Form 10-Q

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-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OYw3Bzblvq4THxAW7kKoekUkyNEYTv7h+0mhxxE0fTPFrOCiz+6h0Iglurvxrzq1 8GHSyK8g/d94NPpuPEe4/w== 0001193125-10-198765.txt : 20100827 0001193125-10-198765.hdr.sgml : 20100827 20100827070815 ACCESSION NUMBER: 0001193125-10-198765 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20100731 FILED AS OF DATE: 20100827 DATE AS OF CHANGE: 20100827 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SIGNET JEWELERS LTD CENTRAL INDEX KEY: 0000832988 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-JEWELRY STORES [5944] IRS NUMBER: 000000000 FISCAL YEAR END: 0128 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32349 FILM NUMBER: 101041921 BUSINESS ADDRESS: STREET 1: CLARENDON HOUSE STREET 2: 2 CHURCH STREET CITY: HAMILTON STATE: D0 ZIP: HM11 BUSINESS PHONE: 44-207-317-9700 MAIL ADDRESS: STREET 1: C/O 15 GOLDEN SQUARE CITY: LONDON STATE: X0 ZIP: W1F9JG FORMER COMPANY: FORMER CONFORMED NAME: SIGNET GROUP PLC DATE OF NAME CHANGE: 19931213 FORMER COMPANY: FORMER CONFORMED NAME: RATNERS GROUP PLC DATE OF NAME CHANGE: 19931213 10-Q 1 d10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the quarterly period ended July 31, 2010 or

¨	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the transition period from to

Commission File Number 1-32349

Signet Jewelers Limited

(Exact name of Registrant as specified in its charter)

Bermuda

Not Applicable

(State or other jurisdiction

of incorporation)

(I.R.S. Employer

Identification No.)

Clarendon House

2 Church Street

Hamilton HM11

Bermuda

(441) 296 5872

(Address and telephone number of principal executive offices)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

Indicate the number of shares outstanding of each of the issuer’s classes of Common Stock, as of the latest practicable date.

Common Stock, $0.18 par value, 85,681,911 shares as of July 31, 2010

TABLE OF CONTENTS


		PAGE NUMBER
PART I	FINANCIAL INFORMATION

Item 1	Financial Statements

	Unaudited Condensed Consolidated Income Statements	3

	Unaudited Condensed Consolidated Balance Sheets	4

	Unaudited Condensed Consolidated Statements of Cash Flows	5

	Unaudited Condensed Consolidated Statement of Shareholders’ Equity	6

	Unaudited Condensed Consolidated Statement of Comprehensive Income	6

	Notes to the Unaudited Condensed Consolidated Financial Statements	7

Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14

Item 3	Quantitative and Qualitative Disclosures about Market Risk	24

Item 4	Controls and Procedures	24

PART II	OTHER INFORMATION	24

Item 1	Legal Proceedings	24

Item 1A	Risk Factors	24

Item 6	Exhibits	25

PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

Unaudited condensed consolidated income statements


	13 weeks ended						26 weeks ended
	July 31, 2010 $million			August 1, 2009 $million			July 31, 2010 $million			August 1, 2009 $million			Notes
Sales		722.8			710.8			1,532.8			1,473.4		2
Cost of sales		(483.0	)		(489.3	)		(996.7	)		(996.4	)

Gross margin		239.8			221.5			536.1			477.0
Selling, general and administrative expenses		(203.7	)		(203.8	)		(442.2	)		(436.6	)
Other operating income, net		27.2			28.9			54.9			58.6

Operating income, net		63.3			46.6			148.8			99.0		2
Interest income		0.2			0.1			0.3			0.7
Interest expense		(6.2	)		(8.2	)		(15.0	)		(19.8	)

Income before income taxes		57.3			38.5			134.1			79.9
Income taxes		(16.6	)		(10.9	)		(41.4	)		(26.0	)

Net income		40.7			27.6			92.7			53.9

Earnings per share – basic	$	0.47		$	0.32		$	1.08		$	0.63		5
– diluted	$	0.47		$	0.32		$	1.07		$	0.63		5

The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.

Unaudited condensed consolidated balance sheets


	July 31, 2010 (Unaudited) $million		January 30, 2010 (Audited) $million		August 1, 2009 (Unaudited) $million		Notes
Assets
Current assets:
Cash and cash equivalents	485.4		316.2		92.8
Accounts receivable, net	797.2		858.0		766.2
Other receivables	25.3		27.9		24.4
Other current assets	49.4		58.4		51.8
Deferred tax assets	1.8		2.2		—
Inventories	1,126.2		1,173.1		1,279.2		6

Total current assets	2,485.3		2,435.8		2,214.4

Non-current assets:
Property, plant and equipment, net of accumulated depreciation of $595.7 million, $566.0 million and $594.2 million, respectively	362.1		396.9		431.2
Other intangible assets, net	24.6		24.2		23.6
Other assets	9.8		12.6		11.6
Retirement benefit asset	1.1		—		—
Deferred tax assets	55.7		54.7		54.1

Total assets	2,938.6		2,924.2		2,734.9		2

Liabilities and Shareholders’ equity
Current liabilities:
Loans and overdrafts	24.9		44.1		13.3
Accounts payable	114.7		66.2		93.9
Accrued expenses and other current liabilities	241.9		272.1		220.9
Deferred revenue	108.8		120.1		103.4		7
Deferred tax liabilities	78.5		74.7		55.8
Income taxes payable	34.2		44.1		43.6

Total current liabilities	603.0		621.3		530.9

Non-current liabilities:
Long-term debt	229.1		280.0		280.0
Other liabilities	76.9		79.6		76.9
Deferred revenue	140.5		140.9		143.0		7
Retirement benefit obligation	—		4.8		11.4

Total liabilities	1,049.5		1,126.6		1,042.2

Commitments and contingencies (see note 10)

Shareholders’ equity:
Common shares of $0.18 par value: authorized 500 million shares, 85.7 million shares issued and outstanding (January 30, 2010: 85.5 million shares issued and outstanding; August 1, 2009: 85.5 million shares issued and outstanding)	15.4		15.4		15.4
Additional paid-in capital	174.8		169.9		167.6
Other reserves	235.2		235.2		235.2
Treasury shares	—		(1.1	)	(3.0	)
Retained earnings	1,648.6		1,556.4		1,447.1
Accumulated other comprehensive loss	(184.9	)	(178.2	)	(169.6	)

Total shareholders’ equity	1,889.1		1,797.6		1,692.7

Total liabilities and shareholders’ equity	2,938.6		2,924.2		2,734.9

The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.

Unaudited condensed consolidated statements of cash flows


	13 weeks ended				26 weeks ended
	July 31, 2010 $million		August 1, 2009 $million		July 31, 2010 $million		August 1, 2009 $million
Cash flows from operating activities
Net income	40.7		27.6		92.7		53.9
Adjustments to reconcile net income to cash flows provided by operations:
Depreciation of property, plant and equipment	21.1		25.2		43.5		49.4
Amortization of other intangible assets	2.0		2.1		4.0		3.5
Pension	(1.9	)	(1.4	)	(3.8	)	(1.4	)
Share-based compensation	2.2		2.4		4.5		3.1
Deferred taxation	(3.8	)	4.7		2.5		2.1
Facility amendment fees included in net income	0.3		—		2.6		3.4
Other non-cash movements	(1.0	)	(1.4	)	(1.7	)	7.9
(Gain)/loss on disposal of property, plant and equipment	(0.9	)	—		(0.9	)	0.4
Changes in operating assets and liabilities:
Decrease in accounts receivable	4.6		4.3		59.7		59.6
Decrease in other receivables	0.5		38.9		4.2		55.8
(Increase)/decrease in other current assets	(1.2	)	4.5		8.8		(13.9	)
Decrease in inventories	1.4		73.4		40.3		116.6
Increase/(decrease) in accounts payable	9.6		(18.9	)	48.1		47.0
Increase/(decrease) in accrued expenses and other liabilities	1.9		(42.4	)	(31.7	)	(63.0	)
Decrease in deferred revenue	(9.8	)	(10.3	)	(11.6	)	(17.3	)
Increase/(decrease) in income taxes payable	3.4		(10.3	)	(7.7	)	(10.7	)
Effect of exchange rate changes on currency swaps	1.3		(1.4	)	1.1		(1.4	)

Net cash provided by operating activities	70.4		97.0		254.6		295.0

Investing activities
Purchase of property, plant and equipment	(6.9	)	(7.5	)	(11.6	)	(14.8	)
Purchase of other intangible assets	(2.9	)	(1.6	)	(4.5	)	(2.7	)
Proceeds from sale of property, plant and equipment	1.7		—		1.7		—

Net cash flows used in investing activities	(8.1	)	(9.1	)	(14.4	)	(17.5	)

Financing activities
Proceeds from issue of common shares	0.2		—		1.0		—
Facility fees paid	—		(0.9	)	(1.0	)	(9.3	)
Repayment of short-term borrowings	(22.4	)	(65.6	)	(19.3	)	(174.8	)
Repayment of long-term debt	—		—		(50.9	)	(100.0	)

Net cash flows used in financing activities	(22.2	)	(66.5	)	(70.2	)	(284.1	)

Cash and cash equivalents at beginning of period	447.1		69.2		316.2		96.8
Increase/(decrease) in cash and cash equivalents	40.1		21.4		170.0		(6.6	)
Effect of exchange rate changes on cash and cash equivalents	(1.8	)	2.2		(0.8	)	2.6

Cash and cash equivalents at end of period	485.4		92.8		485.4		92.8

The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.

Unaudited condensed consolidated statement of shareholders’ equity


	Common shares at par value $million	Additional paid-in capital $million	Other reserves $million	Treasury shares $million		Retained earnings $million		Accumulated other comprehensive loss $million		Total shareholders’ equity $million
Balance at January 30, 2010	15.4	169.9	235.2	(1.1	)	1,556.4		(178.2	)	1,797.6
Net income	—	—	—	—		92.7		—		92.7
Foreign currency translation	—	—	—	—		—		(5.9	)	(5.9	)
Changes in fair value of derivative instruments, net	—	—	—	—		—		(2.1	)	(2.1	)
Actuarial gain on pension plan, net	—	—	—	—		—		1.3		1.3
Share options exercised	—	0.4	—	1.1		(0.5	)	—		1.0
Share-based compensation expense	—	4.5	—	—		—		—		4.5

Balance at July 31, 2010	15.4	174.8	235.2	—		1,648.6		(184.9	)	1,889.1

The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.

Unaudited condensed consolidated statements of comprehensive income


	13 weeks ended				26 weeks ended
	July 31, 2010 $million		August 1, 2009 $million		July 31, 2010 $million		August 1, 2009 $million
Net income	40.7		27.6		92.7		53.9
Foreign currency translation	5.3		28.2		(5.9	)	32.2
Changes in fair value of derivative instruments	(8.3	)	(8.2	)	(3.1	)	(10.5	)
Pension plan	0.9		0.9		1.8		1.8
Deferred tax on items recognized in equity	2.5		2.1		0.5		2.4

Comprehensive income	41.1		50.6		86.0		79.8

The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.

Notes to the interim unaudited condensed consolidated financial statements

1. Principal accounting policies and basis of preparation

Basis of preparation

Signet Jewelers Limited (the “Company”) and its subsidiaries (collectively, “Signet”) is a leading retailer of jewelry, watches and associated services. Signet manages its business as two geographical segments, being the United States of America (the “US”) and the United Kingdom (the “UK”). The US segment operates retail stores under brands including Kay Jewelers, Jared The Galleria Of Jewelry and various regional brands, while the UK segment operates retail stores under brands including H.Samuel and Ernest Jones.

These interim unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in Signet’s Annual Report on Form 10-K for the year ended January 30, 2010, filed with the Securities and Exchange Commission (“SEC”) on March 30, 2010.

These interim financial statements are unaudited. They have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information. Accordingly, certain information and footnote disclosures normally included in audited consolidated financial statements have been condensed or omitted from these interim financial statements. However, these interim financial statements include all adjustments (consisting of normal recurring accruals and adjustments) that are, in the opinion of management, necessary to fairly state the results of the interim periods.

Use of estimates in interim financial statements

The preparation of interim financial statements, in conformity with US GAAP and SEC regulations for interim reporting, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated interim financial statements and reported amounts of sales and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are primarily made in relation to the valuation of receivables, inventory and deferred revenue, depreciation and asset impairment, the valuation of employee benefits, income taxes and contingencies.

Seasonality

Signet’s business is highly seasonal with a very significant proportion of its sales and operating profit generated during its fourth quarter, which includes the Christmas season. Management expects such a seasonal fluctuation in sales and profit to continue. Therefore, operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.

New accounting pronouncements to be adopted in future periods

Revenue recognition – multi-deliverable arrangements

In October 2009, the FASB issued ASU 2009-13, which amends ASC 605-25 “Revenue Recognition – Multi-Deliverable Arrangements”. ASU 2009-13 requires arrangement consideration to be allocated to all deliverables at inception using a relative selling price method and establishes a selling price hierarchy for determining the selling price of a deliverable. The update also expands the disclosure requirements to include additional detail regarding the deliverables, method of calculation of selling price and the timing of revenue recognition. ASU 2009-13 is effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. The adoption of this amendment is not expected to have a material impact on Signet.

2. Segment information

The consolidated sales are derived from the retailing of jewelry, watches, other products and services. Signet is managed as two geographical operating segments, being the US and UK divisions. These segments represent channels of distribution that offer similar merchandise and service and have similar marketing and distribution strategies. Both divisions are managed by executive committees, which report through a divisional Chief Executive to Signet’s Chief Executive who in turn reports to the Board. Each divisional executive committee is responsible for operating decisions within parameters set by the Board. The performance of each segment is regularly evaluated based on sales and operating income. The operating segments do not include certain central costs, which is consistent with the treatment in Signet’s management accounts. There are no material transactions between the operating segments.

Notes to the interim unaudited condensed consolidated financial statements—(Continued)


	13 weeks ended				26 weeks ended
	July 31, 2010 $million		August 1, 2009 $million		July 31, 2010 $million		August 1, 2009 $million
Sales:
US	580.8		552.5		1,247.9		1,177.4
UK	142.0		158.3		284.9		296.0

Total sales	722.8		710.8		1,532.8		1,473.4


Operating income, net:
US	63.3		50.4		154.4		106.8
UK	4.7		1.0		3.3		(0.3	)
Unallocated⁽¹⁾	(4.7	)	(4.8	)	(8.9	)	(7.5	)

Total operating income, net	63.3		46.6		148.8		99.0


	July 31, 2010 $million	January 30, 2010 $million	August 1, 2009 $million
Total assets:
US	2,214.1	2,280.7	2,272.0
UK	354.0	383.6	405.1
Unallocated	370.5	259.9	57.8

Total assets	2,938.6	2,924.2	2,734.9

(1)	Unallocated principally relates to central costs that are not allocated to the US and UK divisions in Signet’s management accounts.

3. Exchange rates

The exchange rates used in these interim financial statements for the translation of UK pound sterling transactions and balances into US dollars are as follows:


	26 weeks ended July 31, 2010	52 weeks ended January 30, 2010	26 weeks ended August 1, 2009
Income statement (average rate)	1.51	1.59	1.54
Balance sheet (closing rate)	1.57	1.60	1.67

The year-to-date average exchange rate is used to prepare the income statement for the 26 weeks ended July 31, 2010 and is calculated from the weekly average exchange rates weighted by sales of the UK division. The income statement for the 13 weeks ended July 31, 2010 is calculated as the difference between the income statement for the 26 weeks ended July 31, 2010 and the previously reported income statement for the 13 weeks ended May 1, 2010. Therefore, the second quarter’s income statement includes the impact of the change in the year-to-date exchange rates between these quarter ends.

4. Taxation

Signet has business activity in all states within the US and files income tax returns for the US federal jurisdiction and all applicable states. Signet also files income tax returns in the UK and certain other foreign jurisdictions. Signet is subject to US federal and state examinations by tax authorities for tax years after October 28, 2006 and is subject to examination by the UK tax authority for tax years after January 31, 2007.

As of January 30, 2010, Signet had approximately $14.9 million of unrecognized tax benefits in respect of uncertain tax positions, all of which would favorably affect the effective income tax rate if resolved in Signet’s favor. These unrecognized tax benefits relate to financing arrangements and intra-group charges which are subject to different and changing interpretations of tax law.

During the 26 weeks ended July 31, 2010, agreement was reached in respect of the treatment of certain financing arrangements in the UK and a cash settlement was paid of approximately $1.7 million, excluding interest thereon. A benefit of approximately $2.7 million has been recognized in income tax expense for the 26 weeks ended July 31, 2010.

During the 26 weeks ended July 31, 2010, the statute of limitations expired in the US in respect of the tax year ended October 28, 2006 with no adjustment to taxable income. A benefit of approximately $1.8 million has been recognized in income tax expense for the 26 weeks ended July 31, 2010.

Notes to the interim unaudited condensed consolidated financial statements—(Continued)

Apart from the above, there has been no material change in the amount of unrecognized tax benefits in respect of uncertain tax positions during the 26 weeks ended July 31, 2010.

Signet recognizes accrued interest and, where appropriate, penalties related to unrecognized tax benefits within income tax expense. As of January 30, 2010, Signet had accrued interest of $2.2 million and there has been no material change in the amount of accrued interest as of July 31, 2010.

Over the next twelve months management believes that it is reasonably possible that there could be a reduction of substantially all of the unrecognized tax benefits as of January 30, 2010, due to settlement of the uncertain tax positions with the tax authorities.

5. Earnings per share


	13 weeks ended				26 weeks ended
	July 31, 2010		August 1, 2009		July 31, 2010		August 1, 2009
Net income ($million)		40.7		27.6		92.7		53.9

Basic weighted average number of shares in issue (million)		85.6		85.2		85.6		85.2
Dilutive effect of share options (million)		0.6		0.3		0.6		0.3

Diluted weighted average number of shares in issue (million)		86.2		85.5		86.2		85.5

Earnings per share – basic	$	0.47	$	0.32	$	1.08	$	0.63
Earnings per share – diluted	$	0.47	$	0.32	$	1.07	$	0.63

The basic weighted average number of shares excludes shares held by the Employee Stock Ownership Trust or as Treasury Shares as such shares are not considered outstanding and do not qualify for dividends. The effect of this is to reduce the average number of shares in the 13 and 26 week periods ended July 31, 2010 by 4,373 and 11,861 shares respectively (13 and 26 week periods ended August 1, 2009: 81,893 and 81,922 shares respectively). The calculation of fully diluted earnings per share for the 13 and 26 week periods ended July 31, 2010 excludes options to purchase 909,717 and 947,767 shares respectively (13 and 26 week periods ended August 1, 2009: 2,798,075 shares) on the basis that their effect on earnings per share was anti-dilutive.

6. Inventories


	July 31, 2010 $million	January 30, 2010 $million	August 1, 2009 $million
Raw materials	8.8	9.5	7.0
Finished goods	1,117.4	1,163.6	1,272.2

Total inventory	1,126.2	1,173.1	1,279.2

7. Deferred revenue


	July 31, 2010 $million	January 30, 2010 $million	August 1, 2009 $million
Warranty deferred revenue	243.5	243.6	239.0
Other	5.8	17.4	7.4

Total deferred revenue	249.3	261.0	246.4


Disclosed as:
Current liabilities	108.8	120.1	103.4
Non-current liabilities	140.5	140.9	143.0

Total deferred revenue	249.3	261.0	246.4

Notes to the interim unaudited condensed consolidated financial statements—(Continued)


	13 weeks ended				26 weeks ended
	July 31, 2010 $million		August 1, 2009 $million		July 31, 2010 $million		August 1, 2009 $million
Warranty deferred revenue, beginning of period	247.4		243.8		243.6		243.1
Warranties sold	36.1		33.9		80.9		74.1
Revenues recognized	(40.0	)	(38.7	)	(81.0	)	(78.2	)

Warranty deferred revenue, end of period	243.5		239.0		243.5		239.0

8. Derivative instruments and hedging activities

Signet is exposed to foreign currency exchange risk arising from various currency exposures. Signet enters into forward foreign currency exchange contracts and foreign currency option contracts, principally in US dollars, in order to limit the impact of movements in foreign exchange rates on its forecast foreign currency purchases. The total notional amount of these foreign currency contracts outstanding as of July 31, 2010 was $49.7 million (January 30, 2010: $37.2 million; August 1, 2009: $55.5 million). These contracts have been designated as cash flow hedges and will be settled over the next 17 months (January 30, 2010: 17 months; August 1, 2009: 18 months).

Signet enters into forward purchase contracts and option purchase contracts for commodities in order to reduce its exposure to significant movements in the price of the underlying precious metal raw material. The total notional amount of commodity contracts outstanding as of July 31, 2010 was $98.1 million (January 30, 2010: $100.0 million; August 1, 2009: $91.9 million). These contracts have been designated as cash flow hedges and will be settled over the next 12 months (January 30, 2010: 12 months; August 1, 2009: 18 months).

For derivatives that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (“OCI”) and reclassified into earnings in the same period in which the hedged item affects net income or loss. Gains and losses on derivatives that do not qualify for hedge accounting, together with any hedge ineffectiveness, are recognized immediately in other operating income, net. Signet does not hold derivative contracts for trading purposes.

Foreign currency contracts not designated as cash flow hedges are used to hedge currency flows through Signet’s bank accounts to ensure Signet is not exposed to foreign currency exchange risk in its cash and borrowings.

The bank counterparties to the derivative contracts expose Signet to credit-related losses in the event of their nonperformance. However, to mitigate that risk, Signet only contracts with counterparties that meet certain minimum requirements under its counterparty risk assessment process. As of July 31, 2010, credit risk did not materially change the fair value of the foreign currency or commodity contracts.

The following table summarizes the fair value and presentation of derivative instruments in the condensed consolidated balance sheets:


	Derivative assets
		Fair value
	Balance sheet location	July 31, 2010 $million	January 30, 2010 $million	August 1, 2009 $million
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current assets	0.8	0.6	3.4
Commodity contracts	Other current assets	2.8	2.4	5.6

		3.6	3.0	9.0

Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current assets	—	—	—

		—	—	—

Total derivative assets		3.6	3.0	9.0

Notes to the interim unaudited condensed consolidated financial statements—(Continued)


	Derivative liabilities
		Fair value
	Balance sheet location	July 31, 2010 $million		January 30, 2010 $million		August 1, 2009 $million
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current liabilities	(0.8	)	(0.4	)	(1.7	)
Commodity contracts	Other current liabilities	(2.1	)	(1.6	)	(2.7	)

		(2.9	)	(2.0	)	(4.4	)

Derivatives not designated as hedging instruments:
Foreign currency contracts	Other current liabilities	(0.5	)	—		—

		(0.5	)	—		—

Total derivative liabilities		(3.4	)	(2.0	)	(4.4	)

The following tables summarize the effect of derivative instruments on the unaudited condensed consolidated income statements:


	Amount of gain/ (loss) recognized in OCI on derivatives (Effective portion)				Location of gain/(loss) reclassified from accumulated OCI into income (Effective portion)	Amount of gain/(loss) reclassified from accumulated OCI into income (Effective portion)
	13 weeks ended					13 weeks ended
	July 31, 2010 $million		August 1, 2009 $million			July 31, 2010 $million	August 1, 2009 $million
Derivatives in cash flow hedging relationships:
Foreign currency contracts	(1.3	)	(6.6	)	Cost of sales	1.5	4.2
Commodity contracts	(1.7	)	2.1		Cost of sales	3.8	(0.5	)

Total	(3.0	)	(4.5	)		5.3	3.7


	Amount of gain/(loss) recognized in OCI on derivatives (Effective portion)			Location of gain/(loss) reclassified from accumulated OCI into income (Effective portion)	Amount of gain/(loss) reclassified from accumulated OCI into income (Effective portion)
	26 weeks ended				26 weeks ended
	July 31, 2010 $million	August 1, 2009 $million			July 31, 2010 $million	August 1, 2009 $million
Derivatives in cash flow hedging relationships:
Foreign currency contracts	0.5	(6.0	)	Cost of sales	2.9	4.3
Commodity contracts	6.4	(2.1	)	Cost of sales	7.1	(1.9	)

Total	6.9	(8.1	)		10.0	2.4

Notes to the interim unaudited condensed consolidated financial statements—(Continued)

The ineffective portion of hedging instruments taken into other operating income, net in the 13 and 26 weeks ended July 31, 2010 was a $0.4 million profit (13 and 26 weeks ended August 1, 2009: $nil).


		Amount of gain/(loss) recognized in income on derivatives
Derivatives not designated as hedging instruments	Location of gain/(loss) recognized in income on derivatives	13 weeks ended
Derivatives not designated as hedging instruments		July 31, 2010 $million		August 1, 2009 $million
Foreign currency contracts	Other operating income, net	(0.5	)	—

Total		(0.5	)	—


		Amount of gain/(loss) recognized in income on derivatives
Derivatives not designated as hedging instruments	Location of gain/(loss) recognized in income on derivatives	26 weeks ended
Derivatives not designated as hedging instruments		July 31, 2010 $million		August 1, 2009 $million
Foreign currency contracts	Other operating income, net	(0.5	)	—

Total		(0.5	)	—

The estimated fair value of Signet’s financial instruments held or issued to finance Signet’s operations is summarized below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown below are not necessarily indicative of the amounts that Signet would realize upon disposition nor do they indicate Signet’s intent or ability to dispose of the financial instrument. Assets and liabilities that are carried at fair value are required to be classified and disclosed in one of the following three categories:

Level 1 - quoted market prices in active markets for identical assets and liabilities

Level 2 - observable market based inputs or unobservable inputs that are corroborated by market data

Level 3 - unobservable inputs that are not corroborated by market data

Signet determines fair value based upon quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The methods Signet uses to determine fair value on an instrument-specific basis are detailed below:


	July 31, 2010				January 30, 2010				August 1, 2009
	$million				$million				$million
	Carrying Value		Significant other observable inputs (Level 2)		Carrying Value		Significant other observable inputs (Level 2)		Carrying Value		Significant other observable inputs (Level 2)
Assets:
Forward foreign currency contracts and swaps	0.8		0.8		0.6		0.6		3.4		3.4
Forward commodity contracts	2.8		2.8		2.4		2.4		5.6		5.6
Liabilities:
Borrowings	(254.0	)	(297.4	)	(324.1	)	(371.3	)	(293.3	)	(301.6	)
Forward foreign currency contracts and swaps	(1.3	)	(1.3	)	(0.4	)	(0.4	)	(1.7	)	(1.7	)
Forward commodity contracts	(2.1	)	(2.1	)	(1.6	)	(1.6	)	(2.7	)	(2.7	)

The fair value of derivative financial instruments has been determined based on market value equivalents at the balance sheet date, taking into account the current interest rate environment, current foreign currency forward rates or current commodity forward rates. These are held as assets and liabilities within other receivables and other payables, and all contracts have a maturity of less than eighteen months. Signet’s long-term debt consists of $229.1 million (January 30, 2010 and August 1, 2009: $280.0 million) of fixed rate investor certificate notes (“Private Placement Notes”) under a Note Purchase Agreement. The fair value of this debt is determined by discounting to present value the known future coupon and final Note redemption amounts at market yields as of the balance sheet date. The carrying amounts of cash and cash equivalents, accounts receivable, other receivables, accounts payable and accrued liabilities approximate fair value because of the short-term maturity of these amounts.

Notes to the interim unaudited condensed consolidated financial statements—(Continued)

9. Pensions

Signet operates a defined benefit pension scheme in the UK (the “Group Scheme”). The components of net periodic pension cost were as follows:


	13 weeks ended				26 weeks ended
	July 31, 2010 $million		August 1, 2009 $million		July 31, 2010 $million		August 1, 2009 $million
Components of net periodic benefit cost:
Service cost	1.3		1.1		2.6		2.1
Interest cost	2.4		2.8		4.9		5.2
Expected return on Group Scheme assets	(3.0	)	(2.8	)	(6.0	)	(5.4	)
Amortization of unrecognized prior service credit	(0.2	)	(0.3	)	(0.5	)	(0.5	)
Amortization of unrecognized actuarial loss	1.1		1.1		2.3		2.2

Net periodic benefit cost	1.6		1.9		3.3		3.6

In the 26 weeks to July 31, 2010, Signet contributed $7.1 million to the Group Scheme and expects to contribute a minimum aggregate of $14.3 million at current exchange rates to the Group Scheme in Fiscal 2011. These contributions are in accordance with a deficit recovery plan that was in response to the funding deficit indicated by the April 5, 2009 actuarial valuation.

10. Commitments and contingencies

Legal proceedings

In March 2008, private plaintiffs filed a class action lawsuit for an unspecified amount against Sterling Jewelers Inc. (“Sterling”), a subsidiary of Signet, in the U.S. District Court for the Southern District of New York federal court alleging that US store-level employment practices are discriminatory as to compensation and promotional activities. On September 23, 2008, the US Equal Employment Opportunities Commission (“EEOC”) filed a lawsuit against Sterling in the U.S. District Court for the Western District of New York. The EEOC’s lawsuit alleges that Sterling engaged in a pattern or practice of gender discrimination with respect to pay and promotions of female retail store employees from January 1, 2003 to the present. The EEOC asserts claims for unspecified monetary relief and non-monetary relief against the Company on behalf of a class of female employees subjected to these alleged practices. Sterling denies the allegations from both parties and intends to defend them vigorously.

11. Share-based compensation expense

Signet recorded net share-based compensation expense of $2.2 million and $4.5 million for the 13 and 26 weeks ended July 31, 2010 respectively ($1.5 million and $2.2 million for the 13 and 26 weeks ended August 1, 2009 respectively). This is after charging $0.0 million and $0.0 million for the 13 and 26 weeks ended July 31, 2010 respectively ($0.0 million and $0.1 million for the 13 and 26 weeks ended August 1, 2009 respectively), that relates to the change in fair value during the period of certain awards that have an inflation related performance condition and are accounted for as liability awards.

12. Long-term debt

In accordance with its borrowing agreements, Signet made a prepayment to its Private Placement Note holders on March 9, 2010 of $50.9 million. Following this prepayment there were $229.1 million of Private Placement Notes outstanding. A change was agreed with Signet’s Revolving Credit Facility banking group that the facility would be reduced to $300 million from $370 million on March 19, 2010.

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains statements which are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, based upon management’s beliefs and expectations as well as on assumptions made by and data currently available to management, appear in a number of places throughout this document and include statements regarding, among other things, our results of operation, financial condition, liquidity, prospects, growth, strategies and the industry in which Signet operates. The use of the words “expects,” “intends,” “anticipates,” “estimates,” “predicts,” “believes,” “should,” “potential,” “may,” “forecast,” “objective,” “plan” or “target,” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties, including but not limited to general economic conditions, the merchandising, pricing and inventory policies followed by Signet, the reputation of Signet and its brands, the level of competition in the jewelry sector, the cost and availability of diamonds, gold and other precious metals, regulations relating to consumer credit, seasonality of Signet’s business and financial market risks.

For a discussion of these and other risks and uncertainties which could cause actual results to differ materially, see the “Risk Factors” section of Signet’s Fiscal 2010 Annual Report on Form 10-K filed with the SEC on March 30, 2010. Actual results may differ materially from those anticipated in such forward-looking statements. Signet undertakes no obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

OVERVIEW

Signet is the world’s largest specialty retail jeweler by sales, with stores in the US, UK, Republic of Ireland and Channel Islands. Signet manages its business as two geographical segments, being the US and the UK.

In the US, Signet operated 1,345 stores in 50 states at July 31, 2010. Its stores trade nationally in malls and off-mall locations as Kay Jewelers (“Kay”), and regionally under a number of well-established mall-based brands. Destination superstores trade nationwide as Jared The Galleria Of Jewelry (“Jared”).

In the UK, the stores trade as “H.Samuel,” “Ernest Jones” and “Leslie Davis,” and are situated in prime “High Street” locations (main shopping thoroughfares with high pedestrian traffic) or major shopping malls. The UK division operated 548 stores at July 31, 2010, including 14 stores in the Republic of Ireland and 3 in the Channel Islands.

The consumer environment in both the US and the UK remained challenging in the year to date, however the business continued to utilize its competitive advantages to improve sales, enhance margins, and strengthen its balance sheet. In the year to date, Signet has made progress in executing its strategy and achieving its financial objectives for Fiscal 2011. These financial objectives are:

•

$150 million to $200 million positive free cash flow¹, revised expectation to between $225 million and $275 million;

•

Capital expenditure of about $80 million, expectation unchanged;

•

Controllable costs² to be little changed from Fiscal 2010 at constant exchange rates, expectation unchanged.

1	Net cash provided by operating activities less net cash flows used in investing activities

2	Controllable costs exclude net bad debt charge, expense movements resulting from sales variance to plan, the impact of amendments to the Truth in Lending Act and the US vacation entitlement policy change in Fiscal 2010.

The outlook for the rest of Fiscal 2011 is uncertain. However, management will continue to invest in the business, increase advertising during the Holiday Season and expand further the availability of differentiated merchandise, in an effort to continue to gain profitable market share.

On June 25, 2010, Ron Ristau became Chief Financial Officer, succeeding Walker Boyd who retired on that date. The formal search for a Chief Executive Officer began in late February 2010 and is progressing.

Non-GAAP measures

A number of non-GAAP measures are used by management to analyze and manage the performance of the business, and the required disclosures for these non-GAAP measures are given below. Management does not, nor does it suggest investors should consider such non-GAAP measures in isolation from, or in substitution for, information prepared in accordance with US GAAP.

Same store sales growth

Same store sales growth is determined by comparison of sales in stores that were open in both the current and the prior year. Sales from stores that have been open for less than 12 months are excluded from the comparison until their 12-month anniversary. Sales from the 12-month anniversary onwards are compared against the equivalent prior period sales within the comparable store sales comparison. Stores closed in the current financial period are included up to the date of closure and the comparative period is correspondingly adjusted. Stores that have been relocated or expanded, but remain within the same local geographic market, are included within the comparison with no adjustment to either the current or comparative period. Stores that have been refurbished are also included within the comparison except for the period when the refurbishment is taking place, when those stores are excluded from the comparison both for the current year and for the comparative period. Comparisons at divisional level are made in local currency and consolidated comparisons are made at constant exchange rates and exclude the effect of exchange rate movements by recalculating the prior period results as if they had been generated at the weighted average exchange rate for the current period. E-commerce sales are included in the calculation of sales for the period and the comparative figures from the anniversary of the launch of the relevant website.

Exchange translation impact

Signet has historically used constant exchange rates to compare period-to-period changes in certain financial data. Management considers this a useful measure for analyzing and explaining changes and trends in Signet’s results. The impact of the re-calculation of sales; cost of sales; gross margin; selling, general and administrative expenses; operating income; income before taxes; net income and earnings per share at constant exchange rates, including a reconciliation to Signet’s US GAAP results, is analyzed below.


	13 weeks ended						Change as reported %		Impact of exchange rate movement $million			At constant exchange rates (non-GAAP) $million			Change at constant exchange rates (non-GAAP) %
	July 31, 2010 $million			August 1, 2009 $million			Change as reported %		Impact of exchange rate movement $million			At constant exchange rates (non-GAAP) $million
US		580.8			552.5		5.1			—			552.5		5.1
UK		142.0			158.3		(10.3	)		(13.4	)		144.9		(2.0	)

Sales		722.8			710.8		1.7			(13.4	)		697.4		3.6
Cost of sales		(483.0	)		(489.3	)	(1.3	)		9.8			(479.5	)	0.7

Gross margin		239.8			221.5		8.3			(3.6	)		217.9		10.1
Selling, general and administrative expenses		(203.7	)		(203.8	)	0.0			4.0			(199.8	)	2.0
Other operating income, net		27.2			28.9		(5.9	)		—			28.9		(5.9	)

Operating income, net		63.3			46.6		35.8			0.4			47.0		34.7
Interest income		0.2			0.1		100.0			—			0.1		100.0
Interest expense		(6.2	)		(8.2	)	(24.4	)		—			(8.2	)	(24.4	)

Income before income taxes		57.3			38.5		48.8			0.4			38.9		47.3
Income taxes		(16.6	)		(10.9	)	52.3			(0.1	)		(11.0	)	50.9

Net income		40.7			27.6		47.5			0.3			27.9		45.9

Earnings per share – basic	$	0.47		$	0.32		46.9		$	0.01		$	0.33		42.4
Earnings per share – diluted	$	0.47		$	0.32		46.9		$	0.01		$	0.33		42.4

Operating income, net
US		63.3			50.4		25.6			—			50.4		25.6
UK		4.7			1.0		370.0			0.1			1.1		327.3
Unallocated		(4.7	)		(4.8	)	(2.1	)		0.3			(4.5	)	4.4

Operating income, net		63.3			46.6		35.8			0.4			47.0		34.7


	26 weeks ended						Change as reported %		Impact of exchange rate movement $million		At constant exchange rates (non-GAAP) $million			Change at constant exchange rates (non-GAAP) %
	July 31, 2010 $million			August 1, 2009 $million			Change as reported %		Impact of exchange rate movement $million		At constant exchange rates (non-GAAP) $million			Change at constant exchange rates (non-GAAP) %
US		1,247.9			1,177.4		6.0		—			1,177.4		6.0
UK		284.9			296.0		(3.8	)	(5.8	)		290.2		(1.8	)

Sales		1,532.8			1,473.4		4.0		(5.8	)		1,467.6		4.4
Cost of sales		(996.7	)		(996.4	)	0.0		4.3			(992.1	)	0.5

Gross margin		536.1			477.0		12.4		(1.5	)		475.5		12.7
Selling, general and administrative expenses		(442.2	)		(436.6	)	1.3		1.7			(434.9	)	1.7
Other operating income, net		54.9			58.6		(6.3	)	—			58.6		(6.3	)

Operating income, net		148.8			99.0		50.3		0.2			99.2		50.0
Interest income		0.3			0.7		(57.1	)	—			0.7		(57.1	)
Interest expense		(15.0	)		(19.8	)	(24.2	)	—			(19.8	)	(24.2	)

Income before income taxes		134.1			79.9		67.8		0.2			80.1		67.4
Income taxes		(41.4	)		(26.0	)	59.2		—			(26.0	)	59.2

Net income		92.7			53.9		72.0		0.2			54.1		71.3

Earnings per share – basic	$	1.08		$	0.63		71.4		—		$	0.63		71.4
Earnings per share – diluted	$	1.07		$	0.63		69.8		—		$	0.63		69.8

Operating income, net
US		154.4			106.8		44.6		—			106.8		44.6
UK		3.3			(0.3	)	n/a		—			(0.3	)	n/a
Unallocated		(8.9	)		(7.5	)	18.7		0.2			(7.3	)	21.9

Operating income, net		148.8			99.0		50.3		0.2			99.2		50.0

Net income adjusted for non-cash items

Net income adjusted for non-cash items shows the amount of net cash flow generated from Signet’s operating activities before changes in operating assets and liabilities. It is a useful measure to summarize the cash generated from activities reported in the income statement.

Net cash or net debt

Net cash or net debt is the total of loans and overdrafts, long-term debt and cash and cash equivalents, and it is helpful in providing a measure of indebtedness of the business.


	July 31, 2010 $million		January 30, 2010 $million		August 1, 2009 $million
Long-term debt	(229.1	)	(280.0	)	(280.0	)
Loans and overdrafts	(24.9	)	(44.1	)	(13.3	)

	(254.0	)	(324.1	)	(293.3	)
Cash and cash equivalents	485.4		316.2		92.8

Net cash/(net debt)	231.4		(7.9	)	(200.5	)

Free cash flow

Free cash flow is a non-GAAP measure defined as the net cash provided by operating activities less net cash flows used in investing activities. Management considers that it is helpful in understanding how the business is generating cash from its operating and investing activities that can be used to meet the financing needs of the business. Free cash flow does not represent the residual cash flow available for discretionary expenditure.


	13 weeks ended				26 weeks ended
	July 31, 2010 $million		August 1, 2009 $million		July 31, 2010 $million		August 1, 2009 $million
Net cash provided by operating activities	70.4		97.0		254.6		295.0
Net cash flows used in investing activities	(8.1	)	(9.1	)	(14.4	)	(17.5	)

Free cash flow	62.3		87.9		240.2		277.5

RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the Financial Statements and the related notes in Part I of this Form 10-Q as well as the financial and other information included in Signet’s Fiscal 2010¹ Annual Report on Form 10-K.

Second Quarter Highlights

•

Same store sales: up 4.5% in the 13 weeks to July 31, 2010 (“second quarter”)

•

Total sales: $722.8 million, up 1.7% and 3.6% at constant exchange rates²

•

Income before income taxes: $57.3 million, up 48.8%

•

Basic and diluted earnings per share: $0.47 up 46.9%

Year To Date Highlights

•

Same store sales: up 5.2% in the 26 weeks to July 31, 2010 (“year to date”)

•

Total sales: $1,532.8 million, up 4.0% and 4.4% at constant exchange rates²

•

Income before income taxes: $134.1 million, up 67.8%

•

Basic and diluted earnings per share: $1.08 and $1.07 respectively, up 71.4% and 69.8%

1	Fiscal 2010 is the year ended January 30, 2010 and Fiscal 2011 is the year ending January 29, 2011.

2	Non-GAAP measure, see page 15.

Certain operating data as a percentage of sales were as follows:


Table 1	Second Quarter				Year To Date
	Fiscal 2011 %		Fiscal 2010 %		Fiscal 2011 %		Fiscal 2010 %
Sales	100.0		100.0		100.0		100.0
Cost of sales	(66.8	)	(68.8	)	(65.0	)	(67.6	)

Gross margin	33.2		31.2		35.0		32.4
Selling, general and administrative expenses	(28.2	)	(28.7	)	(28.8	)	(29.7	)
Other operating income	3.8		4.1		3.5		4.0

Operating income, net	8.8		6.6		9.7		6.7
Net financing costs	(0.9	)	(1.2	)	(1.0	)	(1.3	)

Income before income taxes	7.9		5.4		8.7		5.4
Income taxes	(2.3	)	(1.5	)	(2.7	)	(1.7	)

Net income	5.6		3.9		6.0		3.7

Sales

Same store sales were up 4.5% in the second quarter and for the year to date the increase was 5.2%. Total sales rose by 1.7% to $722.8 million in the second quarter (13 weeks to August 1, 2009: $710.8 million), reflecting an underlying increase of 3.6% at constant exchange rates; non-GAAP measure, see page 15. In the year to date, total sales rose by 4.0% to $1,532.8 million (26 weeks to August 1, 2009: $1,473.4 million). The increase at constant exchange rates was 4.4%; non-GAAP measure, see page 15. The breakdown of the sales performance is set out in Table 2 below.

Table 2


	Second Quarter									Year To Date
	US			UK			Signet			US			UK			Signet
Sales, million	$	580.8		$	142.0		$	722.8		$	1,247.9		$	284.9		$	1,532.8
% of total		80.4	%		19.6	%		100.0	%		81.4	%		18.6	%		100.0	%

Change in sales	US %			UK %			Signet %			US %			UK %			Signet %
Same store sales		5.9			(0.5	)		4.5			6.6			(0.4	)		5.2
Change in store space		(0.8	)		(1.5	)		(0.9	)		(0.6	)		(1.4	)		(0.8	)

Total at constant exchange rates		5.1			(2.0	)		3.6			6.0			(1.8	)		4.4
Exchange translation¹		—			(8.3	)		(1.9	)		—			(2.0	)		(0.4	)

Change in total sales as reported		5.1			(10.3	)		1.7			6.0			(3.8	)		4.0

1	The exchange rates used are summarized in Note 3 to the financial statements. See also page 15.

In the second quarter, the US division’s sales were up by 5.1% to $580.8 million (13 weeks to August 1, 2009: $552.5 million) and same store sales rose by 5.9%, as compared to a decline of 5.5% in the second quarter last year. In the year to date, the US division’s sales were up by 6.0% to $1,247.9 million (26 weeks to August 1, 2009: $1,177.4 million) and same store sales rose by 6.6%, as compared to a decline of 4.0% in the prior year period. See Table 3 below for analysis.

While the US economy continued to grow in the second quarter, the rate was more moderate than in the first quarter of Fiscal 2011. In the second quarter and the year to date, the US division benefitted from its sustainable competitive advantages, with many of its middle market competitors being operationally or financially constrained. Jared’s sales increase reflected a recovery in spending among US households with above average incomes and a positive response to merchandising initiatives. Average unit selling price, excluding the charm bracelet category, increased by 4.7% in the second quarter and by 5.3% in the year to date.

Table 3


					Change from previous year
Second quarter Fiscal 2011	Sales		Average unit selling price¹		Total sales		Same store sales		Average unit selling price¹
Kay	$	325.4m	$	349	1.8	%	2.6	%	5.0	%
Regional brands	$	64.7m	$	354	(7.7	)%	1.1	%	0.8	%
Jared	$	190.7m	$	768	17.1	%	14.0	%	6.9	%

US division	$	580.8m	$	407	5.1	%	5.9	%	4.7	%


Year to date Fiscal 2011
Kay	$	712.2m	$	335	3.0	%	3.5	%	6.1	%
Regional brands	$	141.6m	$	345	(7.0	)%	2.0	%	(0.4	)%
Jared	$	394.1m	$	755	18.2	%	14.9	%	4.9	%

US division	$	1,247.9m	$	393	6.0	%	6.6	%	5.3	%

1	Excludes the charm bracelet category, a recent product introduction with an average unit selling price considerably lower, and a multiple purchase and frequency of purchase much greater, than products historically sold by the division.

In the second quarter, the UK division’s sales were down by 10.3% to $142.0 million (13 weeks to August 1, 2009: $158.3 million), reflecting an underlying decrease of 2.0% at constant exchange rates; non-GAAP measure, see page 15. Same store sales were down 0.5%, compared to a decline of 4.3% in the prior year period. In the year to date, sales were down by 3.8% to $284.9 million (26 weeks to August 1, 2009: $296.0 million). At constant exchange rates there was a decrease of 1.8%; non-GAAP measure, see page 15. Same store sales were down 0.4%, compared to a decline of 4.2% in the prior year period. See Table 4 below for analysis.

Table 4


					Change from previous year
Second quarter Fiscal 2011	Sales		Average unit selling price^1,2		Total sales		Sales at constant exchange rates³^,4		Same store sales		Average unit selling price²
H.Samuel	$	73.5m	£	58	(10.7	)%	(2.4	)%	(1.2	)%	11.3	%
Ernest Jones	$	68.5m	£	261	(8.2	)%	0.2	%	0.2	%	9.3	%

UK division	$	142.0m	£	94	(10.3	)%	(2.0	)%	(0.5	)%	12.0	%


Year to date Fiscal 2011
H.Samuel	$	148.0m	£	57	(4.7	)%	(2.8	)%	(1.6	)%	10.8	%
Ernest Jones	$	136.9m	£	257	(1.2	)%	0.8	%	1.0	%	10.4	%

UK division	$	284.9m	£	92	(3.8	)%	(1.8	)%	(0.4	)%	11.7	%

1	The average unit selling price² in the second quarter for H.Samuel was $88, for Ernest Jones was $394 and for the UK division was $142. The average unit selling price² in the year to date for H.Samuel was $86, for Ernest Jones was $388 and for the UK division was $139.

2	Excludes the charm bracelet category, a recent product introduction with an average unit selling price considerably lower, and a multiple purchase and frequency of purchase much greater, than products historically sold by the division.

3	Non-GAAP measure, see page 15.

4.	In the second quarter, the exchange translation impact on the total sales of H.Samuel was (8.3)% and for Ernest Jones was (8.4)%, and for the year to date was (1.9)% for H.Samuel and (2.0)% for Ernest Jones.

The UK environment remained challenging. H.Samuel same store sales were marginally better in the second quarter of Fiscal 2011 than in the first quarter, while those of Ernest Jones were marginally weaker. Overall, the same store sales performance in the second quarter was very similar to that in the first quarter. The charm bracelet category continued to perform well. In the second quarter, average unit selling price, excluding the charm bracelet category, increased by 12.0%, and by 11.7% in the year to date, primarily reflecting the impact of price increases implemented to partly counter pressure on gross merchandise margin.

Gross margin

Gross margin was $239.8 million for the second quarter (13 weeks to August 1, 2009: $221.5 million) and $536.1 million for the year to date (26 weeks to August 1, 2009: $477.0 million), up by 8.3% and by 12.4% respectively. Gross margin rate increased by 200 basis points in the second quarter and by 260 basis points in the year to date.

The gross merchandise margin improved by 70 basis points in the second quarter and by 60 basis points in the year to date, driven by price increases and lower diamond costs, which more than offset the impact of higher gold costs and the weakness of pound sterling against the US dollar. The net bad debt to sales ratio continued the improvement begun in the fourth quarter of Fiscal 2010 in the year to date period, however the opportunity to improve further the ratio in the second half of Fiscal 2011 is more limited.

In the second quarter and in the year to date, the US division’s gross merchandise margin rate was up by 100 basis points. The gross merchandise margin rate benefitted from price increases implemented in the first quarter of Fiscal 2010, lower average diamond inventory costs and favorable changes in sales mix, offsetting a higher cost of gold. Further selective price increases have been implemented in August 2010 due to higher commodity costs that are expected to have an adverse impact on gross merchandise margin in the second half of Fiscal 2011. Price promotion activity in the balance of the year is anticipated to be similar to that of the comparable period in Fiscal 2010. It is expected that the US division’s gross merchandise margin in Fiscal 2011 will be broadly similar to the level of Fiscal 2010.

Credit participation was 56.0% in the second quarter (13 weeks to August 1, 2009: 56.2%) and 53.6% in the year to date (26 weeks to August 1, 2009: 53.6%). The net bad debt to total sales ratio was 5.2% in the second quarter (13 weeks to August 1, 2009: 6.5%). In the year to date, the ratio was 3.8% (26 weeks to August 1, 2009: 5.0%). The reduction reflected a more stable rate of employment and a continuation of the improved receivables performance that began in the fourth quarter of Fiscal 2010. The opportunity to lower the net bad debt to sales ratio in the fourth quarter of Fiscal 2011 is more limited than in the first three quarters of Fiscal 2011 as the improvement in trend started in the comparable period. The average monthly collection rate was 12.3% in the second quarter and 13.1% in the year to date (13 weeks to August 1, 2009: 12.3% and 26 weeks to August 1, 2009: 13.0%). US net accounts receivable at July 31, 2010 was $791.4 million (August 1, 2009: $759.2 million), reflecting higher sales in the US division.

In the second quarter and in the year to date, the UK division’s gross merchandise margin was down by 30 basis points and 70 basis points respectively. The impact of a weak pound sterling to US dollar exchange rate, an increase in the cost of gold and a higher value added tax rate were partly offset by a number of price increases in the past year. Continuing pressure on gross merchandise margin is expected in the second half and, for Fiscal 2011, the gross merchandise margin expectation for the UK division remains somewhat below the prior year’s level.

Selling, general and administrative (“SG&A”) expenses

Selling, general and administrative expenses were $203.7 million for the second quarter (13 weeks to August 1, 2009: $203.8 million) and $442.2 million for the year to date (26 weeks to August 1, 2009: $436.6 million), unchanged and up by 1.3% respectively. Selling, general and administrative expenses as a percentage of sales decreased by 50 basis points in the second quarter compared to the second quarter of Fiscal 2010 and by 90 basis points in the year to date compared to the comparable period in Fiscal 2010. Tight expense control combined with leverage of selling expenses more than made up for a non-recurring $6.0 million benefit to expenses in the second quarter of Fiscal 2010 and $10 million in the 26 weeks to August 1, 2010, due to the change in vacation entitlement policy. An increase in marketing expenditure over the prior year is planned for the fourth quarter of Fiscal 2011.

US and UK selling, general and administrative expenses were tightly controlled in both the quarter and the year to date.

Other operating income

Other operating income was $27.2 million in the second quarter (13 weeks to August 1, 2009: $28.9 million). For the year to date, other operating income was $54.9 million (26 weeks to August 1, 2009: $58.6 million). The reduction in both the second quarter and the year to date primarily reflected the adverse impact from the amendments to the Truth in lending Act.

Operating income

Operating income increased by 35.8% to $63.3 million in the second quarter (13 weeks to August 1, 2009: $46.6 million), up 34.7% at constant exchange rates; non-GAAP measure, see page 15. In the second quarter, operating margin was 8.8% (13 weeks to August 1, 2009: 6.6%). For the year to date, operating income increased by 50.3% to $148.8 million (26 weeks to August 1, 2009: $99.0 million), up 50.0% at constant exchange rates; non-GAAP measure, see page 15. Operating margin was 9.7% for the year to date (26 weeks to August 1, 2009: 6.7%).

With all amendments to the Truth in Lending Act having been implemented, a net direct adverse impact on operating income of $15 million to $17 million is expected in Fiscal 2011, at the lower end of the previously indicated range.

In the second quarter, the US division’s operating income increased by 25.6% to $63.3 million (13 weeks to August 1, 2009: $50.4 million, which included a $6.0 million non-recurring, favorable impact from a change in vacation entitlement policy). The net direct adverse impact from the amendments to the Truth in Lending Act was $3.5 million. The operating margin was 10.9% (13 weeks to August 1, 2009: 9.1%).

In the year to date, US operating income increased by 44.6% to $154.4 million (26 weeks to August 1, 2009: $106.8 million, which included a $10.0 million non-recurring, favorable impact from a change in vacation entitlement policy). The net direct adverse impact from the amendments to the Truth in Lending Act was $6.8 million. The operating margin was 12.4% (26 weeks to August 1, 2009: 9.1%).

The UK division’s operating income was $4.7 million in the second quarter (13 weeks to August 1, 2009: $1.0 million) and $3.3 million in the year to date (26 weeks to August 1, 2009: $0.3 million loss).

In the second quarter, unallocated costs, principally central costs not allocated to the US or UK division in Signet’s management accounts, were $4.7 million (13 weeks to August 1, 2009: $4.8 million) and were $8.9 million in the year to date (26 weeks to August 1, 2009: $7.5 million). In the first quarter of Fiscal 2010, there was a gain on foreign exchange that has not been repeated in Fiscal 2011.

Interest income and expense

Interest income was $0.2 million for the second quarter (13 weeks to August 1, 2009: $0.1 million) and $0.3 million for the year to date (26 weeks to August 1, 2009: $0.7 million). Very low interest rates meant that the increase in cash had little impact on interest income. Interest expense declined by $2.0 million to $6.2 million for the second quarter (13 weeks to August 1, 2009: $8.2 million). Interest expense for the year to date was $15.0 million (26 weeks to August 1, 2009: $19.8 million). Interest expense largely related to private placement loan notes incurring a blended fixed rate of interest of 8%. Both the second quarter and the year to date benefitted from the repayment of $50.9 million of loan notes on March 9, 2010, and lower fees.

Income before income taxes

Income before income taxes was $57.3 million for the second quarter (13 weeks to August 1, 2009: $38.5 million), an increase of 48.8%. Income before income taxes was $134.1 million for the year to date (26 weeks to August 1, 2009: $79.9 million), an increase of 67.8%.

Provision for income taxes

The charge to income taxes in the second quarter was $16.6 million (13 weeks to August 1, 2009: $10.9 million), being an effective tax rate of 29.0%, which reflects the recognition of $4.5 million previously unrecognized tax benefits in the second quarter of Fiscal 2011. The charge to income taxes for the year to date was $41.4 million (26 weeks to August 1, 2009: $26.0 million), being an effective tax rate of 30.9%. The anticipated effective rate for Fiscal 2011 is 32.5% (Fiscal 2010: 32.1%), which reflects the recognition of the above $4.5 million unrecognized tax benefits.

Net income

Net income was $40.7 million for the second quarter (13 weeks to August 1, 2009: $27.6 million), an increase of 47.5%. Income before income taxes was $92.7 million for the year to date (26 weeks to August 1, 2009: $53.9 million), an increase of 72.0%.

Earnings per share

Basic and diluted earnings per share were both $0.47 for the second quarter (13 weeks to August 1, 2009: both $0.32), an increase of 46.9%. Basic and diluted earnings per share were $1.08 and $1.07 for the year to date (26 weeks to August 1, 2009: both $0.63), an increase of 71.4% and 69.8% from the comparable prior year period.

LIQUIDITY AND CAPITAL RESOURCES

Highlights

•

Net cash of $231.4 million at July 31, 2010¹ compared to net debt of $200.5 million at August 1, 2009¹ and $7.9 million at January 30, 2010¹;

•

Positive free cash flow now anticipated to be between $225 million and $275 million for Fiscal 2011¹compared to original objective of $150 million to $200 million.

1	Non-GAAP measure, see page 15.

Set out in Table 5 is a summary of Signet’s cash flows for the year to date for Fiscal 2011 and Fiscal 2010. Table 6 sets out a reconciliation of the change in net cash/net debt; non-GAAP measure see page 15.


Table 5
	26 weeks to
Summary cash flow	July 31, 2010 $million		August 1, 2009 $million
Net income	92.7		53.9
Adjustments to reconcile net income to net cash provided by operations	50.7		68.4

Net income adjusted for non-cash items¹	143.4		122.3
Changes in operating assets and liabilities	111.2		172.7

Net cash provided by operating activities	254.6		295.0
Net cash flows used in investing activities	(14.4	)	(17.5	)

Free cash flow¹	240.2		277.5
Facility fees paid	(1.0	)	(9.3	)
Net change in Common Shares²	1.0		—

	240.2		268.2
(Repayment)/proceeds of debt during period³	(70.2	)	(274.8	)

Increase/(decrease) in cash and cash equivalents	170.0		(6.6	)

1	Non-GAAP measures, see page 15.

2	Proceeds from issuance of Common Shares less purchase of treasury shares.

3	Repayments of short-term borrowings and long-term debt.


Table 6
	26 weeks to
Reconciliation of changes in net debt¹	July 31, 2010 $million		August 1, 2009 $million
Repayment/(proceeds) of debt during period²	70.2		274.8
Increase/(decrease) in cash and cash equivalents	170.0		(6.6	)

Change in net debt during the period	240.2		268.2
Net debt at start of period	(7.9	)	(470.7	)

Net cash/(net debt) at end of period before effect of exchange rate changes	232.3		(202.5	)
Effect of exchange rate changes on cash & cash equivalents	(0.8	)	2.6
Effect of exchange rate changes on debt	(0.1	)	(0.6	)

Net cash/(net debt)¹	231.4		(200.5	)

1	Non-GAAP measures, see page 15.

2	Repayments of short-term borrowings and long-term debt.

Operating activities

During the 26 weeks to July 31, 2010, net income and net income adjusted for non-cash items was $92.7 million and $143.4 million (26 weeks to August 1, 2009: $53.9 million and $122.3 million); non-GAAP measures, see page 15. The $38.8 million increase in net income reflected the improved operating performance of the business. Changes in operating assets and liabilities generated positive cash flows of $111.2 million (26 weeks to August 1, 2009: $172.7 million). Inventories decreased by $40.3 million (26 weeks to August 1, 2009: $116.6 million decrease) as a result of seasonality, a better than expected sales performance, store closures and timing differences that are expected to reverse in subsequent quarters. Accounts receivable decreased by $59.7 million (26 weeks to August 1, 2009: $59.6 million decline), primarily reflecting the seasonality of sales.

Investing activities

Year to date net cash flow used in investing activities was $14.4 million (26 weeks to August 1, 2009: $17.5 million), the US division used $13.3 million (26 weeks to August 1, 2009: $13.8 million) and the UK division used $1.1 million (26 weeks to August 1, 2009: $3.7 million). Changes in operating assets and liabilities, and investing activities, due to new US space were $4.3 million and $0.1 million respectively during the 26 weeks to July 31, 2010 (26 weeks to August 1, 2009: $11.7 million and $1.1 million respectively). Cash flow used in investing activities during Fiscal 2011 continues to be planned to be about $80 million, an increase of about $35 million above the level in Fiscal 2010.

Stores opened and closed in the 26 weeks to July 31, 2010, together with planned changes for the balance of Fiscal 2011 are set out in Table 7 below.


Table 7
US division	Kay mall		Kay Off-mall		Regionals		Jared¹	Total		Annual net space change
January 30, 2010	794		129		260		178	1,361		(1	)%
Opened	—		—		—		2	2
Closed	(8	)	(3	)	(7	)	—	(18	)

July 31, 2010	786		126		253		180	1,345
Openings, planned	3		2		—		—	5
Closures, forecast	(5	)	—		(28	)	—	(33	)

January 29, 2011	784		128		225		180	1,317		(2	)%

1	A Jared store is equivalent in size to just over four mall stores.


UK division	H.Samuel		Ernest Jones¹		Total		Annual net space change
January 30, 2010	347		205		552		(1	)%
Opened	—		—		—
Closed	(2	)	(2	)	(4	)

July 31, 2010	345		203		548
Openings, planned	—		—		—
Closures, forecast	(6	)	(4	)	(10	)

January 29, 2011	339		199		538		(2	)%

1	Includes stores trading as Leslie Davis.

Free cash flow

Year to date positive free cash flow was $240.2 million (26 weeks to August 1, 2009: $277.5 million); non-GAAP measure, see page 15. In the second half of Fiscal 2011, inventory and accounts receivables are expected to increase due to the seasonal nature of sales, with inventory at January 29, 2011 planned to be little changed from the prior year-end. Reflecting better than planned net income in the year to date and an expectation that in the balance of the year working capital will continue to be tightly managed, positive free cash flow for Fiscal 2011 is now anticipated to be between $225 million and $275 million, compared to the original estimate of $150 million to $200 million.

Financing activities

During the 26 weeks to July 31, 2010, $1.0 million (26 weeks to August 1, 2009: $nil) was received for the issuance of Common Shares pursuant to Signet’s equity compensation programs.

Movement in cash and indebtedness

Debt at July 31, 2010 was $254.0 million (August 1, 2009: $293.3 million), with cash and cash equivalents of $485.4 million (August 1, 2009: $92.8 million). Net cash at July 31, 2010 was $231.4 million (August 1, 2009: net debt $200.5 million); non-GAAP measure, see page 15. On March 9, 2010, Signet made a prepayment at par of $50.9 million of the private placement notes. In addition, a change was agreed with Signet’s revolving credit facility banking group that the facility be reduced to $300 million from $370 million. The facility was undrawn at July 31, 2010 and at August 1, 2009. At July 31, 2010, Signet was in compliance with all debt covenants.

OBLIGATIONS AND COMMITMENTS

The Company’s contractual obligations and commitments at July 31, 2010 and the effects such obligations and commitments are expected to have on the Company’s liquidity and cash flows in future periods have not changed materially from those disclosed in Signet’s Annual Report on Form 10-K for the year ended January 30, 2010, filed with the SEC on March 30, 2010.

SEASONALITY

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to adopt accounting policies and make significant judgments and estimates to develop amounts reflected and disclosed in the financial statements. In many cases, there are alternative policies or estimation techniques that could be used. We maintain a process to review the application of our accounting policies and to evaluate the appropriateness of the many estimates that are required to prepare the financial statements of a multinational organization. However, even under optimal circumstances, estimates routinely require adjustment based on changing circumstances and the receipt of new or better information. There have been no material changes to the policies and estimates as discussed in Signet’s Annual Report on Form 10-K for the year ended January 30, 2010, filed with the SEC on March 30, 2010.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Signet is exposed to market risk from fluctuations in foreign currency exchange rates, interest rates and precious metal prices, which could affect its consolidated financial position, earnings and cash flows. Signet manages its exposure to market risk through its regular operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments. Signet uses derivative financial instruments as risk management tools and not for trading purposes.

As certain of the UK division’s purchases are denominated in US dollars and its net cash flows are in sterling, Signet’s policy is to enter into foreign currency forward exchange contracts and foreign currency swaps to manage the exposure to the US dollar. Signet also hedges a significant portion of forecasted merchandise purchases using commodity forward contracts. These contracts are entered into with large, reputable financial institutions, thereby minimizing the credit exposure from our counter-parties.

Signet has significant amounts of cash and cash equivalents invested at several financial institutions. The amount invested at each financial institution takes into account the long-term credit rating and size of the financial institution. However, with the current financial environment and the possible instability of financial institutions, Signet cannot be assured that it will not experience any losses on these balances. The interest rates earned on cash and cash equivalents will fluctuate in line with short-term interest rates.

Signet’s market risk profile as of July 31, 2010 has not materially changed since January 30, 2010. The market risk profile as of January 30, 2010 is disclosed in Signet’s Fiscal 2010 Annual Report on Form 10-K, filed with the SEC on March 30, 2010.

ITEM 4.

CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended. Based on this review, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective as of July 31, 2010.

Changes in Internal Control over Financial Reporting

During the second quarter of Fiscal 2011, there were no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

Information regarding legal proceedings is incorporated by reference from Note 10 of the Financial Statements set forth in Part I of this Form 10-Q.

ITEM 1A.

RISK FACTORS

There have been no material changes in our risk factors from those disclosed in Part I, Item 1A, of Signet’s Fiscal 2010 Annual Report on Form 10-K.

ITEM 6.

EXHIBITS

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.


Number		Description of Exhibits

31.1*		Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1*		Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002.

32.2*		Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002.

101**		The following materials from Signet Jewelers Limited’s Quarterly Report on Form 10-Q for the quarter ended July 31, 2010, formatted in XBRL: (i) unaudited condensed consolidated income statements, (ii) unaudited condensed consolidated balance sheets, (iii) unaudited condensed consolidated statements of cash flows, (iv) unaudited condensed consolidated statement of shareholders’ equity, (v) unaudited condensed consolidated statements of comprehensive income, and (vi) notes to the interim unaudited condensed consolidated financial statements.

*	Filed herewith

**	Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.

SIGNATURE

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

EX-31.1 2 dex311.htm CERTIFICATION OF CEO PURSUANT TO SECTION 302 OF SARBANES OXLEY ACT OF 2002 CERTIFICATION OF CEO PURSUANT TO SECTION 302 OF SARBANES OXLEY ACT OF 2002

Exhibit 31.1

CERTIFICATION

I, Terry Burman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Signet Jewelers Limited;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and

5. The company’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.

Date: August 27, 2010


By:		/s/ Terry Burman
Name:		Terry Burman
Title:		Chief Executive Officer

EX-31.2 3 dex312.htm CERTIFICATION OF CFO PURSUANT TO SECTION 302 OF SARBANES OXLEY ACT OF 2002 CERTIFICATION OF CFO PURSUANT TO SECTION 302 OF SARBANES OXLEY ACT OF 2002

Exhibit 31.2

CERTIFICATION

I, Ronald Ristau, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Signet Jewelers Limited;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.

Date: August 27, 2010


By:		/s/ Ronald Ristau
Name:		Ronald Ristau
Title:		Chief Financial Officer

EX-32.1 4 dex321.htm CERTIFICATION OF CEO PURSUANT TO SECTION 906 OF SARBANES OXLEY ACT OF 2002 CERTIFICATION OF CEO PURSUANT TO SECTION 906 OF SARBANES OXLEY ACT OF 2002

Exhibit 32.1

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Terry Burman, as Chief Executive Officer of Signet Jewelers Limited (the “Company”), hereby certify, pursuant to 18 U.S.C. § 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(1) the accompanying Quarterly Report on Form 10-Q for the period ending July 31, 2010, as filed with the U.S. Securities and Exchange Commission (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 27, 2010


By:		/s/ Terry Burman
Name:		Terry Burman
Title:		Chief Executive Officer

EX-32.2 5 dex322.htm CERTIFICATION OF CFO PURSUANT TO SECTION 906 OF SARBANES OXLEY ACT OF 2002 CERTIFICATION OF CFO PURSUANT TO SECTION 906 OF SARBANES OXLEY ACT OF 2002

Exhibit 32.2

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED BY SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Ronald Ristau, as Chief Financial Officer of Signet Jewelers Limited (the “Company”), hereby certify, pursuant to 18 U.S.C. § 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 27, 2010


By:		/s/ Ronald Ristau
Name:		Ronald Ristau
Title:		Chief Financial Officer

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<div> 10. Commitments and contingencies Legal proceedings In March 2008, private plaintiffs filed a class action lawsuit for an unspecified amount against Sterling Jewelers Inc. ("Sterling"), a subsidiary of Signet, in the U.S. District Court for the Southern District of New York federal court alleging that US store-level employment practices are discriminatory as to compensation and promotional activities. On September 23, 2008, the US Equal Employment Opportunities Commission ("EEOC") filed a lawsuit against Sterling in the U.S. District Court for the Western District of New York. The EEOC's lawsuit alleges that Sterling engaged in a pattern or practice of gender discrimination with respect to pay and promotions of female retail store employees from January 1, 2003 to the present. The EEOC asserts claims for unspecified monetary relief and non-monetary relief against the Company on behalf of a class of female employees sub jected to these alleged practices. Sterling denies the allegations from both parties and intends to defend them vigorously. </div>

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<div> 7. Deferred revenue   <table border="0" cellspacing="0" cellpadding="0" width="84%"> <tr><td width="73%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">January 30, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td></tr> <tr bgcolor="#cceeff"><td valign="top"> Warranty deferred revenue</td> <td valign="bottom">  </td> <td valign="bottom" align="right">243.5</td> <td valign="bottom">  </td> <td valign="bottom" align="right">243.6</td> <td valign="bottom">  </td> <td valign="bottom" align="right">239.0</td></tr> <tr><td valign="top"> Other</td> <td valign="bottom">  </td> <td valign="bottom" align="right">5.8</td> <td valign="bottom">  </td> <td valign="bottom" align="right">17.4</td> <td valign="bottom">  </td> <td valign="bottom" align="right">7.4</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total deferred revenue</td> <td valign="bottom">  </td> <td valign="bottom" align="right">249.3</td> <td valign="bottom">  </td> <td valign="bottom" align="right">261.0</td> <td valign="bottom">  </td> <td valign="bottom" align="right">246.4</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="2"> </td> <td height="8" colspan="2"> </td> <td height="8" colspan="2"> </td></tr> <tr><td valign="top"> Disclosed as:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Current liabilities</td> <td valign="bottom">  </td> <td valign="bottom" align="right">108.8</td> <td valign="bottom">  </td> <td valign="bottom" align="right">120.1</td> <td valign="bottom">  </td> <td valign="bottom" align="right">103.4</td></tr> <tr><td valign="top"> Non-current liabilities</td> <td valign="bottom">  </td> <td valign="bottom" align="right">140.5</td> <td valign="bottom">  </td> <td valign="bottom" align="right">140.9</td> <td valign="bottom">  </td> <td valign="bottom" align="right">143.0</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total deferred revenue</td> <td valign="bottom">  </td> <td valign="bottom" align="right">249.3</td> <td valign="bottom">  </td> <td valign="bottom" align="right">261.0</td> <td valign="bottom">  </td> <td valign="bottom" align="right">246.4</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr></table>   <table border="0" cellspacing="0" cellpadding="0" width="92%"> <tr><td width="68%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">13 weeks ended</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">26 weeks ended</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Warranty deferred revenue, beginning of period</td> <td valign="bottom">  </td> <td valign="bottom" align="right">247.4</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">243.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">243.6</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">243.1</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Warranties sold</td> <td valign="bottom">  </td> <td valign="bottom" align="right">36.1</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33.9</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">80.9</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">74.1</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Revenues recognized</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(40.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(38.7</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(81.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(78.2</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Warranty deferred revenue, end of period</td> <td valign="bottom">  </td> <td valign="bottom" align="right">243.5</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">239.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">243.5</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">239.0</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr></table> </div>

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<div> 8. Derivative instruments and hedging activities Signet is exposed to foreign currency exchange risk arising from various currency exposures. Signet enters into forward foreign currency exchange contracts and foreign currency option contracts, principally in US dollars, in order to limit the impact of movements in foreign exchange rates on its forecast foreign currency purchases. The total notional amount of these foreign currency contracts outstanding as of July 31, 2010 was $49.7 million (January 30, 2010: $37.2 million; August 1, 2009: $55.5 million). These contracts have been designated as cash flow hedges and will be settled over the next 17 months (January 30, 2010: 17 months; August 1, 2009: 18 months). Signet enters into forward purchase contracts and option purchase contracts for commodities in order to reduce its exposure to significant movements in the price of the underlying precious metal raw material. The total notional amount of commodity contracts outstanding as of July 31, 2010 was $98.1 million (January 30, 2010: $100.0 million; August 1, 2009: $91.9 million). These contracts have been designated as cash flow hedges and will be settled over the next 12 months (January 30, 2010: 12 months; August 1, 2009: 18 months). For derivatives that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income ("OCI") and reclassified into earnings in the same period in which the hedged item affects net income or loss. Gains and losses on derivatives that do not qualify for hedge accounting, together with any hedge ineffectiveness, are recognized immediately in other operating income, net. Signet does not hold derivative contracts for trading purposes. Foreign currency contracts not designated as cash flow hedges are used to hedge currency flows through Signet's bank accounts to ensure Signet is not exposed to foreign currency exchange risk in its cash and borrowings. The bank counterparties to the derivative contracts expose Signet to credit-related losses in the event of their nonperformance. However, to mitigate that risk, Signet only contracts with counterparties that meet certain minimum requirements under its counterparty risk assessment process. As of July 31, 2010, credit risk did not materially change the fair value of the foreign currency or commodity contracts. The following table summarizes the fair value and presentation of derivative instruments in the condensed consolidated balance sheets:   <table border="0" cellspacing="0" cellpadding="0" width="92%"> <tr><td width="56%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="7" align="center">Derivative assets</td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="5" align="center">Fair value</td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">Balance sheet location</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July  31, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">January  30, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August  1, 2009 $million</td></tr> <tr bgcolor="#cceeff"><td valign="top"> Derivatives designated as hedging instruments:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Foreign currency contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">Other current assets</td> <td valign="bottom">  </td> <td valign="bottom" align="right">0.8</td> <td valign="bottom">  </td> <td valign="bottom" align="right">0.6</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3.4</td></tr> <tr bgcolor="#cceeff"><td valign="top"> Commodity contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">Other current assets</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2.8</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2.4</td> <td valign="bottom">  </td> <td valign="bottom" align="right">5.6</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">3.6</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3.0</td> <td valign="bottom">  </td> <td valign="bottom" align="right">9.0</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Derivatives not designated as hedging instruments:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Foreign currency contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">Other current assets</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr><td valign="top"> Total derivative assets</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">3.6</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3.0</td> <td valign="bottom">  </td> <td valign="bottom" align="right">9.0</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr></table>   <table border="0" cellspacing="0" cellpadding="0" width="92%"> <tr><td width="53%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="9" align="center">Derivative liabilities</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="7" align="center">Fair value</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">Balance sheet location</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July  31, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">January  30, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August  1, 2009 $million</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Derivatives designated as hedging instruments:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Foreign currency contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">Other current liabilities</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(0.8</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.4</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1.7</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Commodity contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">Other current liabilities</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(2.1</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1.6</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2.7</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">(2.9</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4.4</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Derivatives not designated as hedging instruments:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Foreign currency contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">Other current liabilities</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(0.5</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">(0.5</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Total derivative liabilities</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">(3.4</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4.4</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr></table> The following tables summarize the effect of derivative instruments on the unaudited condensed consolidated income statements:   <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="53%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">Amount of gain/ (loss)  recognized in OCI on derivatives (Effective portion)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" rowspan="3" align="center">Location of gain/(loss) reclassified  from accumulated OCI into income (Effective portion)</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" nowrap="nowrap" align="center">Amount of gain/(loss)  reclassified from accumulated OCI into income (Effective portion)</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom" rowspan="2"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">13 weeks ended</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" align="center">13 weeks ended</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July  31, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August  1, 2009 $million</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Derivatives in cash flow hedging relationships:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Foreign currency contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(1.3</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(6.6</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">Cost of sales</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1.5</td> <td valign="bottom">  </td> <td valign="bottom" align="right">4.2</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Commodity contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(1.7</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.1</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">Cost of sales</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3.8</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(0.5</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Total</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(3.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4.5</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">5.3</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3.7</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr></table>   <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="57%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" align="center">Amount of gain/(loss) recognized in OCI  on derivatives (Effective portion)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" rowspan="3" align="center">Location of gain/(loss) reclassified from accumulated OCI into income (Effective portion)</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" nowrap="nowrap" align="center">Amount of gain/(loss) reclassified from accumulated OCI into income (Effective portion)</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom" rowspan="2"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" align="center">26 weeks ended</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" align="center">26 weeks ended</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August  1, 2009 $million</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Derivatives in cash flow hedging relationships:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Foreign currency contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">0.5</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(6.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">Cost of sales</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2.9</td> <td valign="bottom">  </td> <td valign="bottom" align="right">4.3</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Commodity contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">6.4</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(2.1</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">Cost of sales</td> <td valign="bottom">  </td> <td valign="bottom" align="right">7.1</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(1.9</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Total</td> <td valign="bottom">  </td> <td valign="bottom" align="right">6.9</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(8.1</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">10.0</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2.4</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr></table>   The ineffective portion of hedging instruments taken into other operating income, net in the 13 and 26 weeks ended July 31, 2010 was a $0.4 million profit (13 and 26 weeks ended August 1, 2009: $nil).   <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="52%"> </td> <td valign="bottom" width="8%"> </td> <td> </td> <td valign="bottom" width="8%"> </td> <td> </td> <td> </td> <td valign="bottom" width="8%"> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" nowrap="nowrap" align="center">Amount of gain/(loss) recognized in income on derivatives</td></tr> <tr><td valign="bottom" rowspan="2" nowrap="nowrap"> Derivatives not designated as hedging instruments</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" rowspan="2" nowrap="nowrap" align="center">Location of  gain/(loss) recognized in income on derivatives</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">13 weeks ended</td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1,  2009 $million</td></tr> <tr bgcolor="#cceeff"><td valign="top"> Foreign currency contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">Other operating income, net</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(0.5</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr><td valign="top"> Total</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">(0.5</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr></table>   <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="52%"> </td> <td valign="bottom" width="8%"> </td> <td> </td> <td valign="bottom" width="8%"> </td> <td> </td> <td> </td> <td valign="bottom" width="8%"> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" nowrap="nowrap" align="center">Amount of gain/(loss) recognized in  income on derivatives</td></tr> <tr><td valign="bottom" rowspan="2" nowrap="nowrap"> Derivatives not designated as hedging instruments</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" rowspan="2" nowrap="nowrap" align="center">Location of  gain/(loss) recognized in income on derivatives</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">26 weeks ended</td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td></tr> <tr bgcolor="#cceeff"><td valign="top"> Foreign currency contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">Other operating income, net</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(0.5</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr><td valign="top"> Total</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">(0.5</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr></table> The estimated fair value of Signet's financial instruments held or issued to finance Signet's operations is summarized below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown below are not necessarily indicative of the amounts that Signet would realize upon disposition nor do they indicate Signet's intent or ability to dispose of the financial instrument. Assets and liabilities that are carried at fair value are required to be classified and disclosed in one of the following three categories: Level 1 - quoted market prices in active markets for identical assets and liabilities Level 2 - observable market based inputs or unobservable inputs that are corroborated by market data Level 3 - unobservable inputs that are not corroborated by market data Signet determines fair value based upon quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The methods Signet uses to determine fair value on an instrument-specific basis are detailed below:   <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="58%"> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="4" align="center">July 31, 2010</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="4" align="center">January 30, 2010</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="4" align="center">August 1, 2009</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">$million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">$million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">$million</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">Carrying Value</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">Significant other observable inputs (Level 2)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">Carrying Value</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">Significant other observable inputs (Level 2)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">Carrying Value</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">Significant other observable inputs (Level 2)</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Assets:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Forward foreign currency contracts and swaps</td> <td valign="bottom">  </td> <td valign="bottom" align="right">0.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.6</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.6</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.4</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.4</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Forward commodity contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.4</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.4</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.6</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.6</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Liabilities:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Borrowings</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(254.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(297.4</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(324.1</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(371.3</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(293.3</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(301.6</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr><td valign="top"> Forward foreign currency contracts and swaps</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(1.3</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1.3</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.4</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.4</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1.7</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1.7</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Forward commodity contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(2.1</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2.1</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1.6</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1.6</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2.7</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2.7</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr></table> The fair value of derivative financial instruments has been determined based on market value equivalents at the balance sheet date, taking into account the current interest rate environment, current foreign currency forward rates or current commodity forward rates. These are held as assets and liabilities within other receivables and other payables, and all contracts have a maturity of less than eighteen months. Signet's long-term debt consists of $229.1 million (January 30, 2010 and August 1, 2009: $280.0 million) of fixed rate investor certificate notes ("Private Placement Notes") under a Note Purchase Agreement. The fair value of this debt is determined by discounting to present value the known future coupon and final Note redemption amounts at market yields as of the balance sheet date. The carrying amounts of cash and cash equivalents, accounts receivable, other receivab les, accounts payable and accrued liabilities approximate fair value because of the short-term maturity of these amounts. </div>

<div> 11. Share-based compensation expense Signet recorded net share-based compensation expense of $2.2 million and $4.5 million for the 13 and 26 weeks ended July 31, 2010 respectively ($1.5 million and $2.2 million for the 13 and 26 weeks ended August 1, 2009 respectively). This is after charging $0.0 million and $0.0 million for the 13 and 26 weeks ended July 31, 2010 respectively ($0.0 million and $0.1 million for the 13 and 26 weeks ended August 1, 2009 respectively), that relates to the change in fair value during the period of certain awards that have an inflation related performance condition and are accounted for as liability awards. </div>

0.63

0.32

1.08

0.47

0.63

0.32

1.07

0.47

<div> 5. Earnings per share   <table border="0" cellspacing="0" cellpadding="0" width="92%"> <tr><td width="68%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="5" align="center">13 weeks ended</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="5" align="center">26 weeks ended</td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">July 31, 2010</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">August 1, 2009</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">July 31, 2010</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">August 1, 2009</td></tr> <tr bgcolor="#cceeff"><td valign="top"> Net income ($million)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">40.7</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27.6</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">92.7</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">53.9</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr><td valign="top"> Basic weighted average number of shares in issue (million)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">85.6</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">85.2</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">85.6</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">85.2</td></tr> <tr bgcolor="#cceeff"><td valign="top"> Dilutive effect of share options (million)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.6</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.3</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.6</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.3</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr><td valign="top"> Diluted weighted average number of shares in issue (million)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">86.2</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">85.5</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">86.2</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">85.5</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Earnings per share – basic</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.47</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.32</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.08</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.63</td></tr> <tr><td valign="top"> Earnings per share – diluted</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.47</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.32</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.07</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.63</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr></table> The basic weighted average number of shares excludes shares held by the Employee Stock Ownership Trust or as Treasury Shares as such shares are not considered outstanding and do not qualify for dividends. The effect of this is to reduce the average number of shares in the 13 and 26 week periods ended July 31, 2010 by 4,373 and 11,861 shares respectively (13 and 26 week periods ended August 1, 2009: 81,893 and 81,922 shares respectively). The calculation of fully diluted earnings per share for the 13 and 26 week periods ended July 31, 2010 excludes options to purchase 909,717 and 947,767 shares respectively (13 and 26 week periods ended August 1, 2009: 2,798,075 shares) on the basis that their effect on earnings per share was anti-dilutive. </div>

2600000

2200000

-800000

-1800000

-400000

900000

477000000

221500000

536100000

239800000

79900000

38500000

134100000

57300000

<div> 4. Taxation Signet has business activity in all states within the US and files income tax returns for the US federal jurisdiction and all applicable states. Signet also files income tax returns in the UK and certain other foreign jurisdictions. Signet is subject to US federal and state examinations by tax authorities for tax years after October 28, 2006 and is subject to examination by the UK tax authority for tax years after January 31, 2007. As of January 30, 2010, Signet had approximately $14.9 million of unrecognized tax benefits in respect of uncertain tax positions, all of which would favorably affect the effective income tax rate if resolved in Signet's favor. These unrecognized tax benefits relate to financing arrangements and intra-group charges which are subject to different and changing interpretations of tax law. During the 26 weeks ended July 31, 2010, agreement was reached in respect of the treatment of certain financing arrangements in the UK and a cash settlement was paid of approximately $1.7 million, excluding interest thereon. A benefit of approximately $2.7 million has been recognized in income tax expense for the 26 weeks ended July 31, 2010. During the 26 weeks ended July 31, 2010, the statute of limitations expired in the US in respect of the tax year ended October 28, 2006 with no adjustment to taxable income. A benefit of approximately $1.8 million has been recognized in income tax expense for the 26 weeks ended July 31, 2010.   Apart from the above, there has been no material change in the amount of unrecognized tax benefits in respect of uncertain tax positions during the 26 weeks ended July 31, 2010. Signet recognizes accrued interest and, where appropriate, penalties related to unrecognized tax benefits within income tax expense. As of January 30, 2010, Signet had accrued interest of $2.2 million and there has been no material change in the amount of accrued interest as of July 31, 2010. Over the next twelve months management believes that it is reasonably possible that there could be a reduction of substantially all of the unrecognized tax benefits as of January 30, 2010, due to settlement of the uncertain tax positions with the tax authorities. </div>

26000000

10900000

41400000

16600000

47000000

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48100000

9600000

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-4300000

-59700000

-4600000

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-7700000

3400000

-17300000

-10300000

-11600000

-9800000

-116600000

-73400000

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-1400000

13900000

-4500000

-8800000

1200000

-55800000

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-4200000

-500000

23600000

24200000

24600000

19800000

8200000

15000000

6200000

<div> 6. Inventories   <table border="0" cellspacing="0" cellpadding="0" width="84%"> <tr><td width="70%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">January 30, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td></tr> <tr bgcolor="#cceeff"><td valign="top"> Raw materials</td> <td valign="bottom">  </td> <td valign="bottom" align="right">8.8</td> <td valign="bottom">  </td> <td valign="bottom" align="right">9.5</td> <td valign="bottom">  </td> <td valign="bottom" align="right">7.0</td></tr> <tr><td valign="top"> Finished goods</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,117.4</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,163.6</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,272.2</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total inventory</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,126.2</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,173.1</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,279.2</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr></table> </div>

1279200000

1173100000

1126200000

700000

100000

300000

200000

1042200000

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<div> 12. Long-term debt In accordance with its borrowing agreements, Signet made a prepayment to its Private Placement Note holders on March 9, 2010 of $50.9 million. Following this prepayment there were $229.1 million of Private Placement Notes outstanding. A change was agreed with Signet's Revolving Credit Facility banking group that the facility would be reduced to $300 million from $370 million on March 19, 2010. </div>

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<div> 1. Principal accounting policies and basis of preparation Basis of preparation Signet Jewelers Limited (the "Company") and its subsidiaries (collectively, "Signet") is a leading retailer of jewelry, watches and associated services. Signet manages its business as two geographical segments, being the United States of America (the "US") and the United Kingdom (the "UK"). The US segment operates retail stores under brands including Kay Jewelers, Jared The Galleria Of Jewelry and various regional brands, while the UK segment operates retail stores under brands including H.Samuel and Ernest Jones. These interim unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in Signet's Annual Report on Form 10-K for the year ended January 30, 2010, filed with the Securities and Exchange Commission ("SEC") on March 30, 2010. These interim financial statements are unaudited. They have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") for interim financial information. Accordingly, certain information and footnote disclosures normally included in audited consolidated financial statements have been condensed or omitted from these interim financial statements. However, these interim financial statements include all adjustments (consisting of normal recurring accruals and adjustments) that are, in the opinion of management, necessary to fairly state the results of the interim periods. Use of estimates in interim financial statements The preparation of interim financial statements, in conformity with US GAAP and SEC regulations for interim reporting, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated interim financial statements and reported amounts of sales and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are primarily made in relation to the valuation of receivables, inventory and deferred revenue, depreciation and asset impairment, the valuation of employee benefits, income taxes and contingencies. Seasonality Signet's business is highly seasonal with a very significant proportion of its sales and operating profit generated during its fourth quarter, which includes the Christmas season. Management expects such a seasonal fluctuation in sales and profit to continue. Therefore, operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. New accounting pronouncements to be adopted in future periods Revenue recognition – multi-deliverable arrangements In October 2009, the FASB issued ASU 2009-13, which amends ASC 605-25 "Revenue Recognition – Multi-Deliverable Arrangements". ASU 2009-13 requires arrangement consideration to be allocated to all deliverables at inception using a relative selling price method and establishes a selling price hierarchy for determining the selling price of a deliverable. The update also expands the disclosure requirements to include additional detail regarding the deliverables, method of calculation of selling price and the timing of revenue recognition. ASU 2009-13 is effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. The adoption of this amendment is not expected to have a material impact on Signet. </div> 235200000

235200000

51800000

58400000

49400000

11600000

12600000

9800000

1300000

-10500000

-8200000

-3100000

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32200000

28200000

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2100000

500000

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<div> 9. Pensions Signet operates a defined benefit pension scheme in the UK (the "Group Scheme"). The components of net periodic pension cost were as follows:   <table border="0" cellspacing="0" cellpadding="0" width="92%"> <tr><td width="68%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">13 weeks ended</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">26 weeks ended</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Components of net periodic benefit cost:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Service cost</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1.3</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.1</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.6</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.1</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Interest cost</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2.4</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.9</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.2</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Expected return on Group Scheme assets</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(3.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2.8</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(6.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5.4</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Amortization of unrecognized prior service credit</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(0.2</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.3</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.5</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.5</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr><td valign="top"> Amortization of unrecognized actuarial loss</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1.1</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.1</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.3</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.2</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Net periodic benefit cost</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1.6</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.9</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.3</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.6</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr></table> In the 26 weeks to July 31, 2010, Signet contributed $7.1 million to the Group Scheme and expects to contribute a minimum aggregate of $14.3 million at current exchange rates to the Group Scheme in Fiscal 2011. These contributions are in accordance with a deficit recovery plan that was in response to the funding deficit indicated by the April 5, 2009 actuarial valuation. </div>

11400000

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200000

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<div> 2. Segment information The consolidated sales are derived from the retailing of jewelry, watches, other products and services. Signet is managed as two geographical operating segments, being the US and UK divisions. These segments represent channels of distribution that offer similar merchandise and service and have similar marketing and distribution strategies. Both divisions are managed by executive committees, which report through a divisional Chief Executive to Signet's Chief Executive who in turn reports to the Board. Each divisional executive committee is responsible for operating decisions within parameters set by the Board. The performance of each segment is regularly evaluated based on sales and operating income. The operating segments do not include certain central costs, which is consistent with the treatment in Signet's management accounts. There are no material transactions between the operating segments.   <table border="0" cellspacing="0" cellpadding="0" width="92%"> <tr><td width="70%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">13 weeks ended</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">26 weeks ended</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Sales:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> US</td> <td valign="bottom">  </td> <td valign="bottom" align="right">580.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">552.5</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,247.9</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,177.4</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> UK</td> <td valign="bottom">  </td> <td valign="bottom" align="right">142.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">158.3</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">284.9</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">296.0</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Total sales</td> <td valign="bottom">  </td> <td valign="bottom" align="right">722.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">710.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,532.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,473.4</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="3"> </td> <td height="8" colspan="3"> </td> <td height="8" colspan="3"> </td> <td height="8" colspan="3"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Operating income, net:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> US</td> <td valign="bottom">  </td> <td valign="bottom" align="right">63.3</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">50.4</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">154.4</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">106.8</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> UK</td> <td valign="bottom">  </td> <td valign="bottom" align="right">4.7</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.3</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.3</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr><td valign="top"> Unallocated(1) </td> <td valign="bottom">  </td> <td valign="bottom" align="right">(4.7</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4.8</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(8.9</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(7.5</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total operating income, net</td> <td valign="bottom">  </td> <td valign="bottom" align="right">63.3</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">46.6</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">148.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">99.0</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr></table>   <table border="0" cellspacing="0" cellpadding="0" width="84%"> <tr><td width="70%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">January 30, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total assets:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> US</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,214.1</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,280.7</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,272.0</td></tr> <tr bgcolor="#cceeff"><td valign="top"> UK</td> <td valign="bottom">  </td> <td valign="bottom" align="right">354.0</td> <td valign="bottom">  </td> <td valign="bottom" align="right">383.6</td> <td valign="bottom">  </td> <td valign="bottom" align="right">405.1</td></tr> <tr><td valign="top"> Unallocated</td> <td valign="bottom">  </td> <td valign="bottom" align="right">370.5</td> <td valign="bottom">  </td> <td valign="bottom" align="right">259.9</td> <td valign="bottom">  </td> <td valign="bottom" align="right">57.8</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total assets</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,938.6</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,924.2</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,734.9</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">(1)</td> <td valign="top" align="left">Unallocated principally relates to central costs that are not allocated to the US and UK divisions in Signet's management accounts. </td></tr></table> </div>

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1000000

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Note 2 Note 7 Note 5 Note 6 Note 2

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Long-term debt In accordance with its borrowing agreements, Signet made a prepayment to its Private Placement Note holders on March 9, 2010 of $50.9 million. Following this prepayment there were $229.1 million of Private Placement Notes outstanding. A change was agreed with Signet's Revolving Credit Facility banking group that the facility would be reduced to $300 million from $370 million on March 19, 2010. </div> 12. Long-term debt In accordance with its borrowing agreements, Signet made a prepayment to its Private Placement Note holders on March 9, 2010 of $50.9 false false false us-types:textBlockItemType textblock This element may be used as a single block of text to encapsulate the entire disclosure for long-term borrowings including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 false 1 1 false UnKnown UnKnown UnKnown false true XML 13 R11.xml IDEA: Taxation 2.2.0.7 false Taxation 10401 - Disclosure - Taxation true false false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit14 Standard http://www.xbrl.org/2003/instance pure xbrli 0 $ 5 Taxation 3 us-gaap_IncomeTaxDisclosureTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <div> 4. Taxation Signet has business activity in all states within the US and files income tax returns for the US federal jurisdiction and all applicable states. Signet also files income tax returns in the UK and certain other foreign jurisdictions. Signet is subject to US federal and state examinations by tax authorities for tax years after October 28, 2006 and is subject to examination by the UK tax authority for tax years after January 31, 2007. As of January 30, 2010, Signet had approximately $14.9 million of unrecognized tax benefits in respect of uncertain tax positions, all of which would favorably affect the effective income tax rate if resolved in Signet's favor. These unrecognized tax benefits relate to financing arrangements and intra-group charges which are subject to different and changing interpretations of tax law. During the 26 weeks ended July 31, 2010, agreement was reached in respect of the treatment of certain financing arrangements in the UK and a cash settlement was paid of approximately $1.7 million, excluding interest thereon. A benefit of approximately $2.7 million has been recognized in income tax expense for the 26 weeks ended July 31, 2010. During the 26 weeks ended July 31, 2010, the statute of limitations expired in the US in respect of the tax year ended October 28, 2006 with no adjustment to taxable income. A benefit of approximately $1.8 million has been recognized in income tax expense for the 26 weeks ended July 31, 2010.   Apart from the above, there has been no material change in the amount of unrecognized tax benefits in respect of uncertain tax positions during the 26 weeks ended July 31, 2010. Signet recognizes accrued interest and, where appropriate, penalties related to unrecognized tax benefits within income tax expense. As of January 30, 2010, Signet had accrued interest of $2.2 million and there has been no material change in the amount of accrued interest as of July 31, 2010. Over the next twelve months management believes that it is reasonably possible that there could be a reduction of substantially all of the unrecognized tax benefits as of January 30, 2010, due to settlement of the uncertain tax positions with the tax authorities. </div> 4. Taxation Signet has business activity in all states within the US and files income tax returns for the US federal jurisdiction and all applicable states. false false false us-types:textBlockItemType textblock Description containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. 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Exchange rates The exchange rates used in these interim financial statements for the translation of UK pound sterling transactions and balances into US dollars are as follows:   <table border="0" cellspacing="0" cellpadding="0" width="84%"> <tr><td width="70%"> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td> <td valign="bottom" width="7%"> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">26 weeks ended July  31, 2010</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">52 weeks ended January 30, 2010 </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">26 weeks ended August 1, 2009</td></tr> <tr bgcolor="#cceeff"><td valign="top"> Income statement (average rate)</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1.51</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1.59</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1.54</td></tr> <tr><td valign="top"> Balance sheet (closing rate)</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1.57</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1.60</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1.67</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr></table> The year-to-date average exchange rate is used to prepare the income statement for the 26 weeks ended July 31, 2010 and is calculated from the weekly average exchange rates weighted by sales of the UK division. The income statement for the 13 weeks ended July 31, 2010 is calculated as the difference between the income statement for the 26 weeks ended July 31, 2010 and the previously reported income statement for the 13 weeks ended May 1, 2010. Therefore, the second quarter's income statement includes the impact of the change in the year-to-date exchange rates between these quarter ends. </div> 3. Exchange rates The exchange rates used in these interim financial statements for the translation of UK pound sterling transactions and balances into US false false false us-types:textBlockItemType textblock Exchange rates No authoritative reference available. false 1 1 false UnKnown UnKnown UnKnown false true XML 15 R8.xml IDEA: Principal accounting policies and basis of preparation 2.2.0.7 false Principal accounting policies and basis of preparation 10101 - Disclosure - Principal accounting policies and basis of preparation true false false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit14 Standard http://www.xbrl.org/2003/instance pure xbrli 0 $ 5 Principal accounting policies and basis of preparation 3 us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <div> 1. Principal accounting policies and basis of preparation Basis of preparation Signet Jewelers Limited (the "Company") and its subsidiaries (collectively, "Signet") is a leading retailer of jewelry, watches and associated services. Signet manages its business as two geographical segments, being the United States of America (the "US") and the United Kingdom (the "UK"). The US segment operates retail stores under brands including Kay Jewelers, Jared The Galleria Of Jewelry and various regional brands, while the UK segment operates retail stores under brands including H.Samuel and Ernest Jones. These interim unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in Signet's Annual Report on Form 10-K for the year ended January 30, 2010, filed with the Securities and Exchange Commission ("SEC") on March 30, 2010. These interim financial statements are unaudited. They have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") for interim financial information. Accordingly, certain information and footnote disclosures normally included in audited consolidated financial statements have been condensed or omitted from these interim financial statements. However, these interim financial statements include all adjustments (consisting of normal recurring accruals and adjustments) that are, in the opinion of management, necessary to fairly state the results of the interim periods. Use of estimates in interim financial statements The preparation of interim financial statements, in conformity with US GAAP and SEC regulations for interim reporting, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated interim financial statements and reported amounts of sales and expenses during the reporting period. Actual results could differ from those estimates. Estimates and assumptions are primarily made in relation to the valuation of receivables, inventory and deferred revenue, depreciation and asset impairment, the valuation of employee benefits, income taxes and contingencies. Seasonality Signet's business is highly seasonal with a very significant proportion of its sales and operating profit generated during its fourth quarter, which includes the Christmas season. Management expects such a seasonal fluctuation in sales and profit to continue. Therefore, operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. New accounting pronouncements to be adopted in future periods Revenue recognition – multi-deliverable arrangements In October 2009, the FASB issued ASU 2009-13, which amends ASC 605-25 "Revenue Recognition – Multi-Deliverable Arrangements". ASU 2009-13 requires arrangement consideration to be allocated to all deliverables at inception using a relative selling price method and establishes a selling price hierarchy for determining the selling price of a deliverable. The update also expands the disclosure requirements to include additional detail regarding the deliverables, method of calculation of selling price and the timing of revenue recognition. ASU 2009-13 is effective prospectively for revenue arrangements entered into or materially modified in fiscal years beginning on or after June 15, 2010. The adoption of this amendment is not expected to have a material impact on Signet. </div> 1. Principal accounting policies and basis of preparation Basis of preparation Signet Jewelers Limited (the "Company") and its subsidiaries (collectively, false false false us-types:textBlockItemType textblock Description containing the entire organization, consolidation and basis of presentation of financial statements disclosure. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS140-4 and FIN46(R)-8 -Paragraph 8, C1, C7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 2-6 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 94-6 -Paragraph 10 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 46R -Paragraph 4, 14, 15 false 1 1 false UnKnown UnKnown UnKnown false true ZIP 16 0001193125-10-198765-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-10-198765-xbrl.zip M4$L#!!0````(`!(Y&SVM1X("VTH``/:;!``0`!P``L``00E#@``!#D!``#L/5MWVS;2[WO._@>L]M+D M'$L6*=M36LT:X0YAFMR9_BV-A9U*@S.:_]\]^<_ MO?E+O?Z?]]>?B.D:8YLY`3%\1@-FD@<>C,BY[PHQX#XCLM&E0^\LYI.[";GF M]RP@-^X@>*#P.@1&]$:ST>JU^PVMI[6;]7H(XCT5T"6\E]WH#6WZYCP$YSJG MI'>LMX_UIM8D^FE;/VWUR9=?5"='A\_/#PT\''#]8?P M4;-US!T14,=@-=7RU.+.]R7-\?4=X!4U?TRT?VC)UEJ_WS^6;Z=-H2.33]O& M^STY5B^CIB9;:#<6Q_`,F_;K3:W>TN*=\@+D"3Z<:PU_.RSXG3TP$)%H&*XM M>5EO=F-`N'#;NM9=!D:UB#X`;1E2ZB5H")^GT2%X&A>AH7;\GU\_W1@C9M/Z ME!H0+R%OD+NG0KZZ9@,BN7T:3#SVMB:X[5E(M7PV\MD`GPWK2%RSV](:C\*L MD6/5#VJ4ZP3L$723&0&HI%0@>&.$C[GYMG8Q]BF^^Z9]:VG?L*-OM^ZW;O1' M6R$%'X%!\&`2_@5_W]\_O&7VKLF_-=KZ?U>[\WQ M[+-95X(-T=ZF#^"1TIQ3]NA9W.#!K\R^`T`FAW;*DD.FG]X$8#/X]>4?8\#O MW+4]UX$_Q=DC%[5W4;-;L"TQ]B!ZO-\=S+'CC,9^[ M9HR*@/K!!6#S3ND:*@+T,7TZ;<@<,]:L*YM%SR)0L<[?'(?R*BR\EOY,I'=F MFASII-87RLV/SCGU>$"M9R/',_'M:C"3F_YL!'?-`LH=9EY2WX$15ZQ'8LJ! 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Share-based compensation expense Signet recorded net share-based compensation expense of $2.2 million and $4.5 million for the 13 and 26 weeks ended July 31, 2010 respectively ($1.5 million and $2.2 million for the 13 and 26 weeks ended August 1, 2009 respectively). This is after charging $0.0 million and $0.0 million for the 13 and 26 weeks ended July 31, 2010 respectively ($0.0 million and $0.1 million for the 13 and 26 weeks ended August 1, 2009 respectively), that relates to the change in fair value during the period of certain awards that have an inflation related performance condition and are accounted for as liability awards. </div> 11. Share-based compensation expense Signet recorded net share-based compensation expense of $2.2 million and $4.5 million for the 13 and 26 weeks ended false false false us-types:textBlockItemType textblock Disclosure of compensation-related costs for share-based compensation which may include disclosure of policies, compensation plan details, allocation of stock compensation, incentive distributions, share-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 false 1 1 false UnKnown UnKnown UnKnown false true XML 18 R12.xml IDEA: Earnings per share 2.2.0.7 false Earnings per share 10501 - Disclosure - Earnings per share true false false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit14 Standard http://www.xbrl.org/2003/instance pure xbrli 0 $ 5 Earnings per share 3 us-gaap_EarningsPerShareTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <div> 5. Earnings per share   <table border="0" cellspacing="0" cellpadding="0" width="92%"> <tr><td width="68%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="5" align="center">13 weeks ended</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="5" align="center">26 weeks ended</td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">July 31, 2010</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">August 1, 2009</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">July 31, 2010</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">August 1, 2009</td></tr> <tr bgcolor="#cceeff"><td valign="top"> Net income ($million)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">40.7</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">27.6</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">92.7</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">53.9</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr><td valign="top"> Basic weighted average number of shares in issue (million)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">85.6</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">85.2</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">85.6</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">85.2</td></tr> <tr bgcolor="#cceeff"><td valign="top"> Dilutive effect of share options (million)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.6</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.3</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.6</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.3</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr><td valign="top"> Diluted weighted average number of shares in issue (million)</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">86.2</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">85.5</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">86.2</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">85.5</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Earnings per share – basic</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.47</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.32</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.08</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.63</td></tr> <tr><td valign="top"> Earnings per share – diluted</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.47</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.32</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1.07</td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">0.63</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr></table> The basic weighted average number of shares excludes shares held by the Employee Stock Ownership Trust or as Treasury Shares as such shares are not considered outstanding and do not qualify for dividends. The effect of this is to reduce the average number of shares in the 13 and 26 week periods ended July 31, 2010 by 4,373 and 11,861 shares respectively (13 and 26 week periods ended August 1, 2009: 81,893 and 81,922 shares respectively). The calculation of fully diluted earnings per share for the 13 and 26 week periods ended July 31, 2010 excludes options to purchase 909,717 and 947,767 shares respectively (13 and 26 week periods ended August 1, 2009: 2,798,075 shares) on the basis that their effect on earnings per share was anti-dilutive. </div> 5. Earnings per share        13 weeks ended    26 weeks false false false us-types:textBlockItemType textblock This element may be used to capture the complete disclosure pertaining to an entity's earnings per share. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 128 -Paragraph 40 false 1 1 false UnKnown UnKnown UnKnown false true XML 19 R3.xml IDEA: Condensed consolidated balance sheets 2.2.0.7 false Condensed consolidated balance sheets (USD $) 00200 - Statement - Condensed consolidated balance sheets true false In Millions false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit14 Standard http://www.xbrl.org/2003/instance pure xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 $ false 2 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit14 Standard http://www.xbrl.org/2003/instance pure xbrli 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ false 3 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit13 Divide http://www.xbrl.org/2003/iso4217 USD iso4217 http://www.xbrl.org/2003/instance shares xbrli 0 Unit1 Standard http://www.xbrl.org/2003/instance shares xbrli 0 $ 5 Assets 3 us-gaap_AssetsAbstract us-gaap true na duration No definition available. false false false false false true false false false false false terselabel false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false 3 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 6 Cash and cash equivalents 4 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant No definition available. false false false false false false false false false false false terselabel false 1 true true false false 485400000 485.4 false false false 2 true true false false 92800000 92.8 false false false 3 true true false false 316200000 316.2 false false false xbrli:monetaryItemType monetary Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. 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Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. 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Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). 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Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 3 -Section A -Paragraph 7, 8 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 13 -Section A false 25 Deferred tax liabilities 4 us-gaap_DeferredTaxLiabilitiesCurrent us-gaap true credit instant No definition available. false false false false false false false false false false false false 1 false true false false 78500000 78.5 false false false 2 false true false false 55800000 55.8 false false false 3 false true false false 74700000 74.7 false false false xbrli:monetaryItemType monetary Represents the current portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A current taxable temporary difference is a difference between the tax basis and the carrying amount of a current asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise shall separate deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 41, 42, 43 false 26 Income taxes payable 4 us-gaap_TaxesPayableCurrent us-gaap true credit instant No definition available. false false false false false false false false false false false label false 1 false true false false 34200000 34.2 false false false 2 false true false false 43600000 43.6 false false false 3 false true false false 44100000 44.1 false false false xbrli:monetaryItemType monetary Carrying value as of the balance sheet date of obligations incurred and payable for statutory income, sales, use, payroll, excise, real, property and other taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20 -Article 5 false 27 Total current liabilities 4 us-gaap_LiabilitiesCurrent us-gaap true credit instant No definition available. false false false false false false false false false false false totallabel false 1 false true false false 603000000 603.0 false false false 2 false true false false 530900000 530.9 false false false 3 false true false false 621300000 621.3 false false false xbrli:monetaryItemType monetary Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 21 -Article 5 true 28 Non-current liabilities: 4 us-gaap_LiabilitiesNoncurrentAbstract us-gaap true na duration No definition available. false false false false false true false false false false false terselabel false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false 3 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 29 Long-term debt 5 us-gaap_LongTermDebtNoncurrent us-gaap true credit instant No definition available. false false false false false false false false false false false label false 1 false true false false 229100000 229.1 false false false 2 false true false false 280000000 280.0 false false false 3 false true false false 280000000 280.0 false false false xbrli:monetaryItemType monetary Sum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year (current maturities) or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 false 30 Other liabilities 5 us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent us-gaap true credit instant No definition available. false false false false false false false false false false false terselabel false 1 false true false false 76900000 76.9 false false false 2 false true false false 76900000 76.9 false false false 3 false true false false 79600000 79.6 false false false xbrli:monetaryItemType monetary Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due after one year (or beyond the operating cycle if longer), including liabilities for compensation costs, fringe benefits other than pension and postretirement obligations, rent, contractual rights and obligations, and statutory obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 24 -Article 5 false 31 Deferred revenue 5 us-gaap_DeferredRevenueNoncurrent us-gaap true credit instant No definition available. false false false false false false false false false false false terselabel false 1 false true false false 140500000 140.5 [3] false false false 2 false true false false 143000000 143.0 [3] false false false 3 false true false false 140900000 140.9 [3] false false false xbrli:monetaryItemType monetary The noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Chapter 3 -Section A -Paragraph 7, 8 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 13 -Section A Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 48 -Paragraph 6 false 32 Retirement benefit obligation 5 us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent us-gaap true credit instant No definition available. false false false false false false false false false false false label false 1 false false false false 0 0 false false false 2 false true false false 11400000 11.4 false false false 3 false true false false 4800000 4.8 false false false xbrli:monetaryItemType monetary This represents the noncurrent liability for underfunded plans recognized in the balance sheet that is associated with the defined benefit pension plans and other postretirement defined benefit plans. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph c Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 6 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 3 false 33 Total liabilities 5 us-gaap_Liabilities us-gaap true credit instant No definition available. false false false false false false false false false false false totallabel false 1 false true false false 1049500000 1049.5 false false false 2 false true false false 1042200000 1042.2 false false false 3 false true false false 1126600000 1126.6 false false false xbrli:monetaryItemType monetary Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future. No authoritative reference available. true 34 Commitments and contingencies (see note 10) 5 us-gaap_CommitmentsAndContingencies2009 us-gaap true na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0     false false false 2 false false false false 0 0     false false false 3 false false false false 0 0     false false false xbrli:stringItemType string Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. This caption alerts the reader that one or more notes to the financial statements disclose pertinent information about the entity's commitments and contingencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 19 -Article 7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 5 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 25 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 17 -Article 9 false 35 Shareholders' equity: 5 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAbstract us-gaap true na duration No definition available. false false false false false true false false false false false terselabel false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false 3 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 36 Common shares of $0.18 par value: authorized 500 million shares, 85.7 million shares issued and outstanding (January 30, 2010: 85.5 million shares issued and outstanding; August 1, 2009: 85.5 million shares issued and outstanding) 6 us-gaap_CommonStockValue us-gaap true credit instant No definition available. false false false false false false false false false false false label false 1 false true false false 15400000 15.4 false false false 2 false true false false 15400000 15.4 false false false 3 false true false false 15400000 15.4 false false false xbrli:monetaryItemType monetary Dollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 false 37 Additional paid-in capital 6 us-gaap_AdditionalPaidInCapital us-gaap true credit instant No definition available. false false false false false false false false false false false terselabel false 1 false true false false 174800000 174.8 false false false 2 false true false false 167600000 167.6 false false false 3 false true false false 169900000 169.9 false false false xbrli:monetaryItemType monetary Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of APIC associated with common AND preferred stock. For APIC associated with only common stock, use the element Additional Paid In Capital, Common Stock. For APIC associated with only preferred stock, use the element Additional Paid In Capital, Preferred Stock. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 false 38 Other reserves 6 us-gaap_OtherAdditionalCapital us-gaap true credit instant No definition available. false false false false false false false false false false false terselabel false 1 false true false false 235200000 235.2 false false false 2 false true false false 235200000 235.2 false false false 3 false true false false 235200000 235.2 false false false xbrli:monetaryItemType monetary This element represents additional paid-in capital other than attributable to capital contributed by shareholders in excess of the par or stated value of the common or preferred stock issued by an entity. Certain entities report two components of additional paid-in capital consisting of (i) capital in excess of par or stated value and (ii) other additional capital. This member should only be used if the entity distinguishes between additional paid-in-capital and other additional capital in its financial statements. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 62, 63 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 5 -Section T Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 14 -Paragraph 18 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 98-5 -Paragraph 5 false 39 Treasury shares 6 us-gaap_TreasuryStockValue us-gaap true debit instant No definition available. false false false false false false false false false false true negated false 1 false false false false 0 0 false false false 2 false true false false -3000000 -3.0 false false false 3 false true false false -1100000 -1.1 false false false xbrli:monetaryItemType monetary Value of common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Treasury stock is issued but is not outstanding. This stock has no voting rights and receives no dividends. Note that treasury stock may be recorded at its total cost or separately as par (or stated) value and additional paid in capital. Note: number of treasury shares concept is in another section within stockholders' equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Technical Bulletin (FTB) -Number 85-6 -Paragraph 3 false 40 Retained earnings 6 us-gaap_RetainedEarningsAccumulatedDeficit us-gaap true credit instant No definition available. false false false false false false false false false false false terselabel false 1 false true false false 1648600000 1648.6 false false false 2 false true false false 1447100000 1447.1 false false false 3 false true false false 1556400000 1556.4 false false false xbrli:monetaryItemType monetary The cumulative amount of the reporting entity's undistributed earnings or deficit. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 false 41 Accumulated other comprehensive loss 6 us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax us-gaap true credit instant No definition available. false false false false false false false false false false false terselabel false 1 false true false false -184900000 -184.9 false false false 2 false true false false -169600000 -169.6 false false false 3 false true false false -178200000 -178.2 false false false xbrli:monetaryItemType monetary Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 14, 17, 26 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 31 -Article 5 false 42 Total shareholders' equity 6 us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest us-gaap true credit instant No definition available. false false false false false false false false false false false totallabel false 1 false true false false 1889100000 1889.1 false false false 2 false true false false 1692700000 1692.7 false false false 3 false true false false 1797600000 1797.6 false false false xbrli:monetaryItemType monetary Total of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 25 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 26 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph A3 -Appendix A true 43 Total liabilities and shareholders' equity 6 us-gaap_LiabilitiesAndStockholdersEquity us-gaap true credit instant No definition available. false false false false false false false false false false false totallabel false 1 true true false false 2938600000 2938.6 false false false 2 true true false false 2734900000 2734.9 false false false 3 true true false false 2924200000 2924.2 false false false xbrli:monetaryItemType monetary Total of all Liabilities and Stockholders' Equity items. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 32 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 25 -Article 7 true 1 Note 6 2 Note 2 3 Note 7 3 39 false HundredThousands UnKnown UnKnown false true XML 20 R14.xml IDEA: Deferred revenue 2.2.0.7 false Deferred revenue 10701 - Disclosure - Deferred revenue true false false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit14 Standard http://www.xbrl.org/2003/instance pure xbrli 0 $ 5 Deferred revenue 3 us-gaap_DeferredRevenueDisclosureTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false terselabel false 1 false false false false 0 0 <div> 7. Deferred revenue   <table border="0" cellspacing="0" cellpadding="0" width="84%"> <tr><td width="73%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">January 30, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td></tr> <tr bgcolor="#cceeff"><td valign="top"> Warranty deferred revenue</td> <td valign="bottom">  </td> <td valign="bottom" align="right">243.5</td> <td valign="bottom">  </td> <td valign="bottom" align="right">243.6</td> <td valign="bottom">  </td> <td valign="bottom" align="right">239.0</td></tr> <tr><td valign="top"> Other</td> <td valign="bottom">  </td> <td valign="bottom" align="right">5.8</td> <td valign="bottom">  </td> <td valign="bottom" align="right">17.4</td> <td valign="bottom">  </td> <td valign="bottom" align="right">7.4</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total deferred revenue</td> <td valign="bottom">  </td> <td valign="bottom" align="right">249.3</td> <td valign="bottom">  </td> <td valign="bottom" align="right">261.0</td> <td valign="bottom">  </td> <td valign="bottom" align="right">246.4</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="2"> </td> <td height="8" colspan="2"> </td> <td height="8" colspan="2"> </td></tr> <tr><td valign="top"> Disclosed as:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Current liabilities</td> <td valign="bottom">  </td> <td valign="bottom" align="right">108.8</td> <td valign="bottom">  </td> <td valign="bottom" align="right">120.1</td> <td valign="bottom">  </td> <td valign="bottom" align="right">103.4</td></tr> <tr><td valign="top"> Non-current liabilities</td> <td valign="bottom">  </td> <td valign="bottom" align="right">140.5</td> <td valign="bottom">  </td> <td valign="bottom" align="right">140.9</td> <td valign="bottom">  </td> <td valign="bottom" align="right">143.0</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total deferred revenue</td> <td valign="bottom">  </td> <td valign="bottom" align="right">249.3</td> <td valign="bottom">  </td> <td valign="bottom" align="right">261.0</td> <td valign="bottom">  </td> <td valign="bottom" align="right">246.4</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr></table>   <table border="0" cellspacing="0" cellpadding="0" width="92%"> <tr><td width="68%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">13 weeks ended</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">26 weeks ended</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Warranty deferred revenue, beginning of period</td> <td valign="bottom">  </td> <td valign="bottom" align="right">247.4</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">243.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">243.6</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">243.1</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Warranties sold</td> <td valign="bottom">  </td> <td valign="bottom" align="right">36.1</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">33.9</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">80.9</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">74.1</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Revenues recognized</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(40.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(38.7</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(81.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(78.2</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Warranty deferred revenue, end of period</td> <td valign="bottom">  </td> <td valign="bottom" align="right">243.5</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">239.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">243.5</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">239.0</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr></table> </div> 7. Deferred revenue   false false false us-types:textBlockItemType textblock Description and amounts of deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. This element may be used as a single block of text to encapsulate the entire deferred revenue disclosure including data and tables. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 13 -Section A Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Concepts (CON) -Number 5 -Paragraph 83, 84 false 1 1 false UnKnown UnKnown UnKnown false true XML 21 R15.xml IDEA: Derivative instruments and hedging activities 2.2.0.7 false Derivative instruments and hedging activities 10801 - Disclosure - Derivative instruments and hedging activities true false false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit14 Standard http://www.xbrl.org/2003/instance pure xbrli 0 $ 5 Derivative instruments and hedging activities 3 us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <div> 8. Derivative instruments and hedging activities Signet is exposed to foreign currency exchange risk arising from various currency exposures. Signet enters into forward foreign currency exchange contracts and foreign currency option contracts, principally in US dollars, in order to limit the impact of movements in foreign exchange rates on its forecast foreign currency purchases. The total notional amount of these foreign currency contracts outstanding as of July 31, 2010 was $49.7 million (January 30, 2010: $37.2 million; August 1, 2009: $55.5 million). These contracts have been designated as cash flow hedges and will be settled over the next 17 months (January 30, 2010: 17 months; August 1, 2009: 18 months). Signet enters into forward purchase contracts and option purchase contracts for commodities in order to reduce its exposure to significant movements in the price of the underlying precious metal raw material. The total notional amount of commodity contracts outstanding as of July 31, 2010 was $98.1 million (January 30, 2010: $100.0 million; August 1, 2009: $91.9 million). These contracts have been designated as cash flow hedges and will be settled over the next 12 months (January 30, 2010: 12 months; August 1, 2009: 18 months). For derivatives that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income ("OCI") and reclassified into earnings in the same period in which the hedged item affects net income or loss. Gains and losses on derivatives that do not qualify for hedge accounting, together with any hedge ineffectiveness, are recognized immediately in other operating income, net. Signet does not hold derivative contracts for trading purposes. Foreign currency contracts not designated as cash flow hedges are used to hedge currency flows through Signet's bank accounts to ensure Signet is not exposed to foreign currency exchange risk in its cash and borrowings. The bank counterparties to the derivative contracts expose Signet to credit-related losses in the event of their nonperformance. However, to mitigate that risk, Signet only contracts with counterparties that meet certain minimum requirements under its counterparty risk assessment process. As of July 31, 2010, credit risk did not materially change the fair value of the foreign currency or commodity contracts. The following table summarizes the fair value and presentation of derivative instruments in the condensed consolidated balance sheets:   <table border="0" cellspacing="0" cellpadding="0" width="92%"> <tr><td width="56%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="7" align="center">Derivative assets</td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="5" align="center">Fair value</td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">Balance sheet location</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July  31, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">January  30, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August  1, 2009 $million</td></tr> <tr bgcolor="#cceeff"><td valign="top"> Derivatives designated as hedging instruments:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Foreign currency contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">Other current assets</td> <td valign="bottom">  </td> <td valign="bottom" align="right">0.8</td> <td valign="bottom">  </td> <td valign="bottom" align="right">0.6</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3.4</td></tr> <tr bgcolor="#cceeff"><td valign="top"> Commodity contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">Other current assets</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2.8</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2.4</td> <td valign="bottom">  </td> <td valign="bottom" align="right">5.6</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">3.6</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3.0</td> <td valign="bottom">  </td> <td valign="bottom" align="right">9.0</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Derivatives not designated as hedging instruments:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Foreign currency contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">Other current assets</td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td> <td valign="bottom">  </td> <td valign="bottom" align="right">—  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr><td valign="top"> Total derivative assets</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">3.6</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3.0</td> <td valign="bottom">  </td> <td valign="bottom" align="right">9.0</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr></table>   <table border="0" cellspacing="0" cellpadding="0" width="92%"> <tr><td width="53%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="9" align="center">Derivative liabilities</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="7" align="center">Fair value</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">Balance sheet location</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July  31, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">January  30, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August  1, 2009 $million</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Derivatives designated as hedging instruments:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Foreign currency contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">Other current liabilities</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(0.8</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.4</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1.7</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Commodity contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">Other current liabilities</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(2.1</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1.6</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2.7</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">(2.9</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4.4</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Derivatives not designated as hedging instruments:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Foreign currency contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">Other current liabilities</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(0.5</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">(0.5</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Total derivative liabilities</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">(3.4</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4.4</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr></table> The following tables summarize the effect of derivative instruments on the unaudited condensed consolidated income statements:   <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="53%"> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td valign="bottom" width="6%"> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">Amount of gain/ (loss)  recognized in OCI on derivatives (Effective portion)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" rowspan="3" align="center">Location of gain/(loss) reclassified  from accumulated OCI into income (Effective portion)</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" nowrap="nowrap" align="center">Amount of gain/(loss)  reclassified from accumulated OCI into income (Effective portion)</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom" rowspan="2"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">13 weeks ended</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" align="center">13 weeks ended</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July  31, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August  1, 2009 $million</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Derivatives in cash flow hedging relationships:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Foreign currency contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(1.3</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(6.6</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">Cost of sales</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1.5</td> <td valign="bottom">  </td> <td valign="bottom" align="right">4.2</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Commodity contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(1.7</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.1</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">Cost of sales</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3.8</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(0.5</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Total</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(3.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4.5</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">5.3</td> <td valign="bottom">  </td> <td valign="bottom" align="right">3.7</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr></table>   <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="57%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" align="center">Amount of gain/(loss) recognized in OCI  on derivatives (Effective portion)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" rowspan="3" align="center">Location of gain/(loss) reclassified from accumulated OCI into income (Effective portion)</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" nowrap="nowrap" align="center">Amount of gain/(loss) reclassified from accumulated OCI into income (Effective portion)</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom" rowspan="2"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" align="center">26 weeks ended</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="3" align="center">26 weeks ended</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August  1, 2009 $million</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Derivatives in cash flow hedging relationships:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Foreign currency contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">0.5</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(6.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">Cost of sales</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2.9</td> <td valign="bottom">  </td> <td valign="bottom" align="right">4.3</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Commodity contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">6.4</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(2.1</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">Cost of sales</td> <td valign="bottom">  </td> <td valign="bottom" align="right">7.1</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(1.9</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Total</td> <td valign="bottom">  </td> <td valign="bottom" align="right">6.9</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(8.1</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">10.0</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2.4</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr></table>   The ineffective portion of hedging instruments taken into other operating income, net in the 13 and 26 weeks ended July 31, 2010 was a $0.4 million profit (13 and 26 weeks ended August 1, 2009: $nil).   <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="52%"> </td> <td valign="bottom" width="8%"> </td> <td> </td> <td valign="bottom" width="8%"> </td> <td> </td> <td> </td> <td valign="bottom" width="8%"> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" nowrap="nowrap" align="center">Amount of gain/(loss) recognized in income on derivatives</td></tr> <tr><td valign="bottom" rowspan="2" nowrap="nowrap"> Derivatives not designated as hedging instruments</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" rowspan="2" nowrap="nowrap" align="center">Location of  gain/(loss) recognized in income on derivatives</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">13 weeks ended</td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1,  2009 $million</td></tr> <tr bgcolor="#cceeff"><td valign="top"> Foreign currency contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">Other operating income, net</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(0.5</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr><td valign="top"> Total</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">(0.5</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr></table>   <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="52%"> </td> <td valign="bottom" width="8%"> </td> <td> </td> <td valign="bottom" width="8%"> </td> <td> </td> <td> </td> <td valign="bottom" width="8%"> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" nowrap="nowrap" align="center">Amount of gain/(loss) recognized in  income on derivatives</td></tr> <tr><td valign="bottom" rowspan="2" nowrap="nowrap"> Derivatives not designated as hedging instruments</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" rowspan="2" nowrap="nowrap" align="center">Location of  gain/(loss) recognized in income on derivatives</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">26 weeks ended</td></tr> <tr><td valign="bottom">  </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td></tr> <tr bgcolor="#cceeff"><td valign="top"> Foreign currency contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">Other operating income, net</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(0.5</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr><td valign="top"> Total</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="right">(0.5</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">—  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr></table> The estimated fair value of Signet's financial instruments held or issued to finance Signet's operations is summarized below. Certain estimates and judgments were required to develop the fair value amounts. The fair value amounts shown below are not necessarily indicative of the amounts that Signet would realize upon disposition nor do they indicate Signet's intent or ability to dispose of the financial instrument. Assets and liabilities that are carried at fair value are required to be classified and disclosed in one of the following three categories: Level 1 - quoted market prices in active markets for identical assets and liabilities Level 2 - observable market based inputs or unobservable inputs that are corroborated by market data Level 3 - unobservable inputs that are not corroborated by market data Signet determines fair value based upon quoted prices when available or through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The methods Signet uses to determine fair value on an instrument-specific basis are detailed below:   <table border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="58%"> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td> <td valign="bottom" width="2%"> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="4" align="center">July 31, 2010</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="4" align="center">January 30, 2010</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="4" align="center">August 1, 2009</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">$million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">$million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">$million</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">Carrying Value</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">Significant other observable inputs (Level 2)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">Carrying Value</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">Significant other observable inputs (Level 2)</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">Carrying Value</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">Significant other observable inputs (Level 2)</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Assets:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Forward foreign currency contracts and swaps</td> <td valign="bottom">  </td> <td valign="bottom" align="right">0.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.6</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0.6</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.4</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.4</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Forward commodity contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.4</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.4</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.6</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.6</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Liabilities:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Borrowings</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(254.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(297.4</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(324.1</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(371.3</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(293.3</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(301.6</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr><td valign="top"> Forward foreign currency contracts and swaps</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(1.3</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1.3</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.4</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.4</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1.7</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1.7</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Forward commodity contracts</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(2.1</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2.1</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1.6</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(1.6</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2.7</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2.7</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr></table> The fair value of derivative financial instruments has been determined based on market value equivalents at the balance sheet date, taking into account the current interest rate environment, current foreign currency forward rates or current commodity forward rates. These are held as assets and liabilities within other receivables and other payables, and all contracts have a maturity of less than eighteen months. Signet's long-term debt consists of $229.1 million (January 30, 2010 and August 1, 2009: $280.0 million) of fixed rate investor certificate notes ("Private Placement Notes") under a Note Purchase Agreement. The fair value of this debt is determined by discounting to present value the known future coupon and final Note redemption amounts at market yields as of the balance sheet date. The carrying amounts of cash and cash equivalents, accounts receivable, other receivab les, accounts payable and accrued liabilities approximate fair value because of the short-term maturity of these amounts. </div> 8. Derivative instruments and hedging activities Signet is exposed to foreign currency exchange risk arising from various currency exposures. Signet enters false false false us-types:textBlockItemType textblock This element can be used to disclose the entity's entire derivative instruments and hedging activities disclosure as a single block of text. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising there from, and the amounts of and methodologies and assumptions used in determining the amounts of such items. 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Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 12 -Paragraph 10 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 3 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 30 -Article 5 false 3 5 false HundredThousands HundredThousands NoRounding false true XML 23 R16.xml IDEA: Pensions 2.2.0.7 false Pensions 10901 - Disclosure - Pensions true false false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit14 Standard http://www.xbrl.org/2003/instance pure xbrli 0 $ 5 Pensions 3 us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <div> 9. Pensions Signet operates a defined benefit pension scheme in the UK (the "Group Scheme"). The components of net periodic pension cost were as follows:   <table border="0" cellspacing="0" cellpadding="0" width="92%"> <tr><td width="68%"> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td> <td valign="bottom" width="5%"> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">13 weeks ended</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">26 weeks ended</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Components of net periodic benefit cost:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> Service cost</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1.3</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.1</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.6</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.1</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Interest cost</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2.4</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">4.9</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5.2</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr><td valign="top"> Expected return on Group Scheme assets</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(3.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2.8</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(6.0</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5.4</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Amortization of unrecognized prior service credit</td> <td valign="bottom">  </td> <td valign="bottom" align="right">(0.2</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.3</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.5</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.5</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr><td valign="top"> Amortization of unrecognized actuarial loss</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1.1</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.1</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.3</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2.2</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Net periodic benefit cost</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1.6</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.9</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.3</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.6</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr></table> In the 26 weeks to July 31, 2010, Signet contributed $7.1 million to the Group Scheme and expects to contribute a minimum aggregate of $14.3 million at current exchange rates to the Group Scheme in Fiscal 2011. These contributions are in accordance with a deficit recovery plan that was in response to the funding deficit indicated by the April 5, 2009 actuarial valuation. </div> 9. Pensions Signet operates a defined benefit pension scheme in the UK (the "Group Scheme"). The components of net periodic pension cost were as follows: false false false us-types:textBlockItemType textblock Description containing the entire pension and other postretirement benefits disclosure as a single block of text. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Staff Position (FSP) -Number FAS106-2 -Paragraph 20, 21, 22 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5, 6, 7, 8 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 87 -Paragraph 264 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Implementation Guide (Q and A) -Number FAS88 -Paragraph 63 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 158 -Paragraph 7, 21, 22 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph b Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 30 -Paragraph 26 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 106 -Paragraph 518 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Emerging Issues Task Force (EITF) -Number 03-2 -Paragraph 8 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 8 -Subparagraph m Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph h Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph a Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph q false 1 1 false UnKnown UnKnown UnKnown false true XML 24 R9.xml IDEA: Segment information 2.2.0.7 false Segment information 10201 - Disclosure - Segment information true false false false 1 USD false false Unit12 Standard http://www.xbrl.org/2003/iso4217 USD iso4217 0 Unit14 Standard http://www.xbrl.org/2003/instance pure xbrli 0 $ 5 Segment information 3 us-gaap_SegmentReportingDisclosureTextBlock us-gaap true na duration No definition available. false false false false false false false false false false false false 1 false false false false 0 0 <div> 2. Segment information The consolidated sales are derived from the retailing of jewelry, watches, other products and services. Signet is managed as two geographical operating segments, being the US and UK divisions. These segments represent channels of distribution that offer similar merchandise and service and have similar marketing and distribution strategies. Both divisions are managed by executive committees, which report through a divisional Chief Executive to Signet's Chief Executive who in turn reports to the Board. Each divisional executive committee is responsible for operating decisions within parameters set by the Board. The performance of each segment is regularly evaluated based on sales and operating income. The operating segments do not include certain central costs, which is consistent with the treatment in Signet's management accounts. There are no material transactions between the operating segments.   <table border="0" cellspacing="0" cellpadding="0" width="92%"> <tr><td width="70%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">13 weeks ended</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">26 weeks ended</td> <td valign="bottom"> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td> <td valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Sales:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> US</td> <td valign="bottom">  </td> <td valign="bottom" align="right">580.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">552.5</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,247.9</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,177.4</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> UK</td> <td valign="bottom">  </td> <td valign="bottom" align="right">142.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">158.3</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">284.9</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">296.0</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td valign="top"> Total sales</td> <td valign="bottom">  </td> <td valign="bottom" align="right">722.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">710.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,532.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,473.4</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr><td height="8"> </td> <td height="8" colspan="3"> </td> <td height="8" colspan="3"> </td> <td height="8" colspan="3"> </td> <td height="8" colspan="3"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Operating income, net:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> US</td> <td valign="bottom">  </td> <td valign="bottom" align="right">63.3</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">50.4</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">154.4</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">106.8</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr bgcolor="#cceeff"><td valign="top"> UK</td> <td valign="bottom">  </td> <td valign="bottom" align="right">4.7</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1.0</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3.3</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(0.3</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr><td valign="top"> Unallocated(1) </td> <td valign="bottom">  </td> <td valign="bottom" align="right">(4.7</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4.8</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(8.9</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(7.5</td> <td valign="bottom" nowrap="nowrap">) </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total operating income, net</td> <td valign="bottom">  </td> <td valign="bottom" align="right">63.3</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">46.6</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">148.8</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">99.0</td> <td valign="bottom" nowrap="nowrap">  </td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td> <td valign="bottom"> </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td> </td></tr></table>   <table border="0" cellspacing="0" cellpadding="0" width="84%"> <tr><td width="70%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">January 30, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total assets:</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom"> </td></tr> <tr><td valign="top"> US</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,214.1</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,280.7</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,272.0</td></tr> <tr bgcolor="#cceeff"><td valign="top"> UK</td> <td valign="bottom">  </td> <td valign="bottom" align="right">354.0</td> <td valign="bottom">  </td> <td valign="bottom" align="right">383.6</td> <td valign="bottom">  </td> <td valign="bottom" align="right">405.1</td></tr> <tr><td valign="top"> Unallocated</td> <td valign="bottom">  </td> <td valign="bottom" align="right">370.5</td> <td valign="bottom">  </td> <td valign="bottom" align="right">259.9</td> <td valign="bottom">  </td> <td valign="bottom" align="right">57.8</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total assets</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,938.6</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,924.2</td> <td valign="bottom">  </td> <td valign="bottom" align="right">2,734.9</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="4%" align="left">(1)</td> <td valign="top" align="left">Unallocated principally relates to central costs that are not allocated to the US and UK divisions in Signet's management accounts. </td></tr></table> </div> 2. 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For defined benefit plans, pension expense includes the following components: service cost, interest cost, expected return on plan assets, gain or loss on plan assets, prior service cost or credit, transition asset or obligation, and gain or loss due to settlements or curtailments. For defined contribution plans, the pension expense generally equals the firm's contribution to employees' accounts (if the firm contributes) during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5 -Subparagraph h Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 132R -Paragraph 5, 11 false 12 Share-based compensation 6 us-gaap_ShareBasedCompensation us-gaap true debit duration No definition available. false false false false false false false false false false false terselabel false 1 false true false false 2200000 2.2 false false false 2 false true false false 2400000 2.4 false false false 3 false true false false 4500000 4.5 false false false 4 false true false false 3100000 3.1 false false false xbrli:monetaryItemType monetary The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock options, amortization of restricted stock, and adjustment for officers compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 13 Deferred taxation 6 us-gaap_DeferredIncomeTaxExpenseBenefit us-gaap true debit duration No definition available. false false false false false false false false false false false false 1 false true false false -3800000 -3.8 false false false 2 false true false false 4700000 4.7 false false false 3 false true false false 2500000 2.5 false false false 4 false true false false 2100000 2.1 false false false xbrli:monetaryItemType monetary The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section I -Subsection 7 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 45 -Subparagraph b Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 289 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 false 14 Facility amendment fees included in net income 6 us-gaap_AmortizationOfFinancingCosts us-gaap true debit duration No definition available. false false false false false false false false false false false terselabel false 1 false true false false 300000 0.3 false false false 2 false false false false 0 0 false false false 3 false true false false 2600000 2.6 false false false 4 false true false false 3400000 3.4 false false false xbrli:monetaryItemType monetary The component of interest expense comprised of the periodic charge against earnings over the life of the financing arrangement to which such costs relate. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 8 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph 8 -Article 9 false 15 Other non-cash movements 6 us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOther us-gaap true debit duration No definition available. false false false false false false false false false false false false 1 false true false false -1000000 -1.0 false false false 2 false true false false -1400000 -1.4 false false false 3 false true false false -1700000 -1.7 false false false 4 false true false false 7900000 7.9 false false false xbrli:monetaryItemType monetary Transactions that do not result in cash inflows or outflows in the period in which they occur, but affect net income and thus are removed when calculating net cash flow from operating activities using the indirect cash flow method. This element is used when there is not a more specific and appropriate element. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 16 (Gain)/loss on disposal of property, plant and equipment 6 us-gaap_GainLossOnSaleOfPropertyPlantEquipment us-gaap true credit duration No definition available. false false false false false false false false false false true negated false 1 false true false false -900000 -0.9 false false false 2 false false false false 0 0 false false false 3 false true false false -900000 -0.9 false false false 4 false true false false 400000 0.4 false false false xbrli:monetaryItemType monetary The difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss). Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 17 Changes in operating assets and liabilities: 6 us-gaap_IncreaseDecreaseInOperatingCapitalAbstract us-gaap true na duration No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false 3 false false false false 0 0 false false false 4 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 18 Decrease in accounts receivable 7 us-gaap_IncreaseDecreaseInAccountsReceivable us-gaap true credit duration No definition available. false false false false false false false false false false true negated false 1 false true false false 4600000 4.6 false false false 2 false true false false 4300000 4.3 false false false 3 false true false false 59700000 59.7 false false false 4 false true false false 59600000 59.6 false false false xbrli:monetaryItemType monetary The net change during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 19 Decrease in other receivables 7 us-gaap_IncreaseDecreaseInOtherReceivables us-gaap true credit duration No definition available. false false false false false false false false false false true negated false 1 false true false false 500000 0.5 false false false 2 false true false false 38900000 38.9 false false false 3 false true false false 4200000 4.2 false false false 4 false true false false 55800000 55.8 false false false xbrli:monetaryItemType monetary The net change during the reporting period in other amounts due to the reporting entity, which are not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 20 (Increase)/decrease in other current assets 7 us-gaap_IncreaseDecreaseInOtherOperatingAssets us-gaap true credit duration No definition available. false false false false false false false false false false true negated false 1 false true false false -1200000 -1.2 false false false 2 false true false false 4500000 4.5 false false false 3 false true false false 8800000 8.8 false false false 4 false true false false -13900000 -13.9 false false false xbrli:monetaryItemType monetary The net change during the reporting period in other operating assets not otherwise defined in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 21 Decrease in inventories 7 us-gaap_IncreaseDecreaseInInventories us-gaap true credit duration No definition available. false false false false false false false false false false true negated false 1 false true false false 1400000 1.4 false false false 2 false true false false 73400000 73.4 false false false 3 false true false false 40300000 40.3 false false false 4 false true false false 116600000 116.6 false false false xbrli:monetaryItemType monetary The net change during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 22 Increase/(decrease) in accounts payable 7 us-gaap_IncreaseDecreaseInAccountsPayable us-gaap true debit duration No definition available. false false false false false false false false false false false label false 1 false true false false 9600000 9.6 false false false 2 false true false false -18900000 -18.9 false false false 3 false true false false 48100000 48.1 false false false 4 false true false false 47000000 47.0 false false false xbrli:monetaryItemType monetary The net change during the reporting period in the aggregate amount of obligations due within one year (or one business cycle). This may include trade payables, amounts due to related parties, royalties payable, and other obligations. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 23 Increase/(decrease) in accrued expenses and other liabilities 7 sig_IncreaseDecreaseInAccruedExpensesAndOtherLiabilities sig false debit duration Increase Decrease In Accrued Expenses And Other Liabilities false false false false false false false false false false false terselabel false 1 false true false false 1900000 1.9 false false false 2 false true false false -42400000 -42.4 false false false 3 false true false false -31700000 -31.7 false false false 4 false true false false -63000000 -63.0 false false false xbrli:monetaryItemType monetary Increase Decrease In Accrued Expenses And Other Liabilities No authoritative reference available. false 24 Decrease in deferred revenue 7 us-gaap_IncreaseDecreaseInDeferredRevenue us-gaap true debit duration No definition available. false false false false false false false false false false false terselabel false 1 false true false false -9800000 -9.8 false false false 2 false true false false -10300000 -10.3 false false false 3 false true false false -11600000 -11.6 false false false 4 false true false false -17300000 -17.3 false false false xbrli:monetaryItemType monetary The net change during the reporting period, excluding the portion taken into income, in the liability reflecting services yet to be performed by the reporting entity for which cash or other forms of consideration was received or recorded as a receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 25 Increase/(decrease) in income taxes payable 7 us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable us-gaap true debit duration No definition available. false false false false false false false false false false false label false 1 false true false false 3400000 3.4 false false false 2 false true false false -10300000 -10.3 false false false 3 false true false false -7700000 -7.7 false false false 4 false true false false -10700000 -10.7 false false false xbrli:monetaryItemType monetary The net change during the period in the amount of cash payments due to taxing authorities for taxes that are based on the reporting entity's earnings. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 false 26 Effect of exchange rate changes on currency swaps 7 sig_EffectOfExchangeRateChangesOnCurrencySwaps sig false debit duration Effect of exchange rate changes on currency swaps false false false false false false false false false false false label false 1 false true false false 1300000 1.3 false false false 2 false true false false -1400000 -1.4 false false false 3 false true false false 1100000 1.1 false false false 4 false true false false -1400000 -1.4 false false false xbrli:monetaryItemType monetary Effect of exchange rate changes on currency swaps No authoritative reference available. false 27 Net cash provided by operating activities 7 us-gaap_NetCashProvidedByUsedInOperatingActivities us-gaap true na duration No definition available. false false false false false false false false false false false totallabel false 1 false true false false 70400000 70.4 false false false 2 false true false false 97000000 97.0 false false false 3 false true false false 254600000 254.6 false false false 4 false true false false 295000000 295.0 false false false xbrli:monetaryItemType monetary The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 28 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 true 28 Investing activities 4 us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract us-gaap true na duration No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false 3 false false false false 0 0 false false false 4 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 29 Purchase of property, plant and equipment 5 us-gaap_PaymentsToAcquirePropertyPlantAndEquipment us-gaap true credit duration No definition available. false false false false false false false false false false true negated false 1 false true false false -6900000 -6.9 false false false 2 false true false false -7500000 -7.5 false false false 3 false true false false -11600000 -11.6 false false false 4 false true false false -14800000 -14.8 false false false xbrli:monetaryItemType monetary The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 17 -Subparagraph c false 30 Purchase of other intangible assets 5 us-gaap_PaymentsToAcquireIntangibleAssets us-gaap true credit duration No definition available. false false false false false false false false false false true negated false 1 false true false false -2900000 -2.9 false false false 2 false true false false -1600000 -1.6 false false false 3 false true false false -4500000 -4.5 false false false 4 false true false false -2700000 -2.7 false false false xbrli:monetaryItemType monetary The cash outflow to acquire asset without physical form usually arising from contractual or other legal rights, excluding goodwill. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 17 -Subparagraph c false 31 Proceeds from sale of property, plant and equipment 5 us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment us-gaap true debit duration No definition available. false false false false false false false false false false false label false 1 false true false false 1700000 1.7 false false false 2 false false false false 0 0 false false false 3 false true false false 1700000 1.7 false false false 4 false false false false 0 0 false false false xbrli:monetaryItemType monetary The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 15 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 16 -Subparagraph c false 32 Net cash flows used in investing activities 5 us-gaap_NetCashProvidedByUsedInInvestingActivities us-gaap true debit duration No definition available. false false false false false false false false false false false totallabel false 1 false true false false -8100000 -8.1 false false false 2 false true false false -9100000 -9.1 false false false 3 false true false false -14400000 -14.4 false false false 4 false true false false -17500000 -17.5 false false false xbrli:monetaryItemType monetary The net cash inflow (outflow) from investing activity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 true 33 Financing activities 4 us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract us-gaap true na duration No definition available. false false false false false true false false false false false false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false 3 false false false false 0 0 false false false 4 false false false false 0 0 false false false xbrli:stringItemType string No definition available. false 34 Proceeds from issue of common shares 5 us-gaap_ProceedsFromIssuanceOfCommonStock us-gaap true debit duration No definition available. false false false false false false false false false false false false 1 false true false false 200000 0.2 false false false 2 false false false false 0 0     false false false 3 false true false false 1000000 1.0 false false false 4 false false false false 0 0     false false false xbrli:monetaryItemType monetary The cash inflow from the additional capital contribution to the entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 19 -Subparagraph a false 35 Facility fees paid 5 us-gaap_PaymentsOfFinancingCosts us-gaap true credit duration No definition available. false false false false false false false false false false true negated false 1 false false false false 0 0 false false false 2 false true false false -900000 -0.9 false false false 3 false true false false -1000000 -1.0 false false false 4 false true false false -9300000 -9.3 false false false xbrli:monetaryItemType monetary The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18, 19, 20 false 36 Repayment of short-term borrowings 5 us-gaap_ProceedsFromRepaymentsOfShortTermDebt us-gaap true debit duration No definition available. false false false false false false false false false false false terselabel false 1 false true false false -22400000 -22.4 false false false 2 false true false false -65600000 -65.6 false false false 3 false true false false -19300000 -19.3 false false false 4 false true false false -174800000 -174.8 false false false xbrli:monetaryItemType monetary The net cash inflow (outflow) for borrowing having initial term of repayment within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 false 37 Repayment of long-term debt 5 us-gaap_RepaymentsOfLongTermDebt us-gaap true credit duration No definition available. false false false false false false false false false false true negated false 1 false false false false 0 0 false false false 2 false false false false 0 0 false false false 3 false true false false -50900000 -50.9 false false false 4 false true false false -100000000 -100.0 false false false xbrli:monetaryItemType monetary The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 18 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 20 -Subparagraph b false 38 Net cash flows used in financing activities 5 us-gaap_NetCashProvidedByUsedInFinancingActivities us-gaap true debit duration No definition available. false false false false false false false false false false false totallabel false 1 false true false false -22200000 -22.2 false false false 2 false true false false -66500000 -66.5 false false false 3 false true false false -70200000 -70.2 false false false 4 false true false false -284100000 -284.1 false false false xbrli:monetaryItemType monetary The net cash inflow (outflow) from financing activity for the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 26 true 39 Cash and cash equivalents at beginning of period 5 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant No definition available. false false false false false false false false true false false periodstartlabel false 1 false true false false 447100000 447.1 false false false 2 false true false false 69200000 69.2 false false false 3 false true false false 316200000 316.2 false false false 4 false true false false 96800000 96.8 false false false xbrli:monetaryItemType monetary Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased th ree years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7, 26 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 8, 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 7 -Footnote 1 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 1 -Article 5 false 40 Increase/(decrease) in cash and cash equivalents 5 us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease us-gaap true na duration No definition available. false false false false false false false false false false false totallabel false 1 false true false false 40100000 40.1 false false false 2 false true false false 21400000 21.4 false false false 3 false true false false 170000000 170.0 false false false 4 false true false false -6600000 -6.6 false false false xbrli:monetaryItemType monetary The net change between the beginning and ending balance of cash and cash equivalents. 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Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 95 -Paragraph 25 false 42 Cash and cash equivalents at end of period 5 us-gaap_CashAndCashEquivalentsAtCarryingValue us-gaap true debit instant No definition available. false false false false false false false false false true false periodendlabel false 1 true true false false 485400000 485.4 false false false 2 true true false false 92800000 92.8 false false false 3 true true false false 485400000 485.4 false false false 4 true true false false 92800000 92.8 false false false xbrli:monetaryItemType monetary Includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased th ree years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents. 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Inventories   <table border="0" cellspacing="0" cellpadding="0" width="84%"> <tr><td width="70%"> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td></tr> <tr><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">July 31, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">January 30, 2010 $million</td> <td valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">August 1, 2009 $million</td></tr> <tr bgcolor="#cceeff"><td valign="top"> Raw materials</td> <td valign="bottom">  </td> <td valign="bottom" align="right">8.8</td> <td valign="bottom">  </td> <td valign="bottom" align="right">9.5</td> <td valign="bottom">  </td> <td valign="bottom" align="right">7.0</td></tr> <tr><td valign="top"> Finished goods</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,117.4</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,163.6</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,272.2</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr> <tr bgcolor="#cceeff"><td valign="top"> Total inventory</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,126.2</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,173.1</td> <td valign="bottom">  </td> <td valign="bottom" align="right">1,279.2</td></tr> <tr style="font-size: 1px;"><td valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td> <td valign="bottom">  </td> <td style="border-top: #000000 1px solid;" valign="bottom"> </td></tr></table> </div> 6. 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Large accelerated filer

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