Restructuring Plans

3 Months Ended

May 01, 2021

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. 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