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New accounting pronouncements | 6 Months Ended
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Aug. 03, 2019
Accounting Policies [Abstract] |
New accounting pronouncements | New accounting pronouncements The following section provides a description of new accounting pronouncements ("Accounting Standard Update" or "ASU") issued by the Financial Accounting Standards Board ("FASB") that are applicable to the Company. New accounting pronouncements recently adopted Leases In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” The new guidance primarily impacts lessee accounting by requiring the recognition of a right-of-use asset and a corresponding lease liability on the balance sheet for long-term lease agreements. The lease liability will be equal to the present value of all reasonably certain remaining lease payments. The right-of-use asset will be based on the liability, subject to adjustment for initial direct costs. Lease agreements that are 12 months or less are permitted to be excluded from the balance sheet. In general, leases will be amortized on a straight-line basis with the exception of finance lease agreements. Signet adopted ASU 2016-02 and related updates effective February 3, 2019 using the additional transition method provided for in ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements,” which permitted the Company as of the effective date of ASU 2016-02 to recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The impact of this approach was deemed immaterial upon adoption of ASU 2016-02. The Company has elected the practical expedient to account for the lease and non-lease maintenance components as a single lease component. Therefore, for those leases, the lease payments used to measure the lease liability include all of the fixed consideration in the contract. Additionally, the Company utilized the practical expedient relief package, as well as the short-term leases and portfolio approach practical expedients. The effects of the changes made to the Company’s condensed consolidated balance sheet as of February 3, 2019 for the adoption of ASC 842 were as follows:
(in millions) |  | February 2, 2019 |  | Adjustments due to ASC 842 |  | February 3, 2019
Current assets: |  |  |  |  |  |
Other current assets |  | $ | 244.0 |  |  | $ | (8.8 | ) |  | $ | 235.2 |
Non-current assets: |  |  |  |  |  |
Operating lease right-of-use assets |  | — |  |  | 1,927.2 |  |  | 1,927.2 |
Current liabilities: |  |  |  |  |  |
Accrued expenses and other current liabilities |  | 502.8 |  |  | (109.0 | ) |  | 393.8 |
Operating lease liabilities |  | — |  |  | 376.5 |  |  | 376.5 |
Non-current liabilities: |  |  |  |  |  |
Operating lease liabilities |  | — |  |  | 1,676.9 |  |  | 1,676.9 |
Other liabilities |  | 224.1 |  |  | (26.0 | ) |  | 198.1 |
See additional disclosure requirements within Note 13. New accounting pronouncements to be adopted in future periods The Company is currently evaluating the impact on its financial statements of the following ASUs:
Standard |  | Description
ASU No. 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement, issued August 2018. |  | Modifies the disclosure requirements on fair value measurements in Topic 820 and eliminates ‘at a minimum’ from the phrase ‘an entity shall disclose at a minimum’ to promote the appropriate exercise of discretion by entities when considering fair value disclosures and to clarify that materiality is an appropriate consideration. The ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with early adoption permitted.
ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans, issued August 2018. |  | Modifies the disclosure requirements for employers that sponsor defined benefit pension or other post-retirement plans and clarifies the disclosure requirements regarding projected benefit obligations and accumulated benefit obligations. The ASU is effective for fiscal years ending after December 15, 2020, with early adoption permitted.

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- Definition The entire disclosure for all significant accounting policies of the reporting entity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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