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(in millions) | October 28, 2017 | January 28, 2017 | October 29, 2016 | ||||||||
Accounts receivable by portfolio segment, net: | |||||||||||
Sterling Jewelers customer in-house finance receivables | $ | 597.7 | $ | 1,813.3 | $ | 1,546.3 | |||||
Zale customer in-house finance receivables | 32.3 | 33.4 | 26.4 | ||||||||
Other accounts receivable | 10.1 | 11.3 | 8.4 | ||||||||
Total accounts receivable, net | $ | 640.1 | $ | 1,858.0 | $ | 1,581.1 | |||||
39 weeks ended | |||||||
(in millions) | October 28, 2017 | October 29, 2016 | |||||
Beginning balance | $ | (138.7 | ) | $ | (130.0 | ) | |
Charge-offs, net | 160.9 | 143.1 | |||||
Recoveries | 30.1 | 26.8 | |||||
Provision | (181.8 | ) | (172.9 | ) | |||
Reversal of allowance on receivables previously held for sale | 20.7 | — | |||||
Ending balance | $ | (108.8 | ) | $ | (133.0 | ) | |
Ending receivable balance evaluated for impairment | 706.5 | 1,679.3 | |||||
Sterling Jewelers customer in-house finance receivables, net | $ | 597.7 | $ | 1,546.3 | |||
October 28, 2017 | January 28, 2017 | October 29, 2016 | |||||||||||||||||||||
(in millions) | Gross | Valuation allowance | Gross | Valuation allowance | Gross | Valuation allowance | |||||||||||||||||
Performing: | |||||||||||||||||||||||
Current, aged 0 – 30 days | $ | 586.5 | $ | (50.3 | ) | $ | 1,538.2 | $ | (47.2 | ) | $ | 1,294.9 | $ | (39.3 | ) | ||||||||
Past due, aged 31 – 60 days | 40.3 | (3.5 | ) | 282.0 | (9.0 | ) | 250.6 | (8.1 | ) | ||||||||||||||
Past due, aged 61 – 90 days | 27.1 | (2.4 | ) | 51.6 | (2.3 | ) | 50.7 | (2.5 | ) | ||||||||||||||
Non Performing: | |||||||||||||||||||||||
Past due, aged more than 90 days | 52.6 | (52.6 | ) | 80.2 | (80.2 | ) | 83.1 | (83.1 | ) | ||||||||||||||
$ | 706.5 | $ | (108.8 | ) | $ | 1,952.0 | $ | (138.7 | ) | $ | 1,679.3 | $ | (133.0 | ) | |||||||||
October 28, 2017 | January 28, 2017 | October 29, 2016 | |||||||||||||||
(as a % of the ending receivable balance) | Gross | Valuation allowance | Gross | Valuation allowance | Gross | Valuation allowance | |||||||||||
Performing | |||||||||||||||||
Current, aged 0 – 30 days | 83.0 | % | 8.6 | % | 78.8 | % | 3.1 | % | 77.2 | % | 3.0 | % | |||||
Past due, aged 31 – 60 days | 5.7 | % | 8.7 | % | 14.5 | % | 3.2 | % | 14.9 | % | 3.2 | % | |||||
Past due, aged 61 – 90 days | 3.8 | % | 8.9 | % | 2.6 | % | 4.5 | % | 3.0 | % | 4.9 | % | |||||
Non Performing | |||||||||||||||||
Past due, aged more than 90 days | 7.5 | % | 100.0 | % | 4.1 | % | 100.0 | % | 4.9 | % | 100.0 | % | |||||
100.0 | % | 15.4 | % | 100.0 | % | 7.1 | % | 100.0 | % | 7.9 | % | ||||||
|
|||
(in millions) | Initial amounts | ||
Cash and cash equivalents | $ | 47.3 | |
Inventories | 12.1 | ||
Other current assets | 9.7 | ||
Property, plant and equipment | 3.5 | ||
Current liabilities | (41.4 | ) | |
Fair value of net assets acquired | 31.2 | ||
Goodwill(1) | 348.5 | ||
Total consideration transferred | $ | 379.7 | |
(1) | The amount of goodwill generated will be adjusted for any additional assets or liabilities identified by the Company or for any adjustments to the preliminary fair values identified for the assets acquired and liabilities assumed in the R2Net acquisition reflected above. |
|
|||
13 weeks ended | 39 weeks ended | ||||||||||||||
(in millions) | October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | |||||||||||
Sales: | |||||||||||||||
Sterling Jewelers | $ | 698.7 | $ | 712.5 | $ | 2,437.8 | $ | 2,532.3 | |||||||
Zale Jewelry | 268.2 | 282.4 | 933.7 | 994.8 | |||||||||||
Piercing Pagoda | 55.4 | 53.4 | 187.4 | 179.4 | |||||||||||
UK Jewelry | 128.4 | 130.3 | 382.8 | 419.5 | |||||||||||
Other | 6.2 | 7.6 | 18.2 | 12.5 | |||||||||||
Total sales | $ | 1,156.9 | $ | 1,186.2 | $ | 3,959.9 | $ | 4,138.5 | |||||||
Operating income: | |||||||||||||||
Sterling Jewelers | $ | 73.7 | (1) | $ | 78.6 | $ | 362.6 | (2) | $ | 417.8 | |||||
Zale Jewelry | (15.7 | ) | (19.3 | ) | (12.4 | ) | (0.5 | ) | |||||||
Piercing Pagoda | (4.2 | ) | (5.4 | ) | — | 2.2 | |||||||||
UK Jewelry | (1.7 | ) | — | (1.9 | ) | 3.0 | |||||||||
Other | (46.6 | ) | (3) | (21.8 | ) | (91.9 | ) | (4) | (58.5 | ) | |||||
Total operating income | $ | 5.5 | $ | 32.1 | $ | 256.4 | $ | 364.0 | |||||||
(1) | For the 13 weeks ended October 28, 2017, amount includes $10.2 million gain upon recognition of beneficial interest in connection with the sale of the prime portion of in-house receivables. See Note 3 for additional information. |
(2) | For the 39 weeks ended October 28, 2017, amount includes $20.7 million gain related to the reversal of the allowance for credit losses for the in-house receivables sold, as well as the $10.2 million gain upon recognition of beneficial interest in connection with the sale of the prime portion of in-house receivables. See Note 3 for additional information. |
(3) | For the 13 weeks ended October 28, 2017, amount includes $22.4 million of transaction costs related to the credit transaction and $8.1 million of R2Net acquisition costs. See Note 3 and Note 4 for additional information regarding credit transaction and acquisition of R2Net, respectively. |
(4) | For the 39 weeks ended October 28, 2017, amount includes $28.3 million of transaction costs related to the credit transaction, $9.4 million of R2Net acquisition costs, and $3.4 million of CEO transition costs. See Note 3 and Note 4 for additional information regarding credit transaction and acquisition of R2Net, respectively. |
(in millions) | October 28, 2017 | January 28, 2017 | October 29, 2016 | ||||||||
Total assets: | |||||||||||
Sterling Jewelers | $ | 3,260.0 | $ | 4,015.4 | $ | 3,715.6 | |||||
Zale Jewelry | 1,885.0 | 1,940.7 | 2,061.7 | ||||||||
Piercing Pagoda | 139.8 | 141.6 | 136.1 | ||||||||
UK Jewelry | 404.8 | 372.6 | 407.1 | ||||||||
Other | 111.1 | 127.5 | 167.0 | ||||||||
Total assets | $ | 5,800.7 | $ | 6,597.8 | $ | 6,487.5 | |||||
|
|||
Pension plan | |||||||||||||||||||||||
(in millions) | Foreign currency translation | Losses on available-for-sale securities, net | Gains (losses) on cash flow hedges | Actuarial losses | Prior service credits | Accumulated other comprehensive loss | |||||||||||||||||
Balance at January 28, 2017 | $ | (263.4 | ) | $ | (0.4 | ) | $ | 2.4 | $ | (55.5 | ) | $ | 9.2 | $ | (307.7 | ) | |||||||
Other comprehensive income (“OCI”) before reclassifications | 18.6 | 0.3 | 2.7 | (0.9 | ) | — | 20.7 | ||||||||||||||||
Amounts reclassified from AOCI to net income | — | — | (3.1 | ) | 4.0 | (6.3 | ) | (5.4 | ) | ||||||||||||||
Net current period OCI | 18.6 | 0.3 | (0.4 | ) | 3.1 | (6.3 | ) | 15.3 | |||||||||||||||
Balance at October 28, 2017 | $ | (244.8 | ) | $ | (0.1 | ) | $ | 2.0 | $ | (52.4 | ) | $ | 2.9 | $ | (292.4 | ) | |||||||
Amounts reclassified from AOCI | ||||||||||||||||||
13 weeks ended | 39 weeks ended | |||||||||||||||||
(in millions) | October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | Income statement caption | |||||||||||||
(Gains) losses on cash flow hedges: | ||||||||||||||||||
Foreign currency contracts | $ | (0.8 | ) | $ | (0.4 | ) | $ | (3.0 | ) | $ | (1.0 | ) | Cost of sales (see Note 15) | |||||
Interest rate swaps | — | 0.5 | 0.4 | 1.7 | Interest expense, net (see Note 15) | |||||||||||||
Commodity contracts | — | (0.3 | ) | (1.5 | ) | 1.7 | Cost of sales (see Note 15) | |||||||||||
Total before income tax | (0.8 | ) | (0.2 | ) | (4.1 | ) | 2.4 | |||||||||||
Income taxes | 0.2 | 0.1 | 1.0 | (0.8 | ) | |||||||||||||
Net of tax | (0.6 | ) | (0.1 | ) | (3.1 | ) | 1.6 | |||||||||||
Defined benefit pension plan items: | ||||||||||||||||||
Amortization of unrecognized actuarial losses | 0.7 | 0.4 | 2.2 | 1.2 | Selling, general and administrative expenses(1) | |||||||||||||
Amortization of unrecognized net prior service credits | (0.4 | ) | (0.5 | ) | (1.3 | ) | (1.5 | ) | Selling, general and administrative expenses(1) | |||||||||
Net curtailment gain and settlement loss | (3.7 | ) | — | (3.7 | ) | — | Selling, general and administrative expenses(1) | |||||||||||
Total before income tax | (3.4 | ) | (0.1 | ) | (2.8 | ) | (0.3 | ) | ||||||||||
Income taxes | 0.6 | 0.1 | 0.5 | 0.1 | ||||||||||||||
Net of tax | (2.8 | ) | — | (2.3 | ) | (0.2 | ) | |||||||||||
Total reclassifications, net of tax | $ | (3.4 | ) | $ | (0.1 | ) | $ | (5.4 | ) | $ | 1.4 | |||||||
(1) | These items are included in the computation of net periodic pension benefit. See Note 22 for additional information. |
|
|||
39 weeks ended | |||||
October 28, 2017 | October 29, 2016 | ||||
Forecasted annual effective tax rate | 21.2 | % | 25.0 | % | |
Discrete items recognized | 0.2 | % | — | % | |
Effective tax rate recognized in income statement | 21.4 | % | 25.0 | % | |
|
|||
(in millions) | October 28, 2017 | January 28, 2017 | October 29, 2016 | ||||||||
Accounts receivable by portfolio segment, net: | |||||||||||
Sterling Jewelers customer in-house finance receivables | $ | 597.7 | $ | 1,813.3 | $ | 1,546.3 | |||||
Zale customer in-house finance receivables | 32.3 | 33.4 | 26.4 | ||||||||
Other accounts receivable | 10.1 | 11.3 | 8.4 | ||||||||
Total accounts receivable, net | $ | 640.1 | $ | 1,858.0 | $ | 1,581.1 | |||||
39 weeks ended | |||||||
(in millions) | October 28, 2017 | October 29, 2016 | |||||
Beginning balance | $ | (138.7 | ) | $ | (130.0 | ) | |
Charge-offs, net | 160.9 | 143.1 | |||||
Recoveries | 30.1 | 26.8 | |||||
Provision | (181.8 | ) | (172.9 | ) | |||
Reversal of allowance on receivables previously held for sale | 20.7 | — | |||||
Ending balance | $ | (108.8 | ) | $ | (133.0 | ) | |
Ending receivable balance evaluated for impairment | 706.5 | 1,679.3 | |||||
Sterling Jewelers customer in-house finance receivables, net | $ | 597.7 | $ | 1,546.3 | |||
October 28, 2017 | January 28, 2017 | October 29, 2016 | |||||||||||||||||||||
(in millions) | Gross | Valuation allowance | Gross | Valuation allowance | Gross | Valuation allowance | |||||||||||||||||
Performing: | |||||||||||||||||||||||
Current, aged 0 – 30 days | $ | 586.5 | $ | (50.3 | ) | $ | 1,538.2 | $ | (47.2 | ) | $ | 1,294.9 | $ | (39.3 | ) | ||||||||
Past due, aged 31 – 60 days | 40.3 | (3.5 | ) | 282.0 | (9.0 | ) | 250.6 | (8.1 | ) | ||||||||||||||
Past due, aged 61 – 90 days | 27.1 | (2.4 | ) | 51.6 | (2.3 | ) | 50.7 | (2.5 | ) | ||||||||||||||
Non Performing: | |||||||||||||||||||||||
Past due, aged more than 90 days | 52.6 | (52.6 | ) | 80.2 | (80.2 | ) | 83.1 | (83.1 | ) | ||||||||||||||
$ | 706.5 | $ | (108.8 | ) | $ | 1,952.0 | $ | (138.7 | ) | $ | 1,679.3 | $ | (133.0 | ) | |||||||||
October 28, 2017 | January 28, 2017 | October 29, 2016 | |||||||||||||||
(as a % of the ending receivable balance) | Gross | Valuation allowance | Gross | Valuation allowance | Gross | Valuation allowance | |||||||||||
Performing | |||||||||||||||||
Current, aged 0 – 30 days | 83.0 | % | 8.6 | % | 78.8 | % | 3.1 | % | 77.2 | % | 3.0 | % | |||||
Past due, aged 31 – 60 days | 5.7 | % | 8.7 | % | 14.5 | % | 3.2 | % | 14.9 | % | 3.2 | % | |||||
Past due, aged 61 – 90 days | 3.8 | % | 8.9 | % | 2.6 | % | 4.5 | % | 3.0 | % | 4.9 | % | |||||
Non Performing | |||||||||||||||||
Past due, aged more than 90 days | 7.5 | % | 100.0 | % | 4.1 | % | 100.0 | % | 4.9 | % | 100.0 | % | |||||
100.0 | % | 15.4 | % | 100.0 | % | 7.1 | % | 100.0 | % | 7.9 | % | ||||||
|
|||
(in millions) | October 28, 2017 | January 28, 2017 | October 29, 2016 | ||||||||
Raw materials | $ | 68.2 | $ | 60.8 | $ | 71.2 | |||||
Finished goods | 2,397.9 | 2,388.5 | 2,578.2 | ||||||||
Total inventories | $ | 2,466.1 | $ | 2,449.3 | $ | 2,649.4 | |||||
|
|||
(in millions) | Sterling Jewelers | Zale Jewelry | Piercing Pagoda | UK Jewelry | Other | Total | |||||||||||||||||
Balance at January 30, 2016 | $ | 23.2 | $ | 488.7 | $ | — | $ | — | $ | 3.6 | $ | 515.5 | |||||||||||
Impact of foreign exchange | — | 2.1 | — | — | — | 2.1 | |||||||||||||||||
Balance at January 28, 2017 | 23.2 | 490.8 | — | — | 3.6 | 517.6 | |||||||||||||||||
Acquisitions | 348.5 | — | — | — | — | 348.5 | |||||||||||||||||
Impact of foreign exchange | — | 1.0 | — | — | — | 1.0 | |||||||||||||||||
Balance at October 28, 2017 | $ | 371.7 | $ | 491.8 | $ | — | $ | — | $ | 3.6 | $ | 867.1 | |||||||||||
October 28, 2017 | January 28, 2017 | October 29, 2016 | |||||||||||||||||||||||||||||||||||
(in millions) | Balance sheet location | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||||||||||||||||
Definite-lived intangible assets: | |||||||||||||||||||||||||||||||||||||
Trade names | Intangible assets, net | $ | 1.5 | $ | (1.0 | ) | $ | 0.5 | $ | 1.4 | $ | (0.8 | ) | $ | 0.6 | $ | 1.4 | $ | (0.7 | ) | $ | 0.7 | |||||||||||||||
Favorable leases | Intangible assets, net | 47.9 | (44.1 | ) | 3.8 | 47.6 | (36.0 | ) | 11.6 | 47.5 | (32.6 | ) | 14.9 | ||||||||||||||||||||||||
Total definite-lived intangible assets | 49.4 | (45.1 | ) | 4.3 | 49.0 | (36.8 | ) | 12.2 | 48.9 | (33.3 | ) | 15.6 | |||||||||||||||||||||||||
Indefinite-lived trade names | Intangible assets, net | 406.1 | — | 406.1 | 404.8 | — | 404.8 | 404.2 | — | 404.2 | |||||||||||||||||||||||||||
Total intangible assets, net | $ | 455.5 | $ | (45.1 | ) | $ | 410.4 | $ | 453.8 | $ | (36.8 | ) | $ | 417.0 | $ | 453.1 | $ | (33.3 | ) | $ | 419.8 | ||||||||||||||||
Definite-lived intangible liabilities: | |||||||||||||||||||||||||||||||||||||
Unfavorable leases | Other liabilities | $ | (48.5 | ) | $ | 45.4 | $ | (3.1 | ) | $ | (48.3 | ) | $ | 38.2 | $ | (10.1 | ) | $ | (48.1 | ) | $ | 34.7 | $ | (13.4 | ) | ||||||||||||
Unfavorable contracts | Other liabilities | (65.6 | ) | 37.6 | (28.0 | ) | (65.6 | ) | 33.5 | (32.1 | ) | (65.6 | ) | 32.1 | (33.5 | ) | |||||||||||||||||||||
Total intangible liabilities, net | $ | (114.1 | ) | $ | 83.0 | $ | (31.1 | ) | $ | (113.9 | ) | $ | 71.7 | $ | (42.2 | ) | $ | (113.7 | ) | $ | 66.8 | $ | (46.9 | ) | |||||||||||||
|
|||
(in millions) | October 28, 2017 | January 28, 2017 | October 29, 2016 | ||||||||
Deferred ESP selling costs | $ | 86.0 | $ | 86.1 | $ | 81.8 | |||||
Investments(1) | 28.7 | 27.2 | 27.5 | ||||||||
Other assets | 54.4 | 51.8 | 48.2 | ||||||||
Total other assets | $ | 169.1 | $ | 165.1 | $ | 157.5 | |||||
|
|||
Fair value of derivative assets | |||||||||||||
(in millions) | Balance sheet location | October 28, 2017 | January 28, 2017 | October 29, 2016 | |||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Foreign currency contracts | Other current assets | $ | 0.2 | $ | 1.4 | $ | 3.5 | ||||||
Commodity contracts | Other current assets | 0.7 | — | 0.6 | |||||||||
Interest rate swaps | Other assets | 1.3 | 0.4 | — | |||||||||
$ | 2.2 | $ | 1.8 | $ | 4.1 | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Foreign currency contracts | Other current assets | — | 1.8 | — | |||||||||
Total derivative assets | $ | 2.2 | $ | 3.6 | $ | 4.1 | |||||||
Fair value of derivative liabilities | |||||||||||||
(in millions) | Balance sheet location | October 28, 2017 | January 28, 2017 | October 29, 2016 | |||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Foreign currency contracts | Other current liabilities | $ | (0.7 | ) | $ | (0.2 | ) | $ | — | ||||
Commodity contracts | Other current liabilities | — | (3.4 | ) | (0.7 | ) | |||||||
Interest rate swaps | Other liabilities | — | — | (2.3 | ) | ||||||||
$ | (0.7 | ) | $ | (3.6 | ) | $ | (3.0 | ) | |||||
Derivatives not designated as hedging instruments: | |||||||||||||
Foreign currency contracts | Other current liabilities | (0.6 | ) | — | (0.1 | ) | |||||||
Total derivative liabilities | $ | (1.3 | ) | $ | (3.6 | ) | $ | (3.1 | ) | ||||
(in millions) | October 28, 2017 | January 28, 2017 | October 29, 2016 | ||||||||
Foreign currency contracts | $ | — | $ | 4.1 | $ | 6.4 | |||||
Commodity contracts | 1.5 | (2.1 | ) | 3.8 | |||||||
Interest rate swaps | 1.3 | 0.4 | (2.3 | ) | |||||||
Gains recorded in AOCI | $ | 2.8 | $ | 2.4 | $ | 7.9 | |||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | Income statement caption | October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | ||||||||||||
Gains recorded in AOCI, beginning of period | $ | 0.6 | $ | 3.8 | $ | 4.1 | $ | 1.4 | |||||||||
Current period (losses) gains recognized in OCI | 0.2 | 3.0 | (1.1 | ) | 6.0 | ||||||||||||
Gains reclassified from AOCI to net income | Cost of sales | (0.8 | ) | (0.4 | ) | (3.0 | ) | (1.0 | ) | ||||||||
Gains recorded in AOCI, end of period | $ | — | $ | 6.4 | $ | — | $ | 6.4 | |||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | Income statement caption | October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | ||||||||||||
Gains (losses) recorded in AOCI, beginning of period | $ | 1.0 | $ | 6.2 | $ | (2.1 | ) | $ | (3.7 | ) | |||||||
Current period (losses) gains recognized in OCI | 0.5 | (2.1 | ) | 5.1 | 5.8 | ||||||||||||
(Gains) losses reclassified from AOCI to net income | Cost of sales | — | (0.3 | ) | (1.5 | ) | 1.7 | ||||||||||
Gains recorded in AOCI, end of period | $ | 1.5 | $ | 3.8 | $ | 1.5 | $ | 3.8 | |||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | Income statement caption | October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | ||||||||||||
Gains (losses) recorded in AOCI, beginning of period | $ | 0.7 | $ | (3.8 | ) | $ | 0.4 | $ | (3.4 | ) | |||||||
Current period gains (losses) recognized in OCI | 0.6 | 1.0 | 0.5 | (0.6 | ) | ||||||||||||
Losses reclassified from AOCI to net income | Interest expense, net | — | 0.5 | 0.4 | 1.7 | ||||||||||||
Gains (losses) recorded in AOCI, end of period | $ | 1.3 | $ | (2.3 | ) | $ | 1.3 | $ | (2.3 | ) | |||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | Income statement caption | October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Foreign currency contracts | Other operating income, net | $ | (0.1 | ) | $ | 1.6 | $ | 3.1 | $ | 3.2 | |||||||
|
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October 28, 2017 | January 28, 2017 | October 29, 2016 | |||||||||||||||||||||||||||||||||
(in millions) | Carrying Value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Carrying Value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Carrying Value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | ||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
US Treasury securities | $ | 7.7 | $ | 7.7 | $ | — | $ | 8.1 | $ | 8.1 | $ | — | $ | 8.3 | $ | 8.3 | $ | — | |||||||||||||||||
Corporate equity securities | 4.1 | 4.1 | — | 3.8 | 3.8 | — | 3.6 | 3.6 | — | ||||||||||||||||||||||||||
Foreign currency contracts | 0.2 | — | 0.2 | 3.2 | — | 3.2 | 3.5 | — | 3.5 | ||||||||||||||||||||||||||
Commodity contracts | 0.7 | — | 0.7 | — | — | — | 0.6 | — | 0.6 | ||||||||||||||||||||||||||
Interest rate swaps | 1.3 | 1.3 | 0.4 | — | 0.4 | — | — | — | |||||||||||||||||||||||||||
US government agency securities | 5.4 | — | 5.4 | 4.4 | — | 4.4 | 4.5 | — | 4.5 | ||||||||||||||||||||||||||
Corporate bonds and notes | 11.5 | — | 11.5 | 10.9 | — | 10.9 | 11.1 | — | 11.1 | ||||||||||||||||||||||||||
Total assets | $ | 30.9 | $ | 11.8 | $ | 19.1 | $ | 30.8 | $ | 11.9 | $ | 18.9 | $ | 31.6 | $ | 11.9 | $ | 19.7 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | (1.3 | ) | $ | — | $ | (1.3 | ) | $ | (0.2 | ) | $ | — | $ | (0.2 | ) | $ | (0.1 | ) | $ | — | $ | (0.1 | ) | |||||||||||
Commodity contracts | — | — | — | (3.4 | ) | — | (3.4 | ) | (0.7 | ) | — | (0.7 | ) | ||||||||||||||||||||||
Interest rate swaps | — | — | — | — | — | — | (2.3 | ) | — | (2.3 | ) | ||||||||||||||||||||||||
Total liabilities | $ | (1.3 | ) | $ | — | $ | (1.3 | ) | $ | (3.6 | ) | $ | — | $ | (3.6 | ) | $ | (3.1 | ) | $ | — | $ | (3.1 | ) | |||||||||||
October 28, 2017 | January 28, 2017 | October 29, 2016 | |||||||||||||||||||||
(in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||
Long-term debt: | |||||||||||||||||||||||
Senior notes (Level 2) | $ | 394.3 | $ | 398.8 | $ | 393.7 | $ | 391.2 | $ | 393.4 | $ | 390.5 | |||||||||||
Securitization facility (Level 2) | — | — | 599.7 | 600.0 | 599.6 | 600.0 | |||||||||||||||||
Term loan (Level 2) | 330.0 | 332.9 | 345.1 | 348.6 | 349.3 | 353.0 | |||||||||||||||||
Total | $ | 724.3 | $ | 731.7 | $ | 1,338.5 | $ | 1,339.8 | $ | 1,342.3 | $ | 1,343.5 | |||||||||||
|
|||
(in millions) | October 28, 2017 | January 28, 2017 | October 29, 2016 | ||||||||
Debt: | |||||||||||
Senior unsecured notes due 2024, net of unamortized discount | $ | 398.9 | $ | 398.8 | $ | 398.7 | |||||
Securitization facility | — | 600.0 | 600.0 | ||||||||
Senior unsecured term loan | 332.9 | 348.6 | 353.0 | ||||||||
Revolving credit facility | 256.0 | 56.0 | 259.0 | ||||||||
Bank overdrafts | 8.3 | 14.2 | 11.1 | ||||||||
Total debt | $ | 996.1 | $ | 1,417.6 | $ | 1,621.8 | |||||
Less: Current portion of loans and overdrafts | (291.8 | ) | (91.1 | ) | (288.8 | ) | |||||
Less: Unamortized capitalized debt issuance fees | (7.5 | ) | (8.6 | ) | (8.8 | ) | |||||
Total long-term debt | $ | 696.8 | $ | 1,317.9 | $ | 1,324.2 | |||||
|
|||
(in millions) | October 28, 2017 | January 28, 2017 | October 29, 2016 | ||||||||
Sterling Jewelers ESP deferred revenue | $ | 717.6 | $ | 737.4 | $ | 710.2 | |||||
Zale ESP deferred revenue | 165.2 | 168.2 | 155.2 | ||||||||
Voucher promotions and other | 33.6 | 30.3 | 23.4 | ||||||||
Total deferred revenue | $ | 916.4 | $ | 935.9 | $ | 888.8 | |||||
Disclosed as: | |||||||||||
Current liabilities | $ | 270.3 | $ | 276.9 | $ | 256.7 | |||||
Non-current liabilities | 646.1 | 659.0 | 632.1 | ||||||||
Total deferred revenue | $ | 916.4 | $ | 935.9 | $ | 888.8 | |||||
13 weeks ended | 39 weeks ended | ||||||||||||||
(in millions) | October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | |||||||||||
Sterling Jewelers ESP deferred revenue, beginning of period | $ | 732.7 | $ | 720.3 | $ | 737.4 | $ | 715.1 | |||||||
Plans sold | 47.9 | 52.8 | 176.7 | 190.4 | |||||||||||
Revenue recognized | (63.0 | ) | (62.9 | ) | (196.5 | ) | (195.3 | ) | |||||||
Sterling Jewelers ESP deferred revenue, end of period | $ | 717.6 | $ | 710.2 | $ | 717.6 | $ | 710.2 | |||||||
13 weeks ended | 39 weeks ended | ||||||||||||||
(in millions) | October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | |||||||||||
Zale ESP deferred revenue, beginning of period | $ | 169.5 | $ | 156.2 | $ | 168.2 | $ | 146.1 | |||||||
Plans sold(1) | 25.0 | 28.3 | 89.6 | 100.8 | |||||||||||
Revenue recognized | (29.3 | ) | (29.3 | ) | (92.6 | ) | (91.7 | ) | |||||||
Zale ESP deferred revenue, end of period | $ | 165.2 | $ | 155.2 | $ | 165.2 | $ | 155.2 | |||||||
(1) | Includes impact of foreign exchange translation. |
|
|||
13 weeks ended | 39 weeks ended | ||||||||||||||
(in millions) | October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | |||||||||||
Warranty reserve, beginning of period | $ | 39.3 | $ | 40.4 | $ | 40.0 | $ | 41.9 | |||||||
Warranty expense | 3.1 | 3.7 | 7.9 | 9.4 | |||||||||||
Utilized(1) | (3.1 | ) | (3.6 | ) | (8.6 | ) | (10.8 | ) | |||||||
Warranty reserve, end of period | $ | 39.3 | $ | 40.5 | $ | 39.3 | $ | 40.5 | |||||||
(1) | Includes impact of foreign exchange translation. |
(in millions) | October 28, 2017 | January 28, 2017 | October 29, 2016 | ||||||||
Disclosed as: | |||||||||||
Current liabilities | $ | 12.2 | $ | 13.0 | $ | 12.9 | |||||
Non-current liabilities | 27.1 | 27.0 | 27.6 | ||||||||
Total warranty reserve | $ | 39.3 | $ | 40.0 | $ | 40.5 | |||||
|
|||
|
|||
13 weeks ended | 39 weeks ended | ||||||||||||||
(in millions) | October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | |||||||||||
Components of net periodic pension benefit: | |||||||||||||||
Service cost | $ | (0.6 | ) | $ | (0.5 | ) | $ | (1.6 | ) | $ | (1.5 | ) | |||
Interest cost | (1.6 | ) | (1.7 | ) | (4.7 | ) | (5.5 | ) | |||||||
Expected return on UK Plan assets | 2.4 | 2.5 | 7.1 | 8.0 | |||||||||||
Amortization of unrecognized actuarial losses | (0.7 | ) | (0.4 | ) | (2.2 | ) | (1.2 | ) | |||||||
Amortization of unrecognized net prior service credits | 0.4 | 0.5 | 1.3 | 1.5 | |||||||||||
Net periodic pension (expense) benefit | $ | (0.1 | ) | $ | 0.4 | $ | (0.1 | ) | $ | 1.3 | |||||
Net curtailment gain and settlement loss | 3.7 | — | 3.7 | — | |||||||||||
Total recognized in net periodic pension benefit and OCI | $ | 3.6 | $ | 0.4 | $ | 3.6 | $ | 1.3 | |||||||
|
|||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Sales | $ | — | $ | — | $ | 1,067.0 | $ | 89.9 | $ | — | $ | 1,156.9 | |||||||||||
Cost of sales | — | — | (799.9 | ) | (35.9 | ) | — | (835.8 | ) | ||||||||||||||
Gross margin | — | — | 267.1 | 54.0 | — | 321.1 | |||||||||||||||||
Selling, general and administrative expenses | (0.6 | ) | — | (346.4 | ) | (28.9 | ) | — | (375.9 | ) | |||||||||||||
Credit transaction, net | — | — | (12.2 | ) | — | — | (12.2 | ) | |||||||||||||||
Other operating income (loss), net | — | — | 72.7 | (0.2 | ) | — | 72.5 | ||||||||||||||||
Operating (loss) income | (0.6 | ) | — | (18.8 | ) | 24.9 | — | 5.5 | |||||||||||||||
Intra-entity interest income (expense) | — | 4.7 | (47.0 | ) | 42.3 | — | — | ||||||||||||||||
Interest expense, net | — | (5.1 | ) | (7.7 | ) | (3.8 | ) | — | (16.6 | ) | |||||||||||||
(Loss) income before income taxes | (0.6 | ) | (0.4 | ) | (73.5 | ) | 63.4 | — | (11.1 | ) | |||||||||||||
Income taxes | — | 0.1 | 28.3 | (21.2 | ) | — | 7.2 | ||||||||||||||||
Equity in income of subsidiaries | (3.3 | ) | — | (71.5 | ) | (45.5 | ) | 120.3 | — | ||||||||||||||
Net (loss) income | $ | (3.9 | ) | $ | (0.3 | ) | $ | (116.7 | ) | $ | (3.3 | ) | $ | 120.3 | $ | (3.9 | ) | ||||||
Dividends on redeemable convertible preferred shares | (8.2 | ) | — | — | — | — | (8.2 | ) | |||||||||||||||
Net (loss) income attributable to common shareholders | $ | (12.1 | ) | $ | (0.3 | ) | $ | (116.7 | ) | $ | (3.3 | ) | $ | 120.3 | $ | (12.1 | ) | ||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Sales | $ | — | $ | — | $ | 1,121.8 | $ | 64.4 | $ | — | $ | 1,186.2 | |||||||||||
Cost of sales | — | — | (821.7 | ) | (14.5 | ) | — | (836.2 | ) | ||||||||||||||
Gross margin | — | — | 300.1 | 49.9 | — | 350.0 | |||||||||||||||||
Selling, general and administrative expenses | (0.3 | ) | — | (362.0 | ) | (24.2 | ) | — | (386.5 | ) | |||||||||||||
Other operating income (loss), net | — | — | 75.6 | (7.0 | ) | — | 68.6 | ||||||||||||||||
Operating (loss) income | (0.3 | ) | — | 13.7 | 18.7 | — | 32.1 | ||||||||||||||||
Intra-entity interest income (expense) | — | 4.7 | (47.8 | ) | 43.1 | — | — | ||||||||||||||||
Interest expense, net | — | (5.0 | ) | (4.5 | ) | (3.2 | ) | — | (12.7 | ) | |||||||||||||
(Loss) income before income taxes | (0.3 | ) | (0.3 | ) | (38.6 | ) | 58.6 | — | 19.4 | ||||||||||||||
Income taxes | — | — | 15.1 | (17.5 | ) | — | (2.4 | ) | |||||||||||||||
Equity in income of subsidiaries | 17.3 | — | (51.9 | ) | (23.6 | ) | 58.2 | — | |||||||||||||||
Net income (loss) | $ | 17.0 | $ | (0.3 | ) | $ | (75.4 | ) | $ | 17.5 | $ | 58.2 | $ | 17.0 | |||||||||
Dividends on redeemable convertible preferred shares | (2.2 | ) | — | — | — | — | (2.2 | ) | |||||||||||||||
Net income (loss) attributable to common shareholders | $ | 14.8 | $ | (0.3 | ) | $ | (75.4 | ) | $ | 17.5 | $ | 58.2 | $ | 14.8 | |||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Sales | $ | — | $ | — | $ | 3,714.5 | $ | 245.4 | $ | — | $ | 3,959.9 | |||||||||||
Cost of sales | — | — | (2,623.1 | ) | (66.6 | ) | — | (2,689.7 | ) | ||||||||||||||
Gross margin | — | — | 1,091.4 | 178.8 | — | 1,270.2 | |||||||||||||||||
Selling, general and administrative expenses | (1.0 | ) | — | (1,144.9 | ) | (91.8 | ) | — | (1,237.7 | ) | |||||||||||||
Credit transaction, net | — | — | 2.6 | — | — | 2.6 | |||||||||||||||||
Other operating income (loss), net | — | — | 221.6 | (0.3 | ) | — | 221.3 | ||||||||||||||||
Operating (loss) income | (1.0 | ) | — | 170.7 | 86.7 | — | 256.4 | ||||||||||||||||
Intra-entity interest income (expense) | — | 14.1 | (138.8 | ) | 124.7 | — | — | ||||||||||||||||
Interest expense, net | — | (15.0 | ) | (16.5 | ) | (11.2 | ) | — | (42.7 | ) | |||||||||||||
(Loss) income before income taxes | (1.0 | ) | (0.9 | ) | 15.4 | 200.2 | — | 213.7 | |||||||||||||||
Income taxes | — | 0.2 | (8.4 | ) | (37.5 | ) | — | (45.7 | ) | ||||||||||||||
Equity in income of subsidiaries | 169.0 | — | (41.2 | ) | 11.0 | (138.8 | ) | — | |||||||||||||||
Net income (loss) | $ | 168.0 | $ | (0.7 | ) | $ | (34.2 | ) | $ | 173.7 | $ | (138.8 | ) | $ | 168.0 | ||||||||
Dividends on redeemable convertible preferred shares | (24.6 | ) | — | — | — | — | (24.6 | ) | |||||||||||||||
Net income (loss) attributable to common shareholders | $ | 143.4 | $ | (0.7 | ) | $ | (34.2 | ) | $ | 173.7 | $ | (138.8 | ) | $ | 143.4 | ||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Sales | $ | — | $ | — | $ | 3,955.0 | $ | 183.5 | $ | — | $ | 4,138.5 | |||||||||||
Cost of sales | — | — | (2,688.0 | ) | (35.2 | ) | — | (2,723.2 | ) | ||||||||||||||
Gross margin | — | — | 1,267.0 | 148.3 | — | 1,415.3 | |||||||||||||||||
Selling, general and administrative expenses | (0.9 | ) | — | (1,190.9 | ) | (73.1 | ) | — | (1,264.9 | ) | |||||||||||||
Other operating income (loss), net | — | — | 227.6 | (14.0 | ) | — | 213.6 | ||||||||||||||||
Operating (loss) income | (0.9 | ) | — | 303.7 | 61.2 | — | 364.0 | ||||||||||||||||
Intra-entity interest income (expense) | — | 14.1 | (142.2 | ) | 128.1 | — | — | ||||||||||||||||
Interest expense, net | — | (14.8 | ) | (12.1 | ) | (9.5 | ) | — | (36.4 | ) | |||||||||||||
(Loss) income before income taxes | (0.9 | ) | (0.7 | ) | 149.4 | 179.8 | — | 327.6 | |||||||||||||||
Income taxes | — | 0.1 | (61.5 | ) | (20.5 | ) | — | (81.9 | ) | ||||||||||||||
Equity in income of subsidiaries | 246.6 | — | 48.8 | 93.1 | (388.5 | ) | — | ||||||||||||||||
Net income (loss) | $ | 245.7 | $ | (0.6 | ) | $ | 136.7 | $ | 252.4 | $ | (388.5 | ) | $ | 245.7 | |||||||||
Dividends on redeemable convertible preferred shares | (2.2 | ) | — | — | — | — | (2.2 | ) | |||||||||||||||
Net income (loss) attributable to common shareholders | $ | 243.5 | $ | (0.6 | ) | $ | 136.7 | $ | 252.4 | $ | (388.5 | ) | $ | 243.5 | |||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net (loss) income | $ | (3.9 | ) | $ | (0.3 | ) | $ | (116.7 | ) | $ | (3.3 | ) | $ | 120.3 | $ | (3.9 | ) | ||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustments | (6.5 | ) | — | (6.5 | ) | — | 6.5 | (6.5 | ) | ||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
Unrealized loss | (0.2 | ) | — | — | (0.2 | ) | 0.2 | (0.2 | ) | ||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Unrealized gain | 0.9 | — | 0.9 | — | (0.9 | ) | 0.9 | ||||||||||||||||
Reclassification adjustment for gains to net income | (0.6 | ) | — | (0.6 | ) | — | 0.6 | (0.6 | ) | ||||||||||||||
Pension plan: | |||||||||||||||||||||||
Actuarial loss | (0.9 | ) | — | (0.9 | ) | — | 0.9 | (0.9 | ) | ||||||||||||||
Reclassification adjustment to net income for amortization of actuarial losses | 0.6 | — | 0.6 | — | (0.6 | ) | 0.6 | ||||||||||||||||
Reclassification adjustment to net income for amortization of net prior service credits | (0.4 | ) | — | (0.4 | ) | — | 0.4 | (0.4 | ) | ||||||||||||||
Net curtailment gain and settlement loss | (3.0 | ) | — | (3.0 | ) | — | 3.0 | (3.0 | ) | ||||||||||||||
Total other comprehensive (loss) income | (10.1 | ) | — | (9.9 | ) | (0.2 | ) | 10.1 | (10.1 | ) | |||||||||||||
Total comprehensive (loss) income | $ | (14.0 | ) | $ | (0.3 | ) | $ | (126.6 | ) | $ | (3.5 | ) | $ | 130.4 | $ | (14.0 | ) | ||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net income (loss) | $ | 17.0 | $ | (0.3 | ) | $ | (75.4 | ) | $ | 17.5 | $ | 58.2 | $ | 17.0 | |||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustments | (28.9 | ) | — | (32.5 | ) | 3.6 | 28.9 | (28.9 | ) | ||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
Unrealized loss | (0.2 | ) | — | — | (0.2 | ) | 0.2 | (0.2 | ) | ||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Unrealized gain | 1.9 | — | 1.9 | — | (1.9 | ) | 1.9 | ||||||||||||||||
Reclassification adjustment for losses to net income | (0.1 | ) | — | (0.1 | ) | — | 0.1 | (0.1 | ) | ||||||||||||||
Pension plan: | |||||||||||||||||||||||
Reclassification adjustment to net income for amortization of actuarial losses | 0.4 | — | 0.4 | — | (0.4 | ) | 0.4 | ||||||||||||||||
Reclassification adjustment to net income for amortization of net prior service credits | (0.4 | ) | — | (0.4 | ) | — | 0.4 | (0.4 | ) | ||||||||||||||
Total other comprehensive (loss) income | (27.3 | ) | — | (30.7 | ) | 3.4 | 27.3 | (27.3 | ) | ||||||||||||||
Total comprehensive (loss) income | $ | (10.3 | ) | $ | (0.3 | ) | $ | (106.1 | ) | $ | 20.9 | $ | 85.5 | $ | (10.3 | ) | |||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net income (loss) | $ | 168.0 | $ | (0.7 | ) | $ | (34.2 | ) | $ | 173.7 | $ | (138.8 | ) | $ | 168.0 | ||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustments | 18.6 | — | 18.6 | — | (18.6 | ) | 18.6 | ||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
Unrealized gain | 0.3 | — | — | 0.3 | (0.3 | ) | 0.3 | ||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Unrealized gain | 2.7 | — | 2.7 | — | (2.7 | ) | 2.7 | ||||||||||||||||
Reclassification adjustment for gains to net income | (3.1 | ) | — | (3.1 | ) | — | 3.1 | (3.1 | ) | ||||||||||||||
Pension plan: | |||||||||||||||||||||||
Actuarial loss | (0.9 | ) | — | (0.9 | ) | — | 0.9 | (0.9 | ) | ||||||||||||||
Reclassification adjustment to net income for amortization of actuarial losses | 1.8 | — | 1.8 | — | (1.8 | ) | 1.8 | ||||||||||||||||
Reclassification adjustment to net income for amortization of net prior service credits | (1.1 | ) | — | (1.1 | ) | — | 1.1 | (1.1 | ) | ||||||||||||||
Net curtailment gain and settlement loss | (3.0 | ) | — | (3.0 | ) | 3.0 | (3.0 | ) | |||||||||||||||
Total other comprehensive income | 15.3 | — | 15.0 | 0.3 | (15.3 | ) | 15.3 | ||||||||||||||||
Total comprehensive income (loss) | $ | 183.3 | $ | (0.7 | ) | $ | (19.2 | ) | $ | 174.0 | $ | (154.1 | ) | $ | 183.3 | ||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net income (loss) | $ | 245.7 | $ | (0.6 | ) | $ | 136.7 | $ | 252.4 | $ | (388.5 | ) | $ | 245.7 | |||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustments | (38.0 | ) | — | (45.2 | ) | 7.2 | 38.0 | (38.0 | ) | ||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
Unrealized gain | 0.2 | — | — | 0.2 | (0.2 | ) | 0.2 | ||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Unrealized gain | 8.2 | — | 8.2 | — | (8.2 | ) | 8.2 | ||||||||||||||||
Reclassification adjustment for losses to net income | 1.6 | — | 1.6 | — | (1.6 | ) | 1.6 | ||||||||||||||||
Pension plan: | |||||||||||||||||||||||
Reclassification adjustment to net income for amortization of actuarial losses | 1.0 | — | 1.0 | — | (1.0 | ) | 1.0 | ||||||||||||||||
Reclassification adjustment to net income for amortization of net prior service credits | (1.2 | ) | — | (1.2 | ) | — | 1.2 | (1.2 | ) | ||||||||||||||
Total other comprehensive (loss) income | (28.2 | ) | — | (35.6 | ) | 7.4 | 28.2 | (28.2 | ) | ||||||||||||||
Total comprehensive income (loss) | $ | 217.5 | $ | (0.6 | ) | $ | 101.1 | $ | 259.8 | $ | (360.3 | ) | $ | 217.5 | |||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Assets | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 0.4 | $ | 0.1 | $ | 59.1 | $ | 53.8 | $ | — | $ | 113.4 | |||||||||||
Accounts receivable, net | — | — | 638.7 | 1.4 | — | 640.1 | |||||||||||||||||
Intra-entity receivables, net | 85.6 | 7.6 | — | 262.1 | (355.3 | ) | — | ||||||||||||||||
Other receivables | — | — | 55.6 | 24.7 | — | 80.3 | |||||||||||||||||
Other current assets | — | — | 140.0 | 5.0 | — | 145.0 | |||||||||||||||||
Income taxes | — | — | 17.3 | — | — | 17.3 | |||||||||||||||||
Inventories | — | — | 2,392.6 | 73.5 | — | 2,466.1 | |||||||||||||||||
Total current assets | 86.0 | 7.7 | 3,303.3 | 420.5 | (355.3 | ) | 3,462.2 | ||||||||||||||||
Non-current assets: | |||||||||||||||||||||||
Property, plant and equipment, net | — | — | 847.5 | 7.6 | — | 855.1 | |||||||||||||||||
Goodwill | — | — | 515.0 | 352.1 | — | 867.1 | |||||||||||||||||
Intangible assets, net | — | — | 410.4 | — | — | 410.4 | |||||||||||||||||
Investment in subsidiaries | 2,693.7 | — | 834.5 | 346.2 | (3,874.4 | ) | — | ||||||||||||||||
Intra-entity receivables, net | — | 400.0 | — | 2,835.0 | (3,235.0 | ) | — | ||||||||||||||||
Other assets | — | — | 136.9 | 32.2 | — | 169.1 | |||||||||||||||||
Deferred tax assets | — | — | 1.2 | 0.1 | — | 1.3 | |||||||||||||||||
Retirement benefit asset | — | — | 35.5 | — | — | 35.5 | |||||||||||||||||
Total assets | $ | 2,779.7 | $ | 407.7 | $ | 6,084.3 | $ | 3,993.7 | $ | (7,464.7 | ) | $ | 5,800.7 | ||||||||||
Liabilities and Shareholders’ equity | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | (0.7 | ) | $ | 292.5 | $ | — | $ | — | $ | 291.8 | ||||||||||
Accounts payable | — | — | 291.0 | 33.9 | — | 324.9 | |||||||||||||||||
Intra-entity payables, net | — | — | 355.3 | — | (355.3 | ) | — | ||||||||||||||||
Accrued expenses and other current liabilities | 27.6 | 7.1 | 372.1 | 23.7 | — | 430.5 | |||||||||||||||||
Deferred revenue | — | — | 259.6 | 10.7 | — | 270.3 | |||||||||||||||||
Income taxes | — | (0.2 | ) | (24.3 | ) | 24.5 | — | — | |||||||||||||||
Total current liabilities | 27.6 | 6.2 | 1,546.2 | 92.8 | (355.3 | ) | 1,317.5 | ||||||||||||||||
Non-current liabilities: | |||||||||||||||||||||||
Long-term debt | — | 395.0 | 301.8 | — | — | 696.8 | |||||||||||||||||
Intra-entity payables, net | — | — | 3,235.0 | — | (3,235.0 | ) | — | ||||||||||||||||
Other liabilities | — | — | 238.8 | 5.6 | — | 244.4 | |||||||||||||||||
Deferred revenue | — | — | 646.1 | — | — | 646.1 | |||||||||||||||||
Deferred tax liabilities | — | — | 143.6 | 0.2 | — | 143.8 | |||||||||||||||||
Total liabilities | 27.6 | 401.2 | 6,111.5 | 98.6 | (3,590.3 | ) | 3,048.6 | ||||||||||||||||
Series A redeemable convertible preferred shares | 613.1 | — | — | — | — | 613.1 | |||||||||||||||||
Total shareholders’ equity (deficit) | 2,139.0 | 6.5 | (27.2 | ) | 3,895.1 | (3,874.4 | ) | 2,139.0 | |||||||||||||||
Total liabilities, preferred shares and shareholders’ equity | $ | 2,779.7 | $ | 407.7 | $ | 6,084.3 | $ | 3,993.7 | $ | (7,464.7 | ) | $ | 5,800.7 | ||||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Assets | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1.7 | $ | 0.1 | $ | 70.3 | $ | 26.6 | $ | — | $ | 98.7 | |||||||||||
Accounts receivable, net | — | — | 1,858.0 | — | — | 1,858.0 | |||||||||||||||||
Intra-entity receivables, net | 12.7 | — | 145.1 | — | (157.8 | ) | — | ||||||||||||||||
Other receivables | — | — | 71.1 | 24.8 | — | 95.9 | |||||||||||||||||
Other current assets | — | — | 131.4 | 4.9 | — | 136.3 | |||||||||||||||||
Income taxes | — | — | 4.4 | — | — | 4.4 | |||||||||||||||||
Inventories | — | — | 2,371.8 | 77.5 | — | 2,449.3 | |||||||||||||||||
Total current assets | 14.4 | 0.1 | 4,652.1 | 133.8 | (157.8 | ) | 4,642.6 | ||||||||||||||||
Non-current assets: | |||||||||||||||||||||||
Property, plant and equipment, net | — | — | 818.5 | 4.4 | — | 822.9 | |||||||||||||||||
Goodwill | — | — | 514.0 | 3.6 | — | 517.6 | |||||||||||||||||
Intangible assets, net | — | — | 417.0 | — | — | 417.0 | |||||||||||||||||
Investment in subsidiaries | 3,117.6 | — | 721.6 | 590.9 | (4,430.1 | ) | — | ||||||||||||||||
Intra-entity receivables, net | — | 402.9 | — | 3,647.1 | (4,050.0 | ) | — | ||||||||||||||||
Other assets | — | — | 134.8 | 30.3 | — | 165.1 | |||||||||||||||||
Deferred tax assets | — | — | 0.6 | 0.1 | — | 0.7 | |||||||||||||||||
Retirement benefit asset | — | — | 31.9 | — | — | 31.9 | |||||||||||||||||
Total assets | $ | 3,132.0 | $ | 403.0 | $ | 7,290.5 | $ | 4,410.2 | $ | (8,637.9 | ) | $ | 6,597.8 | ||||||||||
Liabilities and Shareholders’ equity | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | (0.7 | ) | $ | 91.8 | $ | — | $ | — | $ | 91.1 | ||||||||||
Accounts payable | — | — | 248.2 | 7.5 | — | 255.7 | |||||||||||||||||
Intra-entity payables, net | — | — | — | 157.8 | (157.8 | ) | — | ||||||||||||||||
Accrued expenses and other current liabilities | 29.9 | 2.5 | 429.2 | 16.6 | — | 478.2 | |||||||||||||||||
Deferred revenue | — | — | 275.5 | 1.4 | — | 276.9 | |||||||||||||||||
Income taxes | — | (0.2 | ) | 115.5 | (13.5 | ) | — | 101.8 | |||||||||||||||
Total current liabilities | 29.9 | 1.6 | 1,160.2 | 169.8 | (157.8 | ) | 1,203.7 | ||||||||||||||||
Non-current liabilities: | |||||||||||||||||||||||
Long-term debt | — | 394.3 | 323.6 | 600.0 | — | 1,317.9 | |||||||||||||||||
Intra-entity payables, net | — | — | 4,050.0 | — | (4,050.0 | ) | — | ||||||||||||||||
Other liabilities | — | — | 208.7 | 5.0 | — | 213.7 | |||||||||||||||||
Deferred revenue | — | — | 659.0 | — | — | 659.0 | |||||||||||||||||
Deferred tax liabilities | — | — | 101.4 | — | — | 101.4 | |||||||||||||||||
Total liabilities | 29.9 | 395.9 | 6,502.9 | 774.8 | (4,207.8 | ) | 3,495.7 | ||||||||||||||||
Series A redeemable convertible preferred shares | 611.9 | — | — | — | — | 611.9 | |||||||||||||||||
Total shareholders’ equity | 2,490.2 | 7.1 | 787.6 | 3,635.4 | (4,430.1 | ) | 2,490.2 | ||||||||||||||||
Total liabilities, preferred shares and shareholders’ equity | $ | 3,132.0 | $ | 403.0 | $ | 7,290.5 | $ | 4,410.2 | $ | (8,637.9 | ) | $ | 6,597.8 | ||||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Assets | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 0.2 | $ | 0.1 | $ | 55.7 | $ | 26.7 | $ | — | $ | 82.7 | |||||||||||
Accounts receivable, net | — | — | 1,581.1 | — | — | 1,581.1 | |||||||||||||||||
Intra-entity receivables, net | 50.4 | — | — | 278.9 | (329.3 | ) | — | ||||||||||||||||
Other receivables | — | — | 52.0 | 22.2 | — | 74.2 | |||||||||||||||||
Other current assets | — | — | 140.3 | 6.5 | — | 146.8 | |||||||||||||||||
Income taxes | — | 0.1 | 35.6 | (14.9 | ) | — | 20.8 | ||||||||||||||||
Inventories | — | — | 2,578.3 | 71.1 | — | 2,649.4 | |||||||||||||||||
Total current assets | 50.6 | 0.2 | 4,443.0 | 390.5 | (329.3 | ) | 4,555.0 | ||||||||||||||||
Non-current assets: | |||||||||||||||||||||||
Property, plant and equipment, net | — | — | 786.4 | 4.7 | — | 791.1 | |||||||||||||||||
Goodwill | — | — | 513.4 | 3.6 | — | 517.0 | |||||||||||||||||
Intangible assets, net | — | — | 419.8 | — | — | 419.8 | |||||||||||||||||
Investment in subsidiaries | 2,812.5 | — | 586.7 | 474.4 | (3,873.6 | ) | — | ||||||||||||||||
Intra-entity receivables, net | — | 407.6 | — | 3,647.4 | (4,055.0 | ) | — | ||||||||||||||||
Other assets | — | — | 126.2 | 31.3 | — | 157.5 | |||||||||||||||||
Deferred tax assets | — | — | — | — | — | — | |||||||||||||||||
Retirement benefit asset | — | — | 47.1 | — | — | 47.1 | |||||||||||||||||
Total assets | $ | 2,863.1 | $ | 407.8 | $ | 6,922.6 | $ | 4,551.9 | $ | (8,257.9 | ) | $ | 6,487.5 | ||||||||||
Liabilities and Shareholders’ equity | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | (0.7 | ) | $ | 289.5 | $ | — | $ | — | $ | 288.8 | ||||||||||
Accounts payable | — | — | 376.4 | 5.8 | — | 382.2 | |||||||||||||||||
Intra-entity payables, net | — | — | 329.3 | — | (329.3 | ) | — | ||||||||||||||||
Accrued expenses and other current liabilities | 20.2 | 7.1 | 360.1 | 15.5 | — | 402.9 | |||||||||||||||||
Deferred revenue | — | — | 256.7 | — | — | 256.7 | |||||||||||||||||
Income taxes | — | — | 3.9 | 0.5 | — | 4.4 | |||||||||||||||||
Total current liabilities | 20.2 | 6.4 | 1,615.9 | 21.8 | (329.3 | ) | 1,335.0 | ||||||||||||||||
Non-current liabilities: | |||||||||||||||||||||||
Long-term debt | — | 394.1 | 330.1 | 600.0 | — | 1,324.2 | |||||||||||||||||
Intra-entity payables, net | — | — | 4,055.0 | — | (4,055.0 | ) | — | ||||||||||||||||
Other liabilities | — | — | 213.7 | 6.2 | — | 219.9 | |||||||||||||||||
Deferred revenue | — | — | 632.1 | — | — | 632.1 | |||||||||||||||||
Deferred tax liabilities | — | — | 133.5 | (0.1 | ) | — | 133.4 | ||||||||||||||||
Total liabilities | 20.2 | 400.5 | 6,980.3 | 627.9 | (4,384.3 | ) | 3,644.6 | ||||||||||||||||
Series A redeemable convertible preferred shares | 611.7 | — | — | — | — | 611.7 | |||||||||||||||||
Total shareholders’ equity (deficit) | 2,231.2 | 7.3 | (57.7 | ) | 3,924.0 | (3,873.6 | ) | 2,231.2 | |||||||||||||||
Total liabilities, preferred shares and shareholders’ equity | $ | 2,863.1 | $ | 407.8 | $ | 6,922.6 | $ | 4,551.9 | $ | (8,257.9 | ) | $ | 6,487.5 | ||||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net cash provided by operating activities | $ | 617.1 | $ | 4.6 | $ | 1,467.2 | $ | 511.4 | $ | (1,118.0 | ) | $ | 1,482.3 | ||||||||||
Investing activities | |||||||||||||||||||||||
Purchase of property, plant and equipment | — | — | (165.7 | ) | (0.4 | ) | — | (166.1 | ) | ||||||||||||||
Purchase of available-for-sale securities | — | — | — | (1.7 | ) | — | (1.7 | ) | |||||||||||||||
Proceeds from available-for-sale securities | — | — | — | 0.9 | — | 0.9 | |||||||||||||||||
Acquisition of R2Net Inc., net of cash acquired | — | — | (332.4 | ) | — | — | (332.4 | ) | |||||||||||||||
Net cash used in investing activities | — | — | (498.1 | ) | (1.2 | ) | — | (499.3 | ) | ||||||||||||||
Financing activities | |||||||||||||||||||||||
Dividends paid on common shares | (57.7 | ) | — | — | — | — | (57.7 | ) | |||||||||||||||
Dividends paid on redeemable convertible preferred shares | (26.9 | ) | — | — | — | — | (26.9 | ) | |||||||||||||||
Intra-entity dividends paid | — | — | (800.0 | ) | (318.0 | ) | 1,118.0 | — | |||||||||||||||
Proceeds from term and bridge loans | — | — | 350.0 | — | — | 350.0 | |||||||||||||||||
Repayments of term and bridge loans | — | — | (365.7 | ) | — | — | (365.7 | ) | |||||||||||||||
Proceeds from securitization facility | — | — | — | 1,745.9 | — | 1,745.9 | |||||||||||||||||
Repayments of securitization facility | — | — | — | (2,345.9 | ) | — | (2,345.9 | ) | |||||||||||||||
Proceeds from revolving credit facility | — | — | 605.0 | — | — | 605.0 | |||||||||||||||||
Repayments of revolving credit facility | — | — | (405.0 | ) | — | — | (405.0 | ) | |||||||||||||||
Repurchase of common shares | (460.0 | ) | — | — | — | — | (460.0 | ) | |||||||||||||||
Repayments of bank overdrafts | — | — | (5.9 | ) | — | — | (5.9 | ) | |||||||||||||||
Other financing activities | (3.1 | ) | — | (1.4 | ) | — | — | (4.5 | ) | ||||||||||||||
Intra-entity activity, net | (70.7 | ) | (4.6 | ) | (359.7 | ) | 435.0 | — | — | ||||||||||||||
Net cash used in financing activities | (618.4 | ) | (4.6 | ) | (982.7 | ) | (483.0 | ) | 1,118.0 | (970.7 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 1.7 | 0.1 | 70.3 | 26.6 | — | 98.7 | |||||||||||||||||
(Decrease) increase in cash and cash equivalents | (1.3 | ) | — | (13.6 | ) | 27.2 | — | 12.3 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 2.4 | — | — | 2.4 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 0.4 | $ | 0.1 | $ | 59.1 | $ | 53.8 | $ | — | $ | 113.4 | |||||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net cash provided by operating activities | $ | 558.7 | $ | 4.9 | $ | 385.1 | $ | 391.4 | $ | (979.2 | ) | $ | 360.9 | ||||||||||
Investing activities | |||||||||||||||||||||||
Purchase of property, plant and equipment | — | — | (195.6 | ) | — | — | (195.6 | ) | |||||||||||||||
Investment in subsidiaries | (91.0 | ) | — | — | — | 91.0 | — | ||||||||||||||||
Purchase of available-for-sale securities | — | — | — | (10.4 | ) | — | (10.4 | ) | |||||||||||||||
Proceeds from available-for-sale securities | — | — | — | 10.0 | — | 10.0 | |||||||||||||||||
Net cash used in investing activities | (91.0 | ) | — | (195.6 | ) | (0.4 | ) | 91.0 | (196.0 | ) | |||||||||||||
Financing activities | |||||||||||||||||||||||
Dividends paid on common shares | (57.5 | ) | — | — | — | — | (57.5 | ) | |||||||||||||||
Dividends paid on redeemable convertible preferred shares | — | — | — | — | — | — | |||||||||||||||||
Intra-entity dividends paid | — | — | (650.0 | ) | (329.2 | ) | 979.2 | — | |||||||||||||||
Proceeds from issuance of redeemable convertible preferred shares, net of issuance costs | 611.6 | — | — | — | — | 611.6 | |||||||||||||||||
Repayments of term loan | — | — | (12.0 | ) | — | — | (12.0 | ) | |||||||||||||||
Proceeds from securitization facility | — | — | — | 1,837.1 | — | 1,837.1 | |||||||||||||||||
Repayments of securitization facility | — | — | — | (1,837.1 | ) | — | (1,837.1 | ) | |||||||||||||||
Proceeds from revolving credit facility | — | — | 598.0 | — | — | 598.0 | |||||||||||||||||
Repayments of revolving credit facility | — | — | (339.0 | ) | — | — | (339.0 | ) | |||||||||||||||
Repurchase of common shares | (1,000.0 | ) | — | — | — | — | (1,000.0 | ) | |||||||||||||||
Repayments of bank overdrafts | — | — | (13.3 | ) | — | — | (13.3 | ) | |||||||||||||||
Other financing activities | (4.4 | ) | — | 90.0 | (0.6 | ) | (91.0 | ) | (6.0 | ) | |||||||||||||
Intra-entity activity, net | (19.1 | ) | (4.9 | ) | 91.6 | (67.6 | ) | — | — | ||||||||||||||
Net cash used in financing activities | (469.4 | ) | (4.9 | ) | (234.7 | ) | (397.4 | ) | 888.2 | (218.2 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 1.9 | 0.1 | 102.0 | 33.7 | — | 137.7 | |||||||||||||||||
(Decrease) increase in cash and cash equivalents | (1.7 | ) | — | (45.2 | ) | (6.4 | ) | — | (53.3 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (1.1 | ) | (0.6 | ) | — | (1.7 | ) | ||||||||||||||
Cash and cash equivalents at end of period | $ | 0.2 | $ | 0.1 | $ | 55.7 | $ | 26.7 | $ | — | $ | 82.7 | |||||||||||
|
|||
|
|||
(in millions) | Initial amounts | ||
Cash and cash equivalents | $ | 47.3 | |
Inventories | 12.1 | ||
Other current assets | 9.7 | ||
Property, plant and equipment | 3.5 | ||
Current liabilities | (41.4 | ) | |
Fair value of net assets acquired | 31.2 | ||
Goodwill(1) | 348.5 | ||
Total consideration transferred | $ | 379.7 | |
(1) | The amount of goodwill generated will be adjusted for any additional assets or liabilities identified by the Company or for any adjustments to the preliminary fair values identified for the assets acquired and liabilities assumed in the R2Net acquisition reflected above. |
|
|||
13 weeks ended | 39 weeks ended | ||||||||||||||
(in millions) | October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | |||||||||||
Sales: | |||||||||||||||
Sterling Jewelers | $ | 698.7 | $ | 712.5 | $ | 2,437.8 | $ | 2,532.3 | |||||||
Zale Jewelry | 268.2 | 282.4 | 933.7 | 994.8 | |||||||||||
Piercing Pagoda | 55.4 | 53.4 | 187.4 | 179.4 | |||||||||||
UK Jewelry | 128.4 | 130.3 | 382.8 | 419.5 | |||||||||||
Other | 6.2 | 7.6 | 18.2 | 12.5 | |||||||||||
Total sales | $ | 1,156.9 | $ | 1,186.2 | $ | 3,959.9 | $ | 4,138.5 | |||||||
Operating income: | |||||||||||||||
Sterling Jewelers | $ | 73.7 | (1) | $ | 78.6 | $ | 362.6 | (2) | $ | 417.8 | |||||
Zale Jewelry | (15.7 | ) | (19.3 | ) | (12.4 | ) | (0.5 | ) | |||||||
Piercing Pagoda | (4.2 | ) | (5.4 | ) | — | 2.2 | |||||||||
UK Jewelry | (1.7 | ) | — | (1.9 | ) | 3.0 | |||||||||
Other | (46.6 | ) | (3) | (21.8 | ) | (91.9 | ) | (4) | (58.5 | ) | |||||
Total operating income | $ | 5.5 | $ | 32.1 | $ | 256.4 | $ | 364.0 | |||||||
(1) | For the 13 weeks ended October 28, 2017, amount includes $10.2 million gain upon recognition of beneficial interest in connection with the sale of the prime portion of in-house receivables. See Note 3 for additional information. |
(2) | For the 39 weeks ended October 28, 2017, amount includes $20.7 million gain related to the reversal of the allowance for credit losses for the in-house receivables sold, as well as the $10.2 million gain upon recognition of beneficial interest in connection with the sale of the prime portion of in-house receivables. See Note 3 for additional information. |
(3) | For the 13 weeks ended October 28, 2017, amount includes $22.4 million of transaction costs related to the credit transaction and $8.1 million of R2Net acquisition costs. See Note 3 and Note 4 for additional information regarding credit transaction and acquisition of R2Net, respectively. |
(4) | For the 39 weeks ended October 28, 2017, amount includes $28.3 million of transaction costs related to the credit transaction, $9.4 million of R2Net acquisition costs, and $3.4 million of CEO transition costs. See Note 3 and Note 4 for additional information regarding credit transaction and acquisition of R2Net, respectively. |
(in millions) | October 28, 2017 | January 28, 2017 | October 29, 2016 | ||||||||
Total assets: | |||||||||||
Sterling Jewelers | $ | 3,260.0 | $ | 4,015.4 | $ | 3,715.6 | |||||
Zale Jewelry | 1,885.0 | 1,940.7 | 2,061.7 | ||||||||
Piercing Pagoda | 139.8 | 141.6 | 136.1 | ||||||||
UK Jewelry | 404.8 | 372.6 | 407.1 | ||||||||
Other | 111.1 | 127.5 | 167.0 | ||||||||
Total assets | $ | 5,800.7 | $ | 6,597.8 | $ | 6,487.5 | |||||
|
|||
Pension plan | |||||||||||||||||||||||
(in millions) | Foreign currency translation | Losses on available-for-sale securities, net | Gains (losses) on cash flow hedges | Actuarial losses | Prior service credits | Accumulated other comprehensive loss | |||||||||||||||||
Balance at January 28, 2017 | $ | (263.4 | ) | $ | (0.4 | ) | $ | 2.4 | $ | (55.5 | ) | $ | 9.2 | $ | (307.7 | ) | |||||||
Other comprehensive income (“OCI”) before reclassifications | 18.6 | 0.3 | 2.7 | (0.9 | ) | — | 20.7 | ||||||||||||||||
Amounts reclassified from AOCI to net income | — | — | (3.1 | ) | 4.0 | (6.3 | ) | (5.4 | ) | ||||||||||||||
Net current period OCI | 18.6 | 0.3 | (0.4 | ) | 3.1 | (6.3 | ) | 15.3 | |||||||||||||||
Balance at October 28, 2017 | $ | (244.8 | ) | $ | (0.1 | ) | $ | 2.0 | $ | (52.4 | ) | $ | 2.9 | $ | (292.4 | ) | |||||||
Amounts reclassified from AOCI | ||||||||||||||||||
13 weeks ended | 39 weeks ended | |||||||||||||||||
(in millions) | October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | Income statement caption | |||||||||||||
(Gains) losses on cash flow hedges: | ||||||||||||||||||
Foreign currency contracts | $ | (0.8 | ) | $ | (0.4 | ) | $ | (3.0 | ) | $ | (1.0 | ) | Cost of sales (see Note 15) | |||||
Interest rate swaps | — | 0.5 | 0.4 | 1.7 | Interest expense, net (see Note 15) | |||||||||||||
Commodity contracts | — | (0.3 | ) | (1.5 | ) | 1.7 | Cost of sales (see Note 15) | |||||||||||
Total before income tax | (0.8 | ) | (0.2 | ) | (4.1 | ) | 2.4 | |||||||||||
Income taxes | 0.2 | 0.1 | 1.0 | (0.8 | ) | |||||||||||||
Net of tax | (0.6 | ) | (0.1 | ) | (3.1 | ) | 1.6 | |||||||||||
Defined benefit pension plan items: | ||||||||||||||||||
Amortization of unrecognized actuarial losses | 0.7 | 0.4 | 2.2 | 1.2 | Selling, general and administrative expenses(1) | |||||||||||||
Amortization of unrecognized net prior service credits | (0.4 | ) | (0.5 | ) | (1.3 | ) | (1.5 | ) | Selling, general and administrative expenses(1) | |||||||||
Net curtailment gain and settlement loss | (3.7 | ) | — | (3.7 | ) | — | Selling, general and administrative expenses(1) | |||||||||||
Total before income tax | (3.4 | ) | (0.1 | ) | (2.8 | ) | (0.3 | ) | ||||||||||
Income taxes | 0.6 | 0.1 | 0.5 | 0.1 | ||||||||||||||
Net of tax | (2.8 | ) | — | (2.3 | ) | (0.2 | ) | |||||||||||
Total reclassifications, net of tax | $ | (3.4 | ) | $ | (0.1 | ) | $ | (5.4 | ) | $ | 1.4 | |||||||
(1) | These items are included in the computation of net periodic pension benefit. See Note 22 for additional information. |
|
|||
39 weeks ended | |||||
October 28, 2017 | October 29, 2016 | ||||
Forecasted annual effective tax rate | 21.2 | % | 25.0 | % | |
Discrete items recognized | 0.2 | % | — | % | |
Effective tax rate recognized in income statement | 21.4 | % | 25.0 | % | |
|
|||
(in millions) | October 28, 2017 | January 28, 2017 | October 29, 2016 | ||||||||
Accounts receivable by portfolio segment, net: | |||||||||||
Sterling Jewelers customer in-house finance receivables | $ | 597.7 | $ | 1,813.3 | $ | 1,546.3 | |||||
Zale customer in-house finance receivables | 32.3 | 33.4 | 26.4 | ||||||||
Other accounts receivable | 10.1 | 11.3 | 8.4 | ||||||||
Total accounts receivable, net | $ | 640.1 | $ | 1,858.0 | $ | 1,581.1 | |||||
39 weeks ended | |||||||
(in millions) | October 28, 2017 | October 29, 2016 | |||||
Beginning balance | $ | (138.7 | ) | $ | (130.0 | ) | |
Charge-offs, net | 160.9 | 143.1 | |||||
Recoveries | 30.1 | 26.8 | |||||
Provision | (181.8 | ) | (172.9 | ) | |||
Reversal of allowance on receivables previously held for sale | 20.7 | — | |||||
Ending balance | $ | (108.8 | ) | $ | (133.0 | ) | |
Ending receivable balance evaluated for impairment | 706.5 | 1,679.3 | |||||
Sterling Jewelers customer in-house finance receivables, net | $ | 597.7 | $ | 1,546.3 | |||
October 28, 2017 | January 28, 2017 | October 29, 2016 | |||||||||||||||||||||
(in millions) | Gross | Valuation allowance | Gross | Valuation allowance | Gross | Valuation allowance | |||||||||||||||||
Performing: | |||||||||||||||||||||||
Current, aged 0 – 30 days | $ | 586.5 | $ | (50.3 | ) | $ | 1,538.2 | $ | (47.2 | ) | $ | 1,294.9 | $ | (39.3 | ) | ||||||||
Past due, aged 31 – 60 days | 40.3 | (3.5 | ) | 282.0 | (9.0 | ) | 250.6 | (8.1 | ) | ||||||||||||||
Past due, aged 61 – 90 days | 27.1 | (2.4 | ) | 51.6 | (2.3 | ) | 50.7 | (2.5 | ) | ||||||||||||||
Non Performing: | |||||||||||||||||||||||
Past due, aged more than 90 days | 52.6 | (52.6 | ) | 80.2 | (80.2 | ) | 83.1 | (83.1 | ) | ||||||||||||||
$ | 706.5 | $ | (108.8 | ) | $ | 1,952.0 | $ | (138.7 | ) | $ | 1,679.3 | $ | (133.0 | ) | |||||||||
October 28, 2017 | January 28, 2017 | October 29, 2016 | |||||||||||||||
(as a % of the ending receivable balance) | Gross | Valuation allowance | Gross | Valuation allowance | Gross | Valuation allowance | |||||||||||
Performing | |||||||||||||||||
Current, aged 0 – 30 days | 83.0 | % | 8.6 | % | 78.8 | % | 3.1 | % | 77.2 | % | 3.0 | % | |||||
Past due, aged 31 – 60 days | 5.7 | % | 8.7 | % | 14.5 | % | 3.2 | % | 14.9 | % | 3.2 | % | |||||
Past due, aged 61 – 90 days | 3.8 | % | 8.9 | % | 2.6 | % | 4.5 | % | 3.0 | % | 4.9 | % | |||||
Non Performing | |||||||||||||||||
Past due, aged more than 90 days | 7.5 | % | 100.0 | % | 4.1 | % | 100.0 | % | 4.9 | % | 100.0 | % | |||||
100.0 | % | 15.4 | % | 100.0 | % | 7.1 | % | 100.0 | % | 7.9 | % | ||||||
|
|||
(in millions) | October 28, 2017 | January 28, 2017 | October 29, 2016 | ||||||||
Raw materials | $ | 68.2 | $ | 60.8 | $ | 71.2 | |||||
Finished goods | 2,397.9 | 2,388.5 | 2,578.2 | ||||||||
Total inventories | $ | 2,466.1 | $ | 2,449.3 | $ | 2,649.4 | |||||
|
|||
(in millions) | Sterling Jewelers | Zale Jewelry | Piercing Pagoda | UK Jewelry | Other | Total | |||||||||||||||||
Balance at January 30, 2016 | $ | 23.2 | $ | 488.7 | $ | — | $ | — | $ | 3.6 | $ | 515.5 | |||||||||||
Impact of foreign exchange | — | 2.1 | — | — | — | 2.1 | |||||||||||||||||
Balance at January 28, 2017 | 23.2 | 490.8 | — | — | 3.6 | 517.6 | |||||||||||||||||
Acquisitions | 348.5 | — | — | — | — | 348.5 | |||||||||||||||||
Impact of foreign exchange | — | 1.0 | — | — | — | 1.0 | |||||||||||||||||
Balance at October 28, 2017 | $ | 371.7 | $ | 491.8 | $ | — | $ | — | $ | 3.6 | $ | 867.1 | |||||||||||
October 28, 2017 | January 28, 2017 | October 29, 2016 | |||||||||||||||||||||||||||||||||||
(in millions) | Balance sheet location | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||||||||||||||||
Definite-lived intangible assets: | |||||||||||||||||||||||||||||||||||||
Trade names | Intangible assets, net | $ | 1.5 | $ | (1.0 | ) | $ | 0.5 | $ | 1.4 | $ | (0.8 | ) | $ | 0.6 | $ | 1.4 | $ | (0.7 | ) | $ | 0.7 | |||||||||||||||
Favorable leases | Intangible assets, net | 47.9 | (44.1 | ) | 3.8 | 47.6 | (36.0 | ) | 11.6 | 47.5 | (32.6 | ) | 14.9 | ||||||||||||||||||||||||
Total definite-lived intangible assets | 49.4 | (45.1 | ) | 4.3 | 49.0 | (36.8 | ) | 12.2 | 48.9 | (33.3 | ) | 15.6 | |||||||||||||||||||||||||
Indefinite-lived trade names | Intangible assets, net | 406.1 | — | 406.1 | 404.8 | — | 404.8 | 404.2 | — | 404.2 | |||||||||||||||||||||||||||
Total intangible assets, net | $ | 455.5 | $ | (45.1 | ) | $ | 410.4 | $ | 453.8 | $ | (36.8 | ) | $ | 417.0 | $ | 453.1 | $ | (33.3 | ) | $ | 419.8 | ||||||||||||||||
Definite-lived intangible liabilities: | |||||||||||||||||||||||||||||||||||||
Unfavorable leases | Other liabilities | $ | (48.5 | ) | $ | 45.4 | $ | (3.1 | ) | $ | (48.3 | ) | $ | 38.2 | $ | (10.1 | ) | $ | (48.1 | ) | $ | 34.7 | $ | (13.4 | ) | ||||||||||||
Unfavorable contracts | Other liabilities | (65.6 | ) | 37.6 | (28.0 | ) | (65.6 | ) | 33.5 | (32.1 | ) | (65.6 | ) | 32.1 | (33.5 | ) | |||||||||||||||||||||
Total intangible liabilities, net | $ | (114.1 | ) | $ | 83.0 | $ | (31.1 | ) | $ | (113.9 | ) | $ | 71.7 | $ | (42.2 | ) | $ | (113.7 | ) | $ | 66.8 | $ | (46.9 | ) | |||||||||||||
|
|||
(in millions) | October 28, 2017 | January 28, 2017 | October 29, 2016 | ||||||||
Deferred ESP selling costs | $ | 86.0 | $ | 86.1 | $ | 81.8 | |||||
Investments(1) | 28.7 | 27.2 | 27.5 | ||||||||
Other assets | 54.4 | 51.8 | 48.2 | ||||||||
Total other assets | $ | 169.1 | $ | 165.1 | $ | 157.5 | |||||
|
|||
Fair value of derivative assets | |||||||||||||
(in millions) | Balance sheet location | October 28, 2017 | January 28, 2017 | October 29, 2016 | |||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Foreign currency contracts | Other current assets | $ | 0.2 | $ | 1.4 | $ | 3.5 | ||||||
Commodity contracts | Other current assets | 0.7 | — | 0.6 | |||||||||
Interest rate swaps | Other assets | 1.3 | 0.4 | — | |||||||||
$ | 2.2 | $ | 1.8 | $ | 4.1 | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Foreign currency contracts | Other current assets | — | 1.8 | — | |||||||||
Total derivative assets | $ | 2.2 | $ | 3.6 | $ | 4.1 | |||||||
Fair value of derivative liabilities | |||||||||||||
(in millions) | Balance sheet location | October 28, 2017 | January 28, 2017 | October 29, 2016 | |||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Foreign currency contracts | Other current liabilities | $ | (0.7 | ) | $ | (0.2 | ) | $ | — | ||||
Commodity contracts | Other current liabilities | — | (3.4 | ) | (0.7 | ) | |||||||
Interest rate swaps | Other liabilities | — | — | (2.3 | ) | ||||||||
$ | (0.7 | ) | $ | (3.6 | ) | $ | (3.0 | ) | |||||
Derivatives not designated as hedging instruments: | |||||||||||||
Foreign currency contracts | Other current liabilities | (0.6 | ) | — | (0.1 | ) | |||||||
Total derivative liabilities | $ | (1.3 | ) | $ | (3.6 | ) | $ | (3.1 | ) | ||||
(in millions) | October 28, 2017 | January 28, 2017 | October 29, 2016 | ||||||||
Foreign currency contracts | $ | — | $ | 4.1 | $ | 6.4 | |||||
Commodity contracts | 1.5 | (2.1 | ) | 3.8 | |||||||
Interest rate swaps | 1.3 | 0.4 | (2.3 | ) | |||||||
Gains recorded in AOCI | $ | 2.8 | $ | 2.4 | $ | 7.9 | |||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | Income statement caption | October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | ||||||||||||
Gains recorded in AOCI, beginning of period | $ | 0.6 | $ | 3.8 | $ | 4.1 | $ | 1.4 | |||||||||
Current period (losses) gains recognized in OCI | 0.2 | 3.0 | (1.1 | ) | 6.0 | ||||||||||||
Gains reclassified from AOCI to net income | Cost of sales | (0.8 | ) | (0.4 | ) | (3.0 | ) | (1.0 | ) | ||||||||
Gains recorded in AOCI, end of period | $ | — | $ | 6.4 | $ | — | $ | 6.4 | |||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | Income statement caption | October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | ||||||||||||
Gains (losses) recorded in AOCI, beginning of period | $ | 1.0 | $ | 6.2 | $ | (2.1 | ) | $ | (3.7 | ) | |||||||
Current period (losses) gains recognized in OCI | 0.5 | (2.1 | ) | 5.1 | 5.8 | ||||||||||||
(Gains) losses reclassified from AOCI to net income | Cost of sales | — | (0.3 | ) | (1.5 | ) | 1.7 | ||||||||||
Gains recorded in AOCI, end of period | $ | 1.5 | $ | 3.8 | $ | 1.5 | $ | 3.8 | |||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | Income statement caption | October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | ||||||||||||
Gains (losses) recorded in AOCI, beginning of period | $ | 0.7 | $ | (3.8 | ) | $ | 0.4 | $ | (3.4 | ) | |||||||
Current period gains (losses) recognized in OCI | 0.6 | 1.0 | 0.5 | (0.6 | ) | ||||||||||||
Losses reclassified from AOCI to net income | Interest expense, net | — | 0.5 | 0.4 | 1.7 | ||||||||||||
Gains (losses) recorded in AOCI, end of period | $ | 1.3 | $ | (2.3 | ) | $ | 1.3 | $ | (2.3 | ) | |||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | Income statement caption | October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | ||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||
Foreign currency contracts | Other operating income, net | $ | (0.1 | ) | $ | 1.6 | $ | 3.1 | $ | 3.2 | |||||||
|
|||
October 28, 2017 | January 28, 2017 | October 29, 2016 | |||||||||||||||||||||||||||||||||
(in millions) | Carrying Value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Carrying Value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Carrying Value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | ||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
US Treasury securities | $ | 7.7 | $ | 7.7 | $ | — | $ | 8.1 | $ | 8.1 | $ | — | $ | 8.3 | $ | 8.3 | $ | — | |||||||||||||||||
Corporate equity securities | 4.1 | 4.1 | — | 3.8 | 3.8 | — | 3.6 | 3.6 | — | ||||||||||||||||||||||||||
Foreign currency contracts | 0.2 | — | 0.2 | 3.2 | — | 3.2 | 3.5 | — | 3.5 | ||||||||||||||||||||||||||
Commodity contracts | 0.7 | — | 0.7 | — | — | — | 0.6 | — | 0.6 | ||||||||||||||||||||||||||
Interest rate swaps | 1.3 | 1.3 | 0.4 | — | 0.4 | — | — | — | |||||||||||||||||||||||||||
US government agency securities | 5.4 | — | 5.4 | 4.4 | — | 4.4 | 4.5 | — | 4.5 | ||||||||||||||||||||||||||
Corporate bonds and notes | 11.5 | — | 11.5 | 10.9 | — | 10.9 | 11.1 | — | 11.1 | ||||||||||||||||||||||||||
Total assets | $ | 30.9 | $ | 11.8 | $ | 19.1 | $ | 30.8 | $ | 11.9 | $ | 18.9 | $ | 31.6 | $ | 11.9 | $ | 19.7 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | (1.3 | ) | $ | — | $ | (1.3 | ) | $ | (0.2 | ) | $ | — | $ | (0.2 | ) | $ | (0.1 | ) | $ | — | $ | (0.1 | ) | |||||||||||
Commodity contracts | — | — | — | (3.4 | ) | — | (3.4 | ) | (0.7 | ) | — | (0.7 | ) | ||||||||||||||||||||||
Interest rate swaps | — | — | — | — | — | — | (2.3 | ) | — | (2.3 | ) | ||||||||||||||||||||||||
Total liabilities | $ | (1.3 | ) | $ | — | $ | (1.3 | ) | $ | (3.6 | ) | $ | — | $ | (3.6 | ) | $ | (3.1 | ) | $ | — | $ | (3.1 | ) | |||||||||||
October 28, 2017 | January 28, 2017 | October 29, 2016 | |||||||||||||||||||||
(in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||
Long-term debt: | |||||||||||||||||||||||
Senior notes (Level 2) | $ | 394.3 | $ | 398.8 | $ | 393.7 | $ | 391.2 | $ | 393.4 | $ | 390.5 | |||||||||||
Securitization facility (Level 2) | — | — | 599.7 | 600.0 | 599.6 | 600.0 | |||||||||||||||||
Term loan (Level 2) | 330.0 | 332.9 | 345.1 | 348.6 | 349.3 | 353.0 | |||||||||||||||||
Total | $ | 724.3 | $ | 731.7 | $ | 1,338.5 | $ | 1,339.8 | $ | 1,342.3 | $ | 1,343.5 | |||||||||||
|
|||
(in millions) | October 28, 2017 | January 28, 2017 | October 29, 2016 | ||||||||
Debt: | |||||||||||
Senior unsecured notes due 2024, net of unamortized discount | $ | 398.9 | $ | 398.8 | $ | 398.7 | |||||
Securitization facility | — | 600.0 | 600.0 | ||||||||
Senior unsecured term loan | 332.9 | 348.6 | 353.0 | ||||||||
Revolving credit facility | 256.0 | 56.0 | 259.0 | ||||||||
Bank overdrafts | 8.3 | 14.2 | 11.1 | ||||||||
Total debt | $ | 996.1 | $ | 1,417.6 | $ | 1,621.8 | |||||
Less: Current portion of loans and overdrafts | (291.8 | ) | (91.1 | ) | (288.8 | ) | |||||
Less: Unamortized capitalized debt issuance fees | (7.5 | ) | (8.6 | ) | (8.8 | ) | |||||
Total long-term debt | $ | 696.8 | $ | 1,317.9 | $ | 1,324.2 | |||||
|
|||
(in millions) | October 28, 2017 | January 28, 2017 | October 29, 2016 | ||||||||
Sterling Jewelers ESP deferred revenue | $ | 717.6 | $ | 737.4 | $ | 710.2 | |||||
Zale ESP deferred revenue | 165.2 | 168.2 | 155.2 | ||||||||
Voucher promotions and other | 33.6 | 30.3 | 23.4 | ||||||||
Total deferred revenue | $ | 916.4 | $ | 935.9 | $ | 888.8 | |||||
Disclosed as: | |||||||||||
Current liabilities | $ | 270.3 | $ | 276.9 | $ | 256.7 | |||||
Non-current liabilities | 646.1 | 659.0 | 632.1 | ||||||||
Total deferred revenue | $ | 916.4 | $ | 935.9 | $ | 888.8 | |||||
13 weeks ended | 39 weeks ended | ||||||||||||||
(in millions) | October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | |||||||||||
Sterling Jewelers ESP deferred revenue, beginning of period | $ | 732.7 | $ | 720.3 | $ | 737.4 | $ | 715.1 | |||||||
Plans sold | 47.9 | 52.8 | 176.7 | 190.4 | |||||||||||
Revenue recognized | (63.0 | ) | (62.9 | ) | (196.5 | ) | (195.3 | ) | |||||||
Sterling Jewelers ESP deferred revenue, end of period | $ | 717.6 | $ | 710.2 | $ | 717.6 | $ | 710.2 | |||||||
13 weeks ended | 39 weeks ended | ||||||||||||||
(in millions) | October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | |||||||||||
Zale ESP deferred revenue, beginning of period | $ | 169.5 | $ | 156.2 | $ | 168.2 | $ | 146.1 | |||||||
Plans sold(1) | 25.0 | 28.3 | 89.6 | 100.8 | |||||||||||
Revenue recognized | (29.3 | ) | (29.3 | ) | (92.6 | ) | (91.7 | ) | |||||||
Zale ESP deferred revenue, end of period | $ | 165.2 | $ | 155.2 | $ | 165.2 | $ | 155.2 | |||||||
(1) | Includes impact of foreign exchange translation. |
|
|||
13 weeks ended | 39 weeks ended | ||||||||||||||
(in millions) | October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | |||||||||||
Warranty reserve, beginning of period | $ | 39.3 | $ | 40.4 | $ | 40.0 | $ | 41.9 | |||||||
Warranty expense | 3.1 | 3.7 | 7.9 | 9.4 | |||||||||||
Utilized(1) | (3.1 | ) | (3.6 | ) | (8.6 | ) | (10.8 | ) | |||||||
Warranty reserve, end of period | $ | 39.3 | $ | 40.5 | $ | 39.3 | $ | 40.5 | |||||||
(1) | Includes impact of foreign exchange translation. |
(in millions) | October 28, 2017 | January 28, 2017 | October 29, 2016 | ||||||||
Disclosed as: | |||||||||||
Current liabilities | $ | 12.2 | $ | 13.0 | $ | 12.9 | |||||
Non-current liabilities | 27.1 | 27.0 | 27.6 | ||||||||
Total warranty reserve | $ | 39.3 | $ | 40.0 | $ | 40.5 | |||||
|
|||
13 weeks ended | 39 weeks ended | ||||||||||||||
(in millions) | October 28, 2017 | October 29, 2016 | October 28, 2017 | October 29, 2016 | |||||||||||
Components of net periodic pension benefit: | |||||||||||||||
Service cost | $ | (0.6 | ) | $ | (0.5 | ) | $ | (1.6 | ) | $ | (1.5 | ) | |||
Interest cost | (1.6 | ) | (1.7 | ) | (4.7 | ) | (5.5 | ) | |||||||
Expected return on UK Plan assets | 2.4 | 2.5 | 7.1 | 8.0 | |||||||||||
Amortization of unrecognized actuarial losses | (0.7 | ) | (0.4 | ) | (2.2 | ) | (1.2 | ) | |||||||
Amortization of unrecognized net prior service credits | 0.4 | 0.5 | 1.3 | 1.5 | |||||||||||
Net periodic pension (expense) benefit | $ | (0.1 | ) | $ | 0.4 | $ | (0.1 | ) | $ | 1.3 | |||||
Net curtailment gain and settlement loss | 3.7 | — | 3.7 | — | |||||||||||
Total recognized in net periodic pension benefit and OCI | $ | 3.6 | $ | 0.4 | $ | 3.6 | $ | 1.3 | |||||||
|
|||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Sales | $ | — | $ | — | $ | 1,067.0 | $ | 89.9 | $ | — | $ | 1,156.9 | |||||||||||
Cost of sales | — | — | (799.9 | ) | (35.9 | ) | — | (835.8 | ) | ||||||||||||||
Gross margin | — | — | 267.1 | 54.0 | — | 321.1 | |||||||||||||||||
Selling, general and administrative expenses | (0.6 | ) | — | (346.4 | ) | (28.9 | ) | — | (375.9 | ) | |||||||||||||
Credit transaction, net | — | — | (12.2 | ) | — | — | (12.2 | ) | |||||||||||||||
Other operating income (loss), net | — | — | 72.7 | (0.2 | ) | — | 72.5 | ||||||||||||||||
Operating (loss) income | (0.6 | ) | — | (18.8 | ) | 24.9 | — | 5.5 | |||||||||||||||
Intra-entity interest income (expense) | — | 4.7 | (47.0 | ) | 42.3 | — | — | ||||||||||||||||
Interest expense, net | — | (5.1 | ) | (7.7 | ) | (3.8 | ) | — | (16.6 | ) | |||||||||||||
(Loss) income before income taxes | (0.6 | ) | (0.4 | ) | (73.5 | ) | 63.4 | — | (11.1 | ) | |||||||||||||
Income taxes | — | 0.1 | 28.3 | (21.2 | ) | — | 7.2 | ||||||||||||||||
Equity in income of subsidiaries | (3.3 | ) | — | (71.5 | ) | (45.5 | ) | 120.3 | — | ||||||||||||||
Net (loss) income | $ | (3.9 | ) | $ | (0.3 | ) | $ | (116.7 | ) | $ | (3.3 | ) | $ | 120.3 | $ | (3.9 | ) | ||||||
Dividends on redeemable convertible preferred shares | (8.2 | ) | — | — | — | — | (8.2 | ) | |||||||||||||||
Net (loss) income attributable to common shareholders | $ | (12.1 | ) | $ | (0.3 | ) | $ | (116.7 | ) | $ | (3.3 | ) | $ | 120.3 | $ | (12.1 | ) | ||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Sales | $ | — | $ | — | $ | 1,121.8 | $ | 64.4 | $ | — | $ | 1,186.2 | |||||||||||
Cost of sales | — | — | (821.7 | ) | (14.5 | ) | — | (836.2 | ) | ||||||||||||||
Gross margin | — | — | 300.1 | 49.9 | — | 350.0 | |||||||||||||||||
Selling, general and administrative expenses | (0.3 | ) | — | (362.0 | ) | (24.2 | ) | — | (386.5 | ) | |||||||||||||
Other operating income (loss), net | — | — | 75.6 | (7.0 | ) | — | 68.6 | ||||||||||||||||
Operating (loss) income | (0.3 | ) | — | 13.7 | 18.7 | — | 32.1 | ||||||||||||||||
Intra-entity interest income (expense) | — | 4.7 | (47.8 | ) | 43.1 | — | — | ||||||||||||||||
Interest expense, net | — | (5.0 | ) | (4.5 | ) | (3.2 | ) | — | (12.7 | ) | |||||||||||||
(Loss) income before income taxes | (0.3 | ) | (0.3 | ) | (38.6 | ) | 58.6 | — | 19.4 | ||||||||||||||
Income taxes | — | — | 15.1 | (17.5 | ) | — | (2.4 | ) | |||||||||||||||
Equity in income of subsidiaries | 17.3 | — | (51.9 | ) | (23.6 | ) | 58.2 | — | |||||||||||||||
Net income (loss) | $ | 17.0 | $ | (0.3 | ) | $ | (75.4 | ) | $ | 17.5 | $ | 58.2 | $ | 17.0 | |||||||||
Dividends on redeemable convertible preferred shares | (2.2 | ) | — | — | — | — | (2.2 | ) | |||||||||||||||
Net income (loss) attributable to common shareholders | $ | 14.8 | $ | (0.3 | ) | $ | (75.4 | ) | $ | 17.5 | $ | 58.2 | $ | 14.8 | |||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Sales | $ | — | $ | — | $ | 3,714.5 | $ | 245.4 | $ | — | $ | 3,959.9 | |||||||||||
Cost of sales | — | — | (2,623.1 | ) | (66.6 | ) | — | (2,689.7 | ) | ||||||||||||||
Gross margin | — | — | 1,091.4 | 178.8 | — | 1,270.2 | |||||||||||||||||
Selling, general and administrative expenses | (1.0 | ) | — | (1,144.9 | ) | (91.8 | ) | — | (1,237.7 | ) | |||||||||||||
Credit transaction, net | — | — | 2.6 | — | — | 2.6 | |||||||||||||||||
Other operating income (loss), net | — | — | 221.6 | (0.3 | ) | — | 221.3 | ||||||||||||||||
Operating (loss) income | (1.0 | ) | — | 170.7 | 86.7 | — | 256.4 | ||||||||||||||||
Intra-entity interest income (expense) | — | 14.1 | (138.8 | ) | 124.7 | — | — | ||||||||||||||||
Interest expense, net | — | (15.0 | ) | (16.5 | ) | (11.2 | ) | — | (42.7 | ) | |||||||||||||
(Loss) income before income taxes | (1.0 | ) | (0.9 | ) | 15.4 | 200.2 | — | 213.7 | |||||||||||||||
Income taxes | — | 0.2 | (8.4 | ) | (37.5 | ) | — | (45.7 | ) | ||||||||||||||
Equity in income of subsidiaries | 169.0 | — | (41.2 | ) | 11.0 | (138.8 | ) | — | |||||||||||||||
Net income (loss) | $ | 168.0 | $ | (0.7 | ) | $ | (34.2 | ) | $ | 173.7 | $ | (138.8 | ) | $ | 168.0 | ||||||||
Dividends on redeemable convertible preferred shares | (24.6 | ) | — | — | — | — | (24.6 | ) | |||||||||||||||
Net income (loss) attributable to common shareholders | $ | 143.4 | $ | (0.7 | ) | $ | (34.2 | ) | $ | 173.7 | $ | (138.8 | ) | $ | 143.4 | ||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Sales | $ | — | $ | — | $ | 3,955.0 | $ | 183.5 | $ | — | $ | 4,138.5 | |||||||||||
Cost of sales | — | — | (2,688.0 | ) | (35.2 | ) | — | (2,723.2 | ) | ||||||||||||||
Gross margin | — | — | 1,267.0 | 148.3 | — | 1,415.3 | |||||||||||||||||
Selling, general and administrative expenses | (0.9 | ) | — | (1,190.9 | ) | (73.1 | ) | — | (1,264.9 | ) | |||||||||||||
Other operating income (loss), net | — | — | 227.6 | (14.0 | ) | — | 213.6 | ||||||||||||||||
Operating (loss) income | (0.9 | ) | — | 303.7 | 61.2 | — | 364.0 | ||||||||||||||||
Intra-entity interest income (expense) | — | 14.1 | (142.2 | ) | 128.1 | — | — | ||||||||||||||||
Interest expense, net | — | (14.8 | ) | (12.1 | ) | (9.5 | ) | — | (36.4 | ) | |||||||||||||
(Loss) income before income taxes | (0.9 | ) | (0.7 | ) | 149.4 | 179.8 | — | 327.6 | |||||||||||||||
Income taxes | — | 0.1 | (61.5 | ) | (20.5 | ) | — | (81.9 | ) | ||||||||||||||
Equity in income of subsidiaries | 246.6 | — | 48.8 | 93.1 | (388.5 | ) | — | ||||||||||||||||
Net income (loss) | $ | 245.7 | $ | (0.6 | ) | $ | 136.7 | $ | 252.4 | $ | (388.5 | ) | $ | 245.7 | |||||||||
Dividends on redeemable convertible preferred shares | (2.2 | ) | — | — | — | — | (2.2 | ) | |||||||||||||||
Net income (loss) attributable to common shareholders | $ | 243.5 | $ | (0.6 | ) | $ | 136.7 | $ | 252.4 | $ | (388.5 | ) | $ | 243.5 | |||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net (loss) income | $ | (3.9 | ) | $ | (0.3 | ) | $ | (116.7 | ) | $ | (3.3 | ) | $ | 120.3 | $ | (3.9 | ) | ||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustments | (6.5 | ) | — | (6.5 | ) | — | 6.5 | (6.5 | ) | ||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
Unrealized loss | (0.2 | ) | — | — | (0.2 | ) | 0.2 | (0.2 | ) | ||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Unrealized gain | 0.9 | — | 0.9 | — | (0.9 | ) | 0.9 | ||||||||||||||||
Reclassification adjustment for gains to net income | (0.6 | ) | — | (0.6 | ) | — | 0.6 | (0.6 | ) | ||||||||||||||
Pension plan: | |||||||||||||||||||||||
Actuarial loss | (0.9 | ) | — | (0.9 | ) | — | 0.9 | (0.9 | ) | ||||||||||||||
Reclassification adjustment to net income for amortization of actuarial losses | 0.6 | — | 0.6 | — | (0.6 | ) | 0.6 | ||||||||||||||||
Reclassification adjustment to net income for amortization of net prior service credits | (0.4 | ) | — | (0.4 | ) | — | 0.4 | (0.4 | ) | ||||||||||||||
Net curtailment gain and settlement loss | (3.0 | ) | — | (3.0 | ) | — | 3.0 | (3.0 | ) | ||||||||||||||
Total other comprehensive (loss) income | (10.1 | ) | — | (9.9 | ) | (0.2 | ) | 10.1 | (10.1 | ) | |||||||||||||
Total comprehensive (loss) income | $ | (14.0 | ) | $ | (0.3 | ) | $ | (126.6 | ) | $ | (3.5 | ) | $ | 130.4 | $ | (14.0 | ) | ||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net income (loss) | $ | 17.0 | $ | (0.3 | ) | $ | (75.4 | ) | $ | 17.5 | $ | 58.2 | $ | 17.0 | |||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustments | (28.9 | ) | — | (32.5 | ) | 3.6 | 28.9 | (28.9 | ) | ||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
Unrealized loss | (0.2 | ) | — | — | (0.2 | ) | 0.2 | (0.2 | ) | ||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Unrealized gain | 1.9 | — | 1.9 | — | (1.9 | ) | 1.9 | ||||||||||||||||
Reclassification adjustment for losses to net income | (0.1 | ) | — | (0.1 | ) | — | 0.1 | (0.1 | ) | ||||||||||||||
Pension plan: | |||||||||||||||||||||||
Reclassification adjustment to net income for amortization of actuarial losses | 0.4 | — | 0.4 | — | (0.4 | ) | 0.4 | ||||||||||||||||
Reclassification adjustment to net income for amortization of net prior service credits | (0.4 | ) | — | (0.4 | ) | — | 0.4 | (0.4 | ) | ||||||||||||||
Total other comprehensive (loss) income | (27.3 | ) | — | (30.7 | ) | 3.4 | 27.3 | (27.3 | ) | ||||||||||||||
Total comprehensive (loss) income | $ | (10.3 | ) | $ | (0.3 | ) | $ | (106.1 | ) | $ | 20.9 | $ | 85.5 | $ | (10.3 | ) | |||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net income (loss) | $ | 168.0 | $ | (0.7 | ) | $ | (34.2 | ) | $ | 173.7 | $ | (138.8 | ) | $ | 168.0 | ||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustments | 18.6 | — | 18.6 | — | (18.6 | ) | 18.6 | ||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
Unrealized gain | 0.3 | — | — | 0.3 | (0.3 | ) | 0.3 | ||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Unrealized gain | 2.7 | — | 2.7 | — | (2.7 | ) | 2.7 | ||||||||||||||||
Reclassification adjustment for gains to net income | (3.1 | ) | — | (3.1 | ) | — | 3.1 | (3.1 | ) | ||||||||||||||
Pension plan: | |||||||||||||||||||||||
Actuarial loss | (0.9 | ) | — | (0.9 | ) | — | 0.9 | (0.9 | ) | ||||||||||||||
Reclassification adjustment to net income for amortization of actuarial losses | 1.8 | — | 1.8 | — | (1.8 | ) | 1.8 | ||||||||||||||||
Reclassification adjustment to net income for amortization of net prior service credits | (1.1 | ) | — | (1.1 | ) | — | 1.1 | (1.1 | ) | ||||||||||||||
Net curtailment gain and settlement loss | (3.0 | ) | — | (3.0 | ) | 3.0 | (3.0 | ) | |||||||||||||||
Total other comprehensive income | 15.3 | — | 15.0 | 0.3 | (15.3 | ) | 15.3 | ||||||||||||||||
Total comprehensive income (loss) | $ | 183.3 | $ | (0.7 | ) | $ | (19.2 | ) | $ | 174.0 | $ | (154.1 | ) | $ | 183.3 | ||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net income (loss) | $ | 245.7 | $ | (0.6 | ) | $ | 136.7 | $ | 252.4 | $ | (388.5 | ) | $ | 245.7 | |||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustments | (38.0 | ) | — | (45.2 | ) | 7.2 | 38.0 | (38.0 | ) | ||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
Unrealized gain | 0.2 | — | — | 0.2 | (0.2 | ) | 0.2 | ||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Unrealized gain | 8.2 | — | 8.2 | — | (8.2 | ) | 8.2 | ||||||||||||||||
Reclassification adjustment for losses to net income | 1.6 | — | 1.6 | — | (1.6 | ) | 1.6 | ||||||||||||||||
Pension plan: | |||||||||||||||||||||||
Reclassification adjustment to net income for amortization of actuarial losses | 1.0 | — | 1.0 | — | (1.0 | ) | 1.0 | ||||||||||||||||
Reclassification adjustment to net income for amortization of net prior service credits | (1.2 | ) | — | (1.2 | ) | — | 1.2 | (1.2 | ) | ||||||||||||||
Total other comprehensive (loss) income | (28.2 | ) | — | (35.6 | ) | 7.4 | 28.2 | (28.2 | ) | ||||||||||||||
Total comprehensive income (loss) | $ | 217.5 | $ | (0.6 | ) | $ | 101.1 | $ | 259.8 | $ | (360.3 | ) | $ | 217.5 | |||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Assets | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 0.4 | $ | 0.1 | $ | 59.1 | $ | 53.8 | $ | — | $ | 113.4 | |||||||||||
Accounts receivable, net | — | — | 638.7 | 1.4 | — | 640.1 | |||||||||||||||||
Intra-entity receivables, net | 85.6 | 7.6 | — | 262.1 | (355.3 | ) | — | ||||||||||||||||
Other receivables | — | — | 55.6 | 24.7 | — | 80.3 | |||||||||||||||||
Other current assets | — | — | 140.0 | 5.0 | — | 145.0 | |||||||||||||||||
Income taxes | — | — | 17.3 | — | — | 17.3 | |||||||||||||||||
Inventories | — | — | 2,392.6 | 73.5 | — | 2,466.1 | |||||||||||||||||
Total current assets | 86.0 | 7.7 | 3,303.3 | 420.5 | (355.3 | ) | 3,462.2 | ||||||||||||||||
Non-current assets: | |||||||||||||||||||||||
Property, plant and equipment, net | — | — | 847.5 | 7.6 | — | 855.1 | |||||||||||||||||
Goodwill | — | — | 515.0 | 352.1 | — | 867.1 | |||||||||||||||||
Intangible assets, net | — | — | 410.4 | — | — | 410.4 | |||||||||||||||||
Investment in subsidiaries | 2,693.7 | — | 834.5 | 346.2 | (3,874.4 | ) | — | ||||||||||||||||
Intra-entity receivables, net | — | 400.0 | — | 2,835.0 | (3,235.0 | ) | — | ||||||||||||||||
Other assets | — | — | 136.9 | 32.2 | — | 169.1 | |||||||||||||||||
Deferred tax assets | — | — | 1.2 | 0.1 | — | 1.3 | |||||||||||||||||
Retirement benefit asset | — | — | 35.5 | — | — | 35.5 | |||||||||||||||||
Total assets | $ | 2,779.7 | $ | 407.7 | $ | 6,084.3 | $ | 3,993.7 | $ | (7,464.7 | ) | $ | 5,800.7 | ||||||||||
Liabilities and Shareholders’ equity | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | (0.7 | ) | $ | 292.5 | $ | — | $ | — | $ | 291.8 | ||||||||||
Accounts payable | — | — | 291.0 | 33.9 | — | 324.9 | |||||||||||||||||
Intra-entity payables, net | — | — | 355.3 | — | (355.3 | ) | — | ||||||||||||||||
Accrued expenses and other current liabilities | 27.6 | 7.1 | 372.1 | 23.7 | — | 430.5 | |||||||||||||||||
Deferred revenue | — | — | 259.6 | 10.7 | — | 270.3 | |||||||||||||||||
Income taxes | — | (0.2 | ) | (24.3 | ) | 24.5 | — | — | |||||||||||||||
Total current liabilities | 27.6 | 6.2 | 1,546.2 | 92.8 | (355.3 | ) | 1,317.5 | ||||||||||||||||
Non-current liabilities: | |||||||||||||||||||||||
Long-term debt | — | 395.0 | 301.8 | — | — | 696.8 | |||||||||||||||||
Intra-entity payables, net | — | — | 3,235.0 | — | (3,235.0 | ) | — | ||||||||||||||||
Other liabilities | — | — | 238.8 | 5.6 | — | 244.4 | |||||||||||||||||
Deferred revenue | — | — | 646.1 | — | — | 646.1 | |||||||||||||||||
Deferred tax liabilities | — | — | 143.6 | 0.2 | — | 143.8 | |||||||||||||||||
Total liabilities | 27.6 | 401.2 | 6,111.5 | 98.6 | (3,590.3 | ) | 3,048.6 | ||||||||||||||||
Series A redeemable convertible preferred shares | 613.1 | — | — | — | — | 613.1 | |||||||||||||||||
Total shareholders’ equity (deficit) | 2,139.0 | 6.5 | (27.2 | ) | 3,895.1 | (3,874.4 | ) | 2,139.0 | |||||||||||||||
Total liabilities, preferred shares and shareholders’ equity | $ | 2,779.7 | $ | 407.7 | $ | 6,084.3 | $ | 3,993.7 | $ | (7,464.7 | ) | $ | 5,800.7 | ||||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Assets | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1.7 | $ | 0.1 | $ | 70.3 | $ | 26.6 | $ | — | $ | 98.7 | |||||||||||
Accounts receivable, net | — | — | 1,858.0 | — | — | 1,858.0 | |||||||||||||||||
Intra-entity receivables, net | 12.7 | — | 145.1 | — | (157.8 | ) | — | ||||||||||||||||
Other receivables | — | — | 71.1 | 24.8 | — | 95.9 | |||||||||||||||||
Other current assets | — | — | 131.4 | 4.9 | — | 136.3 | |||||||||||||||||
Income taxes | — | — | 4.4 | — | — | 4.4 | |||||||||||||||||
Inventories | — | — | 2,371.8 | 77.5 | — | 2,449.3 | |||||||||||||||||
Total current assets | 14.4 | 0.1 | 4,652.1 | 133.8 | (157.8 | ) | 4,642.6 | ||||||||||||||||
Non-current assets: | |||||||||||||||||||||||
Property, plant and equipment, net | — | — | 818.5 | 4.4 | — | 822.9 | |||||||||||||||||
Goodwill | — | — | 514.0 | 3.6 | — | 517.6 | |||||||||||||||||
Intangible assets, net | — | — | 417.0 | — | — | 417.0 | |||||||||||||||||
Investment in subsidiaries | 3,117.6 | — | 721.6 | 590.9 | (4,430.1 | ) | — | ||||||||||||||||
Intra-entity receivables, net | — | 402.9 | — | 3,647.1 | (4,050.0 | ) | — | ||||||||||||||||
Other assets | — | — | 134.8 | 30.3 | — | 165.1 | |||||||||||||||||
Deferred tax assets | — | — | 0.6 | 0.1 | — | 0.7 | |||||||||||||||||
Retirement benefit asset | — | — | 31.9 | — | — | 31.9 | |||||||||||||||||
Total assets | $ | 3,132.0 | $ | 403.0 | $ | 7,290.5 | $ | 4,410.2 | $ | (8,637.9 | ) | $ | 6,597.8 | ||||||||||
Liabilities and Shareholders’ equity | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | (0.7 | ) | $ | 91.8 | $ | — | $ | — | $ | 91.1 | ||||||||||
Accounts payable | — | — | 248.2 | 7.5 | — | 255.7 | |||||||||||||||||
Intra-entity payables, net | — | — | — | 157.8 | (157.8 | ) | — | ||||||||||||||||
Accrued expenses and other current liabilities | 29.9 | 2.5 | 429.2 | 16.6 | — | 478.2 | |||||||||||||||||
Deferred revenue | — | — | 275.5 | 1.4 | — | 276.9 | |||||||||||||||||
Income taxes | — | (0.2 | ) | 115.5 | (13.5 | ) | — | 101.8 | |||||||||||||||
Total current liabilities | 29.9 | 1.6 | 1,160.2 | 169.8 | (157.8 | ) | 1,203.7 | ||||||||||||||||
Non-current liabilities: | |||||||||||||||||||||||
Long-term debt | — | 394.3 | 323.6 | 600.0 | — | 1,317.9 | |||||||||||||||||
Intra-entity payables, net | — | — | 4,050.0 | — | (4,050.0 | ) | — | ||||||||||||||||
Other liabilities | — | — | 208.7 | 5.0 | — | 213.7 | |||||||||||||||||
Deferred revenue | — | — | 659.0 | — | — | 659.0 | |||||||||||||||||
Deferred tax liabilities | — | — | 101.4 | — | — | 101.4 | |||||||||||||||||
Total liabilities | 29.9 | 395.9 | 6,502.9 | 774.8 | (4,207.8 | ) | 3,495.7 | ||||||||||||||||
Series A redeemable convertible preferred shares | 611.9 | — | — | — | — | 611.9 | |||||||||||||||||
Total shareholders’ equity | 2,490.2 | 7.1 | 787.6 | 3,635.4 | (4,430.1 | ) | 2,490.2 | ||||||||||||||||
Total liabilities, preferred shares and shareholders’ equity | $ | 3,132.0 | $ | 403.0 | $ | 7,290.5 | $ | 4,410.2 | $ | (8,637.9 | ) | $ | 6,597.8 | ||||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Assets | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 0.2 | $ | 0.1 | $ | 55.7 | $ | 26.7 | $ | — | $ | 82.7 | |||||||||||
Accounts receivable, net | — | — | 1,581.1 | — | — | 1,581.1 | |||||||||||||||||
Intra-entity receivables, net | 50.4 | — | — | 278.9 | (329.3 | ) | — | ||||||||||||||||
Other receivables | — | — | 52.0 | 22.2 | — | 74.2 | |||||||||||||||||
Other current assets | — | — | 140.3 | 6.5 | — | 146.8 | |||||||||||||||||
Income taxes | — | 0.1 | 35.6 | (14.9 | ) | — | 20.8 | ||||||||||||||||
Inventories | — | — | 2,578.3 | 71.1 | — | 2,649.4 | |||||||||||||||||
Total current assets | 50.6 | 0.2 | 4,443.0 | 390.5 | (329.3 | ) | 4,555.0 | ||||||||||||||||
Non-current assets: | |||||||||||||||||||||||
Property, plant and equipment, net | — | — | 786.4 | 4.7 | — | 791.1 | |||||||||||||||||
Goodwill | — | — | 513.4 | 3.6 | — | 517.0 | |||||||||||||||||
Intangible assets, net | — | — | 419.8 | — | — | 419.8 | |||||||||||||||||
Investment in subsidiaries | 2,812.5 | — | 586.7 | 474.4 | (3,873.6 | ) | — | ||||||||||||||||
Intra-entity receivables, net | — | 407.6 | — | 3,647.4 | (4,055.0 | ) | — | ||||||||||||||||
Other assets | — | — | 126.2 | 31.3 | — | 157.5 | |||||||||||||||||
Deferred tax assets | — | — | — | — | — | — | |||||||||||||||||
Retirement benefit asset | — | — | 47.1 | — | — | 47.1 | |||||||||||||||||
Total assets | $ | 2,863.1 | $ | 407.8 | $ | 6,922.6 | $ | 4,551.9 | $ | (8,257.9 | ) | $ | 6,487.5 | ||||||||||
Liabilities and Shareholders’ equity | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | (0.7 | ) | $ | 289.5 | $ | — | $ | — | $ | 288.8 | ||||||||||
Accounts payable | — | — | 376.4 | 5.8 | — | 382.2 | |||||||||||||||||
Intra-entity payables, net | — | — | 329.3 | — | (329.3 | ) | — | ||||||||||||||||
Accrued expenses and other current liabilities | 20.2 | 7.1 | 360.1 | 15.5 | — | 402.9 | |||||||||||||||||
Deferred revenue | — | — | 256.7 | — | — | 256.7 | |||||||||||||||||
Income taxes | — | — | 3.9 | 0.5 | — | 4.4 | |||||||||||||||||
Total current liabilities | 20.2 | 6.4 | 1,615.9 | 21.8 | (329.3 | ) | 1,335.0 | ||||||||||||||||
Non-current liabilities: | |||||||||||||||||||||||
Long-term debt | — | 394.1 | 330.1 | 600.0 | — | 1,324.2 | |||||||||||||||||
Intra-entity payables, net | — | — | 4,055.0 | — | (4,055.0 | ) | — | ||||||||||||||||
Other liabilities | — | — | 213.7 | 6.2 | — | 219.9 | |||||||||||||||||
Deferred revenue | — | — | 632.1 | — | — | 632.1 | |||||||||||||||||
Deferred tax liabilities | — | — | 133.5 | (0.1 | ) | — | 133.4 | ||||||||||||||||
Total liabilities | 20.2 | 400.5 | 6,980.3 | 627.9 | (4,384.3 | ) | 3,644.6 | ||||||||||||||||
Series A redeemable convertible preferred shares | 611.7 | — | — | — | — | 611.7 | |||||||||||||||||
Total shareholders’ equity (deficit) | 2,231.2 | 7.3 | (57.7 | ) | 3,924.0 | (3,873.6 | ) | 2,231.2 | |||||||||||||||
Total liabilities, preferred shares and shareholders’ equity | $ | 2,863.1 | $ | 407.8 | $ | 6,922.6 | $ | 4,551.9 | $ | (8,257.9 | ) | $ | 6,487.5 | ||||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net cash provided by operating activities | $ | 617.1 | $ | 4.6 | $ | 1,467.2 | $ | 511.4 | $ | (1,118.0 | ) | $ | 1,482.3 | ||||||||||
Investing activities | |||||||||||||||||||||||
Purchase of property, plant and equipment | — | — | (165.7 | ) | (0.4 | ) | — | (166.1 | ) | ||||||||||||||
Purchase of available-for-sale securities | — | — | — | (1.7 | ) | — | (1.7 | ) | |||||||||||||||
Proceeds from available-for-sale securities | — | — | — | 0.9 | — | 0.9 | |||||||||||||||||
Acquisition of R2Net Inc., net of cash acquired | — | — | (332.4 | ) | — | — | (332.4 | ) | |||||||||||||||
Net cash used in investing activities | — | — | (498.1 | ) | (1.2 | ) | — | (499.3 | ) | ||||||||||||||
Financing activities | |||||||||||||||||||||||
Dividends paid on common shares | (57.7 | ) | — | — | — | — | (57.7 | ) | |||||||||||||||
Dividends paid on redeemable convertible preferred shares | (26.9 | ) | — | — | — | — | (26.9 | ) | |||||||||||||||
Intra-entity dividends paid | — | — | (800.0 | ) | (318.0 | ) | 1,118.0 | — | |||||||||||||||
Proceeds from term and bridge loans | — | — | 350.0 | — | — | 350.0 | |||||||||||||||||
Repayments of term and bridge loans | — | — | (365.7 | ) | — | — | (365.7 | ) | |||||||||||||||
Proceeds from securitization facility | — | — | — | 1,745.9 | — | 1,745.9 | |||||||||||||||||
Repayments of securitization facility | — | — | — | (2,345.9 | ) | — | (2,345.9 | ) | |||||||||||||||
Proceeds from revolving credit facility | — | — | 605.0 | — | — | 605.0 | |||||||||||||||||
Repayments of revolving credit facility | — | — | (405.0 | ) | — | — | (405.0 | ) | |||||||||||||||
Repurchase of common shares | (460.0 | ) | — | — | — | — | (460.0 | ) | |||||||||||||||
Repayments of bank overdrafts | — | — | (5.9 | ) | — | — | (5.9 | ) | |||||||||||||||
Other financing activities | (3.1 | ) | — | (1.4 | ) | — | — | (4.5 | ) | ||||||||||||||
Intra-entity activity, net | (70.7 | ) | (4.6 | ) | (359.7 | ) | 435.0 | — | — | ||||||||||||||
Net cash used in financing activities | (618.4 | ) | (4.6 | ) | (982.7 | ) | (483.0 | ) | 1,118.0 | (970.7 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 1.7 | 0.1 | 70.3 | 26.6 | — | 98.7 | |||||||||||||||||
(Decrease) increase in cash and cash equivalents | (1.3 | ) | — | (13.6 | ) | 27.2 | — | 12.3 | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 2.4 | — | — | 2.4 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 0.4 | $ | 0.1 | $ | 59.1 | $ | 53.8 | $ | — | $ | 113.4 | |||||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net cash provided by operating activities | $ | 558.7 | $ | 4.9 | $ | 385.1 | $ | 391.4 | $ | (979.2 | ) | $ | 360.9 | ||||||||||
Investing activities | |||||||||||||||||||||||
Purchase of property, plant and equipment | — | — | (195.6 | ) | — | — | (195.6 | ) | |||||||||||||||
Investment in subsidiaries | (91.0 | ) | — | — | — | 91.0 | — | ||||||||||||||||
Purchase of available-for-sale securities | — | — | — | (10.4 | ) | — | (10.4 | ) | |||||||||||||||
Proceeds from available-for-sale securities | — | — | — | 10.0 | — | 10.0 | |||||||||||||||||
Net cash used in investing activities | (91.0 | ) | — | (195.6 | ) | (0.4 | ) | 91.0 | (196.0 | ) | |||||||||||||
Financing activities | |||||||||||||||||||||||
Dividends paid on common shares | (57.5 | ) | — | — | — | — | (57.5 | ) | |||||||||||||||
Dividends paid on redeemable convertible preferred shares | — | — | — | — | — | — | |||||||||||||||||
Intra-entity dividends paid | — | — | (650.0 | ) | (329.2 | ) | 979.2 | — | |||||||||||||||
Proceeds from issuance of redeemable convertible preferred shares, net of issuance costs | 611.6 | — | — | — | — | 611.6 | |||||||||||||||||
Repayments of term loan | — | — | (12.0 | ) | — | — | (12.0 | ) | |||||||||||||||
Proceeds from securitization facility | — | — | — | 1,837.1 | — | 1,837.1 | |||||||||||||||||
Repayments of securitization facility | — | — | — | (1,837.1 | ) | — | (1,837.1 | ) | |||||||||||||||
Proceeds from revolving credit facility | — | — | 598.0 | — | — | 598.0 | |||||||||||||||||
Repayments of revolving credit facility | — | — | (339.0 | ) | — | — | (339.0 | ) | |||||||||||||||
Repurchase of common shares | (1,000.0 | ) | — | — | — | — | (1,000.0 | ) | |||||||||||||||
Repayments of bank overdrafts | — | — | (13.3 | ) | — | — | (13.3 | ) | |||||||||||||||
Other financing activities | (4.4 | ) | — | 90.0 | (0.6 | ) | (91.0 | ) | (6.0 | ) | |||||||||||||
Intra-entity activity, net | (19.1 | ) | (4.9 | ) | 91.6 | (67.6 | ) | — | — | ||||||||||||||
Net cash used in financing activities | (469.4 | ) | (4.9 | ) | (234.7 | ) | (397.4 | ) | 888.2 | (218.2 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 1.9 | 0.1 | 102.0 | 33.7 | — | 137.7 | |||||||||||||||||
(Decrease) increase in cash and cash equivalents | (1.7 | ) | — | (45.2 | ) | (6.4 | ) | — | (53.3 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (1.1 | ) | (0.6 | ) | — | (1.7 | ) | ||||||||||||||
Cash and cash equivalents at end of period | $ | 0.2 | $ | 0.1 | $ | 55.7 | $ | 26.7 | $ | — | $ | 82.7 | |||||||||||
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