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Restructuring plans | 12 Months Ended
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Jan. 30, 2021
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 the 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 are expected to be cash charges. To date the Company has incurred charges of $252.6 million under the Plan, including $126.9 million in non-cash charges, which have exceeded the original estimates of the Plan based primarily on certain accelerated actions during Fiscal 2021, specifically as it relates to the optimization of its real estate footprint and the right-sizing of staffing at its stores and support centers. During Fiscal 2021, restructuring charges of $47.6 million were recognized, 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. As of the end of Fiscal 2021, the restructuring activities under the Plan are substantially complete and any remaining charges under the Plan are not expected to be material. Restructuring charges and other Plan related costs are classified in the consolidated statements of operations as follows:
(in millions) | Statement of operations location |  | Fiscal 2021 |  | Fiscal 2020 |  | Fiscal 2019
Inventory charges(1) | Restructuring charges - cost of sales |  | $ | 1.4 |  |  | $ | 9.2 |  |  | $ | 62.2 |
Other Plan related expenses(2) | Restructuring charges |  | 46.2 |  |  | 69.9 |  |  | 63.7 |
Total Signet Path to Brilliance Plan expenses |  |  | $ | 47.6 |  |  | $ | 79.1 |  |  | $ | 125.9 |
(1) Inventory charges represent non-cash charges. See Note 14 for additional information related to inventory and inventory reserves. (2) Fiscal 2021, Fiscal 2020, and Fiscal 2019 other Plan related expenses included $14.7 million, $16.7 million, and $22.7 million of non-cash charges, respectively. The composition of restructuring charges the Company incurred during Fiscal 2021, Fiscal 2020 and Fiscal 2019, as well as the cumulative amount incurred through January 30, 2021, were as follows:
(in millions) |  | Fiscal 2021 |  | Fiscal 2020 |  | Fiscal 2019 |  | Cumulative amount
Inventory charges |  | $ | 1.4 |  |  | $ | 9.2 |  |  | $ | 62.2 |  |  | $ | 72.8 |
Termination benefits |  | 24.1 |  |  | 16.1 |  |  | 9.7 |  |  | 49.9 |
Store closure and other costs |  | 22.1 |  |  | 53.8 |  |  | 54.0 |  |  | 129.9 |
Total Signet Path to Brilliance Plan expenses |  | $ | 47.6 |  |  | $ | 79.1 |  |  | $ | 125.9 |  |  | $ | 252.6 |
Plan liabilities of $8.6 million were recorded within accrued expenses and other current liabilities and Plan liabilities of $1.6 million were recorded within other liabilities in the consolidated balance sheet as of January 30, 2021. Plan liabilities primarily represent store closure liabilities and consulting services. The following table summarizes the activity related to the Plan liabilities between periods:
(in millions) |  | Termination benefits |  | Store closure and other costs |  | Consolidated
Balance at February 3, 2018 |  | $ | — |  |  | $ | — |  |  | $ | — |
Payments and other adjustments |  | (9.7) |  |  | (103.6) |  |  | (113.3) |
Charged to expense |  | 9.7 |  |  | 116.2 |  |  | 125.9 |
Balance at February 2, 2019 |  | — |  |  | 12.6 |  |  | 12.6 |
Payments and other adjustments |  | (14.1) |  |  | (65.2) |  |  | (79.3) |
Charged to expense |  | 16.1 |  |  | 63.0 |  |  | 79.1 |
Balance at February 1, 2020 |  | 2.0 |  |  | 10.4 |  |  | 12.4 |
Payments and other adjustments |  | (24.0) |  |  | (25.8) |  |  | (49.8) |
Charged to expense |  | 24.1 |  |  | 23.5 |  |  | 47.6 |
Balance at January 30, 2021 |  | $ | 2.1 |  |  | $ | 8.1 |  |  | $ | 10.2 |

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- References No definition available. + Details
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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 + Details
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