Document and Entity Information - shares |
3 Months Ended | |
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May 04, 2019 |
May 31, 2019 |
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Document And Entity Information [Abstract] | ||
Document type | 10-Q | |
Amendment flag | false | |
Document period end date | May 04, 2019 | |
Document fiscal year focus | 2020 | |
Document fiscal period focus | Q1 | |
Trading symbol | SIG | |
Entity registrant name | SIGNET JEWELERS LTD | |
Entity Central Index Key | 0000832988 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Current Fiscal Year End Date | --02-02 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares outstanding | 52,191,117 |
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions |
May 04, 2019 |
Feb. 02, 2019 |
May 05, 2018 |
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Current assets: | |||
Cash and cash equivalents | $ 195.1 | $ 195.4 | $ 153.9 |
Accounts receivable | 23.1 | 23.7 | 491.4 |
Other current assets | 205.5 | 244.0 | 236.8 |
Income taxes | 4.8 | 5.8 | 55.2 |
Inventories | 2,394.2 | 2,386.9 | 2,429.0 |
Total current assets | 2,822.7 | 2,855.8 | 3,366.3 |
Non-current assets: | |||
Property, plant and equipment, net of accumulated depreciation of $1,319.6, $1,282.8 and $1,227.3, respectively | 776.1 | 800.5 | 847.2 |
Operating lease right-of-use assets | 1,822.8 | ||
Goodwill | 296.4 | 296.6 | 509.1 |
Intangible assets, net | 264.1 | 265.0 | 343.2 |
Other assets | 189.2 | 181.2 | 206.3 |
Deferred tax assets | 22.0 | 21.0 | 0.8 |
Total assets | 6,193.3 | 4,420.1 | 5,272.9 |
Current liabilities: | |||
Loans and overdrafts | 43.7 | 78.8 | 72.3 |
Accounts payable | 238.3 | 153.7 | 287.5 |
Accrued expenses and other current liabilities | 420.2 | 502.8 | 463.7 |
Deferred revenue | 277.0 | 270.0 | 284.9 |
Operating lease liabilities | 358.9 | ||
Income taxes | 24.1 | 27.7 | 0.0 |
Total current liabilities | 1,362.2 | 1,033.0 | 1,108.4 |
Non-current liabilities: | |||
Long-term debt | 639.0 | 649.6 | 679.7 |
Operating lease liabilities | 1,589.4 | ||
Other liabilities | 126.0 | 224.1 | 236.5 |
Deferred revenue | 699.6 | 696.5 | 667.5 |
Deferred tax liabilities | 0.0 | 0.0 | 74.2 |
Total liabilities | 4,416.2 | 2,603.2 | 2,766.3 |
Commitments and contingencies | |||
Shareholders’ equity: | |||
Common shares of $0.18 par value: authorized 500 shares, 52.2 shares outstanding (February 2, 2019: 51.9 outstanding; May 5, 2018: 59.2 outstanding) | 12.6 | 12.6 | 15.7 |
Additional paid-in capital | 232.7 | 236.5 | 281.4 |
Other reserves | 0.4 | 0.4 | 0.4 |
Treasury shares at cost: 17.8 shares (February 2, 2019: 18.1 shares; May 5, 2018: 28.0 shares) | (999.8) | (1,027.3) | (1,992.2) |
Retained earnings | 2,223.4 | 2,282.2 | 3,869.2 |
Accumulated other comprehensive loss | (307.9) | (302.8) | (281.9) |
Total shareholders’ equity | 1,161.4 | 1,201.6 | 1,892.6 |
Total liabilities, redeemable convertible preferred shares and shareholders’ equity | 6,193.3 | 4,420.1 | 5,272.9 |
Series A Redeemable Convertible Preferred Stock | |||
Non-current liabilities: | |||
Series A redeemable convertible preferred shares of $.01 par value: authorized 500 shares, 0.625 shares outstanding (February 2, 2019 and May 5,2018: 0.625 shares outstanding) | $ 615.7 | $ 615.3 | $ 614.0 |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Millions |
May 04, 2019 |
Feb. 02, 2019 |
May 05, 2018 |
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Accumulated depreciation | $ 1,319.6 | $ 1,282.8 | $ 1,227.3 |
Common shares, par value (usd per share) | $ 0.18 | $ 0.18 | $ 0.18 |
Common shares, authorized | 500,000 | 500,000 | 500,000 |
Common shares, outstanding | 52,200 | 51,900 | 59,200 |
Treasury shares, shares | 17,800 | 18,100 | 28,000 |
Series A Redeemable Convertible Preferred Stock | |||
Preferred shares, par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred shares, authorized | 500,000 | 500,000 | 500,000 |
Preferred shares, outstanding | 625 | 625 | 625 |
Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Millions |
3 Months Ended | |
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May 04, 2019 |
May 05, 2018 |
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Cash flows from operating activities | ||
Net income (loss) | $ (10.0) | $ (496.6) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Amortization of operating lease assets | 87.3 | 0.0 |
Depreciation and amortization | 41.0 | 49.8 |
Amortization of unfavorable leases and contracts | (1.4) | (2.0) |
Share-based compensation | 4.0 | 1.8 |
Deferred taxation | 0.0 | (18.8) |
Credit transaction, net | 0.0 | 141.0 |
Goodwill and intangible impairments | 0.0 | 448.7 |
Restructuring charges | 5.4 | 0.0 |
Other non-cash movements | (4.9) | 0.0 |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable | 0.9 | 59.9 |
Decrease in other assets and other receivables | 28.1 | 10.8 |
Increase in inventories | (7.8) | (162.4) |
Increase in accounts payable | 87.7 | 55.7 |
(Decrease) increase in accrued expenses and other liabilities | (39.9) | 15.3 |
Change in operating lease liabilities | (91.4) | 0.0 |
Increase (decrease) in deferred revenue | 10.5 | (4.3) |
Decrease in income taxes payable | (2.7) | (70.3) |
Pension plan contributions | (1.4) | (0.7) |
Net cash provided by operating activities | 105.4 | 27.9 |
Investing activities | ||
Purchase of property, plant and equipment | (24.6) | (26.1) |
Purchase of available-for-sale securities | (6.1) | (0.4) |
Proceeds from sale of available-for-sale securities | 0.3 | 1.1 |
Net cash used in investing activities | (30.4) | (25.4) |
Financing activities | ||
Dividends paid on common shares | (19.2) | (18.8) |
Dividends paid on redeemable convertible preferred shares | (7.8) | (7.8) |
Repurchase of common shares | 0.0 | (60.0) |
Proceeds from revolving credit facility | 40.0 | |
Repayments of bank overdrafts | (37.3) | (13.9) |
Other financing activities | (1.5) | (2.1) |
Net cash used in financing activities | (74.7) | (69.3) |
Cash and cash equivalents at beginning of period | 195.4 | 225.1 |
Increase (decrease) in cash and cash equivalents | 0.3 | (66.8) |
Effect of exchange rate changes on cash and cash equivalents | (0.6) | (4.4) |
Cash and cash equivalents at end of period | 195.1 | 153.9 |
Term Loan | ||
Financing activities | ||
Repayments of term loans | (8.9) | (6.7) |
Credit Facility | Revolving Credit Facility | ||
Financing activities | ||
Proceeds from revolving credit facility | $ 0.0 | $ 40.0 |
Condensed Consolidated Statements Of Shareholders' Equity (Unaudited) - USD ($) $ in Millions |
Total |
Common shares at par value |
Additional paid-in capital |
Other reserves |
Treasury shares |
Retained earnings |
Accumulated other comprehensive loss |
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Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Impact from adoption of new accounting pronouncements | [1] | $ 0.8 | $ (0.8) | ||||||
Beginning 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] | |||||||||
Net income (loss) | (496.6) | (496.6) | |||||||
Other comprehensive income | (20.5) | (20.5) | |||||||
Dividends declared: Common shares $0.37 in 2018 and 2019 | (21.8) | (21.8) | |||||||
Dividends declared: Preferred shares, $12.50 in 2018 and 2019 | (8.2) | (8.2) | |||||||
Repurchase of common shares | (60.0) | (60.0) | |||||||
Net settlement of equity based awards | (1.9) | (10.6) | 9.9 | (1.2) | |||||
Share-based compensation expense | 1.8 | 1.8 | |||||||
Ending Balance at May. 05, 2018 | 1,892.6 | 15.7 | 281.4 | 0.4 | (1,992.2) | 3,869.2 | (281.9) | ||
Beginning 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 (loss) | (10.0) | (10.0) | |||||||
Other comprehensive income | (5.1) | (5.1) | |||||||
Dividends declared: Common shares $0.37 in 2018 and 2019 | (19.3) | (19.3) | |||||||
Dividends declared: Preferred shares, $12.50 in 2018 and 2019 | (8.2) | (8.2) | |||||||
Net settlement of equity based awards | (1.6) | (7.8) | 27.5 | (21.3) | |||||
Share-based compensation expense | 4.0 | 4.0 | |||||||
Ending Balance at May. 04, 2019 | $ 1,161.4 | $ 12.6 | $ 232.7 | $ 0.4 | $ (999.8) | $ 2,223.4 | $ (307.9) | ||
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Condensed Consolidated Statements Of Shareholders' Equity (Unaudited) - Parenthetical - $ / shares |
3 Months Ended | |
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May 04, 2019 |
May 05, 2018 |
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Statement of Stockholders' Equity [Abstract] | ||
Common stock, dividends (usd per share) | $ 0.37 | $ 0.37 |
Preferred stock, dividends (in usd per share) | $ 12.50 | $ 12.50 |
Organization and principal accounting policies |
3 Months Ended |
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May 04, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and principal accounting policies | Organization and principal accounting policies Signet Jewelers Limited (“Signet” or the “Company”), a holding company incorporated in Bermuda, is the world’s largest retailer of diamond jewelry. The Company operates through its 100% owned subsidiaries with sales primarily in the United States (“US”), United Kingdom (“UK”) and Canada. Signet manages its business as three reportable segments: North America; International; 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 4 for additional discussion of the Company’s segments. 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 our strategic credit outsourcing and transformation initiatives, we anticipate our operating profit will be almost entirely generated in the fourth quarter. Basis of preparation The condensed consolidated financial statements of Signet are prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with US generally accepted accounting principles (“US GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes included in Signet’s Annual Report on Form 10-K for the fiscal year ended February 2, 2019 filed with the SEC on April 3, 2019. Signet has reclassified certain prior year amounts in its consolidated financial statements and notes to the consolidated financial statements to conform to the current year presentation. Use of estimates The preparation of these condensed consolidated financial statements, in conformity with US GAAP and SEC regulations for interim reporting, 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 condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are primarily made in relation to the valuation of accounts receivable, inventories, deferred revenue, derivatives, employee benefits, income taxes, contingencies, asset impairments, leases, indefinite-lived intangible assets, depreciation and amortization of long-lived assets, as well as accounting for business combinations. Fiscal year The Company’s fiscal year ends on the Saturday nearest to January 31st. Fiscal 2020 and Fiscal 2019 refer to the 52 week periods ending February 1, 2020 and February 2, 2019, respectively. Within these condensed consolidated financial statements, the first quarter of the relevant fiscal years 2020 and 2019 refer to the 13 weeks ended May 4, 2019 and May 5, 2018, respectively. Foreign currency translation The financial position and operating results of certain foreign operations, including certain subsidiaries operating in the UK as part of the International segment and Canada as part 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 condensed consolidated statements of equity as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains or losses resulting from foreign currency transactions are included within the condensed consolidated statements of operations. See Note 9 for additional information regarding the Company’s foreign currency translation. |
New accounting pronouncements |
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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 adopted during the period 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. The Company has elected the practical expedient to account for the lease and non-lease maintenance components as a single lease component. Therefore, for those leases, the lease payments used to measure the lease liability include all of the fixed consideration in the contract. Additionally, 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:
See additional disclosure requirements within Note 13. In addition to the pronouncement above, the following ASUs were adopted as of February 3, 2019. The impact on the Company's consolidated financial statements is described within the table below.
New accounting pronouncements to be adopted in future periods The Company is also currently evaluating the impact on its financial statements of the following ASUs:
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Revenue recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue recognition | Revenue recognition The following tables provide the Company’s revenue, disaggregated by banner, major product and channel, for the 13 weeks ended May 4, 2019 and May 5, 2018:
For the majority of the Company’s transactions, revenue is recognized when there is persuasive evidence of an arrangement, products have been delivered or services have been rendered, the sale price is fixed and determinable, and collectability is reasonably assured. The Company’s revenue streams and their respective accounting treatments are discussed below. Merchandise 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 consolidated balance sheets. Unamortized deferred selling costs as of May 4, 2019, February 2, 2019 and May 5, 2018 were as follows:
The North America segment sells ESP, subject to certain conditions, to perform repair work over the life of the product. Revenue from the sale of the lifetime ESP is recognized consistent with the estimated pattern of claim costs expected to be incurred by the Company in connection with performing under the ESP obligations. Lifetime ESP revenue is deferred and recognized over a maximum of 17 years of 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 sells a Jewelry Replacement Plan (“JRP”). The JRP is designed to protect customers from damage or defects of purchased merchandise for a period of three years. If the purchased merchandise is defective or becomes damaged under normal use in that time period, the item will be replaced. JRP revenue is deferred and recognized on a straight-line basis over the period of expected claims costs. Signet also sells warranty agreements in the capacity of an agent on behalf of a third-party. The commission that Signet receives from the third-party is recognized at the time of sale less an estimate of cancellations based on historical experience. Sale vouchers Certain promotional offers award sale vouchers to customers who make purchases above a certain value, which grant a fixed discount on a future purchase within a stated time frame. The Company accounts for such vouchers by allocating the fair value of the voucher between the initial purchase and the future purchase using the relative-selling-price method. Sale vouchers are not sold on a stand-alone basis. The fair value of the voucher is determined based on the average sales transactions in which the vouchers were issued, when the vouchers are expected to be redeemed and the estimated voucher redemption rate. The fair value allocated to the future purchase is recorded as deferred revenue. Consignment inventory sales Sales of consignment inventory are accounted for on a gross sales basis as the Company is the primary obligor providing independent advice, guidance and after-sales service to customers. The products sold from consignment inventory are indistinguishable from other products that are sold to customers and are sold on the same terms. Supplier products are selected at the discretion of the Company. The Company is responsible for determining the selling price, physical security of the products and collections of accounts receivable. Deferred revenue Deferred revenue is comprised primarily of ESP and sale voucher promotions and other as follows:
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Segment information |
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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. Signet manages its business as three reportable segments: North America; International; 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), Zales (Zales Jewelers and Zales Outlet), Jared (Jared The Galleria Of Jewelry and Jared Vault), James Allen and Piercing Pagoda, which operates through mall-based kiosks. Its Canadian stores operate as the Peoples Jewellers store banner. The segment also operates a variety of mall-based regional banners. 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 (i.e. high street) principally as H.Samuel and Ernest Jones. 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.
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Restructuring Plans |
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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 a share-gaining, OmniChannel jewelry category leader. The Plan is 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. Restructuring charges of $26.8 million were recognized in the 13 weeks ended May 4, 2019 primarily related to store closure and severance costs, and professional fees for legal and consulting services. Restructuring charges and other Plan related costs are classified in the condensed consolidated statements of operations as follows:
The composition of the restructuring charges the Company incurred during the 13 weeks ended May 4, 2019, as well as the cumulative amount incurred through May 4, 2019, were as follows:
The following table summarizes the activity related to the Plan liabilities for Fiscal 2020:
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Redeemable preferred shares |
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Temporary Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable preferred shares | Redeemable preferred shares On October 5, 2016, the Company issued 625,000 shares of Series A Convertible Preference Shares (“preferred shares”) to certain affiliates of Leonard Green & Partners, L.P., (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. Preferred shareholders are entitled to a cumulative dividend at the rate of 5% per annum, payable quarterly in arrears. Refer to Note 7 for additional discussion of the Company’s dividends on preferred shares.
In connection with the issuance of the preferred shares, the Company incurred direct and incremental expenses of $13.7 million. These direct and incremental expenses originally reduced the preferred shares carrying value, and will be accreted through retained earnings as a deemed dividend from the date of issuance through the first possible known redemption date, November 2024. Accumulated accretion recorded in the condensed consolidated balance sheets was $4.4 million as of May 4, 2019 (February 2, 2019 and May 5, 2018: $4.0 million and $2.7 million, respectively). Accretion of $0.4 million was recorded to preferred shares in the condensed consolidated balance sheets during the 13 weeks ended May 4, 2019 ($0.4 million for the 13 weeks ended May 5, 2018). |
Shareholders' equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | Shareholders’ equity Share repurchases Common shares repurchased during the 13 weeks ended May 4, 2019 and May 5, 2018 were as follows:
Dividends on common shares Dividends declared on common shares during the 13 weeks ended May 4, 2019 and May 5, 2018 were as follows:
Dividends on preferred shares Dividends declared on preferred shares during the 13 weeks ended May 4, 2019 and May 5, 2018 were as follows:
There were no cumulative undeclared dividends on the preferred shares that reduced net income (loss) attributable to common shareholders during the 13 weeks ended May 4, 2019 or May 5, 2018. In addition, deemed dividends of $0.4 million related to accretion of issuance costs associated with the preferred shares was recognized during the 13 weeks ended May 4, 2019 ($0.4 million for the 13 weeks ended May 5, 2018). See Note 6 for additional discussion of the Company’s preferred shares. |
Earnings (loss) per common share (EPS) |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (loss) per common share (“EPS”) | Earnings (loss) per common share (“EPS”) Basic EPS is computed by dividing net income (loss) attributable to common shareholders by the weighted average number of common shares outstanding for the period. The computation of basic EPS is outlined in the table below:
The dilutive effect of share awards represents the potential impact of outstanding awards issued under the Company’s share-based compensation plans, including restricted shares, 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 (loss) income attributable to common shareholders. See Note 6 for additional discussion of the Company’s preferred shares. The computation of diluted EPS is outlined in the table below:
The calculation of diluted EPS excludes the following items for each respective period on the basis that their effect would be anti-dilutive.
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Accumulated other comprehensive income (loss) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) The following tables present the changes in AOCI by component and the reclassifications out of AOCI, net of tax:
The amounts reclassified from AOCI were as follows:
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Income taxes |
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Income taxes | Income taxes
During the 13 weeks ended May 4, 2019, the Company’s effective tax rate was lower than the US federal income tax rate primarily due to the favorable impact of foreign tax rate differences and benefits from global reinsurance arrangements. The forecasted annual effective tax rate excludes the effects of any discrete items that may be recognized in future periods. There has been no material change in the amounts of unrecognized tax benefits, or the related accrued interest and penalties (where appropriate), in respect of uncertain tax positions identified as of February 2, 2019. |
Accounts receivable |
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Accounts receivable | Accounts receivable 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. In October 2017, Signet, through its subsidiary Sterling Jewelers Inc. (“Sterling”), completed the sale of the prime-only credit quality portion of Sterling’s in-house finance receivable portfolio to Comenity Bank (“Comenity”). In June 2018, the Company completed the sale of the non-prime in-house accounts receivable to CarVal Investors (“CarVal”) and the appointed minority party, Castlelake, L.P. (“Castlelake”). 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. Receivables issued by the Company but pending transfer to CarVal and Castlelake as of period end are classified as “held for sale” and included in the accounts receivable caption in the condensed consolidated balance sheets. As of May 4, 2019, the accounts receivable, held for sale were recorded at fair value. See Note 16 for additional information regarding the assumptions utilized in the calculation of fair value of the finance receivables held for sale. The following table presents the components of Signet’s accounts receivable:
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". 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 the 13 weeks ended May 5, 2018, total valuation losses of $141.0 million and other transacted-related costs of $2.1 million were recorded within credit transaction, net in the condensed consolidated statement of operations. Accounts receivable, held for investment is comprised primarily of accounts receivable related to the insurance loss replacement business in the International segment and receivables related to the sale of diamonds from its polishing factory deemed unsuitable for Signet's needs in the Other segment. |
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Inventories | Inventories The following table summarizes the Company’s inventory by classification:
As of May 4, 2019, inventory reserves were $84.7 million (February 2, 2019 and May 5, 2018: $95.3 million and $41.4 million, respectively). |
Leases |
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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 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 condensed 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, Signet uses its incremental borrowing rate based on the information available at the lease commencement date in determining 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. Weighted average lease term and discount rate were as follows:
Total lease costs for operating leases are as follows:
Payments arising from operating lease activity and variable and short-term lease payments not included within the operating lease liability are included as operating activities on the Company’s condensed consolidated statement of cash flows. Operating lease payments representing costs to ready an asset for its intended use are represented within investing activities within the Company’s condensed consolidated statements of cash flows. Supplemental cash flow information related to leases was as follows:
The future minimum operating lease payments for operating leases having initial or non-cancelable terms in excess of one year are as follows:
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Goodwill and intangibles |
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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. Additionally, if events or conditions were to indicate the carrying value of a reporting unit or an indefinite-lived intangible asset may not be recoverable, 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. 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, 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 James Allen. Goodwill During the first quarter of Fiscal 2019, the Company compared the fair value of each of its reporting units using a combination of discounted cash flow and guideline public company methodologies 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 operations of $208.8 million and $3.6 million within its North America and Other segments, respectively. The following table summarizes the Company’s goodwill by reportable segment:
Intangibles Definite-lived intangible assets include trade names and favorable lease agreements. Indefinite-lived intangible assets include trade names. Both definite and indefinite-lived assets are recorded within intangible assets, net on the consolidated balance sheets. Intangible liabilities, net is comprised of unfavorable lease agreements and contracts and is recorded within other liabilities on the consolidated balance sheets. In conjunction with the interim goodwill impairment tests during Fiscal 2019, 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 tests 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. The following table provides additional detail regarding the composition of intangible assets and liabilities:
During the second quarter of Fiscal 2020, the Company observed a general decline in the market valuation of the Company’s common shares which could impact the assumptions used to perform an evaluation of its indefinite-lived intangible assets, including goodwill and trade names. As of the date of this report, the Company concluded that it was more likely than not that the estimated fair value of the reporting units and indefinite-lived trade names continues to exceed the carrying values. However, the Company will continue to monitor sales trends, interest rates, and other key inputs to the estimates of fair value. A further decline in the key inputs, especially sales trends used in the valuation of trade names, may result in an impairment charge. |
Derivatives |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives Derivative transactions are used by Signet for risk management purposes to address risks inherent in Signet’s business operations and sources of financing. The main risks arising from Signet’s operations are market risk including foreign currency risk, commodity risk, liquidity risk and interest rate risk. Signet uses derivative financial instruments to manage and mitigate certain of these risks under policies reviewed and approved by the Board of Directors. Signet does not enter into derivative transactions for speculative purposes. Market risk Signet generates revenues and incurs expenses in US dollars, Canadian dollars and British pounds. As a portion of 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 and foreign currency swaps to manage this exposure to the US dollar. Signet holds a fluctuating amount of British pounds and Canadian dollars reflecting the cash generative characteristics of operations. Signet’s objective is to minimize net foreign exchange exposure to the income statement on non-US dollar denominated items through managing cash levels, non-US dollar denominated intra-entity balances and foreign currency swaps. In order to manage the foreign exchange exposure and minimize the level of funds denominated in British pounds and Canadian dollars, dividends are paid regularly by subsidiaries to their immediate holding companies and excess British pounds and Canadian dollars are sold in exchange for US dollars. Signet’s policy is to 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, which supplement Signet’s resources in meeting liquidity requirements. The primary external sources of funding are a senior unsecured credit facility and senior unsecured notes as described in Note 17. 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 counter-parties failed to perform as contracted. Signet does not anticipate non-performance by counter-parties 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 May 4, 2019, 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 May 4, 2019 was $20.6 million (February 2, 2019 and May 5, 2018: $22.4 million and $22.2 million, respectively). These contracts have been designated as cash flow hedges and will be settled over the next 11 months (February 2, 2019 and May 5, 2018: 12 months and 11 months, respectively). 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 May 4, 2019 was $92.4 million (February 2, 2019 and May 5, 2018: $111.5 million and $104.3 million, respectively). Commodity forward purchase contracts and net zero-cost collar arrangements (designated) — These contracts are entered into to reduce Signet’s exposure to significant movements in the price of the underlying precious metal raw material. The total notional amount of these commodity derivative contracts outstanding as of May 4, 2019 was 92,000 ounces of gold (February 2, 2019 and May 5, 2018: 89,000 ounces and 5,000 ounces, respectively). These contracts have been designated as cash flow hedges and will be settled over the next 20 months (February 2, 2019 and May 5, 2018: 20 months and 9 months, respectively). 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 counter-parties that meet certain minimum requirements under its counter-party risk assessment process. As of May 4, 2019, 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 condensed consolidated balance sheets:
Derivatives designated as cash flow hedges The following table summarizes the pre-tax gains (losses) recorded in AOCI for derivatives designated in cash flow hedging relationships:
The following tables summarize the effect of derivative instruments designated as cash flow hedges in OCI and the condensed consolidated statement of operations: Foreign currency contracts
Commodity contracts
Interest rate swaps
There was no material ineffectiveness related to the Company’s derivative instruments designated in cash flow hedging relationships for the 13 weeks ended May 4, 2019 and May 5, 2018. Based on current valuations, the Company expects approximately $0.5 million of net pre-tax derivative gains to be reclassified out of AOCI into earnings within the next 12 months. Derivatives not designated as hedging instruments The following table presents the effects of the Company’s derivatives instruments not designated as cash flow hedges in the condensed consolidated statement of operations:
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Fair value measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value measurements | Fair value measurement The estimated fair value of Signet’s financial instruments held or issued to finance Signet’s operations is summarized below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown below are not necessarily indicative of the amounts that Signet would realize upon disposition nor do they indicate Signet’s intent or ability to dispose of the financial instrument. Assets and liabilities that are carried at fair value are required to be classified and disclosed in one of the following three categories: Level 1—quoted market prices in active markets for identical assets and liabilities Level 2—observable market based inputs or unobservable inputs that are corroborated by market data Level 3—unobservable inputs that are not corroborated by market data Signet determines fair value based upon quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The methods Signet uses to determine fair value on an instrument-specific basis are detailed below:
Investments in US Treasury securities and corporate equity securities are based on quoted market prices for identical instruments in active markets, and therefore were classified as Level 1 measurements in the fair value hierarchy. Investments in US government agency securities and corporate bonds and notes are based on quoted prices for similar instruments in active markets, and therefore were classified as Level 2 measurements in the fair value hierarchy. 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 15 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 May 4, 2019, the fair value of the deferred payment was $19.3 million, which is recorded within other assets on the condensed consolidated balance sheets. See Note 11 for additional information. Goodwill and other indefinite-lived intangible assets, are evaluated for impairment annually or more frequently if events or conditions indicate the carrying value of a reporting unit or an indefinite-lived intangible asset may not be recoverable. Impairment testing compares the carrying amount of the reporting unit or other intangible assets with its fair value. During the 13 weeks ended May 5, 2018, the Company performed an interim impairment test 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 14 for additional information. The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other current liabilities, income taxes and the revolving credit facility approximate fair value because of the short-term maturity of these amounts. The fair values of long-term debt instruments were determined using quoted market prices in inactive markets or discounted cash flows based upon current observable market interest rates and therefore were classified as Level 2 measurements in the fair value hierarchy. See Note 17 for classification between current and long-term debt. The following table provides a summary of the carrying amount and fair value of outstanding debt:
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Loans, overdrafts and long-term debt |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, overdrafts and long-term debt | Loans, overdrafts and long-term debt
Revolving credit facility and term loan (the “Credit Facility”) The Company’s Credit Facility contains a $700 million senior unsecured multi-currency multi-year revolving credit facility and a $357.5 million senior unsecured term loan facility. The maturity date for the Credit Facility, including both individual facilities disclosed above, is July 2021. Deferred financing fees associated with the revolving credit facility as of May 4, 2019 total $2.6 million with the unamortized balance recorded as an asset within the condensed consolidated balance sheets. Accumulated amortization related to these capitalized fees as of May 4, 2019 was $1.7 million (February 2, 2019 and May 5, 2018: $1.6 million and $1.3 million, respectively). Amortization relating to these fees of $0.1 million was recorded as interest expense in the condensed consolidated statement of operations for the 13 weeks ended May 4, 2019 ($0.1 million for the 13 weeks ended May 5, 2018). As of May 4, 2019, February 2, 2019 and May 5, 2018, the Company had stand-by letters of credit outstanding of $14.6 million, $14.6 million and $14.5 million, respectively, that reduce remaining borrowing availability. The revolving credit facility was not utilized during the 13 weeks ended May 4, 2019. The revolving credit facility had a weighted average interest rate of 3.30% during the 13 weeks ended May 5, 2018. Deferred financing fees associated with the term loan facility as of May 4, 2019 total $6.2 million with the unamortized balance recorded as a direct deduction from the outstanding liability within the condensed consolidated balance sheets. Accumulated amortization related to these capitalized fees as of May 4, 2019 was $4.7 million (February 2, 2019 and May 5, 2018: $4.3 million and $3.7 million, respectively). Amortization relating to these fees of $0.4 million was recorded as interest expense in the condensed consolidated statement of operations for the 13 weeks ended May 4, 2019 ($0.2 million for the 13 weeks ended May 5, 2018). Excluding the impact of the interest rate swap designated as a cash flow hedge discussed in Note 15, the term loan had a weighted average interest rate of 4.37% and 3.10% during the 13 weeks ended May 4, 2019 and May 5, 2018, respectively. Senior unsecured notes due 2024 On May 19, 2014, Signet UK Finance plc (“Signet UK Finance”), a wholly owned subsidiary of the Company, issued $400 million aggregate principal amount of its 4.70% senior unsecured notes due in 2024 (the “Notes”). The Notes were issued under an effective registration statement previously filed with the SEC. The Notes are jointly and severally guaranteed, on a full and unconditional basis, by the Company and by certain of the Company’s wholly owned subsidiaries (such subsidiaries, the “Guarantors”). See Note 21 for additional information. Deferred financing fees relating to the senior unsecured notes total $7.0 million. Accumulated amortization related to these capitalized fees as of May 4, 2019 was $3.4 million (February 2, 2019 and May 5, 2018: $3.3 million and $2.7 million, respectively). The remaining unamortized capitalized fees are recorded as a direct deduction from the outstanding liability within the condensed consolidated balance sheets. Amortization relating to these fees of $0.1 million was recorded as interest expense in the condensed consolidated statement of operations for the 13 weeks ended May 4, 2019 ($0.1 million for the 13 weeks ended May 5, 2018). Other As of May 4, 2019, February 2, 2019 and May 5, 2018, the Company was in compliance with all debt covenants. |
Warranty reserve |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Warranty reserve | Warranty reserve Specific merchandise sold by banners within the North America segment includes a product lifetime diamond or colored gemstone 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. The warranty reserve for diamond and gemstone guarantee, included in accrued expenses and other current liabilities and other non-current liabilities, is as follows:
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Share-based compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based compensation | Share-based compensation Signet recorded share-based compensation expense of $4.0 million for the 13 weeks ended May 4, 2019 related to the Omnibus Plan and Share Saving Plans ($1.8 million for the 13 weeks ended May 5, 2018). |
Commitments and contingencies |
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May 04, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies Legal proceedings Employment practices As previously reported, in March 2008, a group of private plaintiffs (the “Claimants”) filed a class action lawsuit for an unspecified amount against SJI, a subsidiary of Signet, in the US District Court for the Southern District of New York alleging that US store-level employment practices are discriminatory as to compensation and promotional activities with respect to gender. In June 2008, the District Court referred the matter to private arbitration where the Claimants sought to proceed on a class-wide basis. The Claimants filed a motion for class certification and SJI opposed the motion. On February 2, 2015, the arbitrator issued a Class Determination Award in which she certified for a class-wide hearing Claimants’ disparate impact declaratory and injunctive relief class claim under Title VII, with a class period of July 22, 2004 through date of trial for the Claimants’ compensation claims and December 7, 2004 through date of trial for Claimants’ promotion claims. The arbitrator otherwise denied Claimants’ motion to certify a disparate treatment class alleged under Title VII, denied a disparate impact monetary damages class alleged under Title VII, and denied an opt-out monetary damages class under the Equal Pay Act. On February 9, 2015, Claimants filed an Emergency Motion To Restrict Communications With The Certified Class And For Corrective Notice. SJI filed its opposition to Claimants’ emergency motion on February 17, 2015, and a hearing was held on February 18, 2015. Claimants’ motion was granted in part and denied in part in an order issued on March 16, 2015. Claimants filed a Motion for Reconsideration Regarding Title VII Claims for Disparate Treatment in Compensation on February 11, 2015, which SJI opposed. April 27, 2015, the arbitrator issued an order denying the Claimants’ Motion. SJI filed with the US District Court for the Southern District of New York a Motion to Vacate the Arbitrator’s Class Certification Award on March 3, 2015, which Claimants opposed. On November 16, 2015, the US District Court for the Southern District of New York granted SJI’s Motion to Vacate the Arbitrator’s Class Certification Award in part and denied it in part. On December 3, 2015, SJI filed with the United States Court of Appeals for the Second Circuit SJI’s Notice of Appeal of the District Court’s November 16, 2015 Opinion and Order. On November 25, 2015, SJI filed a Motion to Stay the AAA Proceedings while SJI appeals the decision of the US District Court for the Southern District of New York to the United States Court of Appeals for the Second Circuit, which Claimants opposed. The arbitrator issued an order denying SJI’s Motion to Stay on February 22, 2016.SJI filed its Brief and Special Appendix with the Second Circuit on March 16, 2016. The matter was fully briefed and oral argument was heard by the U.S. Court of Appeals for the Second Circuit on November 2, 2016. On April 6, 2015, Claimants filed in the AAA Claimants’ Motion for Clarification or in the Alternative Motion for Stay of the Effect of the Class Certification Award as to the Individual Intentional Discrimination Claims, which SJI opposed. On June 15, 2015, the arbitrator granted the Claimants’ motion. On March 6, 2017, Claimants filed Claimants’ Motion for Conditional Certification of Claimants’ Equal Pay Act Claims and Authorization of Notice, which SJI opposed The arbitrator heard oral argument on Claimants’ Motion on December 18, 2015 and, on February 29, 2016, issued an Equal Pay Act Collective Action Conditional Certification Award and Order Re Claimants’ Motion For Tolling Of EPA Limitations Period, conditionally certifying Claimants’ Equal Pay Act claims as a collective action, and tolling the statute of limitations on EPA claims to October 16, 2003 to ninety days after notice issues to the putative members of the collective action. SJI filed in the AAA a Motion To Stay Arbitration Pending The District Court’s Consideration Of Respondent’s Motion To Vacate Arbitrator’s Equal Pay Act Collective Action Conditional Certification Award And Order Re Claimants’ Motion For Tolling Of EPA Limitations Period on March 10, 2016. SJI filed in the AAA a Renewed Motion To Stay Arbitration Pending The District Court’s Resolution Of Sterling’s Motion To Vacate Arbitrator’s Equal Pay Act Collective Action Conditional Certification Award And Order Re Claimants’ Motion For Tolling Of EPA Limitations Period on March 31, 2016, which Claimants opposed. On April 5, 2016, the arbitrator denied SJI’s Motion. On March 23, 2016 SJI filed with the US District Court for the Southern District of New York a Motion To Vacate The Arbitrator’s Equal Pay Act Collective Action Conditional Certification Award And Order Re Claimants’ Motion For Tolling Of EPA Limitations Period, which Claimants opposed. SJI’s Motion was denied on May 22, 2016. On May 31, 2016, SJI filed a Notice Of Appeal of Judge Rakoff’s opinion and order to the Second Circuit Court of Appeals, which Claimant’s opposed. On June 1, 2017, the Second Circuit Court of Appeals dismissed SJI’s appeal for lack of appellate jurisdiction. Claimants filed a Motion For Amended Class Determination Award on November 18, 2015, and on March 31, 2016 the arbitrator entered an order amending the Title VII class certification award to preclude class members from requesting exclusion from the injunctive and declaratory relief class certified in the arbitration. The arbitrator issued a Bifurcated Case Management Plan on April 5, 2016, and ordered into effect the parties’ Stipulation Regarding Notice Of Equal Pay Act Collective Action And Related Notice Administrative Procedures on April 7, 2016. SJI filed in the AAA a Motion For Protective Order on May 2, 2016, which Claimants opposed. The matter was fully briefed and oral argument was heard on July 22, 2016. The motion was granted in part on January 27, 2017. Notice to EPA collective action members was issued on May 3, 2016, and the opt-in period for these notice recipients closed on August 1, 2016. Approximately, 10,314 current and former employees submitted consent forms to opt in to the collective action; however, some have withdrawn their consents. The number of valid consents is disputed and yet to be determined. SJI believes the number of valid consents to be approximately 9,124. On July 24, 2017, the United States Court of Appeals for the Second Circuit issued its unanimous Summary Order that held that the absent class members “never consented” to the Arbitrator determining the permissibility of class arbitration under the agreements, and remanded the matter to the District Court to determine whether the Arbitrator exceeded her authority by certifying the Title VII class that contained absent class members who had not opted in the litigation. On August 7, 2017, SJI filed its Renewed Motion to Vacate the Class Determination Award relative to absent class members with the District Court. The matter was fully briefed and an oral argument was heard on October 16, 2017. On January 15, 2018, District Court granted SJI’s Motion finding that the Arbitrator exceeded her authority by binding non-parties (absent class members) to the Title VII claim. The District Court further held that the RESOLVE Agreement does not permit class action procedures, thereby, reducing the Claimants in the Title VII matter from 70,000 to 254. Claimants dispute that the number of claimants in the Title VII is 254. On January 18, 2018, the Claimants filed a Notice of Appeal with the United States Court of Appeals for the Second Circuit. The appeal was fully briefed and oral argument before the Second Circuit occurred on May 7, 2018. SJI currently awaits the Second Circuit’s decision on this appeal. 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 have been submitted. On November 10, 2017, SJI filed in the arbitration motions for summary judgment, and for decertification, of Claimants’ Equal Pay Act and Title VII promotions claims. On January 30, 2018, oral argument on SJI’s motions was heard. On January 26, 2018, SJI filed a Motion to Vacate The Equal Pay Act Collective Action Award And Tolling Order asserting that the Arbitrator exceeded her authority by conditionally certifying the Equal Pay Act claim and allowing the absent claimants to opt-in the litigation. On March 12, 2018, the Arbitrator denied SJI’s Motion to Vacate The Equal Pay Act Collective Action Award and Tolling Order. SJI still has a pending motion seeking decertification of the EPA Collective Action before the Arbitrator. On March 19, 2018, the Arbitrator issued an Order partially granting SJI’s Motion to Amend the Arbitrator’s November 2, 2017, Bifurcated Seventh Amended Case Management Plan resulting in a continuance of the May 14, 2018 trial date. A new trial date has not been set. SJI denies the allegations of the Claimants and has been defending the case vigorously. At this point, no outcome or possible loss or range of losses, if any, arising from the litigation is able to be estimated. Also, as previously reported, on September 23, 2008, the US Equal Employment Opportunity Commission (“EEOC”) filed a lawsuit against SJI in the US District Court for the Western District of New York. This suit was settled on May 5, 2017, as further described below. The EEOC’s lawsuit alleged that SJI engaged in intentional and disparate impact gender discrimination with respect to pay and promotions of female retail store employees from January 1, 2003 to the present. The EEOC asserted claims for unspecified monetary relief and non-monetary relief against the Company on behalf of a class of female employees subjected to these alleged practices. Non-expert fact discovery closed in mid-May 2013. In September 2013, SJI made a motion for partial summary judgment on procedural grounds, which was referred to a Magistrate Judge. The Magistrate Judge heard oral arguments on the summary judgment motion in December 2013. On January 2, 2014, the Magistrate Judge issued his Report, Recommendation and Order, recommending that the Court grant SJI’s motion for partial summary judgment and dismiss the EEOC’s claims in their entirety. The EEOC filed its objections to the Magistrate Judge’s ruling and SJI filed its response thereto. The District Court Judge heard oral arguments on the EEOC’s objections to the Magistrate Judge’s ruling on March 7, 2014 and on March 11, 2014 entered an order dismissing the action with prejudice. On May 12, 2014, the EEOC filed its Notice of Appeal of the District Court Judge’s dismissal of the action to United States Court of Appeals for the Second Circuit. The parties fully briefed the appeal and oral argument occurred on May 5, 2015. On September 9, 2015, the United States Court of Appeals for the Second Circuit issued a decision vacating the District Court’s order and remanding the case back to the District Court for further proceedings. SJI filed a Petition for Panel Rehearing and En Banc Review with the United States Court of Appeals for the Second Circuit, which was denied on December 1, 2015. On December 4, 2015, SJI filed in the United States Court of Appeals for the Second Circuit a Motion Of Appellee Sterling Jewelers Inc. For Stay Of Mandate Pending Petition For Writ Of Certiorari. The Motion was granted by the Second Circuit on December 10, 2015. SJI filed a Petition For Writ Of Certiorari in the Supreme Court of the United States on April 29, 2016, which was denied. The case was remanded to the Western District of New York and on November 2, 2016, the Court issued a case scheduling order. On January 25, 2017, the parties filed a joint motion to extend case scheduling order deadlines. The motion was granted on January 27, 2017. On May 5, 2017 the U.S. District Court for the Western District of New York approved and entered the Consent Decree jointly proposed by the EEOC and SJI, resolving all of the EEOC’s claims against SJI in this litigation for various injunctive relief including but not limited to the appointment of an employment practices expert to review specific policies and practices, a compliance officer to be employed by SJI, as well as obligations relative to training, notices, reporting and record-keeping. The Consent Decree does not require an outside third party monitor or require any monetary payment. The duration of the Consent Decree is three years and three months, expiring on August 4, 2020. Shareholder Actions In August 2016, two alleged Company shareholders each filed a putative class action complaint in the United States District Court for the Southern District of New York against the Company and its then-current Chief Executive Officer and current Chief Financial Officer (Nos. 16-cv-6728 and 16-cv-6861, the “S.D.N.Y. cases”). On September 16, 2016, the Court consolidated the S.D.N.Y. cases under case number 16-cv-6728. On April 3, 2017, the plaintiffs filed a second amended complaint, purportedly on behalf of persons that acquired the Company’s securities on or between August 29, 2013, and February 27, 2017, naming as defendants the Company, its then-current and former Chief Executive Officers, and its current and former Chief Financial Officers. The second amended complaint alleged that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by, among other things, misrepresenting the Company’s business and earnings by (i) failing to disclose that the Company was allegedly having issues ensuring the safety of customers’ jewelry while in the Company’s custody for repairs, which allegedly damaged customer confidence; (ii) making misleading statements about the Company’s credit portfolio; and (iii) failing to disclose reports of sexual harassment allegations that were raised by claimants in an ongoing pay and promotion gender discrimination class arbitration (the “Arbitration”). The second amended complaint alleged that the Company’s share price was artificially inflated as a result of the alleged misrepresentations and sought unspecified compensatory damages and costs and expenses, including attorneys’ and experts’ fees. In March 2017, two other alleged Company shareholders each filed a putative class action complaint in the United States District Court for the Northern District of Texas against the Company and its then-current and former Chief Executive Officers (Nos. 17-cv-875 and 17-cv-923, the “N.D. Tex. cases”). Those complaints were nearly identical to each other and alleged that the defendants’ statements concerning the Arbitration violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The N.D. Tex. cases were subsequently transferred to the Southern District of New York and consolidated with the S.D.N.Y. cases (the “Consolidated Action”). On July 27, 2017, the Court appointed a lead plaintiff and lead plaintiff’s counsel in the Consolidated Action. On August 3, 2017, the Court ordered the lead plaintiff in the Consolidated Action to file a third amended complaint by September 29, 2017. On September 29, 2017, the lead plaintiff filed a third amended complaint that covered a putative class period of August 29, 2013, through May 24, 2017, and that asserted substantially similar claims to the second amended complaint, except that it omitted the claim based on defendants’ alleged misstatements concerning the security of customers’ jewelry while in the Company’s custody for repairs. The defendants moved to dismiss the third amended complaint on December 1, 2017. On December 4, 2017, the Court entered an order permitting the lead plaintiff to amend its complaint as of right by December 22, 2017, and providing that the lead plaintiff would not be given any further opportunity to amend its complaint to address the issues raised in the defendants’ motion to dismiss. On December 15, 2017, Nebil Aydin filed a putative class action complaint in the United States District Court for the Southern District of New York against the Company and its current Chief Executive Officer and Chief Financial Officer (No. 17-cv-9853). The Aydin complaint alleged that the defendants made misleading statements regarding the Company’s credit portfolio between August 24, 2017, and November 21, 2017, in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and sought unspecified compensatory damages and costs and expenses, including attorneys’ and experts’ fees. On January 7, 2018, the Aydin case was consolidated into the Consolidated Action. On December 22, 2017, the lead plaintiff in the Consolidated Action filed its fourth amended complaint, which asserted substantially the same claims as its third amended complaint for an expanded class period of August 28, 2013, through December 1, 2017. On January 26, 2017, the defendants moved to dismiss the fourth amended complaint. This motion was fully briefed as of March 9, 2018. On March 20, 2018, the Court granted the lead plaintiff leave to file a fifth amended complaint. On March 22, 2018, the lead plaintiff in the Consolidated Action filed its fifth amended complaint which asserts substantially the same claims as its fourth amended complaint for an expanded class period of August 29, 2013, through March 13, 2018. The prior motion to dismiss was denied as moot. 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. Discovery is ongoing in this action. 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. The actions are captioned Pennant Master Fund LP et al. v. Signet Jewelers et al., Civ. No. 19-2757, and The Alger Funds et al. v. Signet Jewelers et al., Civ. No. 19-2758, 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 the Pennant action alleges misstatements for the period August 29, 2013, to June 2, 2016, and the Alger Funds action alleges misstatements for the period August 29, 2013, to August 25, 2016. On May 14, 2019, and May 29, 2019, the Court entered orders staying the Alger Funds and Pennant actions, respectively, 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. 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. See Item 1A of Signet’s Annual Report on Form 10-K for the fiscal year ended February 2, 2019 filed with the SEC on April 3, 2019 for risks relating to the CFPB and our continued compliance with the Consent Order. |
Condensed consolidating financial information |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed consolidating financial information | Condensed consolidating financial information The accompanying condensed consolidating financial information has been prepared and presented pursuant to SEC Regulation S-X, Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” We and certain of our subsidiaries have guaranteed the obligations under certain debt securities that have been issued by Signet UK Finance plc. The following presents the condensed consolidating financial information for: (i) the indirect Parent Company (Signet Jewelers Limited); (ii) the Issuer of the guaranteed obligations (Signet UK Finance plc); (iii) the Guarantor subsidiaries, on a combined basis; (iv) the non-guarantor subsidiaries, on a combined basis; (v) consolidating eliminations and (vi) Signet Jewelers Limited and Subsidiaries on a consolidated basis. Each Guarantor subsidiary is 100% owned by the Parent Company at the date of each balance sheet presented. The Guarantor subsidiaries, along with Signet Jewelers Limited, will fully and unconditionally guarantee the obligations of Signet UK Finance plc under any such debt securities. Each entity in the consolidating financial information follows the same accounting policies as described in the condensed 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 Consolidated Statement of Operations For the 13 weeks ended May 4, 2019 (Unaudited)
Condensed Consolidated Statement of Operations For the 13 weeks ended May 5, 2018 (Unaudited)
Condensed Consolidated Statement of Comprehensive Income (Loss) For the 13 weeks ended May 4, 2019 (Unaudited)
Condensed Consolidated Statement of Comprehensive Income (Loss) For the 13 weeks ended May 5, 2018 (Unaudited)
Condensed Consolidated Balance Sheet May 4, 2019 (Unaudited)
Condensed Consolidated Balance Sheet February 2, 2019
Condensed Consolidated Balance Sheet May 5, 2018 (Unaudited)
Condensed Consolidated Statement of Cash Flows For the 13 weeks ended May 4, 2019 (Unaudited)
Condensed Consolidated Statement of Cash Flows For the 13 weeks ended May 5, 2018 (Unaudited)
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Organization and principal accounting policies (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of preparation | Basis of preparation The condensed consolidated financial statements of Signet are prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with US generally accepted accounting principles (“US GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes included in Signet’s Annual Report on Form 10-K for the fiscal year ended February 2, 2019 filed with the SEC on April 3, 2019. Signet has reclassified certain prior year amounts in its consolidated financial statements and notes to the consolidated financial statements to conform to the current year presentation. |
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Use of estimates | Use of estimates The preparation of these condensed consolidated financial statements, in conformity with US GAAP and SEC regulations for interim reporting, 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 condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are primarily made in relation to the valuation of accounts receivable, inventories, deferred revenue, derivatives, employee benefits, income taxes, contingencies, asset impairments, leases, indefinite-lived intangible assets, depreciation and amortization of long-lived assets, as well as accounting for business combinations. |
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Fiscal year | Fiscal year The Company’s fiscal year ends on the Saturday nearest to January 31st. Fiscal 2020 and Fiscal 2019 refer to the 52 week periods ending February 1, 2020 and February 2, 2019, respectively. Within these condensed consolidated financial statements, the first quarter of the relevant fiscal years 2020 and 2019 refer to the 13 weeks ended May 4, 2019 and May 5, 2018, respectively. |
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Foreign currency transactions | Foreign currency translation The financial position and operating results of certain foreign operations, including certain subsidiaries operating in the UK as part of the International segment and Canada as part 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 condensed consolidated statements of equity as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains or losses resulting from foreign currency transactions are included within the condensed consolidated statements of operations. |
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New accounting pronouncements | New accounting pronouncements adopted during the period 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. The Company has elected the practical expedient to account for the lease and non-lease maintenance components as a single lease component. Therefore, for those leases, the lease payments used to measure the lease liability include all of the fixed consideration in the contract. Additionally, 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:
See additional disclosure requirements within Note 13. In addition to the pronouncement above, the following ASUs were adopted as of February 3, 2019. The impact on the Company's consolidated financial statements is described within the table below.
New accounting pronouncements to be adopted in future periods The Company is also currently evaluating the impact on its financial statements of the following ASUs:
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New accounting pronouncements (Tables) |
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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:
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Revenue recognition (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 04, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables provide the Company’s revenue, disaggregated by banner, major product and channel, for the 13 weeks ended May 4, 2019 and May 5, 2018:
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Other Assets | Unamortized deferred selling costs as of May 4, 2019, February 2, 2019 and May 5, 2018 were as follows:
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Deferred Revenue | Deferred revenue is comprised primarily of ESP and sale voucher promotions and other as follows:
|
Segment information (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 04, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment reporting information, by segment |
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Restructuring Plans (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 04, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Costs | Restructuring charges and other Plan related costs are classified in the condensed consolidated statements of operations as follows:
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Schedule of Plan Liabilities | The following table summarizes the activity related to the Plan liabilities for Fiscal 2020:
|
Redeemable preferred shares (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 04, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Temporary Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Preferred Shares |
|
Shareholders' equity (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 04, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Treasury Stock | Common shares repurchased during the 13 weeks ended May 4, 2019 and May 5, 2018 were as follows:
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Common Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Dividends | Dividends on common shares Dividends declared on common shares during the 13 weeks ended May 4, 2019 and May 5, 2018 were as follows:
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Series A Redeemable Convertible Preferred Stock | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Dividends | Dividends on preferred shares Dividends declared on preferred shares during the 13 weeks ended May 4, 2019 and May 5, 2018 were as follows:
|
Earnings (loss) per common share (“EPS”) (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 04, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of earnings per share, basic | The computation of basic EPS is outlined in the table below:
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Schedule of earnings per share, diluted | The computation of diluted EPS is outlined in the table below:
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Schedule of antidilutive securities excluded from computation of earnings per share | The calculation of diluted EPS excludes the following items for each respective period on the basis that their effect would be anti-dilutive.
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Accumulated other comprehensive income (loss) (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 04, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables present the changes in AOCI by component and the reclassifications out of AOCI, net of tax:
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Reclassification out of Accumulated Other Comprehensive Income | The amounts reclassified from AOCI were as follows:
|
Income taxes (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 04, 2019 | |||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
Reconciliation Of Effective Tax Rate |
|
Accounts receivable (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 04, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable By Portfolio Segment | The following table presents the components of Signet’s accounts receivable:
|
Inventories (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 04, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current | The following table summarizes the Company’s inventory by classification:
|
Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 04, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Lease Term and DIscount Rate | Weighted average lease term and discount rate were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Lease Costs For Operating Leases | Total lease costs for operating leases are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Supplemental Cash Flow Information | Supplemental cash flow information related to leases was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Goodwill and intangibles (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 04, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Goodwill by Reporting Unit | The following table summarizes the Company’s goodwill by reportable segment:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | The following table provides additional detail regarding the composition of intangible assets and liabilities:
|
Derivatives (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 04, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the fair value and presentation of derivative instruments in the condensed consolidated balance sheets:
|
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Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the pre-tax gains (losses) recorded in AOCI for derivatives designated in cash flow hedging relationships:
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Derivative Instruments, Gain (Loss) | The following table presents the effects of the Company’s derivatives instruments not designated as cash flow hedges in the condensed consolidated statement of operations:
The following tables summarize the effect of derivative instruments designated as cash flow hedges in OCI and the condensed consolidated statement of operations: Foreign currency contracts
Commodity contracts
Interest rate swaps
|
Fair value measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 04, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | The methods Signet uses to determine fair value on an instrument-specific basis are detailed below:
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Schedule of Carrying Values and Estimated Fair Values | The following table provides a summary of the carrying amount and fair value of outstanding debt:
|
Loans, overdrafts and long-term debt (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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May 04, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Loans, Overdrafts and Long-Term Debt |
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Warranty reserve (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 04, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Liabilities | The warranty reserve for diamond and gemstone guarantee, included in accrued expenses and other current liabilities and other non-current liabilities, is as follows:
|
Condensed consolidating financial information (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Income Statement | Condensed Consolidated Statement of Operations For the 13 weeks ended May 4, 2019 (Unaudited)
Condensed Consolidated Statement of Operations For the 13 weeks ended May 5, 2018 (Unaudited)
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Condensed Statement of Comprehensive Income | Condensed Consolidated Statement of Comprehensive Income (Loss) For the 13 weeks ended May 4, 2019 (Unaudited)
Condensed Consolidated Statement of Comprehensive Income (Loss) For the 13 weeks ended May 5, 2018 (Unaudited)
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Condensed Balance Sheet | Condensed Consolidated Balance Sheet May 4, 2019 (Unaudited)
Condensed Consolidated Balance Sheet February 2, 2019
Condensed Consolidated Balance Sheet May 5, 2018 (Unaudited)
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Condensed Cash Flow Statement | Condensed Consolidated Statement of Cash Flows For the 13 weeks ended May 4, 2019 (Unaudited)
Condensed Consolidated Statement of Cash Flows For the 13 weeks ended May 5, 2018 (Unaudited)
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Organization and principal accounting policies - Additional information (Details) |
3 Months Ended |
---|---|
May 04, 2019
segment
| |
Property, Plant and Equipment [Line Items] | |
Number of reportable segments (segment) | 3 |
Minimum | |
Property, Plant and Equipment [Line Items] | |
Seasonal revenues, fourth quarter sales, percent | 35.00% |
Maximum | |
Property, Plant and Equipment [Line Items] | |
Seasonal revenues, fourth quarter sales, percent | 40.00% |
New accounting pronouncements - Effects of the Adoption of ASC 842 (Details) - USD ($) $ in Millions |
May 04, 2019 |
Feb. 03, 2019 |
Feb. 02, 2019 |
May 05, 2018 |
---|---|---|---|---|
Current assets: | ||||
Other current assets | $ 205.5 | $ 235.2 | $ 244.0 | $ 236.8 |
Non-current assets: | ||||
Operating lease right-of-use assets | 1,822.8 | 1,927.2 | ||
Current liabilities: | ||||
Accrued expenses and other current liabilities | 420.2 | 393.8 | 502.8 | 463.7 |
Operating lease liabilities | 358.9 | 376.5 | ||
Non-current liabilities: | ||||
Operating lease liabilities | 1,589.4 | 1,676.9 | ||
Other liabilities | $ 126.0 | 198.1 | $ 224.1 | $ 236.5 |
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 | (109.0) | |||
Operating lease liabilities | 376.5 | |||
Non-current liabilities: | ||||
Operating lease liabilities | 1,676.9 | |||
Other liabilities | $ (26.0) |
Revenue recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
May 04, 2019 |
May 05, 2018 |
|
Disaggregation of Revenue [Line Items] | ||
Sales | $ 1,431.7 | $ 1,480.6 |
Bridal | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 643.3 | 673.5 |
Fashion | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 489.8 | 487.0 |
Watches | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 82.2 | 91.3 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 216.4 | 228.8 |
Store | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 1,257.5 | 1,330.0 |
Kay | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 574.8 | 583.2 |
Zales | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 285.0 | 298.1 |
Jared | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 255.0 | 267.5 |
Piercing Pagoda | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 82.6 | 74.4 |
James Allen | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 52.0 | 53.3 |
Peoples | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 41.7 | 46.7 |
Regional banners | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 9.2 | 24.6 |
International segment | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 111.5 | 128.7 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 19.9 | 4.1 |
E-commerce | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 154.3 | 146.5 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 19.9 | 4.1 |
North America | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 1,300.3 | 1,347.8 |
North America | Bridal | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 594.7 | 617.9 |
North America | Fashion | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 467.4 | 461.1 |
North America | Watches | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 48.2 | 52.2 |
North America | Other | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 190.0 | 216.6 |
North America | Store | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 1,157.3 | 1,213.7 |
North America | Kay | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 574.8 | 583.2 |
North America | Zales | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 285.0 | 298.1 |
North America | Jared | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 255.0 | 267.5 |
North America | Piercing Pagoda | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 82.6 | 74.4 |
North America | James Allen | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 52.0 | 53.3 |
North America | Peoples | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 41.7 | 46.7 |
North America | Regional banners | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 9.2 | 24.6 |
North America | International segment | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
North America | Other | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
North America | E-commerce | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 143.0 | 134.1 |
North America | Other | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
International segment | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 111.5 | 128.7 |
International segment | Bridal | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 48.6 | 55.6 |
International segment | Fashion | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 22.4 | 25.9 |
International segment | Watches | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 34.0 | 39.1 |
International segment | Other | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 6.5 | 8.1 |
International segment | Store | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 100.2 | 116.3 |
International segment | Kay | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
International segment | Zales | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
International segment | Jared | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
International segment | Piercing Pagoda | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
International segment | James Allen | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
International segment | Peoples | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
International segment | Regional banners | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
International segment | International segment | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 111.5 | 128.7 |
International segment | Other | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
International segment | E-commerce | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 11.3 | 12.4 |
International segment | Other | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 19.9 | 4.1 |
Other | Bridal | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
Other | Fashion | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
Other | Watches | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
Other | Other | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 19.9 | 4.1 |
Other | Store | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
Other | Kay | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
Other | Zales | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
Other | Jared | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
Other | Piercing Pagoda | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
Other | James Allen | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
Other | Peoples | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
Other | Regional banners | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
Other | International segment | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
Other | Other | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 19.9 | 4.1 |
Other | E-commerce | ||
Disaggregation of Revenue [Line Items] | ||
Sales | 0.0 | 0.0 |
Other | Other | ||
Disaggregation of Revenue [Line Items] | ||
Sales | $ 19.9 | $ 4.1 |
Revenue recognition - Unamortized Deferred Selling Costs (Details) - USD ($) $ in Millions |
May 04, 2019 |
Feb. 02, 2019 |
May 05, 2018 |
---|---|---|---|
Revenue from Contract with Customer [Abstract] | |||
Other current assets | $ 23.8 | $ 23.8 | $ 30.6 |
Other assets | 76.4 | 75.4 | 89.2 |
Deferred ESP selling costs | $ 100.2 | $ 99.2 | $ 119.8 |
Revenue recognition - Narrative (Details) - North America |
3 Months Ended | |
---|---|---|
May 04, 2019 |
May 05, 2018 |
|
Extended Service Plans and Lifetime Warranty Agreements | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, performance obligation, description of timing | 17 years | |
Jewelry Replacement Plan | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenue, performance obligation, description of timing | three years | |
Revenue recognized, percentage | 55.00% |
Revenue recognition - ESP and Voucher Promotions (Details) - USD ($) $ in Millions |
May 04, 2019 |
Feb. 02, 2019 |
May 05, 2018 |
---|---|---|---|
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Total deferred revenue | $ 976.6 | $ 966.5 | $ 952.4 |
Deferred revenue | 277.0 | 270.0 | 284.9 |
Non-current liabilities | 699.6 | 696.5 | 667.5 |
ESP deferred revenue | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Total deferred revenue | 931.3 | 927.6 | 913.5 |
Voucher promotions and other | |||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||
Total deferred revenue | $ 45.3 | $ 38.9 | $ 38.9 |
Revenue recognition - ESP Deferred Revenue Rollforward (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
May 04, 2019 |
May 05, 2018 |
|
Change in Contract with Customer, Liability [Roll Forward] | ||
ESP deferred revenue, beginning of period | $ 966.5 | |
ESP deferred revenue, end of period | 976.6 | $ 952.4 |
Extended Service Plan | ||
Change in Contract with Customer, Liability [Roll Forward] | ||
ESP deferred revenue, beginning of period | 927.6 | 916.1 |
Plans sold | 92.3 | 98.6 |
Revenue recognized | 96.0 | 96.0 |
ESP deferred revenue, end of period | $ 931.3 | $ 913.5 |
Segment information - Additional Information (Details) |
3 Months Ended |
---|---|
May 04, 2019
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments (segment) | 3 |
Segment information - Summary of Activity by Segment (Details) - USD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
May 04, 2019 |
May 05, 2018 |
Feb. 02, 2019 |
|
Segment Reporting Information [Line Items] | |||
Sales | $ 1,431.7 | $ 1,480.6 | |
Operating income (loss) | (2.6) | (574.2) | |
Restructuring costs | 26.8 | 6.5 | |
Goodwill and intangible impairments | 0.0 | 448.7 | |
Credit transaction, net | 0.0 | 141.0 | |
Total assets | 6,193.3 | 5,272.9 | $ 4,420.1 |
North America | |||
Segment Reporting Information [Line Items] | |||
Sales | 1,300.3 | 1,347.8 | |
Operating income (loss) | 48.1 | (537.3) | |
Restructuring costs | (0.5) | ||
Goodwill and intangible impairments | 448.7 | ||
Credit transaction, net | 141.0 | ||
Total assets | 5,437.4 | 4,722.3 | 3,943.0 |
International | |||
Segment Reporting Information [Line Items] | |||
Sales | 111.5 | 128.7 | |
Operating income (loss) | (8.0) | (7.6) | |
Total assets | 608.1 | 401.7 | 367.4 |
Other | |||
Segment Reporting Information [Line Items] | |||
Sales | 19.9 | 4.1 | |
Operating income (loss) | (42.7) | (29.3) | |
Restructuring costs | 27.3 | 6.5 | |
Total assets | $ 147.8 | $ 148.9 | $ 109.7 |
Restructuring Plans - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 15 Months Ended | |
---|---|---|---|
May 04, 2019 |
May 05, 2018 |
May 04, 2019 |
|
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 5.4 | $ 0.0 | |
Signet Path to Brillance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring plan, length | 3 years | ||
Restructuring charges | 26.8 | $ 6.5 | $ 152.7 |
Cash payments | $ 27.1 | ||
Minimum | Signet Path to Brillance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 200.0 | ||
Cash payments | 105.0 | ||
Maximum | Signet Path to Brillance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 220.0 | ||
Cash payments | $ 115.0 |
Restructuring Plans - Restructuring and Related Costs (Details) - USD ($) $ in Millions |
3 Months Ended | 15 Months Ended | |
---|---|---|---|
May 04, 2019 |
May 05, 2018 |
May 04, 2019 |
|
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 5.4 | $ 0.0 | |
Signet Path to Brillance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 26.8 | 6.5 | $ 152.7 |
Signet Path to Brillance | Restructuring Charges | |||
Restructuring Cost and Reserve [Line Items] | |||
Other Plan related expenses | 26.8 | $ 6.5 | |
Inventory charges | Signet Path to Brillance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 0.0 | 62.2 | |
Termination benefits | Signet Path to Brillance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | 8.8 | 18.5 | |
Store closure and other costs | Signet Path to Brillance | |||
Restructuring Cost and Reserve [Line Items] | |||
Restructuring charges | $ 18.0 | $ 72.0 |
Restructuring Plans - Schedule of Plan Liabilities (Details) - USD ($) $ in Millions |
3 Months Ended | 15 Months Ended | |
---|---|---|---|
May 04, 2019 |
May 05, 2018 |
May 04, 2019 |
|
Restructuring Reserve [Roll Forward] | |||
Charged to expense | $ 5.4 | $ 0.0 | |
Signet Path to Brillance | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 12.6 | ||
Payments and other adjustments | (27.1) | ||
Charged to expense | 26.8 | $ 6.5 | $ 152.7 |
Ending balance | 12.3 | 12.3 | |
Termination benefits | Signet Path to Brillance | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 0.0 | ||
Payments and other adjustments | (2.0) | ||
Charged to expense | 8.8 | 18.5 | |
Ending balance | 6.8 | 6.8 | |
Store closure and other costs | Signet Path to Brillance | |||
Restructuring Reserve [Roll Forward] | |||
Beginning balance | 12.6 | ||
Payments and other adjustments | (25.1) | ||
Charged to expense | 18.0 | 72.0 | |
Ending balance | $ 5.5 | $ 5.5 |
Redeemable preferred shares - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Oct. 05, 2016 |
May 04, 2019 |
May 05, 2018 |
Feb. 02, 2019 |
|
Temporary Equity [Line Items] | ||||
Accretion on redeemable convertible preferred shares | $ 8.2 | $ 8.2 | ||
Series A Redeemable Convertible Preferred Stock | ||||
Temporary Equity [Line Items] | ||||
Redeemable convertible preferred stock, shares issued (shares) | 625,000 | |||
Preferred stock, purchase price | $ 625.0 | |||
Shares issued, price per share (in usd per share) | $ 1,000 | |||
Preferred stock, dividend rate, percentage | 5.00% | |||
Payments of stock issuance costs | $ 13.7 | |||
Accumulated accretion of dividends | $ 4.4 | 2.7 | $ 4.0 | |
Accretion on redeemable convertible preferred shares | $ 0.4 | $ 0.4 |
Redeemable preferred shares - Redeemable Preferred Shares (Details) - Series A Redeemable Convertible Preferred Stock $ / shares in Units, shares in Millions, $ in Millions |
May 04, 2019
USD ($)
$ / shares
shares
|
Feb. 02, 2019
USD ($)
$ / shares
shares
|
May 05, 2018
USD ($)
$ / shares
shares
|
---|---|---|---|
Temporary Equity [Line Items] | |||
Conversion ratio | 11.5493 | 11.3660 | 10.9409 |
Conversion price (USD per share) | $ / shares | $ 86.5853 | $ 87.9817 | $ 91.4002 |
Conversion of stock, shares issued (shares) | shares | 7.2 | 7.1 | 6.8 |
Liquidation preference | $ | $ 632.8 | $ 632.8 | $ 632.8 |
Shareholders' equity - Share Repurchase (Details) - USD ($) $ / shares in Units, shares in Millions |
3 Months Ended | |
---|---|---|
May 04, 2019 |
May 05, 2018 |
|
Class of Stock [Line Items] | ||
Shares repurchased (shares) | 0.0 | 1.5 |
Amount repurchased | $ 0 | $ 60,000,000 |
Average repurchase price per share (usd per share) | $ 0.00 | $ 39.62 |
2017 Program | ||
Class of Stock [Line Items] | ||
Amount authorized | $ 600,000,000 | |
Shares repurchased (shares) | 0.0 | 0.2 |
Amount repurchased | $ 0 | $ 9,400,000 |
Average repurchase price per share (usd per share) | $ 0.00 | $ 38.86 |
Remaining authorized repurchase amount | $ 165,600,000 | |
2016 Program | ||
Class of Stock [Line Items] | ||
Amount authorized | $ 1,375,000,000 | |
Shares repurchased (shares) | 1.3 | |
Amount repurchased | $ 50,600,000 | |
Average repurchase price per share (usd per share) | $ 39.76 |
Shareholders' equity - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | |
---|---|---|
May 04, 2019 |
May 05, 2018 |
|
Dividends Payable [Line Items] | ||
Dividends declared per common share (usd per share) | $ 0.37 | $ 0.37 |
Dividends, common stock | $ 19.3 | $ 21.8 |
Dividends declared per preferred share (usd per share) | $ 12.50 | $ 12.50 |
Dividends on redeemable convertible preferred shares | $ 8.2 | $ 8.2 |
Series A Redeemable Convertible Preferred Stock | ||
Dividends Payable [Line Items] | ||
Dividends declared per preferred share (usd per share) | $ 12.5 | $ 12.5 |
Dividends, preferred stock | $ 7.8 | $ 7.8 |
Dividends on redeemable convertible preferred shares | 0.4 | 0.4 |
Accrued Expenses | ||
Dividends Payable [Line Items] | ||
Dividends, preferred stock | $ 7.8 | |
Other liabilities | ||
Dividends Payable [Line Items] | ||
Dividends, preferred stock | $ 7.8 |
Earnings (loss) per common share (“EPS”) - Schedule of Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
May 04, 2019 |
May 05, 2018 |
|
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to common shareholders | $ (18.2) | $ (504.8) |
Net income | $ (18.2) | $ (504.8) |
Basic weighted average number of shares outstanding (shares) | 51.6 | 59.5 |
Diluted weighted average number of shares outstanding (shares) | 51.6 | 59.5 |
Earnings per common share - diluted (usd per share) | $ (0.35) | $ (8.48) |
Earnings (loss) per common share (“EPS”) - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Millions |
3 Months Ended | |
---|---|---|
May 04, 2019 |
May 05, 2018 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares excluded from the calculation of earnings per share (shares) | 8.3 | 7.3 |
Share awards | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares excluded from the calculation of earnings per share (shares) | 1.1 | 0.5 |
Potential impact of preferred shares | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive shares excluded from the calculation of earnings per share (shares) | 7.2 | 6.8 |
Accumulated other comprehensive income (loss) - Changes in Accumulated OCI by Component and Reclassifications Out of Accumulated OCI (Details) $ in Millions |
3 Months Ended |
---|---|
May 04, 2019
USD ($)
| |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning Balance | $ 1,201.6 |
Other comprehensive income (loss) (“OCI”) before reclassifications | (4.9) |
Amounts reclassified from AOCI to net income | (0.2) |
Total other comprehensive (loss) income | (5.1) |
Ending Balance | 1,161.4 |
Foreign currency translation | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning Balance | (248.4) |
Other comprehensive income (loss) (“OCI”) before reclassifications | (2.0) |
Amounts reclassified from AOCI to net income | 0.0 |
Total other comprehensive (loss) income | (2.0) |
Ending Balance | (250.4) |
Losses on available-for-sale securities, net | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning Balance | (0.5) |
Other comprehensive income (loss) (“OCI”) before reclassifications | 0.3 |
Amounts reclassified from AOCI to net income | 0.0 |
Total other comprehensive (loss) income | 0.3 |
Ending Balance | (0.2) |
Gains (losses) on cash flow hedges | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning Balance | 4.0 |
Other comprehensive income (loss) (“OCI”) before reclassifications | (3.2) |
Amounts reclassified from AOCI to net income | (0.4) |
Total other comprehensive (loss) income | (3.6) |
Ending Balance | 0.4 |
Accumulated other comprehensive loss | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning Balance | (302.8) |
Ending Balance | (307.9) |
Pension Plan | Actuarial losses | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning Balance | (53.8) |
Other comprehensive income (loss) (“OCI”) before reclassifications | 0.0 |
Amounts reclassified from AOCI to net income | 0.2 |
Total other comprehensive (loss) income | 0.2 |
Ending Balance | (53.6) |
Pension Plan | Prior service credits | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning Balance | (4.1) |
Other comprehensive income (loss) (“OCI”) before reclassifications | 0.0 |
Amounts reclassified from AOCI to net income | 0.0 |
Total other comprehensive (loss) income | 0.0 |
Ending Balance | $ (4.1) |
Accumulated other comprehensive income (loss) - Reclassifications out of AOCI (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
May 04, 2019 |
May 05, 2018 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Cost of sales | $ (932.3) | $ (995.8) |
Interest expense, net | (9.2) | (8.9) |
Income before income taxes | 11.5 | 582.5 |
Other non-operating income | 0.3 | 0.6 |
Income taxes | (1.5) | (85.9) |
Net income | 10.0 | 496.6 |
Reclassification out of Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Net income | (0.2) | (0.1) |
Gains (losses) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Income before income taxes | (0.5) | (0.5) |
Income taxes | 0.1 | 0.2 |
Net income | (0.4) | (0.3) |
Gains (losses) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | Foreign currency contracts | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Cost of sales | (0.3) | 0.3 |
Gains (losses) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | Interest rate swaps | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Interest expense, net | (0.6) | (0.3) |
Gains (losses) on cash flow hedges | Reclassification out of Accumulated Other Comprehensive Income | Commodity contracts | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Cost of sales | 0.4 | (0.5) |
Actuarial losses | Reclassification out of Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other non-operating income | (0.3) | (0.3) |
Prior service credits | Reclassification out of Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Other non-operating income | 0.0 | 0.1 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent | Reclassification out of Accumulated Other Comprehensive Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Income before income taxes | 0.3 | 0.2 |
Income taxes | (0.1) | 0.0 |
Net income | $ 0.2 | $ 0.2 |
Income taxes - Reconciliation of Statutory Tax Rate to Effective Tax Rate (Details) |
3 Months Ended | |
---|---|---|
May 04, 2019 |
May 05, 2018 |
|
Income Tax Disclosure [Abstract] | ||
Effective tax rate before discrete items | 14.70% | 28.30% |
Discrete items recognized | (1.70%) | (13.50%) |
Effective tax rate recognized in statement of operations | 13.00% | 14.80% |
Accounts receivable - Portfolio of Accounts Receivable (Details) - USD ($) $ in Millions |
May 04, 2019 |
Feb. 02, 2019 |
May 05, 2018 |
---|---|---|---|
Receivables [Abstract] | |||
Accounts receivable, held for investment | $ 15.3 | $ 19.5 | $ 6.8 |
Accounts receivable, held for sale | 7.8 | 4.2 | 484.6 |
Accounts receivable | $ 23.1 | $ 23.7 | $ 491.4 |
Accounts receivable - Additional Information (Details) - Credit Transaction, Net $ in Millions |
3 Months Ended |
---|---|
May 05, 2018
USD ($)
| |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Valuation losses on accounts receivable | $ 141.0 |
Other transacted-related costs | $ 2.1 |
Inventories - Summary of Inventory Components (Details) - USD ($) $ in Millions |
May 04, 2019 |
Feb. 02, 2019 |
May 05, 2018 |
---|---|---|---|
Inventory Disclosure [Abstract] | |||
Raw materials | $ 74.2 | $ 76.3 | $ 69.7 |
Finished goods | 2,320.0 | 2,310.6 | 2,359.3 |
Total inventories | $ 2,394.2 | $ 2,386.9 | $ 2,429.0 |
Inventories - Narrative (Details) - USD ($) $ in Millions |
May 04, 2019 |
Feb. 02, 2019 |
Feb. 03, 2018 |
---|---|---|---|
Inventory Disclosure [Abstract] | |||
Inventory reserves | $ 84.7 | $ 95.3 | $ 41.4 |
Leases - Lease Term and Discount Rate (Details) |
May 04, 2019 |
---|---|
Leases [Abstract] | |
Operating lease, weighted average remaining lease term (years) | 7 years 4 months |
Operating lease, weighted average discount rate, percent | 5.50% |
Leases - Total Lease Costs For Operating Leases (Details) $ in Millions |
3 Months Ended |
---|---|
May 04, 2019
USD ($)
| |
Leases [Abstract] | |
Operating lease cost | $ 114.4 |
Short-term lease cost | 7.8 |
Variable lease cost | 26.6 |
Sublease income | (0.7) |
Total lease cost | $ 148.1 |
Leases - Schedule of Supplementary Cash Flow Information (Details) $ in Millions |
3 Months Ended |
---|---|
May 04, 2019
USD ($)
| |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 118.0 |
Operating lease right-of-use assets obtained in exchange for lease obligations | $ 6.5 |
Leases - Future Minimum Payments For Operating Leases (Details) $ in Millions |
May 04, 2019
USD ($)
|
---|---|
Leases [Abstract] | |
Remainder of Fiscal 2020 | $ 342.2 |
Fiscal 2021 | 416.0 |
Fiscal 2022 | 364.0 |
Fiscal 2023 | 311.7 |
Fiscal 2024 | 245.3 |
Thereafter | 726.1 |
Total lease payments | 2,405.3 |
Less: Imputed interest | (457.0) |
Present value of lease liabilities | $ 1,948.3 |
Goodwill and intangibles - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
May 04, 2019 |
Feb. 02, 2019 |
May 05, 2018 |
Feb. 02, 2019 |
|
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill and intangible impairments | $ 0.0 | $ 448.7 | ||
Impairment | 286.7 | $ 521.2 | ||
North America | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill and intangible impairments | 448.7 | |||
Impairment | $ 208.8 | 308.8 | $ 517.6 | |
Impairment of intangible assets (excluding goodwill) | 74.3 | $ 139.9 | ||
Other | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment | $ 3.6 |
Goodwill and intangibles - Summary of Goodwill (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
May 04, 2019 |
Feb. 02, 2019 |
May 05, 2018 |
Feb. 02, 2019 |
|
Goodwill [Roll Forward] | ||||
Beginning Balance | $ 296.6 | $ 821.7 | $ 821.7 | |
Impairment | (286.7) | (521.2) | ||
Impact of foreign exchange and other adjustments | (0.2) | (3.9) | ||
Ending Balance | 296.4 | $ 296.6 | 509.1 | 296.6 |
Intangible assets, purchase accounting adjustments | 2.6 | |||
North America | ||||
Goodwill [Roll Forward] | ||||
Beginning Balance | 296.6 | 818.1 | 818.1 | |
Impairment | (208.8) | (308.8) | (517.6) | |
Impact of foreign exchange and other adjustments | (0.2) | (3.9) | ||
Ending Balance | 296.4 | 296.6 | 296.6 | |
Other | ||||
Goodwill [Roll Forward] | ||||
Beginning Balance | 0.0 | $ 3.6 | 3.6 | |
Impairment | (3.6) | |||
Impact of foreign exchange and other adjustments | 0.0 | |||
Ending Balance | $ 0.0 | $ 0.0 | $ 0.0 |
Goodwill and intangibles - Composition of Finite-Lived Intangibles (Details) - USD ($) $ in Millions |
May 04, 2019 |
Feb. 02, 2019 |
May 05, 2018 |
---|---|---|---|
Intangible assets, net: | |||
Gross carrying amount | $ 53.0 | $ 53.3 | $ 53.5 |
Accumulated amortization | (50.2) | (50.1) | (47.2) |
Net carrying amount | 2.8 | 3.2 | 6.3 |
Intangible assets, gross | 528.1 | 529.2 | 530.1 |
Accumulated amortization, net | (264.0) | (264.2) | (186.9) |
Total intangible assets, net | 264.1 | 265.0 | 343.2 |
Intangible liabilities, net | |||
Gross carrying amount | (113.7) | (113.9) | (114.1) |
Accumulated amortization | 93.8 | 92.5 | 87.1 |
Total | (19.9) | (21.4) | (27.0) |
Trade names | |||
Intangible assets, net: | |||
Indefinite-lived intangible assets, gross | 475.1 | 475.9 | 476.6 |
Accumulated amortization | (213.8) | (214.1) | (139.7) |
Indefinite-lived intangible assets | $ 261.3 | $ 261.8 | $ 336.9 |
Derivatives - Additional Information (Details) oz in Thousands |
3 Months Ended | |||
---|---|---|---|---|
May 04, 2019
USD ($)
oz
|
Feb. 02, 2019
USD ($)
oz
|
May 05, 2018
USD ($)
oz
|
Mar. 31, 2015
USD ($)
|
|
Interest rate swaps | ||||
Derivative [Line Items] | ||||
Derivative, notional amount | $ 300,000,000 | |||
Foreign currency contracts | Not Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Derivative, notional amount | $ 92,400,000 | $ 111,500,000 | $ 104,300,000 | |
Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
Cash flow hedge gain to be reclassified within twelve months | 500,000 | |||
Cash Flow Hedging | Foreign currency contracts | ||||
Derivative [Line Items] | ||||
Derivative, notional amount | $ 20,600,000 | $ 22,400,000 | $ 22,200,000 | |
Derivative, remaining maturity | 11 months | 12 months | 11 months | |
Cash Flow Hedging | Commodity contracts | ||||
Derivative [Line Items] | ||||
Derivative, remaining maturity | 20 months | 20 months | 9 months | |
Derivative, notional amount in gold | oz | 92 | 89 | 5 |
Derivatives - Fair Value of Presentation of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions |
May 04, 2019 |
Feb. 02, 2019 |
May 05, 2018 |
---|---|---|---|
Derivatives, Fair Value [Line Items] | |||
Fair Value of derivative assets | $ 1.9 | $ 7.2 | $ 2.8 |
Fair value of derivative liabilities | (0.6) | (0.2) | (1.2) |
Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Fair Value of derivative assets | 0.9 | 6.4 | 2.8 |
Fair value of derivative liabilities | (0.6) | (0.2) | (0.2) |
Foreign currency contracts | Designated as Hedging Instrument | Other current assets | |||
Derivatives, Fair Value [Line Items] | |||
Fair Value of derivative assets | 0.0 | 0.1 | 0.4 |
Foreign currency contracts | Designated as Hedging Instrument | Other current liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liabilities | (0.1) | (0.2) | (0.2) |
Foreign currency contracts | Not Designated as Hedging Instrument | Other current assets | |||
Derivatives, Fair Value [Line Items] | |||
Fair Value of derivative assets | 1.0 | 0.8 | 0.0 |
Foreign currency contracts | Not Designated as Hedging Instrument | Other current liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liabilities | 0.0 | 0.0 | (1.0) |
Commodity contracts | Designated as Hedging Instrument | Other current assets | |||
Derivatives, Fair Value [Line Items] | |||
Fair Value of derivative assets | 0.8 | 4.3 | 0.1 |
Commodity contracts | Designated as Hedging Instrument | Other assets | |||
Derivatives, Fair Value [Line Items] | |||
Fair Value of derivative assets | 0.1 | 1.4 | 0.0 |
Commodity contracts | Designated as Hedging Instrument | Other current liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liabilities | (0.3) | 0.0 | 0.0 |
Commodity contracts | Designated as Hedging Instrument | Other liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liabilities | (0.2) | 0.0 | 0.0 |
Interest rate swaps | Designated as Hedging Instrument | Other assets | |||
Derivatives, Fair Value [Line Items] | |||
Fair Value of derivative assets | $ 0.0 | $ 0.6 | $ 2.3 |
Derivatives - Derivative Instruments Designated as Cash Flow Hedges in OCI (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
May 04, 2019 |
May 05, 2018 |
|
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ||
Current period gains (losses) recognized in OCI | $ (4.3) | |
Current period gains (losses) recognized in OCI | $ 1.9 | |
Losses (gains) reclassified from AOCI to net income | (0.5) | |
Losses (gains) reclassified from AOCI to net income | (0.5) | |
Cash Flow Hedging | ||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ||
Gains (losses) recorded in AOCI, beginning of period | 5.3 | |
Gains recorded in AOCI, end of period | 0.5 | 2.6 |
Commodity contracts | Cash Flow Hedging | ||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ||
Gains (losses) recorded in AOCI, beginning of period | 4.0 | 1.4 |
Current period gains (losses) recognized in OCI | (4.3) | |
Current period gains (losses) recognized in OCI | 0.2 | |
Gains recorded in AOCI, end of period | 0.1 | 1.1 |
Interest rate swaps | Cash Flow Hedging | ||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ||
Gains (losses) recorded in AOCI, beginning of period | 0.6 | 2.2 |
Current period gains (losses) recognized in OCI | 0.0 | |
Current period gains (losses) recognized in OCI | 0.4 | |
Gains recorded in AOCI, end of period | 0.0 | 2.3 |
Foreign currency contracts | Cash Flow Hedging | ||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ||
Gains (losses) recorded in AOCI, beginning of period | 0.7 | (2.4) |
Current period gains (losses) recognized in OCI | 0.0 | |
Current period gains (losses) recognized in OCI | 1.3 | |
Gains recorded in AOCI, end of period | 0.4 | (0.8) |
Cost of sales | Commodity contracts | Cash Flow Hedging | ||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ||
Losses (gains) reclassified from AOCI to net income | 0.4 | |
Losses (gains) reclassified from AOCI to net income | (0.5) | |
Cost of sales | Foreign currency contracts | Cash Flow Hedging | ||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ||
Losses (gains) reclassified from AOCI to net income | (0.3) | |
Losses (gains) reclassified from AOCI to net income | 0.3 | |
Interest expense, net | Interest rate swaps | Cash Flow Hedging | ||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ||
Losses (gains) reclassified from AOCI to net income | $ (0.6) | |
Losses (gains) reclassified from AOCI to net income | $ (0.3) |
Derivatives - Derivatives not Designated as Hedging Instruments (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
May 04, 2019 |
May 05, 2018 |
|
Not Designated as Hedging Instrument | Foreign currency contracts | Other Income | ||
Derivative [Line Items] | ||
Foreign currency contracts not designated as hedging | $ 1.1 | $ (4.8) |
Fair value measurements - Fair Value of Assets and Liabilities (Details) - USD ($) $ in Millions |
May 04, 2019 |
Feb. 02, 2019 |
May 05, 2018 |
---|---|---|---|
Quoted prices in active markets for identical assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | $ 10.3 | $ 7.1 | $ 11.6 |
Liabilities | 0.0 | 0.0 | 0.0 |
Significant other observable inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 12.5 | 14.9 | 18.1 |
Liabilities | (0.6) | (0.2) | (1.2) |
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 | 7.7 | 4.7 | 7.3 |
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 | 0.0 |
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 | 2.6 | 2.4 | 4.3 |
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 | 0.0 |
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 | 0.0 |
Liabilities | 0.0 | 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 | 1.0 | 0.9 | 0.4 |
Liabilities | (0.1) | (0.2) | (1.2) |
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 | 0.0 |
Liabilities | 0.0 | 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 | 0.9 | 5.7 | 0.1 |
Liabilities | (0.5) | 0.0 | 0.0 |
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 | 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 | 2.3 |
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 | 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 | 4.0 | 2.5 | 4.7 |
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 | 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 | 6.6 | 5.2 | 10.6 |
Carrying Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 22.8 | 22.0 | 29.7 |
Liabilities | (0.6) | (0.2) | (1.2) |
Carrying Value | US Treasury securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 7.7 | 4.7 | 7.3 |
Carrying Value | Corporate equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 2.6 | 2.4 | 4.3 |
Carrying Value | Foreign currency contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 1.0 | 0.9 | 0.4 |
Liabilities | (0.1) | (0.2) | (1.2) |
Carrying Value | Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0.9 | 5.7 | 0.1 |
Liabilities | (0.5) | 0.0 | 0.0 |
Carrying Value | Interest rate swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 0.0 | 0.6 | 2.3 |
Carrying Value | US government agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | 4.0 | 2.5 | 4.7 |
Carrying Value | Corporate bonds and notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets | $ 6.6 | $ 5.2 | $ 10.6 |
Fair value measurements - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Aug. 04, 2018 |
May 04, 2019 |
|
Fair Value Disclosures [Abstract] | ||
Sale of receivables. percentage deferred until second anniversary | 5.00% | |
Deferred payment, fair value disclosure | $ 19.3 |
Fair value measurements - Outstanding Debt (Details) - USD ($) $ in Millions |
May 04, 2019 |
Feb. 02, 2019 |
May 05, 2018 |
---|---|---|---|
Carrying Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Outstanding debt | $ 680.0 | $ 688.3 | $ 711.6 |
Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Outstanding debt | 649.4 | 635.2 | 701.8 |
Senior Notes | Level 2 | Carrying Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Outstanding debt | 395.5 | 395.3 | 394.6 |
Senior Notes | Level 2 | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Outstanding debt | 363.4 | 340.3 | 382.3 |
Term Loan | Level 2 | Carrying Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Outstanding debt | 284.5 | 293.0 | 317.0 |
Term Loan | Level 2 | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Outstanding debt | $ 286.0 | $ 294.9 | $ 319.5 |
Loans, overdrafts and long-term debt (Details) - USD ($) $ in Millions |
May 04, 2019 |
Feb. 02, 2019 |
May 05, 2018 |
---|---|---|---|
Debt Disclosure [Abstract] | |||
Senior unsecured notes due 2024, net of unamortized discount | $ 399.1 | $ 399.0 | $ 398.9 |
Senior unsecured term loan | 286.0 | 294.9 | 319.5 |
Revolving credit facility | 0.0 | 0.0 | 40.0 |
Bank overdrafts | 2.7 | 40.1 | 0.3 |
Total debt | 687.8 | 734.0 | 758.7 |
Less: Current portion of loans and overdrafts | (43.7) | (78.8) | (72.3) |
Less: Unamortized capitalized debt issuance fees | (5.1) | (5.6) | (6.7) |
Long-term debt | $ 639.0 | $ 649.6 | $ 679.7 |
Loans, overdrafts and long-term debt - Additional Information (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
May 04, 2019 |
May 05, 2018 |
Feb. 02, 2019 |
|
Credit Facility | Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Credit facility, maximum borrowing capacity | $ 700,000,000 | ||
Capitalized fees | 2,600,000 | ||
Accumulated amortization of noncurrent deferred finance costs | 1,700,000 | $ 1,300,000 | $ 1,600,000 |
Amortization of financing costs | 100,000 | 100,000 | |
Letters of credit outstanding | 14,600,000 | $ 14,500,000 | 14,600,000 |
Weighted average interest rate | 3.30% | ||
Credit Facility | Term Loan | |||
Debt Instrument [Line Items] | |||
Face amount | 357,500,000.0 | ||
Capitalized fees | 6,200,000 | ||
Accumulated amortization of noncurrent deferred finance costs | 4,700,000 | $ 3,700,000 | 4,300,000 |
Amortization of financing costs | $ 400,000 | $ 200,000 | |
Weighted average interest rate | 4.37% | 3.10% | |
Signet UK Finance plc | Senior Unsecured Notes Due in 2024 | |||
Debt Instrument [Line Items] | |||
Face amount | $ 400,000,000 | ||
Capitalized fees | 7,000,000 | ||
Accumulated amortization of noncurrent deferred finance costs | 3,400,000 | $ 2,700,000 | $ 3,300,000 |
Amortization of financing costs | $ 100,000 | $ 100,000 | |
Stated interest rate | 4.70% |
Warranty reserve - Warranty Reserve Rollforward (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
May 04, 2019 |
May 05, 2018 |
|
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Balance at beginning of period | $ 33.2 | $ 37.2 |
Warranty expense | 3.5 | 1.4 |
Utilized | (2.9) | (3.0) |
Balance at end of period | $ 33.8 | $ 35.6 |
Warranty reserve (Details) - USD ($) $ in Millions |
May 04, 2019 |
Feb. 02, 2019 |
May 05, 2018 |
Feb. 03, 2018 |
---|---|---|---|---|
Other Liabilities Disclosure [Abstract] | ||||
Current liabilities | $ 10.1 | $ 10.0 | $ 11.0 | |
Non-current liabilities | 23.7 | 23.2 | 24.6 | |
Product warranty accrual | $ 33.8 | $ 33.2 | $ 35.6 | $ 37.2 |
Share-based compensation - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
May 04, 2019 |
May 05, 2018 |
|
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share-based compensation expense | $ 4.0 | $ 1.8 |
Commitments and contingencies - Additional information (Details) |
1 Months Ended | 12 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Mar. 27, 2019
lawsuit
|
Jan. 15, 2018
plaintiff
|
Jan. 14, 2018
plaintiff
|
Aug. 01, 2016
employee
|
Feb. 28, 2019
USD ($)
|
Mar. 31, 2017
lawsuit
|
Aug. 31, 2016
lawsuit
|
Feb. 03, 2018
employee
|
|
EPA Collective Action | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of employees opted in lawsuit (employee) (plaintiff) | 254 | 70,000 | 10,314 | 9,124 | ||||
S.D.N.Y. Cases | ||||||||
Loss Contingencies [Line Items] | ||||||||
New claims filed, number | lawsuit | 2 | 2 | 2 | |||||
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 |
Condensed consolidating financial information - Narrative (Details) |
May 04, 2019 |
---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Parent's ownership in guarantor subsidiary (percent) | 100.00% |
Condensed consolidating financial information - Condensed consolidated statement of operations (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
May 04, 2019 |
May 05, 2018 |
|
Condensed Income Statements, Captions [Line Items] | ||
Sales | $ 1,431.7 | $ 1,480.6 |
Cost of sales | (932.3) | (995.8) |
Gross margin | 499.4 | 484.8 |
Selling, general and administrative expenses | (475.2) | (482.8) |
Credit transaction, net | 0.0 | (143.1) |
Restructuring charges | (26.8) | (6.5) |
Goodwill and intangible impairments | 0.0 | (448.7) |
Other operating income, net | 0.0 | 22.1 |
Operating income (loss) | (2.6) | (574.2) |
Intra-entity interest income (expense) | 0.0 | 0.0 |
Interest expense, net | (9.2) | (8.9) |
Other non-operating income | 0.3 | 0.6 |
Income (loss) before income taxes | (11.5) | (582.5) |
Income taxes | 1.5 | 85.9 |
Equity in income of subsidiaries | 0.0 | 0.0 |
Net income (loss) | (10.0) | (496.6) |
Dividends on redeemable convertible preferred shares | (8.2) | (8.2) |
Net income attributable to common shareholders | (18.2) | (504.8) |
Consolidation, Eliminations | ||
Condensed Income Statements, Captions [Line Items] | ||
Sales | 0.0 | 0.0 |
Cost of sales | 0.0 | 0.0 |
Gross margin | 0.0 | 0.0 |
Selling, general and administrative expenses | 0.0 | 0.0 |
Credit transaction, net | 0.0 | |
Restructuring charges | 0.0 | 0.0 |
Goodwill and intangible impairments | 0.0 | |
Other operating income, net | 0.0 | 0.0 |
Operating income (loss) | 0.0 | 0.0 |
Intra-entity interest income (expense) | 0.0 | 0.0 |
Interest expense, net | 0.0 | 0.0 |
Other non-operating income | 0.0 | 0.0 |
Income (loss) before income taxes | 0.0 | 0.0 |
Income taxes | 0.0 | 0.0 |
Equity in income of subsidiaries | 154.4 | 1,628.7 |
Net income (loss) | 154.4 | 1,628.7 |
Dividends on redeemable convertible preferred shares | 0.0 | 0.0 |
Net income attributable to common shareholders | 154.4 | 1,628.7 |
Guarantor Subsidiaries | Reportable Legal Entities | ||
Condensed Income Statements, Captions [Line Items] | ||
Sales | 1,316.9 | 1,356.5 |
Cost of sales | (854.0) | (936.3) |
Gross margin | 462.9 | 420.2 |
Selling, general and administrative expenses | (462.4) | (444.4) |
Credit transaction, net | (143.1) | |
Restructuring charges | (25.8) | (5.5) |
Goodwill and intangible impairments | (448.7) | |
Other operating income, net | (0.1) | 22.6 |
Operating income (loss) | (25.4) | (598.9) |
Intra-entity interest income (expense) | (48.4) | (44.8) |
Interest expense, net | (4.3) | (4.0) |
Other non-operating income | 0.3 | 0.6 |
Income (loss) before income taxes | (77.8) | (647.1) |
Income taxes | 8.8 | 79.4 |
Equity in income of subsidiaries | (79.7) | (565.1) |
Net income (loss) | (148.7) | (1,132.8) |
Dividends on redeemable convertible preferred shares | 0.0 | 0.0 |
Net income attributable to common shareholders | (148.7) | (1,132.8) |
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||
Condensed Income Statements, Captions [Line Items] | ||
Sales | 114.8 | 124.1 |
Cost of sales | (78.3) | (59.5) |
Gross margin | 36.5 | 64.6 |
Selling, general and administrative expenses | (12.8) | (38.3) |
Credit transaction, net | 0.0 | |
Restructuring charges | (1.0) | (1.0) |
Goodwill and intangible impairments | 0.0 | |
Other operating income, net | 0.1 | (0.4) |
Operating income (loss) | 22.8 | 24.9 |
Intra-entity interest income (expense) | 44.4 | 40.8 |
Interest expense, net | 0.1 | 0.0 |
Other non-operating income | 0.0 | 0.0 |
Income (loss) before income taxes | 67.3 | 65.7 |
Income taxes | (7.4) | 6.5 |
Equity in income of subsidiaries | (65.4) | (567.9) |
Net income (loss) | (5.5) | (495.7) |
Dividends on redeemable convertible preferred shares | 0.0 | 0.0 |
Net income attributable to common shareholders | (5.5) | (495.7) |
Signet Jewelers Limited | Reportable Legal Entities | ||
Condensed Income Statements, Captions [Line Items] | ||
Sales | 0.0 | 0.0 |
Cost of sales | 0.0 | 0.0 |
Gross margin | 0.0 | 0.0 |
Selling, general and administrative expenses | 0.0 | (0.1) |
Credit transaction, net | 0.0 | |
Restructuring charges | 0.0 | 0.0 |
Goodwill and intangible impairments | 0.0 | |
Other operating income, net | 0.0 | (0.1) |
Operating income (loss) | 0.0 | (0.2) |
Intra-entity interest income (expense) | (0.7) | (0.7) |
Interest expense, net | 0.0 | 0.0 |
Other non-operating income | 0.0 | 0.0 |
Income (loss) before income taxes | (0.7) | (0.9) |
Income taxes | 0.0 | 0.0 |
Equity in income of subsidiaries | (9.3) | (495.7) |
Net income (loss) | (10.0) | (496.6) |
Dividends on redeemable convertible preferred shares | (8.2) | (8.2) |
Net income attributable to common shareholders | (18.2) | (504.8) |
Signet UK Finance plc | Reportable Legal Entities | ||
Condensed Income Statements, Captions [Line Items] | ||
Sales | 0.0 | 0.0 |
Cost of sales | 0.0 | 0.0 |
Gross margin | 0.0 | 0.0 |
Selling, general and administrative expenses | 0.0 | 0.0 |
Credit transaction, net | 0.0 | |
Restructuring charges | 0.0 | 0.0 |
Goodwill and intangible impairments | 0.0 | |
Other operating income, net | 0.0 | 0.0 |
Operating income (loss) | 0.0 | 0.0 |
Intra-entity interest income (expense) | 4.7 | 4.7 |
Interest expense, net | (5.0) | (4.9) |
Other non-operating income | 0.0 | 0.0 |
Income (loss) before income taxes | (0.3) | (0.2) |
Income taxes | 0.1 | 0.0 |
Equity in income of subsidiaries | 0.0 | 0.0 |
Net income (loss) | (0.2) | (0.2) |
Dividends on redeemable convertible preferred shares | 0.0 | 0.0 |
Net income attributable to common shareholders | $ (0.2) | $ (0.2) |
Condensed consolidating financial information - Condensed consolidated statement of comprehensive income (loss) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
May 04, 2019 |
May 05, 2018 |
|||
Condensed Statement of Comprehensive Income [Line Items] | ||||
Net income | $ (10.0) | $ (496.6) | ||
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (2.0) | (21.7) | ||
Available-for-sale securities: | ||||
Unrealized loss | 0.3 | (0.2) | ||
Impact from adoption of new accounting pronouncements | [1] | 0.0 | (0.8) | |
Cash flow hedges: | ||||
Unrealized gain (loss) | (3.2) | |||
Reclassification adjustment for gains to net income | (0.4) | |||
Unrealized gain (loss) | 1.5 | |||
Reclassification adjustment for gains to net income | (0.3) | |||
Pension plan: | ||||
Reclassification adjustment to net income for amortization of actuarial loss | 0.2 | 0.3 | ||
Reclassification adjustment to net income for amortization of prior service credits | 0.0 | (0.1) | ||
Total other comprehensive income (loss) | (5.1) | (21.3) | ||
Total comprehensive income (loss) | (15.1) | (517.9) | ||
Consolidation, Eliminations | ||||
Condensed Statement of Comprehensive Income [Line Items] | ||||
Net income | 154.4 | 1,628.7 | ||
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 2.0 | 21.7 | ||
Available-for-sale securities: | ||||
Unrealized loss | (0.3) | 0.2 | ||
Impact from adoption of new accounting pronouncements | 0.8 | |||
Cash flow hedges: | ||||
Unrealized gain (loss) | 3.2 | |||
Reclassification adjustment for gains to net income | 0.4 | |||
Unrealized gain (loss) | (1.5) | |||
Reclassification adjustment for gains to net income | 0.3 | |||
Pension plan: | ||||
Reclassification adjustment to net income for amortization of actuarial loss | (0.2) | (0.3) | ||
Reclassification adjustment to net income for amortization of prior service credits | 0.1 | |||
Total other comprehensive income (loss) | 5.1 | 21.3 | ||
Total comprehensive income (loss) | 159.5 | 1,650.0 | ||
Guarantor Subsidiaries | Reportable Legal Entities | ||||
Condensed Statement of Comprehensive Income [Line Items] | ||||
Net income | (148.7) | (1,132.8) | ||
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (2.0) | (21.5) | ||
Available-for-sale securities: | ||||
Unrealized loss | 0.0 | 0.0 | ||
Impact from adoption of new accounting pronouncements | 0.0 | |||
Cash flow hedges: | ||||
Unrealized gain (loss) | (3.2) | |||
Reclassification adjustment for gains to net income | (0.4) | |||
Unrealized gain (loss) | 1.5 | |||
Reclassification adjustment for gains to net income | (0.3) | |||
Pension plan: | ||||
Reclassification adjustment to net income for amortization of actuarial loss | 0.2 | 0.3 | ||
Reclassification adjustment to net income for amortization of prior service credits | (0.1) | |||
Total other comprehensive income (loss) | (5.4) | (20.1) | ||
Total comprehensive income (loss) | (154.1) | (1,152.9) | ||
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||
Condensed Statement of Comprehensive Income [Line Items] | ||||
Net income | (5.5) | (495.7) | ||
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (0.2) | |||
Available-for-sale securities: | ||||
Unrealized loss | 0.3 | (0.2) | ||
Impact from adoption of new accounting pronouncements | (0.8) | |||
Cash flow hedges: | ||||
Unrealized gain (loss) | 0.0 | |||
Reclassification adjustment for gains to net income | 0.0 | |||
Unrealized gain (loss) | 0.0 | |||
Reclassification adjustment for gains to net income | 0.0 | |||
Pension plan: | ||||
Reclassification adjustment to net income for amortization of actuarial loss | 0.0 | 0.0 | ||
Reclassification adjustment to net income for amortization of prior service credits | 0.0 | |||
Total other comprehensive income (loss) | 0.3 | (1.2) | ||
Total comprehensive income (loss) | (5.2) | (496.9) | ||
Signet Jewelers Limited | Reportable Legal Entities | ||||
Condensed Statement of Comprehensive Income [Line Items] | ||||
Net income | (10.0) | (496.6) | ||
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (2.0) | (21.7) | ||
Available-for-sale securities: | ||||
Unrealized loss | 0.3 | (0.2) | ||
Impact from adoption of new accounting pronouncements | (0.8) | |||
Cash flow hedges: | ||||
Unrealized gain (loss) | (3.2) | |||
Reclassification adjustment for gains to net income | (0.4) | |||
Unrealized gain (loss) | 1.5 | |||
Reclassification adjustment for gains to net income | (0.3) | |||
Pension plan: | ||||
Reclassification adjustment to net income for amortization of actuarial loss | 0.2 | 0.3 | ||
Reclassification adjustment to net income for amortization of prior service credits | (0.1) | |||
Total other comprehensive income (loss) | (5.1) | (21.3) | ||
Total comprehensive income (loss) | (15.1) | (517.9) | ||
Signet UK Finance plc | Reportable Legal Entities | ||||
Condensed Statement of Comprehensive Income [Line Items] | ||||
Net income | (0.2) | (0.2) | ||
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 0.0 | 0.0 | ||
Available-for-sale securities: | ||||
Unrealized loss | 0.0 | 0.0 | ||
Impact from adoption of new accounting pronouncements | 0.0 | |||
Cash flow hedges: | ||||
Unrealized gain (loss) | 0.0 | |||
Reclassification adjustment for gains to net income | 0.0 | |||
Unrealized gain (loss) | 0.0 | |||
Reclassification adjustment for gains to net income | 0.0 | |||
Pension plan: | ||||
Reclassification adjustment to net income for amortization of actuarial loss | 0.0 | 0.0 | ||
Reclassification adjustment to net income for amortization of prior service credits | 0.0 | |||
Total other comprehensive income (loss) | 0.0 | 0.0 | ||
Total comprehensive income (loss) | $ (0.2) | $ (0.2) | ||
|
Condensed consolidating financial information - Condensed consolidated balance sheet (Details) - USD ($) $ in Millions |
May 04, 2019 |
Feb. 03, 2019 |
Feb. 02, 2019 |
May 05, 2018 |
Feb. 03, 2018 |
---|---|---|---|---|---|
Current assets: | |||||
Cash and cash equivalents | $ 195.1 | $ 195.4 | $ 153.9 | ||
Accounts receivable | 23.1 | 23.7 | 491.4 | ||
Intra-entity receivables, net | 0.0 | 0.0 | 0.0 | ||
Other current assets | 205.5 | $ 235.2 | 244.0 | 236.8 | |
Income taxes | 4.8 | 5.8 | 55.2 | ||
Inventories | 2,394.2 | 2,386.9 | 2,429.0 | ||
Total current assets | 2,822.7 | 2,855.8 | 3,366.3 | ||
Non-current assets: | |||||
Property, plant and equipment, net | 776.1 | 800.5 | 847.2 | ||
Operating lease right-of-use assets | 1,822.8 | 1,927.2 | |||
Goodwill | 296.4 | 296.6 | 509.1 | $ 821.7 | |
Intangible assets, net | 264.1 | 265.0 | 343.2 | ||
Investment in subsidiaries | 0.0 | 0.0 | |||
Intra-entity receivables, net | 0.0 | 0.0 | |||
Other assets | 189.2 | 181.2 | 206.3 | ||
Deferred tax assets | 22.0 | 21.0 | 0.8 | ||
Total assets | 6,193.3 | 4,420.1 | 5,272.9 | ||
Current liabilities: | |||||
Loans and overdrafts | 43.7 | 78.8 | 72.3 | ||
Accounts payable | 238.3 | 153.7 | 287.5 | ||
Intra-entity payables, net | 0.0 | 0.0 | |||
Accrued expenses and other current liabilities | 420.2 | 393.8 | 502.8 | 463.7 | |
Deferred revenue | 277.0 | 270.0 | 284.9 | ||
Operating lease liabilities | 358.9 | 376.5 | |||
Income taxes | 24.1 | 27.7 | 0.0 | ||
Total current liabilities | 1,362.2 | 1,033.0 | 1,108.4 | ||
Non-current liabilities: | |||||
Long-term debt | 639.0 | 649.6 | 679.7 | ||
Operating lease liabilities | 1,589.4 | 1,676.9 | |||
Other liabilities | 126.0 | $ 198.1 | 224.1 | 236.5 | |
Deferred revenue | 699.6 | 696.5 | 667.5 | ||
Deferred tax liabilities | 0.0 | 0.0 | 74.2 | ||
Total liabilities | 4,416.2 | 2,603.2 | 2,766.3 | ||
Shareholders’ equity: | |||||
Total shareholders’ equity | 1,161.4 | 1,201.6 | 1,892.6 | $ 2,499.8 | |
Total liabilities, redeemable convertible preferred shares and shareholders’ equity | 6,193.3 | 4,420.1 | 5,272.9 | ||
Consolidation, Eliminations | |||||
Current assets: | |||||
Cash and cash equivalents | 0.0 | 0.0 | 0.0 | ||
Accounts receivable | 0.0 | 0.0 | 0.0 | ||
Intra-entity receivables, net | (339.7) | (311.3) | (245.1) | ||
Other current assets | 0.0 | 0.0 | 0.0 | ||
Income taxes | 0.0 | 0.0 | 0.0 | ||
Inventories | 0.0 | 0.0 | 0.0 | ||
Total current assets | (339.7) | (311.3) | (245.1) | ||
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 | 0.0 | ||
Investment in subsidiaries | (1,666.2) | (1,834.5) | (3,166.8) | ||
Intra-entity receivables, net | (2,983.0) | (2,988.0) | (3,225.0) | ||
Other assets | 0.0 | 0.0 | 0.0 | ||
Deferred tax assets | 0.0 | 0.0 | |||
Total assets | (4,988.9) | (5,133.8) | (6,636.9) | ||
Current liabilities: | |||||
Loans and overdrafts | 0.0 | 0.0 | 0.0 | ||
Accounts payable | 0.0 | 0.0 | 0.0 | ||
Intra-entity payables, net | (339.7) | (311.3) | (245.1) | ||
Accrued expenses and other current liabilities | 0.0 | 0.0 | 0.0 | ||
Deferred revenue | 0.0 | 0.0 | 0.0 | ||
Operating lease liabilities | 0.0 | ||||
Income taxes | 0.0 | 0.0 | |||
Total current liabilities | (339.7) | (311.3) | (245.1) | ||
Non-current liabilities: | |||||
Long-term debt | 0.0 | ||||
Intra-entity payables, net | (2,983.0) | (2,988.0) | (3,225.0) | ||
Operating lease liabilities | 0.0 | ||||
Other liabilities | 0.0 | ||||
Deferred revenue | 0.0 | ||||
Deferred tax liabilities | 0.0 | 0.0 | |||
Total liabilities | (3,322.7) | (3,299.3) | (3,470.1) | ||
Shareholders’ equity: | |||||
Total shareholders’ equity | (1,666.2) | (1,834.5) | (3,166.8) | ||
Total liabilities, redeemable convertible preferred shares and shareholders’ equity | (4,988.9) | (5,133.8) | (6,636.9) | ||
Guarantor Subsidiaries | Reportable Legal Entities | |||||
Current assets: | |||||
Cash and cash equivalents | 133.7 | 146.7 | 102.5 | ||
Accounts receivable | 13.4 | 14.3 | 490.4 | ||
Intra-entity receivables, net | 30.7 | 83.4 | 0.0 | ||
Other current assets | 171.8 | 215.9 | 208.6 | ||
Income taxes | 4.3 | 5.1 | 32.0 | ||
Inventories | 2,309.0 | 2,302.6 | 2,360.6 | ||
Total current assets | 2,662.9 | 2,768.0 | 3,194.1 | ||
Non-current assets: | |||||
Property, plant and equipment, net | 765.5 | 789.6 | 839.7 | ||
Operating lease right-of-use assets | 1,814.7 | ||||
Goodwill | 206.1 | 206.3 | 206.4 | ||
Intangible assets, net | 243.3 | 244.0 | 268.4 | ||
Investment in subsidiaries | (96.3) | (15.7) | 579.4 | ||
Intra-entity receivables, net | 0.0 | 0.0 | |||
Other assets | 165.9 | 164.0 | 176.4 | ||
Deferred tax assets | 25.9 | 24.5 | 0.8 | ||
Total assets | 5,788.0 | 4,180.7 | 5,265.2 | ||
Current liabilities: | |||||
Loans and overdrafts | 44.4 | 79.5 | 73.0 | ||
Accounts payable | 176.1 | 119.7 | 257.2 | ||
Intra-entity payables, net | 208.8 | ||||
Accrued expenses and other current liabilities | 362.0 | 450.4 | 403.7 | ||
Deferred revenue | 266.7 | 257.6 | 272.1 | ||
Operating lease liabilities | 357.0 | ||||
Income taxes | 23.8 | 26.4 | |||
Total current liabilities | 1,230.0 | 933.6 | 1,214.8 | ||
Non-current liabilities: | |||||
Long-term debt | 242.8 | 253.6 | 284.3 | ||
Intra-entity payables, net | 2,983.0 | 2,988.0 | 3,225.0 | ||
Operating lease liabilities | 1,583.2 | ||||
Other liabilities | 121.4 | 219.4 | 231.5 | ||
Deferred revenue | 699.6 | 696.5 | 667.5 | ||
Deferred tax liabilities | 0.0 | 57.5 | |||
Total liabilities | 6,860.0 | 5,091.1 | 5,680.6 | ||
Shareholders’ equity: | |||||
Total shareholders’ equity | (1,072.0) | (910.4) | (415.4) | ||
Total liabilities, redeemable convertible preferred shares and shareholders’ equity | 5,788.0 | 4,180.7 | 5,265.2 | ||
Non-Guarantor Subsidiaries | Reportable Legal Entities | |||||
Current assets: | |||||
Cash and cash equivalents | 60.9 | 48.4 | 50.0 | ||
Accounts receivable | 9.7 | 9.4 | 1.0 | ||
Intra-entity receivables, net | 297.2 | 220.0 | 237.3 | ||
Other current assets | 33.7 | 28.1 | 28.2 | ||
Income taxes | 0.5 | 0.7 | 23.2 | ||
Inventories | 85.2 | 84.3 | 68.4 | ||
Total current assets | 487.2 | 390.9 | 408.1 | ||
Non-current assets: | |||||
Property, plant and equipment, net | 10.6 | 10.9 | 7.5 | ||
Operating lease right-of-use assets | 8.1 | ||||
Goodwill | 90.3 | 90.3 | 302.7 | ||
Intangible assets, net | 20.8 | 21.0 | 74.8 | ||
Investment in subsidiaries | (382.4) | (305.5) | 15.6 | ||
Intra-entity receivables, net | 2,583.0 | 2,588.0 | 2,825.0 | ||
Other assets | 23.3 | 17.2 | 29.9 | ||
Deferred tax assets | (3.9) | (3.5) | 0.0 | ||
Total assets | 2,837.0 | 2,809.3 | 3,663.6 | ||
Current liabilities: | |||||
Loans and overdrafts | 0.0 | 0.0 | 0.0 | ||
Accounts payable | 62.2 | 34.0 | 30.3 | ||
Intra-entity payables, net | 0.0 | 0.0 | 0.0 | ||
Accrued expenses and other current liabilities | 22.6 | 22.3 | 22.7 | ||
Deferred revenue | 10.3 | 12.4 | 12.8 | ||
Operating lease liabilities | 1.9 | ||||
Income taxes | 0.3 | 0.5 | |||
Total current liabilities | 97.3 | 69.2 | 65.8 | ||
Non-current liabilities: | |||||
Long-term debt | 0.0 | ||||
Operating lease liabilities | 6.2 | ||||
Other liabilities | 4.6 | 4.7 | 5.0 | ||
Deferred revenue | 0.0 | ||||
Deferred tax liabilities | 0.0 | 16.7 | |||
Total liabilities | 108.1 | 73.9 | 87.5 | ||
Shareholders’ equity: | |||||
Total shareholders’ equity | 2,728.9 | 2,735.4 | 3,576.1 | ||
Total liabilities, redeemable convertible preferred shares and shareholders’ equity | 2,837.0 | 2,809.3 | 3,663.6 | ||
Signet Jewelers Limited | Reportable Legal Entities | |||||
Current assets: | |||||
Cash and cash equivalents | 0.4 | 0.2 | 1.3 | ||
Accounts receivable | 0.0 | 0.0 | 0.0 | ||
Intra-entity receivables, net | 0.0 | ||||
Other current assets | 0.0 | 0.0 | 0.0 | ||
Income taxes | 0.0 | 0.0 | 0.0 | ||
Inventories | 0.0 | 0.0 | 0.0 | ||
Total current assets | 0.4 | 0.2 | 1.3 | ||
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 | 0.0 | ||
Investment in subsidiaries | 2,144.9 | 2,155.7 | 2,571.8 | ||
Intra-entity receivables, net | 0.0 | 0.0 | |||
Other assets | 0.0 | 0.0 | 0.0 | ||
Deferred tax assets | 0.0 | 0.0 | |||
Total assets | 2,145.3 | 2,155.9 | 2,573.1 | ||
Current liabilities: | |||||
Loans and overdrafts | 0.0 | 0.0 | 0.0 | ||
Accounts payable | 0.0 | 0.0 | 0.0 | ||
Intra-entity payables, net | 339.7 | 311.3 | 36.3 | ||
Accrued expenses and other current liabilities | 28.5 | 27.7 | 30.2 | ||
Deferred revenue | 0.0 | 0.0 | 0.0 | ||
Operating lease liabilities | 0.0 | ||||
Income taxes | 0.0 | 0.0 | |||
Total current liabilities | 368.2 | 339.0 | 66.5 | ||
Non-current liabilities: | |||||
Long-term debt | 0.0 | ||||
Operating lease liabilities | 0.0 | ||||
Other liabilities | 0.0 | ||||
Deferred revenue | 0.0 | ||||
Deferred tax liabilities | 0.0 | 0.0 | |||
Total liabilities | 368.2 | 339.0 | 66.5 | ||
Shareholders’ equity: | |||||
Total shareholders’ equity | 1,161.4 | 1,201.6 | 1,892.6 | ||
Total liabilities, redeemable convertible preferred shares and shareholders’ equity | 2,145.3 | 2,155.9 | 2,573.1 | ||
Signet UK Finance plc | Reportable Legal Entities | |||||
Current assets: | |||||
Cash and cash equivalents | 0.1 | 0.1 | 0.1 | ||
Accounts receivable | 0.0 | 0.0 | 0.0 | ||
Intra-entity receivables, net | 11.8 | 7.9 | 7.8 | ||
Other current assets | 0.0 | 0.0 | 0.0 | ||
Income taxes | 0.0 | 0.0 | 0.0 | ||
Inventories | 0.0 | 0.0 | 0.0 | ||
Total current assets | 11.9 | 8.0 | 7.9 | ||
Non-current assets: | |||||
Property, plant and equipment, net | 0.0 | 0.0 | 0.0 | ||
Operating lease right-of-use assets | 0.0 | ||||
Goodwill | 0.0 | 0.0 | 0.0 | ||
Intangible assets, net | 0.0 | 0.0 | 0.0 | ||
Investment in subsidiaries | 0.0 | 0.0 | 0.0 | ||
Intra-entity receivables, net | 400.0 | 400.0 | 400.0 | ||
Other assets | 0.0 | 0.0 | 0.0 | ||
Deferred tax assets | 0.0 | 0.0 | 0.0 | ||
Total assets | 411.9 | 408.0 | 407.9 | ||
Current liabilities: | |||||
Loans and overdrafts | (0.7) | (0.7) | (0.7) | ||
Accounts payable | 0.0 | 0.0 | 0.0 | ||
Intra-entity payables, net | 0.0 | 0.0 | 0.0 | ||
Accrued expenses and other current liabilities | 7.1 | 2.4 | 7.1 | ||
Deferred revenue | 0.0 | 0.0 | 0.0 | ||
Operating lease liabilities | 0.0 | ||||
Income taxes | 0.8 | ||||
Total current liabilities | 6.4 | 2.5 | 6.4 | ||
Non-current liabilities: | |||||
Long-term debt | 396.2 | 396.0 | 395.4 | ||
Intra-entity payables, net | 0.0 | 0.0 | |||
Operating lease liabilities | 0.0 | ||||
Other liabilities | 0.0 | 0.0 | |||
Deferred revenue | 0.0 | 0.0 | |||
Deferred tax liabilities | 0.0 | 0.0 | |||
Total liabilities | 402.6 | 398.5 | 401.8 | ||
Shareholders’ equity: | |||||
Total shareholders’ equity | 9.3 | 9.5 | 6.1 | ||
Total liabilities, redeemable convertible preferred shares and shareholders’ equity | 411.9 | 408.0 | 407.9 | ||
Series A Redeemable Convertible Preferred Stock | |||||
Non-current liabilities: | |||||
Series A redeemable convertible preferred shares | 615.7 | 615.3 | 614.0 | ||
Series A Redeemable Convertible Preferred Stock | Consolidation, Eliminations | |||||
Non-current liabilities: | |||||
Series A redeemable convertible preferred shares | 0.0 | 0.0 | 0.0 | ||
Series A Redeemable Convertible Preferred Stock | Guarantor Subsidiaries | Reportable Legal Entities | |||||
Non-current liabilities: | |||||
Series A redeemable convertible preferred shares | 0.0 | 0.0 | 0.0 | ||
Series A Redeemable Convertible Preferred Stock | Non-Guarantor Subsidiaries | Reportable Legal Entities | |||||
Non-current liabilities: | |||||
Series A redeemable convertible preferred shares | 0.0 | 0.0 | 0.0 | ||
Series A Redeemable Convertible Preferred Stock | Signet Jewelers Limited | Reportable Legal Entities | |||||
Non-current liabilities: | |||||
Series A redeemable convertible preferred shares | 615.7 | 615.3 | 614.0 | ||
Series A Redeemable Convertible Preferred Stock | Signet UK Finance plc | Reportable Legal Entities | |||||
Non-current liabilities: | |||||
Series A redeemable convertible preferred shares | $ 0.0 | $ 0.0 | $ 0.0 |
Condensed consolidating financial information - Condensed consolidated statement of cash flows (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
May 04, 2019 |
May 05, 2018 |
|
Cash flows from operating activities | ||
Net cash provided by operating activities | $ 105.4 | $ 27.9 |
Investing activities | ||
Purchase of property, plant and equipment | (24.6) | (26.1) |
Purchase of available-for-sale securities | (6.1) | (0.4) |
Proceeds from available-for-sale securities | 0.3 | 1.1 |
Net cash used in investing activities | (30.4) | (25.4) |
Financing activities | ||
Dividends paid on common shares | (19.2) | (18.8) |
Dividends paid on redeemable convertible preferred shares | (7.8) | (7.8) |
Intra-entity dividends paid | 0.0 | |
Repurchase of common shares | 0.0 | (60.0) |
Proceeds from revolving credit facility | 40.0 | |
Repayments of revolving credit facility | (13.9) | |
Repayments of bank overdrafts | (37.3) | (13.9) |
Other financing activities | (1.5) | (2.1) |
Intra-entity activity, net | 0.0 | 0.0 |
Net cash used in financing activities | (74.7) | (69.3) |
Cash and cash equivalents at end of period | 195.1 | 153.9 |
Increase (decrease) in cash and cash equivalents | 0.3 | (66.8) |
Effect of exchange rate changes on cash and cash equivalents | (0.6) | (4.4) |
Cash and cash equivalents at beginning of period | 195.4 | 225.1 |
Consolidation, Eliminations | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | (63.6) | |
Investing activities | ||
Purchase of property, plant and equipment | 0.0 | 0.0 |
Purchase of available-for-sale securities | 0.0 | 0.0 |
Proceeds from available-for-sale securities | 0.0 | 0.0 |
Net cash used in investing activities | 0.0 | 0.0 |
Financing activities | ||
Dividends paid on common shares | 0.0 | 0.0 |
Dividends paid on redeemable convertible preferred shares | 0.0 | 0.0 |
Intra-entity dividends paid | 63.6 | |
Repurchase of common shares | 0.0 | |
Proceeds from revolving credit facility | 0.0 | |
Repayments of revolving credit facility | 0.0 | |
Repayments of bank overdrafts | 0.0 | |
Other financing activities | 0.0 | 0.0 |
Intra-entity activity, net | 0.0 | 0.0 |
Net cash used in financing activities | 0.0 | 63.6 |
Cash and cash equivalents at end of period | 0.0 | 0.0 |
Increase (decrease) in cash and cash equivalents | 0.0 | 0.0 |
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
Cash and cash equivalents at beginning of period | 0.0 | 0.0 |
Guarantor Subsidiaries | Reportable Legal Entities | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 9.3 | (68.0) |
Investing activities | ||
Purchase of property, plant and equipment | (24.6) | (25.9) |
Purchase of available-for-sale securities | 0.0 | 0.0 |
Proceeds from available-for-sale securities | 0.0 | 0.0 |
Net cash used in investing activities | (24.6) | (25.9) |
Financing activities | ||
Dividends paid on common shares | 0.0 | 0.0 |
Dividends paid on redeemable convertible preferred shares | 0.0 | 0.0 |
Intra-entity dividends paid | 0.0 | |
Repurchase of common shares | 0.0 | |
Proceeds from revolving credit facility | 40.0 | |
Repayments of revolving credit facility | (13.9) | |
Repayments of bank overdrafts | (37.3) | |
Other financing activities | 0.0 | 0.0 |
Intra-entity activity, net | 49.2 | 30.8 |
Net cash used in financing activities | 3.0 | 50.2 |
Cash and cash equivalents at end of period | 133.7 | 102.5 |
Increase (decrease) in cash and cash equivalents | (12.4) | (43.7) |
Effect of exchange rate changes on cash and cash equivalents | (0.6) | (4.3) |
Cash and cash equivalents at beginning of period | 146.7 | 150.5 |
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 92.3 | 93.4 |
Investing activities | ||
Purchase of property, plant and equipment | (0.2) | |
Purchase of available-for-sale securities | (6.1) | (0.4) |
Proceeds from available-for-sale securities | 0.3 | 1.1 |
Net cash used in investing activities | (5.8) | 0.5 |
Financing activities | ||
Dividends paid on common shares | 0.0 | 0.0 |
Dividends paid on redeemable convertible preferred shares | 0.0 | 0.0 |
Intra-entity dividends paid | (63.6) | |
Repurchase of common shares | 0.0 | |
Proceeds from revolving credit facility | 0.0 | |
Repayments of revolving credit facility | 0.0 | |
Repayments of bank overdrafts | 0.0 | |
Other financing activities | 0.0 | 0.0 |
Intra-entity activity, net | (74.1) | (53.0) |
Net cash used in financing activities | (74.1) | (116.6) |
Cash and cash equivalents at end of period | 60.9 | 50.0 |
Increase (decrease) in cash and cash equivalents | 12.5 | (22.7) |
Effect of exchange rate changes on cash and cash equivalents | (0.1) | |
Cash and cash equivalents at beginning of period | 48.4 | 72.8 |
Signet Jewelers Limited | Reportable Legal Entities | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | (0.1) | 61.2 |
Investing activities | ||
Purchase of property, plant and equipment | 0.0 | 0.0 |
Purchase of available-for-sale securities | 0.0 | 0.0 |
Proceeds from available-for-sale securities | 0.0 | 0.0 |
Net cash used in investing activities | 0.0 | 0.0 |
Financing activities | ||
Dividends paid on common shares | (19.2) | (18.8) |
Dividends paid on redeemable convertible preferred shares | (7.8) | (7.8) |
Intra-entity dividends paid | 0.0 | |
Repurchase of common shares | (60.0) | |
Proceeds from revolving credit facility | 0.0 | |
Repayments of bank overdrafts | 0.0 | |
Other financing activities | (1.5) | (2.1) |
Intra-entity activity, net | 28.8 | 27.1 |
Net cash used in financing activities | 0.3 | (61.6) |
Cash and cash equivalents at end of period | 0.4 | 1.3 |
Increase (decrease) in cash and cash equivalents | 0.2 | (0.4) |
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
Cash and cash equivalents at beginning of period | 0.2 | 1.7 |
Signet UK Finance plc | Reportable Legal Entities | ||
Cash flows from operating activities | ||
Net cash provided by operating activities | 3.9 | 4.9 |
Investing activities | ||
Purchase of property, plant and equipment | 0.0 | 0.0 |
Purchase of available-for-sale securities | 0.0 | 0.0 |
Proceeds from available-for-sale securities | 0.0 | 0.0 |
Net cash used in investing activities | 0.0 | 0.0 |
Financing activities | ||
Dividends paid on common shares | 0.0 | 0.0 |
Dividends paid on redeemable convertible preferred shares | 0.0 | 0.0 |
Intra-entity dividends paid | 0.0 | |
Repurchase of common shares | 0.0 | |
Proceeds from revolving credit facility | 0.0 | |
Repayments of revolving credit facility | 0.0 | |
Repayments of bank overdrafts | 0.0 | |
Other financing activities | 0.0 | 0.0 |
Intra-entity activity, net | (3.9) | (4.9) |
Net cash used in financing activities | (3.9) | (4.9) |
Cash and cash equivalents at end of period | 0.1 | 0.1 |
Increase (decrease) in cash and cash equivalents | 0.0 | 0.0 |
Effect of exchange rate changes on cash and cash equivalents | 0.0 | 0.0 |
Cash and cash equivalents at beginning of period | 0.1 | 0.1 |
Term Loan | ||
Financing activities | ||
Proceeds from term and bridge loans | (6.7) | |
Repayments of debt | (8.9) | (6.7) |
Term Loan | Consolidation, Eliminations | ||
Financing activities | ||
Proceeds from term and bridge loans | 0.0 | |
Repayments of debt | 0.0 | |
Term Loan | Guarantor Subsidiaries | Reportable Legal Entities | ||
Financing activities | ||
Proceeds from term and bridge loans | (6.7) | |
Repayments of debt | (8.9) | |
Term Loan | Non-Guarantor Subsidiaries | Reportable Legal Entities | ||
Financing activities | ||
Proceeds from term and bridge loans | 0.0 | |
Repayments of debt | 0.0 | |
Term Loan | Signet Jewelers Limited | Reportable Legal Entities | ||
Financing activities | ||
Proceeds from term and bridge loans | 0.0 | |
Repayments of debt | 0.0 | |
Term Loan | Signet UK Finance plc | Reportable Legal Entities | ||
Financing activities | ||
Proceeds from term and bridge loans | $ 0.0 | |
Repayments of debt | $ 0.0 |