.8

Fourth quarter(1)
7.8

 
7.8

 
7.8

Total
$
31.2

 
$
31.2

 
$
31.2

(1) 
Signet’s preferred shares dividends results in the dividend payment date being a quarter in arrears from the declaration date. As a result, as of February 1, 2020 and February 2, 2019, $7.8 million has been recorded in accrued expenses and other current liabilities in the consolidated balance sheets reflecting the cash dividends on preferred shares declared for the fourth quarter of Fiscal 2020 and Fiscal 2019.
v3.20.1
Earnings (loss) per common share ("EPS") (Tables)
12 Months Ended
Feb. 01, 2020
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic The computation of basic EPS is outlined in the table below:
(in millions, except per share amounts)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Numerator:
 
 
 
 
 
Net income (loss) attributable to common shareholders
$
72.6

 
$
(690.3
)
 
$
486.4

Denominator:
 
 
 
 
 
Weighted average common shares outstanding
51.7

 
54.7

 
63.0

EPS – basic
$
1.40

 
$
(12.62
)
 
$
7.72


Schedule of Earnings Per Share, Diluted
The computation of diluted EPS is outlined in the table below:
(in millions, except per share amounts)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Numerator:
 
 
 
 
 
Net income (loss) attributable to common shareholders
$
72.6

 
$
(690.3
)
 
$
486.4

Add: Dividends on preferred shares

 

 
32.9

Numerator for diluted EPS
$
72.6

 
$
(690.3
)
 
$
519.3

 
 
 
 
 
 
Denominator:
 
 
 
 
 
Weighted average common shares outstanding
51.7

 
54.7

 
63.0

Plus: Dilutive effect of share awards
0.1

 

 
0.1

Plus: Dilutive effect of preferred shares

 

 
6.7

Diluted weighted average common shares outstanding
51.8

 
54.7

 
69.8

 
 
 
 
 
 
EPS – diluted
$
1.40

 
$
(12.62
)
 
$
7.44


Schedule of antidilutive securities excluded from computation of earnings per share
The calculation of diluted EPS excludes the following items for each respective period on the basis that their effect would be anti-dilutive.
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Share awards
0.9

 
1.1

 
0.4

Potential impact of preferred shares
7.6

 
7.1

 

Total anti-dilutive shares
8.5

 
8.2

 
0.4


v3.20.1
Accumulated other comprehensive income (loss) (Tables)
12 Months Ended
Feb. 01, 2020
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:
 
 
 
 
 
 
 
Pension plan
 
 
(in millions)
Foreign
currency
translation
 
Gain (losses) on available-for-sale securities, net
 
Gains (losses)
on cash flow
hedges
 
Actuarial
gains
(losses)
 
Prior
service
credits (costs)
 
Accumulated
other
comprehensive
income (loss)
Balance at January 28, 2017
$
(263.4
)
 
$
(0.4
)
 
$
2.4

 
$
(55.5
)
 
$
9.2

 
$
(307.7
)
OCI before reclassifications
50.9

 
0.3

 
1.8

 

 
(0.5
)
 
52.5

Amounts reclassified from AOCI to net income

 

 
(3.5
)
 
4.4

 
(6.3
)
 
(5.4
)
Net current period OCI
50.9

 
0.3

 
(1.7
)
 
4.4

 
(6.8
)
 
47.1

Balance at February 3, 2018
$
(212.5
)
 
$
(0.1
)
 
$
0.7

 
$
(51.1
)
 
$
2.4

 
$
(260.6
)
OCI before reclassifications
(35.9
)
 
0.4

 
4.8

 
(3.4
)
 
(6.5
)
 
(40.6
)
Amounts reclassified from AOCI to net income

 

 
(1.5
)
 
0.7

 

 
(0.8
)
Impacts from adoption of new accounting pronouncements(1)

 
(0.8
)
 

 

 

 
(0.8
)
Net current period OCI
(35.9
)
 
(0.4
)
 
3.3

 
(2.7
)
 
(6.5
)
 
(42.2
)
Balance at February 2, 2019
$
(248.4
)
 
$
(0.5
)
 
$
4.0

 
$
(53.8
)
 
$
(4.1
)
 
$
(302.8
)
OCI before reclassifications
(1.7
)
 
(0.2
)
 
11.2

 
0.4

 

 
9.7

Amounts reclassified from AOCI to net income

 
1.0

 
(2.7
)
 
1.0

 

 
(0.7
)
Net current period OCI
(1.7
)
 
0.8

 
8.5

 
1.4

 

 
9.0

Balance at February 1, 2020
$
(250.1
)
 
$
0.3

 
$
12.5

 
$
(52.4
)
 
$
(4.1
)
 
$
(293.8
)

(1) 
Adjustment reflects the reclassification of unrealized gains related to the Company’s available-for-sale equity securities as of February 3, 2018 from AOCI into retained earnings associated with the adoption of ASU 2016-01.
Reclassification out of Accumulated Other Comprehensive Income The amounts reclassified from AOCI were as follows:
 
 
Amounts reclassified from AOCI
 
 
(in millions)
 
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
 
Statement of operations caption
Losses (gains) on cash flow hedges:
 
 
 
 
 
 
 
 
Foreign currency contracts
 
$
(1.1
)
 
$
0.7

 
$
(3.2
)
 
Cost of sales (1)
Interest rate swaps
 
(0.6
)
 
(1.9
)
 
0.3

 
Interest expense, net (1)
Commodity contracts
 
(1.7
)
 
(0.9
)
 
(1.7
)
 
Cost of sales (1)
Total before income tax
 
(3.4
)
 
(2.1
)
 
(4.6
)
 
 
Income taxes
 
0.7

 
0.6

 
1.1

 
 
Net of tax
 
(2.7
)
 
(1.5
)
 
(3.5
)
 
 
 
 
 
 
 
 
 
 
 
Defined benefit pension plan items:
 
 
 
 
 
 
 
 
Amortization of unrecognized actuarial losses
 
1.2

 
0.9

 
2.8

 
Other non-operating income, net (2)
Amortization of unrecognized net prior service credits
 

 

 
(1.4
)
 
Other non-operating income, net (2)
Net curtailment gain and settlement loss
 

 

 
(3.7
)
 
Other non-operating income, net (2)
Total before income tax
 
1.2

 
0.9

 
(2.3
)
 
 
Income taxes
 
(0.2
)
 
(0.2
)
 
0.4

 
 
Net of tax
 
1.0

 
0.7

 
(1.9
)
 
 
 
 
 
 
 
 
 
 
 
Available-for-sale securities:
 
 
 
 
 
 
 
 
Corporate equity securities, before income tax
 
1.0

 

 

 
Other operating income (loss)(3)
Income taxes
 

 

 

 
 
Net of tax
 
1.0

 

 

 
 
 
 
 
 
 
 
 
 
 
Total reclassifications, net of tax
 
$
(0.7
)
 
$
(0.8
)
 
$
(5.4
)
 
 
(1) 
See Note 20 for additional information.
(2) 
These items are included in the computation of net periodic pension benefit (cost). See Note 22 for additional information.
(3) 
See Note 19 for additional information.
v3.20.1
Income taxes (Tables)
12 Months Ended
Feb. 01, 2020
Income Tax Disclosure [Abstract]  
Summary of Tax Expense by Jurisdiction
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Income (loss) before income taxes:
 
 
 
 
 
– US
$
32.3

 
$
(1,135.8
)
 
$
202.2

– Foreign
97.4

 
333.2

 
325.0

Total income (loss) before income taxes
$
129.7

 
$
(802.6
)
 
$
527.2

 
 
 
 
 
 
Current taxation:
 
 
 
 
 
– US
$
3.0

 
$
(55.2
)
 
$
35.9

– Foreign
1.9

 
15.8

 
6.1

Deferred taxation:
 
 
 
 
 
– US
17.0

 
(85.8
)
 
(34.8
)
– Foreign
2.3

 
(20.0
)
 
0.7

Total income tax expense (benefit)
$
24.2

 
$
(145.2
)
 
$
7.9


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:
 
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
US federal income tax rates
21.0
 %
 
21.0
 %
 
35.0
 %
US state income taxes
3.1
 %
 
2.3
 %
 
1.9
 %
Differences between US federal and foreign statutory income tax rates
1.3
 %
 
0.3
 %
 
(1.0
)%
Expenditures permanently disallowable for tax purposes, net of permanent tax benefits
3.3
 %
 
(0.8
)%
 
1.4
 %
Impact of global reinsurance arrangements
(20.3
)%
 
3.1
 %
 
(8.1
)%
Impact of global financing arrangements
 %
 
4.2
 %
 
(11.4
)%
Benefit in current taxes - the TCJ Act
 %
 
 %
 
(4.1
)%
Remeasurement of deferred taxes - the TCJ Act
 %
 
 %
 
(12.3
)%
Impairment of goodwill
7.5
 %
 
(13.4
)%
 
 %
Out of period adjustment
 %
 
1.4
 %
 
 %
Other items
2.8
 %
 
 %
 
0.1
 %
Effective tax rate
18.7
 %
 
18.1
 %
 
1.5
 %

Schedule of Deferred Tax Assets and Liabilities
Deferred tax assets (liabilities) consisted of the following:
 
February 1, 2020
 
February 2, 2019
(in millions)
Assets
 
(Liabilities)
 
Total
 
Assets
 
(Liabilities)
 
Total
Intangible assets
$

 
$
(63.0
)
 
$
(63.0
)
 
$

 
$
(63.8
)
 
$
(63.8
)
US property, plant and equipment

 
(55.4
)
 
(55.4
)
 

 
(68.2
)
 
(68.2
)
Foreign property, plant and equipment
6.5

 

 
6.5

 
6.5

 

 
6.5

Inventory valuation

 
(203.1
)
 
(203.1
)
 

 
(179.1
)
 
(179.1
)
Revenue deferral
102.5

 

 
102.5

 
122.0

 

 
122.0

Derivative instruments

 
(4.3
)
 
(4.3
)
 

 
(1.3
)
 
(1.3
)
Lease assets

 
(358.2
)
 
(358.2
)
 

 

 

Lease liabilities
380.6

 

 
380.6

 
26.2

 

 
26.2

Deferred compensation
7.3

 

 
7.3

 
7.5

 

 
7.5

Retirement benefit obligations

 
(6.7
)
 
(6.7
)
 

 
(5.8
)
 
(5.8
)
Share-based compensation
4.1

 

 
4.1

 
3.5

 

 
3.5

Other temporary differences
77.7

 

 
77.7

 
46.7

 

 
46.7

Net operating losses and foreign tax credits
137.0

 

 
137.0

 
151.8

 

 
151.8

Value of capital losses
12.9

 

 
12.9

 
13.9

 

 
13.9

Total gross deferred tax assets (liabilities)
$
728.6

 
$
(690.7
)
 
$
37.9

 
$
378.1

 
$
(318.2
)
 
$
59.9

Valuation allowance
(38.4
)
 

 
(38.4
)
 
(38.9
)
 

 
(38.9
)
Deferred tax assets (liabilities)
$
690.2

 
$
(690.7
)
 
$
(0.5
)
 
$
339.2

 
$
(318.2
)
 
$
21.0

 
 
 
 
 
 
 
 
 
 
 
 
Disclosed as:
 
 
 
 
 
 
 
 
 
 
 
Non-current assets
 
 
 
 
$
4.7

 
 
 
 
 
$
21.0

Non-current liabilities
 
 
 
 
(5.2
)
 
 
 
 
 

Deferred tax assets (liabilities)
 
 
 
 
$
(0.5
)
 
 
 
 
 
$
21.0


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:
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Unrecognized tax benefits, beginning of period
$
18.1

 
$
12.0

 
$
12.0

Increases related to current year tax positions
2.0

 
2.5

 
2.3

Increases related to prior year tax positions
6.0

 
6.2

 

Lapse of statute of limitations
(2.6
)
 
(2.4
)
 
(2.4
)
Difference on foreign currency translation

 
(0.2
)
 
0.1

Unrecognized tax benefits, end of period
$
23.5

 
$
18.1

 
$
12.0


v3.20.1
Other operating income (loss) (Tables)
12 Months Ended
Feb. 01, 2020
Other Income and Expenses [Abstract]  
Summary of Other Operating Income (Loss)
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Interest income from in-house customer finance programs(1)
$

 
$
22.8

 
$
258.1

Shareholder litigation charge, net of insurance recoveries (2)
(33.2
)
 

 

Other
3.6

 
3.4

 
2.7

Other operating income (loss)
$
(29.6
)
 
$
26.2

 
$
260.8


(1) 
See Note 4 and Note 14 for additional information.
(2) See Note 27 for additional information.
v3.20.1
Accounts receivable, net (Tables)
12 Months Ended
Feb. 01, 2020
Receivables [Abstract]  
Accounts Receivable by Portfolio Segment, Net
(in millions)
February 1, 2020
 
February 2, 2019
Accounts receivable, held for investment
$
34.4

 
$
19.5

Accounts receivable, held for sale
4.4

 
4.2

Total accounts receivable
$
38.8

 
$
23.7


Summary of Allowance for Credit Losses
The activity in Fiscal 2019 and Fiscal 2018 related to the allowance for credit losses on Sterling Jewelers customer in-house finance receivables is shown below. There was no activity in Fiscal 2020 as the completion of the sale of in-house finance receivables occurred in June 2018.
(in millions)
Fiscal 2019
 
Fiscal 2018
Beginning balance:
$
(113.5
)
 
$
(138.7
)
Charge-offs, net
56.3

 
221.2

Recoveries
4.2

 
34.3

Provision
(54.6
)
 
(251.0
)
Reversal of allowance on receivables sold
107.6

 
20.7

Ending balance
$

 
$
(113.5
)
Ending receivable balance evaluated for impairment

 
762.9

Sterling Jewelers customer in-house finance receivables, net
$

 
$
649.4


v3.20.1
Inventories (Tables)
12 Months Ended
Feb. 01, 2020
Inventory Disclosure [Abstract]  
Summary of Inventory
The following table summarizes the details of the Company’s inventory:
(in millions)
February 1, 2020
 
February 2, 2019
Raw materials
$
56.2

 
$
76.3

Finished goods
2,275.5

 
2,310.6

Total inventories
$
2,331.7

 
$
2,386.9


Schedule of Inventory Reserves
Inventory reserves
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Inventory reserve, beginning of period
$
95.3

 
$
40.6

 
$
43.2

Charged to income(1)
80.2

 
131.4

 
75.8

Utilization(2)
(108.5
)
 
(76.7
)
 
(78.4
)
Inventory reserve, end of period(3)
$
67.0

 
$
95.3

 
$
40.6

(1) Includes $9.2 million in Fiscal 2020 and $62.2 million in Fiscal 2019 for inventory charges associated with the Company’s restructuring plan. The charges were primarily associated with discontinued brands and collections within the restructuring - cost of sales line item on the consolidated statements of operations. See Note 7 for additional information.
(2) Includes the impact of foreign exchange translation between opening and closing balance sheet dates, as well as $40.0 million in Fiscal 2020 and $10.6 million in Fiscal 2019 utilized for inventory identified as part of the Company’s restructuring plan. See Note 7 for additional information.
(3) Includes $20.8 million for Fiscal 2020 and $51.6 million in Fiscal 2019 for inventory identified as part of the Company’s restructuring plan. See Note 7 for additional information.
v3.20.1
Property, plant and equipment, net (Tables)
12 Months Ended
Feb. 01, 2020
Property, Plant and Equipment [Abstract]  
Schedule of property, plant and equipment Depreciation and amortization are recognized on the straight-line method over the estimated useful lives of the related assets as follows:
Buildings
 
Ranging from 30 – 40 years
Leasehold improvements
 
Remaining term of lease, not to exceed 10 years
Furniture and fixtures
 
Ranging from 3 – 10 years
Equipment and software
 
Ranging from 3 – 7 years

(in millions)
February 1, 2020
 
February 2, 2019
Land and buildings
$
23.4

 
$
34.0

Leasehold improvements
640.7

 
688.8

Furniture and fixtures
601.2

 
802.9

Equipment
199.1

 
196.1

Software
246.9

 
289.5

Construction in progress
95.3

 
72.0

Total
$
1,806.6

 
$
2,083.3

Accumulated depreciation and amortization
(1,064.7
)
 
(1,282.8
)
Property, plant and equipment, net
$
741.9

 
$
800.5


v3.20.1
Leases (Tables)
12 Months Ended
Feb. 01, 2020
Leases [Abstract]  
Schedule of Lease Term and DIscount Rate
The weighted average lease term and discount rate for the Company’s outstanding operating leases were as follows:
 
 
February 1, 2020
Weighted average remaining lease term (in years)
 
6.7

Weighted average discount rate
 
5.5
%

Total Lease Costs For Operating Leases
Total lease costs are as follows:
(in millions)
 
Fiscal 2020
Operating lease cost
 
$
460.3

Short-term lease cost
 
19.4

Variable lease cost
 
107.1

Sublease income
 
(2.0
)
Total lease cost
 
$
584.8


Rental Expense For Operating Leases
The rent expense as determined prior to the adoption of ASC 842 was as follows:
(in millions)
 
Fiscal 2019
 
Fiscal 2018
Minimum rentals
 
$
510.3

 
$
528.1

Contingent rent
 
8.1

 
8.5

Sublease income
 
(1.1
)
 
(0.5
)
Total
 
$
517.3

 
$
536.1


Schedule of Supplemental Cash Flow Information
Supplemental cash flow information related to leases was as follows:
(in millions)
 
Fiscal 2020
Cash paid for amounts included in the measurement of lease liabilities:
 
 
Operating cash flows from operating leases
 
$
467.7

Operating lease right-of-use assets obtained in exchange for lease obligations
 
149.9

Reduction in the carrying amount of right-of-use assets
 
360.1


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:
(in millions)
 
February 1, 2020
Fiscal 2021
 
$
455.5

Fiscal 2022
 
395.1

Fiscal 2023
 
334.8

Fiscal 2024
 
265.6

Fiscal 2025
 
209.0

Thereafter
 
551.0

Total lease payments
 
$
2,211.0

Less: Imputed interest
 
(435.1
)
Present value of lease liabilities
 
$
1,775.9


Schedule of Future Minimum Rental Payments for Operating Leases The future minimum lease payments by fiscal year as determined prior to the adoption of ASC 842, not including contingent rent, as disclosed in our Annual Report on Form 10-K for the fiscal year ended February 2, 2019, were as follows:
(in millions)
 
February 2, 2019
Fiscal 2020
 
$
450.4

Fiscal 2021
 
408.4

Fiscal 2022
 
361.1

Fiscal 2023
 
312.0

Fiscal 2024
 
247.4

Thereafter
 
755.2

Total
 
$
2,534.5


v3.20.1
Goodwill and intangibles (Tables)
12 Months Ended
Feb. 01, 2020
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Goodwill by Reporting Unit
The following table summarizes the Company’s goodwill by reportable segment:
(in millions)
North
America
 
Other
 
Total
Balance at February 3, 2018
$
818.1

 
$
3.6

 
$
821.7

Impairment
(517.6
)
 
(3.6
)
 
(521.2
)
Impact of foreign exchange and other adjustments(1)
(3.9
)
 

 
(3.9
)
Balance at February 2, 2019
$
296.6

 
$

 
$
296.6

Impairment
(47.7
)
 

 
(47.7
)
Impact of foreign exchange
(0.1
)
 

 
(0.1
)
Balance at February 1, 2020
$
248.8

 
$

 
$
248.8


(1)
During Fiscal 2019, other adjustments include a purchase price accounting adjustment of $2.6 million related to a revised valuation of acquired intangible assets from the R2Net acquisition. Refer to Note 5 for additional details.
Composition of Intangible Assets and Liabilities
The following table provides additional detail regarding the composition of intangible assets and liabilities:
 
 
February 1, 2020
 
February 2, 2019
(in millions)
 
Gross
carrying
amount
 
Accumulated
amortization
 
Accumulated impairment loss
 
Net
carrying
amount
 
Gross
carrying
amount
 
Accumulated
amortization
 
Accumulated impairment loss
 
Net
carrying
amount
Intangible assets, net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Definite-lived intangible assets
 
$
53.2

 
$
(50.9
)
 
$

 
$
2.3

 
$
53.3

 
$
(50.1
)
 
$

 
$
3.2

Indefinite-lived intangible assets
 
475.4

 
 
 
(213.9
)
 
261.5

 
475.9

 
 
 
(214.1
)
 
261.8

Total intangible assets, net
 
$
528.6

 
$
(50.9
)
 
$
(213.9
)
 
$
263.8

 
$
529.2

 
$
(50.1
)
 
$
(214.1
)
 
$
265.0

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Intangible liabilities, net
 
$
(113.9
)
 
$
98.0

 
$

 
$
(15.9
)
 
$
(113.9
)
 
$
92.5

 
$

 
$
(21.4
)

Summary of Expected Future Amortization Expense for Intangible Assets Expected future amortization for intangible assets and future amortization for intangible liabilities recorded at February 1, 2020 follows:
(in millions)
Intangible assets, net amortization
 
Intangible liabilities amortization
Fiscal 2021
$
0.9

 
$
(5.4
)
Fiscal 2022
0.8

 
(5.4
)
Fiscal 2023
0.6

 
(5.1
)
Total
$
2.3

 
$
(15.9
)

Summary of Expected Future Amortization of Intangible Liabilities Expected future amortization for intangible assets and future amortization for intangible liabilities recorded at February 1, 2020 follows:
(in millions)
Intangible assets, net amortization
 
Intangible liabilities amortization
Fiscal 2021
$
0.9

 
$
(5.4
)
Fiscal 2022
0.8

 
(5.4
)
Fiscal 2023
0.6

 
(5.1
)
Total
$
2.3

 
$
(15.9
)

v3.20.1
Investments (Tables)
12 Months Ended
Feb. 01, 2020
Investments, Debt and Equity Securities [Abstract]  
Schedule of available-for-sale debt securities All investments are classified as available-for-sale and include the following:
 
February 1, 2020
 
February 2, 2019
(in millions)
Cost
 
Unrealized Gain (Loss)
 
Fair Value
 
Cost
 
Unrealized Gain (Loss)
 
Fair Value
US Treasury securities
$
7.2

 
$

 
$
7.2

 
$
5.1

 
$
(0.4
)
 
$
4.7

US government agency securities
4.6

 
0.1

 
4.7

 
2.6

 
(0.1
)
 
2.5

Corporate bonds and notes
8.3

 
0.2

 
8.5

 
5.3

 
(0.1
)
 
5.2

Corporate equity securities

 

 

 
2.7

 
(0.3
)
 
2.4

Total investments
$
20.1

 
$
0.3

 
$
20.4

 
$
15.7

 
$
(0.9
)
 
$
14.8


Investments in debt securities outstanding as of February 1, 2020 mature as follows:
(in millions)
Cost
 
Fair Value
Less than one year
$
3.5

 
$
3.5

Year two through year five
16.6

 
16.9

Total investment in debt securities
$
20.1

 
$
20.4


v3.20.1
Derivatives (Tables)
12 Months Ended
Feb. 01, 2020
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:
 
Fair value of derivative assets
(in millions)
Balance sheet location
 
February 1, 2020
 
February 2, 2019
Derivatives designated as hedging instruments:
 
 
 
 
 
Foreign currency contracts
Other current assets
 
$

 
$
0.1

Commodity contracts
Other current assets
 
11.8

 
4.3

Commodity contracts
Other assets
 

 
1.4

Interest rate swaps
Other assets
 

 
0.6

 
 
 
11.8

 
6.4

Derivatives not designated as hedging instruments:
 
 
 
 
 
Foreign currency contracts
Other current assets
 
0.6

 
0.8

Total derivative assets
 
 
$
12.4

 
$
7.2

 
Fair value of derivative liabilities
(in millions)
Balance sheet location
 
February 1, 2020
 
February 2, 2019
Derivatives designated as hedging instruments:
 
 
 
 
 
Foreign currency contracts
Other current liabilities
 
$
(0.8
)
 
$
(0.2
)
Derivatives not designated as hedging instruments:
 
 
 
 
 
Foreign currency contracts
Other current liabilities
 
(0.1
)
 

Total derivative liabilities
 
 
$
(0.9
)
 
$
(0.2
)

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:
(in millions)
February 1, 2020
 
February 2, 2019
Foreign currency contracts
$
(1.0
)
 
$
0.7

Commodity contracts
17.7

 
4.0

Interest rate swaps

 
0.6

Gains recorded in AOCI
$
16.7

 
$
5.3

Summary of Derivative Instruments
The following table presents the effects of the Company’s derivatives instruments not designated as cash flow hedges in the consolidated statements of operations:
 
Statement of operations caption
 
Amount of gains (losses) recognized in net income
(in millions)
 
 
Fiscal 2020
 
Fiscal 2019
Derivatives not designated as hedging instruments:
 
 
 
 
 
Foreign currency contracts
Other operating income (loss)
 
$
(3.1
)
 
$
(14.4
)

The following tables summarize the effect of derivative instruments designated as cash flow hedges in OCI and the consolidated statements of operations:
Foreign currency contracts
(in millions)
Statement of operations caption
 
Fiscal 2020
 
Fiscal 2019
Gains (losses) recorded in AOCI, beginning of period
 
 
$
0.7

 
$
(2.4
)
Current period gains (losses) recognized in OCI
 
 
(0.6
)
 
2.4

(Gains) losses reclassified from AOCI to net income
Cost of sales(1)
 
(1.1
)
 
0.7

Gains (losses) recorded in AOCI, end of period
 
 
$
(1.0
)
 
$
0.7

Commodity contracts
(in millions)
Statement of operations caption
 
Fiscal 2020
 
Fiscal 2019
Gains recorded in AOCI, beginning of period
 
 
$
4.0

 
$
1.4

Current period gains recognized in OCI
 
 
15.4

 
3.5

Gains reclassified from AOCI to net income
Cost of sales(1)
 
(1.7
)
 
(0.9
)
Gains recorded in AOCI, end of period
 
 
$
17.7

 
$
4.0


Interest rate swaps
(in millions)
Statement of operations caption
 
Fiscal 2020
 
Fiscal 2019
Gains recorded in AOCI, beginning of period
 
 
$
0.6

 
$
2.2

Current period gains recognized in OCI
 
 

 
0.3

Gains reclassified from AOCI to net income
Interest expense, net(1)
 
(0.6
)
 
(1.9
)
Gains recorded in AOCI, end of period
 
 
$

 
$
0.6


(1) 
Refer to table below for total amounts of financial statement captions impacted by cash flow hedges.
Total amounts presented in the consolidated statements of operations
(in millions)
Fiscal 2020
 
Fiscal 2019
Cost of sales
$
(3,904.2
)
 
$
(4,024.1
)
Interest expense, net
$
(35.6
)
 
$
(39.7
)

v3.20.1
Fair value measurement (Tables)
12 Months Ended
Feb. 01, 2020
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:
 
February 1, 2020
 
February 2, 2019
(in millions)
Carrying Value
 
Quoted prices in
active
markets for
identical assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Carrying Value
 
Quoted prices in
active
markets for
identical assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
Assets:
 
 
 
 
 
 
 
US Treasury securities
$
7.2

 
$
7.2

 
$

 
$
4.7

 
$
4.7

 
$

Corporate equity securities

 

 

 
2.4

 
2.4

 

Foreign currency contracts
0.6

 

 
0.6

 
0.9

 

 
0.9

Commodity contracts
11.8

 

 
11.8

 
5.7

 

 
5.7

Interest rate swaps

 

 

 
0.6

 

 
0.6

US government agency securities
4.7

 

 
4.7

 
2.5

 

 
2.5

Corporate bonds and notes
8.5

 

 
8.5

 
5.2

 

 
5.2

Total assets
$
32.8

 
$
7.2

 
$
25.6

 
$
22.0

 
$
7.1

 
$
14.9

 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
Foreign currency contracts
$
(0.9
)
 
$

 
$
(0.9
)
 
$
(0.2
)
 
$

 
$
(0.2
)
Total liabilities
$
(0.9
)
 
$

 
$
(0.9
)
 
$
(0.2
)
 
$

 
$
(0.2
)

Schedule of Carrying Amount and Fair Value of Outstanding Debt The following table provides a summary of the carrying amount and fair value of outstanding debt:
 
February 1, 2020
 
February 2, 2019
(in millions)
Carrying
Value
 
Fair Value
 
Carrying
Value
 
Fair Value
Long-term debt
 
 
 
 
 
 
 
Senior Notes (Level 2)
$
146.4

 
$
144.8

 
$
395.3

 
$
340.3

Term loans (Level 2)
99.5

 
100.0

 
293.0

 
294.9

Total
$
245.9

 
$
244.8

 
$
688.3

 
$
635.2


v3.20.1
Retirement plans (Tables)
12 Months Ended
Feb. 01, 2020
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 1, 2020 and February 2, 2019:
(in millions)
Fiscal 2020
 
Fiscal 2019
Change in UK Plan assets:
 
 
 
Fair value at beginning of year
$
245.5

 
$
272.2

Actual return on UK Plan assets
36.8

 
2.1

Employer contributions
5.3

 
4.4

Members’ contributions
0.2

 
0.3

Benefits paid
(9.4
)
 
(13.5
)
Foreign currency translation
3.5

 
(20.0
)
Fair value at end of year
$
281.9

 
$
245.5


Schedule of Changes in Projected Benefit Obligations
(in millions)
Fiscal 2020
 
Fiscal 2019
Change in benefit obligation:
 
 
 
Benefit obligation at beginning of year
$
214.9

 
$
232.4

Service cost
0.7

 
0.9

Interest cost
5.5

 
5.8

Members’ contributions
0.2

 
0.3

Actuarial (gain) loss
29.2

 
(2.1
)
Benefits paid
(9.4
)
 
(13.5
)
Plan settlements

 
8.3

Foreign currency translation
2.3

 
(17.2
)
Benefit obligation at end of year
$
243.4

 
$
214.9

Funded status at end of year
$
38.5

 
$
30.6


Schedule of Amounts Recognized in Balance Sheet
(in millions)
February 1, 2020
 
February 2, 2019
Amounts recognized in the balance sheet consist of:
 
 
 
Non-current assets
$
38.5

 
$
30.6


Schedule of Net Periodic Benefit Cost Not yet Recognized
Items in AOCI not yet recognized in net income in the consolidated statements of operations:
(in millions)
February 1, 2020
 
February 2, 2019
 
February 3, 2018
Net actuarial losses
$
(52.4
)
 
$
(53.8
)
 
$
(51.1
)
Net prior service (costs) credits
(4.1
)
 
(4.1
)
 
2.4


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:
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Components of net periodic benefit (cost) income:
 
 
 
 
 
Service cost
$
(0.7
)
 
$
(0.9
)
 
$
(2.1
)
Interest cost
(5.5
)
 
(5.8
)
 
(6.1
)
Expected return on UK Plan assets
7.8

 
8.4

 
9.4

Amortization of unrecognized actuarial losses
(1.2
)
 
(0.9
)
 
(2.8
)
Amortization of unrecognized net prior service credits

 

 
1.4

Net curtailment gain and settlement loss

 

 
3.7

Total net periodic benefit (cost) income
$
0.4

 
$
0.8

 
$
3.5

Other changes in assets and benefit obligations recognized in OCI
1.7

 
(11.3
)
 
(2.9
)
Total recognized in net periodic pension benefit (cost) and OCI
$
2.1

 
$
(10.5
)
 
$
0.6


Schedule of Assumptions Used
 
February 1, 2020
 
February 2, 2019
Assumptions used to determine benefit obligations (at the end of the year):
 
 
 
Discount rate
1.70
%
 
2.70
%
Salary increases
N/A

 
1.50
%
Assumptions used to determine net periodic pension costs (at the start of the year):
 
 
 
Discount rate
2.70
%
 
2.60
%
Expected return on UK Plan assets
3.50
%
 
3.60
%
Salary increases
1.50
%
 
2.50
%

Schedule of Allocation of Plan Assets
The methods Signet uses to determine fair value on an instrument-specific basis are detailed below:
 
Fair value measurements as of February 1, 2020
 
Fair value measurements as of February 2, 2019
(in millions)
Total
 
Quoted prices in
active
markets for
identical assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
 
Total
 
Quoted prices in
active
markets for
identical assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Asset category:
 
 
 
 
 
 
 
 
 
 
 
Diversified equity securities
$
15.1

 
$

 
$
15.1

 
$

 
$
19.4

 
$

 
$
19.4

 
$

Diversified growth funds
49.8

 
49.8

 

 

 
66.4

 
43.6

 
22.8

 

Fixed income – government bonds
139.7

 
139.7

 

 

 
80.6

 

 
80.6

 

Fixed income – corporate bonds
48.8

 

 
48.8

 

 
46.2

 

 
46.2

 

Cash
4.3

 
4.3

 

 

 
1.9

 
1.9

 

 

Investments measured at NAV(1):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diversified growth funds
17.8

 
 
 
 
 
 
 
17.4

 
 
 
 
 
 
Property
6.4

 
 
 
 
 
 
 
13.6

 
 
 
 
 
 
Total
$
281.9

 
$
193.8

 
$
63.9

 
$

 
$
245.5

 
$
45.5

 
$
169.0

 
$


(1) 
Certain assets that are measured at fair value using the net asset value (“NAV”) practical expedient have not been classified in the fair value hierarchy.
The value and classification of these assets are as follows:
 
Fair value measurements as of February 1, 2020
 
Fair value measurements as of February 2, 2019
(in millions)
Total
 
Quoted prices in
active markets for
identical assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Total
 
Quoted prices in
active markets for
identical assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
Assets:
 
 
 
 
 
 
 
 
 
 
 
Corporate-owned life insurance plans
$
6.5

 
$

 
$
6.5

 
$
7.0

 
$

 
$
7.0

Money market funds
21.0

 
21.0

 

 
26.9

 
26.9

 

Total assets
$
27.5

 
$
21.0

 
$
6.5

 
$
33.9

 
$
26.9

 
$
7.0


Schedule of Expected Benefit Payments
The following benefit payments are currently estimated to be paid by the UK Plan:
(in millions)
Expected benefit payments
Fiscal 2021
$
9.5

Fiscal 2022
9.6

Fiscal 2023
9.7

Fiscal 2024
9.6

Fiscal 2025
9.9

Thereafter
$
50.6


v3.20.1
Loans, overdrafts and long-term debt (Tables)
12 Months Ended
Feb. 01, 2020
Debt Disclosure [Abstract]  
Summary of Loans, Overdrafts and Long-Term Debt
(in millions)
February 1, 2020
 
February 2, 2019
Debt:
 
 
 
Senior Notes, net of unamortized discount
$
147.5

 
$
399.0

ABL Revolving Facility
270.0

 

FILO term loan facility
100.0

 

Senior unsecured term loan

 
294.9

Other loans and bank overdrafts
95.6

 
40.1

Gross debt
$
613.1

 
$
734.0

Less: Current portion of loans and overdrafts
(95.6
)
 
(78.8
)
Less: Unamortized debt issuance costs
(1.6
)
 
(5.6
)
Total long-term debt
$
515.9

 
$
649.6


Schedule of Maturities of Long-term Debt

The annual aggregate maturities of our debt (excluding the impact of debt issuance costs) for the five years subsequent to February 1, 2020 are presented below.

(in millions)
 
 
Fiscal 2021
 
$
63.1

Fiscal 2022
 

Fiscal 2023
 

Fiscal 2024
 
370.0

Fiscal 2025
 
147.5

Thereafter
 

Gross Debt
 
$
580.6


v3.20.1
Accrued expenses and other current liabilities (Tables)
12 Months Ended
Feb. 01, 2020
Payables and Accruals [Abstract]  
Summary of Accrued Expenses And Other Current Liabilities
(in millions)
February 1, 2020
 
February 2, 2019
Accrued compensation
$
63.1

 
$
88.1

Other liabilities
13.8

 
28.3

Other taxes
32.8

 
32.6

Payroll taxes
11.7

 
10.8

Shareholder litigation (see Note 27)
240.6

 

Accrued expenses
335.0

 
343.0

Total accrued expenses and other current liabilities
$
697.0

 
$
502.8


Warranty Reserve for Diamond and Gemstone Guarantee The warranty reserve for diamond and gemstone guarantee is as follows:
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Warranty reserve, beginning of period
$
33.2

 
$
37.2

 
$
40.0

Warranty expense
13.5

 
8.0

 
8.5

Utilized(1)
(10.4
)
 
(12.0
)
 
(11.3
)
Warranty reserve, end of period
$
36.3

 
$
33.2

 
$
37.2

(1) 
Includes impact of foreign exchange translation.
(in millions)
February 1, 2020
 
February 2, 2019
Disclosed as:
 
 
 
Current liabilities(1)
$
10.6

 
$
10.0

Other liabilities - non-current (see Note 25)
25.7

 
23.2

Total warranty reserve
$
36.3

 
$
33.2

(1) 
Included within accrued expenses above.
v3.20.1
Other liabilities - non-current (Tables)
12 Months Ended
Feb. 01, 2020
Other Liabilities Disclosure [Abstract]  
Schedule of Other Liabilities
(in millions)
February 1, 2020
 
February 2, 2019
Straight-line rent
$

 
$
95.1

Deferred compensation
31.0

 
30.4

Warranty reserve
25.7

 
23.2

Other liabilities
59.9

 
75.4

Total other liabilities
$
116.6

 
$
224.1


v3.20.1
Share-Based Compensation (Tables)
12 Months Ended
Feb. 01, 2020
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 statements of operations are as follows:
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Share-based compensation expense
$
16.9

 
$
16.5

 
$
16.1

Income tax benefit
$
(4.2
)
 
$
(4.1
)
 
$
(5.3
)

Summary of Unrecognized Compensation Cost Related to Outstanding Awards
As of February 1, 2020, unrecognized compensation cost related to unvested awards granted under share-based compensation plans is as follows:
(in millions)
Unrecognized Compensation Cost
 
Weighted average period
Omnibus Plan
$
21.8

 
1.7 years
Share Saving Plans
0.4

 
1.2 years
Total
$
22.2

 


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 restricted stock and RSU awards granted under the Omnibus Plans are as follows:
 
Omnibus Plan
 
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Share price
$
20.76

 
$
41.36

 
$
65.74

Expected term
2.8 years

 
2.8 years

 
2.7 years

Dividend yield
7.5
%
 
3.6
%
 
2.1
%
Fair value
$
18.14

 
$
38.57

 
$
63.42

The significant assumptions utilized to estimate the weighted-average fair value of stock options granted under the Omnibus Plans are as follows:
 
Fiscal 2020
 
Fiscal 2019
Share price
$
22.17

 
$
40.09

Exercise price
$
25.18

 
$
39.72

Risk free interest rate
2.4
%
 
2.9
%
Expected term
6.0 years

 
6.5 years

Expected volatility
42.7
%
 
37.6
%
Dividend yield
6.7
%
 
3.7
%
Fair value
$
4.27

 
$
11.21

Activity for Awards Granted Under the Plan
The Fiscal 2020 activity for stock options granted under the Omnibus Plans is as follows:
 
Omnibus Plans
(in millions, except per share amounts)
No. of
shares
 
Weighted
average
exercise
price
 
Weighted
average
remaining
contractual
life
 
Intrinsic
value
(1)
Outstanding at February 2, 2019
0.8

 
$
39.72

 
9.2 years
 
$

Fiscal 2020 activity:
 
 
 
 
 
 
 
Granted
0.1

 
25.18

 
 
 
 
Exercised

 

 
 
 
 
Lapsed
(0.2
)
 
39.72

 
 
 
 
Outstanding at February 1, 2020
0.7

 
$
39.13

 
8.3 years
 
$

(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 Fiscal 2020 activity for restricted stock and RSU awards granted under the Omnibus Plans is as follows:
 
Omnibus Plans
(in millions, except per share amounts)
No. of
shares
 
Weighted
average
grant date
fair value
 
Weighted
average
remaining
contractual
life
 
Intrinsic
value
(1)
Outstanding at February 2, 2019
1.6

 
$
54.08

 
1.5 years
 
$
39.9

Fiscal 2020 activity:
 
 
 
 
 
 
 
Granted
1.6

 
18.14

 
 
 
 
Vested
(0.2
)
 
58.24

 
 
 
 
Lapsed
(0.2
)
 
80.47

 
 
 
 
Outstanding at February 1, 2020
2.8

 
$
31.04

 
1.5 years
 
$
66.9

(1) 
Intrinsic value for outstanding restricted stock and RSUs is based on the fair market value of Signet’s common stock on the last business day of the fiscal year.
Summary of Additional Information about Awards Granted
The following table summarizes additional information about awards granted under the Omnibus Plan:
(in millions)
Fiscal 2020
 
Fiscal 2019
 
Fiscal 2018
Total intrinsic value of awards vested
$
3.5

 
$
6.8

 
$
7.1


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:
 
Share Saving Plans
 
Fiscal 2019
 
Fiscal 2018
Share price
$
58.50

 
$
59.84

Exercise price
$
57.97

 
$
52.00

Risk free interest rate
3.0
%
 
1.2
%
Expected term
3.7 years

 
2.7 years

Expected volatility
44.4
%
 
37.0
%
Dividend yield
2.6
%
 
2.7
%
Fair value
$
18.07

 
$
15.22


Activity for Awards Granted Under the Plan
The Fiscal 2020 activity for awards granted under the Share Saving Plans is as follows:
 
Share Saving Plans
(in millions, except per share amounts)
No. of
shares
 
Weighted
average
exercise
price
 
Weighted
average
remaining
contractual
life
 
Intrinsic
value
(1)
Outstanding at February 2, 2019
0.2

 
$
54.80

 
1.5 years
 
$

Fiscal 2020 activity:
 
 
 
 
 
 
 
Granted

 

 
 
 
 
Exercised

 

 
 
 
 
Lapsed
(0.1
)
 
57.62

 
 
 
 
Outstanding at February 1, 2020
0.1

 
$
54.78

 
1.1 years
 
$

Exercisable at February 2, 2019

 
$

 
 
 
$

Exercisable at February 1, 2020

 
$

 
 
 
$

(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.
Summary of Additional Information about Awards Granted
The following table summarizes additional information about awards granted under the Share Saving Plans:
(in millions, except per share amounts)
Fiscal 2019
 
Fiscal 2018
Weighted average grant date fair value per share of awards granted
$
18.07

 
$
15.22

Total intrinsic value of options exercised
$

 
$
0.1

Cash received from share options exercised
$

 
$
0.3


v3.20.1
Condensed consolidating financial information (Tables)
12 Months Ended
Feb. 01, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Income Statement
Condensed Consolidating Statement of Operations
For the 52 week period ended week period ended February 1, 2020
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Sales
$

 
$

 
$
5,656.3

 
$
480.8

 
$

 
$
6,137.1

Cost of sales

 

 
(3,589.1
)
 
(315.1
)
 

 
(3,904.2
)
Restructuring charges - cost of sales

 

 
(6.0
)
 
(3.2
)
 

 
(9.2
)
Gross margin

 

 
2,061.2

 
162.5

 

 
2,223.7

Selling, general and administrative expenses
(0.9
)
 

 
(1,872.2
)
 
(45.1
)
 

 
(1,918.2
)
Restructuring charges

 

 
(62.9
)
 
(7.0
)
 

 
(69.9
)
Goodwill and intangible impairments

 

 
(35.2
)
 
(12.5
)
 

 
(47.7
)
Other operating income (loss)

 

 
(29.3
)
 
(0.3
)
 

 
(29.6
)
Operating income (loss)
(0.9
)
 

 
61.6

 
97.6

 

 
158.3

Intra-entity interest income (expense)
(2.2
)
 
14.9

 
(176.8
)
 
164.1

 

 

Interest expense, net

 
(15.5
)
 
(20.3
)
 
0.2

 

 
(35.6
)
Other non-operating income, net

 
8.1

 
(1.1
)
 

 

 
7.0

Income (loss) before income taxes
(3.1
)
 
7.5

 
(136.6
)
 
261.9

 

 
129.7

Income taxes

 
(1.4
)
 
(20.0
)
 
(2.8
)
 

 
(24.2
)
Equity in income of subsidiaries
108.6

 

 
(164.1
)
 
(140.8
)
 
196.3

 

Net income (loss)
105.5

 
6.1

 
(320.7
)
 
118.3

 
196.3

 
105.5

Dividends on redeemable convertible preferred shares
(32.9
)
 

 

 

 

 
(32.9
)
Net income (loss) attributable to common shareholders
$
72.6

 
$
6.1

 
$
(320.7
)
 
$
118.3

 
$
196.3

 
$
72.6

Condensed Consolidating Statement of Operations
For the 52 week period ended week period ended February 2, 2019
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Sales
$

 
$

 
$
5,722.8

 
$
524.3

 
$

 
$
6,247.1

Cost of sales

 

 
(3,755.5
)
 
(268.6
)
 

 
(4,024.1
)
Restructuring charges - cost of sales

 

 
(56.5
)
 
(5.7
)
 

 
(62.2
)
Gross margin

 

 
1,910.8

 
250.0

 

 
2,160.8

Selling, general and administrative expenses
(1.0
)
 

 
(1,833.4
)
 
(150.7
)
 

 
(1,985.1
)
Credit transaction, net

 

 
(167.4
)
 

 

 
(167.4
)
Restructuring charges

 

 
(55.3
)
 
(8.4
)
 

 
(63.7
)
Goodwill and intangible impairments

 

 
(470.4
)
 
(265.0
)
 

 
(735.4
)
Other operating income (loss)
(0.1
)
 

 
22.5

 
3.8

 

 
26.2

Operating income (loss)
(1.1
)
 

 
(593.2
)
 
(170.3
)
 

 
(764.6
)
Intra-entity interest income (expense)
(4.6
)
 
18.9

 
(243.4
)
 
229.1

 

 

Interest expense, net

 
(14.9
)
 
(25.0
)
 
0.2

 

 
(39.7
)
Other non-operating income, net

 

 
1.7

 

 

 
1.7

Income (loss) before income taxes
(5.7
)
 
4.0

 
(859.9
)
 
59.0

 

 
(802.6
)
Income taxes

 
(0.8
)
 
133.0

 
13.0

 

 
145.2

Equity in income of subsidiaries
(651.7
)
 

 
(1,043.1
)
 
(770.4
)
 
2,465.2

 

Net income (loss)
(657.4
)
 
3.2

 
(1,770.0
)
 
(698.4
)
 
2,465.2

 
(657.4
)
Dividends on redeemable convertible preferred shares
(32.9
)
 

 

 

 

 
(32.9
)
Net income (loss) attributable to common shareholders
$
(690.3
)
 
$
3.2

 
$
(1,770.0
)
 
$
(698.4
)
 
$
2,465.2

 
$
(690.3
)

Condensed Consolidating Statement of Operations
For the 53 week period ended week period ended February 3, 2018
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Sales
$

 
$

 
$
5,866.6

 
$
386.4

 
$

 
$
6,253.0

Cost of sales

 

 
(3,926.6
)
 
(136.4
)
 

 
(4,063.0
)
Gross margin

 

 
1,940.0

 
250.0

 

 
2,190.0

Selling, general and administrative expenses
(1.9
)
 

 
(1,738.2
)
 
(132.1
)
 

 
(1,872.2
)
Credit transaction, net

 

 
1.3

 

 

 
1.3

Other operating income (loss)
0.1

 

 
260.3

 
0.4

 

 
260.8

Operating income (loss)
(1.8
)
 

 
463.4

 
118.3

 

 
579.9

Intra-entity interest income (expense)

 
18.8

 
(190.2
)
 
171.4

 

 

Interest expense, net

 
(19.9
)
 
(21.6
)
 
(11.2
)
 

 
(52.7
)
Income (loss) before income taxes
(1.8
)
 
(1.1
)
 
251.6

 
278.5

 

 
527.2

Income taxes

 
0.2

 
(21.3
)
 
13.2

 

 
(7.9
)
Equity in income of subsidiaries
521.1

 

 
229.6

 
233.1

 
(983.8
)
 

Net income (loss)
519.3

 
(0.9
)
 
459.9

 
524.8

 
(983.8
)
 
519.3

Dividends on redeemable convertible preferred shares
(32.9
)
 

 

 

 

 
(32.9
)
Net income (loss) attributable to common shareholders
$
486.4

 
$
(0.9
)
 
$
459.9

 
$
524.8

 
$
(983.8
)
 
$
486.4


Condensed Statement of Comprehensive Income
Condensed Consolidating Statement of Comprehensive Income
For the 52 week period ended week period ended February 1, 2020
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net income (loss)
$
105.5

 
$
6.1

 
$
(320.7
)
 
$
118.3

 
$
196.3

 
$
105.5

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
(1.7
)
 

 
(1.7
)
 

 
1.7

 
(1.7
)
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss)(1)
(0.2
)
 

 

 
(0.2
)
 
0.2

 
(0.2
)
Reclassification adjustment for (gains) losses to net income

1.0

 

 

 
1.0

 
(1.0
)
 
1.0

Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss)
11.2

 

 
11.2

 

 
(11.2
)
 
11.2

Reclassification adjustment for losses to net income
(2.7
)
 

 
(2.7
)
 

 
2.7

 
(2.7
)
Pension plan:
 
 
 
 
 
 
 
 
 
 
 
Actuarial gain (loss)
0.4

 

 
0.4

 

 
(0.4
)
 
0.4

Reclassification adjustment to net income for amortization of actuarial losses
1.0

 

 
1.0

 

 
(1.0
)
 
1.0

Total other comprehensive income (loss)
9.0

 

 
8.2

 
0.8

 
(9.0
)
 
9.0

Total comprehensive income (loss)
$
114.5

 
$
6.1

 
$
(312.5
)
 
$
119.1

 
$
187.3

 
$
114.5

(1) 
Amount represents unrealized losses related to the Company’s available-for-sale debt securities.

Condensed Consolidating Statement of Comprehensive Income
For the 52 week period ended week period ended February 2, 2019
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net income (loss)
$
(657.4
)
 
$
3.2

 
$
(1,770.0
)
 
$
(698.4
)
 
$
2,465.2

 
$
(657.4
)
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
(35.9
)
 

 
(35.4
)
 
(0.5
)
 
35.9

 
(35.9
)
Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss)(1)
0.4

 

 

 
0.4

 
(0.4
)
 
0.4

Impacts from adoption of new accounting pronouncements(2)
(0.8
)
 

 

 
(0.8
)
 
0.8

 
(0.8
)
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss)
4.8

 

 
4.8

 

 
(4.8
)
 
4.8

Reclassification adjustment for losses to net income
(1.5
)
 

 
(1.5
)
 

 
1.5

 
(1.5
)
Pension plan:
 
 
 
 
 
 
 
 
 
 
 
Actuarial gain (loss)
(3.4
)
 

 
(3.4
)
 

 
3.4

 
(3.4
)
Reclassification adjustment to net income for amortization of actuarial losses
0.7

 

 
0.7

 

 
(0.7
)
 
0.7

Prior service costs
(6.5
)
 

 
(6.5
)
 

 
6.5

 
(6.5
)
Total other comprehensive income (loss)
(42.2
)
 

 
(41.3
)
 
(0.9
)
 
42.2

 
(42.2
)
Total comprehensive income (loss)
$
(699.6
)
 
$
3.2

 
$
(1,811.3
)
 
$
(699.3
)
 
$
2,507.4

 
$
(699.6
)
(1) 
Amount represents unrealized losses related to the Company’s available-for-sale debt securities.
(2) 
Adjustment reflects the reclassification of unrealized gains related to the Company’s available-for-sale equity security investments as of February 3, 2018 from AOCI into retained earnings associated with the adoption of ASU 2016-01.
Condensed Consolidating Statement of Comprehensive Income
For the 53 week period ended week period ended February 3, 2018
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net income (loss)
$
519.3

 
$
(0.9
)
 
$
459.9

 
$
524.8

 
$
(983.8
)
 
$
519.3

Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
50.9

 

 
50.2

 
0.7

 
(50.9
)
 
50.9

Available-for-sale securities:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss)(1)
0.3

 

 

 
0.3

 
(0.3
)
 
0.3

Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain (loss)
1.8

 

 
1.8

 

 
(1.8
)
 
1.8

Reclassification adjustment for losses to net income
(3.5
)
 

 
(3.5
)
 

 
3.5

 
(3.5
)
Pension plan:
 
 
 
 
 
 
 
 
 
 
 
Reclassification adjustment to net income for amortization of actuarial losses
2.2

 

 
2.2

 

 
(2.2
)
 
2.2

Prior service costs
(0.5
)
 

 
(0.5
)
 

 
0.5

 
(0.5
)
Reclassification adjustment to net income for amortization of net prior service credits
(1.1
)
 

 
(1.1
)
 

 
1.1

 
(1.1
)
Net curtailment gain and settlement loss
(3.0
)
 

 
(3.0
)
 

 
3.0

 
(3.0
)
Total other comprehensive income (loss)
47.1

 

 
46.1

 
1.0

 
(47.1
)
 
47.1

Total comprehensive income (loss)
$
566.4

 
$
(0.9
)
 
$
506.0

 
$
525.8

 
$
(1,030.9
)
 
$
566.4


(1) 
Amount represents unrealized gains related to the Company’s available-for-sale debt and equity securities.
Condensed Balance Sheet
Condensed Consolidating Balance Sheet
February 1, 2020
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
0.2

 
$
0.1

 
$
277.5

 
$
96.7

 
$

 
$
374.5

Accounts receivable

 

 
13.1

 
25.7

 

 
38.8

Intra-entity receivables, net

 
3.3

 
30.7

 
598.6

 
(632.6
)
 

Other current assets

 

 
318.1

 
85.4

 

 
403.5

Income taxes

 

 
6.3

 

 

 
6.3

Inventories, net

 

 
2,232.8

 
98.9

 

 
2,331.7

Total current assets
0.2

 
3.4

 
2,878.5

 
905.3

 
(632.6
)
 
3,154.8

Non-current assets:
 
 
 
 
 
 
 
 
 
 
 
Property, plant and equipment, net

 

 
733.1

 
8.8

 

 
741.9

Operating lease right-of-use assets

 

 
1,677.8

 
5.5

 

 
1,683.3

Goodwill

 

 
171.0

 
77.8

 

 
248.8

Intangible assets, net

 

 
243.6

 
20.2

 

 
263.8

Investment in subsidiaries
2,110.8

 

 
749.3

 
474.9

 
(3,335.0
)
 

Intra-entity receivables, net

 
161.0

 

 
1,248.0

 
(1,409.0
)
 

Other assets

 

 
179.4

 
22.4

 

 
201.8

Deferred tax assets

 

 
4.7

 

 

 
4.7

Total assets
$
2,111.0

 
$
164.4

 
$
6,637.4

 
$
2,762.9

 
$
(5,376.6
)
 
$
6,299.1

Liabilities and Shareholders’ equity
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Loans and overdrafts
$

 
$

 
$
95.6

 
$

 
$

 
$
95.6

Accounts payable

 

 
166.4

 
61.5

 

 
227.9

Intra-entity payables, net
243.4

 

 
389.2

 

 
(632.6
)
 

Accrued expenses and other current liabilities
28.0

 
1.0

 
648.1

 
19.9

 

 
697.0

Deferred revenue

 

 
250.8

 
15.4

 

 
266.2

Operating lease liabilities

 

 
336.4

 
1.8

 

 
338.2

Income taxes

 
1.4

 
24.5

 
1.8

 

 
27.7

Total current liabilities
271.4

 
2.4


1,911.0

 
100.4

 
(632.6
)
 
1,652.6

Non-current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Long-term debt

 
146.4

 
369.5

 

 

 
515.9

Operating lease liabilities

 

 
1,431.8

 
5.9

 

 
1,437.7

Intra-entity payables, net

 

 
1,409.0

 

 
(1,409.0
)
 

Other liabilities

 

 
113.6

 
3.0

 

 
116.6

Deferred revenue

 

 
731.5

 

 

 
731.5

Deferred tax liabilities

 

 
2.3

 
2.9

 

 
5.2

Total liabilities
271.4

 
148.8

 
5,968.7

 
112.2

 
(2,041.6
)
 
4,459.5

Series A redeemable convertible preferred shares
617.0

 

 

 

 

 
617.0

Total shareholders’ equity
1,222.6

 
15.6

 
668.7

 
2,650.7

 
(3,335.0
)
 
1,222.6

Total liabilities, redeemable convertible preferred shares and shareholders’ equity
$
2,111.0

 
$
164.4

 
$
6,637.4

 
$
2,762.9

 
$
(5,376.6
)
 
$
6,299.1

Condensed Consolidating Balance Sheet
February 2, 2019
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Assets
 
 
 
 
 
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
0.2

 
$
0.1

 
$
146.7

 
$
48.4

 
$

 
$
195.4

Accounts receivable

 

 
14.3

 
9.4

 

 
23.7

Intra-entity receivables, net

 
7.9

 
83.4

 
220.0

 
(311.3
)
 

Other receivables

 

 
46.5

 
26.0

 

 
72.5

Other current assets

 

 
169.4

 
2.1

 

 
171.5

Income taxes

 

 
5.1

 
0.7

 

 
5.8

Inventories, net

 

 
2,302.6

 
84.3

 

 
2,386.9

Total current assets
0.2

 
8.0

 
2,768.0

 
390.9

 
(311.3
)
 
2,855.8

Non-current assets:
 
 
 
 
 
 
 
 
 
 
 
Property, plant and equipment, net

 

 
789.6

 
10.9

 

 
800.5

Goodwill

 

 
206.3

 
90.3

 

 
296.6

Intangible assets, net

 

 
244.0

 
21.0

 

 
265.0

Investment in subsidiaries
2,155.7

 

 
(15.7
)
 
(305.5
)
 
(1,834.5
)
 

Intra-entity receivables, net

 
400.0

 

 
2,588.0

 
(2,988.0
)
 

Other assets

 

 
133.4

 
17.2

 

 
150.6

Deferred tax assets

 

 
24.5

 
(3.5
)
 

 
21.0

Retirement benefit asset

 

 
30.6

 

 

 
30.6

Total assets
$
2,155.9

 
$
408.0

 
$
4,180.7

 
$
2,809.3

 
$
(5,133.8
)
 
$
4,420.1

Liabilities and Shareholders’ equity
 
 
 
 
 
 
 
 
 
 
 
Current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Loans and overdrafts
$

 
$
(0.7
)
 
$
79.5

 
$

 
$

 
$
78.8

Accounts payable

 

 
119.7

 
34.0

 

 
153.7

Intra-entity payables, net
311.3

 

 

 

 
(311.3
)
 

Accrued expenses and other current liabilities
27.7

 
2.4

 
450.4

 
22.3

 

 
502.8

Deferred revenue

 

 
257.6

 
12.4

 

 
270.0

Income taxes

 
0.8

 
26.4

 
0.5

 

 
27.7

Total current liabilities
339.0

 
2.5

 
933.6

 
69.2

 
(311.3
)
 
1,033.0

Non-current liabilities:
 
 
 
 
 
 
 
 
 
 
 
Long-term debt

 
396.0

 
253.6

 

 

 
649.6

Intra-entity payables, net

 

 
2,988.0

 

 
(2,988.0
)
 

Other liabilities

 

 
219.4

 
4.7

 

 
224.1

Deferred revenue

 

 
696.5

 

 

 
696.5

Deferred tax liabilities

 

 

 

 

 

Total liabilities
339.0

 
398.5

 
5,091.1

 
73.9

 
(3,299.3
)
 
2,603.2

Series A redeemable convertible preferred shares
615.3

 

 

 

 

 
615.3

Total shareholders’ equity
1,201.6

 
9.5

 
(910.4
)
 
2,735.4

 
(1,834.5
)
 
1,201.6

Total liabilities, redeemable convertible preferred shares and shareholders’ equity
$
2,155.9

 
$
408.0

 
$
4,180.7

 
$
2,809.3

 
$
(5,133.8
)
 
$
4,420.1


Condensed Cash Flow Statement
Condensed Consolidating Statement of Cash Flows
For the 52 week period ended week period ended February 1, 2020
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
571.7

 
$
(2.2
)
 
$
385.1

 
$
224.0

 
$
(622.9
)
 
$
555.7

Investing activities
 
 
 
 
 
 
 
 
 
 
 
Purchase of property, plant and equipment

 

 
(136.3
)
 

 

 
(136.3
)
Proceeds from sale of assets

 

 
0.5

 

 

 
0.5

Investment in subsidiaries

 

 

 
50.0

 
(50.0
)
 

Purchase of available-for-sale securities

 

 

 
(13.3
)
 

 
(13.3
)
Proceeds from available-for-sale securities

 

 

 
8.3

 

 
8.3

Net cash provided by (used in) investing activities

 

 
(135.8
)
 
45.0

 
(50.0
)
 
(140.8
)
Financing activities
 
 
 
 
 
 
 
 
 
 
 
Dividends paid on common shares
(77.4
)
 

 

 

 

 
(77.4
)
Dividends paid on redeemable convertible preferred shares
(31.2
)
 

 

 

 

 
(31.2
)
Intra-entity dividends paid

 

 

 
(622.9
)
 
622.9

 

Proceeds from term and bridge loans

 

 
100.0

 

 

 
100.0

Repayments of term and bridge loans

 

 
(294.9
)
 

 

 
(294.9
)
Settlement of Senior Notes, including third party fees

 
(241.5
)
 

 

 

 
(241.5
)
Proceeds from revolving credit facilities

 

 
858.3

 

 

 
858.3

Repayments of revolving credit facilities

 

 
(588.3
)
 

 

 
(588.3
)
Payment of debt issuance costs

 

 
(9.3
)
 

 

 
(9.3
)
Increase of bank overdrafts

 

 
47.5

 

 

 
47.5

Other financing activities
(0.2
)
 

 

 

 

 
(0.2
)
Intra-entity activity, net
(462.9
)
 
243.7

 
(233.3
)
 
402.5

 
50.0

 

Net cash provided by (used in) financing activities
(571.7
)
 
2.2

 
(120.0
)
 
(220.4
)
 
672.9

 
(237.0
)
Cash and cash equivalents at beginning of period
0.2

 
0.1

 
146.7

 
48.4

 

 
195.4

Increase (decrease) in cash and cash equivalents

 

 
129.3

 
48.6

 

 
177.9

Effect of exchange rate changes on cash and cash equivalents

 

 
1.5

 
(0.3
)
 

 
1.2

Cash and cash equivalents at end of period
$
0.2

 
$
0.1

 
$
277.5

 
$
96.7

 
$

 
$
374.5

Condensed Consolidating Statement of Cash Flows
For the 52 week period ended week period ended February 2, 2019
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
653.1

 
$
5.0

 
$
363.8

 
$
336.6

 
$
(660.8
)
 
$
697.7

Investing activities
 
 
 
 
 
 
 
 
 
 
 
Purchase of property, plant and equipment

 

 
(128.9
)
 
(4.6
)
 

 
(133.5
)
Proceeds from sale of assets

 

 

 
5.5

 

 
5.5

Investment in subsidiaries
(80.0
)
 

 

 

 
80.0

 

Purchase of available-for-sale securities

 

 

 
(0.6
)
 

 
(0.6
)
Proceeds from available-for-sale securities

 

 

 
9.6

 

 
9.6

Net cash provided by (used in) investing activities
(80.0
)
 

 
(128.9
)

9.9

 
80.0

 
(119.0
)
Financing activities
 
 
 
 
 
 
 
 
 
 
 
Dividends paid on common shares
(79.0
)
 

 

 

 

 
(79.0
)
Dividends paid on redeemable convertible preferred shares
(31.2
)
 

 

 

 

 
(31.2
)
Intra-entity dividends paid

 

 

 
(660.8
)
 
660.8

 

Repurchase of common shares
(485.0
)
 

 

 

 

 
(485.0
)
Proceeds from issuance of common shares

 

 
80.0

 

 
(80.0
)
 

Repayments of term and bridge loans

 

 
(31.3
)
 

 

 
(31.3
)
Proceeds from revolving credit facilities

 

 
787.0

 

 

 
787.0

Repayments of revolving credit facilities

 

 
(787.0
)
 

 

 
(787.0
)
Increase of bank overdrafts

 

 
25.9

 

 

 
25.9

Other financing activities
(2.1
)
 

 

 

 

 
(2.1
)
Intra-entity activity, net
22.7

 
(5.0
)
 
(307.9
)
 
290.2

 

 

Net cash provided by (used in) financing activities
(574.6
)
 
(5.0
)
 
(233.3
)
 
(370.6
)
 
580.8

 
(602.7
)
Cash and cash equivalents at beginning of period
1.7

 
0.1

 
150.5

 
72.8

 

 
225.1

Increase (decrease) in cash and cash equivalents
(1.5
)
 

 
1.6

 
(24.1
)
 

 
(24.0
)
Effect of exchange rate changes on cash and cash equivalents

 

 
(5.4
)
 
(0.3
)
 

 
(5.7
)
Cash and cash equivalents at end of period
$
0.2

 
$
0.1

 
$
146.7

 
$
48.4

 
$

 
$
195.4

Condensed Consolidating Statement of Cash Flows
For the 53 week period ended week period ended February 3, 2018
(in millions)
Parent
 
Issuer
 
Guarantors
 
Non-Guarantors
 
Eliminations
 
Consolidated
Net cash provided by (used in) operating activities
$
767.8

 
$
(0.1
)
 
$
1,856.7

 
$
586.0

 
$
(1,269.9
)
 
$
1,940.5

Investing activities
 
 
 
 
 
 
 
 
 
 
 
Purchase of property, plant and equipment

 

 
(236.3
)
 
(1.1
)
 

 
(237.4
)
Investment in subsidiaries
(219.9
)
 

 
(25.0
)
 

 
244.9

 

Purchase of available-for-sale securities

 

 

 
(2.4
)
 

 
(2.4
)
Proceeds from available-for-sale securities

 

 

 
2.2

 

 
2.2

Acquisition of R2Net, net of cash acquired

 

 
(331.8
)
 

 

 
(331.8
)
Net cash provided by (used in) investing activities
(219.9
)
 

 
(593.1
)
 
(1.3
)
 
244.9

 
(569.4
)
Financing activities
 
 
 
 
 
 
 
 
 
 
 
Dividends paid on common shares
(76.5
)
 

 

 

 

 
(76.5
)
Dividends paid on redeemable convertible preferred shares
(34.7
)
 

 

 

 

 
(34.7
)
Intra-entity dividends paid

 

 
(800.0
)
 
(469.9
)
 
1,269.9

 

Repurchase of common shares
(460.0
)
 

 

 

 

 
(460.0
)
Proceeds from issuance of common shares
0.3

 

 
219.9

 
25.0

 
(244.9
)
 
0.3

Net settlement of equity based awards
(2.9
)
 

 

 

 

 
(2.9
)
Proceeds from term and bridge loans

 

 
350.0

 

 

 
350.0

Repayments of term and bridge loans

 

 
(372.3
)
 

 

 
(372.3
)
Proceeds from securitization facility

 

 

 
1,745.9

 

 
1,745.9

Repayment of securitization facility

 

 

 
(2,345.9
)
 

 
(2,345.9
)
Proceeds from revolving credit facilities

 

 
814.0

 

 

 
814.0

Repayments of revolving credit facilities

 

 
(870.0
)
 

 

 
(870.0
)
Payment of debt issuance costs

 

 
(1.4
)
 

 

 
(1.4
)
Decrease of bank overdrafts

 

 
(0.1
)
 

 

 
(0.1
)
Intra-entity activity, net
25.9

 
0.1

 
(532.2
)
 
506.2

 

 

Net cash provided by (used in) financing activities
(547.9
)
 
0.1

 
(1,192.1
)
 
(538.7
)
 
1,025.0

 
(1,253.6
)
Cash and cash equivalents at beginning of period
1.7

 
0.1

 
70.3

 
26.6

 

 
98.7

Increase (decrease) in cash and cash equivalents

 

 
71.5

 
46.0

 

 
117.5

Effect of exchange rate changes on cash and cash equivalents

 

 
8.7

 
0.2

 

 
8.9

Cash and cash equivalents at end of period
$
1.7

 
$
0.1

 
$
150.5

 
$
72.8

 
$

 
$
225.1


v3.20.1
Quarterly Financial Information - Unaudited (Tables)
12 Months Ended
Feb. 01, 2020
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information
 
Fiscal 2020
Quarters ended
(in millions, except per share amounts)
May 4, 2019
 
August 3, 2019
 
November 2, 2019
 
February 1, 2020
Sales
$
1,431.7

 
$
1,364.4

 
$
1,187.7

 
$
2,153.3

Gross margin
499.4

 
458.7

 
367.7

 
897.9

Net income (loss) attributable to common shareholders
(18.2
)
 
(44.3
)
 
(43.7
)
 
178.8

Earnings (loss) per common share:
 
 
 
 
 
 
 
Basic
$
(0.35
)
 
$
(0.86
)
 
$
(0.84
)
 
$
3.45

Diluted
$
(0.35
)
 
$
(0.86
)
 
$
(0.84
)
 
$
3.14

 
Fiscal 2019
Quarters ended
(in millions, except per share amounts)
May 5, 2018
 
August 4, 2018
 
November 3, 2018
 
February 2, 2019
Sales
$
1,480.6

 
$
1,420.1

 
$
1,191.7

 
$
2,154.7

Gross margin
484.8

 
427.0

 
371.2

 
877.8

Net income (loss) attributable to common shareholders
(504.8
)
 
(31.2
)
 
(38.1
)
 
(116.2
)
Earnings (loss) per common share:
 
 
 
 
 
 
 
Basic
$
(8.48
)
 
$
(0.56
)
 
$
(0.74
)
 
$
(2.25
)
Diluted
$
(8.48
)
 
$
(0.56
)
 
$
(0.74
)
 
$
(2.25
)

v3.20.1
Organization and summary of significant accounting policies - Narrative (Details)
$ in Millions
3 Months Ended 12 Months Ended
Feb. 01, 2020
Feb. 01, 2020
USD ($)
Segment
Feb. 02, 2019
USD ($)
Feb. 03, 2018
USD ($)
Organization and critical accounting policies [Abstract]        
Number of reportable segments | Segment   3    
Advertising and promotional costs [Abstract]        
Advertising expense | $   $ 388.9 $ 387.8 $ 360.5
In-house customer finance programs [Abstract]        
Interest-free financing period   1 year    
Accrued interest suspension period   90 days    
Accounts Receivable [Abstract]        
Loss allowance, maturity period   90 days    
Percentage allowance on losses   100.00%    
Minimum        
Organization and critical accounting policies [Abstract]        
Percent of annual sales 35.00%      
Property, Plant and Equipment [Abstract]        
Period over which amortization is charged for capitalized payroll for internal use computer projects   3 years    
Maximum        
Organization and critical accounting policies [Abstract]        
Percent of annual sales 40.00%      
Property, Plant and Equipment [Abstract]        
Period over which amortization is charged for capitalized payroll for internal use computer projects   7 years    
v3.20.1
Organization and summary of significant accounting policies - Compensation and benefits (Details) - Selling, general and administrative expenses - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Wages and salaries $ 1,079.2 $ 1,127.2 $ 1,140.3
Payroll taxes 84.8 90.3 93.8
Employee benefit plans 15.7 17.2 13.0
Share-based compensation 16.9 16.5 16.1
Total compensation and benefits $ 1,196.6 $ 1,251.2 $ 1,263.2
v3.20.1
Organization and summary of significant accounting policies - Cash and Equivalents (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Cash and Cash Equivalents [Line Items]    
Cash and cash equivalents $ 374.5 $ 195.4
Cash and cash equivalents held in money markets and other accounts    
Cash and Cash Equivalents [Line Items]    
Cash and cash equivalents 326.2 164.5
Cash equivalents from third-party credit card issuers    
Cash and Cash Equivalents [Line Items]    
Cash and cash equivalents 46.3 29.1
Cash on hand    
Cash and Cash Equivalents [Line Items]    
Cash and cash equivalents $ 2.0 $ 1.8
v3.20.1
Organization and summary of significant accounting policies - Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Non-cash investing activities:      
Capital expenditures in accounts payable $ 0.1 $ 5.6 $ 7.0
Supplemental cash flow information:      
Interest paid 34.7 39.1 50.2
Income tax paid (refunded), net $ 5.7 $ (44.8) $ 122.3
v3.20.1
Organization and summary of significant accounting policies - Property Plant and Equipment (Details)
12 Months Ended
Feb. 01, 2020
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 7 years
v3.20.1
New accounting pronouncements - Effects of the Adoption of ASC 842 (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 03, 2019
Feb. 02, 2019
Current assets:      
Other current assets $ 403.5 $ 235.2 $ 244.0
Non-current assets:      
Operating lease right-of-use assets 1,683.3 1,927.2  
Current liabilities:      
Accrued expenses and other current liabilities 697.0 469.9 502.8
Operating lease liabilities 338.2 376.5  
Non-current liabilities:      
Operating lease liabilities 1,437.7 1,676.9  
Other liabilities $ 116.6 122.0 $ 224.1
Accounting Standards Update 2016-02      
Current assets:      
Other current assets   (8.8)  
Non-current assets:      
Operating lease right-of-use assets   1,927.2  
Current liabilities:      
Accrued expenses and other current liabilities   (32.9)  
Operating lease liabilities   376.5  
Non-current liabilities:      
Operating lease liabilities   1,676.9  
Other liabilities   $ (102.1)  
v3.20.1
Revenue recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Feb. 01, 2020
Nov. 02, 2019
Aug. 03, 2019
May 04, 2019
Feb. 02, 2019
Nov. 03, 2018
Aug. 04, 2018
May 05, 2018
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Disaggregation of Revenue [Line Items]                      
Total sales $ 2,153.3 $ 1,187.7 $ 1,364.4 $ 1,431.7 $ 2,154.7 $ 1,191.7 $ 1,420.1 $ 1,480.6 $ 6,137.1 $ 6,247.1 $ 6,253.0
Store                      
Disaggregation of Revenue [Line Items]                      
Total sales                 5,333.4 5,535.8 5,734.2
Kay                      
Disaggregation of Revenue [Line Items]                      
Total sales                 2,397.7 2,417.8 2,428.1
Zales                      
Disaggregation of Revenue [Line Items]                      
Total sales                 1,261.3 1,260.7 1,244.3
Jared                      
Disaggregation of Revenue [Line Items]                      
Total sales                 1,088.1 1,141.4 1,192.1
Piercing Pagoda                      
Disaggregation of Revenue [Line Items]                      
Total sales                 331.7 302.5 278.5
James Allen                      
Disaggregation of Revenue [Line Items]                      
Total sales                 250.6 223.7 88.1
Peoples                      
Disaggregation of Revenue [Line Items]                      
Total sales                 200.6 208.5 215.4
Regional banners                      
Disaggregation of Revenue [Line Items]                      
Total sales                 35.8 87.1 168.7
International                      
Disaggregation of Revenue [Line Items]                      
Total sales                 518.0 576.5 616.7
Other                      
Disaggregation of Revenue [Line Items]                      
Total sales                 53.3 28.9 21.1
eCommerce                      
Disaggregation of Revenue [Line Items]                      
Total sales                 750.4 682.4 497.7
Other                      
Disaggregation of Revenue [Line Items]                      
Total sales                 53.3 28.9 21.1
Bridal                      
Disaggregation of Revenue [Line Items]                      
Total sales                 2,617.7 2,712.6 2,654.6
Fashion                      
Disaggregation of Revenue [Line Items]                      
Total sales                 2,241.5 2,254.4 2,305.2
Watches                      
Disaggregation of Revenue [Line Items]                      
Total sales                 384.0 429.1 439.1
Other                      
Disaggregation of Revenue [Line Items]                      
Total sales                 893.9 851.0 854.1
North America                      
Disaggregation of Revenue [Line Items]                      
Total sales                 5,565.8 5,641.7 5,615.2
North America | Store                      
Disaggregation of Revenue [Line Items]                      
Total sales                 4,880.2 5,022.4 5,176.7
North America | Kay                      
Disaggregation of Revenue [Line Items]                      
Total sales                 2,397.7 2,417.8 2,428.1
North America | Zales                      
Disaggregation of Revenue [Line Items]                      
Total sales                 1,261.3 1,260.7 1,244.3
North America | Jared                      
Disaggregation of Revenue [Line Items]                      
Total sales                 1,088.1 1,141.4 1,192.1
North America | Piercing Pagoda                      
Disaggregation of Revenue [Line Items]                      
Total sales                 331.7 302.5 278.5
North America | James Allen                      
Disaggregation of Revenue [Line Items]                      
Total sales                 250.6 223.7 88.1
North America | Peoples                      
Disaggregation of Revenue [Line Items]                      
Total sales                 200.6 208.5 215.4
North America | Regional banners                      
Disaggregation of Revenue [Line Items]                      
Total sales                 35.8 87.1 168.7
North America | International                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
North America | Other                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
North America | eCommerce                      
Disaggregation of Revenue [Line Items]                      
Total sales                 685.6 619.3 438.5
North America | Other                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
North America | Bridal                      
Disaggregation of Revenue [Line Items]                      
Total sales                 2,403.4 2,478.6 2,407.3
North America | Fashion                      
Disaggregation of Revenue [Line Items]                      
Total sales                 2,131.0 2,128.1 2,168.2
North America | Watches                      
Disaggregation of Revenue [Line Items]                      
Total sales                 214.9 238.2 243.6
North America | Other                      
Disaggregation of Revenue [Line Items]                      
Total sales                 816.5 796.8 796.1
International                      
Disaggregation of Revenue [Line Items]                      
Total sales                 518.0 576.5 616.7
International | Store                      
Disaggregation of Revenue [Line Items]                      
Total sales                 453.2 513.4 557.5
International | Kay                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
International | Zales                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
International | Jared                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
International | Piercing Pagoda                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
International | James Allen                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
International | Peoples                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
International | Regional banners                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
International | International                      
Disaggregation of Revenue [Line Items]                      
Total sales                 518.0 576.5 616.7
International | Other                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
International | eCommerce                      
Disaggregation of Revenue [Line Items]                      
Total sales                 64.8 63.1 59.2
International | Other                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
International | Bridal                      
Disaggregation of Revenue [Line Items]                      
Total sales                 214.3 234.0 247.3
International | Fashion                      
Disaggregation of Revenue [Line Items]                      
Total sales                 110.5 126.3 137.0
International | Watches                      
Disaggregation of Revenue [Line Items]                      
Total sales                 169.1 190.9 195.5
International | Other                      
Disaggregation of Revenue [Line Items]                      
Total sales                 24.1 25.3 36.9
Other                      
Disaggregation of Revenue [Line Items]                      
Total sales                 53.3 28.9 21.1
Other | Store                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
Other | Kay                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
Other | Zales                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
Other | Jared                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
Other | Piercing Pagoda                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
Other | James Allen                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
Other | Peoples                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
Other | Regional banners                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
Other | International                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
Other | Other                      
Disaggregation of Revenue [Line Items]                      
Total sales                 53.3 28.9 21.1
Other | eCommerce                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
Other | Other                      
Disaggregation of Revenue [Line Items]                      
Total sales                 53.3 28.9 21.1
Other | Bridal                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
Other | Fashion                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
Other | Watches                      
Disaggregation of Revenue [Line Items]                      
Total sales                 0.0 0.0 0.0
Other | Other                      
Disaggregation of Revenue [Line Items]                      
Total sales                 $ 53.3 $ 28.9 $ 21.1
v3.20.1
Revenue recognition - Unamortized Deferred Selling Costs (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Revenue from Contract with Customer [Abstract]    
Other current assets $ 23.6 $ 23.8
Other assets 80.0 75.4
Total deferred ESP selling costs $ 103.6 $ 99.2
v3.20.1
Revenue recognition - Narrative (Details) - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Disaggregation of Revenue [Line Items]      
Impact from adoption of new accounting pronouncements [1]     $ 16.5
Extended Service Plans and Lifetime Warranty Agreements      
Disaggregation of Revenue [Line Items]      
Capitalized contract cost, amortization $ 29.5 $ 52.4  
North America | Extended Service Plans and Lifetime Warranty Agreements      
Disaggregation of Revenue [Line Items]      
Revenue, performance obligation, description of timing 17 years    
North America | Jewelry Replacement Plan      
Disaggregation of Revenue [Line Items]      
Revenue, performance obligation, description of timing three years    
Accounting Standards Update 2014-09      
Disaggregation of Revenue [Line Items]      
Revenue recognized   $ 111.2  
Capitalized contract cost     16.5
Retained earnings      
Disaggregation of Revenue [Line Items]      
Impact from adoption of new accounting pronouncements [1]     15.7
Retained earnings | Accounting Standards Update 2014-09      
Disaggregation of Revenue [Line Items]      
Impact from adoption of new accounting pronouncements     $ 16.5
[1]
Reflects reclassifications to retained earnings related to 1) unrealized gains related to the Company’s equity security investments as of February 3, 2018 from AOCI associated with the adoption of ASU 2016-01 and 2) deferred costs associated with the sale of extended service plans due to the adoption of ASU 2014-09.
v3.20.1
Revenue recognition - Performance Obligation Narrative (Details) - Extended Service Plans and Lifetime Warranty Agreements - North America - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-02-02
Feb. 01, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Percentage of revenue recognized 55.00%
Expected timing of satisfaction, period 2 years
v3.20.1
Revenue recognition - ESP and Voucher Promotions (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Deferred Revenue Warranty [Roll Forward]    
Total deferred revenue $ 997.7 $ 966.5
Current liabilities 266.2 270.0
Non-current liabilities 731.5 696.5
ESP deferred revenue    
Deferred Revenue Warranty [Roll Forward]    
Total deferred revenue 960.0 927.6
Voucher promotions and other    
Deferred Revenue Warranty [Roll Forward]    
Total deferred revenue $ 37.7 $ 38.9
v3.20.1
Revenue recognition - ESP Deferred Revenue Rollforward (Details) - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Change in Contract with Customer, Liability [Roll Forward]    
ESP deferred revenue, beginning of period $ 966.5  
ESP deferred revenue, end of period 997.7 $ 966.5
Extended Service Plan    
Change in Contract with Customer, Liability [Roll Forward]    
ESP deferred revenue, beginning of period 927.6 916.1
Plans sold 405.1 395.0
Revenue recognized (372.7) (383.5)
ESP deferred revenue, end of period 960.0 $ 927.6
Extended Service Plan and Voucher Promotions    
Change in Contract with Customer, Liability [Roll Forward]    
Revenue recognized $ (193.6)  
v3.20.1
Credit transaction, net (Details) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended 12 Months Ended
Jun. 30, 2018
May 31, 2018
Oct. 31, 2017
Oct. 28, 2017
Aug. 04, 2018
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Financing Receivable, Allowance for Credit Loss [Line Items]                
Reversal of allowance on receivables sold           $ 0.0 $ 160.4 $ (30.9)
Repayments of secured debt           $ 0.0 0.0 (2,345.9)
Initial credit term (years)           7 years    
Credit renewal term (years)           2 years    
Percentage of eligible receivables purchased   30.00%            
Sale of receivables, percentage of par 72.00%              
Sale of receivables, percentage settled in cash 95.00%              
Sale of receivables. percentage deferred until second anniversary 5.00%       5.00%      
Proceeds from sale of in-house finance receivables $ 445.5         $ 0.0 445.5 952.5
Consumer Portfolio Segment                
Financing Receivable, Allowance for Credit Loss [Line Items]                
Reversal of allowance on receivables sold             107.6 20.7
Sterling Jewelers, Inc. | Consumer Portfolio Segment                
Financing Receivable, Allowance for Credit Loss [Line Items]                
Net proceeds       $ 952.5        
Beneficial interest asset       $ 10.2        
Securitization Facility                
Financing Receivable, Allowance for Credit Loss [Line Items]                
Transaction costs               29.6
Repayments of secured debt     $ (600.0)          
Genesis Financial Solution                
Financing Receivable, Allowance for Credit Loss [Line Items]                
Servicing agreement, term (years)     5 years          
Sterling Jewelers | Consumer Portfolio Segment                
Financing Receivable, Allowance for Credit Loss [Line Items]                
Loss on sale of accounts receivable             160.4  
Other                
Financing Receivable, Allowance for Credit Loss [Line Items]                
Transaction costs             7.0  
Other | Consumer Portfolio Segment                
Financing Receivable, Allowance for Credit Loss [Line Items]                
Transaction costs             $ 7.0 $ 29.6
v3.20.1
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 $ 331.8  
Cash and cash equivalents 47.3  
Acquisition related costs   $ 8.6
Bridge Loan    
Business Acquisition [Line Items]    
Total consideration transferred $ 350.0  
v3.20.1
Acquisitions - Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Sep. 12, 2017
Intangible assets:        
Goodwill $ 248.8 $ 296.6 $ 821.7  
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:        
Current liabilities       (42.4)
Deferred tax liabilities       (25.1)
Fair value of net assets acquired       79.9
Goodwill   $ 77.8   299.1
Total consideration transferred       379.0
Trade names | R2Net Inc.        
Intangible assets:        
Intangible assets       70.6
Technology-related | R2Net Inc.        
Intangible assets:        
Intangible assets       $ 4.2
v3.20.1
Segment information - Additional Information (Details)
12 Months Ended
Feb. 01, 2020
Segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.20.1
Segment information - Summary of Activity by Segment (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Feb. 01, 2020
Nov. 02, 2019
Aug. 03, 2019
May 04, 2019
Feb. 02, 2019
Nov. 03, 2018
Aug. 04, 2018
May 05, 2018
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Segment Reporting Information [Line Items]                      
Total sales $ 2,153.3 $ 1,187.7 $ 1,364.4 $ 1,431.7 $ 2,154.7 $ 1,191.7 $ 1,420.1 $ 1,480.6 $ 6,137.1 $ 6,247.1 $ 6,253.0
Operating income (loss)                 158.3 (764.6) 579.9
Interest expense, net                 (35.6) (39.7) (52.7)
Other non-operating income, net                 7.0 1.7 0.0
Income (loss) before income taxes                 129.7 (802.6) 527.2
Depreciation and amortization                 178.0 183.6 203.4
Capital additions                 136.3 133.5 237.4
Goodwill and intangible impairments         286.7       47.7 735.4 0.0
Inventory charges                 9.2 62.2 0.0
Credit transaction, net                 0.0 160.4 (30.9)
Restructuring charges                 25.9 84.9 0.0
Loss related to litigation settlement                 33.2 0.0 0.0
Total assets 6,299.1       4,420.1       6,299.1 4,420.1  
Total long-lived assets 1,254.5       1,362.1       1,254.5 1,362.1  
North America                      
Segment Reporting Information [Line Items]                      
Total sales                 5,565.8 5,641.7 5,615.2
Operating income (loss)                 327.0 (621.1) 656.1
Depreciation and amortization                 159.9 165.8 183.5
Capital additions                 128.3 123.9 219.7
Goodwill and intangible impairments               $ 448.7 47.7 731.8  
Inventory charges                 6.0 52.7  
Gain (loss) on sale of receivable                   (160.4)  
Total assets 5,240.2       3,943.0       5,240.2 3,943.0  
Total long-lived assets 1,196.7       1,294.2       1,196.7 1,294.2  
North America | Canada                      
Segment Reporting Information [Line Items]                      
Total sales                 204.6 218.3 235.1
International                      
Segment Reporting Information [Line Items]                      
Total sales                 518.0 576.5 616.7
Operating income (loss)                 16.0 12.9 33.1
Depreciation and amortization                 17.8 17.5 19.1
Capital additions                 8.0 9.6 17.6
Inventory charges                   3.8  
Total assets 546.4       367.4       546.4 367.4  
Total long-lived assets 54.6       64.5       54.6 64.5  
Other                      
Segment Reporting Information [Line Items]                      
Total sales                 53.3 28.9 21.1
Operating income (loss)                 (184.7) (156.4) (109.3)
Depreciation and amortization                 0.3 0.3 0.8
Capital additions                 0.0 0.0 0.1
Goodwill and intangible impairments                   3.6  
Transaction costs                   7.0  
Restructuring charges                 73.1 69.4  
Loss related to litigation settlement                 33.2 11.0  
Total assets 512.5       109.7       512.5 109.7  
Total long-lived assets $ 3.2       $ 3.4       $ 3.2 3.4  
Consumer Portfolio Segment                      
Segment Reporting Information [Line Items]                      
Credit transaction, net                   107.6 20.7
Consumer Portfolio Segment | North America                      
Segment Reporting Information [Line Items]                      
Gain (loss) on sale of receivable                     10.2
Credit transaction, net                     20.7
Consumer Portfolio Segment | Other                      
Segment Reporting Information [Line Items]                      
Transaction costs                   $ 7.0 29.6
R2Net Inc.                      
Segment Reporting Information [Line Items]                      
Acquisition related costs                     8.6
Chief Executive Officer | Other                      
Segment Reporting Information [Line Items]                      
Transition costs related to officers                     $ 3.4
v3.20.1
Restructuring plans - Narrative (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended 24 Months Ended
May 05, 2018
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Feb. 01, 2020
Restructuring Cost and Reserve [Line Items]          
Restructuring charges   $ 69.9 $ 63.7 $ 0.0  
Signet Path to Brillance          
Restructuring Cost and Reserve [Line Items]          
Restructuring plan, length 3 years        
Restructuring charges   79.1 125.9   $ 205.0
Payments for restructuring   79.3 113.3    
Restructuring reserve   12.4 $ 12.6 $ 0.0 12.4
Minimum | Signet Path to Brillance          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges         200.0
Payments for restructuring         105.0
Maximum | Signet Path to Brillance          
Restructuring Cost and Reserve [Line Items]          
Restructuring charges         220.0
Payments for restructuring         115.0
Accrued Expenses And Other Current Liabilities | Signet Path to Brillance          
Restructuring Cost and Reserve [Line Items]          
Restructuring reserve   10.7     10.7
Other Liabilities | Signet Path to Brillance          
Restructuring Cost and Reserve [Line Items]          
Restructuring reserve   $ 1.7     $ 1.7
v3.20.1
Restructuring plans - Restructuring and Related Costs (Details) - USD ($)
$ in Millions
12 Months Ended 24 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Feb. 01, 2020
Restructuring Cost and Reserve [Line Items]        
Inventory charges $ 9.2 $ 62.2 $ 0.0  
Restructuring charges 69.9 63.7 $ 0.0  
Non-cash charges 16.7 22.7    
Signet Path to Brillance        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 79.1 125.9   $ 205.0
Signet Path to Brillance | Cost of sales        
Restructuring Cost and Reserve [Line Items]        
Inventory charges 9.2 62.2    
Signet Path to Brillance | Restructuring charges        
Restructuring Cost and Reserve [Line Items]        
Other Plan related expenses 69.9 63.7    
Inventory charges | Signet Path to Brillance        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 9.2 62.2   71.4
Termination benefits | Signet Path to Brillance        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 16.1 9.7   25.8
Store closure and other costs | Signet Path to Brillance        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 53.8 $ 54.0   $ 107.8
v3.20.1
Restructuring plans - Schedule of Plan Liabilities (Details) - USD ($)
$ in Millions
12 Months Ended 24 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Feb. 01, 2020
Restructuring Reserve [Roll Forward]        
Charged to expense $ 69.9 $ 63.7 $ 0.0  
Signet Path to Brillance        
Restructuring Reserve [Roll Forward]        
Beginning balance 12.6 0.0   $ 0.0
Payments and other adjustments (79.3) (113.3)    
Charged to expense 79.1 125.9   205.0
Ending balance 12.4 12.6 0.0 12.4
Termination benefits | Signet Path to Brillance        
Restructuring Reserve [Roll Forward]        
Beginning balance 0.0 0.0   0.0
Payments and other adjustments (14.1) (9.7)    
Charged to expense 16.1 9.7   25.8
Ending balance 2.0 0.0 0.0 2.0
Store closure and other costs | Signet Path to Brillance        
Restructuring Reserve [Roll Forward]        
Beginning balance 12.6 0.0   0.0
Payments and other adjustments (65.2) (103.6)    
Charged to expense 63.0 116.2    
Ending balance $ 10.4 $ 12.6 $ 0.0 $ 10.4
v3.20.1
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. 01, 2020
Feb. 02, 2019
Temporary Equity [Line Items]        
Redeemable convertible preferred stock, shares issued (in shares)   625,000    
Preferred stock, purchase price   $ 625.0    
Shares issued, price per share (in usd per share)   $ 1,000    
Payments of stock issuance costs   $ 13.7    
Accumulated accretion of dividends     $ 5.7 $ 4.0
Preferred stock, dividend rate, percentage     5.00%  
Percentage exceeding applicable conversion price 175.00%      
Threshold period at which shares can be converted 20 days      
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%  
v3.20.1
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. 01, 2020
USD ($)
$ / shares
shares
Feb. 02, 2019
USD ($)
$ / shares
shares
Temporary Equity [Line Items]    
Conversion rate 12.2297 11.3660
Conversion price (in usd per share) | $ / shares $ 81.7682 $ 87.9817
Potential impact of preferred shares if-converted to common shares (in shares) | shares 7.6 7.1
Liquidation preference | $ $ 632.8 $ 632.8
v3.20.1
Common shares, treasury shares, reserves and dividends - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Class of Stock [Line Items]      
Common shares, par value (usd per share) $ 0.18 $ 0.18  
Proceeds from issuance of common shares $ 1.0   $ 0.3
Treasury stock reissued (in shares) 400,000 200,000 300,000
Treasury shares retired (in shares) 0    
Cumulative undeclared dividends $ 0.0    
Dividends on redeemable convertible preferred shares 32.9 $ 32.9 $ 32.9
Series A Redeemable Convertible Preferred Stock      
Class of Stock [Line Items]      
Dividends on redeemable convertible preferred shares $ 1.7 $ 1.7 $ 1.7
v3.20.1
Common shares, treasury shares, reserves and dividends - Share Repurchase (Details) - USD ($)
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Jun. 30, 2017
Class of Stock [Line Items]        
Shares repurchased (shares) 0 8,800,000 8,100,000  
Amount repurchased $ 0 $ 485,000,000.0 $ 460,000,000.0  
Average repurchase price per share (usd per share) $ 0 $ 55.06 $ 56.91  
2017 Program        
Class of Stock [Line Items]        
Amount authorized $ 600,000,000.0     $ 600,000,000.0
Shares repurchased (shares) 0 7,500,000    
Amount repurchased $ 0 $ 434,400,000    
Average repurchase price per share (usd per share) $ 0 $ 57.64    
Remaining authorized repurchase amount $ 165,600,000      
2016 Program        
Class of Stock [Line Items]        
Amount authorized $ 1,375,000,000.0      
Shares repurchased (shares)   1,300,000 8,100,000  
Amount repurchased   $ 50,600,000 $ 460,000,000.0  
Average repurchase price per share (usd per share)   $ 39.76 $ 56.91  
v3.20.1
Common shares, treasury shares, reserves and dividends - Dividends (Details) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended 12 Months Ended
Feb. 01, 2020
Nov. 02, 2019
Aug. 03, 2019
May 04, 2019
Feb. 02, 2019
Nov. 03, 2018
Aug. 04, 2018
May 05, 2018
Feb. 03, 2018
Oct. 28, 2017
Jul. 29, 2017
Apr. 29, 2017
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Class of Stock [Line Items]                              
Dividends declared per common share (usd per share) $ 0.37 $ 0.37 $ 0.37 $ 0.37 $ 0.37 $ 0.37 $ 0.37 $ 0.37 $ 0.31 $ 0.31 $ 0.31 $ 0.31      
Cash dividend per share (usd per share)                         $ 1.48 $ 1.48 $ 1.24
Total dividends $ 19.4 $ 19.4 $ 19.3 $ 19.3 $ 19.2 $ 19.2 $ 19.2 $ 21.8 $ 18.8 $ 18.7 $ 18.7 $ 21.3 $ 77.4 $ 79.4 $ 77.5
Dividends on preferred shares 19.4       19.2               19.4 19.2  
Series A Redeemable Convertible Preferred Stock                              
Class of Stock [Line Items]                              
Dividends, preferred stock, cash $ 7.8 $ 7.8 $ 7.8 $ 7.8 $ 7.8 $ 7.8 $ 7.8 $ 7.8 $ 7.8 $ 7.8 $ 7.8 $ 7.8 31.2 31.2 $ 31.2
Accrued Expenses                              
Class of Stock [Line Items]                              
Dividends, preferred stock, cash                         $ 7.8 $ 7.8  
v3.20.1
Earnings (loss) per common share ("EPS") - Schedule of Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended 12 Months Ended
Feb. 01, 2020
Nov. 02, 2019
Aug. 03, 2019
May 04, 2019
Feb. 02, 2019
Nov. 03, 2018
Aug. 04, 2018
May 05, 2018
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
EPS – basic                      
Net income (loss) attributable to common shareholders                 $ 72.6 $ (690.3) $ 486.4
Weighted average common shares outstanding (in shares)                 51.7 54.7 63.0
Earnings per share - basic (usd per share) $ 3.45 $ (0.84) $ (0.86) $ (0.35) $ (2.25) $ (0.74) $ (0.56) $ (8.48) $ 1.40 $ (12.62) $ 7.72
EPS – diluted                      
Add: Dividends on preferred shares                 $ 0.0 $ 0.0 $ 32.9
Numerator for diluted EPS                 $ 72.6 $ (690.3) $ 519.3
Dilutive effect of share awards (in shares)                 0.1 0.0 0.1
Dilutive effect of preferred shares (in shares)                 0.0 0.0 6.7
Diluted weighted average number of common shares outstanding                 51.8 54.7 69.8
Earnings per share - diluted (usd per share) $ 3.14 $ (0.84) $ (0.86) $ (0.35) $ (2.25) $ (0.74) $ (0.56) $ (8.48) $ 1.40 $ (12.62) $ 7.44
v3.20.1
Earnings (loss) per common share ("EPS") - Schedule of Antidilutive Securities Excluded From the Calculation of Earnings Per Share (Details) - shares
shares in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive shares excluded from the calculation of earnings per share 8.5 8.2 0.4
Performance Shares      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive shares excluded from the calculation of earnings per share 0.9 1.1 0.4
Series A Redeemable Convertible Preferred Stock      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Anti-dilutive shares excluded from the calculation of earnings per share 7.6 7.1 0.0
v3.20.1
Accumulated other comprehensive income (loss) - Changes in Accumulated OCI by Component and Reclassifications Out of Accumulated OCI (Detail) - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance $ 1,201.6 $ 2,499.8 $ 2,490.2
OCI before reclassifications 9.7 (40.6) 52.5
Amounts reclassified from AOCI to net income (0.7) (0.8) (5.4)
Impact from adoption of new accounting pronouncements   (0.8)  
Total other comprehensive (loss) income 9.0 (42.2) 47.1
Balance 1,222.6 1,201.6 2,499.8
Foreign currency translation      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance (248.4) (212.5) (263.4)
OCI before reclassifications (1.7) (35.9) 50.9
Amounts reclassified from AOCI to net income 0.0 0.0 0.0
Impact from adoption of new accounting pronouncements   0.0  
Total other comprehensive (loss) income (1.7) (35.9) 50.9
Balance (250.1) (248.4) (212.5)
Gain (losses) on available-for-sale securities, net      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance (0.5) (0.1) (0.4)
OCI before reclassifications (0.2) 0.4 0.3
Amounts reclassified from AOCI to net income 1.0 0.0 0.0
Impact from adoption of new accounting pronouncements   (0.8)  
Total other comprehensive (loss) income 0.8 (0.4) 0.3
Balance 0.3 (0.5) (0.1)
Gains (losses) on cash flow hedges      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance 4.0 0.7 2.4
OCI before reclassifications 11.2 4.8 1.8
Amounts reclassified from AOCI to net income (2.7) (1.5) (3.5)
Impact from adoption of new accounting pronouncements   0.0  
Total other comprehensive (loss) income 8.5 3.3 (1.7)
Balance 12.5 4.0 0.7
Accumulated other comprehensive (loss) income      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance (302.8) (260.6) (307.7)
Balance (293.8) (302.8) (260.6)
Pension plan | Actuarial gains (losses)      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance (53.8) (51.1) (55.5)
OCI before reclassifications 0.4 (3.4) 0.0
Amounts reclassified from AOCI to net income 1.0 0.7 4.4
Impact from adoption of new accounting pronouncements   0.0  
Total other comprehensive (loss) income 1.4 (2.7) 4.4
Balance (52.4) (53.8) (51.1)
Pension plan | Prior service credits (costs)      
AOCI Attributable to Parent, Net of Tax [Roll Forward]      
Balance (4.1) 2.4 9.2
OCI before reclassifications 0.0 (6.5) (0.5)
Amounts reclassified from AOCI to net income 0.0 0.0 (6.3)
Impact from adoption of new accounting pronouncements   0.0  
Total other comprehensive (loss) income 0.0 (6.5) (6.8)
Balance $ (4.1) $ (4.1) $ 2.4
v3.20.1
Accumulated other comprehensive income (loss) - Reclassifications out of AOCI (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Feb. 01, 2020
Nov. 02, 2019
Aug. 03, 2019
May 04, 2019
Feb. 02, 2019
Nov. 03, 2018
Aug. 04, 2018
May 05, 2018
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Cost of sales                 $ (3,904.2) $ (4,024.1) $ (4,063.0)
Interest expense, net                 (35.6) (39.7) (52.7)
Other non-operating income, net                 7.0 1.7 0.0
Other operating income (loss)                 (29.6) 26.2 260.8
Total before income tax                 129.7 (802.6) 527.2
Income taxes                 (24.2) 145.2 (7.9)
Net income (loss) $ 178.8 $ (43.7) $ (44.3) $ (18.2) $ (116.2) $ (38.1) $ (31.2) $ (504.8) 105.5 (657.4) 519.3
Reclassification out of AOCI                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Net income (loss)                 (0.7) (0.8) (5.4)
Reclassification out of AOCI | Gains (losses) on cash flow hedges                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Total before income tax                 (3.4) (2.1) (4.6)
Income taxes                 0.7 0.6 1.1
Net income (loss)                 (2.7) (1.5) (3.5)
Reclassification out of AOCI | Accumulated defined benefit plans adjustment                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Total before income tax                 1.2 0.9 (2.3)
Income taxes                 (0.2) (0.2) 0.4
Net income (loss)                 1.0 0.7 (1.9)
Reclassification out of AOCI | Actuarial gains (losses)                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Other non-operating income, net                 1.2 0.9 2.8
Reclassification out of AOCI | Prior service credits (costs)                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Other non-operating income, net                 0.0 0.0 (1.4)
Reclassification out of AOCI | Net curtailment gain and settlement loss                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Other non-operating income, net                 0.0 0.0 (3.7)
Reclassification out of AOCI | Available-for-sale securities                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Other operating income (loss)                 1.0 0.0 0.0
Income taxes                 0.0 0.0 0.0
Net income (loss)                 1.0 0.0 0.0
Reclassification out of AOCI | Foreign currency contracts | Gains (losses) on cash flow hedges                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Cost of sales                 (1.1) 0.7 (3.2)
Reclassification out of AOCI | Interest rate swaps | Gains (losses) on cash flow hedges                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Interest expense, net                 (0.6) (1.9) 0.3
Reclassification out of AOCI | Commodity contracts | Gains (losses) on cash flow hedges                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Cost of sales                 $ (1.7) $ (0.9) $ (1.7)
v3.20.1
Income taxes - Summary of Income and Income Taxes (Details) - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Income (loss) before income taxes:      
– US $ 32.3 $ (1,135.8) $ 202.2
– Foreign 97.4 333.2 325.0
Income (loss) before income taxes 129.7 (802.6) 527.2
Current taxation:      
– US 3.0 (55.2) 35.9
– Foreign 1.9 15.8 6.1
Deferred taxation:      
– US 17.0 (85.8) (34.8)
– Foreign 2.3 (20.0) 0.7
Total income tax expense (benefit) $ 24.2 $ (145.2) $ 7.9
v3.20.1
Income taxes - Additional Information (Detail) - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Jan. 28, 2017
Operating Loss Carryforwards [Line Items]        
Statutory tax rate (percent) 21.00% 21.00% 35.00%  
Deferred tax assets   $ 21.0    
Capital loss carryforwards $ 12.9 13.9    
Decrease in valuation allowance 0.5      
Unrecognized tax benefits 23.5 18.1 $ 12.0 $ 12.0
Accrued interest related to unrecognized tax benefits 3.9      
Accrued penalties 0.7      
Increase resulting from settlements with taxing authorities 25.5      
Domestic Tax Authority        
Operating Loss Carryforwards [Line Items]        
Net operating loss carry forwards 109.2      
Capital loss carryforwards 3.0      
Internal Revenue Service (IRS)        
Operating Loss Carryforwards [Line Items]        
Net operating loss carry forwards 15.1      
Foreign Tax Authority        
Operating Loss Carryforwards [Line Items]        
Net operating loss carry forwards 14.1      
Deferred tax assets 13.7      
Foreign capital loss carry forward $ 10.5 $ 11.6    
Bermuda        
Operating Loss Carryforwards [Line Items]        
Statutory tax rate (percent) 0.00%      
v3.20.1
Income taxes - Reconciliation of Statutory Tax Rate to Effective Tax Rate (Details)
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Income Tax Disclosure [Abstract]      
US federal income tax rates 21.00% 21.00% 35.00%
US state income taxes 3.10% 2.30% 1.90%
Differences between US federal and foreign statutory income tax rates 1.30% 0.30% (1.00%)
Expenditures permanently disallowable for tax purposes, net of permanent tax benefits 3.30% (0.80%) 1.40%
Impact of global reinsurance arrangements (20.30%) 3.10% (8.10%)
Impact of global financing arrangements 0.00% 4.20% (11.40%)
Benefit in current taxes - the TCJ Act 0.00% 0.00% (4.10%)
Remeasurement of deferred taxes - the TCJ Act 0.00% 0.00% (12.30%)
Impairment of goodwill 7.50% (13.40%) 0.00%
Out of period adjustment 0.00% 1.40% 0.00%
Other items 2.80% 0.00% 0.10%
Effective tax rate 18.70% 18.10% 1.50%
v3.20.1
Income taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Assets    
Foreign property, plant and equipment $ 6.5 $ 6.5
Revenue deferral 102.5 122.0
Lease liabilities 380.6 26.2
Deferred compensation 7.3 7.5
Share-based compensation 4.1 3.5
Other temporary differences 77.7 46.7
Net operating losses and foreign tax credits 137.0 151.8
Value of capital losses 12.9 13.9
Total gross deferred tax assets (liabilities) 728.6 378.1
Valuation allowance (38.4) (38.9)
Deferred tax assets (liabilities) 690.2 339.2
(Liabilities)    
Intangible assets (63.0) (63.8)
US property, plant and equipment (55.4) (68.2)
Inventory valuation (203.1) (179.1)
Derivative instruments (4.3) (1.3)
Lease assets (358.2)  
Retirement benefit obligations (6.7) (5.8)
Total gross deferred tax assets (liabilities) 690.7 318.2
Total    
Total gross deferred tax assets (liabilities) 37.9 59.9
Valuation allowance (38.4) (38.9)
Deferred tax liabilities, net (0.5)  
Deferred tax assets, net   21.0
Deferred tax assets 4.7 21.0
Non-current liabilities $ (5.2) $ 0.0
v3.20.1
Income taxes - Summary of Activity of Unrecognized Tax Benefits (Detail) - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Reconciliation of Unrecognized Tax Benefits      
Unrecognized tax benefits, beginning of period $ 18.1 $ 12.0 $ 12.0
Increases related to current year tax positions 2.0 2.5 2.3
Increases related to prior year tax positions 6.0 6.2 0.0
Lapse of statute of limitations (2.6) (2.4) (2.4)
Difference on foreign currency translation 0.0 (0.2)  
Difference on foreign currency translation     0.1
Unrecognized tax benefits, end of period $ 23.5 $ 18.1 $ 12.0
v3.20.1
Other operating income (loss) - Components of Other Operating Income, Net (Details) - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Other Income and Expenses [Abstract]      
Interest income from in-house customer finance programs $ 0.0 $ 22.8 $ 258.1
Shareholder litigation charge, net of insurance recoveries (33.2) 0.0 0.0
Other 3.6 3.4 2.7
Other operating income (loss) $ (29.6) $ 26.2 $ 260.8
v3.20.1
Accounts receivable, net - Portfolio of Accounts Receivable (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Receivables [Abstract]    
Accounts receivable, held for investment $ 34.4 $ 19.5
Accounts receivable, held for sale 4.4 4.2
Total accounts receivable $ 38.8 $ 23.7
v3.20.1
Accounts receivable, net - Allowance for Credit Losses (Details) - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Reversal of allowance on receivables sold $ 0.0 $ 160.4 $ (30.9)
Sterling Jewelers customer in-house finance receivables, net 34.4 19.5  
Consumer Portfolio Segment      
Financing Receivable, Allowance for Credit Loss [Roll Forward]      
Beginning balance $ 0.0 (113.5) (138.7)
Charge-offs, net   56.3 221.2
Recoveries   4.2 34.3
Provision   (54.6) (251.0)
Reversal of allowance on receivables sold   107.6 20.7
Ending balance   0.0 (113.5)
Ending receivable balance evaluated for impairment   0.0 762.9
Sterling Jewelers customer in-house finance receivables, net   $ 0.0 $ 649.4
v3.20.1
Inventories - Summary of Inventory Components (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Inventory Disclosure [Abstract]    
Raw materials $ 56.2 $ 76.3
Finished goods 2,275.5 2,310.6
Total inventories $ 2,331.7 $ 2,386.9
v3.20.1
Inventories - Additional Information (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Consignment inventory    
Inventories    
Other inventory $ 625.7 $ 726.8
v3.20.1
Inventories - Rollforward of Inventory Reserves (Details) - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of period $ 95.3 $ 40.6 $ 43.2
Charged to profit 80.2 131.4 75.8
Utilization (108.5) (76.7) (78.4)
Balance at end of period 67.0 95.3 $ 40.6
Signet Path to Brillance      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at beginning of period 51.6    
Charged to profit 9.2 62.2  
Utilization (40.0) (10.6)  
Balance at end of period $ 20.8 $ 51.6  
v3.20.1
Property, plant and equipment, net - Summary of Property, Plant and Equipment, Net (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 1,806.6 $ 2,083.3
Accumulated depreciation and amortization (1,064.7) (1,282.8)
Property, plant and equipment, net 741.9 800.5
Land and buildings    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 23.4 34.0
Leasehold Improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 640.7 688.8
Furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 601.2 802.9
Equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 199.1 196.1
Software    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 246.9 289.5
Construction in progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 95.3 $ 72.0
v3.20.1
Property, plant and equipment, net - Additional Information (Detail) - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Property, Plant and Equipment [Abstract]      
Depreciation and amortization expense $ 177.1 $ 179.6 $ 194.1
v3.20.1
Leases - Lease Term and Discount Rate (Details)
Feb. 01, 2020
Leases [Abstract]  
Operating lease, weighted average remaining lease term (years) 6 years 8 months 12 days
Operating lease, weighted average discount rate, percent 5.50%
v3.20.1
Leases - Total Lease Costs For Operating Leases (Details)
$ in Millions
12 Months Ended
Feb. 01, 2020
USD ($)
Leases [Abstract]  
Operating lease cost $ 460.3
Short-term lease cost 19.4
Variable lease cost 107.1
Sublease income (2.0)
Total lease cost $ 584.8
v3.20.1
Leases - Schedule of Rent Expense (Details) - USD ($)
$ in Millions
12 Months Ended
Feb. 02, 2019
Feb. 03, 2018
Leases [Abstract]    
Minimum rentals $ 510.3 $ 528.1
Contingent rent 8.1 8.5
Sublease income (1.1) (0.5)
Total rent expense $ 517.3 $ 536.1
v3.20.1
Leases - Schedule of Supplementary Cash Flow Information (Details)
$ in Millions
12 Months Ended
Feb. 01, 2020
USD ($)
Leases [Abstract]  
Operating cash flows from operating leases $ 467.7
Operating lease right-of-use assets obtained in exchange for lease obligations 149.9
Reduction in the carrying amount of right-of-use assets $ 360.1
v3.20.1
Leases - Future Minimum Payments For Operating Leases (Details)
$ in Millions
Feb. 01, 2020
USD ($)
Leases [Abstract]  
Fiscal 2021 $ 455.5
Fiscal 2022 395.1
Fiscal 2023 334.8
Fiscal 2024 265.6
Fiscal 2025 209.0
Thereafter 551.0
Total minimum lease payments 2,211.0
Less: Imputed interest (435.1)
Present value of lease liabilities $ 1,775.9
v3.20.1
Leases - Schedule of Future Minimum Rental Payments for Operating Leases (Details)
$ in Millions
Feb. 02, 2019
USD ($)
Leases [Abstract]  
Fiscal 2020 $ 450.4
Fiscal 2021 408.4
Fiscal 2022 361.1
Fiscal 2023 312.0
Fiscal 2024 247.4
Thereafter 755.2
Total $ 2,534.5
v3.20.1
Goodwill and intangibles - Additional Information (Details) - USD ($)
3 Months Ended 12 Months Ended
Aug. 03, 2019
Feb. 02, 2019
May 05, 2018
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Sep. 12, 2017
Finite-Lived Intangible Assets [Line Items]              
Goodwill and intangible impairments   $ 286,700,000   $ 47,700,000 $ 735,400,000 $ 0  
Goodwill, impairment loss $ 47,700,000     47,700,000 521,200,000    
Impairment of intangible assets, indefinite-lived (excluding goodwill)       0      
Amortization of intangible assets       900,000 4,000,000.0 9,300,000  
Amortization of intangible liabilities       5,500,000 7,900,000 13,000,000.0  
Goodwill   296,600,000   248,800,000 296,600,000 821,700,000  
Zales              
Finite-Lived Intangible Assets [Line Items]              
Goodwill, impairment loss 35,200,000            
R2Net Inc.              
Finite-Lived Intangible Assets [Line Items]              
Goodwill, impairment loss $ 12,500,000            
Goodwill   77,800,000     77,800,000   $ 299,100,000
Other              
Finite-Lived Intangible Assets [Line Items]              
Goodwill, impairment loss   3,600,000          
North America              
Finite-Lived Intangible Assets [Line Items]              
Goodwill and intangible impairments     $ 448,700,000 47,700,000 731,800,000    
Goodwill, impairment loss   208,800,000 308,800,000 47,700,000 517,600,000    
Impairment of intangible assets (excluding goodwill)   74,300,000 $ 139,900,000        
Goodwill   $ 296,600,000   $ 248,800,000 $ 296,600,000 $ 818,100,000  
v3.20.1
Investments - Summary of Available-for-sale Securities (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Debt Securities, Available-for-sale [Line Items]    
Total investment in debt securities $ 20.1 $ 15.7
Unrealized Gain (Loss) 0.3 (0.9)
Fair Value 20.4 14.8
US Treasury securities    
Debt Securities, Available-for-sale [Line Items]    
Total investment in debt securities 7.2 5.1
Unrealized Gain (Loss) 0.0 (0.4)
Fair Value 7.2 4.7
US government agency securities    
Debt Securities, Available-for-sale [Line Items]    
Total investment in debt securities 4.6 2.6
Unrealized Gain (Loss) 0.1 (0.1)
Fair Value 4.7 2.5
Corporate bonds and notes    
Debt Securities, Available-for-sale [Line Items]    
Total investment in debt securities 8.3 5.3
Unrealized Gain (Loss) 0.2 (0.1)
Fair Value 8.5 5.2
Corporate equity securities    
Debt Securities, Available-for-sale [Line Items]    
Total investment in debt securities 0.0 2.7
Unrealized Gain (Loss) 0.0 (0.3)
Fair Value $ 0.0 $ 2.4
v3.20.1
Goodwill and intangibles - Summary of Goodwill (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Aug. 03, 2019
Feb. 02, 2019
May 05, 2018
Feb. 01, 2020
Feb. 02, 2019
Goodwill [Roll Forward]          
Beginning balance     $ 821.7 $ 296.6 $ 821.7
Impairment $ (47.7)     (47.7) (521.2)
Impact of foreign exchange       (0.1) (3.9)
Ending balance   $ 296.6   248.8 296.6
North America          
Goodwill [Roll Forward]          
Beginning balance     818.1 296.6 818.1
Impairment   (208.8) (308.8) (47.7) (517.6)
Impact of foreign exchange       (0.1) (3.9)
Ending balance   296.6   248.8 296.6
Other          
Goodwill [Roll Forward]          
Beginning balance     $ 3.6 0.0 3.6
Impairment       0.0 (3.6)
Impact of foreign exchange       0.0 0.0
Ending balance   0.0   0.0 0.0
R2Net Inc.          
Goodwill [Roll Forward]          
Beginning balance       $ 77.8  
Impairment $ (12.5)        
Ending balance   $ 77.8     77.8
Purchase accounting adjustments         $ 2.6
v3.20.1
Investments - Additional Information (Details) - USD ($)
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Debt Securities, Available-for-sale [Line Items]      
Realized gains $ 1,000,000.0 $ 0 $ 0
Realized losses   0 $ 0
Available-for-sale Securities      
Debt Securities, Available-for-sale [Line Items]      
Assets held by insurance regulators $ 3,700,000 $ 3,400,000  
v3.20.1
Goodwill and intangibles - Composition of Intangible Assets and Liabilities (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Intangible assets, net:    
Definite-lived intangible assets, gross carrying amount $ 53.2 $ 53.3
Definite-lived intangible assets, accumulated amortization (50.9) (50.1)
Net carrying amount 2.3 3.2
Indefinite-lived intangible assets 475.4 475.9
Indefinite-lived intangible assets, accumulated impairment loss (213.9) (214.1)
Indefinite-lived intangible assets, net 261.5 261.8
Intangible assets, gross 528.6 529.2
Total intangible assets, net 263.8 265.0
Definite-lived intangible liabilities:    
Gross carrying amount (113.9) (113.9)
Accumulated amortization 98.0 92.5
Total $ (15.9) $ (21.4)
v3.20.1
Investments - Summary of Investments in Debt Securities Outstanding (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Cost    
Less than one year $ 3.5  
Year two through year five 16.6  
Total investment in debt securities 20.1 $ 15.7
Fair Value    
Less than one year 3.5  
Year two through year five 16.9  
Total investment in debt securities $ 20.4 $ 14.8
v3.20.1
Goodwill and intangibles - Summary of Future Amortization (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Intangible assets, net amortization    
2021 $ 0.9  
2022 0.8  
2023 0.6  
Net carrying amount 2.3 $ 3.2
Intangible liabilities amortization    
2021 (5.4)  
2022 (5.4)  
2023 (5.1)  
Total $ (15.9)  
v3.20.1
Derivatives - Additional Information (Details)
oz in Thousands
12 Months Ended
Feb. 01, 2020
USD ($)
oz
Feb. 02, 2019
USD ($)
oz
Mar. 31, 2015
USD ($)
Derivative [Line Items]      
Ounces of gold | oz 63 89  
Maximum      
Derivative [Line Items]      
Remaining settlement period 12 months    
Cash Flow Hedging      
Derivative [Line Items]      
Expected pre-tax derivative losses $ 10,900,000    
Interest rate swaps      
Derivative [Line Items]      
Aggregate notional amount     $ 300,000,000.0
Foreign currency contracts | Not Designated as Hedging Instrument      
Derivative [Line Items]      
Aggregate notional amount 224,200,000 $ 111,500,000  
Foreign currency contracts | Cash Flow Hedging      
Derivative [Line Items]      
Aggregate notional amount $ 23,000,000.0 $ 22,400,000  
Remaining settlement period 12 months 12 months  
Commodity contracts | Cash Flow Hedging      
Derivative [Line Items]      
Remaining settlement period 12 months 20 months  
v3.20.1
Derivatives - Fair Value of Presentation of Derivative Assets and Liabilities (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets $ 12.4 $ 7.2
Fair value of derivative liabilities (0.9) (0.2)
Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 11.8 6.4
Foreign currency contracts | Designated as Hedging Instrument | Other current assets    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 0.0 0.1
Foreign currency contracts | Designated as Hedging Instrument | Other current liabilities    
Derivatives, Fair Value [Line Items]    
Fair value of derivative liabilities (0.8) (0.2)
Foreign currency contracts | Not Designated as Hedging Instrument | Other current assets    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 0.6 0.8
Foreign currency contracts | Not Designated as Hedging Instrument | Other current liabilities    
Derivatives, Fair Value [Line Items]    
Fair value of derivative liabilities (0.1) 0.0
Commodity contracts | Designated as Hedging Instrument | Other current assets    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 11.8 4.3
Commodity contracts | Designated as Hedging Instrument | Other assets    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets 0.0 1.4
Interest rate swaps | Designated as Hedging Instrument | Other assets    
Derivatives, Fair Value [Line Items]    
Fair value of derivative assets $ 0.0 $ 0.6
v3.20.1
Derivatives - Derivatives Designated as Cash Flow Hedges (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Foreign currency contracts      
Derivative [Line Items]      
Pre-tax gains (losses) recorded in AOCI $ (1.0) $ 0.7  
Commodity contracts      
Derivative [Line Items]      
Pre-tax gains (losses) recorded in AOCI 17.7 4.0  
Cash Flow Hedging      
Derivative [Line Items]      
Pre-tax gains (losses) recorded in AOCI 16.7 5.3  
Cash Flow Hedging | Foreign currency contracts      
Derivative [Line Items]      
Pre-tax gains (losses) recorded in AOCI (1.0) 0.7 $ (2.4)
Cash Flow Hedging | Commodity contracts      
Derivative [Line Items]      
Pre-tax gains (losses) recorded in AOCI 17.7 4.0 $ 1.4
Cash Flow Hedging | Interest rate swaps      
Derivative [Line Items]      
Pre-tax gains (losses) recorded in AOCI $ 0.0 $ 0.6  
v3.20.1
Derivatives - Derivative Instruments Designated as Cash Flow Hedges in OCI (Details) - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Current period gains (losses) recognized in OCI $ 14.8 $ 6.2 $ 3.4
Gains reclassified from AOCI to net income (3.4) (2.1) (4.6)
Cost of sales (3,904.2) (4,024.1) (4,063.0)
Interest expense, net (35.6) (39.7) (52.7)
Cash Flow Hedging      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Gains (losses) recorded in AOCI, beginning of period 5.3    
Gains (losses) recorded in AOCI, end of period 16.7 5.3  
Foreign currency contracts      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Gains (losses) recorded in AOCI, beginning of period 0.7    
Gains (losses) recorded in AOCI, end of period (1.0) 0.7  
Foreign currency contracts | Cash Flow Hedging      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Gains (losses) recorded in AOCI, beginning of period 0.7 (2.4)  
Current period gains (losses) recognized in OCI (0.6) 2.4  
Gains (losses) recorded in AOCI, end of period (1.0) 0.7 (2.4)
Foreign currency contracts | Cash Flow Hedging | Cost of sales      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Gains reclassified from AOCI to net income (1.1) 0.7  
Commodity contracts      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Gains (losses) recorded in AOCI, beginning of period 4.0    
Gains (losses) recorded in AOCI, end of period 17.7 4.0  
Commodity contracts | Cash Flow Hedging      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Gains (losses) recorded in AOCI, beginning of period 4.0 1.4  
Current period gains (losses) recognized in OCI 15.4 3.5  
Gains (losses) recorded in AOCI, end of period 17.7 4.0 1.4
Commodity contracts | Cash Flow Hedging | Cost of sales      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Gains reclassified from AOCI to net income (1.7) (0.9)  
Interest rate contract | Cash Flow Hedging      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Gains (losses) recorded in AOCI, beginning of period 0.6 2.2  
Current period gains (losses) recognized in OCI 0.0 0.3  
Gains (losses) recorded in AOCI, end of period 0.0 0.6 $ 2.2
Interest rate contract | Cash Flow Hedging | Interest expense, net      
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]      
Gains reclassified from AOCI to net income $ (0.6) $ (1.9)  
v3.20.1
Derivatives - Derivatives Not Designated as Hedging Instruments (Details) - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Not Designated as Hedging Instrument | Foreign currency contracts | Other operating income (loss)    
Derivative [Line Items]    
Foreign currency contracts not designated as hedging $ (3.1) $ (14.4)
v3.20.1
Fair value measurement - Fair Value of Assets and Liabilities (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets $ 32.8 $ 22.0
Liabilities (0.9) (0.2)
Quoted prices in active markets for identical assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 7.2 7.1
Liabilities 0.0 0.0
Significant other observable inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 25.6 14.9
Liabilities (0.9) (0.2)
US Treasury securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 7.2 4.7
US Treasury securities | Quoted prices in active markets for identical assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 7.2 4.7
US Treasury securities | Significant other observable inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 0.0 0.0
Corporate equity securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 0.0 2.4
Corporate equity securities | Quoted prices in active markets for identical assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 0.0 2.4
Corporate equity securities | Significant other observable inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 0.0 0.0
Foreign currency contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 0.6 0.9
Liabilities (0.9) (0.2)
Foreign currency contracts | Quoted prices in active markets for identical assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 0.0 0.0
Liabilities 0.0 0.0
Foreign currency contracts | Significant other observable inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 0.6 0.9
Liabilities (0.9) (0.2)
Commodity contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 11.8 5.7
Commodity contracts | Quoted prices in active markets for identical assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 0.0 0.0
Commodity contracts | Significant other observable inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 11.8 5.7
Interest rate swaps    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 0.0 0.6
Interest rate swaps | Quoted prices in active markets for identical assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 0.0 0.0
Interest rate swaps | Significant other observable inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 0.0 0.6
US government agency securities    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 4.7 2.5
US government agency securities | Quoted prices in active markets for identical assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 0.0 0.0
US government agency securities | Significant other observable inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 4.7 2.5
Corporate bonds and notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 8.5 5.2
Corporate bonds and notes | Quoted prices in active markets for identical assets (Level 1)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets 0.0 0.0
Corporate bonds and notes | Significant other observable inputs (Level 2)    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Assets $ 8.5 $ 5.2
v3.20.1
Fair value measurement - Narrative (Details) - USD ($)
$ in Millions
1 Months Ended 3 Months Ended
Jun. 30, 2018
Aug. 04, 2018
Feb. 01, 2020
Fair Value Disclosures [Abstract]      
Sale of receivables. percentage deferred until second anniversary 5.00% 5.00%  
Deferred payment, fair value disclosure     $ 21.9
v3.20.1
Fair value measurement - Outstanding Debt (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Outstanding debt $ 245.9 $ 688.3
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Outstanding debt 244.8 635.2
Senior Notes | Level 2 | Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Outstanding debt 146.4 395.3
Senior Notes | Level 2 | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Outstanding debt 144.8 340.3
Term Loan | Level 2 | Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Outstanding debt 99.5 293.0
Term Loan | Level 2 | Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Outstanding debt $ 100.0 $ 294.9
v3.20.1
Retirement plans - Change in UK Plan Assets (Details) - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Fair value at beginning of year $ 33.9  
Fair value at end of year 27.5 $ 33.9
Pension plan | Foreign Plan    
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]    
Fair value at beginning of year 245.5 272.2
Actual return on UK Plan assets 36.8 2.1
Employer contributions 5.3 4.4
Members’ contributions 0.2 0.3
Benefits paid (9.4) (13.5)
Foreign currency translation 3.5 (20.0)
Fair value at end of year $ 281.9 $ 245.5
v3.20.1
Retirement plans - Change in UK Benefit Obligation (Details) - Pension plan - Foreign Plan - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit obligation at beginning of year $ 214.9 $ 232.4  
Service cost 0.7 0.9 $ 2.1
Interest cost 5.5 5.8 6.1
Members’ contributions 0.2 0.3  
Actuarial (gain) loss 29.2 (2.1)  
Benefits paid (9.4) (13.5)  
Plan settlements 0.0 8.3  
Foreign currency translation 2.3 (17.2)  
Benefit obligation at end of year 243.4 214.9 $ 232.4
Funded status at end of year $ 38.5 $ 30.6  
v3.20.1
Retirement plans - Components of UK Net Asset Recognized (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Defined Benefit Plan Disclosure [Line Items]    
Non-current assets   $ 30.6
Pension plan | Foreign Plan    
Defined Benefit Plan Disclosure [Line Items]    
Non-current assets $ 38.5 $ 30.6
v3.20.1
Retirement plans - AOCI Items not yet Recognized (Details) - Pension plan - Foreign Plan - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Defined Benefit Plan Disclosure [Line Items]      
Net actuarial losses $ (52.4) $ (53.8) $ (51.1)
Net prior service (costs) credits $ (4.1) $ (4.1) $ 2.4
v3.20.1
Retirement plans - Additional Information (Details)
12 Months Ended
Feb. 01, 2020
USD ($)
plan
Feb. 02, 2019
USD ($)
Feb. 03, 2018
USD ($)
Defined Benefit Plan Disclosure [Line Items]      
Liability, defined contribution plan $ 35,400,000 $ 35,500,000  
Pension plan      
Defined Benefit Plan Disclosure [Line Items]      
Employer discretionary contribution amount $ 9,100,000 10,400,000 $ 10,000,000.0
Employer matching contribution, percent of match 50.00%    
Employer matching contribution, maximum, percent of employees' gross pay 6.00%    
Number of US non-qualified deferred compensation plans | plan 2    
Cost recognized $ 3,600,000 3,600,000 3,800,000
Foreign Plan | Pension plan      
Defined Benefit Plan Disclosure [Line Items]      
Future amortization of gain (loss) 1,000,000.0    
Future amortization of prior service cost (credit) (100,000)    
Accumulated benefit obligation 243,400,000 214,600,000  
Employer contributions 5,300,000 4,400,000  
Employer discretionary contribution amount 2,400,000 $ 2,300,000 $ 2,600,000
Foreign Plan | Pension plan | Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Estimated future employer contributions in next fiscal year $ 4,500,000    
Foreign Plan | Pension plan | Debt Securities      
Defined Benefit Plan Disclosure [Line Items]      
Target plan asset allocations 68.00%    
Foreign Plan | Pension plan | Diversified growth funds      
Defined Benefit Plan Disclosure [Line Items]      
Target plan asset allocations 27.00%    
Foreign Plan | Pension plan | Diversified equity securities      
Defined Benefit Plan Disclosure [Line Items]      
Target plan asset allocations 5.00%    
Foreign Plan | Pension plan | Real estate      
Defined Benefit Plan Disclosure [Line Items]      
Target plan asset allocations 0.00%    
v3.20.1
Retirement plans - Components of Net Periodic Pension Cost (Details) - Pension plan - Foreign Plan - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ (0.7) $ (0.9) $ (2.1)
Interest cost (5.5) (5.8) (6.1)
Expected return on UK Plan assets 7.8 8.4 9.4
Amortization of unrecognized actuarial losses (1.2) (0.9) (2.8)
Amortization of unrecognized net prior service credits 0.0 0.0 1.4
Net curtailment gain and settlement loss 0.0 0.0 3.7
Total net periodic benefit (cost) income 0.4 0.8 3.5
Other changes in assets and benefit obligations recognized in OCI 1.7 (11.3) (2.9)
Total recognized in net periodic pension benefit (cost) and OCI $ 2.1 $ (10.5) $ 0.6
v3.20.1
Retirement plans - Assumptions used to Determine Benefit Obligations and Periodic Pension Costs (Details) - Pension plan - Foreign Plan
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Assumptions used to determine benefit obligations (at the end of the year):    
Discount rate 1.70% 2.70%
Salary increases   1.50%
Assumptions used to determine net periodic pension costs (at the start of the year):    
Discount rate 2.70% 2.60%
Expected return on UK Plan assets 3.50% 3.60%
Salary increases 1.50% 2.50%
v3.20.1
Retirement plans - Fair Value Measurements of Plan Assets (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 27.5 $ 33.9  
Quoted prices in active markets for identical assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 21.0 26.9  
Significant other observable inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 6.5 7.0  
Foreign Plan | Pension plan      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 281.9 245.5 $ 272.2
Foreign Plan | Pension plan | Quoted prices in active markets for identical assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 193.8 45.5  
Foreign Plan | Pension plan | Significant other observable inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 63.9 169.0  
Foreign Plan | Pension plan | Significant unobservable inputs (Level 3)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Foreign Plan | Pension plan | Diversified equity securities      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 15.1 19.4  
Foreign Plan | Pension plan | Diversified equity securities | Quoted prices in active markets for identical assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 0.0  
Foreign Plan | Pension plan | Diversified equity securities | Significant other observable inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 15.1 19.4  
Foreign Plan | Pension plan | Diversified growth funds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 49.8 66.4  
Foreign Plan | Pension plan | Diversified growth funds | NAV      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 17.8 17.4  
Foreign Plan | Pension plan | Diversified growth funds | Quoted prices in active markets for identical assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 49.8 43.6  
Foreign Plan | Pension plan | Diversified growth funds | Significant other observable inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 22.8  
Foreign Plan | Pension plan | Fixed income – government bonds      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 139.7 80.6  
Foreign Plan | Pension plan | Fixed income – government bonds | Significant other observable inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 0.0 80.6  
Foreign Plan | Pension plan | Corporate bonds and notes      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 48.8 46.2  
Foreign Plan | Pension plan | Corporate bonds and notes | Significant other observable inputs (Level 2)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 48.8 46.2  
Foreign Plan | Pension plan | Property | NAV      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 6.4 13.6  
Foreign Plan | Pension plan | Cash      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets 4.3 1.9  
Foreign Plan | Pension plan | Cash | Quoted prices in active markets for identical assets (Level 1)      
Defined Benefit Plan Disclosure [Line Items]      
Fair value of plan assets $ 4.3 $ 1.9  
v3.20.1
Retirement plans - Future Benefits Payments Estimated to be Paid (Details) - Pension plan - Foreign Plan
$ in Millions
Feb. 01, 2020
USD ($)
Defined Benefit Plan Disclosure [Line Items]  
Fiscal 2021 $ 9.5
Fiscal 2022 9.6
Fiscal 2023 9.7
Fiscal 2024 9.6
Fiscal 2025 9.9
Thereafter $ 50.6
v3.20.1
Retirement plans - Fair Value of Unfunded, Non-qualified Deferred Compensation Plans Assets (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Defined Benefit Plan Disclosure [Line Items]    
Total assets $ 27.5 $ 33.9
Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Total assets 21.0 26.9
Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Total assets 6.5 7.0
Corporate-owned life insurance plans    
Defined Benefit Plan Disclosure [Line Items]    
Total assets 6.5 7.0
Corporate-owned life insurance plans | Level 2    
Defined Benefit Plan Disclosure [Line Items]    
Total assets 6.5 7.0
Money market funds    
Defined Benefit Plan Disclosure [Line Items]    
Total assets 21.0 26.9
Money market funds | Level 1    
Defined Benefit Plan Disclosure [Line Items]    
Total assets $ 21.0 $ 26.9
v3.20.1
Loans, overdrafts and long-term debt - Summary (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Debt Instrument [Line Items]    
Total debt $ 613.1 $ 734.0
Less: Current portion of loans and overdrafts (95.6) (78.8)
Less: Unamortized capitalized debt issuance fees (1.6) (5.6)
Total long-term debt 515.9 649.6
Other loans and bank overdrafts    
Debt Instrument [Line Items]    
Total debt 95.6 40.1
Senior Notes, net of unamortized discount | Senior Unsecured Notes    
Debt Instrument [Line Items]    
Total debt 147.5 399.0
Term Loan Facility | Credit Facility | Line of Credit    
Debt Instrument [Line Items]    
Total debt $ 0.0 $ 294.9
v3.20.1
Loans, overdrafts and long-term debt - Schedule of Maturities of Long-term Debt (Details)
$ in Millions
Feb. 01, 2020
USD ($)
Debt Disclosure [Abstract]  
Fiscal 2021 $ 63.1
Fiscal 2022 0.0
Fiscal 2023 0.0
Fiscal 2024 370.0
Fiscal 2025 147.5
Thereafter 0.0
Gross Debt $ 580.6
v3.20.1
Loans, overdrafts and long-term debt - Additional Information (Detail)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 27, 2019
USD ($)
Oct. 28, 2017
USD ($)
Oct. 28, 2017
USD ($)
Feb. 01, 2020
USD ($)
Feb. 02, 2019
USD ($)
Feb. 03, 2018
USD ($)
Sep. 12, 2017
USD ($)
May 19, 2014
USD ($)
Debt Instrument [Line Items]                
Repayments of senior debt       $ 241,500,000 $ 0 $ 0    
Gain on extinguishment of debt       6,200,000 0 0    
Long-term debt, gross       580,600,000        
Payment of debt issuance costs       9,300,000 0 0    
Long-term debt       613,100,000 734,000,000.0      
Senior Unsecured Notes Due in 2024 | Signet UK Finance plc                
Debt Instrument [Line Items]                
Face amount               $ 400,000,000
Stated interest rate               4.70%
Amortization related to capitalized fees           700,000    
Other loans and bank overdrafts                
Debt Instrument [Line Items]                
Long-term debt, gross       87,500,000        
Credit Facility                
Debt Instrument [Line Items]                
Unamortized debt issuance costs       2,000,000.0        
Senior Unsecured Notes Due in 2024 | Senior Notes                
Debt Instrument [Line Items]                
Unamortized debt issuance costs       2,600,000        
Repayments of senior debt $ 239,600,000              
Redemption price per $1,000 of principal amount 950.00              
Gain on extinguishment of debt       8,200,000        
Payment for debt extinguishment third party fees       1,900,000        
Unamortized debt issuance expense       1,100,000 3,700,000      
Amortization related to capitalized fees       600,000 700,000      
Long-term debt       147,500,000 399,000,000.0      
Senior Asset-Based Credit Facility | Line of Credit                
Debt Instrument [Line Items]                
Amortization related to capitalized fees       600,000        
Capitalized fees       9,300,000        
Securitization Facility                
Debt Instrument [Line Items]                
Unamortized debt issuance costs   $ 200,000            
Face amount   $ 600,000,000 $ 600,000,000          
Amortization related to capitalized fees     $ 300,000          
Capitalized fees           3,400,000    
Capitalized issuance costs written off           3,400,000    
Term Loan Facility | Credit Facility | Line of Credit                
Debt Instrument [Line Items]                
Long-term debt       0 294,900,000      
Term Loan Facility | Senior Asset-Based Credit Facility | Line of Credit                
Debt Instrument [Line Items]                
Face amount       $ 100,000,000.0        
Interest rate at period end       2.80%        
Capitalized fees       $ 600,000        
Long-term debt       100,000,000.0 0      
Revolving Credit Facility | Senior Asset-Based Credit Facility | Line of Credit                
Debt Instrument [Line Items]                
Credit facility, maximum borrowing capacity $ 1,500,000,000              
Stand-by letters of credit       14,900,000        
Line of credit facility, remaining borrowing capacity       $ 1,200,000,000        
Covenant, minimum coverage ratio       1.00        
Debt covenant, fixed covenant ratio threshold       $ 150,000,000        
Debt covenant, payments restrictions threshold       $ 260,000,000        
Interest rate at period end       3.60%        
Capitalized fees       $ 8,700,000        
Long-term debt       $ 270,000,000.0 $ 0      
R2Net Inc. | Bridge Loan                
Debt Instrument [Line Items]                
Long-term debt, gross             $ 350,000,000.0  
Payment of debt issuance costs           1,400,000    
Interest expense, debt           $ 900,000    
v3.20.1
Accrued expenses and other current liabilities - Accrued Expenses and Other Current Liabilities (Detail) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 03, 2019
Feb. 02, 2019
Payables and Accruals [Abstract]      
Accrued compensation $ 63.1   $ 88.1
Other liabilities 13.8   28.3
Other taxes 32.8   32.6
Payroll taxes 11.7   10.8
Shareholder litigation (see Note 27) 240.6   0.0
Accrued expenses 335.0   343.0
Total accrued expenses and other current liabilities $ 697.0 $ 469.9 $ 502.8
v3.20.1
Accrued expenses and other current liabilities - Additional Information (Detail)
12 Months Ended
Feb. 01, 2020
Payables and Accruals [Abstract]  
Lifetime diamond guarantee inspection period 6 months
v3.20.1
Accrued expenses and other current liabilities - Summary of Activity in Warranty Reserve (Details) - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Movement in Standard Product Warranty Accrual [Roll Forward]      
Balance at beginning of period $ 33.2 $ 37.2 $ 40.0
Warranty expense 13.5 8.0 8.5
Utilized (10.4) (12.0) (11.3)
Balance at end of period $ 36.3 $ 33.2 $ 37.2
v3.20.1
Accrued expenses and other current liabilities - Components of Warranty Reserve (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Jan. 28, 2017
Warranty Reserve [Line Items]        
Other liabilities - non-current (see Note 25) $ 25.7 $ 23.2    
Included within accrued expenses above 36.3 33.2 $ 37.2 $ 40.0
Warranty reserves        
Warranty Reserve [Line Items]        
Current liabilities 10.6 10.0    
Other liabilities - non-current (see Note 25) 25.7 23.2    
Included within accrued expenses above $ 36.3 $ 33.2    
v3.20.1
Other liabilities - non-current - Summary of Other Liabilities (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 03, 2019
Feb. 02, 2019
Other Liabilities Disclosure [Abstract]      
Straight-line rent $ 0.0   $ 95.1
Deferred compensation 31.0   30.4
Warranty reserve 25.7   23.2
Other liabilities 59.9   75.4
Total other liabilities $ 116.6 $ 122.0 $ 224.1
v3.20.1
Share-based compensation - Share-based Compensation Expense (Details) - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Income tax benefit $ (4.2) $ (4.1) $ (5.3)
Selling, general and administrative expenses      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation $ 16.9 $ 16.5 $ 16.1
v3.20.1
Share-based compensation - Unrecognized Compensation Costs related to Awards (Details)
$ in Millions
12 Months Ended
Feb. 01, 2020
USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Cost $ 22.2
Omnibus Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Cost $ 21.8
Weighted average period 1 year 8 months 12 days
Saving Share Plans  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized Compensation Cost $ 0.4
Weighted average period 1 year 2 months 12 days
v3.20.1
Share-based compensation - Narrative (Details)
12 Months Ended
Feb. 01, 2020
share_option_savings_plan
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of share option savings plans | share_option_savings_plan 3
Omnibus Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period 3 years
Award requisite service period 10 years
Shares available for grant (in shares) 3,575,000
Employee Share Savings Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Discount from market price 5.00%
Number of allocated shares (in shares) 1,250,000
Sharesave and Irish Sub-Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period 36 months
Discount from market price 15.00%
Number of allocated shares (in shares) 1,000,000
Minimum | Sharesave and Irish Sub-Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period 36 months
Maximum | Sharesave and Irish Sub-Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period 42 months
v3.20.1
Share-based compensation - Significant Assumptions used to Estimate Fair Value of Awards under Omnibus Plan (Details) - Omnibus Plan - $ / shares
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
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) $ 25.18    
Restricted Stock and Restricted Stock Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share price (usd per share) $ 20.76 $ 41.36 $ 65.74
Expected term 2 years 9 months 18 days 2 years 9 months 18 days 2 years 8 months 12 days
Dividend yield 7.50% 3.60% 2.10%
Weighted average grant date fair value per share of awards granted (usd per share) $ 18.14 $ 38.57 $ 63.42
Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share price (usd per share) 22.17 40.09  
Exercise price (usd per share) $ 25.18 $ 39.72  
Risk free interest rate 2.40% 2.90%  
Expected term 6 years 6 years 6 months  
Expected volatility 42.70% 37.60%  
Dividend yield 6.70% 3.70%  
Weighted average grant date fair value per share of awards granted (usd per share) $ 4.27 $ 11.21  
v3.20.1
Share-based compensation - Summary of Activity of Awards Granted under Omnibus Plan (Details) - Omnibus Plan - Restricted Stock and Restricted Stock Units - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]    
Beginning Balance (shares) 1.6  
Granted (shares) 1.6  
Vested (shares) (0.2)  
Lapsed (shares) (0.2)  
Ending Balance (shares) 2.8 1.6
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]    
Beginning Balance (usd per share) $ 54.08  
Granted (usd per share) 18.14  
Vested (usd per share) 58.24  
Lapsed (usd per share) 80.47  
Ending Balance (usd per share) $ 31.04 $ 54.08
Weigted average remaining contractual life 1 year 6 months 1 year 6 months
Intrinsic value $ 66.9 $ 39.9
v3.20.1
Share-based compensation - Summary of Activity of Stock Options Granted under Omnibus Plan (Details) - Omnibus Plan - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]    
Beginning Balance (shares) 0.8  
Granted (shares) 0.1  
Vested (shares) 0.0  
Lapsed (shares) (0.2)  
Ending Balance (shares) 0.7 0.8
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]    
Beginning Balance (usd per share) $ 39.72  
Granted (usd per share) 25.18  
Vested (usd per share) 0  
Lapsed (usd per share) 39.72  
Ending Balance (usd per share) $ 39.13 $ 39.72
Weighted average remaining contractual life 8 years 3 months 18 days 9 years 2 months 12 days
Intrinsic value $ 0.0 $ 0.0
v3.20.1
Share-based compensation - Additional Information about Awards Granted under Omnibus Plan (Details) - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Omnibus Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total intrinsic value of awards vested $ 3.5 $ 6.8 $ 7.1
v3.20.1
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. 02, 2019
Feb. 03, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share price (usd per share) $ 58.50 $ 59.84
Exercise price (usd per share) $ 57.97 $ 52.00
Risk free interest rate 3.00% 1.20%
Expected term 3 years 8 months 12 days 2 years 8 months 12 days
Expected volatility 44.40% 37.00%
Dividend yield 2.60% 2.70%
Weighted average grant date fair value per share of awards granted (usd per share) $ 18.07 $ 15.22
v3.20.1
Share-based compensation - Summary of Activity of Awards Granted under Share Saving Plan (Details) - Saving Share Plans - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]    
Beginning Balance (shares) 0.2  
Granted (shares) 0.0  
Exercised (shares) 0.0  
Lapsed (shares) (0.1)  
Ending Balance (shares) 0.1 0.2
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]    
Beginning Balance (usd per share) $ 54.80  
Granted (usd per share) 0  
Exercised (usd per share) 0  
Lapsed (usd per share) 57.62  
Ending Balance (usd per share) $ 54.78 $ 54.80
Weighted average remaining contractual life 1 year 1 month 6 days 1 year 6 months
Intrinsic value $ 0.0 $ 0.0
Shares Exercisable (shares) 0.0 0.0
Weighted Average Exercise Price, Shares Exercisable (usd per share) $ 0 $ 0
Intrinsic Value, Shares Exercisable $ 0.0 $ 0.0
v3.20.1
Share-based compensation - Additional Information about Awards Granted under Share Saving Plan (Details) - USD ($)
$ / shares in Units, $ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Cash received from share options exercised $ 1.0   $ 0.3
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)   $ 18.07 $ 15.22
Total intrinsic value of options exercised   $ 0.0 $ 0.1
Cash received from share options exercised   $ 0.0 $ 0.3
v3.20.1
Commitments and contingencies - Narrative (Details)
1 Months Ended 3 Months Ended 12 Months Ended
Mar. 16, 2020
USD ($)
Oct. 25, 2019
lawsuit
Mar. 27, 2019
lawsuit
Jan. 15, 2018
plaintiff
Jan. 14, 2018
plaintiff
Aug. 01, 2016
employee
Mar. 31, 2017
lawsuit
Aug. 31, 2016
lawsuit
May 01, 2020
USD ($)
Feb. 01, 2020
USD ($)
Feb. 01, 2020
USD ($)
employee
Feb. 02, 2019
USD ($)
Feb. 03, 2018
USD ($)
Loss Contingencies [Line Items]                          
Loss related to litigation settlement                     $ 33,200,000 $ 0 $ 0
Consumer Financial Protection Bureau                          
Loss Contingencies [Line Items]                          
Loss contingency, damages paid, value                     10,000,000    
New York Attorney General                          
Loss Contingencies [Line Items]                          
Loss contingency, damages paid, value                     $ 1,000,000    
Environmental Protection Agency Collective Action                          
Loss Contingencies [Line Items]                          
Number of plaintiffs       254 70,000 10,314         9,124    
S.D.N.Y. Cases                          
Loss Contingencies [Line Items]                          
Loss contingency, new claims filed, number | lawsuit   2 2       2 2          
Insurance recoveries                   $ 207,400,000      
Subsequent Event | S.D.N.Y. Cases                          
Loss Contingencies [Line Items]                          
Litigation settlement, amount awarded to other party $ 240,000,000                        
Other Operating Income (Expense) | S.D.N.Y. Cases                          
Loss Contingencies [Line Items]                          
Loss related to litigation settlement                   33,200,000      
Litigation administration costs                   $ 600,000      
Forecast | Subsequent Event | S.D.N.Y. Cases                          
Loss Contingencies [Line Items]                          
Loss related to litigation settlement                 $ 35,000,000        
Foreign exchange translation loss                 $ (2,500,000)        
v3.20.1
Condensed consolidating financial information - Condensed Consolidated Statement of Operations (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Feb. 01, 2020
Nov. 02, 2019
Aug. 03, 2019
May 04, 2019
Feb. 02, 2019
Nov. 03, 2018
Aug. 04, 2018
May 05, 2018
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Condensed Income Statements, Captions [Line Items]                      
Total sales $ 2,153.3 $ 1,187.7 $ 1,364.4 $ 1,431.7 $ 2,154.7 $ 1,191.7 $ 1,420.1 $ 1,480.6 $ 6,137.1 $ 6,247.1 $ 6,253.0
Cost of sales                 (3,904.2) (4,024.1) (4,063.0)
Restructuring charges - cost of sales                 (9.2) (62.2) 0.0
Gross margin 897.9 367.7 458.7 499.4 877.8 371.2 427.0 484.8 2,223.7 2,160.8 2,190.0
Selling, general and administrative expenses                 (1,918.2) (1,985.1) (1,872.2)
Restructuring charges                 (69.9) (63.7) 0.0
Credit transaction, net                 0.0 (167.4) 1.3
Restructuring charges                 (25.9) (84.9) 0.0
Goodwill and intangible impairments         (286.7)       (47.7) (735.4) 0.0
Other operating income (loss), net                 (29.6) 26.2 260.8
Operating income (loss)                 158.3 (764.6) 579.9
Intra-entity interest income (expense)                 0.0 0.0  
Interest expense, net                 (35.6) (39.7) (52.7)
Other non-operating income, net                 7.0 1.7 0.0
Income (loss) before income taxes                 129.7 (802.6) 527.2
Income taxes                 (24.2) 145.2 (7.9)
Equity in income of subsidiaries                 0.0 0.0  
Net income (loss) $ 178.8 $ (43.7) $ (44.3) $ (18.2) $ (116.2) $ (38.1) $ (31.2) $ (504.8) 105.5 (657.4) 519.3
Dividends on redeemable convertible preferred shares                 (32.9) (32.9) (32.9)
Net income (loss) attributable to common shareholders                 72.6 (690.3) 486.4
Consolidation, Eliminations                      
Condensed Income Statements, Captions [Line Items]                      
Total sales                 0.0 0.0 0.0
Cost of sales                 0.0 0.0 0.0
Restructuring charges - cost of sales                 0.0 0.0  
Gross margin                 0.0 0.0 0.0
Selling, general and administrative expenses                 0.0 0.0 0.0
Restructuring charges                 0.0 0.0  
Credit transaction, net                   0.0 0.0
Goodwill and intangible impairments                 0.0 0.0  
Other operating income (loss), net                 0.0 0.0 0.0
Operating income (loss)                 0.0 0.0 0.0
Intra-entity interest income (expense)                 0.0 0.0 0.0
Interest expense, net                 0.0 0.0 0.0
Other non-operating income, net                 0.0 0.0  
Income (loss) before income taxes                 0.0 0.0 0.0
Income taxes                 0.0 0.0 0.0
Equity in income of subsidiaries                 196.3 2,465.2 (983.8)
Net income (loss)                 196.3 2,465.2 (983.8)
Dividends on redeemable convertible preferred shares                 0.0 0.0 0.0
Net income (loss) attributable to common shareholders                 196.3 2,465.2 (983.8)
Parent                      
Condensed Income Statements, Captions [Line Items]                      
Dividends on redeemable convertible preferred shares                 (32.9) (32.9) (32.9)
Parent | Reportable Legal Entities                      
Condensed Income Statements, Captions [Line Items]                      
Total sales                 0.0 0.0 0.0
Cost of sales                 0.0 0.0 0.0
Restructuring charges - cost of sales                 0.0 0.0  
Gross margin                 0.0 0.0 0.0
Selling, general and administrative expenses                 (0.9) (1.0) (1.9)
Restructuring charges                 0.0 0.0  
Credit transaction, net                   0.0 0.0
Goodwill and intangible impairments                 0.0 0.0  
Other operating income (loss), net                 0.0 (0.1) 0.1
Operating income (loss)                 (0.9) (1.1) (1.8)
Intra-entity interest income (expense)                 (2.2) (4.6) 0.0
Interest expense, net                 0.0 0.0 0.0
Other non-operating income, net                 0.0 0.0  
Income (loss) before income taxes                 (3.1) (5.7) (1.8)
Income taxes                 0.0 0.0 0.0
Equity in income of subsidiaries                 108.6 (651.7) 521.1
Net income (loss)                 105.5 (657.4) 519.3
Net income (loss) attributable to common shareholders                 72.6 (690.3) 486.4
Issuer | Reportable Legal Entities                      
Condensed Income Statements, Captions [Line Items]                      
Total sales                 0.0 0.0 0.0
Cost of sales                 0.0 0.0 0.0
Restructuring charges - cost of sales                 0.0 0.0  
Gross margin                 0.0 0.0 0.0
Selling, general and administrative expenses                 0.0 0.0 0.0
Restructuring charges                 0.0 0.0  
Credit transaction, net                   0.0 0.0
Goodwill and intangible impairments                 0.0 0.0  
Other operating income (loss), net                 0.0 0.0 0.0
Operating income (loss)                 0.0 0.0 0.0
Intra-entity interest income (expense)                 14.9 18.9 18.8
Interest expense, net                 (15.5) (14.9) (19.9)
Other non-operating income, net                 8.1 0.0  
Income (loss) before income taxes                 7.5 4.0 (1.1)
Income taxes                 (1.4) (0.8) 0.2
Equity in income of subsidiaries                 0.0 0.0 0.0
Net income (loss)                 6.1 3.2 (0.9)
Dividends on redeemable convertible preferred shares                 0.0 0.0 0.0
Net income (loss) attributable to common shareholders                 6.1 3.2 (0.9)
Guarantors | Reportable Legal Entities                      
Condensed Income Statements, Captions [Line Items]                      
Total sales                 5,656.3 5,722.8 5,866.6
Cost of sales                 (3,589.1) (3,755.5) (3,926.6)
Restructuring charges - cost of sales                 (6.0) (56.5)  
Gross margin                 2,061.2 1,910.8 1,940.0
Selling, general and administrative expenses                 (1,872.2) (1,833.4) (1,738.2)
Restructuring charges                 (62.9) (55.3)  
Credit transaction, net                   (167.4) 1.3
Goodwill and intangible impairments                 (35.2) (470.4)  
Other operating income (loss), net                 (29.3) 22.5 260.3
Operating income (loss)                 61.6 (593.2) 463.4
Intra-entity interest income (expense)                 (176.8) (243.4) (190.2)
Interest expense, net                 (20.3) (25.0) (21.6)
Other non-operating income, net                 (1.1) 1.7  
Income (loss) before income taxes                 (136.6) (859.9) 251.6
Income taxes                 (20.0) 133.0 (21.3)
Equity in income of subsidiaries                 (164.1) (1,043.1) 229.6
Net income (loss)                 (320.7) (1,770.0) 459.9
Dividends on redeemable convertible preferred shares                 0.0 0.0 0.0
Net income (loss) attributable to common shareholders                 (320.7) (1,770.0) 459.9
Non-Guarantors | Reportable Legal Entities                      
Condensed Income Statements, Captions [Line Items]                      
Total sales                 480.8 524.3 386.4
Cost of sales                 (315.1) (268.6) (136.4)
Restructuring charges - cost of sales                 (3.2) (5.7)  
Gross margin                 162.5 250.0 250.0
Selling, general and administrative expenses                 (45.1) (150.7) (132.1)
Restructuring charges                 (7.0) (8.4)  
Credit transaction, net                   0.0 0.0
Goodwill and intangible impairments                 (12.5) (265.0)  
Other operating income (loss), net                 (0.3) 3.8 0.4
Operating income (loss)                 97.6 (170.3) 118.3
Intra-entity interest income (expense)                 164.1 229.1 171.4
Interest expense, net                 0.2 0.2 (11.2)
Other non-operating income, net                 0.0 0.0  
Income (loss) before income taxes                 261.9 59.0 278.5
Income taxes                 (2.8) 13.0 13.2
Equity in income of subsidiaries                 (140.8) (770.4) 233.1
Net income (loss)                 118.3 (698.4) 524.8
Dividends on redeemable convertible preferred shares                 0.0 0.0 0.0
Net income (loss) attributable to common shareholders                 $ 118.3 $ (698.4) $ 524.8
v3.20.1
Condensed consolidating financial information - Condensed Consolidated Statement of Comprehensive Income (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Feb. 01, 2020
Nov. 02, 2019
Aug. 03, 2019
May 04, 2019
Feb. 02, 2019
Nov. 03, 2018
Aug. 04, 2018
May 05, 2018
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Condensed Statement of Comprehensive Income [Line Items]                      
Net income $ 178.8 $ (43.7) $ (44.3) $ (18.2) $ (116.2) $ (38.1) $ (31.2) $ (504.8) $ 105.5 $ (657.4) $ 519.3
Other comprehensive income (loss):                      
Foreign currency translation adjustments                 (1.7) (35.9) 50.9
Available-for-sale securities:                      
Unrealized gain (loss)                 (0.2) 0.4 0.3
Reclassification adjustment for (gains) losses to net income                 1.0 0.0 0.0
Impact from adoption of new accounting pronouncements [1]                 0.0 (0.8) 0.0
Cash flow hedges:                      
Unrealized gain (loss)                 11.2 4.8 1.8
Reclassification adjustment for losses to net income                 (2.7) (1.5) (3.5)
Pension plan:                      
Actuarial gain (loss)                 0.4 (3.4) 0.0
Reclassification adjustment to net income for amortization of actuarial losses                 1.0 0.7 2.2
Prior service costs                 0.0 (6.5) (0.5)
Reclassification adjustment to net income for amortization of net prior service credits                 0.0 0.0 (1.1)
Net curtailment gain and settlement loss                 0.0 0.0 (3.0)
Total other comprehensive income (loss)                 9.0 (42.2) 47.1
Total comprehensive income (loss)                 114.5 (699.6) 566.4
Consolidation, Eliminations                      
Condensed Statement of Comprehensive Income [Line Items]                      
Net income                 196.3 2,465.2 (983.8)
Other comprehensive income (loss):                      
Foreign currency translation adjustments                 1.7 35.9 (50.9)
Available-for-sale securities:                      
Unrealized gain (loss)                 0.2 (0.4) (0.3)
Reclassification adjustment for (gains) losses to net income                 (1.0)    
Impact from adoption of new accounting pronouncements                   0.8  
Cash flow hedges:                      
Unrealized gain (loss)                 (11.2) (4.8) (1.8)
Reclassification adjustment for losses to net income                 2.7 1.5 3.5
Pension plan:                      
Actuarial gain (loss)                 (0.4) 3.4  
Reclassification adjustment to net income for amortization of actuarial losses                 (1.0) (0.7) (2.2)
Prior service costs                   6.5 0.5
Reclassification adjustment to net income for amortization of net prior service credits                     1.1
Net curtailment gain and settlement loss                     3.0
Total other comprehensive income (loss)                 (9.0) 42.2 (47.1)
Total comprehensive income (loss)                 187.3 2,507.4 (1,030.9)
Parent | Reportable Legal Entities                      
Condensed Statement of Comprehensive Income [Line Items]                      
Net income                 105.5 (657.4) 519.3
Other comprehensive income (loss):                      
Foreign currency translation adjustments                 (1.7) (35.9) 50.9
Available-for-sale securities:                      
Unrealized gain (loss)                 (0.2) 0.4 0.3
Reclassification adjustment for (gains) losses to net income                 1.0    
Impact from adoption of new accounting pronouncements                   (0.8)  
Cash flow hedges:                      
Unrealized gain (loss)                 11.2 4.8 1.8
Reclassification adjustment for losses to net income                 (2.7) (1.5) (3.5)
Pension plan:                      
Actuarial gain (loss)                 0.4 (3.4)  
Reclassification adjustment to net income for amortization of actuarial losses                 1.0 0.7 2.2
Prior service costs                   (6.5) (0.5)
Reclassification adjustment to net income for amortization of net prior service credits                     (1.1)
Net curtailment gain and settlement loss                     (3.0)
Total other comprehensive income (loss)                 9.0 (42.2) 47.1
Total comprehensive income (loss)                 114.5 (699.6) 566.4
Issuer | Reportable Legal Entities                      
Condensed Statement of Comprehensive Income [Line Items]                      
Net income                 6.1 3.2 (0.9)
Other comprehensive income (loss):                      
Foreign currency translation adjustments                 0.0 0.0 0.0
Available-for-sale securities:                      
Unrealized gain (loss)                 0.0 0.0 0.0
Reclassification adjustment for (gains) losses to net income                 0.0    
Impact from adoption of new accounting pronouncements                   0.0  
Cash flow hedges:                      
Unrealized gain (loss)                 0.0 0.0 0.0
Reclassification adjustment for losses to net income                 0.0 0.0 0.0
Pension plan:                      
Actuarial gain (loss)                 0.0 0.0  
Reclassification adjustment to net income for amortization of actuarial losses                 0.0 0.0 0.0
Prior service costs                   0.0 0.0
Reclassification adjustment to net income for amortization of net prior service credits                     0.0
Net curtailment gain and settlement loss                     0.0
Total other comprehensive income (loss)                 0.0 0.0 0.0
Total comprehensive income (loss)                 6.1 3.2 (0.9)
Guarantors | Reportable Legal Entities                      
Condensed Statement of Comprehensive Income [Line Items]                      
Net income                 (320.7) (1,770.0) 459.9
Other comprehensive income (loss):                      
Foreign currency translation adjustments                 (1.7) (35.4) 50.2
Available-for-sale securities:                      
Unrealized gain (loss)                 0.0 0.0 0.0
Reclassification adjustment for (gains) losses to net income                 0.0    
Impact from adoption of new accounting pronouncements                   0.0  
Cash flow hedges:                      
Unrealized gain (loss)                 11.2 4.8 1.8
Reclassification adjustment for losses to net income                 (2.7) (1.5) (3.5)
Pension plan:                      
Actuarial gain (loss)                 0.4 (3.4)  
Reclassification adjustment to net income for amortization of actuarial losses                 1.0 0.7 2.2
Prior service costs                   (6.5) (0.5)
Reclassification adjustment to net income for amortization of net prior service credits                     (1.1)
Net curtailment gain and settlement loss                     (3.0)
Total other comprehensive income (loss)                 8.2 (41.3) 46.1
Total comprehensive income (loss)                 (312.5) (1,811.3) 506.0
Non-Guarantors | Reportable Legal Entities                      
Condensed Statement of Comprehensive Income [Line Items]                      
Net income                 118.3 (698.4) 524.8
Other comprehensive income (loss):                      
Foreign currency translation adjustments                   (0.5) 0.7
Available-for-sale securities:                      
Unrealized gain (loss)                 (0.2) 0.4 0.3
Reclassification adjustment for (gains) losses to net income                 1.0    
Impact from adoption of new accounting pronouncements                   (0.8)  
Cash flow hedges:                      
Unrealized gain (loss)                 0.0 0.0 0.0
Reclassification adjustment for losses to net income                 0.0 0.0 0.0
Pension plan:                      
Actuarial gain (loss)                 0.0 0.0  
Reclassification adjustment to net income for amortization of actuarial losses                 0.0 0.0 0.0
Prior service costs                   0.0 0.0
Reclassification adjustment to net income for amortization of net prior service credits                     0.0
Net curtailment gain and settlement loss                     0.0
Total other comprehensive income (loss)                 0.8 (0.9) 1.0
Total comprehensive income (loss)                 $ 119.1 $ (699.3) $ 525.8
[1]
Adjustment reflects the reclassification of unrealized gains related to the Company’s available-for-sale equity securities as of February 3, 2018 from AOCI into retained earnings associated with the adoption of ASU 2016-01.
v3.20.1
Condensed consolidating financial information - Condensed Consolidated Balance Sheet (Details) - USD ($)
$ in Millions
Feb. 01, 2020
Feb. 03, 2019
Feb. 02, 2019
Feb. 03, 2018
Jan. 28, 2017
Current assets:          
Cash and cash equivalents $ 374.5   $ 195.4    
Accounts receivable 38.8   23.7    
Intra-entity receivables, net 0.0   0.0    
Other receivables     72.5    
Other current assets 403.5   171.5    
Income taxes 6.3   5.8    
Inventories, net 2,331.7   2,386.9    
Total current assets 3,154.8   2,855.8    
Non-current assets:          
Property, plant and equipment, net 741.9   800.5    
Operating lease right-of-use assets 1,683.3 $ 1,927.2      
Goodwill 248.8   296.6 $ 821.7  
Intangible assets, net 263.8   265.0    
Investment in subsidiaries 0.0        
Intra-entity receivables, net 0.0        
Other assets 201.8   150.6    
Deferred tax assets 4.7   21.0    
Retirement benefit asset     30.6    
Total assets 6,299.1   4,420.1    
Current liabilities:          
Loans and overdrafts 95.6   78.8    
Accounts payable 227.9   153.7    
Intra-entity payables, net     0.0    
Accrued expenses and other current liabilities 697.0 469.9 502.8    
Deferred revenue 266.2   270.0    
Operating lease liabilities 338.2 376.5      
Income taxes 27.7   27.7    
Total current liabilities 1,652.6   1,033.0    
Non-current liabilities:          
Long-term debt 515.9   649.6    
Operating lease liabilities 1,437.7 1,676.9      
Other liabilities 116.6 $ 122.0 224.1    
Deferred revenue 731.5   696.5    
Deferred tax liabilities 5.2   0.0    
Total liabilities 4,459.5   2,603.2    
Series A redeemable convertible preferred shares 617.0   615.3    
Shareholders’ equity:          
Total shareholders’ equity 1,222.6   1,201.6 $ 2,499.8 $ 2,490.2
Total liabilities, redeemable convertible preferred shares and shareholders’ equity 6,299.1   4,420.1    
Consolidation, Eliminations          
Current assets:          
Cash and cash equivalents 0.0   0.0    
Accounts receivable 0.0   0.0    
Intra-entity receivables, net (632.6)   (311.3)    
Other receivables     0.0    
Other current assets 0.0   0.0    
Income taxes 0.0   0.0    
Inventories, net 0.0   0.0    
Total current assets (632.6)   (311.3)    
Non-current assets:          
Property, plant and equipment, net 0.0        
Operating lease right-of-use assets 0.0        
Goodwill 0.0        
Intangible assets, net 0.0   0.0    
Investment in subsidiaries (3,335.0)   (1,834.5)    
Intra-entity receivables, net (1,409.0)   (2,988.0)    
Other assets 0.0        
Deferred tax assets 0.0        
Total assets (5,376.6)   (5,133.8)    
Current liabilities:          
Loans and overdrafts 0.0   0.0    
Accounts payable 0.0   0.0    
Intra-entity payables, net (632.6)   (311.3)    
Accrued expenses and other current liabilities 0.0   0.0    
Deferred revenue 0.0   0.0    
Operating lease liabilities 0.0        
Income taxes 0.0   0.0    
Total current liabilities (632.6)   (311.3)    
Non-current liabilities:          
Operating lease liabilities 0.0        
Intra-entity payables, net (1,409.0)   (2,988.0)    
Total liabilities (2,041.6)   (3,299.3)    
Series A redeemable convertible preferred shares 0.0   0.0    
Shareholders’ equity:          
Total shareholders’ equity (3,335.0)   (1,834.5)    
Total liabilities, redeemable convertible preferred shares and shareholders’ equity (5,376.6)   (5,133.8)    
Parent | Reportable Legal Entities          
Current assets:          
Cash and cash equivalents 0.2   0.2    
Accounts receivable 0.0   0.0    
Other receivables     0.0    
Other current assets     0.0    
Income taxes 0.0   0.0    
Inventories, net 0.0   0.0    
Total current assets 0.2   0.2    
Non-current assets:          
Property, plant and equipment, net 0.0        
Operating lease right-of-use assets 0.0        
Goodwill 0.0        
Intangible assets, net 0.0   0.0    
Investment in subsidiaries 2,110.8   2,155.7    
Intra-entity receivables, net 0.0        
Other assets 0.0        
Deferred tax assets 0.0        
Total assets 2,111.0   2,155.9    
Current liabilities:          
Loans and overdrafts 0.0   0.0    
Accounts payable 0.0   0.0    
Intra-entity payables, net 243.4   311.3    
Accrued expenses and other current liabilities 28.0   27.7    
Deferred revenue 0.0   0.0    
Operating lease liabilities 0.0        
Income taxes 0.0   0.0    
Total current liabilities 271.4   339.0    
Non-current liabilities:          
Operating lease liabilities 0.0        
Total liabilities 271.4   339.0    
Series A redeemable convertible preferred shares 617.0   615.3    
Shareholders’ equity:          
Total shareholders’ equity 1,222.6   1,201.6    
Total liabilities, redeemable convertible preferred shares and shareholders’ equity 2,111.0   2,155.9    
Issuer | Reportable Legal Entities          
Current assets:          
Cash and cash equivalents 0.1   0.1    
Accounts receivable 0.0   0.0    
Intra-entity receivables, net 3.3   7.9    
Other receivables     0.0    
Other current assets     0.0    
Income taxes 0.0   0.0    
Inventories, net 0.0   0.0    
Total current assets 3.4   8.0    
Non-current assets:          
Property, plant and equipment, net 0.0   0.0    
Operating lease right-of-use assets 0.0        
Goodwill 0.0   0.0    
Intangible assets, net 0.0   0.0    
Investment in subsidiaries 0.0   0.0    
Intra-entity receivables, net 161.0   400.0    
Other assets     0.0    
Deferred tax assets 0.0   0.0    
Retirement benefit asset     0.0    
Total assets 164.4   408.0    
Current liabilities:          
Loans and overdrafts 0.0   (0.7)    
Accounts payable 0.0   0.0    
Intra-entity payables, net 0.0   0.0    
Accrued expenses and other current liabilities 1.0   2.4    
Deferred revenue 0.0   0.0    
Operating lease liabilities 0.0        
Income taxes 1.4   0.8    
Total current liabilities 2.4   2.5    
Non-current liabilities:          
Long-term debt 146.4   396.0    
Operating lease liabilities 0.0        
Intra-entity payables, net     0.0    
Other liabilities     0.0    
Deferred revenue     0.0    
Total liabilities 148.8   398.5    
Series A redeemable convertible preferred shares 0.0   0.0    
Shareholders’ equity:          
Total shareholders’ equity 15.6   9.5    
Total liabilities, redeemable convertible preferred shares and shareholders’ equity 164.4   408.0    
Guarantors | Reportable Legal Entities          
Current assets:          
Cash and cash equivalents 277.5   146.7    
Accounts receivable 13.1   14.3    
Intra-entity receivables, net 30.7   83.4    
Other receivables     46.5    
Other current assets 318.1   169.4    
Income taxes 6.3   5.1    
Inventories, net 2,232.8   2,302.6    
Total current assets 2,878.5   2,768.0    
Non-current assets:          
Property, plant and equipment, net 733.1   789.6    
Operating lease right-of-use assets 1,677.8        
Goodwill 171.0   206.3    
Intangible assets, net 243.6   244.0    
Investment in subsidiaries 749.3   (15.7)    
Intra-entity receivables, net 0.0        
Other assets 179.4   133.4    
Deferred tax assets 4.7   24.5    
Retirement benefit asset     30.6    
Total assets 6,637.4   4,180.7    
Current liabilities:          
Loans and overdrafts 95.6   79.5    
Accounts payable 166.4   119.7    
Intra-entity payables, net 389.2        
Accrued expenses and other current liabilities 648.1   450.4    
Deferred revenue 250.8   257.6    
Operating lease liabilities 336.4        
Income taxes 24.5   26.4    
Total current liabilities 1,911.0   933.6    
Non-current liabilities:          
Long-term debt 369.5   253.6    
Operating lease liabilities 1,431.8        
Intra-entity payables, net 1,409.0   2,988.0    
Other liabilities 113.6   219.4    
Deferred revenue 731.5   696.5    
Deferred tax liabilities 2.3        
Total liabilities 5,968.7   5,091.1    
Series A redeemable convertible preferred shares 0.0   0.0    
Shareholders’ equity:          
Total shareholders’ equity 668.7   (910.4)    
Total liabilities, redeemable convertible preferred shares and shareholders’ equity 6,637.4   4,180.7    
Non-Guarantors | Reportable Legal Entities          
Current assets:          
Cash and cash equivalents 96.7   48.4    
Accounts receivable 25.7   9.4    
Intra-entity receivables, net 598.6   220.0    
Other receivables     26.0    
Other current assets 85.4   2.1    
Income taxes 0.0   0.7    
Inventories, net 98.9   84.3    
Total current assets 905.3   390.9    
Non-current assets:          
Property, plant and equipment, net 8.8   10.9    
Operating lease right-of-use assets 5.5        
Goodwill 77.8   90.3    
Intangible assets, net 20.2   21.0    
Investment in subsidiaries 474.9   (305.5)    
Intra-entity receivables, net 1,248.0   2,588.0    
Other assets 22.4   17.2    
Deferred tax assets     (3.5)    
Total assets 2,762.9   2,809.3    
Current liabilities:          
Loans and overdrafts 0.0   0.0    
Accounts payable 61.5   34.0    
Intra-entity payables, net 0.0   0.0    
Accrued expenses and other current liabilities 19.9   22.3    
Deferred revenue 15.4   12.4    
Operating lease liabilities 1.8        
Income taxes 1.8   0.5    
Total current liabilities 100.4   69.2    
Non-current liabilities:          
Operating lease liabilities 5.9        
Other liabilities 3.0   4.7    
Deferred tax liabilities 2.9        
Total liabilities 112.2   73.9    
Series A redeemable convertible preferred shares 0.0   0.0    
Shareholders’ equity:          
Total shareholders’ equity 2,650.7   2,735.4    
Total liabilities, redeemable convertible preferred shares and shareholders’ equity $ 2,762.9   $ 2,809.3    
v3.20.1
Condensed consolidating financial information - Condensed Consolidated Statement of Cash Flows (Details) - USD ($)
$ in Millions
12 Months Ended
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Cash flows from operating activities:      
Net cash provided by (used in) operating activities $ 555.7 $ 697.7 $ 1,940.5
Investing activities      
Purchase of property, plant and equipment (136.3) (133.5) (237.4)
Proceeds from sale of assets 0.5 5.5 0.0
Investment in subsidiaries 0.0 0.0 0.0
Purchase of available-for-sale securities (13.3) (0.6) (2.4)
Proceeds from available-for-sale securities 8.3 9.6 2.2
Acquisition of R2Net Inc., net of cash acquired 0.0 0.0 (331.8)
Net cash used in investing activities (140.8) (119.0) (569.4)
Financing activities      
Dividends paid on common shares (77.4) (79.0) (76.5)
Dividends paid on redeemable convertible preferred shares (31.2) (31.2) (34.7)
Intra-entity dividends paid 0.0 0.0 0.0
Repurchase of common shares 0.0 (485.0) (460.0)
Proceeds from issuance of common shares 1.0   0.3
Net settlement of equity based awards     (2.9)
Proceeds from term and bridge loans 100.0 0.0 350.0
Repayments of term and bridge loans (294.9) (31.3) (372.3)
Settlement of Senior Notes, including third party fees (241.5) 0.0 0.0
Proceeds from securitization facility 0.0 0.0 1,745.9
Repayment of securitization facility 0.0 0.0 (2,345.9)
Proceeds from revolving credit facilities 858.3 787.0 814.0
Repayments of revolving credit facilities (588.3) (787.0) (870.0)
Payment of debt issuance costs (9.3)   (1.4)
Increase (decrease) of bank overdrafts 47.5 25.9 (0.1)
Other financing activities (0.2) (2.1) (4.0)
Intra-entity activity, net 0.0 0.0 0.0
Net cash used in financing activities (237.0) (602.7) (1,253.6)
Capital commitments related to expansion and renovation of stores 22.3 52.5  
Cash and cash equivalents at beginning of period 195.4 225.1 98.7
Increase (decrease) in cash and cash equivalents 177.9 (24.0) 117.5
Effect of exchange rate changes on cash and cash equivalents 1.2 (5.7) 8.9
Cash and cash equivalents at end of period 374.5 195.4 225.1
Consolidation, Eliminations      
Cash flows from operating activities:      
Net cash provided by (used in) operating activities (622.9) (660.8) (1,269.9)
Investing activities      
Purchase of property, plant and equipment 0.0 0.0 0.0
Proceeds from sale of assets 0.0 0.0  
Investment in subsidiaries (50.0) 80.0 244.9
Purchase of available-for-sale securities 0.0 0.0 0.0
Proceeds from available-for-sale securities 0.0 0.0 0.0
Acquisition of R2Net Inc., net of cash acquired     0.0
Net cash used in investing activities (50.0) 80.0 244.9
Financing activities      
Dividends paid on common shares 0.0 0.0 0.0
Dividends paid on redeemable convertible preferred shares 0.0 0.0 0.0
Intra-entity dividends paid 622.9 660.8 1,269.9
Repurchase of common shares   0.0 0.0
Proceeds from issuance of common shares   (80.0) (244.9)
Net settlement of equity based awards     0.0
Proceeds from term and bridge loans 0.0   0.0
Repayments of term and bridge loans 0.0 0.0 0.0
Settlement of Senior Notes, including third party fees 0.0    
Proceeds from securitization facility     0.0
Repayment of securitization facility     0.0
Proceeds from revolving credit facilities 0.0 0.0 0.0
Repayments of revolving credit facilities 0.0 0.0 0.0
Payment of debt issuance costs 0.0   0.0
Increase (decrease) of bank overdrafts 0.0 0.0 0.0
Other financing activities 0.0 0.0  
Intra-entity activity, net 50.0   0.0
Net cash used in financing activities 672.9 580.8 1,025.0
Cash and cash equivalents at beginning of period 0.0 0.0 0.0
Increase (decrease) in cash and cash equivalents 0.0 0.0 0.0
Effect of exchange rate changes on cash and cash equivalents 0.0 0.0 0.0
Cash and cash equivalents at end of period 0.0 0.0 0.0
Parent | Reportable Legal Entities      
Cash flows from operating activities:      
Net cash provided by (used in) operating activities 571.7 653.1 767.8
Investing activities      
Purchase of property, plant and equipment 0.0 0.0 0.0
Proceeds from sale of assets 0.0 0.0  
Investment in subsidiaries 0.0 (80.0) (219.9)
Purchase of available-for-sale securities 0.0 0.0 0.0
Proceeds from available-for-sale securities 0.0 0.0 0.0
Acquisition of R2Net Inc., net of cash acquired     0.0
Net cash used in investing activities 0.0 (80.0) (219.9)
Financing activities      
Dividends paid on common shares (77.4) (79.0) (76.5)
Dividends paid on redeemable convertible preferred shares (31.2) (31.2) (34.7)
Intra-entity dividends paid 0.0 0.0 0.0
Repurchase of common shares   (485.0) (460.0)
Proceeds from issuance of common shares     0.3
Net settlement of equity based awards     (2.9)
Proceeds from term and bridge loans 0.0   0.0
Repayments of term and bridge loans 0.0 0.0 0.0
Settlement of Senior Notes, including third party fees 0.0    
Proceeds from securitization facility     0.0
Repayment of securitization facility     0.0
Proceeds from revolving credit facilities 0.0 0.0 0.0
Repayments of revolving credit facilities 0.0 0.0 0.0
Payment of debt issuance costs 0.0   0.0
Increase (decrease) of bank overdrafts 0.0 0.0 0.0
Other financing activities (0.2) (2.1)  
Intra-entity activity, net (462.9) 22.7 25.9
Net cash used in financing activities (571.7) (574.6) (547.9)
Cash and cash equivalents at beginning of period 0.2 1.7 1.7
Increase (decrease) in cash and cash equivalents   (1.5)  
Effect of exchange rate changes on cash and cash equivalents 0.0 0.0 0.0
Cash and cash equivalents at end of period 0.2 0.2 1.7
Issuer | Reportable Legal Entities      
Cash flows from operating activities:      
Net cash provided by (used in) operating activities (2.2) 5.0 (0.1)
Investing activities      
Purchase of property, plant and equipment 0.0 0.0 0.0
Proceeds from sale of assets 0.0 0.0  
Investment in subsidiaries 0.0 0.0 0.0
Purchase of available-for-sale securities 0.0 0.0 0.0
Proceeds from available-for-sale securities 0.0 0.0 0.0
Acquisition of R2Net Inc., net of cash acquired     0.0
Net cash used in investing activities 0.0 0.0 0.0
Financing activities      
Dividends paid on common shares 0.0 0.0 0.0
Dividends paid on redeemable convertible preferred shares 0.0 0.0 0.0
Intra-entity dividends paid 0.0 0.0 0.0
Repurchase of common shares   0.0 0.0
Proceeds from issuance of common shares   0.0 0.0
Net settlement of equity based awards     0.0
Proceeds from term and bridge loans 0.0   0.0
Repayments of term and bridge loans 0.0 0.0 0.0
Settlement of Senior Notes, including third party fees (241.5)    
Proceeds from securitization facility     0.0
Repayment of securitization facility     0.0
Proceeds from revolving credit facilities 0.0 0.0 0.0
Repayments of revolving credit facilities 0.0 0.0 0.0
Payment of debt issuance costs     0.0
Increase (decrease) of bank overdrafts 0.0 0.0 0.0
Other financing activities 0.0 0.0  
Intra-entity activity, net 243.7 (5.0) 0.1
Net cash used in financing activities 2.2 (5.0) 0.1
Cash and cash equivalents at beginning of period 0.1 0.1 0.1
Effect of exchange rate changes on cash and cash equivalents 0.0 0.0 0.0
Cash and cash equivalents at end of period 0.1 0.1 0.1
Guarantors | Reportable Legal Entities      
Cash flows from operating activities:      
Net cash provided by (used in) operating activities 385.1 363.8 1,856.7
Investing activities      
Purchase of property, plant and equipment (136.3) (128.9) (236.3)
Proceeds from sale of assets 0.5 0.0  
Investment in subsidiaries     (25.0)
Purchase of available-for-sale securities 0.0 0.0 0.0
Proceeds from available-for-sale securities 0.0 0.0 0.0
Acquisition of R2Net Inc., net of cash acquired     (331.8)
Net cash used in investing activities (135.8) (128.9) (593.1)
Financing activities      
Dividends paid on common shares 0.0 0.0 0.0
Dividends paid on redeemable convertible preferred shares 0.0 0.0 0.0
Intra-entity dividends paid     (800.0)
Repurchase of common shares   0.0 0.0
Proceeds from issuance of common shares   80.0 219.9
Net settlement of equity based awards     0.0
Proceeds from term and bridge loans 100.0   350.0
Repayments of term and bridge loans (294.9) (31.3) (372.3)
Settlement of Senior Notes, including third party fees 0.0    
Proceeds from revolving credit facilities 858.3 787.0 814.0
Repayments of revolving credit facilities (588.3) (787.0) (870.0)
Payment of debt issuance costs (9.3)   (1.4)
Increase (decrease) of bank overdrafts 47.5 25.9 (0.1)
Other financing activities 0.0 0.0  
Intra-entity activity, net (233.3) (307.9) (532.2)
Net cash used in financing activities (120.0) (233.3) (1,192.1)
Cash and cash equivalents at beginning of period 146.7 150.5 70.3
Increase (decrease) in cash and cash equivalents 129.3 1.6 71.5
Effect of exchange rate changes on cash and cash equivalents 1.5 (5.4) 8.7
Cash and cash equivalents at end of period 277.5 146.7 150.5
Non-Guarantors | Reportable Legal Entities      
Cash flows from operating activities:      
Net cash provided by (used in) operating activities 224.0 336.6 586.0
Investing activities      
Purchase of property, plant and equipment   (4.6) (1.1)
Proceeds from sale of assets 0.0 5.5  
Investment in subsidiaries 50.0    
Purchase of available-for-sale securities (13.3) (0.6) (2.4)
Proceeds from available-for-sale securities 8.3 9.6 2.2
Acquisition of R2Net Inc., net of cash acquired     0.0
Net cash used in investing activities 45.0 9.9 (1.3)
Financing activities      
Dividends paid on common shares 0.0 0.0 0.0
Dividends paid on redeemable convertible preferred shares 0.0 0.0 0.0
Intra-entity dividends paid (622.9) (660.8) (469.9)
Repurchase of common shares   0.0 0.0
Proceeds from issuance of common shares     25.0
Net settlement of equity based awards     0.0
Proceeds from term and bridge loans 0.0   0.0
Repayments of term and bridge loans 0.0 0.0 0.0
Settlement of Senior Notes, including third party fees 0.0    
Proceeds from securitization facility     1,745.9
Repayment of securitization facility     (2,345.9)
Proceeds from revolving credit facilities 0.0 0.0 0.0
Repayments of revolving credit facilities 0.0 0.0 0.0
Payment of debt issuance costs     0.0
Increase (decrease) of bank overdrafts 0.0 0.0 0.0
Other financing activities 0.0 0.0  
Intra-entity activity, net 402.5 290.2 506.2
Net cash used in financing activities (220.4) (370.6) (538.7)
Cash and cash equivalents at beginning of period 48.4 72.8 26.6
Increase (decrease) in cash and cash equivalents 48.6 (24.1) 46.0
Effect of exchange rate changes on cash and cash equivalents (0.3) (0.3) 0.2
Cash and cash equivalents at end of period $ 96.7 $ 48.4 $ 72.8
v3.20.1
Subsequent events (Details) - USD ($)
12 Months Ended
Mar. 19, 2020
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Subsequent Event [Line Items]        
Proceeds from revolving credit facilities   $ 858,300,000 $ 787,000,000.0 $ 814,000,000.0
Cash and cash equivalents   374,500,000 $ 195,400,000  
Subsequent Event        
Subsequent Event [Line Items]        
Cash and cash equivalents $ 1,200,000,000      
Senior Asset-Based Credit Facility | Line of Credit | Revolving Credit Facility        
Subsequent Event [Line Items]        
Line of credit facility, remaining borrowing capacity   $ 1,200,000,000    
Senior Asset-Based Credit Facility | Line of Credit | Revolving Credit Facility | Subsequent Event        
Subsequent Event [Line Items]        
Proceeds from revolving credit facilities 900,000,000      
Line of credit facility, remaining borrowing capacity $ 292,000,000      
Debt covenant, fixed charge covenant ratio threshold, percentage 10.00%      
Debt covenant, fixed charge covenant ratio threshold $ 100,000,000      
Debt instrument, collateral amount $ 1,400,000,000      
v3.20.1
Quarterly Financial Information - Unaudited (Details) - USD ($)
$ / shares in Units, $ in Millions
3 Months Ended 12 Months Ended
Feb. 01, 2020
Nov. 02, 2019
Aug. 03, 2019
May 04, 2019
Feb. 02, 2019
Nov. 03, 2018
Aug. 04, 2018
May 05, 2018
Feb. 01, 2020
Feb. 02, 2019
Feb. 03, 2018
Quarterly Financial Information Disclosure [Abstract]                      
Total sales $ 2,153.3 $ 1,187.7 $ 1,364.4 $ 1,431.7 $ 2,154.7 $ 1,191.7 $ 1,420.1 $ 1,480.6 $ 6,137.1 $ 6,247.1 $ 6,253.0
Gross margin 897.9 367.7 458.7 499.4 877.8 371.2 427.0 484.8 2,223.7 2,160.8 2,190.0
Net income $ 178.8 $ (43.7) $ (44.3) $ (18.2) $ (116.2) $ (38.1) $ (31.2) $ (504.8) $ 105.5 $ (657.4) $ 519.3
Earnings (loss) per common share:                      
Earnings per share - basic (usd per share) $ 3.45 $ (0.84) $ (0.86) $ (0.35) $ (2.25) $ (0.74) $ (0.56) $ (8.48) $ 1.40 $ (12.62) $ 7.72
Earnings per share - diluted (usd per share) $ 3.14 $ (0.84) $ (0.86) $ (0.35) $ (2.25) $ (0.74) $ (0.56) $ (8.48) $ 1.40 $ (12.62) $ 7.44