Restructuring Plans

3 Months Ended

May 04, 2019

Restructuring and Related Activities [Abstract]

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 of $26.8 million were recognized in the 13 weeks ended May 4, 2019 primarily related to store closure and 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 4, 2019		May 5, 2018
Other Plan related expenses	Restructuring charges	$	26.8	$	6.5
Total Signet Path to Brilliance Plan expenses		$	26.8	$	6.5

The composition of the restructuring charges the Company incurred during the 13 weeks ended May 4, 2019, as well as the cumulative amount incurred through May 4, 2019, were as follows:



	13 weeks ended		Cumulative amount
(in millions)	May 4, 2019		May 4, 2019
Inventory charges	$	—	$	62.2
Termination benefits	8.8		18.5
Store closure and other costs	18.0		72.0
Total Signet Path to Brilliance Plan expenses	$	26.8	$	152.7

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	(2.0		)	(25.1		)	(27.1		)
Charged to expense	8.8			18.0			26.8
Balance at May 4, 2019	$	6.8		$	5.5		$	12.3