XML 35 R14.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Restructuring plans | 12 Months Ended
--- | ---
Jan. 29, 2022
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. Restructuring activities related to the Plan were substantially completed in Fiscal 2021. During Fiscal 2022, Signet recorded credits to restructuring expense of $3.3 million, primarily related to adjustments to previously recognized Plan liabilities. Restructuring charges and other Plan-related costs are classified in the consolidated statements of operations as follows:
(in millions) | Statement of operations location |  | Fiscal 2022 |  | Fiscal 2021 |  | Fiscal 2020
Inventory charges | Restructuring charges - cost of sales |  | $ | — |  |  | $ | 1.4 |  |  | $ | 9.2 |
Other Plan related expenses | Restructuring charges |  | (3.3) |  |  | 46.2 |  |  | 69.9 |
Total Signet Path to Brilliance Plan expenses |  |  | $ | (3.3) |  |  | $ | 47.6 |  |  | $ | 79.1 |
The composition of restructuring charges the Company incurred during Fiscal 2022, Fiscal 2021 and Fiscal 2020, as well as the cumulative amount incurred through January 29, 2022, were as follows:
(in millions) |  | Fiscal 2022 |  | Fiscal 2021 |  | Fiscal 2020 |  | Cumulative amount
Inventory charges |  | $ | — |  |  | $ | 1.4 |  |  | $ | 9.2 |  |  | $ | 72.8 |
Termination benefits |  | (1.1) |  |  | 24.1 |  |  | 16.1 |  |  | 48.8 |
Store closure and other costs |  | (2.2) |  |  | 22.1 |  |  | 53.8 |  |  | 127.7 |
Total Signet Path to Brilliance Plan expenses |  | $ | (3.3) |  |  | $ | 47.6 |  |  | $ | 79.1 |  |  | $ | 249.3 |
Plan liabilities of $1.9 million were recorded within accrued expenses and other current liabilities and Plan liabilities of $2.1 million were recorded within other liabilities in the consolidated balance sheet as of January 29, 2022. The remaining Plan liabilities primarily represent store closure liabilities. 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 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 |
Payments and other adjustments |  | (1.0) |  |  | (1.9) |  |  | (2.9) |
Charged to expense |  | (1.1) |  |  | (2.2) |  |  | (3.3) |
Balance at January 29, 2022 |  | $ | — |  |  | $ | 4.0 |  |  | $ | 4.0 |

X
- References No definition available. + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(e)) -URI http://asc.fasb.org/extlink&oid=115931487&loc=d3e140904-122747 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -URI http://asc.fasb.org/topic&trid=2175745 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 420 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=6394359&loc=d3e17939-110869 + Details
Name: | us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration