Financial instruments and fair value (Tables)

12 Months Ended

Feb. 02, 2013

Fair Value And Presentation Of Derivative Instruments In The Condensed Consolidated Balance Sheets

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

Derivative assets

February 2, 2013

January 28, 2012

Balance sheet
location

Fair value

Balance sheet
location

Fair value

(in millions)

Derivatives designated as hedging instruments:

Foreign currency contracts

Other current assets

1.0

Other current assets

1.1

Foreign currency contracts

Other assets

—

Other assets

0.1

Commodity contracts

Other current assets

2.8

Other current assets

16.1

Commodity contracts

Other assets

—

Other assets

—

3.8

17.3

Total derivative assets

3.8

17.3


	Derivative liabilities
	February 2, 2013				January 28, 2012
	Balance sheet location	Fair value			Balance sheet location	Fair value
(in millions)
Derivatives designated as hedging instruments:
Foreign currency contracts	Other current liabilities	$	—		Other current liabilities	$	(0.2	)
Foreign currency contracts	Other liabilities		—		Other liabilities		—
Commodity contracts	Other current liabilities		(4.6	)	Other current liabilities		(1.0	)
Commodity contracts	Other liabilities		—		Other liabilities		—

			(4.6	)			(1.2	)

Total derivative liabilities		$	(4.6	)		$	(1.2	)

Fair Value of Financial Instruments Held Or Issued

The methods Signet uses to determine fair value on an instrument-specific basis are detailed below.


	February 2, 2013						January 28, 2012
	Carrying amount			Significant other observable inputs (Level 2)			Carrying amount			Significant other observable inputs (Level 2)
(in millions)
Assets:
Forward foreign currency contracts	$	1.0		$	1.0		$	1.2		$	1.2
Forward commodity contracts		2.8			2.8			16.1			16.1

Liabilities:
Forward foreign currency contracts		—			—			(0.2	)		(0.2	)
Forward commodity contracts		(4.6	)		(4.6	)		(1.0	)		(1.0	)

Cash Flow Hedging

Effect of Derivative Instruments on Condensed Consolidated Income Statements

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


	Amount of gain (loss) 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)
	Fiscal 2013			Fiscal 2012				Fiscal 2013		Fiscal 2012
(in millions)
Derivatives in cash flow hedging relationships:
Foreign currency contracts	$	0.5			1.8		Cost of sales	$	0.4	$	0.1
Commodity contracts		(10.9	)		47.9		Cost of sales		22.0		24.5

Total	$	(10.4	)		49.7			$	22.4	$	24.6


	Location of gain (loss) recognized in income on derivatives (Ineffective portion)	Amount of gain (loss) recognized in income on derivatives (Ineffective portion)
		Fiscal 2013		Fiscal 2012
(in millions)
Derivatives in cash flow hedging relationships:
Commodity contracts	Other operating income	$	—	$	0.4

Total		$	—	$	0.4

Not Designated as Hedging Instrument

Effect of Derivative Instruments on Condensed Consolidated Income Statements



	Location of gain (loss) recognized in income on derivatives		Amount of gain (loss) recognized in income on derivatives
	Location of gain (loss) recognized in income on derivatives		Fiscal 2013		Fiscal 2012
(in millions)
Derivatives not designated as hedging instruments:
Foreign currency contracts		Other operating income	$	—	$	2.5

Total			$	—	$	2.5

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

-Subparagraph c(2), d, e, f

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph a, b, c(1), d(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-Subparagraph a, c(1), c(2), c(3), d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

+ Details

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References+ Details

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References+ Details