XML 31 R13.htm IDEA: XBRL DOCUMENT v3.20.4
Restructuring plans
 12 Months Ended
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 locationFiscal 2021Fiscal 2020Fiscal 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 2021Fiscal 2020Fiscal 2019Cumulative amount
Inventory charges$1.4 $9.2 $62.2 $72.8 
Termination benefits24.1 16.1 9.7 49.9 
Store closure and other costs22.1 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 $1.6 million were recorded within other liabilities in the consolidated balance sheet as of January 30, 2021. Plan liabilities primarily represent store closure liabilities and consulting services.
The following table summarizes the activity related to the Plan liabilities between periods:
(in millions)Termination benefitsStore closure and other costsConsolidated
Balance at February 3, 2018$— $— $— 
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, 20202.0 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