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Accounts receivable, net
 9 Months Ended
Oct. 29, 2016
Receivables [Abstract]  
Accounts receivable, net
Accounts receivable, net
Signet’s accounts receivable primarily consist of US customer in-house financing receivables. The accounts receivable portfolio consists of a population that is of similar characteristics and is evaluated collectively for impairment.
(in millions)
October 29, 2016
 
January 30, 2016
 
October 31, 2015
Accounts receivable by portfolio segment, net:
 
 
 
 
 
Sterling Jewelers customer in-house finance receivables
$
1,546.3

 
$
1,725.9

 
$
1,437.2

Zale customer in-house finance receivables
26.4

 
13.6

 
—

Other accounts receivable
8.4

 
16.9

 
14.3

Total accounts receivable, net
$
1,581.1

 
$
1,756.4

 
$
1,451.5


Signet grants credit to customers based on a variety of credit quality indicators, including consumer financial information and prior payment experience. On an ongoing basis, management monitors the credit exposure based on past due status and collection experience, as it has found a meaningful correlation between the past due status of customers and the risk of loss.
During the third quarter of Fiscal 2016, Signet implemented a program to provide in-house credit to customers in the Zale division’s US locations (“second look”). The allowance for credit losses associated with Zale customer in-house finance receivables was immaterial as of October 29, 2016, January 30, 2016 and October 31, 2015.
Other accounts receivable is comprised primarily of accounts receivable relating to the insurance loss replacement business in the UK Jewelry division of $7.7 million (January 30, 2016 and October 31, 2015: $13.6 million and $9.3 million, respectively).
The allowance for credit losses on Sterling Jewelers customer in-house finance receivables is shown below:
 
39 weeks ended
(in millions)
October 29, 2016
 
October 31, 2015
Beginning balance:
$
(130.0
)
 
$
(113.1
)
Charge-offs, net
143.1

 
121.5

Recoveries
26.8

 
27.0

Provision
(172.9
)
 
(157.6
)
Ending balance
$
(133.0
)
 
$
(122.2
)
Ending receivable balance evaluated for impairment
1,679.3

 
1,559.4

Sterling Jewelers customer in-house finance receivables, net
$
1,546.3

 
$
1,437.2


Net bad debt expense is defined as the provision expense less recoveries.
The credit quality indicator and age analysis of Sterling Jewelers customer in-house finance receivables are shown below:
   
October 29, 2016
 
January 30, 2016
 
October 31, 2015
(in millions)
Gross
 
Valuation
allowance
 
Gross
 
Valuation
allowance
 
Gross
 
Valuation
allowance
Performing:
 
 
 
 
 
 
 
 
 
 
 
Current, aged 0 – 30 days
$
1,294.9

 
$
(39.3
)
 
$
1,473.0

 
$
(45.4
)
 
$
1,212.2

 
$
(36.8
)
Past due, aged 31 – 60 days
250.6

 
(8.1
)
 
259.6

 
(8.3
)
 
226.0

 
(7.3
)
Past due, aged 61 – 90 days
50.7

 
(2.5
)
 
49.2

 
(2.2
)
 
45.2

 
(2.1
)
Non Performing:
 
 
 
 
 
 
 
 
 
 
 
Past due, aged more than 90 days
83.1

 
(83.1
)
 
74.1

 
(74.1
)
 
76.0

 
(76.0
)
 
$
1,679.3

 
$
(133.0
)
 
$
1,855.9

 
$
(130.0
)
 
$
1,559.4

 
$
(122.2
)
 
October 29, 2016
 
January 30, 2016
 
October 31, 2015
(as a % of the ending receivable balance)
Gross
 
Valuation
allowance
 
Gross
 
Valuation
allowance
 
Gross
 
Valuation
allowance
Performing
 
 
 
 
 
 
 
 
 
 
 
Current, aged 0 – 30 days
77.2
%
 
3.0
%
 
79.4
%
 
3.1
%
 
77.7
%
 
3.0
%
Past due, aged 31 – 60 days
14.9
%
 
3.2
%
 
14.0
%
 
3.2
%
 
14.5
%
 
3.2
%
Past due, aged 61 – 90 days
3.0
%
 
4.9
%
 
2.6
%
 
4.5
%
 
2.9
%
 
4.6
%
Non Performing
 
 
 
 
 
 
 
 
 
 
 
Past due, aged more than 90 days
4.9
%
 
100.0
%
 
4.0
%
 
100.0
%
 
4.9
%
 
100.0
%
 
100.0
%
 
7.9
%
 
100.0
%
 
7.0
%
 
100.0
%
 
7.8
%

Securitized credit card receivables
The Sterling Jewelers division securitizes its credit card receivables through its Sterling Jewelers Receivables Master Note Trust. See Note 17 for additional information regarding this asset-backed securitization facility.