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Restructuring Plans

3 Months Ended

May 02, 2020

Restructuring and Related Activities [Abstract]

Restructuring Plans

Restructuring Plans

Signet Path to Brilliance Plan

During the first quarter of Fiscal 2019, Signet launched a three-year comprehensive transformation plan, the “Signet Path to Brilliance” plan (the “Plan”), to reposition the Company to be a share-gaining, OmniChannel jewelry category leader. The Plan was originally expected to result in pre-tax charges in the range of $200 million - $220 million over the duration of the plan of which $105 million - $115 million were expected to be cash charges. The Company is currently evaluating its initiatives under the Plan and is unable to estimate its future costs in light of COVID-19, as further described in Note 1.

Restructuring charges and other Plan related costs of $12.3 million were recognized in the 13 weeks ended May 2, 2020, primarily related to store closure costs (including non-cash accelerated depreciation on property and equipment), 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
(in millions)	Statement of operations caption		May 2, 2020				May 4, 2019
Inventory charges	Restructuring charges - cost of sales		$	(0.4	)		$	—
Other Plan related expenses	Restructuring charges		12.7				26.8
Total Signet Path to Brilliance Plan expenses			$	12.3			$	26.8

The composition of the restructuring charges the Company incurred during the 13 weeks ended May 2, 2020, as well as the cumulative amount incurred under the Plan through May 2, 2020, were as follows:

		13 weeks ended				Cumulative amount
(in millions)		May 2, 2020				May 2, 2020
Inventory charges		$	(0.4	)		$	71.0
Termination benefits		2.9				28.7
Store closure and other costs		9.8				117.6
Total Signet Path to Brilliance Plan expenses		$	12.3			$	217.3

The following table summarizes the activity related to the Plan liabilities for Fiscal 2021:

(in millions)		Termination benefits				Store closure and other costs				Consolidated
Balance at February 1, 2020		$	2.0			$	10.4			$	12.4
Payments and other adjustments		(1.2		)		(10.8		)		(12.0		)
Charged to expense		2.9				9.4				12.3
Balance at May 2, 2020		$	3.7			$	9.0			$	12.7

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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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