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 locationFiscal 2022Fiscal 2021Fiscal 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 2022Fiscal 2021Fiscal 2020Cumulative 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 $2.1 million were recorded within other liabilities in the consolidated balance sheet as of January 29, 2022. The remaining Plan liabilities primarily represent store closure liabilities.
The following table summarizes the activity related to the Plan liabilities between periods:
(in millions)Termination benefitsStore closure and other costsConsolidated
Balance at February 2, 2019$— $12.6 $12.6 
Payments and other adjustments
(14.1)(65.2)(79.3)
Charged to expense
16.1 63.0 79.1 
Balance at February 1, 20202.0 10.4 12.4 
Payments and other adjustments
(24.0)(25.8)(49.8)
Charged to expense
24.1 23.5 47.6 
Balance at January 30, 20212.1 8.1 10.2 
Payments and other adjustments
(1.0)(1.9)(2.9)
Charged to expense
(1.1)(2.2)(3.3)
Balance at January 29, 2022$— $4.0 $4.0