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Restructuring Plans | 3 Months Ended
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May 01, 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 a share-gaining, OmniChannel jewelry category leader. Restructuring activities related to the Plan were substantially completed in Fiscal 2021. The Company recorded credits to restructuring expense of $0.7 million during the 13 weeks ended May 1, 2021 primarily related to adjustments to previously recognized Plan liabilities. 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 1, 2021 |  | May 2, 2020 |  |  |  |
Inventory charges | Restructuring charges - cost of sales |  | $ | — |  |  | $ | (0.4) |  |  |  |  |
Other Plan related expenses | Restructuring charges |  | (0.7) |  |  | 12.7 |  |  |  |  |
Total Signet Path to Brilliance Plan expenses |  |  | $ | (0.7) |  |  | $ | 12.3 |  |  |  |  |
The composition of the restructuring charges the Company incurred during the 13 weeks ended May 1, 2021, as well as the cumulative amount incurred under the Plan through May 1, 2021, were as follows:
|  | 13 weeks ended |  |  |  | Cumulative amount
(in millions) |  | May 1, 2021 |  |  |  | May 1, 2021
Inventory charges |  | $ | — |  |  |  |  | $ | 72.8 |
Termination benefits |  | (0.7) |  |  |  |  | 49.2 |
Store closure and other costs |  | — |  |  |  |  | 129.9 |
Total Signet Path to Brilliance Plan expenses |  | $ | (0.7) |  |  |  |  | $ | 251.9 |
Plan liabilities of $7.1 million were recorded within accrued expenses and other current liabilities and Plan liabilities of $1.7 million were recorded within other liabilities in the condensed consolidated balance sheet as of May 1, 2021. The remaining Plan liabilities consist primarily of severance, store closure liabilities and professional fees. The following table summarizes the activity related to the Plan liabilities for Fiscal 2022:
(in millions) |  | Termination benefits |  | Store closure and other costs |  | Consolidated
Balance at January 30, 2021 |  | $ | 2.1 |  |  | $ | 8.1 |  |  | $ | 10.2 |
Payments and other adjustments |  | (0.6) |  |  | (0.1) |  |  | (0.7) |
Charged (credited) to expense |  | (0.7) |  |  | — |  |  | (0.7) |
Balance at May 1, 2021 |  | $ | 0.8 |  |  | $ | 8.0 |  |  | $ | 8.8 |

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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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