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Restructuring Plans

9 Months Ended

Nov. 02, 2019

Restructuring and Related Activities [Abstract]

Restructuring Plans

Restructuring Plans

Signet Path to Brilliance Plan

During the first quarter of Fiscal 2019, Signet launched a three-year comprehensive transformation plan, the “Signet Path to Brilliance” plan (the “Plan”), to reposition the Company to be a share-gaining, OmniChannel jewelry category leader. The Plan is expected to result in pre-tax charges in the range of $200 million - $220 million over the duration of the plan of which $105 million - $115 million are expected to be cash charges.

Restructuring charges and other Plan related costs of $10.6 million and $65.2 million were recognized in the 13 and 39 weeks ended November 2, 2019, respectively, primarily related to store closure, severance costs and professional fees for legal and consulting services.

Restructuring charges and other Plan related costs are classified in the condensed consolidated statements of operations as follows:

			13 weeks ended								39 weeks ended
(in millions)	Statement of operations caption		November 2, 2019				November 3, 2018				November 2, 2019				November 3, 2018
Inventory charges	Restructuring charges - cost of sales		$	1.4			$	—			$	5.8			$	63.2
Other Plan related expenses	Restructuring charges		9.2				9.5				59.4				35.6
Total Signet Path to Brilliance Plan expenses			$	10.6			$	9.5			$	65.2			$	98.8

The composition of the restructuring charges the Company incurred during the 13 and 39 weeks ended November 2, 2019, as well as the cumulative amount incurred under the Plan through November 2, 2019, were as follows:

		13 weeks ended				39 weeks ended				Cumulative amount
(in millions)		November 2, 2019				November 2, 2019				November 2, 2019
Inventory charges		$	1.4			$	5.8			$	68.0
Termination benefits		1.0				15.8				25.5
Store closure and other costs		8.2				43.6				97.6
Total Signet Path to Brilliance Plan expenses		$	10.6			$	65.2			$	191.1

The following table summarizes the activity related to the Plan liabilities for Fiscal 2020:

(in millions)		Termination benefits				Store closure and other costs				Consolidated
Balance at February 2, 2019		$	—			$	12.6			$	12.6
Payments and other adjustments		(13.6		)		(53.1		)		(66.7		)
Charged to expense		15.8				49.4				65.2
Balance at November 2, 2019		$	2.2			$	8.9			$	11.1

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- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 420
-URI http://asc.fasb.org/topic&trid=2175745

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