Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Nov. 01, 2014 | Nov. 28, 2014 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 1-Nov-14 | ' |
Document Fiscal Year Focus | '2015 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'SIG | ' |
Entity Registrant Name | 'SIGNET JEWELERS LTD | ' |
Entity Central Index Key | '0000832988 | ' |
Current Fiscal Year End Date | '--01-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 80,178,447 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Sales | $1,177.90 | ' | ' | ' | $771.40 | $3,459.90 | $2,645.20 |
Cost of sales | -832 | ' | ' | ' | -532.2 | -2,297.80 | -1,713.50 |
Gross margin | 345.9 | ' | ' | ' | 239.2 | 1,162.10 | 931.7 |
Selling, general and administrative expenses | -388.7 | ' | ' | ' | -233.4 | -1,078.40 | -770.9 |
Other operating income, net | 53.5 | ' | ' | ' | 45.8 | 161.2 | 139.1 |
Operating income | 10.7 | ' | ' | ' | 51.6 | 244.9 | 299.9 |
Interest expense, net | -12.6 | ' | ' | ' | -0.9 | -28.1 | -2.8 |
(Loss) income before income taxes | -1.9 | ' | ' | ' | 50.7 | 216.8 | 297.1 |
Income taxes | 0.6 | ' | ' | ' | -17.1 | -63.5 | -104.3 |
Net (loss) income | ($1.30) | ' | ' | ' | $33.60 | $153.30 | $192.80 |
(Loss) earnings per share: basic | ($0.02) | ' | ' | ' | $0.42 | $1.92 | $2.40 |
Earnings per share: diluted | ($0.02) | ' | ' | ' | $0.42 | $1.91 | $2.39 |
Weighted average common shares outstanding: basic | 79.9 | ' | ' | ' | 79.9 | 79.9 | 80.4 |
Weighted average common shares outstanding: diluted | 79.9 | ' | ' | ' | 80.3 | 80.2 | 80.8 |
Dividends declared per share | $0.18 | $0.18 | $0.18 | $0.15 | $0.15 | $0.54 | $0.45 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Other comprehensive (loss) income ,pre tax amount: | ' | ' | ' | ' |
Foreign currency translation adjustments, pre tax amount | ($21.40) | $10.50 | ($14.10) | $3.50 |
Available-for-sale securities, net pre tax amount: | ' | ' | ' | ' |
Unrealized loss, pre tax amount | ' | ' | -0.2 | ' |
Cash flow hedges, pre tax amount: | ' | ' | ' | ' |
Unrealized (loss) gain , pre tax amount | -2.7 | -1.8 | -2.2 | -27.9 |
Reclassification adjustment for losses to net (loss) income, pre tax amount | 2.7 | 2.1 | 15.2 | 1.1 |
Pension plan, pre tax amount: | ' | ' | ' | ' |
Reclassification adjustment to net (loss) income for amortization of actuarial loss, pre tax amount | 0.5 | 0.6 | 1.5 | 1.7 |
Reclassification adjustment to net (loss) income for amortization of net prior service credits, pre tax amount | -0.4 | -0.4 | -1.3 | -1.1 |
Total other comprehensive (loss) pre tax amount | -21.3 | 11 | -1.1 | -22.7 |
Other comprehensive (loss) income , tax (expense) benefit: | ' | ' | ' | ' |
Foreign currency translation adjustments, tax (expense) benefit | 0 | 0 | 0 | 0 |
Available-for-sale securities, tax (expense) benefit: | ' | ' | ' | ' |
Unrealized loss, tax (expense) benefit | 0 | 0 | 0 | 0 |
Cash flow hedges, tax (expense) benefit: | ' | ' | ' | ' |
Unrealized (loss) gain , tax (expense) benefit | 1.2 | 0.3 | 0.9 | 9.6 |
Reclassification adjustment for losses to net (loss) income, tax (expense) benefit | -0.8 | -0.8 | -5.2 | -0.5 |
Pension plan, tax (expense) benefit: | ' | ' | ' | ' |
Reclassification adjustment to net (loss) income for amortization of actuarial loss, tax (expense) benefit | -0.1 | -0.2 | -0.3 | -0.4 |
Reclassification adjustment to net (loss) income for amortization of net prior service credits, tax (expense) benefit | 0.1 | 0.2 | 0.3 | 0.3 |
Total other comprehensive (loss) income, tax (expense) benefit | 0.4 | -0.5 | -4.3 | 9 |
Net (loss) income | -1.3 | 33.6 | 153.3 | 192.8 |
After-tax amount, Foreign currency translation adjustments | ' | ' | ' | ' |
After-tax amount, Foreign currency translation adjustments | -21.4 | 10.5 | -14.1 | 3.5 |
After-tax amount, Available-for-sale securities: | ' | ' | ' | ' |
After-tax amount, Unrealized loss | ' | ' | -0.2 | ' |
After-tax amount, Cash flow hedges: | ' | ' | ' | ' |
After-tax amount, Unrealized (loss) gain | -1.5 | -1.5 | -1.3 | -18.3 |
After-tax amount, Reclassification adjustment for losses to net (loss) income | 1.9 | 1.3 | 10 | 0.6 |
After-tax amount, Pension plan: | ' | ' | ' | ' |
After-tax amount, Reclassification adjustment to net (loss) income for amortization of actuarial loss | 0.4 | 0.4 | 1.2 | 1.3 |
After-tax amount, Reclassification adjustment to net income for amortization of net (loss) prior service credits | -0.3 | -0.2 | -1 | -0.8 |
After-tax amount, Total other comprehensive (loss) income | -20.9 | 10.5 | -5.4 | -13.7 |
Total comprehensive (loss) income | ($22.20) | $44.10 | $147.90 | $179.10 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
In Millions, unless otherwise specified | |||
Current assets: | ' | ' | ' |
Cash and cash equivalents | $87.60 | $247.60 | $87.80 |
Accounts receivable, net | 1,292.10 | 1,374 | 1,123.50 |
Other receivables | 56.7 | 51.5 | 51.2 |
Other current assets | 133.7 | 87 | 86.9 |
Deferred tax assets | 1.6 | 3 | 2.7 |
Income taxes | 21.6 | 6.5 | 16.7 |
Inventories | 2,674.60 | 1,488 | 1,644.90 |
Total current assets | 4,267.90 | 3,257.60 | 3,013.70 |
Non-current assets: | ' | ' | ' |
Property, plant and equipment, net of accumulated depreciation of $839.0, $788.1, and $765.0, respectively | 658.8 | 487.6 | 471.1 |
Goodwill | 524.3 | 26.8 | 23.2 |
Intangible assets, net of accumulated amortization of $6.0 | 461.3 | ' | ' |
Other assets | 133.5 | 87.2 | 83.5 |
Deferred tax assets | 72.8 | 113.7 | 119.9 |
Retirement benefit asset | 59.9 | 56.3 | 54 |
Total assets | 6,178.50 | 4,029.20 | 3,765.40 |
Current liabilities: | ' | ' | ' |
Loans and overdrafts | 221.8 | 19.3 | 46 |
Accounts payable | 396.2 | 162.9 | 244.9 |
Accrued expenses and other current liabilities | 422.7 | 328.5 | 252.5 |
Deferred revenue | 221.6 | 173 | 156.3 |
Deferred tax liabilities | 151.2 | 113.1 | 136.2 |
Income taxes | 3.6 | 103.9 | 6.8 |
Total current liabilities | 1,417.10 | 900.7 | 842.7 |
Non-current liabilities: | ' | ' | ' |
Long-term debt | 1,371.30 | ' | ' |
Other liabilities | 227.2 | 121.7 | 119.3 |
Deferred revenue | 518.8 | 443.7 | 416.2 |
Deferred tax liabilities | 1.8 | ' | 1 |
Total liabilities | 3,536.20 | 1,466.10 | 1,379.20 |
Commitments and contingencies | ' | ' | ' |
Shareholders' equity: | ' | ' | ' |
Common shares of $0.18 par value: authorized 500 shares, 80.2 shares outstanding (February 1, 2014: 80.2 shares outstanding; November 2, 2013: 80.3 shares outstanding) | 15.7 | 15.7 | 15.7 |
Additional paid-in capital | 261.2 | 258.8 | 252.3 |
Other reserves | 0.4 | 0.4 | 0.4 |
Treasury shares at cost: 7.0 shares (February 1, 2014: 7.0 shares; November 2, 2013: 6.9 shares) | -373.2 | -346.2 | -342.6 |
Retained earnings | 2,922.10 | 2,812.90 | 2,649.80 |
Accumulated other comprehensive loss | -183.9 | -178.5 | -189.4 |
Total shareholders' equity | 2,642.30 | 2,563.10 | 2,386.20 |
Total liabilities and shareholders' equity | $6,178.50 | $4,029.20 | $3,765.40 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
In Millions, except Per Share data, unless otherwise specified | |||
Property, plant and equipment, accumulated depreciation | $839 | $788.10 | $765 |
Intangible assets, accumulated amortization | $6 | ' | ' |
Common shares, par value | $0.18 | $0.18 | $0.18 |
Common shares, authorized | 500 | 500 | 500 |
Common shares, outstanding | 80.2 | 80.2 | 80.3 |
Treasury shares, shares | 7 | 7 | 6.9 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Cash flows from operating activities | ' | ' | ' | ' |
Net (loss) income | ($1.30) | $33.60 | $153.30 | $192.80 |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ' | ' | ' | ' |
Depreciation and amortization | 40.3 | 28.3 | 104.8 | 79.4 |
Amortization of unfavorable leases and contracts | -8.9 | ' | -14.8 | ' |
Pension benefit | -0.6 | -0.1 | -1.8 | -0.3 |
Share-based compensation | 3.5 | 3.8 | 10.7 | 10.3 |
Deferred taxation | -28 | 2.2 | -32.2 | -0.3 |
Excess tax benefit from exercise of share awards | ' | ' | -7.7 | -4.5 |
Amortization of debt discount and issuance costs | 1 | 0.1 | 6.5 | 0.3 |
Other | 0.6 | -1.9 | 0.7 | -2.8 |
Changes in operating assets and liabilities: | ' | ' | ' | ' |
Decrease in accounts receivable | 23.5 | 29 | 81.8 | 81.8 |
Increase in other receivables and other assets | -0.9 | -7.6 | -4.9 | -17.5 |
Increase other current assets | -13.8 | -6.6 | -36.5 | -2.6 |
Increase in inventories | -338.2 | -214.9 | -321.1 | -272.3 |
Increase in accounts payable | 161.8 | 109.5 | 132.9 | 80.2 |
Increase (decrease) in accrued expenses and other liabilities | 4 | -9.4 | -15 | -66.5 |
Increase (decrease) in deferred revenue | 8.2 | -0.7 | 29.2 | 6.9 |
Decrease in income taxes payable | -58.2 | -43.6 | -106.7 | -101.8 |
Pension plan contributions | -1 | -1.1 | -3.2 | -3.9 |
Effect of exchange rate changes on currency swaps | -0.1 | -1 | -0.2 | -1.1 |
Net cash used in operating activities | -208.1 | -80.4 | -24.2 | -21.9 |
Investing activities | ' | ' | ' | ' |
Purchase of property, plant and equipment | -75.1 | -53.3 | -165.1 | -106.9 |
Purchase of available-for-sale securities | -3 | ' | -4.2 | ' |
Proceeds from sale of available-for-sale securities | 1.5 | ' | 2.5 | ' |
Net cash (used in) provided by investing activities | -76.6 | -53.3 | -1,596 | -105.5 |
Financing activities | ' | ' | ' | ' |
Dividends paid | -14.4 | -12.1 | -40.8 | -34 |
Proceeds from issuance of common shares | 2.2 | 2.8 | 4.2 | 8 |
Excess tax benefit from exercise of share awards | ' | ' | 7.7 | 4.5 |
Proceeds from senior notes | ' | ' | 398.4 | ' |
Proceeds from term loan | ' | ' | 400 | ' |
Repayments of term loan | -5 | ' | -5 | ' |
Proceeds from securitization facility | 493.4 | ' | 1,424 | ' |
Repayments of securitization facility | -493.4 | ' | -824 | ' |
Proceeds from revolving credit facility | 145 | 35 | 145 | 35 |
Payment of debt issuance costs | -2.1 | ' | -20.5 | ' |
Repurchase of common shares | -7.4 | -25 | -29.8 | -100.1 |
Net settlement of equity based awards | -3 | -0.1 | -18.1 | -9.1 |
Principal payments under capital lease obligations | -0.3 | ' | -0.5 | ' |
Proceeds from short-term borrowings | 43 | 9.3 | 20.8 | 11 |
Net cash (used in) provided by financing activities | 158 | 9.9 | 1,461.40 | -84.7 |
Cash and cash equivalents at beginning of period | 215 | 212.9 | 247.6 | 301 |
Decrease in cash and cash equivalents | -126.7 | -123.8 | -158.8 | -212.1 |
Effect of exchange rate changes on cash and cash equivalents | -0.7 | -1.3 | -1.2 | -1.1 |
Cash and cash equivalents at end of period | 87.6 | 87.8 | 87.6 | 87.8 |
Ultra Stores | ' | ' | ' | ' |
Investing activities | ' | ' | ' | ' |
Acquisition of business, net of cash received | ' | ' | ' | 1.4 |
Zale Corporation | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' |
Net (loss) income | -22.6 | ' | -29.6 | ' |
Investing activities | ' | ' | ' | ' |
Acquisition of business, net of cash received | ' | ' | ($1,429.20) | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statement Of Shareholders' Equity (USD $) | Total | Common shares at par value | Additional paid-in capital | Other reserves | Treasury shares | Retained earnings | Accumulated other comprehensive loss |
In Millions | |||||||
Balance at Feb. 01, 2014 | $2,563.10 | $15.70 | $258.80 | $0.40 | ($346.20) | $2,812.90 | ($178.50) |
Net income | 153.3 | ' | ' | ' | ' | 153.3 | ' |
Other comprehensive income (loss) | -5.4 | ' | ' | ' | ' | ' | -5.4 |
Dividends | -43.2 | ' | ' | ' | ' | -43.2 | ' |
Repurchase of common shares | -29.8 | ' | ' | ' | -29.8 | ' | ' |
Net settlement of equity based awards | -10.4 | ' | -7.7 | ' | -2.1 | -0.6 | ' |
Share options exercised | 4 | ' | -0.6 | ' | 4.9 | -0.3 | ' |
Share-based compensation expense | 10.7 | ' | 10.7 | ' | ' | ' | ' |
Balance at Nov. 01, 2014 | $2,642.30 | $15.70 | $261.20 | $0.40 | ($373.20) | $2,922.10 | ($183.90) |
Principal_accounting_policies_
Principal accounting policies and basis of preparation | 9 Months Ended |
Nov. 01, 2014 | |
Principal accounting policies and basis of preparation | ' |
1. Principal accounting policies and basis of preparation | |
Basis of preparation | |
Signet Jewelers Limited (“Signet” or the “Company”) is a holding company, incorporated in Bermuda, that operates through its subsidiaries. Signet is a leading retailer whose results are principally derived from one business segment – the retailing of jewelry, watches and associated services. | |
On May 29, 2014, the Company completed the acquisition of Zale Corporation (“the Acquisition”) (see Note 20 for further information). Prior to the Acquisition, the Company managed its business as two geographical reportable segments, being the United States of America (the “US”) and the United Kingdom (the “UK”) divisions. In connection with the Acquisition, the Company will no longer report its segments geographically, but by store brand grouping. The former US division operates retail stores under brands including Kay Jewelers, Jared The Galleria Of Jewelry and various regional brands and will be known as Sterling Jewelers division (“Sterling Jewelers”). The former UK division’s retail stores operate under brands including H.Samuel and Ernest Jones and will be known as UK Jewelry division (“UK Jewelry”). | |
In connection with the Acquisition, the Zale division (“Zale”) was added, consisting of two new reportable segments: Zale Jewelry (“Zale Jewelry”) and Piercing Pagoda (“Piercing Pagoda”). Zale Jewelry is comprised of three core national brands, Zales Jewelers, Zales Outlet and Peoples Jewellers and two regional brands, Gordon’s Jewelers and Mappins Jewellers. Each brand specializes in fine jewelry and watches, with merchandise and marketing emphasis focused on diamond products. Zales Jewelers is a national brand in the US providing moderately priced jewelry to a broad range of customers. Zales Outlet operates in outlet malls and neighborhood power centers in the US and capitalizes on Zales Jewelers’ national marketing and brand recognition. Gordon’s Jewelers is a value-oriented regional jeweler. Peoples Jewellers is Canada’s largest fine jewelry retailer. Mappins Jewellers offers customers classic fine jewelry also in Canada. Piercing Pagoda operates mall-based kiosks focused on the opening price point customer. Piercing Pagoda specializes in gold, silver and non-precious metal products that capitalize on the latest fashion trends. | |
In the fourth quarter of Fiscal 2014, subsequent to the November 4, 2013 acquisition of a diamond polishing factory in Gaborone, Botswana, management established a separate reportable segment (“Other”), which consists of all non-reportable operating segments including subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones. | |
These condensed consolidated financial statements included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes included in Signet’s Annual Report on Form 10-K for the year ended February 1, 2014. | |
Use of estimates | |
The preparation of these condensed consolidated 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 condensed consolidated financial statements and reported amounts of revenues 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, fair value of derivatives, depreciation and asset impairment, the valuation of employee benefits, income taxes, contingencies and accounting for business combinations. | |
Fiscal year | |
The Company’s fiscal year ends on the Saturday nearest to January 31st. Fiscal 2015 is the 52 week year ending January 31, 2015 and Fiscal 2014 was the 52 week year ended February 1, 2014. Within these condensed consolidated financial statements, the third quarter and year to date of the relevant fiscal years 2015 and 2014 refer to the 13 and 39 weeks ended November 1, 2014 and November 2, 2013, respectively. | |
Seasonality | |
Signet’s sales are seasonal, with the first quarter slightly exceeding 20% of annual sales, the second and third quarters approximating 20% and the fourth quarter accounting for almost 40% of annual sales, with December being by far the most important month of the year. Sales made in November and December are known as the “Holiday Season.” Due to sales leverage, Signet’s operating income is even more seasonal; about 45% to 55% of Signet’s operating income normally occurs in the fourth quarter, comprised of nearly all of the UK Jewelry and Zale divisions’ operating income and about 40% to 45% of the Sterling Jewelers division’s operating income. | |
Revenue recognition | |
Extended service plans and lifetime warranty agreements | |
Signet recognizes revenue related to lifetime warranty sales in proportion to when the expected costs will be incurred. The deferral period for lifetime warranty sales in each division is determined from patterns of claims costs, including estimates of future claims costs expected to be incurred. Management reviews the trends in claims to assess whether changes are required to the revenue and cost recognition rates utilized. A significant change in estimates related to the time period or pattern in which warranty-related costs are expected to be incurred could materially impact revenues. All direct costs associated with the sale of these plans are deferred and amortized in proportion to the revenue recognized and disclosed as either other current assets or other assets. | |
The Sterling Jewelers division sells extended service plans where it is obliged, subject to certain conditions, to perform repair work over the lifetime of the product. Revenue from the sale of extended service plans is deferred and recognized over 14 years, with approximately 45% of revenue recognized within the first two years. | |
The Zale division also sells extended service plans. Zale Jewelry customers are offered lifetime warranties on certain products that cover sizing and breakage with an option to purchase theft protection for a two-year period. Revenue from the sale of lifetime extended service plans is deferred and recognized over 10 years, with approximately 69% of revenue recognized within the first two years. Revenues related to the optional theft protection are deferred and recognized over the two-year contract period on a straight-line basis. Zale Jewelry customers are also offered a two-year watch warranty and a one-year warranty that covers breakage. Piercing Pagoda customers are also offered a one-year warranty that covers breakage. Revenue from the two-year watch warranty and one-year breakage warranty is recognized on a straight-line basis over the respective contract terms. | |
Goodwill | |
Goodwill represents the excess of the purchase price of acquisitions over the Company’s interest in the fair value of the identifiable assets and liabilities acquired. Goodwill is recorded by the Company’s reporting units based on the acquisitions made by each. Goodwill is not amortized, but is reviewed for impairment and is required to be tested at least annually or whenever events or circumstances indicate it is more likely than not that a reporting unit’s fair value is less than its carrying value. The annual testing date for goodwill allocated to the Sterling Jewelers reporting unit is the last day of the fourth quarter. The annual testing date for goodwill allocated to the reporting units associated with the Zale division and the Other reporting unit is May 31. | |
The Company may elect to perform a qualitative assessment for each reporting unit to determine whether it is more likely than not that the fair value of the reporting unit is greater than its carrying value. If a qualitative assessment is not performed, or if as a result of a qualitative assessment it is not more likely than not that the fair value of a reporting unit exceeds its carrying value, then the reporting unit’s fair value is compared to its carrying value. Fair value is determined through the income approach using discounted cash flow models or market-based methodologies. Significant estimates used in these discounted cash flow models include: the weighted average cost of capital; long-term growth rates; expected changes to selling prices, direct costs and profitability of the business; and working capital requirements. Management estimates discount rates using post-tax rates that reflect assessments of the time value of money and Company-specific risks. If the carrying value exceeds the estimated fair value, the Company determines the fair value of all assets and liabilities of the reporting unit, including the implied fair value of goodwill. If the carrying value of goodwill exceeds the implied fair value, the Company recognizes an impairment charge equal to the difference. | |
See Note 20 for additional discussion of the goodwill recorded by the Company during the second quarter of Fiscal 2015. There have been no goodwill impairment losses recorded during the fiscal periods presented in these condensed consolidated financial statements. If future economic conditions and performance results are different than those projected by management, future impairment charges may be required. See Note 10 for additional information related to goodwill. | |
Intangible assets | |
Intangible assets with definite lives are amortized and reviewed for impairment whenever events or circumstances indicate that the carrying amount of the asset may not be recoverable. If the estimated undiscounted future cash flows related to the asset are less than the carrying amount, the Company recognizes an impairment loss equal to the difference between the carrying value and the estimated fair value, usually determined by the estimated discounted future cash flows of the asset. | |
Intangible assets with indefinite lives are reviewed for impairment each year in the fourth quarter and may be reviewed more frequently if certain events occur or circumstances change. First, the Company performs a qualitative assessment to determine whether it is more likely than not that the indefinite-lived intangible asset is impaired. If the Company determines that it is more likely than not that the fair value of the asset is less than its carrying amount, the Company estimates the fair value, usually determined by the estimated discounted future cash flows of the asset, compares that value with its carrying amount and records an impairment charge, if any. | |
If future economic conditions are different than those projected by management, future impairment charges may be required. See Note 10 for additional information on intangible assets. | |
Capital leases | |
The Zale division has capital leases related to vehicles used by field management. The vehicles are included in property, plant and equipment in the accompanying condensed consolidated balance sheets and are depreciated over a four-year lease term. See Note 19 for additional information. | |
New accounting pronouncements adopted during the period | |
Presentation of unrecognized tax benefit | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The new guidance requires, unless certain conditions exist, an unrecognized tax benefit to be presented as a reduction to a deferred tax asset in the financial statements for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. Signet adopted this guidance effective for the first quarter ended May 3, 2014 and the implementation of this accounting pronouncement did not have an impact on Signet’s condensed consolidated financial statements. | |
New accounting pronouncements to be adopted in future periods | |
Revenue recognition | |
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The new guidance affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 provides alternative methods of retrospective adoption and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. Signet is currently assessing the impact, if any, as well as the available methods of implementation, that the adoption of this accounting pronouncement will have on its consolidated financial statements. | |
Share-based compensation | |
In June 2014, the FASB issued ASU No. 2014-12, “Compensation — Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” The new guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. ASU No. 2014-12 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, with early adoption permitted. Signet is currently assessing the impact, if any, that the adoption of this accounting pronouncement will have on its consolidated financial statements. | |
Reclassification | |
Signet has reclassified the presentation of certain prior year information to conform to the current year presentation. |
Segment_information
Segment information | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Segment information | ' | ||||||||||||||||
2. Segment information | |||||||||||||||||
On May 29, 2014, the Company completed the Acquisition (see Note 20 for further information). Prior to the Acquisition, the Company managed its business as two geographical reportable segments, being the US and UK divisions. In connection with the Acquisition, the Company will no longer report its segments geographically, but by store brand grouping. The former US division operates retail stores under brands including Kay Jewelers, Jared The Galleria Of Jewelry and various regional brands and will be known as Sterling Jewelers division. The former UK division’s retail stores operate under brands including H.Samuel and Ernest Jones and will be known as UK Jewelry division. | |||||||||||||||||
In connection with the Acquisition, the Zale division was added, consisting of two new reportable segments: Zale Jewelry and Piercing Pagoda. Zale Jewelry is comprised of three core national brands, Zales Jewelers, Zales Outlet and Peoples Jewellers and two regional brands, Gordon’s Jewelers and Mappins Jewellers. Each brand specializes in fine jewelry and watches, with merchandise and marketing emphasis focused on diamond products. Zales Jewelers is a national brand in the US providing moderately priced jewelry to a broad range of customers. Zales Outlet operates in outlet malls and neighborhood power centers in the US and capitalizes on Zales Jewelers’ national marketing and brand recognition. Gordon’s Jewelers is a value-oriented regional jeweler. Peoples Jewellers is Canada’s largest fine jewelry retailer. Mappins Jewellers offers customers classic fine jewelry also in Canada. Piercing Pagoda operates mall-based kiosks focused on the opening price point customer. Piercing Pagoda specializes in gold, silver and non-precious metal products that capitalize on the latest fashion trends. | |||||||||||||||||
In the fourth quarter of Fiscal 2014, subsequent to the November 4, 2013 acquisition of a diamond polishing factory in Gaborone, Botswana, management established a separate reportable segment, Other, which consists of all non-reportable segments including subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones. This segment will be aggregated with corporate administrative functions for segment reporting. Prior year results have been revised to reflect this change. All inter-segment sales and transfers are eliminated. | |||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | November 1, | November 2, | November 1, | November 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Sales: | |||||||||||||||||
Sterling Jewelers | $ | 692.8 | $ | 631.3 | $ | 2,406.70 | $ | 2,229.60 | |||||||||
UK Jewelry | 151 | 139.3 | 465.6 | 413.4 | |||||||||||||
Zale Jewelry | 289.1 | — | 504.1 | — | |||||||||||||
Piercing Pagoda | 42.3 | — | 74.8 | — | |||||||||||||
Other | 2.7 | 0.8 | 8.7 | 2.2 | |||||||||||||
Total sales | $ | 1,177.90 | $ | 771.4 | $ | 3,459.90 | $ | 2,645.20 | |||||||||
Operating income (loss): | |||||||||||||||||
Sterling Jewelers | $ | 68.1 | $ | 60.6 | $ | 364.3 | $ | 325.3 | |||||||||
UK Jewelry | (2.7 | ) | (4.4 | ) | (1.6 | ) | (9.3 | ) | |||||||||
Zale Jewelry | (26.7 | )(1) | — | (34.7 | )(1) | — | |||||||||||
Piercing Pagoda | (7.8 | )(2) | — | (9.6 | )(2) | — | |||||||||||
Other | (20.2 | )(3) | (4.6 | ) | (73.5 | )(3) | (16.1 | ) | |||||||||
Total operating income | $ | 10.7 | $ | 51.6 | $ | 244.9 | $ | 299.9 | |||||||||
-1 | Includes net operating loss of $11.0 million and $20.4 million related to purchase accounting adjustments associated with the acquisition of Zale Corporation for the 13 and 39 weeks ended November 1, 2014, respectively. See Note 20 for additional information. | ||||||||||||||||
-2 | Includes net operating loss of $2.6 million and $4.7 million related to purchase accounting adjustments associated with the acquisition of Zale Corporation for the 13 and 39 weeks ended November 1, 2014, respectively. See Note 20 for additional information. | ||||||||||||||||
-3 | Includes $11.4 million and $50.6 million of transaction-related and integration expense as well as severance-related costs for the 13 and 39 weeks ended November 1, 2014, respectively. | ||||||||||||||||
(in millions) | November 1, | February 1, | November 2, | ||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||
Total assets: | |||||||||||||||||
Sterling Jewelers | $ | 3,477.20 | $ | 3,311.00 | $ | 3,174.30 | |||||||||||
UK Jewelry | 484.5 | 484.6 | 495.3 | ||||||||||||||
Zale Jewelry | 1,942.60 | — | — | ||||||||||||||
Piercing Pagoda | 158.8 | — | — | ||||||||||||||
Other | 115.4 | 233.6 | 95.8 | ||||||||||||||
Total assets | $ | 6,178.50 | $4,029.20 | $ | 3,765.40 | ||||||||||||
Foreign_currency_translation
Foreign currency translation | 9 Months Ended |
Nov. 01, 2014 | |
Foreign currency translation | ' |
3. Foreign currency translation | |
Assets and liabilities denominated in the British pound and the Canadian dollar are translated into the US dollar at the exchange rate prevailing at the balance sheet date. Equity accounts denominated in the British pound and Canadian dollar are translated into US dollars at historical exchange rates. Revenues and expenses denominated in the British pound and Canadian dollar are translated into the US dollar at the monthly average exchange rate for the period. Gains and losses resulting from foreign currency transactions are included within the condensed consolidated statements of operations, whereas translation adjustments and gains and losses related to intercompany loans of a long-term investment nature are recognized as a component of accumulated other comprehensive income (loss) (“OCI”). In addition, as the majority of the sales and expenses related to the factory in Gaborone, Botswana are transacted in US dollars, there is no related foreign currency translation as the US dollar is the functional currency. |
Income_taxes
Income taxes | 9 Months Ended |
Nov. 01, 2014 | |
Income taxes | ' |
4. Income taxes | |
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, Canada and certain other foreign jurisdictions. Signet is subject to examination by the US federal and state and Canadian tax authorities for tax years ending after November 1, 2008 and is subject to examination by the UK tax authority for tax years ending after January 31, 2012. | |
As of November 1, 2014, Signet had $6.3 million of unrecognized tax benefits related to uncertain tax positions, all of which would favorably affect the effective income tax rate if resolved in Signet’s favor. The unrecognized tax benefits increased by $1.7 million during the 39 week period ended November 1, 2014 related to positions taken by Zale Corporation prior to the Acquisition. The unrecognized tax benefits relate primarily to financing arrangements and intra-group charges which are subject to different and changing interpretations of tax law. | |
Signet recognizes accrued interest and, where appropriate, penalties related to unrecognized tax benefits within income tax expense. As of November 1, 2014, Signet had accrued interest of $1.1 million. The accrued interest increased by $0.8 million during the 39 week period ended November 1, 2014 related to tax positions taken by Zale Corporation prior to the Acquisition. Signet had $0.6 million of accrued penalties as of November 1, 2014, all of which related to tax positions taken by Zale Corporation prior to the Acquisition. | |
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 November 1, 2014, due to settlement of the uncertain tax positions with the tax authorities. |
Earnings_per_share
Earnings per share | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Earnings per share | ' | ||||||||||||||||
5. Earnings per share | |||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions, except per share amounts) | November 1, | November 2, | November 1, | November 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net (loss) income | $ | (1.3 | ) | $ | 33.6 | $ | 153.3 | $ | 192.8 | ||||||||
Basic weighted average number of shares outstanding | 79.9 | 79.9 | 79.9 | 80.4 | |||||||||||||
Dilutive effect of share awards | — | 0.4 | 0.3 | 0.4 | |||||||||||||
Diluted weighted average number of shares outstanding | 79.9 | 80.3 | 80.2 | 80.8 | |||||||||||||
(Loss) earnings per share – basic | $ | (0.02 | ) | $ | 0.42 | $ | 1.92 | $ | 2.4 | ||||||||
(Loss) earnings per share – diluted | $ | (0.02 | ) | $ | 0.42 | $ | 1.91 | $ | 2.39 | ||||||||
The basic weighted average number of shares excludes non-vested time-based restricted shares, shares held by the Employee Stock Ownership Trust and treasury shares. Such shares are not considered outstanding and do not qualify for dividends, except for time-based restricted shares for which dividends are earned and payable by the Company subject to full vesting. The effect of excluding these shares is to reduce the average number of shares in the 13 and 39 week periods ended November 1, 2014 by 7,293,902 and 7,288,741 shares, respectively (13 and 39 week periods ended November 2, 2013: 7,287,686 and 6,833,816 shares, respectively). The calculation of fully diluted earnings per share for the 13 and 39 week periods ended November 1, 2014 excludes 525,561 and 32,504 non-vested time-based restricted shares (13 and 39 week periods ended November 2, 2013: 87,809 and 64,884 shares, respectively) on the basis that their effect on earnings per share would be anti-dilutive. |
Shareholders_equity
Shareholders' equity | 9 Months Ended | ||||||||||||||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||||||||||||||
Shareholders' equity | ' | ||||||||||||||||||||||||||||
6. Shareholders’ equity | |||||||||||||||||||||||||||||
Share repurchase | |||||||||||||||||||||||||||||
39 weeks ended November 1, 2014 | 39 weeks ended November 2, 2013 | ||||||||||||||||||||||||||||
Amount | Shares | Amount | Average | Shares | Amount | Average | |||||||||||||||||||||||
authorized | repurchased | repurchased | repurchase | repurchased | repurchased | repurchase | |||||||||||||||||||||||
price per | price per | ||||||||||||||||||||||||||||
share | share | ||||||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | |||||||||||||||||||||||||||
2013 Program(1) | $ | 350 | 288,393 | $ | 29.8 | $ | 103.37 | 746,326 | $ | 50 | $ | 66.99 | |||||||||||||||||
2011 Program(2) | $ | 350 | n/a | n/a | n/a | 749,245 | 50.1 | 66.92 | |||||||||||||||||||||
Total | 288,393 | $ | 29.8 | 1,495,571 | $ | 100.1 | |||||||||||||||||||||||
-1 | In June 2013, the Board of Directors authorized the repurchase of up to $350 million of Signet’s common shares (the “2013 Program”). The 2013 Program may be suspended or discontinued at any time without notice. The 2013 Program had $265.6 million remaining as of November 1, 2014. | ||||||||||||||||||||||||||||
-2 | In October 2011, the Board of Directors authorized the repurchase of up to $300 million of Signet’s common shares (the “2011 Program”), which authorization was subsequently increased to $350 million. The 2011 Program was completed as of May 4, 2013. | ||||||||||||||||||||||||||||
n/a | Not applicable. | ||||||||||||||||||||||||||||
Signet repurchased 68,261 shares in the third quarter of Fiscal 2015 at an average of $109.18 per share. In the third quarter of Fiscal 2014, Signet repurchased 371,713 shares at an average cost of $67.26 per share. | |||||||||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||||||
Fiscal 2015 | Fiscal 2014 | ||||||||||||||||||||||||||||
Cash dividend | Total | Cash dividend | Total | ||||||||||||||||||||||||||
per share | dividends | per share | dividends | ||||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||||
First quarter(1) | $ | 0.18 | $ | 14.4 | (2) | $ | 0.15 | $ | 12.1 | ||||||||||||||||||||
Second quarter | $ | 0.18 | $ | 14.4 | (3) | $ | 0.15 | $ | 12.1 | ||||||||||||||||||||
Third quarter | $ | 0.18 | $ | 14.4 | (4) | $ | 0.15 | $ | 12 | ||||||||||||||||||||
-1 | Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As a result, the fourth quarter Fiscal 2014 $0.15 per share cash dividend was paid on February 27, 2014 in the aggregate amount of $12.0 million. | ||||||||||||||||||||||||||||
-2 | The first quarter Fiscal 2015 $0.18 per share cash dividend was paid on May 28, 2014 in the aggregate amount of $14.4 million. | ||||||||||||||||||||||||||||
-3 | The second quarter Fiscal 2015 $0.18 per share cash dividend was paid on August 27, 2014 in the aggregate amount of $14.4 million. | ||||||||||||||||||||||||||||
-4 | As of November 1, 2014, $14.4 million has been recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividend declared on August 26, 2014, which has a record date of October 31, 2014 and a payment date of November 25, 2014. | ||||||||||||||||||||||||||||
Reclassification | |||||||||||||||||||||||||||||
During the second quarter of Fiscal 2015, $234.8 million was reclassified from other reserves within shareholders’ equity to retained earnings as the restrictions related to this amount were released. The presentation in previous periods has been adjusted to conform to the current period presentation. |
Accumulated_other_comprehensiv
Accumulated other comprehensive (loss) income | 9 Months Ended | ||||||||||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||||||||||
Accumulated other comprehensive (loss) income | ' | ||||||||||||||||||||||||
7. Accumulated other comprehensive (loss) income | |||||||||||||||||||||||||
Pension plan | |||||||||||||||||||||||||
(in millions) | Foreign | Losses on | (Losses) | Actuarial | Prior | Accumulated | |||||||||||||||||||
currency | available-for- | gains on | (losses) | service | other | ||||||||||||||||||||
translation | sale | cash flow | gains | credit | comprehensive | ||||||||||||||||||||
securities, net | hedges | (cost) | (loss) income | ||||||||||||||||||||||
Balance at February 1, 2014 | $ | (137.0 | ) | $ | — | $ | (14.3 | ) | $ | (42.5 | ) | $ | 15.3 | $ | (178.5 | ) | |||||||||
OCI before reclassifications | (14.1 | ) | (0.2 | ) | (1.3 | ) | — | — | (15.6 | ) | |||||||||||||||
Amounts reclassified from accumulated OCI | — | — | 10 | 1.2 | (1.0 | ) | 10.2 | ||||||||||||||||||
Net current-period OCI | (14.1 | ) | (0.2 | ) | 8.7 | 1.2 | (1.0 | ) | (5.4 | ) | |||||||||||||||
Balance at November 1, 2014 | $ | (151.1 | ) | $ | (0.2 | ) | $ | (5.6 | ) | $ | (41.3 | ) | $ | 14.3 | $ | (183.9 | ) | ||||||||
Amounts reclassified from accumulated OCI | |||||||||||||||||||||||||
13 weeks ended | 39 weeks ended | Statement of operations caption | |||||||||||||||||||||||
(in millions) | November 1, | November 2, | November 1, | November 2, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Losses (Gains) on cash flow hedges: | |||||||||||||||||||||||||
Foreign currency contracts | $ | 0.3 | $ | (0.2 | ) | $ | 0.6 | $ | (0.6 | ) | Cost of sales (see Note 15) | ||||||||||||||
Commodity contracts | 2.4 | 2.3 | 14.6 | 1.7 | Cost of sales (see Note 15) | ||||||||||||||||||||
Total before income tax | 2.7 | 2.1 | 15.2 | 1.1 | |||||||||||||||||||||
(0.8 | ) | (0.8 | ) | (5.2 | ) | (0.5 | ) | Income taxes | |||||||||||||||||
Net of tax | 1.9 | 1.3 | 10 | 0.6 | |||||||||||||||||||||
Defined benefit pension plan items: | |||||||||||||||||||||||||
Amortization of unrecognized net prior service credits | (0.4 | ) | (0.4 | ) | (1.3 | ) | (1.1 | ) | Selling, general and administrative expenses(1) | ||||||||||||||||
Amortization of unrecognized actuarial loss | 0.5 | 0.6 | 1.5 | 1.7 | Selling, general and administrative expenses(1) | ||||||||||||||||||||
Total before income tax | 0.1 | 0.2 | 0.2 | 0.6 | |||||||||||||||||||||
— | — | — | (0.1 | ) | Income taxes | ||||||||||||||||||||
Net of tax | 0.1 | 0.2 | 0.2 | 0.5 | |||||||||||||||||||||
Total reclassifications | $ | 2 | $ | 1.5 | $ | 10.2 | $ | 1.1 | |||||||||||||||||
-1 | These items are included in the computation of net periodic pension benefit (cost). See Note 16 for additional information. |
Accounts_receivable_net
Accounts receivable, net | 9 Months Ended | ||||||||||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||||||||||
Accounts receivable, net | ' | ||||||||||||||||||||||||
8. Accounts receivable, net | |||||||||||||||||||||||||
Signet’s accounts receivable primarily consist of Sterling Jewelers’ customer in-house financing receivables. The accounts receivable portfolio consists of a population that has similar characteristics and is evaluated collectively for impairment. The allowance is an estimate of the expected losses as of the balance sheet date, and is calculated using a proprietary model that analyzes factors such as delinquency rates and recovery rates. A 100% allowance is made for any amount that is more than 90 days aged on a recency basis and any amount associated with an account the owner of which has filed for bankruptcy, as well as an allowance for those amounts 90 days aged and under based on historical loss information and payment performance. The calculation is reviewed by management to assess whether, based on economic events, additional analyses are required to appropriately estimate losses inherent in the portfolio. | |||||||||||||||||||||||||
(in millions) | November 1, | February 1, | November 2, | ||||||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||||||
Accounts receivable by portfolio segment, net: | |||||||||||||||||||||||||
Sterling Jewelers customer in-house finance receivables | $ | 1,280.30 | $ | 1,356.00 | $ | 1,111.80 | |||||||||||||||||||
Other accounts receivable | 11.8 | 18 | 11.7 | ||||||||||||||||||||||
Total accounts receivable, net | $ | 1,292.10 | $ | 1,374.00 | $ | 1,123.50 | |||||||||||||||||||
Sterling Jewelers grants credit to customers based on a variety of credit quality indicators, including customer 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. | |||||||||||||||||||||||||
Other accounts receivable is comprised primarily of gross accounts receivable relating to the insurance loss replacement business in the UK Jewelry division of $9.5 million (February 1, 2014 and November 2, 2013: $12.8 million and $9.9 million, respectively) with a corresponding valuation allowance of $0.3 million (February 1, 2014 and November 2, 2013: $0.3 million and $0.5 million, respectively). The credit function for the Zale division is outsourced and, as such, no material accounts receivable exist as of November 1, 2014. | |||||||||||||||||||||||||
Allowance for credit losses on Sterling Jewelers’ customer in-house finance receivables: | |||||||||||||||||||||||||
(in millions) | 39 weeks | 52 weeks | 39 weeks | ||||||||||||||||||||||
ended | ended | ended | |||||||||||||||||||||||
November 1, | February 1, | November 2, | |||||||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||||||
Beginning balance | $ | (97.8 | ) | $ | (87.7 | ) | $ | (87.7 | ) | ||||||||||||||||
Charge-offs | 101 | 128.2 | 91 | ||||||||||||||||||||||
Recoveries | 22.1 | 26 | 19.9 | ||||||||||||||||||||||
Provision expense | (127.9 | ) | (164.3 | ) | (112.8 | ) | |||||||||||||||||||
Ending balance | $ | (102.6 | ) | $ | (97.8 | ) | $ | (89.6 | ) | ||||||||||||||||
Ending receivable balance evaluated for impairment | 1,382.90 | 1,453.80 | 1,201.40 | ||||||||||||||||||||||
Sterling Jewelers’ customer in-house finance receivables, net | $ | 1,280.30 | $ | 1,356.00 | $ | 1,111.80 | |||||||||||||||||||
Net bad debt expense is calculated as provision expense less recoveries. | |||||||||||||||||||||||||
Credit quality indicator and age analysis of past due Sterling Jewelers’ customer in-house finance receivables: | |||||||||||||||||||||||||
November 1, | February 1, | November 2, | |||||||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||||||
(in millions) | Gross | Valuation | Gross | Valuation | Gross | Valuation | |||||||||||||||||||
allowance | allowance | allowance | |||||||||||||||||||||||
Performing: | |||||||||||||||||||||||||
Current, aged 0-30 days | $ | 1,087.90 | $ | (33.2 | ) | $ | 1,170.40 | $ | (36.3 | ) | $ | 946.9 | $ | (29.0 | ) | ||||||||||
Past due, aged 31-90 days | 233.8 | (8.2 | ) | 229.9 | (8.0 | ) | 201.1 | (7.2 | ) | ||||||||||||||||
Non Performing: | |||||||||||||||||||||||||
Past due, aged more than 90 days | 61.2 | (61.2 | ) | 53.5 | (53.5 | ) | 53.4 | (53.4 | ) | ||||||||||||||||
$ | 1,382.90 | $ | (102.6 | ) | $ | 1,453.80 | $ | (97.8 | ) | $ | 1,201.40 | $ | (89.6 | ) | |||||||||||
November 1, | February 1, | November 2, | |||||||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||||||
(as a percentage of the ending receivable balance) | Gross | Valuation | Gross | Valuation | Gross | Valuation | |||||||||||||||||||
allowance | allowance | allowance | |||||||||||||||||||||||
Performing | 95.6 | % | 3.1 | % | 96.3 | % | 3.2 | % | 95.6 | % | 3.2 | % | |||||||||||||
Non Performing | 4.4 | % | 100 | % | 3.7 | % | 100 | % | 4.4 | % | 100 | % | |||||||||||||
100 | % | 7.4 | % | 100 | % | 6.7 | % | 100 | % | 7.5 | % | ||||||||||||||
Securitized credit card receivables | |||||||||||||||||||||||||
The Sterling Jewelers division securitizes a portion of its credit card receivables through its Sterling Jewelers Receivables Master Note Trust established on May 15, 2014. See Note 19 for additional information on this asset-backed securitization facility. |
Inventories
Inventories | 9 Months Ended | ||||||||||||
Nov. 01, 2014 | |||||||||||||
Inventories | ' | ||||||||||||
9. Inventories | |||||||||||||
The following table summarizes the details of the Company’s inventory: | |||||||||||||
(in millions) | November 1, | February 1, | November 2, | ||||||||||
2014 | 2014 | 2013 | |||||||||||
Raw materials | $ | 69.9 | $ | 41.8 | $ | 48.9 | |||||||
Finished goods | 2,604.70 | 1,446.20 | 1,596.00 | ||||||||||
Total inventories | $ | 2,674.60 | $ | 1,488.00 | $ | 1,644.90 | |||||||
Goodwill_and_intangibles
Goodwill and intangibles | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||||||||||||||||||||||
Goodwill and intangibles | ' | ||||||||||||||||||||||||||||||||||||
10. Goodwill and intangibles | |||||||||||||||||||||||||||||||||||||
The following table summarizes the Company’s goodwill by reportable segment: | |||||||||||||||||||||||||||||||||||||
(in millions) | Sterling | UK | Zale | Piercing | Other | Total | |||||||||||||||||||||||||||||||
Jewelers | Jewelry | Jewelry | Pagoda | ||||||||||||||||||||||||||||||||||
Balance at February 2, 2013 | $ | 24.6 | $ | — | $ | — | $ | — | $ | — | $ | 24.6 | |||||||||||||||||||||||||
Acquisitions(1) | (1.4 | ) | — | — | — | 3.6 | 2.2 | ||||||||||||||||||||||||||||||
Balance at February 1, 2014 | 23.2 | — | — | — | 3.6 | 26.8 | |||||||||||||||||||||||||||||||
Acquisitions(1) | — | — | 497.5 | — | — | 497.5 | |||||||||||||||||||||||||||||||
Balance at November 1, 2014 | $ | 23.2 | $ | — | $ | 497.5 | $ | — | $ | 3.6 | $ | 524.3 | |||||||||||||||||||||||||
-1 | See Note 20 for additional discussion of the goodwill recorded by the Company during Fiscal 2014 and Fiscal 2015. | ||||||||||||||||||||||||||||||||||||
There have been no goodwill impairment losses recorded during the fiscal periods presented in these condensed consolidated financial statements. If future economic conditions are different than those projected by management, future impairment charges may be required. | |||||||||||||||||||||||||||||||||||||
Intangible Assets | |||||||||||||||||||||||||||||||||||||
Intangible assets with indefinite and definite lives represent the Zale trade names and favorable leases, which are included in intangible assets, net on the condensed consolidated balance sheets. The following table provides additional detail regarding the composition of intangible assets as of November 1, 2014, February 1, 2014 and November 2, 2013. | |||||||||||||||||||||||||||||||||||||
November 1, 2014 | February 1, 2014 | November 2, 2013 | |||||||||||||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||||||||||
carrying | amortization | carrying | carrying | amortization | carrying | carrying | amortization | carrying | |||||||||||||||||||||||||||||
amount | amount | amount | amount | amount | amount | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Definite-lived intangible assets | |||||||||||||||||||||||||||||||||||||
Trade names | $ | 1.6 | $ | (0.1 | ) | $ | 1.5 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Favorable leases | 49.7 | (5.9 | ) | 43.8 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total definite-lived intangible assets | 51.3 | (6.0 | ) | 45.3 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Indefinite-lived trade names | 416 | — | 416 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total intangible assets, net | $ | 467.3 | $ | (6.0 | ) | $ | 461.3 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Other_assets
Other assets | 9 Months Ended | ||||||||||||
Nov. 01, 2014 | |||||||||||||
Other assets | ' | ||||||||||||
11. Other assets | |||||||||||||
The following table summarizes the Company’s non-current other assets: | |||||||||||||
(in millions) | November 1, | February 1, | November 2, | ||||||||||
2014 | 2014 | 2013 | |||||||||||
Deferred extended service plan costs | $ | 64.8 | $ | 61.9 | $ | 58.4 | |||||||
Investments(1) | 23.5 | — | — | ||||||||||
Other assets | 45.2 | 25.3 | 25.1 | ||||||||||
Total other assets | $ | 133.5 | $ | 87.2 | $ | 83.5 | |||||||
-1 | See Note 14 for additional discussion of the investment balances. | ||||||||||||
In addition, other current assets include deferred direct costs in relation to the sale of extended service plans (“ESP”) of $23.1 million as of November 1, 2014 (February 1, 2014 and November 2, 2013: $21.9 million and $20.7 million, respectively). |
Deferred_revenue
Deferred revenue | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Deferred revenue | ' | ||||||||||||||||
12. Deferred revenue | |||||||||||||||||
Deferred revenue is comprised primarily of ESP and voucher promotions as follows: | |||||||||||||||||
(in millions) | November 1, | February 1, | November 2, | ||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||
Sterling Jewelers ESP deferred revenue | $ | 626.3 | $ | 601.2 | $ | 564.4 | |||||||||||
Zale ESP deferred revenue | 104.7 | — | — | ||||||||||||||
Voucher promotions and other | 9.4 | 15.5 | 8.1 | ||||||||||||||
Total deferred revenue | $ | 740.4 | $ | 616.7 | $ | 572.5 | |||||||||||
Presented as: | |||||||||||||||||
Current liabilities | $ | 221.6 | $ | 173 | $ | 156.3 | |||||||||||
Non-current liabilities | 518.8 | 443.7 | 416.2 | ||||||||||||||
Total deferred revenue | $ | 740.4 | $ | 616.7 | $ | 572.5 | |||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | November 1, | November 2, | November 1, | November 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Sterling Jewelers ESP deferred revenue, beginning of period | $ | 626.6 | $ | 567 | $ | 601.2 | $ | 549.7 | |||||||||
Plans sold | 47.4 | 40.6 | 165.5 | 142 | |||||||||||||
Revenues recognized | (47.7 | ) | (43.2 | ) | (140.4 | ) | (127.3 | ) | |||||||||
Sterling Jewelers ESP deferred revenue, end of period | $ | 626.3 | $ | 564.4 | $ | 626.3 | $ | 564.4 | |||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | November 1, | November 2, | November 1, | November 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Zale ESP deferred revenue, beginning of period | $ | 99.4 | n/a | $ | — | n/a | |||||||||||
Plans acquired | — | n/a | 93.3 | n/a | |||||||||||||
Plans sold | 25.4 | n/a | 44.7 | n/a | |||||||||||||
Revenues recognized | (20.1 | ) | n/a | (33.3 | ) | n/a | |||||||||||
Zale ESP deferred revenue, end of period | $ | 104.7 | n/a | $ | 104.7 | n/a | |||||||||||
n/a | Not applicable as the Acquisition occurred during Fiscal 2015. |
Warranty_reserve
Warranty reserve | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Warranty reserve | ' | ||||||||||||||||
13. Warranty reserve | |||||||||||||||||
Sterling Jewelers and Zale provide a product lifetime diamond guarantee as long as six-month inspections are performed and certified by an authorized store representative. Provided the customer has complied with the six-month inspection policy, the Company will replace, at no cost to the customer, any stone that chips, breaks or is lost from its original setting during normal wear. Management estimates the warranty accrual based on the lag of actual claims experience and the costs of such claims, inclusive of labor and material. Sterling Jewelers also provides a similar product lifetime guarantee on color gemstones. The warranty reserve for diamond and gemstone guarantee, included in accrued expenses and other current liabilities, and other non-current liabilities, is as follows: | |||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | November 1, | November 2, | November 1, | November 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Warranty reserve, beginning of period | $ | 48.1 | $ | 18.6 | $ | 19.1 | $ | 18.5 | |||||||||
Warranty obligations acquired | — | — | 28.8 | — | |||||||||||||
Warranty expense | 1.2 | 1.8 | 5.2 | 5.3 | |||||||||||||
Utilized | (2.6 | ) | (1.6 | ) | (6.4 | ) | (5.0 | ) | |||||||||
Warranty reserve, end of period | $ | 46.7 | $ | 18.8 | $ | 46.7 | $ | 18.8 | |||||||||
(in millions) | November 1, | February 1, | November 2, | ||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||
Presented as: | |||||||||||||||||
Current liabilities | $ | 17.6 | $ | 6.7 | $ | 6.6 | |||||||||||
Non-current liabilities | 29.1 | 12.4 | 12.2 | ||||||||||||||
Total warranty reserve | $ | 46.7 | $ | 19.1 | $ | 18.8 | |||||||||||
Investments
Investments | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Investments | ' | ||||||||||||||||
14. Investments | |||||||||||||||||
Investments in debt and equity securities held by certain insurance subsidiaries, acquired as part of the Acquisition, are reported as other assets in the accompanying condensed consolidated balance sheets. Investments are recorded at fair value based on quoted market prices for identical or similar securities in active markets. All investments are classified as available-for-sale. | |||||||||||||||||
Investments consist of the following: | |||||||||||||||||
November 1, 2014 | November 2, 2013 | ||||||||||||||||
(in millions) | Cost | Fair Value | Cost | Fair Value | |||||||||||||
US Treasury securities | $ | 9.7 | $ | 9.6 | $ | n/a | $ | n/a | |||||||||
US government agency securities | 1.4 | 1.3 | n/a | n/a | |||||||||||||
Corporate bonds and notes | 9.3 | 9.3 | n/a | n/a | |||||||||||||
Corporate equity securities | 3.3 | 3.3 | n/a | n/a | |||||||||||||
$ | 23.7 | $ | 23.5 | $ | n/a | $ | n/a | ||||||||||
n/a | Not applicable as all investments were acquired as part of the Acquisition that occurred during Fiscal 2015. | ||||||||||||||||
At November 1, 2014, the carrying value of investments included a net unrealized loss of $0.2 million, which is included in accumulated OCI. Realized gains and losses on investments are determined on the specific identification basis. There were no material net realized gains or losses during the 13 or 39 weeks ended November 1, 2014. Investments with a carrying value of $7.4 million were on deposit with various state insurance departments at November 1, 2014, as required by law. | |||||||||||||||||
Debt securities outstanding as of November 1, 2014 mature as follows: | |||||||||||||||||
(in millions) | Cost | Fair Value | |||||||||||||||
Less than one year | $ | 1.5 | $ | 1.5 | |||||||||||||
Year two through year five | 11.6 | 11.5 | |||||||||||||||
Year six through year ten | 7.2 | 7.1 | |||||||||||||||
After ten years | 0.1 | 0.1 | |||||||||||||||
$ | 20.4 | $ | 20.2 | ||||||||||||||
Financial_instruments_and_fair
Financial instruments and fair value | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||||||||||||||||||||||
Financial instruments and fair value | ' | ||||||||||||||||||||||||||||||||||||
15. Financial instruments and fair value | |||||||||||||||||||||||||||||||||||||
Signet’s principal financial instruments are comprised of cash, cash deposits/investments and overdrafts, accounts receivable and payable, derivatives, US Treasury and government agency securities, corporate bonds, notes and equity securities, a revolving credit facility and long-term debt. Signet does not enter into derivative transactions for trading purposes. Derivative transactions are used by Signet for risk management purposes to address risks inherent in Signet’s business operations and sources of financing. The main risks arising from Signet’s operations are market risk including foreign currency risk and commodity risk, liquidity risk and interest rate risk. Signet uses these financial instruments to manage and mitigate these risks under policies reviewed and approved by the Board of Directors. | |||||||||||||||||||||||||||||||||||||
Market risk | |||||||||||||||||||||||||||||||||||||
Signet generates revenues and incurs expenses in US dollars, Canadian dollars and British pounds. As a portion of the UK Jewelry purchases and the purchases made by the Canadian operations of the Zale division are denominated in US dollars, Signet enters into forward foreign currency exchange contracts, foreign currency option contracts and foreign currency swaps to manage this exposure to the US dollar. | |||||||||||||||||||||||||||||||||||||
Signet holds a fluctuating amount of British pounds reflecting the cash generative characteristics of the UK Jewelry division. Signet’s objective is to minimize net foreign exchange exposure to the income statement on British pound denominated items through managing this level of cash, British pound denominated intercompany balances and US dollar to British pound swaps. In order to manage the foreign exchange exposure and minimize the level of British pound cash held by Signet, the British pound denominated subsidiaries pay dividends regularly to their immediate holding companies and excess British pounds are sold in exchange for US dollars. | |||||||||||||||||||||||||||||||||||||
Signet’s policy is to minimize the impact of precious metal commodity price volatility on operating results through the use of outright forward purchases of, or by entering into options to purchase, precious metals within treasury guidelines approved by the Board of Directors. In particular, Signet undertakes some hedging of its requirements for gold through the use of options, net zero-cost collar arrangements (a combination of call and put option contracts), forward contracts and commodity purchasing, while fluctuations in the cost of diamonds are not hedged. | |||||||||||||||||||||||||||||||||||||
Liquidity risk | |||||||||||||||||||||||||||||||||||||
Signet’s objective is to ensure that it has access to, or the ability to generate sufficient cash from either internal or external sources in a timely and cost-effective manner to meet its commitments as they become due and payable. Signet manages liquidity risks as part of its overall risk management policy. Management produces forecasting and budgeting information that is reviewed and monitored by the Board of Directors. Cash generated from operations and external financing are the main sources of funding supplementing Signet’s resources in meeting liquidity requirements. | |||||||||||||||||||||||||||||||||||||
The main external sources of funding are an amended credit facility, senior unsecured notes and securitized credit card receivables, as described in Note 19. | |||||||||||||||||||||||||||||||||||||
Interest rate risk | |||||||||||||||||||||||||||||||||||||
Signet may enter into various interest rate protection agreements in order to limit the impact of movements in interest rates on its cash or borrowings. There were no interest rate protection agreements outstanding at November 1, 2014, February 1, 2014 or November 2, 2013. See Note 19 for additional information regarding loans and long-term debt. | |||||||||||||||||||||||||||||||||||||
Credit risk and concentrations of credit risk | |||||||||||||||||||||||||||||||||||||
Credit risk represents the loss that would be recognized at the reporting date if counterparties failed to perform as contracted. Signet does not anticipate non-performance by counterparties of its financial instruments, except for customer in-house financing receivables as disclosed in Note 8 of which no single customer represents a significant portion of the Company’s receivable balance. Signet does not require collateral or other security to support cash investments or financial instruments with credit risk; however, it is Signet’s policy to only hold cash and cash equivalent investments and to transact financial instruments with financial institutions with a certain minimum credit rating. Management does not believe Signet is exposed to any significant concentrations of credit risk that arise from cash and cash equivalent investments, derivatives or accounts receivable. | |||||||||||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||||||||||
The following types of derivative instruments are utilized by Signet: | |||||||||||||||||||||||||||||||||||||
Forward foreign currency exchange contracts (designated) — These contracts, which are principally in US dollars, are entered into in order to limit the impact of movements in foreign exchange rates on forecasted foreign currency purchases. The total notional amount of these foreign currency contracts outstanding as of November 1, 2014 was $27.4 million (February 1, 2014 and November 2, 2013: $42.3 million and $60.4 million, respectively). These contracts have been designated as cash flow hedges and will be settled over the next 9 months (February 1, 2014 and November 2, 2013: 12 months and 15 months, respectively). | |||||||||||||||||||||||||||||||||||||
Forward foreign currency exchange contracts (undesignated) — Foreign currency contracts not designated as cash flow hedges are used to hedge currency flows through Signet’s bank accounts to mitigate Signet’s exposure to foreign currency exchange risk in its cash and borrowings. The total notional amount of these foreign currency contracts outstanding as of November 1, 2014 was $58.4 million (February 1, 2014 and November 2, 2013: $22.1 million and $103.4 million, respectively). | |||||||||||||||||||||||||||||||||||||
Commodity forward purchase contracts and net zero-cost collar arrangements (designated) — These contracts are entered into in order to reduce Signet’s exposure to significant movements in the price of the underlying precious metal raw material. The total notional amount of these commodity derivative contracts outstanding as of November 1, 2014 was $85.4 million (February 1, 2014 and November 2, 2013: $63.0 million and $58.1 million, respectively). These contracts have been designated as cash flow hedges and will be settled over the next 12 months (February 1, 2014 and November 2, 2013: 12 months and 12 months, respectively). | |||||||||||||||||||||||||||||||||||||
The bank counterparties to the derivative instruments expose Signet to credit-related losses in the event of their non-performance. However, to mitigate that risk, Signet only contracts with counterparties that meet certain minimum requirements under its counterparty risk assessment process. As of November 1, 2014, Signet believes that this 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 | |||||||||||||||||||||||||||||||||||||
(in millions) | Balance sheet location | November 1, | February 1, | November 2, | |||||||||||||||||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Foreign currency contracts | Other current assets | $ | 0.4 | $ | — | $ | 0.2 | ||||||||||||||||||||||||||||||
Foreign currency contracts | Other assets | — | — | — | |||||||||||||||||||||||||||||||||
Commodity contracts | Other current assets | — | 0.8 | 1.2 | |||||||||||||||||||||||||||||||||
Commodity contracts | Other assets | — | — | — | |||||||||||||||||||||||||||||||||
$ | 0.4 | $ | 0.8 | $ | 1.4 | ||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Foreign currency contracts | Other current assets | 0.4 | 0.2 | 1.1 | |||||||||||||||||||||||||||||||||
Total derivative assets | $ | 0.8 | $ | 1 | $ | 2.5 | |||||||||||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||||||||||
Fair value | |||||||||||||||||||||||||||||||||||||
(in millions) | Balance sheet location | November 1, | February 1, | November 2, | |||||||||||||||||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Foreign currency contracts | Other current liabilities | $ | (0.3 | ) | $ | (2.1 | ) | $ | (0.7 | ) | |||||||||||||||||||||||||||
Foreign currency contracts | Other liabilities | — | — | (0.2 | ) | ||||||||||||||||||||||||||||||||
Commodity contracts | Other current liabilities | (3.6 | ) | (0.8 | ) | (0.6 | ) | ||||||||||||||||||||||||||||||
Commodity contracts | Other liabilities | — | — | — | |||||||||||||||||||||||||||||||||
$ | (3.9 | ) | $ | (2.9 | ) | $ | (1.5 | ) | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Foreign currency contracts | Other current liabilities | — | — | — | |||||||||||||||||||||||||||||||||
Total derivative liabilities | $ | (3.9 | ) | $ | (2.9 | ) | $ | (1.5 | ) | ||||||||||||||||||||||||||||
Derivatives designated as cash flow hedges | |||||||||||||||||||||||||||||||||||||
The following table summarizes the pre-tax gains (losses) recorded in accumulated OCI for derivatives designated in cash flow hedging relationships: | |||||||||||||||||||||||||||||||||||||
(in millions) | November 1, | February 1, | November 2, | ||||||||||||||||||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | (1.3 | ) | $ | (2.3 | ) | $ | — | |||||||||||||||||||||||||||||
Commodity contracts | (6.8 | )(1) | (18.8 | )(1) | (26.0 | )(1) | |||||||||||||||||||||||||||||||
Total | $ | (8.1 | ) | $ | (21.1 | ) | $ | (26.0 | ) | ||||||||||||||||||||||||||||
-1 | As of November 1, 2014, losses recorded in accumulated OCI include $3.6 million related to commodity contracts terminated prior to contract maturity in Fiscal 2014 (February 1, 2014 and November 2, 2013: $18.2 million and $25.9 million, respectively). | ||||||||||||||||||||||||||||||||||||
The following tables summarize the effect of derivative instruments designated as cash flow hedges in OCI and the condensed consolidated statements of operations: | |||||||||||||||||||||||||||||||||||||
Foreign currency contracts | |||||||||||||||||||||||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||||||||||||||||
(in millions) | Statement of operations caption | November 1, | November 2, | November 1, | November 2, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
(Losses) gains recorded in accumulated OCI, beginning of period | $ | (3.2 | ) | $ | 2.3 | $ | (2.3 | ) | $ | 1.3 | |||||||||||||||||||||||||||
Current period gains (losses) recognized in OCI | 1.6 | (2.1 | ) | 0.4 | (0.7 | ) | |||||||||||||||||||||||||||||||
Losses (gains) reclassified from accumulated OCI to net (loss) income | Cost of sales | 0.3 | (0.2 | ) | 0.6 | (0.6 | ) | ||||||||||||||||||||||||||||||
(Losses) gains recorded in accumulated OCI, end of period | $ | (1.3 | ) | $ | — | $ | (1.3 | ) | $ | — | |||||||||||||||||||||||||||
Commodity contracts | |||||||||||||||||||||||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||||||||||||||||
(in millions) | Statement of operations caption | November 1, | November 2, | November 1, | November 2, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
(Losses) gains recorded in accumulated OCI, beginning of period | $ | (4.9 | ) | $ | (28.6 | ) | $ | (18.8 | ) | $ | (0.5 | ) | |||||||||||||||||||||||||
Current period (losses) gains recognized in OCI | (4.3 | ) | 0.3 | (2.6 | ) | (27.2 | ) | ||||||||||||||||||||||||||||||
Losses (gains) reclassified from accumulated OCI to net (loss) income | Cost of sales | 2.4 | 2.3 | 14.6 | 1.7 | ||||||||||||||||||||||||||||||||
(Losses) gains recorded in accumulated OCI, end of period | $ | (6.8 | ) | $ | (26.0 | ) | $ | (6.8 | ) | $ | (26.0 | ) | |||||||||||||||||||||||||
There was no material ineffectiveness related to the Company’s derivative instruments designated in cash flow hedging relationships during the 13 and 39 weeks ended November 1, 2014 and November 2, 2013, respectively. Based on current valuations, the Company expects approximately $5.8 million of net pre-tax derivative losses to be reclassified out of accumulated OCI into earnings within the next 12 months, of which $3.6 million will be recognized in the remaining three months of Fiscal 2015. | |||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||
The following table presents the effects of the Company’s derivatives instruments not designated as cash flow hedges in the condensed consolidated statements of operations: | |||||||||||||||||||||||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||||||||||||||||
(in millions) | Statement of operations caption | November 1, | November 2, | November 1, | November 2, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Foreign currency contracts | Other operating income, net | $ | 2 | $ | (2.8 | ) | $ | 0.4 | $ | — | |||||||||||||||||||||||||||
Total | $ | 2 | $ | (2.8 | ) | $ | 0.4 | $ | — | ||||||||||||||||||||||||||||
Fair value | |||||||||||||||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||||||||||
November 1, 2014 | February 1, 2014 | November 2, 2013 | |||||||||||||||||||||||||||||||||||
(in millions) | Carrying | Quoted | Significant other | Carrying | Quoted | Significant other | Carrying | Quoted | Significant other | ||||||||||||||||||||||||||||
Value | market | observable | Value | market | observable | Value | market | observable | |||||||||||||||||||||||||||||
prices | inputs | prices | inputs | prices | inputs | ||||||||||||||||||||||||||||||||
for | (Level 2) | for | (Level 2) | for | (Level 2) | ||||||||||||||||||||||||||||||||
identical | identical | identical | |||||||||||||||||||||||||||||||||||
assets | assets | assets | |||||||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | (Level 1) | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||
US Treasury securities | $ | 9.6 | $ | 9.6 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Corporate equity securities | 3.3 | 3.3 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Foreign currency contracts | 0.8 | — | 0.8 | 0.2 | — | 0.2 | 1.3 | — | 1.3 | ||||||||||||||||||||||||||||
Commodity contracts | — | — | — | 0.8 | — | 0.8 | 1.2 | — | 1.2 | ||||||||||||||||||||||||||||
US government agency securities | 1.3 | — | 1.3 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Corporate bonds and notes | 9.3 | — | 9.3 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||
Foreign currency contracts | (0.3 | ) | — | (0.3 | ) | (2.1 | ) | — | (2.1 | ) | (0.9 | ) | — | (0.9 | ) | ||||||||||||||||||||||
Commodity contracts | (3.6 | ) | — | (3.6 | ) | (0.8 | ) | — | (0.8 | ) | (0.6 | ) | — | (0.6 | ) | ||||||||||||||||||||||
Investments in US Treasury securities and corporate equity securities are based on quoted market prices for identical instruments in active markets, and therefore were classified as a Level 1 measurement in the fair value hierarchy. Investments in US government agency securities and corporate bonds and notes are based on quoted prices for similar instruments in active markets, and therefore were classified as a Level 2 measurement in the fair value hierarchy. See Note 14 for additional information related to the Company’s available-for-sale investments. 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, foreign currency forward rates or commodity forward rates, and therefore were classified as a Level 2 measurement in the fair value hierarchy. | |||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||
The fair value of long-term debt was determined using quoted market prices in inactive markets or discounted cash flows based upon current borrowing rates and therefore were classified as a Level 2 measurement in the fair value hierarchy. See Note 19 – Loans, overdrafts and long-term debt for classification between current and long-term debt. The carrying amount and fair value of outstanding debt at were as follows: | |||||||||||||||||||||||||||||||||||||
November 1, 2014 | February 1, 2014 | November 2, 2013 | |||||||||||||||||||||||||||||||||||
(in millions) | Carrying | Fair Value | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||||||||||||||
Outstanding debt: | |||||||||||||||||||||||||||||||||||||
Senior notes (Level 2) | $ | 398.4 | $ | 410.5 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Securitization facility (Level 2) | 600 | 600 | — | — | — | — | |||||||||||||||||||||||||||||||
Term loan (Level 2) | 395 | 395 | |||||||||||||||||||||||||||||||||||
Capital lease obligations (Level 2) | 1.5 | 1.5 | — | — | — | — | |||||||||||||||||||||||||||||||
Total outstanding debt | $ | 1,394.90 | $ | 1,407.00 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Pensions
Pensions | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Pensions | ' | ||||||||||||||||
16. Pensions | |||||||||||||||||
Signet operates a defined benefit pension plan in the UK (the “UK Plan”) for participating eligible employees of the UK Jewelry division. The components of net periodic pension benefit were as follows: | |||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | November 1, | November 2, | November 1, | November 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Components of net periodic pension benefit (cost): | |||||||||||||||||
Service cost | $ | (0.6 | ) | $ | (0.6 | ) | $ | (1.8 | ) | $ | (1.8 | ) | |||||
Interest cost | (2.4 | ) | (2.3 | ) | (7.4 | ) | (6.9 | ) | |||||||||
Expected return on UK Plan assets | 3.7 | 3.2 | 11.2 | 9.6 | |||||||||||||
Amortization of unrecognized prior service credits | 0.4 | 0.4 | 1.3 | 1.1 | |||||||||||||
Amortization of unrecognized actuarial loss | (0.5 | ) | (0.6 | ) | (1.5 | ) | (1.7 | ) | |||||||||
Net periodic pension benefit | $ | 0.6 | $ | 0.1 | $ | 1.8 | $ | 0.3 | |||||||||
In the 39 weeks ended November 1, 2014, Signet contributed $3.2 million to the UK Plan and expects to contribute a minimum aggregate of $4.2 million at current exchange rates to the UK Plan in Fiscal 2015. These contributions are in accordance with an agreed upon deficit recovery plan and based on the results of the actuarial valuation as of April 5, 2012. |
Commitments_and_contingencies
Commitments and contingencies | 9 Months Ended |
Nov. 01, 2014 | |
Commitments and contingencies | ' |
17. Commitments and contingencies | |
Legal proceedings | |
As previously reported, in March 2008, a group of private plaintiffs (the “Claimants”) filed a class action lawsuit for an unspecified amount against Sterling Jewelers Inc. (“SJI”), a subsidiary of Signet, in the US District Court for the Southern District of New York alleging that US store-level employment practices are discriminatory as to compensation and promotional activities with respect to gender. In June 2008, the District Court referred the matter to private arbitration where the Claimants sought to proceed on a class-wide basis. Discovery has been completed. The Claimants filed a motion for class certification and SJI opposed the motion. A hearing on the class certification motion was held in late February 2014. The motion is now pending before the Arbitrator. | |
Also, as previously reported, on September 23, 2008, the US Equal Employment Opportunity Commission (“EEOC”) filed a lawsuit against SJI in the US District Court for the Western District of New York. The EEOC’s lawsuit alleges that SJI engaged in intentional and disparate impact 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. Non-expert fact discovery closed in mid-May 2013. In September 2013, SJI made a motion for partial summary judgment on procedural grounds, which was referred to a Magistrate Judge. The Magistrate Judge heard oral arguments on the summary judgment motion in December 2013. On January 2, 2014, the Magistrate Judge issued his Report, Recommendation and Order, recommending that the Court grant SJI’s motion for partial summary judgment and dismiss the EEOC’s claims in their entirety. The EEOC filed its objections to the Magistrate Judge’s ruling and SJI filed its response thereto. The District Court Judge heard oral arguments on the EEOC’s objections to the Magistrate Judge’s ruling on March 7, 2014 and on March 11, 2014 entered an order dismissing the action with prejudice. On May 12, 2014 the EEOC filed its Notice of Appeal of the District Court Judge’s dismissal of the action to United States Court of Appeals for the Second Circuit. The appeal is pending. | |
SJI denies the allegations of both parties and has been defending these cases vigorously. At this point, no outcome or possible loss or range of losses, if any, arising from the litigation is able to be estimated. | |
Prior to the Acquisition, Zale Corporation was a defendant in three purported class action lawsuits, Tessa Hodge v. Zale Delaware, Inc., d/b/a Piercing Pagoda which was filed on April 23, 2013 in the Superior Court of the State of California, County of San Bernardino; Naomi Tapia v. Zale Corporation which was filed on July 3, 2013 in the US District Court, Southern District of California; and Melissa Roberts v. Zale Delaware, Inc. which was filed on October 7, 2013 in the Superior Court of the State of California, County of Los Angeles. All three cases include allegations that Zale Corporation violated various wage and hour labor laws. Relief is sought on behalf of current and former Piercing Pagoda and Zale Corporation’s employees. The lawsuits seek to recover damages, penalties and attorneys’ fees as a result of the alleged violations. Without admitting or conceding any liability, the Company has reached a tentative agreement to settle the Hodge and Roberts matters for an immaterial amount. | |
There is no assurance that the settlement will become final or that the Court will approve the settlement. The Company is investigating the underlying allegations of the Naomi Tapia v. Zale Corporation matter and intends to vigorously defend its position against them. Based on information available at this point, the Company does not anticipate a material impact, if any, to Signet’s consolidated financial position, results of operations or cash flows for this matter. | |
Litigation Challenging the Company’s Acquisition of Zale Corporation | |
Five putative stockholder class action lawsuits challenging the Company’s acquisition of Zale Corporation were filed in the Court of Chancery of the State of Delaware: Breyer v. Zale Corp. et al., C.A. No. 9388-VCP, filed February 24, 2014; Stein v. Zale Corp. et al., C.A. No. 9408-VCP, filed March 3, 2014; Singh v. Zale Corp. et al., C.A. No. 9409-VCP, filed March 3, 2014; Smart v. Zale Corp. et al., C.A. No. 9420-VCP, filed March 6, 2014; and Pill v. Zale Corp. et al., C.A. No. 9440-VCP, filed March 12, 2014 (collectively, the “Actions”). Each of these Actions was brought by a purported former holder of Zale Corporation common stock, both individually and on behalf of a putative class of former Zale Corporation stockholders. The Court of Chancery consolidated the Actions on March 25, 2014 (the “Consolidated Action”), and the plaintiffs filed a consolidated amended complaint on April 23, 2014, which named as defendants Zale Corporation, the members of the board of directors of Zale Corporation, the Company, and a merger-related subsidiary of the Company, and alleged that the Zale Corporation directors breached their fiduciary duties to Zale Corporation stockholders in connection with their consideration and approval of the merger agreement by failing to maximize stockholder value and agreeing to an inadequate merger price and to deal terms that deter higher bids. That complaint also alleged that the Zale Corporation directors issued a materially misleading and incomplete proxy statement regarding the merger and that Zale Corporation and the Company aided and abetted the Zale Corporation directors’ breaches of fiduciary duty. On May 23, 2014, the Court of Chancery denied plaintiffs’ motion for a preliminary injunction to prevent the consummation of the merger. | |
On September 30, 2014, the plaintiffs filed an amended complaint asserting substantially similar claims and allegations as the prior complaint. The amended complaint added Zale Corporation’s former financial advisor, Bank of America Merrill Lynch, as a defendant for allegedly aiding and abetting the Zale Corporation directors’ breaches of fiduciary duty. The amended complaint no longer names as defendants Zale Corporation or the Company’s merger-related subsidiary. The amended complaint seeks, among other things, rescission of the merger or damages, as well as attorneys’ and experts’ fees. | |
At this point, no outcome or possible loss or range of losses, if any, arising from the litigation is able to be estimated. | |
Appraisal Litigation | |
Following the consummation of the Company’s acquisition of Zale Corporation, on June 4, 2014, two former Zale Corporation stockholders, who, combined, allege ownership of approximately 3.904 million shares of Zale Corporation’s common stock, filed a petition for appraisal pursuant to 8 Del. C. § 262 in the Court of Chancery of the State of Delaware, captioned Merion Capital L.P. et al. v. Zale Corp., C.A. No. 9731-VCP. On August 26, 2014, another former Zale Corporation stockholder, who alleges ownership of approximately 2.450 million shares of Zale Corporation’s common stock, filed a second petition for appraisal, captioned TIG Arbitrage Opportunity Fund I, L.P. v. Zale Corp., C.A. No. 10070-VCP. On September 24, 2014, several former Zale Corporation stockholders, who allege ownership of approximately 2.427 million shares of Zale Corporation’s common stock, filed a third petition for appraisal, captioned The Gabelli ABC Fund et al. v. Zale Corp., C.A. No. 10162-VCP. On October 8, 2014, the Court of Chancery consolidated the Merion Capital, TIG, and Gabelli actions for all purposes (the “Appraisal Action”). Petitioners in the Appraisal Action seek a judgment awarding them, among other things, the fair value of their Zale Corporation shares plus interest. | |
On June 30, 2014, Zale Corporation filed its answer to the petition in the Merion action and a verified list pursuant to 8 Del. C. § 262(f) naming, as of that filing, the persons that purported to demand appraisal of shares of Zale Corporation common stock. Zale Corporation filed answers and verified lists in response to the TIG and Gabelli actions on September 18 and October 20, 2014, respectively. Since the closing of the Company’s acquisition of Zale Corporation on May 29, 2014, Zale Corporation has received a number of dissent withdrawals from stockholders who had previously demanded appraisal. At this point, the total number of shares of Zale Corporation’s common stock for which appraisal has been demanded and not requested to be withdrawn is approximately 8.8 million, inclusive of the shares allegedly held by petitioners in the Appraisal Action. The parties in the Appraisal Action are currently engaged in discovery. The Court of Chancery has not yet set a trial date for the Appraisal Action. | |
At this point, no outcome or possible loss or range of losses, if any, arising from the litigation is able to be estimated. | |
In the ordinary course of business, Signet may be subject, from time to time, to various other proceedings, lawsuits, disputes or claims incidental to its business, which the Company believes are not significant to Signet’s consolidated financial position, results of operations or cash flows. |
Sharebased_compensation_expens
Share-based compensation expense | 9 Months Ended |
Nov. 01, 2014 | |
Share-based compensation expense | ' |
18. Share-based compensation expense | |
Signet recorded share-based compensation expense of $3.5 million and $10.7 million for the 13 and 39 weeks ended November 1, 2014, respectively, related to the Omnibus Plans and Saving Share Plans ($3.8 million and $10.3 million for the 13 and 39 weeks ended November 2, 2013, respectively). | |
During the third quarter of Fiscal 2015, the Company issued a grant of performance-based restricted stock units (“RSUs”) under the Omnibus Plan. This grant occurred as part of the Signet Integration Incentive Plan (“IIP”), a transaction-related special incentive program that was designed to facilitate the integration of the Zale acquisition and to reward the anticipated efforts of key management personnel on both sides of the transaction. The RSUs vest, subject to continued employment, based upon actual gross synergies realized during the one year performance period compared to targeted gross synergy metrics established in the underlying grant agreement. |
Loans_overdrafts_and_longterm_
Loans, overdrafts and long-term debt | 9 Months Ended | ||||||||||||
Nov. 01, 2014 | |||||||||||||
Loans, overdrafts and long-term debt | ' | ||||||||||||
19. Loans, overdrafts and long-term debt | |||||||||||||
(in millions) | November 1, | February 1, | November 2, | ||||||||||
2014 | 2014 | 2013 | |||||||||||
Current liabilities – loans and overdrafts: | |||||||||||||
Revolving credit facility | $ | 145 | $ | — | $ | 35 | |||||||
Current portion of term loan | 22.5 | — | — | ||||||||||
Current portion of capital lease obligations | 1.1 | — | — | ||||||||||
Bank overdrafts | 53.2 | 19.3 | 11 | ||||||||||
Total loans and overdrafts | 221.8 | 19.3 | 46 | ||||||||||
Long-term debt: | |||||||||||||
Senior notes, net of unamortized discount | 398.4 | — | — | ||||||||||
Securitization facility | 600 | — | — | ||||||||||
Term loan | 372.5 | — | — | ||||||||||
Capital lease obligations | 0.4 | — | — | ||||||||||
Total long-term debt | 1,371.30 | — | — | ||||||||||
Total loans, overdrafts and long-term debt | $ | 1,593.10 | $ | 19.3 | $ | 46 | |||||||
Credit facility | |||||||||||||
The Company has a $400 million senior unsecured multi-currency five-year revolving credit facility agreement (the “Credit Facility”) that was entered into in May 2011 and subsequently amended in May 2014 to extend the maturity date to 2019 and to add a new $400 million term loan facility. The $400 million five-year senior unsecured term loan with JPMorgan Chase Bank, N.A., acting as administrative agent, requires the Company to make scheduled quarterly payments commencing on November 1, 2014 equal to the amounts per annum of the original principal amount of the term loan as follows: 5% in the first year, 7.5% in the second year, 10% in the third year, 12.5% in the fourth year and 15% in the fifth year after the initial payment date, with the balance due on May 27, 2019. As of November 1, 2014, $395.0 million was drawn on the term loan. | |||||||||||||
Borrowings under the Credit Facility bear interest at a rate per annum equal to an applicable margin, plus, at the Company’s option, either (a) a base rate or (b) a LIBOR rate. The Credit Facility provides that the Company may voluntarily repay outstanding loans at any time without premium or penalty other than reimbursement of the lender’s redeployment and breakage costs in certain cases. In addition, the Credit Facility contains various customary representations and warranties, financial reporting requirements and other affirmative and negative covenants. As with the Company’s prior credit facility, the Company is required to maintain at all times a leverage ratio of no greater than 2.50 to 1.00 and a fixed charge coverage ratio of no less than 1.40 to 1.00, both determined as of the end of each fiscal quarter for the trailing twelve months. | |||||||||||||
Capitalized amendment fees of $0.9 million relating to the Credit Facility agreement signed in May 2011 were written-off in the 39 week period ended November 1, 2014 upon executing the amended credit agreement in May 2014. Capitalized fees relating to the amended Credit Facility of $6.7 million were incurred and paid as of November 1, 2014. Amortization expense relating to these fees of $0.3 million and $0.6 million was recorded as interest expense in the condensed consolidated statements of operations for the 13 and 39 weeks ended November 1, 2014. | |||||||||||||
At November 1, 2014 and November 2, 2013, there was $145.0 million and $35.0 million, respectively, outstanding under the revolving credit facility. There were no outstanding borrowings under the revolving credit facility as of February 1, 2014. The Company had stand-by letters of credit on the revolving credit facility of $21.6 million, $10.1 million and $9.5 million as of November 1, 2014, February 1, 2014 and November 2, 2013, respectively. | |||||||||||||
On February 19, 2014, Signet entered into a definitive agreement to acquire Zale Corporation and concurrently received commitments for an $800 million 364-day unsecured bridge facility to finance the transaction. The bridge facility contained customary fees and incurred interest on any borrowings drawn on the facility. In May 2014, Signet executed its Zale acquisition financing as described below in Note 20, replacing the bridge facility commitments in addition to amending its Credit Facility as outlined above, issuing senior unsecured notes and securitizing credit card receivables. No amounts were drawn on the bridge facility commitments prior to replacement and fees of $4.0 million were incurred and capitalized. This agreement was subsequently replaced by the issuances of the long-term debt listed below, and therefore during the 39 weeks ended November 1, 2014, $4.0 million was recorded as interest expense in the condensed consolidated statement of operations. | |||||||||||||
Issuance of senior unsecured notes due 2024 | |||||||||||||
On May 19, 2014, Signet UK Finance plc (“Signet UK Finance”), a wholly owned subsidiary of the Company, issued $400 million aggregate principal amount of its 4.700% senior unsecured notes due in 2024 (the “Notes”). The Notes were issued under an effective registration statement previously filed with the SEC. Interest on the notes is payable semi-annually on June 15 and December 15 of each year, commencing December 15, 2014. The Notes are jointly and severally guaranteed, on a full and unconditional basis, by the Company and by certain of the Company’s wholly owned subsidiaries (such subsidiaries, the “Guarantors”). The Notes were issued pursuant to a base indenture among the Company, Signet UK Finance, the Guarantors and Deutsche Bank Trust Company Americas as trustee, with the indenture containing customary covenants and events of default provisions. The Company received proceeds from the offering of approximately $393.9 million, which were net of underwriting discounts, commissions and offering expenses. | |||||||||||||
Capitalized fees relating to the senior unsecured notes of $7.0 million were incurred and paid as of November 1, 2014. Amortization expense relating to these fees of $0.2 million and $0.3 million was recorded as interest expense in the condensed consolidated statements of operations for the 13 and 39 weeks ended November 1, 2014. | |||||||||||||
Asset-backed securitization facility | |||||||||||||
On May 15, 2014, the Company sold an undivided interest in certain credit card receivables to Sterling Jewelers Receivables Master Note Trust (the “Issuer”), a wholly-owned Delaware statutory trust and a wholly-owned indirect subsidiary of the Company and issued two-year revolving asset-backed variable funding notes to an unrelated third party conduit pursuant to a master indenture dated as of November 2, 2001, as supplemented by the Series 2014-A indenture supplement dated as of May 15, 2014 among the Issuer, SJI and Deutsche Bank Trust Company Americas, the indenture trustee. Under terms of the notes, the Issuer has obtained $600 million of financing from the unrelated third party commercial paper conduits sponsored by JPMorgan Chase Bank, N.A., which indebtedness is secured by credit card receivables originated from time to time by SJI. The credit card receivables will ultimately be transferred to the Issuer and are serviced by SJI. Signet guarantees the performance by SJI of its obligations under the agreements associated with this financing arrangement. Borrowings under the asset-backed variable funding notes bear interest at a rate per annum equal to LIBOR plus an applicable margin. Payments received from customers for balances outstanding on securitized credit card receivables are utilized to repay amounts outstanding under the facility each period, while proceeds from the facility are received for incremental credit card receivables originated when the receivables are pledged to the Issuer. Such payments received from customers and proceeds from the facility are reflected on a gross basis in the condensed consolidated statements of cash flows. | |||||||||||||
Capitalized fees relating to the asset-backed securitization facility of $2.8 million were incurred and paid as of November 1, 2014. Amortization expense relating to these fees of $0.4 million and $0.6 million was recorded as interest expense in the condensed consolidated statements of operations for the 13 and 39 weeks ended November 1, 2014. | |||||||||||||
Other | |||||||||||||
As of November 1, 2014, February 1, 2014 and November 2, 2013, the Company was in compliance with all debt covenants. | |||||||||||||
As of November 1, 2014, February 1, 2014 and November 2, 2013, there were $53.2 million, $19.3 million and $11.0 million in overdrafts, which represent issued and outstanding checks where no bank balances exist with the right of offset. | |||||||||||||
Capital Lease Obligations | |||||||||||||
In the Zale division, capital leases are entered into related to vehicles used by field management. Capital leases, net of accumulated depreciation, included in property, plant and equipment as of November 1, 2014 totaled $1.4 million. The Acquisition occurred on May 29, 2014, and therefore amounts are not included as of February 1, 2014 or November 2, 2013. |
Acquisitions
Acquisitions | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Acquisitions | ' | ||||||||||||||||
20. Acquisitions | |||||||||||||||||
Botswana diamond polishing factory | |||||||||||||||||
On November 4, 2013, Signet acquired a diamond polishing factory in Gaborone, Botswana for $9.1 million. The acquisition expands the Company’s long-term diamond sourcing capabilities and provides resources for the Company to cut and polish stones. | |||||||||||||||||
The transaction was accounted for as a business combination during the fourth quarter of Fiscal 2014. During the second quarter of Fiscal 2015, the Company finalized the valuation of net assets acquired. There were no material changes to the valuation of net assets acquired from the initial allocation reported during the fourth quarter of Fiscal 2014. The total consideration paid by the Company was funded through existing cash and allocated to the net assets acquired based on the final fair values as follows: property, plant and equipment acquired of $5.5 million and goodwill of $3.6 million. See Note 10 for additional information related to goodwill. None of the goodwill will be deductible for income tax purposes. | |||||||||||||||||
The results of operations related to the acquired diamond polishing factory are reported within the Other reportable segment of Signet’s consolidated results and included in Signet’s condensed consolidated financial statements commencing on the date of acquisition in the Other reportable segment. | |||||||||||||||||
Zale Corporation | |||||||||||||||||
On May 29, 2014, the Company acquired 100% of the outstanding shares of Zale Corporation and Zale Corporation became a wholly-owned consolidated subsidiary of Signet. The Acquisition aligns with the Company’s strategy to diversify businesses and expand its footprint. | |||||||||||||||||
Under the terms of the Agreement and Plan of Merger, Zale Corporation shareholders received $21 per share in cash for each outstanding share of common stock and the vesting, upon consummation of the Acquisition, of certain outstanding Zale Corporation restricted stock units and stock options, which converted into the right to receive the merger consideration. The consideration transferred in conjunction with the Acquisition was $1,458.0 million, including $478.2 million to extinguish Zale Corporation’s existing debt. See Note 17 for additional information regarding litigation related to the acquisition of Zale Corporation. The Acquisition was funded by the Company through existing cash and the issuance of $1,400 million of long-term debt, including: (a) $400 million of senior unsecured notes due in 2024, (b) $600 million of two-year revolving asset-backed variable funding notes, and (c) a $400 million five-year senior unsecured term loan facility. See Note 19 for additional information related to the Company’s long-term debt instruments. | |||||||||||||||||
The transaction was accounted for as a business combination during the second quarter of Fiscal 2015. The following table summarizes the consideration transferred in conjunction with the Acquisition. | |||||||||||||||||
Calculation of consideration | |||||||||||||||||
(in millions except per share amounts) | Amount | ||||||||||||||||
Cash consideration paid to Zale Corporation shareholders ($21 per share) | $ | 910.2 | |||||||||||||||
Cash consideration paid for settlement of Zale Corporation stock options, restricted share awards and long term incentive plan awards | 69.6 | ||||||||||||||||
Cash paid to extinguish Zale Corporation outstanding debt as of May 29, 2014 | 478.2 | ||||||||||||||||
Total consideration transferred | $ | 1,458.00 | |||||||||||||||
Under the acquisition method of accounting, the identifiable assets acquired and liabilities assumed are recorded at acquisition date fair values. The following table summarizes the preliminary fair values identified for the assets acquired and liabilities assumed in the Acquisition as of May 29, 2014: | |||||||||||||||||
(in millions) | Initial | Revised | Variance | ||||||||||||||
fair values | fair values | ||||||||||||||||
Cash and cash equivalents | $ | 28.8 | $ | 28.8 | $ | — | |||||||||||
Inventories | 855.6 | 862.4 | 6.8 | ||||||||||||||
Other current assets | 22.5 | 22.7 | 0.2 | ||||||||||||||
Property, plant and equipment | 104.2 | 99.6 | (4.6 | ) | |||||||||||||
Intangible assets: | |||||||||||||||||
Trade names | 420 | 420 | — | ||||||||||||||
Favorable leases | 50.2 | 50.2 | — | ||||||||||||||
Deferred tax assets | 126.3 | 129.8 | 3.5 | ||||||||||||||
Other assets | 25.4 | 25.4 | — | ||||||||||||||
Current liabilities(1) | (202.8 | ) | (203.4 | ) | (0.6 | ) | |||||||||||
Deferred revenue | (93.0 | ) | (93.3 | ) | (0.3 | ) | |||||||||||
Unfavorable leases | (50.5 | ) | (50.5 | ) | — | ||||||||||||
Unfavorable contracts | (65.6 | ) | (65.6 | ) | — | ||||||||||||
Deferred tax liabilities | (263.6 | ) | (241.0 | ) | 22.6 | ||||||||||||
Other liabilities | (24.6 | ) | (24.6 | ) | — | ||||||||||||
Fair value of net assets acquired | 932.9 | 960.5 | 27.6 | ||||||||||||||
Goodwill | 525.1 | 497.5 | (27.6 | ) | |||||||||||||
Total consideration transferred | $ | 1,458.00 | $ | 1,458.00 | $ | — | |||||||||||
-1 | Includes loans and overdrafts, accounts payable, income taxes payable, accrued expenses and other current liabilities. | ||||||||||||||||
During the third quarter of Fiscal 2015, the Company made certain adjustments to the identifiable assets acquired and liabilities assumed to more accurately reflect the fair value. The fair value of the net deferred tax liabilities acquired decreased by $26.1 million in conjunction with the finalization of the acquired entity’s tax return. The net impact of all adjustments identified during the third quarter of Fiscal 2015 to the preliminary fair value of net assets acquired was a $27.6 million increase in net assets with a corresponding decrease in goodwill. There was no material impact on previously reported financial information as a result of these adjustments. As of November 1, 2014, the fair value of assets acquired and liabilities assumed is based upon a preliminary valuation. The estimates and assumptions utilized in the preliminary valuation are subject to change within the measurement period as additional information is obtained. The Company is in the process of finalizing the valuation of net assets acquired in the Acquisition, most notably, the valuation of inventory, intangible assets, leases and income taxes. The valuation is expected to be finalized within the measurement period, which will not exceed one year from the acquisition date. | |||||||||||||||||
The excess of the purchase price over the fair value of identifiable assets acquired and liabilities assumed was recognized as goodwill. As a result of the valuation of assets acquired and liabilities assumed being preliminary as of November 1, 2014, the Company has not allocated goodwill attributable to the Acquisition to its reporting units. See Note 10 for additional information regarding goodwill. The goodwill attributable to the Acquisition will not be deductible for tax purposes. Since the date of acquisition, the operating results for the acquired business were as follows: | |||||||||||||||||
(in millions) | 13 weeks ended | 39 weeks ended | |||||||||||||||
November 1, 2014 | November 1, 2014 | ||||||||||||||||
Sales | $ | 331.4 | $ | 578.9 | |||||||||||||
Operating loss | (34.5 | ) | (44.3 | ) | |||||||||||||
Net loss | (22.6 | ) | (29.6 | ) | |||||||||||||
The following unaudited consolidated pro forma information summarizes the results of operations for the 13 and 39 weeks ended November 1, 2014 and November 2, 2013, as if the Acquisition and related issuance of $1,400 million of long-term debt (see Note 19) had occurred as of February 2, 2013. The unaudited consolidated pro forma financial information was prepared in accordance with the acquisition method of accounting under existing standards and is not necessarily indicative of the results of operations that would have occurred if the Acquisition had been completed on the date indicated, nor is it indicative of the future operating results of the Company. | |||||||||||||||||
Pro forma - unaudited | |||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions, except per share amounts) | November 1, | November 2, | November 1, | November 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Pro forma sales | $ | 1,183.80 | $ | 1,124.10 | $ | 4,043.80 | $ | 3,832.80 | |||||||||
Pro forma net income | $ | 15 | $ | 3.8 | $ | 213.6 | $ | 149.5 | |||||||||
Pro forma earnings per share – basic | $ | 0.19 | $ | 0.05 | $ | 2.67 | $ | 1.86 | |||||||||
Pro forma earnings per share – diluted | $ | 0.19 | $ | 0.05 | $ | 2.66 | $ | 1.85 | |||||||||
The unaudited pro forma information gives effect to actual operating results prior to the Acquisition and has been adjusted with respect to certain aspects of the Acquisition to reflect the following: | |||||||||||||||||
• | Acquisition accounting adjustments to reset deferred revenue associated with extended service plans sold by Zale Corporation prior to the Acquisition to fair value as of the acquisition date. The fair value of deferred revenue is determined based on the estimated costs remaining to be incurred for future obligations associated with the outstanding plans at the time of the Acquisition, plus a reasonable profit margin on the estimated costs. Adjustment also reflects the impact of deferring the revenue associated with the lifetime extended service plans over a 10-year period as disclosed in Note 1. | ||||||||||||||||
• | Additional depreciation and amortization expenses that would have been recognized assuming fair value adjustments to the existing Zale Corporation assets acquired and liabilities assumed, including inventory, intangible assets, favorable and unfavorable leases, and unfavorable contracts. | ||||||||||||||||
• | Tax impact of the Company’s amended capital structure as a result of the Acquisition and related issuance of $1,400 million of long-term debt. | ||||||||||||||||
• | Adjustment of valuation allowances associated with U.S. and Canadian deferred tax assets, including net operating loss carryforwards. | ||||||||||||||||
• | Exclusion of acquisition-related costs of $9.4 million and $48.6, which were included in the Company’s results of operations for the 13 and 39 weeks ended November 1, 2014, respectively. Also excluded were costs associated with the unsecured bridge facility discussed in Note 19 of $4.0 million, which were expensed during the 39 weeks ended November 1, 2014. All amounts were reported within the Other segment. | ||||||||||||||||
The unaudited pro forma results do not reflect future events that either have occurred or may occur after the Acquisition, including, but not limited to, the anticipated realization of expected operating synergies in subsequent periods. They also do not give effect to acquisition-related costs that the Company expects to incur in connection with the Acquisition, including, but not limited to, additional professional fees, employee integration, retention and severance costs. |
Condensed_consolidating_financ
Condensed consolidating financial information | 9 Months Ended | ||||||||||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||||||||||
Condensed consolidating financial information | ' | ||||||||||||||||||||||||
21. Condensed consolidating financial information | |||||||||||||||||||||||||
The accompanying condensed consolidating financial information has been prepared and presented pursuant to SEC Regulation S-X, Rule 3-10, “Financial Statements of Guarantors and Issuers of Guaranteed Securities Registered or Being Registered.” We and certain of our subsidiaries have guaranteed the obligations under certain debt securities that have been issued by Signet UK Finance plc. The following presents the condensed consolidating financial information for: (i) the indirect Parent Company (Signet Jewelers Limited); (ii) the Issuer of the guaranteed obligations (Signet UK Finance plc); (iii) the Guarantor subsidiaries, on a combined basis; (iv) the non-guarantor subsidiaries, on a combined basis; (v) consolidating eliminations; and (vi) Signet Jewelers Limited and Subsidiaries on a consolidated basis. Each Guarantor subsidiary is 100% owned by the Parent Company at the date of each balance sheet presented. The Guarantor subsidiaries, along with Signet Jewelers Limited, will fully and unconditionally guarantee the obligations of Signet UK Finance plc under any such debt securities. Each entity in the consolidating financial information follows the same accounting policies as described in the consolidated financial statements. | |||||||||||||||||||||||||
The accompanying condensed consolidating financial information has been presented on the equity method of accounting for all periods presented. Under this method, investments in subsidiaries are recorded at cost and adjusted for the subsidiaries’ cumulative results of operations, capital contributions and distributions, and other changes in equity. Elimination entries include consolidating and eliminating entries for investments in subsidiaries, and intercompany activity and balances. | |||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||
For the 13 week period ended November 1, 2014 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Sales | $ | — | $ | — | $ | 1,161.1 | $ | 16.8 | $ | — | $ | 1,177.9 | |||||||||||||
Cost of sales | — | — | (828.9 | ) | (3.1 | ) | — | (832.0 | ) | ||||||||||||||||
Gross margin | — | — | 332.2 | 13.7 | — | 345.9 | |||||||||||||||||||
Selling, general and administrative expenses | (0.8 | ) | — | (380.7 | ) | (7.2 | ) | — | (388.7 | ) | |||||||||||||||
Other operating income, net | — | — | 56.9 | (3.4 | ) | — | 53.5 | ||||||||||||||||||
Operating (loss) income | (0.8 | ) | — | 8.4 | 3.1 | — | 10.7 | ||||||||||||||||||
Intercompany interest income (expense) | — | 4.7 | (43.3 | ) | 38.6 | — | — | ||||||||||||||||||
Interest expense, net | — | (5.0 | ) | (5.2 | ) | (2.4 | ) | — | (12.6 | ) | |||||||||||||||
(Loss) income before income taxes | (0.8 | ) | (0.3 | ) | (40.1 | ) | 39.3 | — | (1.9 | ) | |||||||||||||||
Income taxes | — | 0.1 | 13 | (12.5 | ) | — | 0.6 | ||||||||||||||||||
Equity in income of subsidiaries | (0.5 | ) | — | (50.2 | ) | (22.4 | ) | 73.1 | — | ||||||||||||||||
Net (loss) income | $ | (1.3 | ) | $ | (0.2 | ) | $ | (77.3 | ) | $ | 4.4 | $ | 73.1 | $ | (1.3 | ) | |||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||
For the 39 week period ended November 1, 2014 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Sales | $ | — | $ | — | $ | 3,412.30 | $ | 47.6 | $ | — | $ | 3,459.90 | |||||||||||||
Cost of sales | — | — | (2,287.9 | ) | (9.9 | ) | — | (2,297.8 | ) | ||||||||||||||||
Gross margin | — | — | 1,124.40 | 37.7 | — | 1,162.10 | |||||||||||||||||||
Selling, general and administrative expenses | (1.6 | ) | — | (1,056.4 | ) | (20.4 | ) | — | (1,078.4 | ) | |||||||||||||||
Other operating income, net | — | — | 162.9 | (1.7 | ) | — | 161.2 | ||||||||||||||||||
Operating (loss) income | (1.6 | ) | — | 230.9 | 15.6 | — | 244.9 | ||||||||||||||||||
Intercompany interest income (expense) | — | 8.5 | (85.1 | ) | 76.6 | — | — | ||||||||||||||||||
Interest expense, net | — | (8.9 | ) | (14.8 | ) | (4.4 | ) | — | (28.1 | ) | |||||||||||||||
(Loss) income before income taxes | (1.6 | ) | (0.4 | ) | 131 | 87.8 | — | 216.8 | |||||||||||||||||
Income taxes | — | 0.1 | (56.2 | ) | (7.4 | ) | — | (63.5 | ) | ||||||||||||||||
Equity in income of subsidiaries | 154.9 | — | 72.9 | 84.2 | (312.0 | ) | — | ||||||||||||||||||
Net income (loss) | $ | 153.3 | $ | (0.3 | ) | $ | 147.7 | $ | 164.6 | $ | (312.0 | ) | $ | 153.3 | |||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||
For the 13 week period ended November 2, 2013 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Sales | $ | — | $ | — | $ | 761.0 | $ | 10.4 | $ | — | $ | 771.4 | |||||||||||||
Cost of sales | — | — | (531.1 | ) | (1.1 | ) | — | (532.2 | ) | ||||||||||||||||
Gross margin | — | — | 229.9 | 9.3 | — | 239.2 | |||||||||||||||||||
Selling, general and administrative expenses | (0.7 | ) | — | (233.5 | ) | 0.8 | — | (233.4 | ) | ||||||||||||||||
Other operating income, net | 0.1 | — | 43.2 | 2.5 | — | 45.8 | |||||||||||||||||||
Operating (loss) income | (0.6 | ) | — | 39.6 | 12.6 | — | 51.6 | ||||||||||||||||||
Intercompany interest (expense) income | — | — | (8.4 | ) | 8.4 | — | — | ||||||||||||||||||
Interest expense, net | — | — | (0.9 | ) | — | — | (0.9 | ) | |||||||||||||||||
(Loss) income before income taxes | (0.6 | ) | — | 30.3 | 21 | — | 50.7 | ||||||||||||||||||
Income taxes | — | — | (12.5 | ) | (4.6 | ) | — | (17.1 | ) | ||||||||||||||||
Equity in income of subsidiaries | 34.2 | — | 29.7 | 20.7 | (84.6 | ) | — | ||||||||||||||||||
Net income | $ | 33.6 | $ | — | $ | 47.5 | $ | 37.1 | $ | (84.6 | ) | $ | 33.6 | ||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||
For the 39 week period ended November 2, 2013 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Sales | $ | — | $ | — | $ | 2,613.00 | $ | 32.2 | $ | — | $ | 2,645.20 | |||||||||||||
Cost of sales | — | — | (1,710.6 | ) | (2.9 | ) | — | (1,713.5 | ) | ||||||||||||||||
Gross margin | — | — | 902.4 | 29.3 | — | 931.7 | |||||||||||||||||||
Selling, general and administrative expenses | (1.8 | ) | — | (769.7 | ) | 0.6 | — | (770.9 | ) | ||||||||||||||||
Other operating income, net | 0.1 | — | 138.2 | 0.8 | — | 139.1 | |||||||||||||||||||
Operating (loss) income | (1.7 | ) | — | 270.9 | 30.7 | — | 299.9 | ||||||||||||||||||
Intercompany interest (expense) income | — | — | (25.5 | ) | 25.5 | — | — | ||||||||||||||||||
Interest expense, net | — | — | (2.8 | ) | — | — | (2.8 | ) | |||||||||||||||||
(Loss) income before income taxes | (1.7 | ) | — | 242.6 | 56.2 | — | 297.1 | ||||||||||||||||||
Income taxes | — | — | (94.4 | ) | (9.9 | ) | — | (104.3 | ) | ||||||||||||||||
Equity in income of subsidiaries | 194.5 | — | 173.3 | 150.7 | (518.5 | ) | — | ||||||||||||||||||
Net income | $ | 192.8 | $ | — | $ | 321.5 | $ | 197 | $ | (518.5 | ) | $ | 192.8 | ||||||||||||
Condensed Consolidated Statement of Comprehensive Income | |||||||||||||||||||||||||
For the 13 week period ended November 1, 2014 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Net (loss) income | $ | (1.3 | ) | $ | (0.2 | ) | $ | (77.3 | ) | $ | 4.4 | $ | 73.1 | $ | (1.3 | ) | |||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Foreign currency translation adjustments | (21.4 | ) | — | (23.1 | ) | 2.8 | 20.3 | (21.4 | ) | ||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
Unrealized loss | — | — | — | — | — | — | |||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||
Unrealized loss | (1.5 | ) | — | (1.5 | ) | — | 1.5 | (1.5 | ) | ||||||||||||||||
Reclassification adjustment for losses to net (loss) income | 1.9 | — | 1.9 | — | (1.9 | ) | 1.9 | ||||||||||||||||||
Pension plan: | |||||||||||||||||||||||||
Actuarial gain | — | — | — | — | — | — | |||||||||||||||||||
Reclassification adjustment to net (loss) income for amortization of actuarial loss | 0.4 | — | 0.4 | — | (0.4 | ) | 0.4 | ||||||||||||||||||
Prior service benefit | — | — | — | — | — | — | |||||||||||||||||||
Reclassification adjustment to net (loss) income for amortization of prior service credits | (0.3 | ) | — | (0.3 | ) | — | 0.3 | (0.3 | ) | ||||||||||||||||
Total other comprehensive (loss) income | (20.9 | ) | — | (22.6 | ) | 2.8 | 19.8 | (20.9 | ) | ||||||||||||||||
Total comprehensive (loss) income | $ | (22.2 | ) | $ | (0.2 | ) | $ | (99.9 | ) | $ | 7.2 | $ | 92.9 | $ | (22.2 | ) | |||||||||
Condensed Consolidated Statement of Comprehensive Income | |||||||||||||||||||||||||
For the 39 week period ended November 1, 2014 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Net income (loss) | $ | 153.3 | $ | (0.3 | ) | $ | 147.7 | $ | 164.6 | $ | (312.0 | ) | $ | 153.3 | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Foreign currency translation adjustments | (14.1 | ) | — | (14.8 | ) | 1.4 | 13.4 | (14.1 | ) | ||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
Unrealized loss | (0.2 | ) | — | — | (0.2 | ) | 0.2 | (0.2 | ) | ||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||
Unrealized loss | (1.3 | ) | — | (1.3 | ) | — | 1.3 | (1.3 | ) | ||||||||||||||||
Reclassification adjustment for losses to net income | 10 | — | 10 | — | (10.0 | ) | 10 | ||||||||||||||||||
Pension plan: | |||||||||||||||||||||||||
Actuarial gain | — | — | — | — | — | — | |||||||||||||||||||
Reclassification adjustment to net income for amortization of actuarial loss | 1.2 | — | 1.2 | — | (1.2 | ) | 1.2 | ||||||||||||||||||
Prior service benefit | — | — | — | — | — | — | |||||||||||||||||||
Reclassification adjustment to net income for amortization of prior service credits | (1.0 | ) | — | (1.0 | ) | — | 1 | (1.0 | ) | ||||||||||||||||
Total other comprehensive (loss) income | (5.4 | ) | — | (5.9 | ) | 1.2 | 4.7 | (5.4 | ) | ||||||||||||||||
Total comprehensive income (loss) | $ | 147.9 | $ | (0.3 | ) | $ | 141.8 | $ | 165.8 | $ | (307.3 | ) | $ | 147.9 | |||||||||||
Condensed Consolidated Statement of Comprehensive Income | |||||||||||||||||||||||||
For the 13 week period ended November 2, 2013 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Net income | $ | 33.6 | $ | — | $ | 47.5 | $ | 37.1 | $ | (84.6 | ) | $ | 33.6 | ||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Foreign currency translation adjustments | 10.5 | — | 12 | (2.4 | ) | (9.6 | ) | 10.5 | |||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||
Unrealized loss | (1.5 | ) | — | (1.5 | ) | — | 1.5 | (1.5 | ) | ||||||||||||||||
Reclassification adjustment for losses to net income | 1.3 | — | 1.3 | — | (1.3 | ) | 1.3 | ||||||||||||||||||
Pension plan: | |||||||||||||||||||||||||
Actuarial gain | — | — | — | — | — | — | |||||||||||||||||||
Reclassification adjustment to net income for amortization of actuarial loss | 0.4 | — | 0.4 | — | (0.4 | ) | 0.4 | ||||||||||||||||||
Prior service benefit | — | — | — | — | — | — | |||||||||||||||||||
Reclassification adjustment to net income for amortization of prior service credits | (0.2 | ) | — | (0.2 | ) | — | 0.2 | (0.2 | ) | ||||||||||||||||
Total other comprehensive income (loss) | 10.5 | — | 12 | (2.4 | ) | (9.6 | ) | 10.5 | |||||||||||||||||
Total comprehensive income | $ | 44.1 | $ | — | $ | 59.5 | $ | 34.7 | $ | (94.2 | ) | $ | 44.1 | ||||||||||||
Condensed Consolidated Statement of Comprehensive Income | |||||||||||||||||||||||||
For the 39 week period ended November 2, 2013 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Net income | $ | 192.8 | $ | — | $ | 321.5 | $ | 197 | $ | (518.5 | ) | $ | 192.8 | ||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Foreign currency translation adjustments | 3.5 | — | 4 | (0.8 | ) | (3.2 | ) | 3.5 | |||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||
Unrealized loss | (18.3 | ) | — | (18.3 | ) | — | 18.3 | (18.3 | ) | ||||||||||||||||
Reclassification adjustment for losses to net income | 0.6 | — | 0.6 | — | (0.6 | ) | 0.6 | ||||||||||||||||||
Pension plan: | |||||||||||||||||||||||||
Actuarial gain | — | — | — | — | — | — | |||||||||||||||||||
Reclassification adjustment to net income for amortization of actuarial loss | 1.3 | — | 1.3 | — | (1.3 | ) | 1.3 | ||||||||||||||||||
Prior service benefit | — | — | — | — | — | — | |||||||||||||||||||
Reclassification adjustment to net income for amortization of prior service credits | (0.8 | ) | — | (0.8 | ) | — | 0.8 | (0.8 | ) | ||||||||||||||||
Total other comprehensive loss | (13.7 | ) | — | (13.2 | ) | (0.8 | ) | 14 | (13.7 | ) | |||||||||||||||
Total comprehensive income | $ | 179.1 | $ | — | $ | 308.3 | $ | 196.2 | $ | (504.5 | ) | $ | 179.1 | ||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||
November 1, 2014 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 2.9 | $ | — | $ | 74.1 | $ | 10.6 | $ | — | $ | 87.6 | |||||||||||||
Accounts receivable, net | — | — | 1,281.90 | 10.2 | — | 1,292.10 | |||||||||||||||||||
Intercompany receivables, net | 129.9 | — | — | 29.4 | (159.3 | ) | — | ||||||||||||||||||
Other receivables | — | — | 55 | 1.7 | — | 56.7 | |||||||||||||||||||
Other current assets | 0.1 | 0.7 | 127.1 | 5.8 | — | 133.7 | |||||||||||||||||||
Deferred tax assets | — | — | 1.4 | 0.2 | — | 1.6 | |||||||||||||||||||
Income taxes | — | — | 21 | 0.6 | — | 21.6 | |||||||||||||||||||
Inventories | — | — | 2,619.10 | 55.5 | — | 2,674.60 | |||||||||||||||||||
Total current assets | 132.9 | 0.7 | 4,179.60 | 114 | (159.3 | ) | 4,267.90 | ||||||||||||||||||
Non-current assets: | |||||||||||||||||||||||||
Property, plant and equipment, net | — | — | 652.8 | 6 | — | 658.8 | |||||||||||||||||||
Goodwill | — | — | 520.7 | 3.6 | — | 524.3 | |||||||||||||||||||
Intangible assets, net | — | — | 461.3 | — | — | 461.3 | |||||||||||||||||||
Investment in subsidiaries | 2,524.20 | — | 484 | 451.3 | (3,459.5 | ) | — | ||||||||||||||||||
Intercompany receivables, net | — | 408.5 | — | 3,325.00 | (3,733.5 | ) | — | ||||||||||||||||||
Other assets | — | 6 | 100 | 27.5 | — | 133.5 | |||||||||||||||||||
Deferred tax assets | — | — | 72.7 | 0.1 | — | 72.8 | |||||||||||||||||||
Retirement benefit asset | — | — | 59.9 | — | — | 59.9 | |||||||||||||||||||
Total assets | $ | 2,657.10 | $ | 415.2 | $ | 6,531.00 | $ | 3,927.50 | $ | (7,352.3 | ) | $ | 6,178.50 | ||||||||||||
Liabilities and Shareholders’ equity | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | — | $ | 221.8 | $ | — | $ | — | $ | 221.8 | |||||||||||||
Accounts payable | — | — | 396 | 0.2 | — | 396.2 | |||||||||||||||||||
Intercompany payables, net | — | — | 159.3 | — | (159.3 | ) | — | ||||||||||||||||||
Accrued expenses and other current liabilities | 14.8 | 8.4 | 389.5 | 10 | — | 422.7 | |||||||||||||||||||
Deferred revenue | — | — | 221.6 | — | — | 221.6 | |||||||||||||||||||
Deferred tax liabilities | — | — | 151.2 | — | — | 151.2 | |||||||||||||||||||
Income taxes | — | (0.1 | ) | (3.8 | ) | 7.5 | — | 3.6 | |||||||||||||||||
Total current liabilities | 14.8 | 8.3 | 1,535.60 | 17.7 | (159.3 | ) | 1,417.10 | ||||||||||||||||||
Non-current liabilities: | |||||||||||||||||||||||||
Long-term debt | — | 398.4 | 372.9 | 600 | — | 1,371.30 | |||||||||||||||||||
Intercompany payables, net | — | — | 3,733.50 | — | (3,733.5 | ) | — | ||||||||||||||||||
Other liabilities | — | — | 219.1 | 8.1 | — | 227.2 | |||||||||||||||||||
Deferred revenue | — | — | 518.8 | — | — | 518.8 | |||||||||||||||||||
Deferred tax liabilities | — | — | 1.8 | — | — | 1.8 | |||||||||||||||||||
Total liabilities | 14.8 | 406.7 | 6,381.70 | 625.8 | (3,892.8 | ) | 3,536.20 | ||||||||||||||||||
Total shareholders’ equity | 2,642.30 | 8.5 | 149.3 | 3,301.70 | (3,459.5 | ) | 2,642.30 | ||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,657.10 | $ | 415.2 | $ | 6,531.00 | $ | 3,927.50 | $ | (7,352.3 | ) | $ | 6,178.50 | ||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||
February 1, 2014 | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1.4 | $ | — | $ | 237 | $ | 9.2 | $ | — | $ | 247.6 | |||||||||||||
Accounts receivable, net | — | — | 1,361.30 | 12.7 | — | 1,374.00 | |||||||||||||||||||
Intercompany receivables, net | 47.7 | — | — | 238 | (285.7 | ) | — | ||||||||||||||||||
Other receivables | — | — | 51.1 | 0.4 | — | 51.5 | |||||||||||||||||||
Other current assets | — | — | 86.5 | 0.5 | — | 87 | |||||||||||||||||||
Deferred tax assets | — | — | 2.8 | 0.2 | — | 3 | |||||||||||||||||||
Income taxes | — | — | 6 | 0.5 | — | 6.5 | |||||||||||||||||||
Inventories | — | — | 1,434.50 | 53.5 | — | 1,488.00 | |||||||||||||||||||
Total current assets | 49.1 | — | 3,179.20 | 315 | (285.7 | ) | 3,257.60 | ||||||||||||||||||
Non-current assets: | |||||||||||||||||||||||||
Property, plant and equipment, net | — | — | 481.5 | 6.1 | — | 487.6 | |||||||||||||||||||
Investment in subsidiaries | 2,526.30 | — | 1,452.80 | 1,143.20 | (5,122.3 | ) | — | ||||||||||||||||||
Intercompany receivables, net | — | — | — | 1,098.00 | (1,098.0 | ) | — | ||||||||||||||||||
Other assets | — | — | 110.4 | 3.6 | — | 114 | |||||||||||||||||||
Deferred tax assets | — | — | 113.6 | 0.1 | — | 113.7 | |||||||||||||||||||
Retirement benefit asset | — | — | 56.3 | — | — | 56.3 | |||||||||||||||||||
Total assets | $ | 2,575.40 | $ | — | $ | 5,393.80 | $ | 2,566.00 | $ | (6,506.0 | ) | $ | 4,029.20 | ||||||||||||
Liabilities and Shareholders’ equity | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | — | $ | 19.3 | $ | — | $ | — | $ | 19.3 | |||||||||||||
Accounts payable | — | — | 160.5 | 2.4 | — | 162.9 | |||||||||||||||||||
Intercompany payables, net | — | — | 285.7 | — | (285.7 | ) | — | ||||||||||||||||||
Accrued expenses and other current liabilities | 12.3 | — | 313.1 | 3.1 | — | 328.5 | |||||||||||||||||||
Deferred revenue | — | — | 173 | — | — | 173 | |||||||||||||||||||
Deferred tax liabilities | — | — | 113.1 | — | — | 113.1 | |||||||||||||||||||
Income taxes | — | — | 101.3 | 2.6 | — | 103.9 | |||||||||||||||||||
Total current liabilities | 12.3 | — | 1,166.00 | 8.1 | (285.7 | ) | 900.7 | ||||||||||||||||||
Non-current liabilities: | |||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | |||||||||||||||||||
Intercompany payables, net | — | — | 1,098.00 | — | (1,098.0 | ) | — | ||||||||||||||||||
Other liabilities | — | — | 118.5 | 3.2 | — | 121.7 | |||||||||||||||||||
Deferred revenue | — | — | 443.7 | — | — | 443.7 | |||||||||||||||||||
Total liabilities | 12.3 | — | 2,826.20 | 11.3 | (1,383.7 | ) | 1,466.10 | ||||||||||||||||||
Total shareholders’ equity | 2,563.10 | — | 2,567.60 | 2,554.70 | (5,122.3 | ) | 2,563.10 | ||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,575.40 | $ | — | $ | 5,393.80 | $ | 2,566.00 | $ | (6,506.0 | ) | $ | 4,029.20 | ||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||
November 2, 2013 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 3.2 | $ | — | $ | 65.9 | $ | 18.7 | $ | — | $ | 87.8 | |||||||||||||
Accounts receivable, net | — | — | 1,114.80 | 8.7 | — | 1,123.50 | |||||||||||||||||||
Intercompany receivables, net | 11.7 | — | — | 455.9 | (467.6 | ) | — | ||||||||||||||||||
Other receivables | — | — | 50.9 | 0.3 | — | 51.2 | |||||||||||||||||||
Other current assets | 0.1 | — | 86.9 | (0.1 | ) | — | 86.9 | ||||||||||||||||||
Deferred tax assets | — | — | 2.4 | 0.3 | — | 2.7 | |||||||||||||||||||
Income taxes | — | — | 16.7 | — | — | 16.7 | |||||||||||||||||||
Inventories | — | — | 1,590.40 | 54.5 | — | 1,644.90 | |||||||||||||||||||
Total current assets | 15 | — | 2,928.00 | 538.3 | (467.6 | ) | 3,013.70 | ||||||||||||||||||
Non-current assets: | |||||||||||||||||||||||||
Property, plant and equipment, net | — | — | 470.3 | 0.8 | — | 471.1 | |||||||||||||||||||
Investment in subsidiaries | 2,383.40 | — | 1,498.00 | 1,201.90 | (5,083.3 | ) | — | ||||||||||||||||||
Intercompany receivables, net | — | — | — | 863 | (863.0 | ) | — | ||||||||||||||||||
Other assets | — | — | 106.7 | — | — | 106.7 | |||||||||||||||||||
Deferred tax assets | — | — | 119.9 | — | — | 119.9 | |||||||||||||||||||
Retirement benefit asset | — | — | 54 | — | — | 54 | |||||||||||||||||||
Total assets | $ | 2,398.40 | $ | — | $ | 5,176.90 | $ | 2,604.00 | $ | (6,413.9 | ) | $ | 3,765.40 | ||||||||||||
Liabilities and Shareholders’ equity | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | — | $ | 46 | $ | — | $ | — | $ | 46 | |||||||||||||
Accounts payable | — | — | 242.7 | 2.2 | — | 244.9 | |||||||||||||||||||
Intercompany payables, net | — | — | 467.6 | — | (467.6 | ) | — | ||||||||||||||||||
Accrued expenses and other current liabilities | 12.2 | — | 237.8 | 2.5 | — | 252.5 | |||||||||||||||||||
Deferred revenue | — | — | 156.3 | — | — | 156.3 | |||||||||||||||||||
Deferred tax liabilities | — | — | 136.2 | — | — | 136.2 | |||||||||||||||||||
Income taxes | — | — | 3.2 | 3.6 | — | 6.8 | |||||||||||||||||||
Total current liabilities | 12.2 | — | 1,289.80 | 8.3 | (467.6 | ) | 842.7 | ||||||||||||||||||
Non-current liabilities: | |||||||||||||||||||||||||
Intercompany payables, net | — | — | 863 | — | (863.0 | ) | — | ||||||||||||||||||
Deferred tax liabilities | — | — | 1 | — | — | 1 | |||||||||||||||||||
Other liabilities | — | — | 116.1 | 3.2 | — | 119.3 | |||||||||||||||||||
Deferred revenue | — | — | 416.2 | — | — | 416.2 | |||||||||||||||||||
Total liabilities | 12.2 | — | 2,686.10 | 11.5 | (1,330.6 | ) | 1,379.20 | ||||||||||||||||||
Total shareholders’ equity | 2,386.20 | — | 2,490.80 | 2,592.50 | (5,083.3 | ) | 2,386.20 | ||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,398.40 | $ | — | $ | 5,176.90 | $ | 2,604.00 | $ | (6,413.9 | ) | $ | 3,765.40 | ||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||
For the 13 week period ended November 1, 2014 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||
Other cash provided by (used in) operating activities | $ | 99.3 | $ | 4.5 | $ | (253.1 | ) | $ | 41.2 | $ | (100.0 | ) | $ | (208.1 | ) | ||||||||||
Net cash provided by (used in) operating activities | 99.3 | 4.5 | (253.1 | ) | 41.2 | (100.0 | ) | (208.1 | ) | ||||||||||||||||
Investing activities | |||||||||||||||||||||||||
Purchase of property, plant and equipment | — | — | (75.1 | ) | — | — | (75.1 | ) | |||||||||||||||||
Investment in subsidiaries | — | — | (1.4 | ) | — | 1.4 | — | ||||||||||||||||||
Purchase of available-for-sale securities | — | — | — | (3.0 | ) | — | (3.0 | ) | |||||||||||||||||
Proceeds from available-for-sale securities | — | — | — | 1.5 | — | 1.5 | |||||||||||||||||||
Acquisition of Zale Corporation, net of cash acquired | — | — | — | — | — | — | |||||||||||||||||||
Net cash used in investing activities | — | — | (76.5 | ) | (1.5 | ) | 1.4 | (76.6 | ) | ||||||||||||||||
Financing activities | |||||||||||||||||||||||||
Dividends paid | (14.4 | ) | — | — | — | — | (14.4 | ) | |||||||||||||||||
Intercompany dividends | — | — | (100.0 | ) | — | 100 | — | ||||||||||||||||||
Proceeds from issuance of common shares | 2.2 | 1.4 | — | — | (1.4 | ) | 2.2 | ||||||||||||||||||
Excess tax benefit from exercise of share awards | — | — | — | — | — | — | |||||||||||||||||||
Proceeds from long-term debt | — | — | — | 493.4 | — | 493.4 | |||||||||||||||||||
Repayments of long-term debt | — | — | (5.0 | ) | (493.4 | ) | — | (498.4 | ) | ||||||||||||||||
Payment of debt issuance costs | — | (1.3 | ) | (0.3 | ) | (0.5 | ) | — | (2.1 | ) | |||||||||||||||
Repurchase of common shares | (7.4 | ) | — | — | — | — | (7.4 | ) | |||||||||||||||||
Net settlement of equity based awards | (3.0 | ) | — | — | — | — | (3.0 | ) | |||||||||||||||||
Capital lease payments | — | — | (0.3 | ) | — | — | (0.3 | ) | |||||||||||||||||
Proceeds from short-term borrowings | — | — | 188 | — | — | 188 | |||||||||||||||||||
Intercompany activity, net | (75.2 | ) | (4.6 | ) | 135 | (55.2 | ) | — | — | ||||||||||||||||
Net cash (used in) provided by financing activities | (97.8 | ) | (4.5 | ) | 217.4 | (55.7 | ) | 98.6 | 158 | ||||||||||||||||
Cash and cash equivalents at beginning of period | 1.4 | — | 191.1 | 22.5 | — | 215 | |||||||||||||||||||
Increase (decrease) in cash and cash equivalents | 1.5 | — | (112.2 | ) | (16.0 | ) | — | (126.7 | ) | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (4.8 | ) | 4.1 | — | (0.7 | ) | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 2.9 | $ | — | $ | 74.1 | $ | 10.6 | $ | — | $ | 87.6 | |||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||
For the 39 week period ended November 1, 2014 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||
Other cash provided by (used in) operating activities | $ | 148.4 | $ | 8.3 | $ | (113.8 | ) | $ | 82.9 | $ | (150.0 | ) | $ | (24.2 | ) | ||||||||||
Net cash provided by (used in) operating activities | 148.4 | 8.3 | (113.8 | ) | 82.9 | (150.0 | ) | (24.2 | ) | ||||||||||||||||
Investing activities | |||||||||||||||||||||||||
Purchase of property, plant and equipment | — | — | (164.7 | ) | (0.4 | ) | — | (165.1 | ) | ||||||||||||||||
Investment in subsidiaries | — | — | (8.8 | ) | — | 8.8 | — | ||||||||||||||||||
Purchase of available-for-sale securities | — | — | — | (4.2 | ) | — | (4.2 | ) | |||||||||||||||||
Proceeds from available-for-sale securities | — | — | — | 2.5 | — | 2.5 | |||||||||||||||||||
Acquisition of Zale Corporation, net of cash acquired | — | — | (1,431.1 | ) | 1.9 | — | (1,429.2 | ) | |||||||||||||||||
Net cash (used in) provided by investing activities | — | — | (1,604.6 | ) | (0.2 | ) | 8.8 | (1,596.0 | ) | ||||||||||||||||
Financing activities | |||||||||||||||||||||||||
Dividends paid | (40.8 | ) | — | — | — | — | (40.8 | ) | |||||||||||||||||
Intercompany dividends | — | — | (949.1 | ) | (0.9 | ) | 950 | — | |||||||||||||||||
Proceeds from issuance of common shares | 4.2 | 8.8 | — | 800 | (808.8 | ) | 4.2 | ||||||||||||||||||
Excess tax benefit from exercise of share awards | — | — | 7.7 | — | — | 7.7 | |||||||||||||||||||
Proceeds from long-term debt | — | 398.4 | 400 | 1,424.00 | — | 2,222.40 | |||||||||||||||||||
Repayments of long-term debt | — | — | (5.0 | ) | (824.0 | ) | — | (829.0 | ) | ||||||||||||||||
Payment of debt issuance costs | — | (7.0 | ) | (10.7 | ) | (2.8 | ) | — | (20.5 | ) | |||||||||||||||
Repurchase of common shares | (29.8 | ) | — | — | — | — | (29.8 | ) | |||||||||||||||||
Net settlement of equity based awards | (18.1 | ) | — | — | — | — | (18.1 | ) | |||||||||||||||||
Capital lease payments | — | — | (0.5 | ) | — | — | (0.5 | ) | |||||||||||||||||
Proceeds from short-term borrowings | — | — | 165.8 | — | — | 165.8 | |||||||||||||||||||
Intercompany activity, net | (62.4 | ) | (408.5 | ) | 1,950.50 | (1,479.6 | ) | — | — | ||||||||||||||||
Net cash (used in) provided by financing activities | (146.9 | ) | (8.3 | ) | 1,558.70 | (83.3 | ) | 141.2 | 1,461.40 | ||||||||||||||||
Cash and cash equivalents at beginning of period | 1.4 | — | 237 | 9.2 | — | 247.6 | |||||||||||||||||||
Increase (decrease) in cash and cash equivalents | 1.5 | — | (159.7 | ) | (0.6 | ) | — | (158.8 | ) | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (3.2 | ) | 2 | — | (1.2 | ) | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 2.9 | $ | — | $ | 74.1 | $ | 10.6 | $ | — | $ | 87.6 | |||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||
For the 13 week period ended November 2, 2013 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||
Other cash (used in) provided by operating activities | $ | (0.5 | ) | $ | — | $ | (93.9 | ) | $ | 14 | $ | — | $ | (80.4 | ) | ||||||||||
Net cash (used in) provided by operating activities | (0.5 | ) | — | (93.9 | ) | 14 | — | (80.4 | ) | ||||||||||||||||
Investing activities | |||||||||||||||||||||||||
Purchase of property, plant and equipment | — | — | (53.3 | ) | — | — | (53.3 | ) | |||||||||||||||||
Investment in subsidiaries | — | — | — | — | — | — | |||||||||||||||||||
Acquisition of Ultra Stores, Inc. | — | — | — | — | — | — | |||||||||||||||||||
Net cash used in investing activities | — | — | (53.3 | ) | — | — | (53.3 | ) | |||||||||||||||||
Financing activities | |||||||||||||||||||||||||
Dividends paid | (12.1 | ) | — | — | — | — | (12.1 | ) | |||||||||||||||||
Intercompany dividends | — | — | 7.5 | (7.5 | ) | — | — | ||||||||||||||||||
Proceeds from issuance of common shares | 2.8 | — | — | — | — | 2.8 | |||||||||||||||||||
Excess tax benefit from exercise of share awards | — | — | — | — | — | — | |||||||||||||||||||
Repurchase of common shares | (25.0 | ) | — | — | — | — | (25.0 | ) | |||||||||||||||||
Net settlement of equity based awards | (0.1 | ) | — | — | — | — | (0.1 | ) | |||||||||||||||||
Proceeds from short-term borrowings | — | — | 44.3 | — | — | 44.3 | |||||||||||||||||||
Intercompany activity, net | 37.2 | — | (43.5 | ) | 6.3 | — | — | ||||||||||||||||||
Net cash provided by (used in) financing activities | 2.8 | — | 8.3 | (1.2 | ) | — | 9.9 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | 0.9 | — | 203.1 | 8.9 | — | 212.9 | |||||||||||||||||||
Increase (decrease) in cash and cash equivalents | 2.3 | — | (138.9 | ) | 12.8 | — | (123.8 | ) | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1.7 | (3.0 | ) | — | (1.3 | ) | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 3.2 | $ | — | $ | 65.9 | $ | 18.7 | $ | — | $ | 87.8 | |||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||
For the 39 week period ended November 2, 2013 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||
Other cash provided by (used in) operating activities | $ | 88.4 | $ | — | $ | (48.7 | ) | $ | 28.4 | $ | (90.0 | ) | $ | (21.9 | ) | ||||||||||
Net cash provided by (used in) operating activities | 88.4 | — | (48.7 | ) | 28.4 | (90.0 | ) | (21.9 | ) | ||||||||||||||||
Investing activities | |||||||||||||||||||||||||
Purchase of property, plant and equipment | — | — | (106.7 | ) | (0.2 | ) | — | (106.9 | ) | ||||||||||||||||
Investment in subsidiaries | (0.3 | ) | — | — | — | 0.3 | — | ||||||||||||||||||
Acquisition of Ultra Stores, Inc. | — | — | 1.4 | — | — | 1.4 | |||||||||||||||||||
Net cash used in investing activities | (0.3 | ) | — | (105.3 | ) | (0.2 | ) | 0.3 | (105.5 | ) | |||||||||||||||
Financing activities | |||||||||||||||||||||||||
Dividends paid | (34.0 | ) | — | — | — | — | (34.0 | ) | |||||||||||||||||
Intercompany dividends | — | — | (69.5 | ) | (20.5 | ) | 90 | — | |||||||||||||||||
Proceeds from issuance of common shares | 8 | — | 0.3 | — | (0.3 | ) | 8 | ||||||||||||||||||
Excess tax benefit from exercise of share awards | — | — | 4.5 | — | — | 4.5 | |||||||||||||||||||
Repurchase of common shares | (100.1 | ) | — | — | — | — | (100.1 | ) | |||||||||||||||||
Net settlement of equity based awards | (9.1 | ) | — | — | — | — | (9.1 | ) | |||||||||||||||||
Proceeds from short-term borrowings | — | — | 46 | — | — | 46 | |||||||||||||||||||
Intercompany activity, net | 36.9 | — | (32.6 | ) | (4.3 | ) | — | — | |||||||||||||||||
Net cash used in financing activities | (98.3 | ) | — | (51.3 | ) | (24.8 | ) | 89.7 | (84.7 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | 13.4 | — | 271.3 | 16.3 | — | 301 | |||||||||||||||||||
(Decrease) increase in cash and cash equivalents | (10.2 | ) | — | (205.3 | ) | 3.4 | — | (212.1 | ) | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (0.1 | ) | (1.0 | ) | — | (1.1 | ) | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 3.2 | $ | — | $ | 65.9 | $ | 18.7 | $ | — | $ | 87.8 | |||||||||||||
Principal_accounting_policies_1
Principal accounting policies and basis of preparation (Policies) | 9 Months Ended |
Nov. 01, 2014 | |
Basis of preparation | ' |
Basis of preparation | |
Signet Jewelers Limited (“Signet” or the “Company”) is a holding company, incorporated in Bermuda, that operates through its subsidiaries. Signet is a leading retailer whose results are principally derived from one business segment – the retailing of jewelry, watches and associated services. | |
On May 29, 2014, the Company completed the acquisition of Zale Corporation (“the Acquisition”) (see Note 20 for further information). Prior to the Acquisition, the Company managed its business as two geographical reportable segments, being the United States of America (the “US”) and the United Kingdom (the “UK”) divisions. In connection with the Acquisition, the Company will no longer report its segments geographically, but by store brand grouping. The former US division operates retail stores under brands including Kay Jewelers, Jared The Galleria Of Jewelry and various regional brands and will be known as Sterling Jewelers division (“Sterling Jewelers”). The former UK division’s retail stores operate under brands including H.Samuel and Ernest Jones and will be known as UK Jewelry division (“UK Jewelry”). | |
In connection with the Acquisition, the Zale division (“Zale”) was added, consisting of two new reportable segments: Zale Jewelry (“Zale Jewelry”) and Piercing Pagoda (“Piercing Pagoda”). Zale Jewelry is comprised of three core national brands, Zales Jewelers, Zales Outlet and Peoples Jewellers and two regional brands, Gordon’s Jewelers and Mappins Jewellers. Each brand specializes in fine jewelry and watches, with merchandise and marketing emphasis focused on diamond products. Zales Jewelers is a national brand in the US providing moderately priced jewelry to a broad range of customers. Zales Outlet operates in outlet malls and neighborhood power centers in the US and capitalizes on Zales Jewelers’ national marketing and brand recognition. Gordon’s Jewelers is a value-oriented regional jeweler. Peoples Jewellers is Canada’s largest fine jewelry retailer. Mappins Jewellers offers customers classic fine jewelry also in Canada. Piercing Pagoda operates mall-based kiosks focused on the opening price point customer. Piercing Pagoda specializes in gold, silver and non-precious metal products that capitalize on the latest fashion trends. | |
In the fourth quarter of Fiscal 2014, subsequent to the November 4, 2013 acquisition of a diamond polishing factory in Gaborone, Botswana, management established a separate reportable segment (“Other”), which consists of all non-reportable operating segments including subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones. | |
These condensed consolidated financial statements included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. In the opinion of management, the accompanying condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair presentation of the results for the interim periods. It is suggested that these condensed consolidated financial statements be read in conjunction with the consolidated financial statements and notes included in Signet’s Annual Report on Form 10-K for the year ended February 1, 2014. | |
Use of estimates | ' |
Use of estimates | |
The preparation of these condensed consolidated 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 condensed consolidated financial statements and reported amounts of revenues 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, fair value of derivatives, depreciation and asset impairment, the valuation of employee benefits, income taxes, contingencies and accounting for business combinations. | |
Fiscal year | ' |
Fiscal year | |
The Company’s fiscal year ends on the Saturday nearest to January 31st. Fiscal 2015 is the 52 week year ending January 31, 2015 and Fiscal 2014 was the 52 week year ended February 1, 2014. Within these condensed consolidated financial statements, the third quarter and year to date of the relevant fiscal years 2015 and 2014 refer to the 13 and 39 weeks ended November 1, 2014 and November 2, 2013, respectively. | |
Seasonality | ' |
Seasonality | |
Signet’s sales are seasonal, with the first quarter slightly exceeding 20% of annual sales, the second and third quarters approximating 20% and the fourth quarter accounting for almost 40% of annual sales, with December being by far the most important month of the year. Sales made in November and December are known as the “Holiday Season.” Due to sales leverage, Signet’s operating income is even more seasonal; about 45% to 55% of Signet’s operating income normally occurs in the fourth quarter, comprised of nearly all of the UK Jewelry and Zale divisions’ operating income and about 40% to 45% of the Sterling Jewelers division’s operating income. | |
Revenue recognition | ' |
Revenue recognition | |
Extended service plans and lifetime warranty agreements | |
Signet recognizes revenue related to lifetime warranty sales in proportion to when the expected costs will be incurred. The deferral period for lifetime warranty sales in each division is determined from patterns of claims costs, including estimates of future claims costs expected to be incurred. Management reviews the trends in claims to assess whether changes are required to the revenue and cost recognition rates utilized. A significant change in estimates related to the time period or pattern in which warranty-related costs are expected to be incurred could materially impact revenues. All direct costs associated with the sale of these plans are deferred and amortized in proportion to the revenue recognized and disclosed as either other current assets or other assets. | |
The Sterling Jewelers division sells extended service plans where it is obliged, subject to certain conditions, to perform repair work over the lifetime of the product. Revenue from the sale of extended service plans is deferred and recognized over 14 years, with approximately 45% of revenue recognized within the first two years. | |
The Zale division also sells extended service plans. Zale Jewelry customers are offered lifetime warranties on certain products that cover sizing and breakage with an option to purchase theft protection for a two-year period. Revenue from the sale of lifetime extended service plans is deferred and recognized over 10 years, with approximately 69% of revenue recognized within the first two years. Revenues related to the optional theft protection are deferred and recognized over the two-year contract period on a straight-line basis. Zale Jewelry customers are also offered a two-year watch warranty and a one-year warranty that covers breakage. Piercing Pagoda customers are also offered a one-year warranty that covers breakage. Revenue from the two-year watch warranty and one-year breakage warranty is recognized on a straight-line basis over the respective contract terms. | |
Goodwill | ' |
Goodwill | |
Goodwill represents the excess of the purchase price of acquisitions over the Company’s interest in the fair value of the identifiable assets and liabilities acquired. Goodwill is recorded by the Company’s reporting units based on the acquisitions made by each. Goodwill is not amortized, but is reviewed for impairment and is required to be tested at least annually or whenever events or circumstances indicate it is more likely than not that a reporting unit’s fair value is less than its carrying value. The annual testing date for goodwill allocated to the Sterling Jewelers reporting unit is the last day of the fourth quarter. The annual testing date for goodwill allocated to the reporting units associated with the Zale division and the Other reporting unit is May 31. | |
The Company may elect to perform a qualitative assessment for each reporting unit to determine whether it is more likely than not that the fair value of the reporting unit is greater than its carrying value. If a qualitative assessment is not performed, or if as a result of a qualitative assessment it is not more likely than not that the fair value of a reporting unit exceeds its carrying value, then the reporting unit’s fair value is compared to its carrying value. Fair value is determined through the income approach using discounted cash flow models or market-based methodologies. Significant estimates used in these discounted cash flow models include: the weighted average cost of capital; long-term growth rates; expected changes to selling prices, direct costs and profitability of the business; and working capital requirements. Management estimates discount rates using post-tax rates that reflect assessments of the time value of money and Company-specific risks. If the carrying value exceeds the estimated fair value, the Company determines the fair value of all assets and liabilities of the reporting unit, including the implied fair value of goodwill. If the carrying value of goodwill exceeds the implied fair value, the Company recognizes an impairment charge equal to the difference. | |
See Note 20 for additional discussion of the goodwill recorded by the Company during the second quarter of Fiscal 2015. There have been no goodwill impairment losses recorded during the fiscal periods presented in these condensed consolidated financial statements. If future economic conditions and performance results are different than those projected by management, future impairment charges may be required. See Note 10 for additional information related to goodwill. | |
Intangible assets | ' |
Intangible assets | |
Intangible assets with definite lives are amortized and reviewed for impairment whenever events or circumstances indicate that the carrying amount of the asset may not be recoverable. If the estimated undiscounted future cash flows related to the asset are less than the carrying amount, the Company recognizes an impairment loss equal to the difference between the carrying value and the estimated fair value, usually determined by the estimated discounted future cash flows of the asset. | |
Intangible assets with indefinite lives are reviewed for impairment each year in the fourth quarter and may be reviewed more frequently if certain events occur or circumstances change. First, the Company performs a qualitative assessment to determine whether it is more likely than not that the indefinite-lived intangible asset is impaired. If the Company determines that it is more likely than not that the fair value of the asset is less than its carrying amount, the Company estimates the fair value, usually determined by the estimated discounted future cash flows of the asset, compares that value with its carrying amount and records an impairment charge, if any. | |
If future economic conditions are different than those projected by management, future impairment charges may be required. See Note 10 for additional information on intangible assets. | |
Capital leases | ' |
Capital leases | |
The Zale division has capital leases related to vehicles used by field management. The vehicles are included in property, plant and equipment in the accompanying condensed consolidated balance sheets and are depreciated over a four-year lease term. See Note 19 for additional information. | |
New accounting pronouncements adopted during the period | ' |
New accounting pronouncements adopted during the period | |
Presentation of unrecognized tax benefit | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-11, “Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The new guidance requires, unless certain conditions exist, an unrecognized tax benefit to be presented as a reduction to a deferred tax asset in the financial statements for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. Signet adopted this guidance effective for the first quarter ended May 3, 2014 and the implementation of this accounting pronouncement did not have an impact on Signet’s condensed consolidated financial statements. | |
New accounting pronouncements to be adopted in future periods | ' |
New accounting pronouncements to be adopted in future periods | |
Revenue recognition | |
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The new guidance affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards (for example, insurance contracts or lease contracts). The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU No. 2014-09 provides alternative methods of retrospective adoption and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. Early adoption is not permitted. Signet is currently assessing the impact, if any, as well as the available methods of implementation, that the adoption of this accounting pronouncement will have on its consolidated financial statements. | |
Share-based compensation | |
In June 2014, the FASB issued ASU No. 2014-12, “Compensation — Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” The new guidance requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. ASU No. 2014-12 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, with early adoption permitted. Signet is currently assessing the impact, if any, that the adoption of this accounting pronouncement will have on its consolidated financial statements. | |
Reclassification | ' |
Reclassification | |
Signet has reclassified the presentation of certain prior year information to conform to the current year presentation. |
Segment_information_Tables
Segment information (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Segment Reporting Information, By Segment | ' | ||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | November 1, | November 2, | November 1, | November 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Sales: | |||||||||||||||||
Sterling Jewelers | $ | 692.8 | $ | 631.3 | $ | 2,406.70 | $ | 2,229.60 | |||||||||
UK Jewelry | 151 | 139.3 | 465.6 | 413.4 | |||||||||||||
Zale Jewelry | 289.1 | — | 504.1 | — | |||||||||||||
Piercing Pagoda | 42.3 | — | 74.8 | — | |||||||||||||
Other | 2.7 | 0.8 | 8.7 | 2.2 | |||||||||||||
Total sales | $ | 1,177.90 | $ | 771.4 | $ | 3,459.90 | $ | 2,645.20 | |||||||||
Operating income (loss): | |||||||||||||||||
Sterling Jewelers | $ | 68.1 | $ | 60.6 | $ | 364.3 | $ | 325.3 | |||||||||
UK Jewelry | (2.7 | ) | (4.4 | ) | (1.6 | ) | (9.3 | ) | |||||||||
Zale Jewelry | (26.7 | )(1) | — | (34.7 | )(1) | — | |||||||||||
Piercing Pagoda | (7.8 | )(2) | — | (9.6 | )(2) | — | |||||||||||
Other | (20.2 | )(3) | (4.6 | ) | (73.5 | )(3) | (16.1 | ) | |||||||||
Total operating income | $ | 10.7 | $ | 51.6 | $ | 244.9 | $ | 299.9 | |||||||||
-1 | Includes net operating loss of $11.0 million and $20.4 million related to purchase accounting adjustments associated with the acquisition of Zale Corporation for the 13 and 39 weeks ended November 1, 2014, respectively. See Note 20 for additional information. | ||||||||||||||||
-2 | Includes net operating loss of $2.6 million and $4.7 million related to purchase accounting adjustments associated with the acquisition of Zale Corporation for the 13 and 39 weeks ended November 1, 2014, respectively. See Note 20 for additional information. | ||||||||||||||||
-3 | Includes $11.4 million and $50.6 million of transaction-related and integration expense as well as severance-related costs for the 13 and 39 weeks ended November 1, 2014, respectively. | ||||||||||||||||
(in millions) | November 1, | February 1, | November 2, | ||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||
Total assets: | |||||||||||||||||
Sterling Jewelers | $ | 3,477.20 | $ | 3,311.00 | $ | 3,174.30 | |||||||||||
UK Jewelry | 484.5 | 484.6 | 495.3 | ||||||||||||||
Zale Jewelry | 1,942.60 | — | — | ||||||||||||||
Piercing Pagoda | 158.8 | — | — | ||||||||||||||
Other | 115.4 | 233.6 | 95.8 | ||||||||||||||
Total assets | $ | 6,178.50 | $4,029.20 | $ | 3,765.40 | ||||||||||||
Earnings_per_share_Tables
Earnings per share (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Earnings Per Share, Basic and Diluted | ' | ||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions, except per share amounts) | November 1, | November 2, | November 1, | November 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net (loss) income | $ | (1.3 | ) | $ | 33.6 | $ | 153.3 | $ | 192.8 | ||||||||
Basic weighted average number of shares outstanding | 79.9 | 79.9 | 79.9 | 80.4 | |||||||||||||
Dilutive effect of share awards | — | 0.4 | 0.3 | 0.4 | |||||||||||||
Diluted weighted average number of shares outstanding | 79.9 | 80.3 | 80.2 | 80.8 | |||||||||||||
(Loss) earnings per share – basic | $ | (0.02 | ) | $ | 0.42 | $ | 1.92 | $ | 2.4 | ||||||||
(Loss) earnings per share – diluted | $ | (0.02 | ) | $ | 0.42 | $ | 1.91 | $ | 2.39 |
Shareholders_equity_Tables
Shareholders' equity (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||||||||||||||
Share Repurchase Activity | ' | ||||||||||||||||||||||||||||
Share repurchase | |||||||||||||||||||||||||||||
39 weeks ended November 1, 2014 | 39 weeks ended November 2, 2013 | ||||||||||||||||||||||||||||
Amount | Shares | Amount | Average | Shares | Amount | Average | |||||||||||||||||||||||
authorized | repurchased | repurchased | repurchase | repurchased | repurchased | repurchase | |||||||||||||||||||||||
price per | price per | ||||||||||||||||||||||||||||
share | share | ||||||||||||||||||||||||||||
(in millions) | (in millions) | (in millions) | |||||||||||||||||||||||||||
2013 Program(1) | $ | 350 | 288,393 | $ | 29.8 | $ | 103.37 | 746,326 | $ | 50 | $ | 66.99 | |||||||||||||||||
2011 Program(2) | $ | 350 | n/a | n/a | n/a | 749,245 | 50.1 | 66.92 | |||||||||||||||||||||
Total | 288,393 | $ | 29.8 | 1,495,571 | $ | 100.1 | |||||||||||||||||||||||
-1 | In June 2013, the Board of Directors authorized the repurchase of up to $350 million of Signet’s common shares (the “2013 Program”). The 2013 Program may be suspended or discontinued at any time without notice. The 2013 Program had $265.6 million remaining as of November 1, 2014. | ||||||||||||||||||||||||||||
-2 | In October 2011, the Board of Directors authorized the repurchase of up to $300 million of Signet’s common shares (the “2011 Program”), which authorization was subsequently increased to $350 million. The 2011 Program was completed as of May 4, 2013. | ||||||||||||||||||||||||||||
n/a | Not applicable. | ||||||||||||||||||||||||||||
Payment of Dividends | ' | ||||||||||||||||||||||||||||
Dividends | |||||||||||||||||||||||||||||
Fiscal 2015 | Fiscal 2014 | ||||||||||||||||||||||||||||
Cash dividend | Total | Cash dividend | Total | ||||||||||||||||||||||||||
per share | dividends | per share | dividends | ||||||||||||||||||||||||||
(in millions) | (in millions) | ||||||||||||||||||||||||||||
First quarter(1) | $ | 0.18 | $ | 14.4 | (2) | $ | 0.15 | $ | 12.1 | ||||||||||||||||||||
Second quarter | $ | 0.18 | $ | 14.4 | (3) | $ | 0.15 | $ | 12.1 | ||||||||||||||||||||
Third quarter | $ | 0.18 | $ | 14.4 | (4) | $ | 0.15 | $ | 12 | ||||||||||||||||||||
-1 | Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As a result, the fourth quarter Fiscal 2014 $0.15 per share cash dividend was paid on February 27, 2014 in the aggregate amount of $12.0 million. | ||||||||||||||||||||||||||||
-2 | The first quarter Fiscal 2015 $0.18 per share cash dividend was paid on May 28, 2014 in the aggregate amount of $14.4 million. | ||||||||||||||||||||||||||||
-3 | The second quarter Fiscal 2015 $0.18 per share cash dividend was paid on August 27, 2014 in the aggregate amount of $14.4 million. | ||||||||||||||||||||||||||||
-4 | As of November 1, 2014, $14.4 million has been recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividend declared on August 26, 2014, which has a record date of October 31, 2014 and a payment date of November 25, 2014. |
Accumulated_other_comprehensiv1
Accumulated other comprehensive (loss) income (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||||||||||
Changes in Accumulated OCI by Component and Reclassifications Out of Accumulated OCI | ' | ||||||||||||||||||||||||
Pension plan | |||||||||||||||||||||||||
(in millions) | Foreign | Losses on | (Losses) | Actuarial | Prior | Accumulated | |||||||||||||||||||
currency | available-for- | gains on | (losses) | service | other | ||||||||||||||||||||
translation | sale | cash flow | gains | credit | comprehensive | ||||||||||||||||||||
securities, net | hedges | (cost) | (loss) income | ||||||||||||||||||||||
Balance at February 1, 2014 | $ | (137.0 | ) | $ | — | $ | (14.3 | ) | $ | (42.5 | ) | $ | 15.3 | $ | (178.5 | ) | |||||||||
OCI before reclassifications | (14.1 | ) | (0.2 | ) | (1.3 | ) | — | — | (15.6 | ) | |||||||||||||||
Amounts reclassified from accumulated OCI | — | — | 10 | 1.2 | (1.0 | ) | 10.2 | ||||||||||||||||||
Net current-period OCI | (14.1 | ) | (0.2 | ) | 8.7 | 1.2 | (1.0 | ) | (5.4 | ) | |||||||||||||||
Balance at November 1, 2014 | $ | (151.1 | ) | $ | (0.2 | ) | $ | (5.6 | ) | $ | (41.3 | ) | $ | 14.3 | $ | (183.9 | ) | ||||||||
Reclassification Out of Accumulated OCI | ' | ||||||||||||||||||||||||
Amounts reclassified from accumulated OCI | |||||||||||||||||||||||||
13 weeks ended | 39 weeks ended | Statement of operations caption | |||||||||||||||||||||||
(in millions) | November 1, | November 2, | November 1, | November 2, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Losses (Gains) on cash flow hedges: | |||||||||||||||||||||||||
Foreign currency contracts | $ | 0.3 | $ | (0.2 | ) | $ | 0.6 | $ | (0.6 | ) | Cost of sales (see Note 15) | ||||||||||||||
Commodity contracts | 2.4 | 2.3 | 14.6 | 1.7 | Cost of sales (see Note 15) | ||||||||||||||||||||
Total before income tax | 2.7 | 2.1 | 15.2 | 1.1 | |||||||||||||||||||||
(0.8 | ) | (0.8 | ) | (5.2 | ) | (0.5 | ) | Income taxes | |||||||||||||||||
Net of tax | 1.9 | 1.3 | 10 | 0.6 | |||||||||||||||||||||
Defined benefit pension plan items: | |||||||||||||||||||||||||
Amortization of unrecognized net prior service credits | (0.4 | ) | (0.4 | ) | (1.3 | ) | (1.1 | ) | Selling, general and administrative expenses(1) | ||||||||||||||||
Amortization of unrecognized actuarial loss | 0.5 | 0.6 | 1.5 | 1.7 | Selling, general and administrative expenses(1) | ||||||||||||||||||||
Total before income tax | 0.1 | 0.2 | 0.2 | 0.6 | |||||||||||||||||||||
— | — | — | (0.1 | ) | Income taxes | ||||||||||||||||||||
Net of tax | 0.1 | 0.2 | 0.2 | 0.5 | |||||||||||||||||||||
Total reclassifications | $ | 2 | $ | 1.5 | $ | 10.2 | $ | 1.1 | |||||||||||||||||
-1 | These items are included in the computation of net periodic pension benefit (cost). See Note 16 for additional information. |
Accounts_receivable_net_Tables
Accounts receivable, net (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||||||||||
Accounts Receivable By Portfolio Segment, Net | ' | ||||||||||||||||||||||||
(in millions) | November 1, | February 1, | November 2, | ||||||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||||||
Accounts receivable by portfolio segment, net: | |||||||||||||||||||||||||
Sterling Jewelers customer in-house finance receivables | $ | 1,280.30 | $ | 1,356.00 | $ | 1,111.80 | |||||||||||||||||||
Other accounts receivable | 11.8 | 18 | 11.7 | ||||||||||||||||||||||
Total accounts receivable, net | $ | 1,292.10 | $ | 1,374.00 | $ | 1,123.50 | |||||||||||||||||||
Allowance for Credit Losses on Sterling Jewelers' Customer In-House Finance Receivables | ' | ||||||||||||||||||||||||
Allowance for credit losses on Sterling Jewelers’ customer in-house finance receivables: | |||||||||||||||||||||||||
(in millions) | 39 weeks | 52 weeks | 39 weeks | ||||||||||||||||||||||
ended | ended | ended | |||||||||||||||||||||||
November 1, | February 1, | November 2, | |||||||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||||||
Beginning balance | $ | (97.8 | ) | $ | (87.7 | ) | $ | (87.7 | ) | ||||||||||||||||
Charge-offs | 101 | 128.2 | 91 | ||||||||||||||||||||||
Recoveries | 22.1 | 26 | 19.9 | ||||||||||||||||||||||
Provision expense | (127.9 | ) | (164.3 | ) | (112.8 | ) | |||||||||||||||||||
Ending balance | $ | (102.6 | ) | $ | (97.8 | ) | $ | (89.6 | ) | ||||||||||||||||
Ending receivable balance evaluated for impairment | 1,382.90 | 1,453.80 | 1,201.40 | ||||||||||||||||||||||
Sterling Jewelers’ customer in-house finance receivables, net | $ | 1,280.30 | $ | 1,356.00 | $ | 1,111.80 | |||||||||||||||||||
Credit Quality Indicator and Age Analysis of Past Due Sterling Jewelers' Customer In-House Finance Receivables | ' | ||||||||||||||||||||||||
Credit quality indicator and age analysis of past due Sterling Jewelers’ customer in-house finance receivables: | |||||||||||||||||||||||||
November 1, | February 1, | November 2, | |||||||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||||||
(in millions) | Gross | Valuation | Gross | Valuation | Gross | Valuation | |||||||||||||||||||
allowance | allowance | allowance | |||||||||||||||||||||||
Performing: | |||||||||||||||||||||||||
Current, aged 0-30 days | $ | 1,087.90 | $ | (33.2 | ) | $ | 1,170.40 | $ | (36.3 | ) | $ | 946.9 | $ | (29.0 | ) | ||||||||||
Past due, aged 31-90 days | 233.8 | (8.2 | ) | 229.9 | (8.0 | ) | 201.1 | (7.2 | ) | ||||||||||||||||
Non Performing: | |||||||||||||||||||||||||
Past due, aged more than 90 days | 61.2 | (61.2 | ) | 53.5 | (53.5 | ) | 53.4 | (53.4 | ) | ||||||||||||||||
$ | 1,382.90 | $ | (102.6 | ) | $ | 1,453.80 | $ | (97.8 | ) | $ | 1,201.40 | $ | (89.6 | ) | |||||||||||
November 1, | February 1, | November 2, | |||||||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||||||
(as a percentage of the ending receivable balance) | Gross | Valuation | Gross | Valuation | Gross | Valuation | |||||||||||||||||||
allowance | allowance | allowance | |||||||||||||||||||||||
Performing | 95.6 | % | 3.1 | % | 96.3 | % | 3.2 | % | 95.6 | % | 3.2 | % | |||||||||||||
Non Performing | 4.4 | % | 100 | % | 3.7 | % | 100 | % | 4.4 | % | 100 | % | |||||||||||||
100 | % | 7.4 | % | 100 | % | 6.7 | % | 100 | % | 7.5 | % | ||||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||||||
Nov. 01, 2014 | |||||||||||||
Inventories | ' | ||||||||||||
The following table summarizes the details of the Company’s inventory: | |||||||||||||
(in millions) | November 1, | February 1, | November 2, | ||||||||||
2014 | 2014 | 2013 | |||||||||||
Raw materials | $ | 69.9 | $ | 41.8 | $ | 48.9 | |||||||
Finished goods | 2,604.70 | 1,446.20 | 1,596.00 | ||||||||||
Total inventories | $ | 2,674.60 | $ | 1,488.00 | $ | 1,644.90 | |||||||
Goodwill_and_intangibles_Table
Goodwill and intangibles (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||||||||||||||||||||||
Summary of Goodwill by Reportable Segment | ' | ||||||||||||||||||||||||||||||||||||
The following table summarizes the Company’s goodwill by reportable segment: | |||||||||||||||||||||||||||||||||||||
(in millions) | Sterling | UK | Zale | Piercing | Other | Total | |||||||||||||||||||||||||||||||
Jewelers | Jewelry | Jewelry | Pagoda | ||||||||||||||||||||||||||||||||||
Balance at February 2, 2013 | $ | 24.6 | $ | — | $ | — | $ | — | $ | — | $ | 24.6 | |||||||||||||||||||||||||
Acquisitions(1) | (1.4 | ) | — | — | — | 3.6 | 2.2 | ||||||||||||||||||||||||||||||
Balance at February 1, 2014 | 23.2 | — | — | — | 3.6 | 26.8 | |||||||||||||||||||||||||||||||
Acquisitions(1) | — | — | 497.5 | — | — | 497.5 | |||||||||||||||||||||||||||||||
Balance at November 1, 2014 | $ | 23.2 | $ | — | $ | 497.5 | $ | — | $ | 3.6 | $ | 524.3 | |||||||||||||||||||||||||
-1 | See Note 20 for additional discussion of the goodwill recorded by the Company during Fiscal 2014 and Fiscal 2015. | ||||||||||||||||||||||||||||||||||||
Additional Detail Regarding Composition of Indefinite Lived Trade Name | ' | ||||||||||||||||||||||||||||||||||||
The following table provides additional detail regarding the composition of intangible assets as of November 1, 2014, February 1, 2014 and November 2, 2013. | |||||||||||||||||||||||||||||||||||||
November 1, 2014 | February 1, 2014 | November 2, 2013 | |||||||||||||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||||||||||
carrying | amortization | carrying | carrying | amortization | carrying | carrying | amortization | carrying | |||||||||||||||||||||||||||||
amount | amount | amount | amount | amount | amount | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Definite-lived intangible assets | |||||||||||||||||||||||||||||||||||||
Trade names | $ | 1.6 | $ | (0.1 | ) | $ | 1.5 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Favorable leases | 49.7 | (5.9 | ) | 43.8 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total definite-lived intangible assets | 51.3 | (6.0 | ) | 45.3 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Indefinite-lived trade names | 416 | — | 416 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total intangible assets, net | $ | 467.3 | $ | (6.0 | ) | $ | 461.3 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Additional Detail Regarding Composition of Finite Lived Trade Name | ' | ||||||||||||||||||||||||||||||||||||
The following table provides additional detail regarding the composition of intangible assets as of November 1, 2014, February 1, 2014 and November 2, 2013. | |||||||||||||||||||||||||||||||||||||
November 1, 2014 | February 1, 2014 | November 2, 2013 | |||||||||||||||||||||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||||||||||||
carrying | amortization | carrying | carrying | amortization | carrying | carrying | amortization | carrying | |||||||||||||||||||||||||||||
amount | amount | amount | amount | amount | amount | ||||||||||||||||||||||||||||||||
(in millions) | |||||||||||||||||||||||||||||||||||||
Definite-lived intangible assets | |||||||||||||||||||||||||||||||||||||
Trade names | $ | 1.6 | $ | (0.1 | ) | $ | 1.5 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Favorable leases | 49.7 | (5.9 | ) | 43.8 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total definite-lived intangible assets | 51.3 | (6.0 | ) | 45.3 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Indefinite-lived trade names | 416 | — | 416 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total intangible assets, net | $ | 467.3 | $ | (6.0 | ) | $ | 461.3 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Other_assets_Tables
Other assets (Tables) | 9 Months Ended | ||||||||||||
Nov. 01, 2014 | |||||||||||||
Summary of Non-Current Other Assets | ' | ||||||||||||
The following table summarizes the Company’s non-current other assets: | |||||||||||||
(in millions) | November 1, | February 1, | November 2, | ||||||||||
2014 | 2014 | 2013 | |||||||||||
Deferred extended service plan costs | $ | 64.8 | $ | 61.9 | $ | 58.4 | |||||||
Investments(1) | 23.5 | — | — | ||||||||||
Other assets | 45.2 | 25.3 | 25.1 | ||||||||||
Total other assets | $ | 133.5 | $ | 87.2 | $ | 83.5 | |||||||
-1 | See Note 14 for additional discussion of the investment balances. |
Deferred_revenue_Tables
Deferred revenue (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Deferred Revenue | ' | ||||||||||||||||
Deferred revenue is comprised primarily of ESP and voucher promotions as follows: | |||||||||||||||||
(in millions) | November 1, | February 1, | November 2, | ||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||
Sterling Jewelers ESP deferred revenue | $ | 626.3 | $ | 601.2 | $ | 564.4 | |||||||||||
Zale ESP deferred revenue | 104.7 | — | — | ||||||||||||||
Voucher promotions and other | 9.4 | 15.5 | 8.1 | ||||||||||||||
Total deferred revenue | $ | 740.4 | $ | 616.7 | $ | 572.5 | |||||||||||
Presented as: | |||||||||||||||||
Current liabilities | $ | 221.6 | $ | 173 | $ | 156.3 | |||||||||||
Non-current liabilities | 518.8 | 443.7 | 416.2 | ||||||||||||||
Total deferred revenue | $ | 740.4 | $ | 616.7 | $ | 572.5 | |||||||||||
ESP Deferred Revenue | ' | ||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | November 1, | November 2, | November 1, | November 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Sterling Jewelers ESP deferred revenue, beginning of period | $ | 626.6 | $ | 567 | $ | 601.2 | $ | 549.7 | |||||||||
Plans sold | 47.4 | 40.6 | 165.5 | 142 | |||||||||||||
Revenues recognized | (47.7 | ) | (43.2 | ) | (140.4 | ) | (127.3 | ) | |||||||||
Sterling Jewelers ESP deferred revenue, end of period | $ | 626.3 | $ | 564.4 | $ | 626.3 | $ | 564.4 | |||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | November 1, | November 2, | November 1, | November 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Zale ESP deferred revenue, beginning of period | $ | 99.4 | n/a | $ | — | n/a | |||||||||||
Plans acquired | — | n/a | 93.3 | n/a | |||||||||||||
Plans sold | 25.4 | n/a | 44.7 | n/a | |||||||||||||
Revenues recognized | (20.1 | ) | n/a | (33.3 | ) | n/a | |||||||||||
Zale ESP deferred revenue, end of period | $ | 104.7 | n/a | $ | 104.7 | n/a | |||||||||||
n/a | Not applicable as the Acquisition occurred during Fiscal 2015. |
Warranty_reserve_Tables
Warranty reserve (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Warranty Reserve for Diamond and Gemstone Guarantee | ' | ||||||||||||||||
The warranty reserve for diamond and gemstone guarantee, included in accrued expenses and other current liabilities, and other non-current liabilities, is as follows: | |||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | November 1, | November 2, | November 1, | November 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Warranty reserve, beginning of period | $ | 48.1 | $ | 18.6 | $ | 19.1 | $ | 18.5 | |||||||||
Warranty obligations acquired | — | — | 28.8 | — | |||||||||||||
Warranty expense | 1.2 | 1.8 | 5.2 | 5.3 | |||||||||||||
Utilized | (2.6 | ) | (1.6 | ) | (6.4 | ) | (5.0 | ) | |||||||||
Warranty reserve, end of period | $ | 46.7 | $ | 18.8 | $ | 46.7 | $ | 18.8 | |||||||||
(in millions) | November 1, | February 1, | November 2, | ||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||
Presented as: | |||||||||||||||||
Current liabilities | $ | 17.6 | $ | 6.7 | $ | 6.6 | |||||||||||
Non-current liabilities | 29.1 | 12.4 | 12.2 | ||||||||||||||
Total warranty reserve | $ | 46.7 | $ | 19.1 | $ | 18.8 | |||||||||||
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Investments | ' | ||||||||||||||||
Investments consist of the following: | |||||||||||||||||
November 1, 2014 | November 2, 2013 | ||||||||||||||||
(in millions) | Cost | Fair Value | Cost | Fair Value | |||||||||||||
US Treasury securities | $ | 9.7 | $ | 9.6 | $ | n/a | $ | n/a | |||||||||
US government agency securities | 1.4 | 1.3 | n/a | n/a | |||||||||||||
Corporate bonds and notes | 9.3 | 9.3 | n/a | n/a | |||||||||||||
Corporate equity securities | 3.3 | 3.3 | n/a | n/a | |||||||||||||
$ | 23.7 | $ | 23.5 | $ | n/a | $ | n/a | ||||||||||
Debt Securities Outstanding | ' | ||||||||||||||||
Debt securities outstanding as of November 1, 2014 mature as follows: | |||||||||||||||||
(in millions) | Cost | Fair Value | |||||||||||||||
Less than one year | $ | 1.5 | $ | 1.5 | |||||||||||||
Year two through year five | 11.6 | 11.5 | |||||||||||||||
Year six through year ten | 7.2 | 7.1 | |||||||||||||||
After ten years | 0.1 | 0.1 | |||||||||||||||
$ | 20.4 | $ | 20.2 | ||||||||||||||
Financial_instruments_and_fair1
Financial instruments and fair value (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||||||||||||||||||||||
Fair Value and Presentation of Derivative Instruments in Condensed Consolidated Balance Sheets | ' | ||||||||||||||||||||||||||||||||||||
The following table summarizes the fair value and presentation of derivative instruments in the condensed consolidated balance sheets: | |||||||||||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||||||||||
Fair value | |||||||||||||||||||||||||||||||||||||
(in millions) | Balance sheet location | November 1, | February 1, | November 2, | |||||||||||||||||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Foreign currency contracts | Other current assets | $ | 0.4 | $ | — | $ | 0.2 | ||||||||||||||||||||||||||||||
Foreign currency contracts | Other assets | — | — | — | |||||||||||||||||||||||||||||||||
Commodity contracts | Other current assets | — | 0.8 | 1.2 | |||||||||||||||||||||||||||||||||
Commodity contracts | Other assets | — | — | — | |||||||||||||||||||||||||||||||||
$ | 0.4 | $ | 0.8 | $ | 1.4 | ||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Foreign currency contracts | Other current assets | 0.4 | 0.2 | 1.1 | |||||||||||||||||||||||||||||||||
Total derivative assets | $ | 0.8 | $ | 1 | $ | 2.5 | |||||||||||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||||||||||
Fair value | |||||||||||||||||||||||||||||||||||||
(in millions) | Balance sheet location | November 1, | February 1, | November 2, | |||||||||||||||||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Foreign currency contracts | Other current liabilities | $ | (0.3 | ) | $ | (2.1 | ) | $ | (0.7 | ) | |||||||||||||||||||||||||||
Foreign currency contracts | Other liabilities | — | — | (0.2 | ) | ||||||||||||||||||||||||||||||||
Commodity contracts | Other current liabilities | (3.6 | ) | (0.8 | ) | (0.6 | ) | ||||||||||||||||||||||||||||||
Commodity contracts | Other liabilities | — | — | — | |||||||||||||||||||||||||||||||||
$ | (3.9 | ) | $ | (2.9 | ) | $ | (1.5 | ) | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Foreign currency contracts | Other current liabilities | — | — | — | |||||||||||||||||||||||||||||||||
Total derivative liabilities | $ | (3.9 | ) | $ | (2.9 | ) | $ | (1.5 | ) | ||||||||||||||||||||||||||||
Summary of Pre-Tax Gains (Losses) Recorded In Accumulated OCI for Derivatives | ' | ||||||||||||||||||||||||||||||||||||
The following table summarizes the pre-tax gains (losses) recorded in accumulated OCI for derivatives designated in cash flow hedging relationships: | |||||||||||||||||||||||||||||||||||||
(in millions) | November 1, | February 1, | November 2, | ||||||||||||||||||||||||||||||||||
2014 | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | (1.3 | ) | $ | (2.3 | ) | $ | — | |||||||||||||||||||||||||||||
Commodity contracts | (6.8 | )(1) | (18.8 | )(1) | (26.0 | )(1) | |||||||||||||||||||||||||||||||
Total | $ | (8.1 | ) | $ | (21.1 | ) | $ | (26.0 | ) | ||||||||||||||||||||||||||||
-1 | As of November 1, 2014, losses recorded in accumulated OCI include $3.6 million related to commodity contracts terminated prior to contract maturity in Fiscal 2014 (February 1, 2014 and November 2, 2013: $18.2 million and $25.9 million, respectively). | ||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments Held Or Issued | ' | ||||||||||||||||||||||||||||||||||||
The methods Signet uses to determine fair value on an instrument-specific basis are detailed below: | |||||||||||||||||||||||||||||||||||||
November 1, 2014 | February 1, 2014 | November 2, 2013 | |||||||||||||||||||||||||||||||||||
(in millions) | Carrying | Quoted | Significant other | Carrying | Quoted | Significant other | Carrying | Quoted | Significant other | ||||||||||||||||||||||||||||
Value | market | observable | Value | market | observable | Value | market | observable | |||||||||||||||||||||||||||||
prices | inputs | prices | inputs | prices | inputs | ||||||||||||||||||||||||||||||||
for | (Level 2) | for | (Level 2) | for | (Level 2) | ||||||||||||||||||||||||||||||||
identical | identical | identical | |||||||||||||||||||||||||||||||||||
assets | assets | assets | |||||||||||||||||||||||||||||||||||
(Level 1) | (Level 1) | (Level 1) | |||||||||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||||
US Treasury securities | $ | 9.6 | $ | 9.6 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||
Corporate equity securities | 3.3 | 3.3 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Foreign currency contracts | 0.8 | — | 0.8 | 0.2 | — | 0.2 | 1.3 | — | 1.3 | ||||||||||||||||||||||||||||
Commodity contracts | — | — | — | 0.8 | — | 0.8 | 1.2 | — | 1.2 | ||||||||||||||||||||||||||||
US government agency securities | 1.3 | — | 1.3 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Corporate bonds and notes | 9.3 | — | 9.3 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||||
Foreign currency contracts | (0.3 | ) | — | (0.3 | ) | (2.1 | ) | — | (2.1 | ) | (0.9 | ) | — | (0.9 | ) | ||||||||||||||||||||||
Commodity contracts | (3.6 | ) | — | (3.6 | ) | (0.8 | ) | — | (0.8 | ) | (0.6 | ) | — | (0.6 | ) | ||||||||||||||||||||||
Carrying Amount and Fair Value of Outstanding Debt | ' | ||||||||||||||||||||||||||||||||||||
The carrying amount and fair value of outstanding debt at were as follows: | |||||||||||||||||||||||||||||||||||||
November 1, 2014 | February 1, 2014 | November 2, 2013 | |||||||||||||||||||||||||||||||||||
(in millions) | Carrying | Fair Value | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||||||||||||
Value | Value | Value | |||||||||||||||||||||||||||||||||||
Outstanding debt: | |||||||||||||||||||||||||||||||||||||
Senior notes (Level 2) | $ | 398.4 | $ | 410.5 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Securitization facility (Level 2) | 600 | 600 | — | — | — | — | |||||||||||||||||||||||||||||||
Term loan (Level 2) | 395 | 395 | |||||||||||||||||||||||||||||||||||
Capital lease obligations (Level 2) | 1.5 | 1.5 | — | — | — | — | |||||||||||||||||||||||||||||||
Total outstanding debt | $ | 1,394.90 | $ | 1,407.00 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Cash Flow Hedging | ' | ||||||||||||||||||||||||||||||||||||
Effect of Derivative Instruments on Condensed Consolidated Income Statements | ' | ||||||||||||||||||||||||||||||||||||
The following tables summarize the effect of derivative instruments designated as cash flow hedges in OCI and the condensed consolidated statements of operations: | |||||||||||||||||||||||||||||||||||||
Foreign currency contracts | |||||||||||||||||||||||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||||||||||||||||
(in millions) | Statement of operations caption | November 1, | November 2, | November 1, | November 2, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
(Losses) gains recorded in accumulated OCI, beginning of period | $ | (3.2 | ) | $ | 2.3 | $ | (2.3 | ) | $ | 1.3 | |||||||||||||||||||||||||||
Current period gains (losses) recognized in OCI | 1.6 | (2.1 | ) | 0.4 | (0.7 | ) | |||||||||||||||||||||||||||||||
Losses (gains) reclassified from accumulated OCI to net (loss) income | Cost of sales | 0.3 | (0.2 | ) | 0.6 | (0.6 | ) | ||||||||||||||||||||||||||||||
(Losses) gains recorded in accumulated OCI, end of period | $ | (1.3 | ) | $ | — | $ | (1.3 | ) | $ | — | |||||||||||||||||||||||||||
Commodity contracts | |||||||||||||||||||||||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||||||||||||||||
(in millions) | Statement of operations caption | November 1, | November 2, | November 1, | November 2, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
(Losses) gains recorded in accumulated OCI, beginning of period | $ | (4.9 | ) | $ | (28.6 | ) | $ | (18.8 | ) | $ | (0.5 | ) | |||||||||||||||||||||||||
Current period (losses) gains recognized in OCI | (4.3 | ) | 0.3 | (2.6 | ) | (27.2 | ) | ||||||||||||||||||||||||||||||
Losses (gains) reclassified from accumulated OCI to net (loss) income | Cost of sales | 2.4 | 2.3 | 14.6 | 1.7 | ||||||||||||||||||||||||||||||||
(Losses) gains recorded in accumulated OCI, end of period | $ | (6.8 | ) | $ | (26.0 | ) | $ | (6.8 | ) | $ | (26.0 | ) | |||||||||||||||||||||||||
Not Designated as Hedging Instrument | ' | ||||||||||||||||||||||||||||||||||||
Effect of Derivative Instruments on Condensed Consolidated Income Statements | ' | ||||||||||||||||||||||||||||||||||||
The following table presents the effects of the Company’s derivatives instruments not designated as cash flow hedges in the condensed consolidated statements of operations: | |||||||||||||||||||||||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||||||||||||||||||||||
(in millions) | Statement of operations caption | November 1, | November 2, | November 1, | November 2, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Foreign currency contracts | Other operating income, net | $ | 2 | $ | (2.8 | ) | $ | 0.4 | $ | — | |||||||||||||||||||||||||||
Total | $ | 2 | $ | (2.8 | ) | $ | 0.4 | $ | — | ||||||||||||||||||||||||||||
Pensions_Tables
Pensions (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Components of Net Periodic Pension Benefit | ' | ||||||||||||||||
The components of net periodic pension benefit were as follows: | |||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions) | November 1, | November 2, | November 1, | November 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Components of net periodic pension benefit (cost): | |||||||||||||||||
Service cost | $ | (0.6 | ) | $ | (0.6 | ) | $ | (1.8 | ) | $ | (1.8 | ) | |||||
Interest cost | (2.4 | ) | (2.3 | ) | (7.4 | ) | (6.9 | ) | |||||||||
Expected return on UK Plan assets | 3.7 | 3.2 | 11.2 | 9.6 | |||||||||||||
Amortization of unrecognized prior service credits | 0.4 | 0.4 | 1.3 | 1.1 | |||||||||||||
Amortization of unrecognized actuarial loss | (0.5 | ) | (0.6 | ) | (1.5 | ) | (1.7 | ) | |||||||||
Net periodic pension benefit | $ | 0.6 | $ | 0.1 | $ | 1.8 | $ | 0.3 | |||||||||
Loans_overdrafts_and_longterm_1
Loans, overdrafts and long-term debt (Tables) | 9 Months Ended | ||||||||||||
Nov. 01, 2014 | |||||||||||||
Summary of Loans, Overdrafts and Long-Term Debt | ' | ||||||||||||
(in millions) | November 1, | February 1, | November 2, | ||||||||||
2014 | 2014 | 2013 | |||||||||||
Current liabilities – loans and overdrafts: | |||||||||||||
Revolving credit facility | $ | 145 | $ | — | $ | 35 | |||||||
Current portion of term loan | 22.5 | — | — | ||||||||||
Current portion of capital lease obligations | 1.1 | — | — | ||||||||||
Bank overdrafts | 53.2 | 19.3 | 11 | ||||||||||
Total loans and overdrafts | 221.8 | 19.3 | 46 | ||||||||||
Long-term debt: | |||||||||||||
Senior notes, net of unamortized discount | 398.4 | — | — | ||||||||||
Securitization facility | 600 | — | — | ||||||||||
Term loan | 372.5 | — | — | ||||||||||
Capital lease obligations | 0.4 | — | — | ||||||||||
Total long-term debt | 1,371.30 | — | — | ||||||||||
Total loans, overdrafts and long-term debt | $ | 1,593.10 | $ | 19.3 | $ | 46 | |||||||
Acquisitions_Tables
Acquisitions (Tables) | 9 Months Ended | ||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||
Calculation of Consideration | ' | ||||||||||||||||
Calculation of consideration | |||||||||||||||||
(in millions except per share amounts) | Amount | ||||||||||||||||
Cash consideration paid to Zale Corporation shareholders ($21 per share) | $ | 910.2 | |||||||||||||||
Cash consideration paid for settlement of Zale Corporation stock options, restricted share awards and long term incentive plan awards | 69.6 | ||||||||||||||||
Cash paid to extinguish Zale Corporation outstanding debt as of May 29, 2014 | 478.2 | ||||||||||||||||
Total consideration transferred | $ | 1,458.00 | |||||||||||||||
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed | ' | ||||||||||||||||
(in millions) | Initial | Revised | Variance | ||||||||||||||
fair values | fair values | ||||||||||||||||
Cash and cash equivalents | $ | 28.8 | $ | 28.8 | $ | — | |||||||||||
Inventories | 855.6 | 862.4 | 6.8 | ||||||||||||||
Other current assets | 22.5 | 22.7 | 0.2 | ||||||||||||||
Property, plant and equipment | 104.2 | 99.6 | (4.6 | ) | |||||||||||||
Intangible assets: | |||||||||||||||||
Trade names | 420 | 420 | — | ||||||||||||||
Favorable leases | 50.2 | 50.2 | — | ||||||||||||||
Deferred tax assets | 126.3 | 129.8 | 3.5 | ||||||||||||||
Other assets | 25.4 | 25.4 | — | ||||||||||||||
Current liabilities(1) | (202.8 | ) | (203.4 | ) | (0.6 | ) | |||||||||||
Deferred revenue | (93.0 | ) | (93.3 | ) | (0.3 | ) | |||||||||||
Unfavorable leases | (50.5 | ) | (50.5 | ) | — | ||||||||||||
Unfavorable contracts | (65.6 | ) | (65.6 | ) | — | ||||||||||||
Deferred tax liabilities | (263.6 | ) | (241.0 | ) | 22.6 | ||||||||||||
Other liabilities | (24.6 | ) | (24.6 | ) | — | ||||||||||||
Fair value of net assets acquired | 932.9 | 960.5 | 27.6 | ||||||||||||||
Goodwill | 525.1 | 497.5 | (27.6 | ) | |||||||||||||
Total consideration transferred | $ | 1,458.00 | $ | 1,458.00 | $ | — | |||||||||||
-1 | Includes loans and overdrafts, accounts payable, income taxes payable, accrued expenses and other current liabilities. | ||||||||||||||||
Operating Results of the Acquired Business | ' | ||||||||||||||||
Since the date of acquisition, the operating results for the acquired business were as follows: | |||||||||||||||||
(in millions) | 13 weeks ended | 39 weeks ended | |||||||||||||||
November 1, 2014 | November 1, 2014 | ||||||||||||||||
Sales | $ | 331.4 | $ | 578.9 | |||||||||||||
Operating loss | (34.5 | ) | (44.3 | ) | |||||||||||||
Net loss | (22.6 | ) | (29.6 | ) | |||||||||||||
Consolidated Pro Forma Information | ' | ||||||||||||||||
The unaudited consolidated pro forma financial information was prepared in accordance with the acquisition method of accounting under existing standards and is not necessarily indicative of the results of operations that would have occurred if the Acquisition had been completed on the date indicated, nor is it indicative of the future operating results of the Company. | |||||||||||||||||
Pro forma - unaudited | |||||||||||||||||
13 weeks ended | 39 weeks ended | ||||||||||||||||
(in millions, except per share amounts) | November 1, | November 2, | November 1, | November 2, | |||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Pro forma sales | $ | 1,183.80 | $ | 1,124.10 | $ | 4,043.80 | $ | 3,832.80 | |||||||||
Pro forma net income | $ | 15 | $ | 3.8 | $ | 213.6 | $ | 149.5 | |||||||||
Pro forma earnings per share – basic | $ | 0.19 | $ | 0.05 | $ | 2.67 | $ | 1.86 | |||||||||
Pro forma earnings per share – diluted | $ | 0.19 | $ | 0.05 | $ | 2.66 | $ | 1.85 |
Condensed_consolidating_financ1
Condensed consolidating financial information (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Nov. 01, 2014 | |||||||||||||||||||||||||
Condensed Financial Statements | ' | ||||||||||||||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||
For the 13 week period ended November 1, 2014 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Sales | $ | — | $ | — | $ | 1,161.1 | $ | 16.8 | $ | — | $ | 1,177.9 | |||||||||||||
Cost of sales | — | — | (828.9 | ) | (3.1 | ) | — | (832.0 | ) | ||||||||||||||||
Gross margin | — | — | 332.2 | 13.7 | — | 345.9 | |||||||||||||||||||
Selling, general and administrative expenses | (0.8 | ) | — | (380.7 | ) | (7.2 | ) | — | (388.7 | ) | |||||||||||||||
Other operating income, net | — | — | 56.9 | (3.4 | ) | — | 53.5 | ||||||||||||||||||
Operating (loss) income | (0.8 | ) | — | 8.4 | 3.1 | — | 10.7 | ||||||||||||||||||
Intercompany interest income (expense) | — | 4.7 | (43.3 | ) | 38.6 | — | — | ||||||||||||||||||
Interest expense, net | — | (5.0 | ) | (5.2 | ) | (2.4 | ) | — | (12.6 | ) | |||||||||||||||
(Loss) income before income taxes | (0.8 | ) | (0.3 | ) | (40.1 | ) | 39.3 | — | (1.9 | ) | |||||||||||||||
Income taxes | — | 0.1 | 13 | (12.5 | ) | — | 0.6 | ||||||||||||||||||
Equity in income of subsidiaries | (0.5 | ) | — | (50.2 | ) | (22.4 | ) | 73.1 | — | ||||||||||||||||
Net (loss) income | $ | (1.3 | ) | $ | (0.2 | ) | $ | (77.3 | ) | $ | 4.4 | $ | 73.1 | $ | (1.3 | ) | |||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||
For the 39 week period ended November 1, 2014 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Sales | $ | — | $ | — | $ | 3,412.30 | $ | 47.6 | $ | — | $ | 3,459.90 | |||||||||||||
Cost of sales | — | — | (2,287.9 | ) | (9.9 | ) | — | (2,297.8 | ) | ||||||||||||||||
Gross margin | — | — | 1,124.40 | 37.7 | — | 1,162.10 | |||||||||||||||||||
Selling, general and administrative expenses | (1.6 | ) | — | (1,056.4 | ) | (20.4 | ) | — | (1,078.4 | ) | |||||||||||||||
Other operating income, net | — | — | 162.9 | (1.7 | ) | — | 161.2 | ||||||||||||||||||
Operating (loss) income | (1.6 | ) | — | 230.9 | 15.6 | — | 244.9 | ||||||||||||||||||
Intercompany interest income (expense) | — | 8.5 | (85.1 | ) | 76.6 | — | — | ||||||||||||||||||
Interest expense, net | — | (8.9 | ) | (14.8 | ) | (4.4 | ) | — | (28.1 | ) | |||||||||||||||
(Loss) income before income taxes | (1.6 | ) | (0.4 | ) | 131 | 87.8 | — | 216.8 | |||||||||||||||||
Income taxes | — | 0.1 | (56.2 | ) | (7.4 | ) | — | (63.5 | ) | ||||||||||||||||
Equity in income of subsidiaries | 154.9 | — | 72.9 | 84.2 | (312.0 | ) | — | ||||||||||||||||||
Net income (loss) | $ | 153.3 | $ | (0.3 | ) | $ | 147.7 | $ | 164.6 | $ | (312.0 | ) | $ | 153.3 | |||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||
For the 13 week period ended November 2, 2013 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Sales | $ | — | $ | — | $ | 761.0 | $ | 10.4 | $ | — | $ | 771.4 | |||||||||||||
Cost of sales | — | — | (531.1 | ) | (1.1 | ) | — | (532.2 | ) | ||||||||||||||||
Gross margin | — | — | 229.9 | 9.3 | — | 239.2 | |||||||||||||||||||
Selling, general and administrative expenses | (0.7 | ) | — | (233.5 | ) | 0.8 | — | (233.4 | ) | ||||||||||||||||
Other operating income, net | 0.1 | — | 43.2 | 2.5 | — | 45.8 | |||||||||||||||||||
Operating (loss) income | (0.6 | ) | — | 39.6 | 12.6 | — | 51.6 | ||||||||||||||||||
Intercompany interest (expense) income | — | — | (8.4 | ) | 8.4 | — | — | ||||||||||||||||||
Interest expense, net | — | — | (0.9 | ) | — | — | (0.9 | ) | |||||||||||||||||
(Loss) income before income taxes | (0.6 | ) | — | 30.3 | 21 | — | 50.7 | ||||||||||||||||||
Income taxes | — | — | (12.5 | ) | (4.6 | ) | — | (17.1 | ) | ||||||||||||||||
Equity in income of subsidiaries | 34.2 | — | 29.7 | 20.7 | (84.6 | ) | — | ||||||||||||||||||
Net income | $ | 33.6 | $ | — | $ | 47.5 | $ | 37.1 | $ | (84.6 | ) | $ | 33.6 | ||||||||||||
Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||
For the 39 week period ended November 2, 2013 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Sales | $ | — | $ | — | $ | 2,613.00 | $ | 32.2 | $ | — | $ | 2,645.20 | |||||||||||||
Cost of sales | — | — | (1,710.6 | ) | (2.9 | ) | — | (1,713.5 | ) | ||||||||||||||||
Gross margin | — | — | 902.4 | 29.3 | — | 931.7 | |||||||||||||||||||
Selling, general and administrative expenses | (1.8 | ) | — | (769.7 | ) | 0.6 | — | (770.9 | ) | ||||||||||||||||
Other operating income, net | 0.1 | — | 138.2 | 0.8 | — | 139.1 | |||||||||||||||||||
Operating (loss) income | (1.7 | ) | — | 270.9 | 30.7 | — | 299.9 | ||||||||||||||||||
Intercompany interest (expense) income | — | — | (25.5 | ) | 25.5 | — | — | ||||||||||||||||||
Interest expense, net | — | — | (2.8 | ) | — | — | (2.8 | ) | |||||||||||||||||
(Loss) income before income taxes | (1.7 | ) | — | 242.6 | 56.2 | — | 297.1 | ||||||||||||||||||
Income taxes | — | — | (94.4 | ) | (9.9 | ) | — | (104.3 | ) | ||||||||||||||||
Equity in income of subsidiaries | 194.5 | — | 173.3 | 150.7 | (518.5 | ) | — | ||||||||||||||||||
Net income | $ | 192.8 | $ | — | $ | 321.5 | $ | 197 | $ | (518.5 | ) | $ | 192.8 | ||||||||||||
Condensed Consolidated Statement of Comprehensive Income | |||||||||||||||||||||||||
For the 13 week period ended November 1, 2014 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Net (loss) income | $ | (1.3 | ) | $ | (0.2 | ) | $ | (77.3 | ) | $ | 4.4 | $ | 73.1 | $ | (1.3 | ) | |||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Foreign currency translation adjustments | (21.4 | ) | — | (23.1 | ) | 2.8 | 20.3 | (21.4 | ) | ||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
Unrealized loss | — | — | — | — | — | — | |||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||
Unrealized loss | (1.5 | ) | — | (1.5 | ) | — | 1.5 | (1.5 | ) | ||||||||||||||||
Reclassification adjustment for losses to net (loss) income | 1.9 | — | 1.9 | — | (1.9 | ) | 1.9 | ||||||||||||||||||
Pension plan: | |||||||||||||||||||||||||
Actuarial gain | — | — | — | — | — | — | |||||||||||||||||||
Reclassification adjustment to net (loss) income for amortization of actuarial loss | 0.4 | — | 0.4 | — | (0.4 | ) | 0.4 | ||||||||||||||||||
Prior service benefit | — | — | — | — | — | — | |||||||||||||||||||
Reclassification adjustment to net (loss) income for amortization of prior service credits | (0.3 | ) | — | (0.3 | ) | — | 0.3 | (0.3 | ) | ||||||||||||||||
Total other comprehensive (loss) income | (20.9 | ) | — | (22.6 | ) | 2.8 | 19.8 | (20.9 | ) | ||||||||||||||||
Total comprehensive (loss) income | $ | (22.2 | ) | $ | (0.2 | ) | $ | (99.9 | ) | $ | 7.2 | $ | 92.9 | $ | (22.2 | ) | |||||||||
Condensed Consolidated Statement of Comprehensive Income | |||||||||||||||||||||||||
For the 39 week period ended November 1, 2014 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Net income (loss) | $ | 153.3 | $ | (0.3 | ) | $ | 147.7 | $ | 164.6 | $ | (312.0 | ) | $ | 153.3 | |||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Foreign currency translation adjustments | (14.1 | ) | — | (14.8 | ) | 1.4 | 13.4 | (14.1 | ) | ||||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||||
Unrealized loss | (0.2 | ) | — | — | (0.2 | ) | 0.2 | (0.2 | ) | ||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||
Unrealized loss | (1.3 | ) | — | (1.3 | ) | — | 1.3 | (1.3 | ) | ||||||||||||||||
Reclassification adjustment for losses to net income | 10 | — | 10 | — | (10.0 | ) | 10 | ||||||||||||||||||
Pension plan: | |||||||||||||||||||||||||
Actuarial gain | — | — | — | — | — | — | |||||||||||||||||||
Reclassification adjustment to net income for amortization of actuarial loss | 1.2 | — | 1.2 | — | (1.2 | ) | 1.2 | ||||||||||||||||||
Prior service benefit | — | — | — | — | — | — | |||||||||||||||||||
Reclassification adjustment to net income for amortization of prior service credits | (1.0 | ) | — | (1.0 | ) | — | 1 | (1.0 | ) | ||||||||||||||||
Total other comprehensive (loss) income | (5.4 | ) | — | (5.9 | ) | 1.2 | 4.7 | (5.4 | ) | ||||||||||||||||
Total comprehensive income (loss) | $ | 147.9 | $ | (0.3 | ) | $ | 141.8 | $ | 165.8 | $ | (307.3 | ) | $ | 147.9 | |||||||||||
Condensed Consolidated Statement of Comprehensive Income | |||||||||||||||||||||||||
For the 13 week period ended November 2, 2013 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Net income | $ | 33.6 | $ | — | $ | 47.5 | $ | 37.1 | $ | (84.6 | ) | $ | 33.6 | ||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Foreign currency translation adjustments | 10.5 | — | 12 | (2.4 | ) | (9.6 | ) | 10.5 | |||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||
Unrealized loss | (1.5 | ) | — | (1.5 | ) | — | 1.5 | (1.5 | ) | ||||||||||||||||
Reclassification adjustment for losses to net income | 1.3 | — | 1.3 | — | (1.3 | ) | 1.3 | ||||||||||||||||||
Pension plan: | |||||||||||||||||||||||||
Actuarial gain | — | — | — | — | — | — | |||||||||||||||||||
Reclassification adjustment to net income for amortization of actuarial loss | 0.4 | — | 0.4 | — | (0.4 | ) | 0.4 | ||||||||||||||||||
Prior service benefit | — | — | — | — | — | — | |||||||||||||||||||
Reclassification adjustment to net income for amortization of prior service credits | (0.2 | ) | — | (0.2 | ) | — | 0.2 | (0.2 | ) | ||||||||||||||||
Total other comprehensive income (loss) | 10.5 | — | 12 | (2.4 | ) | (9.6 | ) | 10.5 | |||||||||||||||||
Total comprehensive income | $ | 44.1 | $ | — | $ | 59.5 | $ | 34.7 | $ | (94.2 | ) | $ | 44.1 | ||||||||||||
Condensed Consolidated Statement of Comprehensive Income | |||||||||||||||||||||||||
For the 39 week period ended November 2, 2013 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Net income | $ | 192.8 | $ | — | $ | 321.5 | $ | 197 | $ | (518.5 | ) | $ | 192.8 | ||||||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||||
Foreign currency translation adjustments | 3.5 | — | 4 | (0.8 | ) | (3.2 | ) | 3.5 | |||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||
Unrealized loss | (18.3 | ) | — | (18.3 | ) | — | 18.3 | (18.3 | ) | ||||||||||||||||
Reclassification adjustment for losses to net income | 0.6 | — | 0.6 | — | (0.6 | ) | 0.6 | ||||||||||||||||||
Pension plan: | |||||||||||||||||||||||||
Actuarial gain | — | — | — | — | — | — | |||||||||||||||||||
Reclassification adjustment to net income for amortization of actuarial loss | 1.3 | — | 1.3 | — | (1.3 | ) | 1.3 | ||||||||||||||||||
Prior service benefit | — | — | — | — | — | — | |||||||||||||||||||
Reclassification adjustment to net income for amortization of prior service credits | (0.8 | ) | — | (0.8 | ) | — | 0.8 | (0.8 | ) | ||||||||||||||||
Total other comprehensive loss | (13.7 | ) | — | (13.2 | ) | (0.8 | ) | 14 | (13.7 | ) | |||||||||||||||
Total comprehensive income | $ | 179.1 | $ | — | $ | 308.3 | $ | 196.2 | $ | (504.5 | ) | $ | 179.1 | ||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||
November 1, 2014 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 2.9 | $ | — | $ | 74.1 | $ | 10.6 | $ | — | $ | 87.6 | |||||||||||||
Accounts receivable, net | — | — | 1,281.90 | 10.2 | — | 1,292.10 | |||||||||||||||||||
Intercompany receivables, net | 129.9 | — | — | 29.4 | (159.3 | ) | — | ||||||||||||||||||
Other receivables | — | — | 55 | 1.7 | — | 56.7 | |||||||||||||||||||
Other current assets | 0.1 | 0.7 | 127.1 | 5.8 | — | 133.7 | |||||||||||||||||||
Deferred tax assets | — | — | 1.4 | 0.2 | — | 1.6 | |||||||||||||||||||
Income taxes | — | — | 21 | 0.6 | — | 21.6 | |||||||||||||||||||
Inventories | — | — | 2,619.10 | 55.5 | — | 2,674.60 | |||||||||||||||||||
Total current assets | 132.9 | 0.7 | 4,179.60 | 114 | (159.3 | ) | 4,267.90 | ||||||||||||||||||
Non-current assets: | |||||||||||||||||||||||||
Property, plant and equipment, net | — | — | 652.8 | 6 | — | 658.8 | |||||||||||||||||||
Goodwill | — | — | 520.7 | 3.6 | — | 524.3 | |||||||||||||||||||
Intangible assets, net | — | — | 461.3 | — | — | 461.3 | |||||||||||||||||||
Investment in subsidiaries | 2,524.20 | — | 484 | 451.3 | (3,459.5 | ) | — | ||||||||||||||||||
Intercompany receivables, net | — | 408.5 | — | 3,325.00 | (3,733.5 | ) | — | ||||||||||||||||||
Other assets | — | 6 | 100 | 27.5 | — | 133.5 | |||||||||||||||||||
Deferred tax assets | — | — | 72.7 | 0.1 | — | 72.8 | |||||||||||||||||||
Retirement benefit asset | — | — | 59.9 | — | — | 59.9 | |||||||||||||||||||
Total assets | $ | 2,657.10 | $ | 415.2 | $ | 6,531.00 | $ | 3,927.50 | $ | (7,352.3 | ) | $ | 6,178.50 | ||||||||||||
Liabilities and Shareholders’ equity | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | — | $ | 221.8 | $ | — | $ | — | $ | 221.8 | |||||||||||||
Accounts payable | — | — | 396 | 0.2 | — | 396.2 | |||||||||||||||||||
Intercompany payables, net | — | — | 159.3 | — | (159.3 | ) | — | ||||||||||||||||||
Accrued expenses and other current liabilities | 14.8 | 8.4 | 389.5 | 10 | — | 422.7 | |||||||||||||||||||
Deferred revenue | — | — | 221.6 | — | — | 221.6 | |||||||||||||||||||
Deferred tax liabilities | — | — | 151.2 | — | — | 151.2 | |||||||||||||||||||
Income taxes | — | (0.1 | ) | (3.8 | ) | 7.5 | — | 3.6 | |||||||||||||||||
Total current liabilities | 14.8 | 8.3 | 1,535.60 | 17.7 | (159.3 | ) | 1,417.10 | ||||||||||||||||||
Non-current liabilities: | |||||||||||||||||||||||||
Long-term debt | — | 398.4 | 372.9 | 600 | — | 1,371.30 | |||||||||||||||||||
Intercompany payables, net | — | — | 3,733.50 | — | (3,733.5 | ) | — | ||||||||||||||||||
Other liabilities | — | — | 219.1 | 8.1 | — | 227.2 | |||||||||||||||||||
Deferred revenue | — | — | 518.8 | — | — | 518.8 | |||||||||||||||||||
Deferred tax liabilities | — | — | 1.8 | — | — | 1.8 | |||||||||||||||||||
Total liabilities | 14.8 | 406.7 | 6,381.70 | 625.8 | (3,892.8 | ) | 3,536.20 | ||||||||||||||||||
Total shareholders’ equity | 2,642.30 | 8.5 | 149.3 | 3,301.70 | (3,459.5 | ) | 2,642.30 | ||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,657.10 | $ | 415.2 | $ | 6,531.00 | $ | 3,927.50 | $ | (7,352.3 | ) | $ | 6,178.50 | ||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||
February 1, 2014 | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 1.4 | $ | — | $ | 237 | $ | 9.2 | $ | — | $ | 247.6 | |||||||||||||
Accounts receivable, net | — | — | 1,361.30 | 12.7 | — | 1,374.00 | |||||||||||||||||||
Intercompany receivables, net | 47.7 | — | — | 238 | (285.7 | ) | — | ||||||||||||||||||
Other receivables | — | — | 51.1 | 0.4 | — | 51.5 | |||||||||||||||||||
Other current assets | — | — | 86.5 | 0.5 | — | 87 | |||||||||||||||||||
Deferred tax assets | — | — | 2.8 | 0.2 | — | 3 | |||||||||||||||||||
Income taxes | — | — | 6 | 0.5 | — | 6.5 | |||||||||||||||||||
Inventories | — | — | 1,434.50 | 53.5 | — | 1,488.00 | |||||||||||||||||||
Total current assets | 49.1 | — | 3,179.20 | 315 | (285.7 | ) | 3,257.60 | ||||||||||||||||||
Non-current assets: | |||||||||||||||||||||||||
Property, plant and equipment, net | — | — | 481.5 | 6.1 | — | 487.6 | |||||||||||||||||||
Investment in subsidiaries | 2,526.30 | — | 1,452.80 | 1,143.20 | (5,122.3 | ) | — | ||||||||||||||||||
Intercompany receivables, net | — | — | — | 1,098.00 | (1,098.0 | ) | — | ||||||||||||||||||
Other assets | — | — | 110.4 | 3.6 | — | 114 | |||||||||||||||||||
Deferred tax assets | — | — | 113.6 | 0.1 | — | 113.7 | |||||||||||||||||||
Retirement benefit asset | — | — | 56.3 | — | — | 56.3 | |||||||||||||||||||
Total assets | $ | 2,575.40 | $ | — | $ | 5,393.80 | $ | 2,566.00 | $ | (6,506.0 | ) | $ | 4,029.20 | ||||||||||||
Liabilities and Shareholders’ equity | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | — | $ | 19.3 | $ | — | $ | — | $ | 19.3 | |||||||||||||
Accounts payable | — | — | 160.5 | 2.4 | — | 162.9 | |||||||||||||||||||
Intercompany payables, net | — | — | 285.7 | — | (285.7 | ) | — | ||||||||||||||||||
Accrued expenses and other current liabilities | 12.3 | — | 313.1 | 3.1 | — | 328.5 | |||||||||||||||||||
Deferred revenue | — | — | 173 | — | — | 173 | |||||||||||||||||||
Deferred tax liabilities | — | — | 113.1 | — | — | 113.1 | |||||||||||||||||||
Income taxes | — | — | 101.3 | 2.6 | — | 103.9 | |||||||||||||||||||
Total current liabilities | 12.3 | — | 1,166.00 | 8.1 | (285.7 | ) | 900.7 | ||||||||||||||||||
Non-current liabilities: | |||||||||||||||||||||||||
Long-term debt | — | — | — | — | — | — | |||||||||||||||||||
Intercompany payables, net | — | — | 1,098.00 | — | (1,098.0 | ) | — | ||||||||||||||||||
Other liabilities | — | — | 118.5 | 3.2 | — | 121.7 | |||||||||||||||||||
Deferred revenue | — | — | 443.7 | — | — | 443.7 | |||||||||||||||||||
Total liabilities | 12.3 | — | 2,826.20 | 11.3 | (1,383.7 | ) | 1,466.10 | ||||||||||||||||||
Total shareholders’ equity | 2,563.10 | — | 2,567.60 | 2,554.70 | (5,122.3 | ) | 2,563.10 | ||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,575.40 | $ | — | $ | 5,393.80 | $ | 2,566.00 | $ | (6,506.0 | ) | $ | 4,029.20 | ||||||||||||
Condensed Consolidated Balance Sheet | |||||||||||||||||||||||||
November 2, 2013 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||||
Cash and cash equivalents | $ | 3.2 | $ | — | $ | 65.9 | $ | 18.7 | $ | — | $ | 87.8 | |||||||||||||
Accounts receivable, net | — | — | 1,114.80 | 8.7 | — | 1,123.50 | |||||||||||||||||||
Intercompany receivables, net | 11.7 | — | — | 455.9 | (467.6 | ) | — | ||||||||||||||||||
Other receivables | — | — | 50.9 | 0.3 | — | 51.2 | |||||||||||||||||||
Other current assets | 0.1 | — | 86.9 | (0.1 | ) | — | 86.9 | ||||||||||||||||||
Deferred tax assets | — | — | 2.4 | 0.3 | — | 2.7 | |||||||||||||||||||
Income taxes | — | — | 16.7 | — | — | 16.7 | |||||||||||||||||||
Inventories | — | — | 1,590.40 | 54.5 | — | 1,644.90 | |||||||||||||||||||
Total current assets | 15 | — | 2,928.00 | 538.3 | (467.6 | ) | 3,013.70 | ||||||||||||||||||
Non-current assets: | |||||||||||||||||||||||||
Property, plant and equipment, net | — | — | 470.3 | 0.8 | — | 471.1 | |||||||||||||||||||
Investment in subsidiaries | 2,383.40 | — | 1,498.00 | 1,201.90 | (5,083.3 | ) | — | ||||||||||||||||||
Intercompany receivables, net | — | — | — | 863 | (863.0 | ) | — | ||||||||||||||||||
Other assets | — | — | 106.7 | — | — | 106.7 | |||||||||||||||||||
Deferred tax assets | — | — | 119.9 | — | — | 119.9 | |||||||||||||||||||
Retirement benefit asset | — | — | 54 | — | — | 54 | |||||||||||||||||||
Total assets | $ | 2,398.40 | $ | — | $ | 5,176.90 | $ | 2,604.00 | $ | (6,413.9 | ) | $ | 3,765.40 | ||||||||||||
Liabilities and Shareholders’ equity | |||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | — | $ | 46 | $ | — | $ | — | $ | 46 | |||||||||||||
Accounts payable | — | — | 242.7 | 2.2 | — | 244.9 | |||||||||||||||||||
Intercompany payables, net | — | — | 467.6 | — | (467.6 | ) | — | ||||||||||||||||||
Accrued expenses and other current liabilities | 12.2 | — | 237.8 | 2.5 | — | 252.5 | |||||||||||||||||||
Deferred revenue | — | — | 156.3 | — | — | 156.3 | |||||||||||||||||||
Deferred tax liabilities | — | — | 136.2 | — | — | 136.2 | |||||||||||||||||||
Income taxes | — | — | 3.2 | 3.6 | — | 6.8 | |||||||||||||||||||
Total current liabilities | 12.2 | — | 1,289.80 | 8.3 | (467.6 | ) | 842.7 | ||||||||||||||||||
Non-current liabilities: | |||||||||||||||||||||||||
Intercompany payables, net | — | — | 863 | — | (863.0 | ) | — | ||||||||||||||||||
Deferred tax liabilities | — | — | 1 | — | — | 1 | |||||||||||||||||||
Other liabilities | — | — | 116.1 | 3.2 | — | 119.3 | |||||||||||||||||||
Deferred revenue | — | — | 416.2 | — | — | 416.2 | |||||||||||||||||||
Total liabilities | 12.2 | — | 2,686.10 | 11.5 | (1,330.6 | ) | 1,379.20 | ||||||||||||||||||
Total shareholders’ equity | 2,386.20 | — | 2,490.80 | 2,592.50 | (5,083.3 | ) | 2,386.20 | ||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,398.40 | $ | — | $ | 5,176.90 | $ | 2,604.00 | $ | (6,413.9 | ) | $ | 3,765.40 | ||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||
For the 13 week period ended November 1, 2014 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||
Other cash provided by (used in) operating activities | $ | 99.3 | $ | 4.5 | $ | (253.1 | ) | $ | 41.2 | $ | (100.0 | ) | $ | (208.1 | ) | ||||||||||
Net cash provided by (used in) operating activities | 99.3 | 4.5 | (253.1 | ) | 41.2 | (100.0 | ) | (208.1 | ) | ||||||||||||||||
Investing activities | |||||||||||||||||||||||||
Purchase of property, plant and equipment | — | — | (75.1 | ) | — | — | (75.1 | ) | |||||||||||||||||
Investment in subsidiaries | — | — | (1.4 | ) | — | 1.4 | — | ||||||||||||||||||
Purchase of available-for-sale securities | — | — | — | (3.0 | ) | — | (3.0 | ) | |||||||||||||||||
Proceeds from available-for-sale securities | — | — | — | 1.5 | — | 1.5 | |||||||||||||||||||
Acquisition of Zale Corporation, net of cash acquired | — | — | — | — | — | — | |||||||||||||||||||
Net cash used in investing activities | — | — | (76.5 | ) | (1.5 | ) | 1.4 | (76.6 | ) | ||||||||||||||||
Financing activities | |||||||||||||||||||||||||
Dividends paid | (14.4 | ) | — | — | — | — | (14.4 | ) | |||||||||||||||||
Intercompany dividends | — | — | (100.0 | ) | — | 100 | — | ||||||||||||||||||
Proceeds from issuance of common shares | 2.2 | 1.4 | — | — | (1.4 | ) | 2.2 | ||||||||||||||||||
Excess tax benefit from exercise of share awards | — | — | — | — | — | — | |||||||||||||||||||
Proceeds from long-term debt | — | — | — | 493.4 | — | 493.4 | |||||||||||||||||||
Repayments of long-term debt | — | — | (5.0 | ) | (493.4 | ) | — | (498.4 | ) | ||||||||||||||||
Payment of debt issuance costs | — | (1.3 | ) | (0.3 | ) | (0.5 | ) | — | (2.1 | ) | |||||||||||||||
Repurchase of common shares | (7.4 | ) | — | — | — | — | (7.4 | ) | |||||||||||||||||
Net settlement of equity based awards | (3.0 | ) | — | — | — | — | (3.0 | ) | |||||||||||||||||
Capital lease payments | — | — | (0.3 | ) | — | — | (0.3 | ) | |||||||||||||||||
Proceeds from short-term borrowings | — | — | 188 | — | — | 188 | |||||||||||||||||||
Intercompany activity, net | (75.2 | ) | (4.6 | ) | 135 | (55.2 | ) | — | — | ||||||||||||||||
Net cash (used in) provided by financing activities | (97.8 | ) | (4.5 | ) | 217.4 | (55.7 | ) | 98.6 | 158 | ||||||||||||||||
Cash and cash equivalents at beginning of period | 1.4 | — | 191.1 | 22.5 | — | 215 | |||||||||||||||||||
Increase (decrease) in cash and cash equivalents | 1.5 | — | (112.2 | ) | (16.0 | ) | — | (126.7 | ) | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (4.8 | ) | 4.1 | — | (0.7 | ) | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 2.9 | $ | — | $ | 74.1 | $ | 10.6 | $ | — | $ | 87.6 | |||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||
For the 39 week period ended November 1, 2014 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||
Other cash provided by (used in) operating activities | $ | 148.4 | $ | 8.3 | $ | (113.8 | ) | $ | 82.9 | $ | (150.0 | ) | $ | (24.2 | ) | ||||||||||
Net cash provided by (used in) operating activities | 148.4 | 8.3 | (113.8 | ) | 82.9 | (150.0 | ) | (24.2 | ) | ||||||||||||||||
Investing activities | |||||||||||||||||||||||||
Purchase of property, plant and equipment | — | — | (164.7 | ) | (0.4 | ) | — | (165.1 | ) | ||||||||||||||||
Investment in subsidiaries | — | — | (8.8 | ) | — | 8.8 | — | ||||||||||||||||||
Purchase of available-for-sale securities | — | — | — | (4.2 | ) | — | (4.2 | ) | |||||||||||||||||
Proceeds from available-for-sale securities | — | — | — | 2.5 | — | 2.5 | |||||||||||||||||||
Acquisition of Zale Corporation, net of cash acquired | — | — | (1,431.1 | ) | 1.9 | — | (1,429.2 | ) | |||||||||||||||||
Net cash (used in) provided by investing activities | — | — | (1,604.6 | ) | (0.2 | ) | 8.8 | (1,596.0 | ) | ||||||||||||||||
Financing activities | |||||||||||||||||||||||||
Dividends paid | (40.8 | ) | — | — | — | — | (40.8 | ) | |||||||||||||||||
Intercompany dividends | — | — | (949.1 | ) | (0.9 | ) | 950 | — | |||||||||||||||||
Proceeds from issuance of common shares | 4.2 | 8.8 | — | 800 | (808.8 | ) | 4.2 | ||||||||||||||||||
Excess tax benefit from exercise of share awards | — | — | 7.7 | — | — | 7.7 | |||||||||||||||||||
Proceeds from long-term debt | — | 398.4 | 400 | 1,424.00 | — | 2,222.40 | |||||||||||||||||||
Repayments of long-term debt | — | — | (5.0 | ) | (824.0 | ) | — | (829.0 | ) | ||||||||||||||||
Payment of debt issuance costs | — | (7.0 | ) | (10.7 | ) | (2.8 | ) | — | (20.5 | ) | |||||||||||||||
Repurchase of common shares | (29.8 | ) | — | — | — | — | (29.8 | ) | |||||||||||||||||
Net settlement of equity based awards | (18.1 | ) | — | — | — | — | (18.1 | ) | |||||||||||||||||
Capital lease payments | — | — | (0.5 | ) | — | — | (0.5 | ) | |||||||||||||||||
Proceeds from short-term borrowings | — | — | 165.8 | — | — | 165.8 | |||||||||||||||||||
Intercompany activity, net | (62.4 | ) | (408.5 | ) | 1,950.50 | (1,479.6 | ) | — | — | ||||||||||||||||
Net cash (used in) provided by financing activities | (146.9 | ) | (8.3 | ) | 1,558.70 | (83.3 | ) | 141.2 | 1,461.40 | ||||||||||||||||
Cash and cash equivalents at beginning of period | 1.4 | — | 237 | 9.2 | — | 247.6 | |||||||||||||||||||
Increase (decrease) in cash and cash equivalents | 1.5 | — | (159.7 | ) | (0.6 | ) | — | (158.8 | ) | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (3.2 | ) | 2 | — | (1.2 | ) | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 2.9 | $ | — | $ | 74.1 | $ | 10.6 | $ | — | $ | 87.6 | |||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||
For the 13 week period ended November 2, 2013 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||
Other cash (used in) provided by operating activities | $ | (0.5 | ) | $ | — | $ | (93.9 | ) | $ | 14 | $ | — | $ | (80.4 | ) | ||||||||||
Net cash (used in) provided by operating activities | (0.5 | ) | — | (93.9 | ) | 14 | — | (80.4 | ) | ||||||||||||||||
Investing activities | |||||||||||||||||||||||||
Purchase of property, plant and equipment | — | — | (53.3 | ) | — | — | (53.3 | ) | |||||||||||||||||
Investment in subsidiaries | — | — | — | — | — | — | |||||||||||||||||||
Acquisition of Ultra Stores, Inc. | — | — | — | — | — | — | |||||||||||||||||||
Net cash used in investing activities | — | — | (53.3 | ) | — | — | (53.3 | ) | |||||||||||||||||
Financing activities | |||||||||||||||||||||||||
Dividends paid | (12.1 | ) | — | — | — | — | (12.1 | ) | |||||||||||||||||
Intercompany dividends | — | — | 7.5 | (7.5 | ) | — | — | ||||||||||||||||||
Proceeds from issuance of common shares | 2.8 | — | — | — | — | 2.8 | |||||||||||||||||||
Excess tax benefit from exercise of share awards | — | — | — | — | — | — | |||||||||||||||||||
Repurchase of common shares | (25.0 | ) | — | — | — | — | (25.0 | ) | |||||||||||||||||
Net settlement of equity based awards | (0.1 | ) | — | — | — | — | (0.1 | ) | |||||||||||||||||
Proceeds from short-term borrowings | — | — | 44.3 | — | — | 44.3 | |||||||||||||||||||
Intercompany activity, net | 37.2 | — | (43.5 | ) | 6.3 | — | — | ||||||||||||||||||
Net cash provided by (used in) financing activities | 2.8 | — | 8.3 | (1.2 | ) | — | 9.9 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | 0.9 | — | 203.1 | 8.9 | — | 212.9 | |||||||||||||||||||
Increase (decrease) in cash and cash equivalents | 2.3 | — | (138.9 | ) | 12.8 | — | (123.8 | ) | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 1.7 | (3.0 | ) | — | (1.3 | ) | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 3.2 | $ | — | $ | 65.9 | $ | 18.7 | $ | — | $ | 87.8 | |||||||||||||
Condensed Consolidated Statement of Cash Flows | |||||||||||||||||||||||||
For the 39 week period ended November 2, 2013 | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | |||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | ||||||||||||||||||||||
Limited | Subsidiaries | ||||||||||||||||||||||||
Cash flows from operating activities | |||||||||||||||||||||||||
Other cash provided by (used in) operating activities | $ | 88.4 | $ | — | $ | (48.7 | ) | $ | 28.4 | $ | (90.0 | ) | $ | (21.9 | ) | ||||||||||
Net cash provided by (used in) operating activities | 88.4 | — | (48.7 | ) | 28.4 | (90.0 | ) | (21.9 | ) | ||||||||||||||||
Investing activities | |||||||||||||||||||||||||
Purchase of property, plant and equipment | — | — | (106.7 | ) | (0.2 | ) | — | (106.9 | ) | ||||||||||||||||
Investment in subsidiaries | (0.3 | ) | — | — | — | 0.3 | — | ||||||||||||||||||
Acquisition of Ultra Stores, Inc. | — | — | 1.4 | — | — | 1.4 | |||||||||||||||||||
Net cash used in investing activities | (0.3 | ) | — | (105.3 | ) | (0.2 | ) | 0.3 | (105.5 | ) | |||||||||||||||
Financing activities | |||||||||||||||||||||||||
Dividends paid | (34.0 | ) | — | — | — | — | (34.0 | ) | |||||||||||||||||
Intercompany dividends | — | — | (69.5 | ) | (20.5 | ) | 90 | — | |||||||||||||||||
Proceeds from issuance of common shares | 8 | — | 0.3 | — | (0.3 | ) | 8 | ||||||||||||||||||
Excess tax benefit from exercise of share awards | — | — | 4.5 | — | — | 4.5 | |||||||||||||||||||
Repurchase of common shares | (100.1 | ) | — | — | — | — | (100.1 | ) | |||||||||||||||||
Net settlement of equity based awards | (9.1 | ) | — | — | — | — | (9.1 | ) | |||||||||||||||||
Proceeds from short-term borrowings | — | — | 46 | — | — | 46 | |||||||||||||||||||
Intercompany activity, net | 36.9 | — | (32.6 | ) | (4.3 | ) | — | — | |||||||||||||||||
Net cash used in financing activities | (98.3 | ) | — | (51.3 | ) | (24.8 | ) | 89.7 | (84.7 | ) | |||||||||||||||
Cash and cash equivalents at beginning of period | 13.4 | — | 271.3 | 16.3 | — | 301 | |||||||||||||||||||
(Decrease) increase in cash and cash equivalents | (10.2 | ) | — | (205.3 | ) | 3.4 | — | (212.1 | ) | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | (0.1 | ) | (1.0 | ) | — | (1.1 | ) | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 3.2 | $ | — | $ | 65.9 | $ | 18.7 | $ | — | $ | 87.8 | |||||||||||||
Recovered_Sheet1
Principal Accounting Policies and Basis of Preparation - Additional Information (Detail) | 9 Months Ended |
Nov. 01, 2014 | |
Segment | |
Principal Accounting Policies and Basis of Preparation [Line Items] | ' |
Number of business segments | 1 |
Number of reportable segments | 2 |
Approximate percentage of first quarter sales to annual sales | 'Slightly exceeding 20% |
Approximate percentage of second quarter sales to annual sales | 'Approximating 20% |
Approximate percentage of third quarter sales to annual sales | 'Approximating 20% |
Approximate percentage of fourth quarter sales to annual sales | 40.00% |
Vehicles | ' |
Principal Accounting Policies and Basis of Preparation [Line Items] | ' |
Property plant and equipment, estimated useful life | '4 years |
Zale Corporation | ' |
Principal Accounting Policies and Basis of Preparation [Line Items] | ' |
Number of reportable segments | 2 |
Revenue from sale over deferred and recognized period | '10 years |
Minimum | ' |
Principal Accounting Policies and Basis of Preparation [Line Items] | ' |
Approximate percentage of operating income in fourth quarter | 45.00% |
Maximum | ' |
Principal Accounting Policies and Basis of Preparation [Line Items] | ' |
Approximate percentage of operating income in fourth quarter | 55.00% |
Zale Jewelry | ' |
Principal Accounting Policies and Basis of Preparation [Line Items] | ' |
Revenue from sale over deferred and recognized period | '10 years |
Revenue recognized in relation to cost incurred | 69.00% |
Revenue deferred and recognized in relation to the costs expected to be incurred, period | '2 years |
Optional theft protection period | '2 years |
Zale Jewelry | Theft Protection | ' |
Principal Accounting Policies and Basis of Preparation [Line Items] | ' |
Revenue deferred and recognized in relation to the costs expected to be incurred, period | '2 years |
Zale Jewelry | Watch Warranty | ' |
Principal Accounting Policies and Basis of Preparation [Line Items] | ' |
Warranty period | '2 years |
Zale Jewelry | Breakage Warranty | ' |
Principal Accounting Policies and Basis of Preparation [Line Items] | ' |
Warranty period | '1 year |
Zale Jewelry | Zale Corporation | National | ' |
Principal Accounting Policies and Basis of Preparation [Line Items] | ' |
Number of brands | 3 |
Zale Jewelry | Zale Corporation | Regional | ' |
Principal Accounting Policies and Basis of Preparation [Line Items] | ' |
Number of brands | 2 |
Sterling Jewelers | ' |
Principal Accounting Policies and Basis of Preparation [Line Items] | ' |
Revenue from sale over deferred and recognized period | '14 years |
Revenue recognized in relation to cost incurred | 45.00% |
Revenue deferred and recognized in relation to the costs expected to be incurred, period | '2 years |
Sterling Jewelers | Minimum | ' |
Principal Accounting Policies and Basis of Preparation [Line Items] | ' |
Approximate percentage of operating income in fourth quarter | 40.00% |
Sterling Jewelers | Maximum | ' |
Principal Accounting Policies and Basis of Preparation [Line Items] | ' |
Approximate percentage of operating income in fourth quarter | 45.00% |
Piercing Pagoda | Breakage Warranty | ' |
Principal Accounting Policies and Basis of Preparation [Line Items] | ' |
Warranty period | '1 year |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 9 Months Ended |
Nov. 01, 2014 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of geographic operating segments managed | 2 |
Segment_Reporting_Information_
Segment Reporting Information, by Segment (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Feb. 01, 2014 | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Total sales | $1,177.90 | $771.40 | $3,459.90 | $2,645.20 | ' | ||
Total operating income | 10.7 | 51.6 | 244.9 | 299.9 | ' | ||
Total assets | 6,178.50 | 3,765.40 | 6,178.50 | 3,765.40 | 4,029.20 | ||
Operating Segments | Sterling Jewelers | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Total sales | 692.8 | 631.3 | 2,406.70 | 2,229.60 | ' | ||
Total operating income | 68.1 | 60.6 | 364.3 | 325.3 | ' | ||
Total assets | 3,477.20 | 3,174.30 | 3,477.20 | 3,174.30 | 3,311 | ||
Operating Segments | Signet - UK Jewelry | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Total sales | 151 | 139.3 | 465.6 | 413.4 | ' | ||
Total operating income | -2.7 | -4.4 | -1.6 | -9.3 | ' | ||
Total assets | 484.5 | 495.3 | 484.5 | 495.3 | 484.6 | ||
Operating Segments | Zale Jewelry | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Total sales | 289.1 | ' | 504.1 | ' | ' | ||
Total operating income | -26.7 | [1] | ' | -34.7 | [1] | ' | ' |
Total assets | 1,942.60 | ' | 1,942.60 | ' | ' | ||
Operating Segments | Piercing Pagoda | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Total sales | 42.3 | ' | 74.8 | ' | ' | ||
Total operating income | -7.8 | [2] | ' | -9.6 | [2] | ' | ' |
Total assets | 158.8 | ' | 158.8 | ' | ' | ||
Operating Segments | Other | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Total sales | 2.7 | 0.8 | 8.7 | 2.2 | ' | ||
Total operating income | -20.2 | [3] | -4.6 | -73.5 | [3] | -16.1 | ' |
Operating Segments | Other | ' | ' | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ||
Total assets | $115.40 | $95.80 | $115.40 | $95.80 | $233.60 | ||
[1] | Includes net operating loss of $11.0 million and $20.4 million related to purchase accounting adjustments associated with the acquisition of Zale Corporation for the 13 and 39 weeks ended November 1, 2014, respectively. See Note 20 for additional information. | ||||||
[2] | Includes net operating loss of $2.6 million and $4.7 million related to purchase accounting adjustments associated with the acquisition of Zale Corporation for the 13 and 39 weeks ended November 1, 2014, respectively. See Note 20 for additional information. | ||||||
[3] | Includes $11.4 million and $50.6 million of transaction-related and integration expense as well as severance-related costs for the 13 and 39 weeks ended November 1, 2014, respectively. |
Segment_Reporting_Information_1
Segment Reporting Information, by Segment (Parenthetical) (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 01, 2014 |
Segment Reporting Information [Line Items] | ' | ' |
Transaction related and integration expense | $11.40 | $50.60 |
Zale Jewelry | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Purchase accounting adjustments | 11 | 20.4 |
Piercing Pagoda | ' | ' |
Segment Reporting Information [Line Items] | ' | ' |
Purchase accounting adjustments | $2.60 | $4.70 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Nov. 01, 2014 |
Income Tax Disclosure [Abstract] | ' |
Unrecognized tax benefits | $6.30 |
Unrecognized tax benefits increased as a result of acquisition | 1.7 |
Accrued interest related to unrecognized tax benefits | 1.1 |
Unrecognized tax benefits accrued interest increased as a result of acquisition | 0.8 |
Accrued penalties related to unrecognized tax benefits | $0.60 |
US | ' |
Income Tax Disclosure [Abstract] | ' |
Tax years subject to examination | 'Tax years ending after November 1, 2008 |
CANADA | ' |
Income Tax Disclosure [Abstract] | ' |
Tax years subject to examination | 'Tax years ending after November 1, 2008 |
UK | ' |
Income Tax Disclosure [Abstract] | ' |
Tax years subject to examination | 'Tax years ending after January 31, 2012 |
Earnings_Per_Share_Basic_And_D
Earnings Per Share, Basic And Diluted (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Net (loss) income | ($1.30) | $33.60 | $153.30 | $192.80 |
Basic weighted average number of shares outstanding | 79.9 | 79.9 | 79.9 | 80.4 |
Dilutive effect of share awards | ' | 0.4 | 0.3 | 0.4 |
Diluted weighted average number of shares outstanding | 79.9 | 80.3 | 80.2 | 80.8 |
(Loss) earnings per share - basic | ($0.02) | $0.42 | $1.92 | $2.40 |
(Loss) earnings per share - diluted | ($0.02) | $0.42 | $1.91 | $2.39 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Effect of treasury shares and non-vested restricted stock excluded from basic weighted average number of shares outstanding | 7,293,902 | 7,287,686 | 7,288,741 | 6,833,816 |
Anti-dilutive shares excluded from the calculation of earnings per share | 525,561 | 87,809 | 32,504 | 64,884 |
Share_Repurchase_Activity_Deta
Share Repurchase Activity (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||
In Millions, except Share data, unless otherwise specified | Nov. 01, 2014 | Nov. 01, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Oct. 31, 2011 | Nov. 01, 2014 | Nov. 02, 2013 | Jun. 30, 2013 | ||||
2011 Program | 2011 Program | 2011 Program | 2013 Program | 2013 Program | 2013 Program | |||||||||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Amount Authorized | ' | ' | ' | ' | $350 | [1] | ' | $300 | $350 | [2] | ' | $350 | ||
Shares repurchased | 68,261 | 371,713 | 288,393 | 1,495,571 | ' | [1],[3] | 749,245 | [1] | ' | 288,393 | [2] | 746,326 | [2] | ' |
Amount repurchased | ' | ' | $29.80 | $100.10 | ' | [1],[3] | $50.10 | [1] | ' | $29.80 | [2] | $50 | [2] | ' |
Average repurchase price | $109.18 | $67.26 | ' | ' | ' | [1],[3] | $66.92 | [1] | ' | $103.37 | [2] | $66.99 | [2] | ' |
[1] | In October 2011, the Board of Directors authorized the repurchase of up to $300 million of Signet's common shares (the "2011 Program"), which authorization was subsequently increased to $350 million. The 2011 Program was completed as of May 4, 2013. | |||||||||||||
[2] | In June 2013, the Board of Directors authorized the repurchase of up to $350 million of Signet's common shares (the "2013 Program"). The 2013 Program may be suspended or discontinued at any time without notice. The 2013 Program had $265.6 million remaining as of November 1, 2014. | |||||||||||||
[3] | Not applicable. |
Share_Repurchase_Activity_Pare
Share Repurchase Activity (Parenthetical) (Detail) (USD $) | Nov. 01, 2014 | Oct. 31, 2011 | Nov. 01, 2014 | Jun. 30, 2013 | ||
In Millions, unless otherwise specified | 2011 Program | 2011 Program | 2013 Program | 2013 Program | ||
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ||
Stock repurchase program, authorized amount | $350 | [1] | $300 | $350 | [2] | $350 |
Stock repurchase program, remaining available amount | ' | ' | $265.60 | ' | ||
[1] | In October 2011, the Board of Directors authorized the repurchase of up to $300 million of Signet's common shares (the "2011 Program"), which authorization was subsequently increased to $350 million. The 2011 Program was completed as of May 4, 2013. | |||||
[2] | In June 2013, the Board of Directors authorized the repurchase of up to $350 million of Signet's common shares (the "2013 Program"). The 2013 Program may be suspended or discontinued at any time without notice. The 2013 Program had $265.6 million remaining as of November 1, 2014. |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Nov. 01, 2014 | Aug. 02, 2014 | Nov. 01, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Shareholders Equity [Line Items] | ' | ' | ' | ' | ' |
Shares repurchase | 68,261 | ' | 371,713 | 288,393 | 1,495,571 |
Average repurchase price | $109.18 | ' | $67.26 | ' | ' |
Amount reclassified from other reserves to retained earnings | ' | $234.80 | ' | ' | ' |
Payment_Of_Dividends_Detail
Payment Of Dividends (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
In Millions, except Per Share data, unless otherwise specified | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | ||
Dividends, Cash [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||
Cash dividend per share | $0.18 | $0.18 | $0.18 | $0.15 | $0.15 | $0.54 | $0.45 | ||
First Quarter Dividend | ' | ' | ' | ' | ' | ' | ' | ||
Dividends, Cash [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||
Cash dividend per share | ' | ' | ' | ' | ' | $0.18 | [1] | $0.15 | [1] |
Total dividends | ' | ' | ' | ' | ' | $14.40 | [1],[2] | $12.10 | [1] |
Second Quarter Dividend | ' | ' | ' | ' | ' | ' | ' | ||
Dividends, Cash [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||
Cash dividend per share | ' | ' | ' | ' | ' | $0.18 | $0.15 | ||
Total dividends | ' | ' | ' | ' | ' | 14.4 | [3] | 12.1 | |
Third Quarter Dividend | ' | ' | ' | ' | ' | ' | ' | ||
Dividends, Cash [Abstract] | ' | ' | ' | ' | ' | ' | ' | ||
Cash dividend per share | ' | ' | ' | ' | ' | $0.18 | $0.15 | ||
Total dividends | ' | ' | ' | ' | ' | $14.40 | [4] | $12 | |
[1] | Signet's dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As a result, the fourth quarter Fiscal 2014 $0.15 per share cash dividend was paid on February 27, 2014 in the aggregate amount of $12.0 million. | ||||||||
[2] | The first quarter Fiscal 2015 $0.18 per share cash dividend was paid on May 28, 2014 in the aggregate amount of $14.4 million. | ||||||||
[3] | The second quarter Fiscal 2015 $0.18 per share cash dividend was paid on August 27, 2014 in the aggregate amount of $14.4 million. | ||||||||
[4] | As of November 1, 2014, $14.4 million has been recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividend declared on August 26, 2014, which has a record date of October 31, 2014 and a payment date of November 25, 2014. |
Payment_Of_Dividends_Parenthet
Payment Of Dividends (Parenthetical) (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
In Millions, except Per Share data, unless otherwise specified | Aug. 27, 2014 | 28-May-14 | Feb. 27, 2014 | Nov. 01, 2014 | Aug. 02, 2014 | 3-May-14 | Feb. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Dividends, Cash [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend paid | $14.40 | $14.40 | $12 | $14.40 | ' | ' | ' | $12.10 | $40.80 | $34 |
Dividend declared | ' | ' | ' | $0.18 | $0.18 | $0.18 | $0.15 | $0.15 | $0.54 | $0.45 |
Other current liabilities reflecting dividend | ' | ' | ' | $14.40 | ' | ' | ' | ' | $14.40 | ' |
Dividend record date | ' | ' | ' | ' | ' | ' | ' | ' | 31-Oct-14 | ' |
Dividend payment date | ' | ' | ' | ' | ' | ' | ' | ' | 25-Nov-14 | ' |
Changes_in_Accumulated_OCI_by_
Changes in Accumulated OCI by Component and Reclassifications Out of Accumulated OCI (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | ($178.50) | ' |
OCI before reclassifications | ' | ' | -15.6 | ' |
Amounts reclassified from accumulated OCI | 2 | 1.5 | 10.2 | 1.1 |
After-tax amount, Total other comprehensive (loss) income | -20.9 | 10.5 | -5.4 | -13.7 |
Ending balance | -183.9 | -189.4 | -183.9 | -189.4 |
Foreign currency translation | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | -137 | ' |
OCI before reclassifications | ' | ' | -14.1 | ' |
After-tax amount, Total other comprehensive (loss) income | ' | ' | -14.1 | ' |
Ending balance | -151.1 | ' | -151.1 | ' |
Accumulated Net Gain (Loss) from Investment Hedges | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
OCI before reclassifications | ' | ' | -0.2 | ' |
After-tax amount, Total other comprehensive (loss) income | ' | ' | -0.2 | ' |
Ending balance | -0.2 | ' | -0.2 | ' |
Gains (losses) on cash flow hedges | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | -14.3 | ' |
OCI before reclassifications | ' | ' | -1.3 | ' |
Amounts reclassified from accumulated OCI | ' | ' | 10 | ' |
After-tax amount, Total other comprehensive (loss) income | ' | ' | 8.7 | ' |
Ending balance | -5.6 | ' | -5.6 | ' |
Pension Plans | Accumulated Defined Benefit Plans Adjustment Actuarial Net Gain Loss | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | -42.5 | ' |
Amounts reclassified from accumulated OCI | ' | ' | 1.2 | ' |
After-tax amount, Total other comprehensive (loss) income | ' | ' | 1.2 | ' |
Ending balance | -41.3 | ' | -41.3 | ' |
Pension Plans | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost (Credit) | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' |
Beginning balance | ' | ' | 15.3 | ' |
Amounts reclassified from accumulated OCI | ' | ' | -1 | ' |
After-tax amount, Total other comprehensive (loss) income | ' | ' | -1 | ' |
Ending balance | $14.30 | ' | $14.30 | ' |
Reclassification_Activity_by_I
Reclassification Activity by Individual Accumulated OCI Component (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Losses (Gains) on cash flow hedges reclassification, before tax | $2.70 | $2.10 | $15.20 | $1.10 | ||||
Losses (Gains) on cash flow hedges reclassification, tax expense | -0.8 | -0.8 | -5.2 | -0.5 | ||||
Losses (Gains) on cash flow hedges reclassification, net of tax | 1.9 | 1.3 | 10 | 0.6 | ||||
Defined benefit plan reclassification, before tax | 0.1 | 0.2 | 0.2 | 0.6 | ||||
Defined benefit plan reclassification, tax expense | ' | ' | ' | -0.1 | ||||
Defined benefit plan reclassification, net of tax | 0.1 | 0.2 | 0.2 | 0.5 | ||||
Total reclassifications, net of tax | 2 | 1.5 | 10.2 | 1.1 | ||||
Cash Flow Hedging | Foreign Exchange Contract | Cost of Sales | ' | ' | ' | ' | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Losses (Gains) on cash flow hedges reclassification, before tax | 0.3 | -0.2 | 0.6 | -0.6 | ||||
Cash Flow Hedging | Commodity Contract | Cost of Sales | ' | ' | ' | ' | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Losses (Gains) on cash flow hedges reclassification, before tax | 2.4 | 2.3 | 14.6 | 1.7 | ||||
Prior Service Credits | Selling, General and Administrative Expenses | ' | ' | ' | ' | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Defined benefit plan reclassification, before tax | -0.4 | [1] | -0.4 | [1] | -1.3 | [1] | -1.1 | [1] |
Pension Plan Actuarial (Losses)/Gains | Selling, General and Administrative Expenses | ' | ' | ' | ' | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' | ' | ' | ' | ||||
Defined benefit plan reclassification, before tax | $0.50 | [1] | $0.60 | [1] | $1.50 | [1] | $1.70 | [1] |
[1] | These items are included in the computation of net periodic pension benefit (cost). See Note 16 for additional information. |
Accounts_Receivable_net_Additi
Accounts Receivable, net - Additional Information (Detail) (USD $) | 9 Months Ended | |||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
Other Accounts Receivable | Other Accounts Receivable | Other Accounts Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Percentage allowance on losses | 100.00% | ' | ' | ' |
Losses allowance maturity period | '90 days | ' | ' | ' |
Finance receivable age | '90 days | ' | ' | ' |
Gross accounts receivable | ' | $9.50 | $12.80 | $9.90 |
Valuation of allowance | ' | $0.30 | $0.30 | $0.50 |
Accounts_Receivable_by_Portfol
Accounts Receivable by Portfolio Segment, Net (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
In Millions, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total accounts receivable, net | $1,292.10 | $1,374 | $1,123.50 |
Sterling Jewelers Customer In-House Finance Receivables | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total accounts receivable, net | 1,280.30 | 1,356 | 1,111.80 |
Other Accounts Receivable | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total accounts receivable, net | $11.80 | $18 | $11.70 |
Allowance_for_Credit_Losses_On
Allowance for Credit Losses On Sterling Jewelers Customer In-House Finance Receivables (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Feb. 01, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Accounts receivable, net | $1,292.10 | $1,123.50 | $1,374 |
Sterling Jewelers Customer In-House Finance Receivables | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Beginning balance | -97.8 | -87.7 | -87.7 |
Charge-offs | 101 | 91 | 128.2 |
Recoveries | 22.1 | 19.9 | 26 |
Provision expense | -127.9 | -112.8 | -164.3 |
Ending balance | -102.6 | -89.6 | -97.8 |
Ending receivable balance evaluated for impairment | 1,382.90 | 1,201.40 | 1,453.80 |
Accounts receivable, net | $1,280.30 | $1,111.80 | $1,356 |
Credit_Quality_Indicator_and_A
Credit Quality Indicator and Age Analysis of Past Due Sterling Jewelers Customer In-House Finance Receivables (Detail) (Sterling Jewelers Customer In-House Finance Receivables, USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Gross, Value | $1,382.90 | $1,453.80 | $1,201.40 | ' |
Valuation Allowance, Value | -102.6 | -97.8 | -89.6 | -87.7 |
Gross, Percentage | 100.00% | 100.00% | 100.00% | ' |
Valuation Allowance, Percentage | 7.40% | 6.70% | 7.50% | ' |
Performing Financing Receivable | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Gross, Percentage | 95.60% | 96.30% | 95.60% | ' |
Valuation Allowance, Percentage | 3.10% | 3.20% | 3.20% | ' |
Performing Financing Receivable | Current | Aged 0-30 Days | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Gross, Value | 1,087.90 | 1,170.40 | 946.9 | ' |
Valuation Allowance, Value | -33.2 | -36.3 | -29 | ' |
Performing Financing Receivable | Past Due | Aged 31 - 90 Days | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Gross, Value | 233.8 | 229.9 | 201.1 | ' |
Valuation Allowance, Value | -8.2 | -8 | -7.2 | ' |
Nonperforming Financing Receivable | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Gross, Percentage | 4.40% | 3.70% | 4.40% | ' |
Valuation Allowance, Percentage | 100.00% | 100.00% | 100.00% | ' |
Nonperforming Financing Receivable | Past Due | Aged More Than 90 Days | ' | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' |
Gross, Value | 61.2 | 53.5 | 53.4 | ' |
Valuation Allowance, Value | ($61.20) | ($53.50) | ($53.40) | ' |
Inventories_Detail
Inventories (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
In Millions, unless otherwise specified | |||
Inventories | ' | ' | ' |
Raw materials | $69.90 | $41.80 | $48.90 |
Finished goods | 2,604.70 | 1,446.20 | 1,596 |
Inventories | $2,674.60 | $1,488 | $1,644.90 |
Summary_of_Goodwill_by_Reporta
Summary of Goodwill by Reportable Segment (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | ||
Goodwill [Line Items] | ' | ' | ' | ||
Beginning balance | $26.80 | $24.60 | $23.20 | ||
Acquisition | 497.5 | [1] | 2.2 | [1] | ' |
Ending balance | 524.3 | 26.8 | 23.2 | ||
Sterling Jewelers | ' | ' | ' | ||
Goodwill [Line Items] | ' | ' | ' | ||
Beginning balance | ' | 24.6 | ' | ||
Acquisition | ' | -1.4 | [1] | ' | |
Ending balance | 23.2 | 23.2 | ' | ||
Zale Jewelry | ' | ' | ' | ||
Goodwill [Line Items] | ' | ' | ' | ||
Acquisition | 497.5 | [1] | ' | ' | |
Ending balance | 497.5 | ' | ' | ||
Other | ' | ' | ' | ||
Goodwill [Line Items] | ' | ' | ' | ||
Acquisition | ' | 3.6 | [1] | ' | |
Ending balance | $3.60 | $3.60 | ' | ||
[1] | See Note 20 for additional discussion of the goodwill recorded by the Company during Fiscal 2014 and Fiscal 2015. |
Additional_Detail_Regarding_Co
Additional Detail Regarding Composition of Indefinite Lived and Finite Lived Intangible Assets (Detail) (USD $) | Nov. 01, 2014 |
In Millions, unless otherwise specified | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' |
Definite-lived trade names, gross carrying amount | $1.60 |
Definite-lived favorable leases, gross carrying amount | 49.7 |
Definite-lived intangible assets, gross carrying amount | 51.3 |
Indefinite-lived trade names, gross carrying amount | 416 |
Total intangible assets, gross carrying amount | 467.3 |
Definite-lived intangible assets, accumulated amortization | -6 |
Total intangible assets, net, accumulated amortization | -6 |
Definite-lived intangible assets, net carrying amount | 45.3 |
Indefinite-lived trade names, net carrying amount | 416 |
Total intangible assets, net carrying amount | 461.3 |
Trade names | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' |
Definite-lived intangible assets, accumulated amortization | -0.1 |
Definite-lived intangible assets, net carrying amount | 1.5 |
Favorable Leases | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' |
Definite-lived intangible assets, net carrying amount | 43.8 |
Favorable Leases | ' |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ' |
Definite-lived intangible assets, accumulated amortization | ($5.90) |
Other_Assets_Detail
Other Assets (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | |
In Millions, unless otherwise specified | ||||
Other Assets | ' | ' | ' | |
Deferred extended service plan costs | $64.80 | $61.90 | $58.40 | |
Investments | 23.5 | [1] | ' | ' |
Other assets | 45.2 | 25.3 | 25.1 | |
Total other assets | $133.50 | $87.20 | $83.50 | |
[1] | See Note 14 for additional discussion of the investment balances. |
Other_Assets_Additional_Inform
Other Assets - Additional Information (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
In Millions, unless otherwise specified | |||
Other Assets [Line Items] | ' | ' | ' |
Current portion of deferred direct costs | $23.10 | $21.90 | $20.70 |
Deferred_Revenue_Detail
Deferred Revenue (Detail) (USD $) | Nov. 01, 2014 | Aug. 02, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Feb. 02, 2013 | |||
In Millions, unless otherwise specified | |||||||||
Deferred Revenue Arrangement [Line Items] | ' | ' | ' | ' | ' | ' | |||
Voucher promotions and other | $9.40 | ' | $15.50 | $8.10 | ' | ' | |||
Total deferred revenue | 740.4 | ' | 616.7 | 572.5 | ' | ' | |||
Deferred revenue, current liabilities | 221.6 | ' | 173 | 156.3 | ' | ' | |||
Deferred revenue, non-current liabilities | 518.8 | ' | 443.7 | 416.2 | ' | ' | |||
Total deferred revenue | 740.4 | ' | 616.7 | 572.5 | ' | ' | |||
Sterling Jewelers | ' | ' | ' | ' | ' | ' | |||
Deferred Revenue Arrangement [Line Items] | ' | ' | ' | ' | ' | ' | |||
ESP deferred revenue | 626.3 | 626.6 | 601.2 | 564.4 | 567 | 549.7 | |||
Zale Jewelry | ' | ' | ' | ' | ' | ' | |||
Deferred Revenue Arrangement [Line Items] | ' | ' | ' | ' | ' | ' | |||
ESP deferred revenue | $104.70 | $99.40 | ' | ' | [1] | ' | [1] | ' | [1] |
[1] | n/a Not applicable as the Acquisition occurred during Fiscal 2015. |
Warranty_Deferred_Revenue_Deta
Warranty Deferred Revenue (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | ||
Sterling Jewelers | ' | ' | ' | ' | ||
Deferred Revenue [Line Items] | ' | ' | ' | ' | ||
ESP deferred revenue, beginning of period | $626.60 | $567 | $601.20 | $549.70 | ||
Plans sold | 47.4 | 40.6 | 165.5 | 142 | ||
Revenue recognized | -47.7 | -43.2 | -140.4 | -127.3 | ||
ESP deferred revenue, end of period | 626.3 | 564.4 | 626.3 | 564.4 | ||
Zale Jewelry | ' | ' | ' | ' | ||
Deferred Revenue [Line Items] | ' | ' | ' | ' | ||
ESP deferred revenue, beginning of period | 99.4 | ' | [1] | ' | ' | [1] |
Plans acquired | ' | ' | [1] | 93.3 | ' | [1] |
Plans sold | 25.4 | ' | [1] | 44.7 | ' | [1] |
Revenue recognized | -20.1 | ' | [1] | -33.3 | ' | [1] |
ESP deferred revenue, end of period | $104.70 | ' | [1] | $104.70 | ' | [1] |
[1] | n/a Not applicable as the Acquisition occurred during Fiscal 2015. |
Warranty_Reserves_Detail
Warranty Reserves (Detail) (Warranty Reserves, USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Feb. 01, 2014 |
Warranty Reserves | ' | ' | ' | ' | ' |
Product Warranty Accrual, Balance Sheet Classification [Abstract] | ' | ' | ' | ' | ' |
Warranty reserve, beginning of period | $48.10 | $18.60 | $19.10 | $18.50 | ' |
Current liabilities | 17.6 | 6.6 | 17.6 | 6.6 | 6.7 |
Warranty obligations acquired | ' | ' | 28.8 | ' | ' |
Non-current liabilities | 29.1 | 12.2 | 29.1 | 12.2 | 12.4 |
Warranty expense | 1.2 | 1.8 | 5.2 | 5.3 | ' |
Total warranty reserve | 46.7 | 18.8 | 46.7 | 18.8 | ' |
Utilized | -2.6 | -1.6 | -6.4 | -5 | ' |
Warranty reserve, end of period | $46.70 | $18.80 | $46.70 | $18.80 | ' |
Investments_Detail
Investments (Detail) (USD $) | Nov. 01, 2014 | Nov. 02, 2013 | |
In Millions, unless otherwise specified | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Cost | $23.70 | ' | [1] |
Fair Value | 23.5 | ' | [1] |
US Treasury securities | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Cost | 9.7 | ' | [1] |
Fair Value | 9.6 | ' | [1] |
US government agency securities | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Cost | 1.4 | ' | [1] |
Fair Value | 1.3 | ' | [1] |
Corporate bonds and notes | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Cost | 9.3 | ' | [1] |
Fair Value | 9.3 | ' | [1] |
Corporate equity securities | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Cost | 3.3 | ' | [1] |
Fair Value | $3.30 | ' | [1] |
[1] | Not applicable as all investments were acquired as part of the Acquisition that occurred during Fiscal 2015. |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | Nov. 01, 2014 | Nov. 02, 2013 | |
In Millions, unless otherwise specified | |||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Net unrealized loss on investment | ($0.20) | ' | |
Investment on deposits | 23.5 | ' | [1] |
Various State Insurance Departments | ' | ' | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | |
Investment on deposits | $7.40 | ' | |
[1] | Not applicable as all investments were acquired as part of the Acquisition that occurred during Fiscal 2015. |
Debt_Securities_Outstanding_De
Debt Securities Outstanding (Detail) (USD $) | Nov. 01, 2014 |
In Millions, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Less than one year, cost | $1.50 |
Year two through year five, cost | 11.6 |
Year six through year ten, cost | 7.2 |
After ten years, cost | 0.1 |
Debt securities outstanding, cost | 20.4 |
Less than one year, fair value | 1.5 |
Year two through year five, fair value | 11.5 |
Year six through year ten, fair value | 7.1 |
After ten years, fair value | 0.1 |
Debt securities outstanding, fair value | $20.20 |
Recovered_Sheet2
Financial Instruments and Fair Value - Additional Information (Detail) (USD $) | 9 Months Ended | 12 Months Ended | |
Nov. 01, 2014 | Nov. 02, 2013 | Feb. 01, 2014 | |
Foreign Exchange Contract | ' | ' | ' |
Financial Instruments and Fair Value [Line Items] | ' | ' | ' |
Cash flow hedges settlement period | 'These contracts have been designated as cash flow hedges and will be settled over the next 9 months (February 1, 2014 and November 2, 2013 12 months and 15 months, respectively). | ' | ' |
Foreign Exchange Contract | Not Designated as Hedging Instrument | ' | ' | ' |
Financial Instruments and Fair Value [Line Items] | ' | ' | ' |
Total notional amount | $58,400,000 | $103,400,000 | $22,100,000 |
Commodity Contract | ' | ' | ' |
Financial Instruments and Fair Value [Line Items] | ' | ' | ' |
Cash flow hedges settlement period | 'These contracts have been designated as cash flow hedges and will be settled over the next 12 months (February 1, 2014 and November 2, 2013 12 months and 12 months, respectively). | ' | ' |
Interest Rate Risk | ' | ' | ' |
Financial Instruments and Fair Value [Line Items] | ' | ' | ' |
Total notional amount | 0 | 0 | 0 |
Cash Flow Hedging | ' | ' | ' |
Financial Instruments and Fair Value [Line Items] | ' | ' | ' |
Derivative losses to be reclassified out of AOCI in the next 12 months | 5,800,000 | ' | ' |
Derivative losses to be reclassified out of AOCI in the remainder of Fiscal 2015 | 3,600,000 | ' | ' |
Cash Flow Hedging | Foreign Exchange Contract | ' | ' | ' |
Financial Instruments and Fair Value [Line Items] | ' | ' | ' |
Total notional amount | 27,400,000 | 60,400,000 | 42,300,000 |
Contracts maturity period | '9 months | '15 months | '12 months |
Cash Flow Hedging | Commodity Contract | ' | ' | ' |
Financial Instruments and Fair Value [Line Items] | ' | ' | ' |
Total notional amount | $85,400,000 | $58,100,000 | $63,000,000 |
Contracts maturity period | '12 months | '12 months | '12 months |
Fair_Value_and_Presentation_of
Fair Value and Presentation of Derivative Instruments In Condensed Consolidated Balance Sheets (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
In Millions, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivative assets | $0.80 | $1 | $2.50 |
Total derivative liabilities | -3.9 | -2.9 | -1.5 |
Designated as Hedging Instrument | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivative assets | 0.4 | 0.8 | 1.4 |
Total derivative liabilities | -3.9 | -2.9 | -1.5 |
Designated as Hedging Instrument | Other Current Assets | Foreign Exchange Contract | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivative assets | 0.4 | ' | 0.2 |
Designated as Hedging Instrument | Other Current Assets | Commodity Contract | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivative assets | ' | 0.8 | 1.2 |
Designated as Hedging Instrument | Other Current Liabilities | Foreign Exchange Contract | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivative liabilities | -0.3 | -2.1 | -0.7 |
Designated as Hedging Instrument | Other Current Liabilities | Commodity Contract | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivative liabilities | -3.6 | -0.8 | -0.6 |
Designated as Hedging Instrument | Other Liabilities | Foreign Exchange Contract | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivative liabilities | ' | ' | -0.2 |
Not Designated as Hedging Instrument | Other Current Assets | Foreign Exchange Contract | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Total derivative assets | $0.40 | $0.20 | $1.10 |
Summary_of_PreTax_Gains_Losses
Summary of Pre-Tax Gains (Losses) Recorded In Accumulated OCI for Derivatives (Detail) (Cash Flow Hedging, USD $) | Nov. 01, 2014 | Aug. 02, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Feb. 02, 2013 | |||
In Millions, unless otherwise specified | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | |||
Pre-tax gains (losses) recorded in accumulated OCI | ($8.10) | ' | ($21.10) | ($26) | ' | ' | |||
Foreign Exchange Contract | ' | ' | ' | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | |||
Pre-tax gains (losses) recorded in accumulated OCI | -1.3 | -3.2 | -2.3 | ' | 2.3 | 1.3 | |||
Commodity Contract | ' | ' | ' | ' | ' | ' | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | |||
Pre-tax gains (losses) recorded in accumulated OCI | ($6.80) | [1] | ($4.90) | ($18.80) | [1] | ($26) | [1] | ($28.60) | ($0.50) |
[1] | (1) As of November 1, 2014, losses recorded in accumulated OCI include $3.6 million related to commodity contracts terminated prior to contract maturity in Fiscal 2014 (February 1, 2014 and November 2, 2013: $18.2 million and $25.9 million, respectively). |
Summary_of_PreTax_Gains_Losses1
Summary of Pre-Tax Gains (Losses) Recorded In Accumulated OCI for Derivatives (Parenthetical) (Detail) (Commodity Contract, Cash Flow Hedging, USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
In Millions, unless otherwise specified | |||
Commodity Contract | Cash Flow Hedging | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Accumulated other comprehensive losses before tax related to net terminated contracts | $3.60 | $18.20 | $25.90 |
Effect_of_Derivative_Instrumen
Effect of Derivative Instruments Designated as Cash Flow Hedges (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | ||||
Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Commodity Contract | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | Not Designated as Hedging Instrument | |||||||||
Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Cash Flow Hedging | Foreign Exchange Contract | Foreign Exchange Contract | Foreign Exchange Contract | |||||||||||||||
Cost of Sales | Cost of Sales | Cost of Sales | Cost of Sales | Cost of Sales | Cost of Sales | Cost of Sales | Cost of Sales | Other operating income, net | Other operating income, net | Other operating income, net | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
(Losses) gains recorded in accumulated OCI, beginning of year | ' | ' | ' | ' | ($8.10) | ($21.10) | ($26) | ($3.20) | $2.30 | ($2.30) | $1.30 | ' | ' | ' | ' | ($4.90) | ($28.60) | ($18.80) | [1] | ($0.50) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Current period gains (losses) recognized in OCI | -2.7 | -1.8 | -2.2 | -27.9 | ' | ' | ' | 1.6 | -2.1 | 0.4 | -0.7 | ' | ' | ' | ' | -4.3 | 0.3 | -2.6 | -27.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Losses (Gains) on cash flow hedges reclassification, before tax | 2.7 | 2.1 | 15.2 | 1.1 | ' | ' | ' | ' | ' | ' | ' | 0.3 | -0.2 | 0.6 | -0.6 | ' | ' | ' | ' | 2.4 | 2.3 | 14.6 | 1.7 | ' | ' | ' | ' | ' | ' | ||||
(Losses) gains recorded in accumulated OCI, end of year | ' | ' | ' | ' | -8.1 | -21.1 | -26 | -1.3 | ' | -1.3 | ' | ' | ' | ' | ' | -6.8 | [1] | -26 | [1] | -6.8 | [1] | -26 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of gain (loss) recognized in income on derivatives | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | ($2.80) | $0.40 | $2 | ($2.80) | $0.40 | ||||
[1] | (1) As of November 1, 2014, losses recorded in accumulated OCI include $3.6 million related to commodity contracts terminated prior to contract maturity in Fiscal 2014 (February 1, 2014 and November 2, 2013: $18.2 million and $25.9 million, respectively). |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments Held or Issued (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
In Millions, unless otherwise specified | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets, Carrying Value | $6,178.50 | $4,029.20 | $3,765.40 |
Liabilities, Carrying Value | -3,536.20 | -1,466.10 | -1,379.20 |
Foreign Exchange Contract | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets, Carrying Value | 0.8 | 0.2 | 1.3 |
Liabilities, Carrying Value | -0.3 | -2.1 | -0.9 |
Commodity Contract | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets, Carrying Value | ' | 0.8 | 1.2 |
Liabilities, Carrying Value | -3.6 | -0.8 | -0.6 |
US Treasury securities | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets, Carrying Value | 9.6 | ' | ' |
Corporate equity securities | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets, Carrying Value | 3.3 | ' | ' |
US government agency securities | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets, Carrying Value | 1.3 | ' | ' |
Corporate bonds and notes | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets, Carrying Value | 9.3 | ' | ' |
Level 2 | Foreign Exchange Contract | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets, Fair Value | 0.8 | 0.2 | 1.3 |
Liabilities, Fair Value | -0.3 | -2.1 | -0.9 |
Level 2 | Commodity Contract | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets, Fair Value | ' | 0.8 | 1.2 |
Liabilities, Fair Value | -3.6 | -0.8 | -0.6 |
Level 2 | US government agency securities | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets, Fair Value | 1.3 | ' | ' |
Level 2 | Corporate bonds and notes | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets, Fair Value | 9.3 | ' | ' |
Fair Value, Inputs, Level 1 | US Treasury securities | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets, Fair Value | 9.6 | ' | ' |
Fair Value, Inputs, Level 1 | Corporate equity securities | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Assets, Fair Value | $3.30 | ' | ' |
Carrying_Amount_and_Fair_Value
Carrying Amount and Fair Value of Outstanding Debt (Detail) (USD $) | Nov. 01, 2014 |
In Millions, unless otherwise specified | |
Debt Instrument [Line Items] | ' |
Carrying Value | $1,394.90 |
Fair Value | 1,407 |
4.700% senior unsecured notes due in 2024 | ' |
Debt Instrument [Line Items] | ' |
Carrying Value | 398.4 |
Fair Value | 410.5 |
2 Year Revolving Asset-Backed Variable Funding Notes | ' |
Debt Instrument [Line Items] | ' |
Carrying Value | 600 |
Fair Value | 600 |
Term loan | ' |
Debt Instrument [Line Items] | ' |
Carrying Value | 395 |
Fair Value | 395 |
Capital lease obligations | ' |
Debt Instrument [Line Items] | ' |
Carrying Value | 1.5 |
Fair Value | $1.50 |
Components_of_Net_Periodic_Pen
Components of Net Periodic Pension Benefit (Detail) (UK Plan, USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
UK Plan | ' | ' | ' | ' |
Components of net periodic pension benefit (cost): | ' | ' | ' | ' |
Service cost | ($0.60) | ($0.60) | ($1.80) | ($1.80) |
Interest cost | -2.4 | -2.3 | -7.4 | -6.9 |
Expected return on UK Plan assets | 3.7 | 3.2 | 11.2 | 9.6 |
Amortization of unrecognized prior service credits | 0.4 | 0.4 | 1.3 | 1.1 |
Amortization of unrecognized actuarial loss | -0.5 | -0.6 | -1.5 | -1.7 |
Net periodic pension benefit | $0.60 | $0.10 | $1.80 | $0.30 |
Pensions_Additional_Informatio
Pensions - Additional Information (Detail) (UK Plan, USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Nov. 01, 2014 |
UK Plan | ' |
Defined Benefit Plan Disclosure [Line Items] | ' |
Defined benefit plans, contribution | $3.20 |
Defined benefit plan, expected contribution in the next fiscal year | $4.20 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (Zale Corporation) | 0 Months Ended | |||||
Sep. 24, 2014 | Aug. 26, 2014 | Jun. 04, 2014 | Mar. 25, 2014 | Nov. 01, 2014 | Apr. 23, 2013 | |
Shareholder | Shareholder | Lawsuits | Lawsuits | |||
Zale Corporation | ' | ' | ' | ' | ' | ' |
Commitments and Contingencies Disclosure [Line Items] | ' | ' | ' | ' | ' | ' |
Number of class action lawsuits | ' | ' | ' | ' | ' | 3 |
Number of putative stockholders class action lawsuits consolidated | ' | ' | ' | 5 | ' | ' |
Number of former stockholders who filed petition | ' | 1 | 2 | ' | ' | ' |
Number of common stock shares alleged by former stockholders | 2,427,000 | 2,450,000 | 3,904,000 | ' | ' | ' |
Number of common stock which appraisal demanded and not requested for withdrawn | ' | ' | ' | ' | 8,800,000 | ' |
Recovered_Sheet3
Share-Based Compensation Expense - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share-based compensation expense | $3.50 | $3.80 | $10.70 | $10.30 |
Recovered_Sheet4
Loans, Overdrafts and Long-Term Debt (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 |
In Millions, unless otherwise specified | |||
Current liabilities - loans and overdrafts: | ' | ' | ' |
Revolving credit facility | $145 | ' | $35 |
Current portion of term loan | 22.5 | ' | ' |
Current portion of capital lease obligations | 1.1 | ' | ' |
Bank overdrafts | 53.2 | 19.3 | 11 |
Total loans and overdrafts | 221.8 | 19.3 | 46 |
Long-term debt: | ' | ' | ' |
Senior notes, net of unamortized discount | 398.4 | ' | ' |
Securitization facility | 600 | ' | ' |
Term loan | 372.5 | ' | ' |
Capital lease obligations | 0.4 | ' | ' |
Total long-term debt | 1,371.30 | ' | ' |
Total loans, overdrafts and long-term debt | $1,593.10 | $19.30 | $46 |
Recovered_Sheet5
Loans, Overdrafts and Long-Term Debt - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||
Nov. 01, 2014 | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | 15-May-14 | Nov. 01, 2014 | Nov. 01, 2014 | 15-May-14 | Feb. 19, 2014 | Nov. 01, 2014 | Feb. 19, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | 19-May-14 | 19-May-14 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | |
Vehicles | Asset-backed securitization facility | Asset-backed securitization facility | Asset-backed securitization facility | Asset-backed securitization facility | Bridge Facility | Bridge Facility | Bridge Facility | 4.700% senior unsecured notes due in 2024 | 4.700% senior unsecured notes due in 2024 | Signet UK Finance plc | Signet UK Finance plc | Term loan | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Letter of Credit | Prior Credit Facility | Amended and Restated Credit Agreement | Amended and Restated Credit Agreement | |||||
4.700% senior unsecured notes due in 2024 | 4.700% senior unsecured notes due in 2024 | Financial Standby Letter of Credit | Financial Standby Letter of Credit | Financial Standby Letter of Credit | Maximum | Minimum | ||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facility, maximum borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $800,000,000 | ' | ' | ' | ' | $400,000,000 | $400,000,000 | $400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity period | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | '364 days | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Term loan maturing in year one | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan maturing in year two | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan maturing in year three | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan maturing in year four | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan maturing in year five | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27-May-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Borrowings from the facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 145,000,000 | 145,000,000 | 0 | 35,000,000 | 21,600,000 | 10,100,000 | 9,500,000 | ' | 395,000,000 | ' | ' |
Leverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250.00% | ' |
Fixed charge coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 140.00% |
Capitalized balance written-off | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized fees | ' | ' | ' | ' | ' | ' | 2,800,000 | 2,800,000 | ' | ' | ' | ' | 7,000,000 | 7,000,000 | ' | ' | ' | 6,700,000 | 6,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense in the condensed consolidated income statement | -8,900,000 | -14,800,000 | ' | ' | ' | ' | 400,000 | 600,000 | ' | ' | 4,000,000 | ' | 200,000 | 300,000 | ' | ' | ' | 300,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs incurred and capitalized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of notes | ' | 398,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 393,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commercial paper | ' | ' | ' | ' | ' | ' | ' | ' | 600,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank overdraft | 53,200,000 | 53,200,000 | 19,300,000 | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets under capital leases, net of accumulated depreciation | ' | ' | ' | ' | $1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||
Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Feb. 19, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 04, 2013 | Feb. 01, 2014 | 29-May-14 | Nov. 01, 2014 | Nov. 01, 2014 | 29-May-14 | Feb. 02, 2013 | Nov. 01, 2014 | Nov. 01, 2014 | Nov. 01, 2014 | |
4.700% senior unsecured notes due in 2024 | 2 Year Revolving Asset-Backed Variable Funding Notes | Term loan | Bridge Facility | Bridge Facility | Bridge Facility | Botswana Diamond Polishing Factory Acquisition | Botswana Diamond Polishing Factory Acquisition | Zale Corporation | Zale Corporation | Zale Corporation | Zale Corporation | Zale Corporation | Zale Corporation | Zale Corporation | Zale Corporation | |||
Other | 4.700% senior unsecured notes due in 2024 | 2 Year Revolving Asset-Backed Variable Funding Notes | Term loan | |||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total consideration | ' | ' | ' | ' | ' | ' | ' | ' | $9,100,000 | ' | $1,458,000,000 | ' | ' | ' | ' | ' | ' | ' |
Property, plant and equipment acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,500,000 | ' | ' | ' | 99,600,000 | ' | ' | ' | ' |
Goodwill acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill expected deductible for income tax purposes | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding shares acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Common stock price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $21 | ' | ' | ' | ' |
Cash paid to extinguish outstanding debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 478,200,000 | ' | ' | ' | ' | ' | ' | ' |
Debt carrying amount | 1,394,900,000 | 1,394,900,000 | 398,400,000 | 600,000,000 | 395,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000,000 | 1,400,000,000 | 400,000,000 | 600,000,000 | 400,000,000 |
Debt instrument, maturity period | ' | ' | ' | ' | ' | '364 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '5 years |
Purchase accounting adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,600,000 | ' | ' | ' | ' | ' | ' |
Change in fair value liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 26,100,000 | ' | ' | ' | ' | ' | ' |
Revenue from sale over deferred period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
Acquisition-related costs charged to condensed consolidated income statement | 9,400,000 | 48,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance costs incurred and capitalized | ' | ' | ' | ' | ' | ' | $4,000,000 | $4,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Calculation_of_Consideration_D
Calculation of Consideration (Detail) (Zale Corporation, USD $) | 0 Months Ended |
In Millions, unless otherwise specified | 29-May-14 |
Zale Corporation | ' |
Business Acquisition [Line Items] | ' |
Cash consideration paid to shareholders ($21 per share) | $910.20 |
Cash consideration paid for settlement of stock options, restricted share awards and long term incentive plan awards | 69.6 |
Cash paid to extinguish outstanding debt | 478.2 |
Total consideration transferred | $1,458 |
Calculation_of_Consideration_P
Calculation of Consideration (Parenthetical) (Detail) (Zale Corporation, USD $) | 29-May-14 |
Zale Corporation | ' |
Business Acquisition [Line Items] | ' |
Common stock price per share | $21 |
Recognized_Amounts_of_Identifi
Recognized Amounts of Identifiable Assets Acquired and Liabilities Assumed (Detail) (USD $) | Nov. 01, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Feb. 02, 2013 | 29-May-14 | 29-May-14 | 29-May-14 | 29-May-14 | 29-May-14 | 29-May-14 | 29-May-14 | |||
In Millions, unless otherwise specified | Zale Corporation | Zale Corporation | Zale Corporation | Zale Corporation | Zale Corporation | Zale Corporation | Zale Corporation | |||||||
Trade names | Favorable Leases | Initial | Initial | Initial | Variance | |||||||||
Trade names | Favorable Leases | |||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Cash and cash equivalents | ' | ' | ' | ' | $28.80 | ' | ' | $28.80 | ' | ' | ' | |||
Inventories | ' | ' | ' | ' | 862.4 | ' | ' | 855.6 | ' | ' | 6.8 | |||
Other current assets | ' | ' | ' | ' | 22.7 | ' | ' | 22.5 | ' | ' | 0.2 | |||
Property, plant and equipment | ' | ' | ' | ' | 99.6 | ' | ' | 104.2 | ' | ' | -4.6 | |||
Intangible assets, excluding goodwill | ' | ' | ' | ' | ' | 420 | 50.2 | ' | 420 | 50.2 | ' | |||
Deferred tax assets | ' | ' | ' | ' | 129.8 | ' | ' | 126.3 | ' | ' | 3.5 | |||
Other assets | ' | ' | ' | ' | 25.4 | ' | ' | 25.4 | ' | ' | ' | |||
Current liabilities | ' | ' | ' | ' | -203.4 | [1] | ' | ' | -202.8 | [1] | ' | ' | -0.6 | [1] |
Deferred revenue | ' | ' | ' | ' | -93.3 | ' | ' | -93 | ' | ' | -0.3 | |||
Unfavorable leases | ' | ' | ' | ' | -50.5 | ' | ' | -50.5 | ' | ' | ' | |||
Unfavorable contracts | ' | ' | ' | ' | -65.6 | ' | ' | -65.6 | ' | ' | ' | |||
Deferred tax liabilities | ' | ' | ' | ' | -241 | ' | ' | -263.6 | ' | ' | 22.6 | |||
Other liabilities | ' | ' | ' | ' | -24.6 | ' | ' | -24.6 | ' | ' | ' | |||
Fair value of net assets acquired | ' | ' | ' | ' | 960.5 | ' | ' | 932.9 | ' | ' | 27.6 | |||
Goodwill | 524.3 | 26.8 | 23.2 | 24.6 | 497.5 | ' | ' | 525.1 | ' | ' | -27.6 | |||
Total consideration transferred | ' | ' | ' | ' | $1,458 | ' | ' | $1,458 | ' | ' | ' | |||
[1] | Includes loans and overdrafts, accounts payable, income taxes payable, accrued expenses and other current liabilities. |
Operating_Results_of_the_Acqui
Operating Results of the Acquired Business (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Business Acquisition, Impact on Operating Results [Line Items] | ' | ' | ' | ' |
Sales | $1,177.90 | $771.40 | $3,459.90 | $2,645.20 |
Operating loss | 10.7 | 51.6 | 244.9 | 299.9 |
Net loss | -1.3 | 33.6 | 153.3 | 192.8 |
Zale Corporation | ' | ' | ' | ' |
Business Acquisition, Impact on Operating Results [Line Items] | ' | ' | ' | ' |
Sales | 331.4 | ' | 578.9 | ' |
Operating loss | -34.5 | ' | -44.3 | ' |
Net loss | ($22.60) | ' | ($29.60) | ' |
Consolidated_Pro_Forma_Informa
Consolidated Pro Forma Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Business Acquisition, Pro Forma Information [Line Items] | ' | ' | ' | ' |
Pro forma sales | $1,183.80 | $1,124.10 | $4,043.80 | $3,832.80 |
Pro forma net income | $15 | $3.80 | $213.60 | $149.50 |
Pro forma earnings per share - basic | $0.19 | $0.05 | $2.67 | $1.86 |
Pro forma earnings per share - diluted | $0.19 | $0.05 | $2.66 | $1.85 |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statement of Operations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Sales | $1,177.90 | $771.40 | $3,459.90 | $2,645.20 |
Cost of sales | -832 | -532.2 | -2,297.80 | -1,713.50 |
Gross margin | 345.9 | 239.2 | 1,162.10 | 931.7 |
Selling, general and administrative expenses | -388.7 | -233.4 | -1,078.40 | -770.9 |
Other operating income, net | 53.5 | 45.8 | 161.2 | 139.1 |
Operating (loss) income | 10.7 | 51.6 | 244.9 | 299.9 |
Interest expense, net | -12.6 | -0.9 | -28.1 | -2.8 |
(Loss) income before income taxes | -1.9 | 50.7 | 216.8 | 297.1 |
Income taxes | 0.6 | -17.1 | -63.5 | -104.3 |
Net (loss) income | -1.3 | 33.6 | 153.3 | 192.8 |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Equity in income of subsidiaries | 73.1 | -84.6 | -312 | -518.5 |
Net (loss) income | 73.1 | -84.6 | -312 | -518.5 |
Signet Jewelers Limited | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Selling, general and administrative expenses | -0.8 | -0.7 | -1.6 | -1.8 |
Other operating income, net | ' | 0.1 | ' | 0.1 |
Operating (loss) income | -0.8 | -0.6 | -1.6 | -1.7 |
(Loss) income before income taxes | -0.8 | -0.6 | -1.6 | -1.7 |
Equity in income of subsidiaries | -0.5 | 34.2 | 154.9 | 194.5 |
Net (loss) income | -1.3 | 33.6 | 153.3 | 192.8 |
Signet UK Finance plc | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Intercompany interest income (expense) | 4.7 | ' | 8.5 | ' |
Interest expense, net | -5 | ' | -8.9 | ' |
(Loss) income before income taxes | -0.3 | ' | -0.4 | ' |
Income taxes | 0.1 | ' | 0.1 | ' |
Net (loss) income | -0.2 | ' | -0.3 | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Sales | 1,161.10 | 761 | 3,412.30 | 2,613 |
Cost of sales | -828.9 | -531.1 | -2,287.90 | -1,710.60 |
Gross margin | 332.2 | 229.9 | 1,124.40 | 902.4 |
Selling, general and administrative expenses | -380.7 | -233.5 | -1,056.40 | -769.7 |
Other operating income, net | 56.9 | 43.2 | 162.9 | 138.2 |
Operating (loss) income | 8.4 | 39.6 | 230.9 | 270.9 |
Intercompany interest income (expense) | -43.3 | -8.4 | -85.1 | -25.5 |
Interest expense, net | -5.2 | -0.9 | -14.8 | -2.8 |
(Loss) income before income taxes | -40.1 | 30.3 | 131 | 242.6 |
Income taxes | 13 | -12.5 | -56.2 | -94.4 |
Equity in income of subsidiaries | -50.2 | 29.7 | 72.9 | 173.3 |
Net (loss) income | -77.3 | 47.5 | 147.7 | 321.5 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Sales | 16.8 | 10.4 | 47.6 | 32.2 |
Cost of sales | -3.1 | -1.1 | -9.9 | -2.9 |
Gross margin | 13.7 | 9.3 | 37.7 | 29.3 |
Selling, general and administrative expenses | -7.2 | 0.8 | -20.4 | 0.6 |
Other operating income, net | -3.4 | 2.5 | -1.7 | 0.8 |
Operating (loss) income | 3.1 | 12.6 | 15.6 | 30.7 |
Intercompany interest income (expense) | 38.6 | 8.4 | 76.6 | 25.5 |
Interest expense, net | -2.4 | ' | -4.4 | ' |
(Loss) income before income taxes | 39.3 | 21 | 87.8 | 56.2 |
Income taxes | -12.5 | -4.6 | -7.4 | -9.9 |
Equity in income of subsidiaries | -22.4 | 20.7 | 84.2 | 150.7 |
Net (loss) income | $4.40 | $37.10 | $164.60 | $197 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statement of Comprehensive Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net (loss) income | ($1.30) | $33.60 | $153.30 | $192.80 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | -21.4 | 10.5 | -14.1 | 3.5 |
Available-for-sale securities: | ' | ' | ' | ' |
Unrealized loss | ' | ' | -0.2 | ' |
Cash flow hedges: | ' | ' | ' | ' |
Unrealized gain (loss) | -1.5 | -1.5 | -1.3 | -18.3 |
Reclassification adjustment for losses (gains) to net income | 1.9 | 1.3 | 10 | 0.6 |
Pension plan: | ' | ' | ' | ' |
Actuarial gain (loss) | 0 | 0 | 0 | 0 |
Reclassification adjustment to net (loss) income for amortization of actuarial loss | 0.4 | 0.4 | 1.2 | 1.3 |
Prior service (benefit) costs | 0 | 0 | 0 | 0 |
Reclassification adjustment to net (loss) income for amortization of prior service credits | -0.3 | -0.2 | -1 | -0.8 |
After-tax amount, Total other comprehensive (loss) income | -20.9 | 10.5 | -5.4 | -13.7 |
Total comprehensive (loss) income | -22.2 | 44.1 | 147.9 | 179.1 |
Eliminations | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net (loss) income | 73.1 | -84.6 | -312 | -518.5 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | 20.3 | -9.6 | 13.4 | -3.2 |
Available-for-sale securities: | ' | ' | ' | ' |
Unrealized loss | ' | ' | 0.2 | ' |
Cash flow hedges: | ' | ' | ' | ' |
Unrealized gain (loss) | 1.5 | 1.5 | 1.3 | 18.3 |
Reclassification adjustment for losses (gains) to net income | -1.9 | -1.3 | -10 | -0.6 |
Pension plan: | ' | ' | ' | ' |
Actuarial gain (loss) | 0 | 0 | 0 | 0 |
Reclassification adjustment to net (loss) income for amortization of actuarial loss | -0.4 | -0.4 | -1.2 | -1.3 |
Prior service (benefit) costs | 0 | 0 | 0 | 0 |
Reclassification adjustment to net (loss) income for amortization of prior service credits | 0.3 | 0.2 | 1 | 0.8 |
After-tax amount, Total other comprehensive (loss) income | 19.8 | -9.6 | 4.7 | 14 |
Total comprehensive (loss) income | 92.9 | -94.2 | -307.3 | -504.5 |
Signet Jewelers Limited | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net (loss) income | -1.3 | 33.6 | 153.3 | 192.8 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | -21.4 | 10.5 | -14.1 | 3.5 |
Available-for-sale securities: | ' | ' | ' | ' |
Unrealized loss | ' | ' | -0.2 | ' |
Cash flow hedges: | ' | ' | ' | ' |
Unrealized gain (loss) | -1.5 | -1.5 | -1.3 | -18.3 |
Reclassification adjustment for losses (gains) to net income | 1.9 | 1.3 | 10 | 0.6 |
Pension plan: | ' | ' | ' | ' |
Actuarial gain (loss) | 0 | 0 | 0 | 0 |
Reclassification adjustment to net (loss) income for amortization of actuarial loss | 0.4 | 0.4 | 1.2 | 1.3 |
Prior service (benefit) costs | 0 | 0 | 0 | 0 |
Reclassification adjustment to net (loss) income for amortization of prior service credits | -0.3 | -0.2 | -1 | -0.8 |
After-tax amount, Total other comprehensive (loss) income | -20.9 | 10.5 | -5.4 | -13.7 |
Total comprehensive (loss) income | -22.2 | 44.1 | 147.9 | 179.1 |
Signet UK Finance plc | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net (loss) income | -0.2 | ' | -0.3 | ' |
Pension plan: | ' | ' | ' | ' |
Actuarial gain (loss) | 0 | 0 | 0 | 0 |
Prior service (benefit) costs | 0 | 0 | 0 | 0 |
Total comprehensive (loss) income | -0.2 | ' | -0.3 | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net (loss) income | -77.3 | 47.5 | 147.7 | 321.5 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | -23.1 | 12 | -14.8 | 4 |
Cash flow hedges: | ' | ' | ' | ' |
Unrealized gain (loss) | -1.5 | -1.5 | -1.3 | -18.3 |
Reclassification adjustment for losses (gains) to net income | 1.9 | 1.3 | 10 | 0.6 |
Pension plan: | ' | ' | ' | ' |
Actuarial gain (loss) | 0 | 0 | 0 | 0 |
Reclassification adjustment to net (loss) income for amortization of actuarial loss | 0.4 | 0.4 | 1.2 | 1.3 |
Prior service (benefit) costs | 0 | 0 | 0 | 0 |
Reclassification adjustment to net (loss) income for amortization of prior service credits | -0.3 | -0.2 | -1 | -0.8 |
After-tax amount, Total other comprehensive (loss) income | -22.6 | 12 | -5.9 | -13.2 |
Total comprehensive (loss) income | -99.9 | 59.5 | 141.8 | 308.3 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' |
Net (loss) income | 4.4 | 37.1 | 164.6 | 197 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | 2.8 | -2.4 | 1.4 | -0.8 |
Available-for-sale securities: | ' | ' | ' | ' |
Unrealized loss | ' | ' | -0.2 | ' |
Pension plan: | ' | ' | ' | ' |
Actuarial gain (loss) | 0 | 0 | 0 | 0 |
Prior service (benefit) costs | 0 | 0 | 0 | 0 |
After-tax amount, Total other comprehensive (loss) income | 2.8 | -2.4 | 1.2 | -0.8 |
Total comprehensive (loss) income | $7.20 | $34.70 | $165.80 | $196.20 |
Condensed_Consolidated_Balance2
Condensed Consolidated Balance Sheet (Detail) (USD $) | Nov. 01, 2014 | Aug. 02, 2014 | Feb. 01, 2014 | Nov. 02, 2013 | Aug. 03, 2013 | Feb. 02, 2013 |
In Millions, unless otherwise specified | ||||||
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $87.60 | $215 | $247.60 | $87.80 | $212.90 | $301 |
Accounts receivable, net | 1,292.10 | ' | 1,374 | 1,123.50 | ' | ' |
Other receivables | 56.7 | ' | 51.5 | 51.2 | ' | ' |
Other current assets | 133.7 | ' | 87 | 86.9 | ' | ' |
Deferred tax assets | 1.6 | ' | 3 | 2.7 | ' | ' |
Income taxes | 21.6 | ' | 6.5 | 16.7 | ' | ' |
Inventories | 2,674.60 | ' | 1,488 | 1,644.90 | ' | ' |
Total current assets | 4,267.90 | ' | 3,257.60 | 3,013.70 | ' | ' |
Non-current assets: | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | 658.8 | ' | 487.6 | 471.1 | ' | ' |
Goodwill | 524.3 | ' | 26.8 | 23.2 | ' | 24.6 |
Intangible assets, net | 461.3 | ' | ' | ' | ' | ' |
Other assets | 133.5 | ' | 114 | 106.7 | ' | ' |
Deferred tax assets | 72.8 | ' | 113.7 | 119.9 | ' | ' |
Retirement benefit asset | 59.9 | ' | 56.3 | 54 | ' | ' |
Total assets | 6,178.50 | ' | 4,029.20 | 3,765.40 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Loans and overdrafts | 221.8 | ' | 19.3 | 46 | ' | ' |
Accounts payable | 396.2 | ' | 162.9 | 244.9 | ' | ' |
Accrued expenses and other current liabilities | 422.7 | ' | 328.5 | 252.5 | ' | ' |
Deferred revenue | 221.6 | ' | 173 | 156.3 | ' | ' |
Deferred tax liabilities | 151.2 | ' | 113.1 | 136.2 | ' | ' |
Income taxes | 3.6 | ' | 103.9 | 6.8 | ' | ' |
Total current liabilities | 1,417.10 | ' | 900.7 | 842.7 | ' | ' |
Non-current liabilities: | ' | ' | ' | ' | ' | ' |
Long-term debt | 1,371.30 | ' | ' | ' | ' | ' |
Other liabilities | 227.2 | ' | 121.7 | 119.3 | ' | ' |
Deferred revenue | 518.8 | ' | 443.7 | 416.2 | ' | ' |
Deferred tax liabilities | 1.8 | ' | ' | 1 | ' | ' |
Total liabilities | 3,536.20 | ' | 1,466.10 | 1,379.20 | ' | ' |
Total shareholders' equity | 2,642.30 | ' | 2,563.10 | 2,386.20 | ' | ' |
Total liabilities and shareholders' equity | 6,178.50 | ' | 4,029.20 | 3,765.40 | ' | ' |
Eliminations | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Intercompany receivables, net | -159.3 | ' | -285.7 | -467.6 | ' | ' |
Total current assets | -159.3 | ' | -285.7 | -467.6 | ' | ' |
Non-current assets: | ' | ' | ' | ' | ' | ' |
Investment in subsidiaries | -3,459.50 | ' | -5,122.30 | -5,083.30 | ' | ' |
Intercompany receivables, net | -3,733.50 | ' | -1,098 | -863 | ' | ' |
Total assets | -7,352.30 | ' | -6,506 | -6,413.90 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Intercompany payables, net | -159.3 | ' | -285.7 | -467.6 | ' | ' |
Total current liabilities | -159.3 | ' | -285.7 | -467.6 | ' | ' |
Non-current liabilities: | ' | ' | ' | ' | ' | ' |
Intercompany payables, net | -3,733.50 | ' | -1,098 | -863 | ' | ' |
Total liabilities | -3,892.80 | ' | -1,383.70 | -1,330.60 | ' | ' |
Total shareholders' equity | -3,459.50 | ' | -5,122.30 | -5,083.30 | ' | ' |
Total liabilities and shareholders' equity | -7,352.30 | ' | -6,506 | -6,413.90 | ' | ' |
Signet Jewelers Limited | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 2.9 | 1.4 | 1.4 | 3.2 | 0.9 | 13.4 |
Intercompany receivables, net | 129.9 | ' | 47.7 | 11.7 | ' | ' |
Other current assets | 0.1 | ' | ' | 0.1 | ' | ' |
Total current assets | 132.9 | ' | 49.1 | 15 | ' | ' |
Non-current assets: | ' | ' | ' | ' | ' | ' |
Investment in subsidiaries | 2,524.20 | ' | 2,526.30 | 2,383.40 | ' | ' |
Total assets | 2,657.10 | ' | 2,575.40 | 2,398.40 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Accrued expenses and other current liabilities | 14.8 | ' | 12.3 | 12.2 | ' | ' |
Total current liabilities | 14.8 | ' | 12.3 | 12.2 | ' | ' |
Non-current liabilities: | ' | ' | ' | ' | ' | ' |
Total liabilities | 14.8 | ' | 12.3 | 12.2 | ' | ' |
Total shareholders' equity | 2,642.30 | ' | 2,563.10 | 2,386.20 | ' | ' |
Total liabilities and shareholders' equity | 2,657.10 | ' | 2,575.40 | 2,398.40 | ' | ' |
Signet UK Finance plc | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Other current assets | 0.7 | ' | ' | ' | ' | ' |
Total current assets | 0.7 | ' | ' | ' | ' | ' |
Non-current assets: | ' | ' | ' | ' | ' | ' |
Intercompany receivables, net | 408.5 | ' | ' | ' | ' | ' |
Other assets | 6 | ' | ' | ' | ' | ' |
Total assets | 415.2 | ' | ' | ' | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Accrued expenses and other current liabilities | 8.4 | ' | ' | ' | ' | ' |
Income taxes | -0.1 | ' | ' | ' | ' | ' |
Total current liabilities | 8.3 | ' | ' | ' | ' | ' |
Non-current liabilities: | ' | ' | ' | ' | ' | ' |
Long-term debt | 398.4 | ' | ' | ' | ' | ' |
Total liabilities | 406.7 | ' | ' | ' | ' | ' |
Total shareholders' equity | 8.5 | ' | ' | ' | ' | ' |
Total liabilities and shareholders' equity | 415.2 | ' | ' | ' | ' | ' |
Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 74.1 | 191.1 | 237 | 65.9 | 203.1 | 271.3 |
Accounts receivable, net | 1,281.90 | ' | 1,361.30 | 1,114.80 | ' | ' |
Other receivables | 55 | ' | 51.1 | 50.9 | ' | ' |
Other current assets | 127.1 | ' | 86.5 | 86.9 | ' | ' |
Deferred tax assets | 1.4 | ' | 2.8 | 2.4 | ' | ' |
Income taxes | 21 | ' | 6 | 16.7 | ' | ' |
Inventories | 2,619.10 | ' | 1,434.50 | 1,590.40 | ' | ' |
Total current assets | 4,179.60 | ' | 3,179.20 | 2,928 | ' | ' |
Non-current assets: | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | 652.8 | ' | 481.5 | 470.3 | ' | ' |
Goodwill | 520.7 | ' | ' | ' | ' | ' |
Intangible assets, net | 461.3 | ' | ' | ' | ' | ' |
Investment in subsidiaries | 484 | ' | 1,452.80 | 1,498 | ' | ' |
Other assets | 100 | ' | 110.4 | 106.7 | ' | ' |
Deferred tax assets | 72.7 | ' | 113.6 | 119.9 | ' | ' |
Retirement benefit asset | 59.9 | ' | 56.3 | 54 | ' | ' |
Total assets | 6,531 | ' | 5,393.80 | 5,176.90 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Loans and overdrafts | 221.8 | ' | 19.3 | 46 | ' | ' |
Accounts payable | 396 | ' | 160.5 | 242.7 | ' | ' |
Intercompany payables, net | 159.3 | ' | 285.7 | 467.6 | ' | ' |
Accrued expenses and other current liabilities | 389.5 | ' | 313.1 | 237.8 | ' | ' |
Deferred revenue | 221.6 | ' | 173 | 156.3 | ' | ' |
Deferred tax liabilities | 151.2 | ' | 113.1 | 136.2 | ' | ' |
Income taxes | -3.8 | ' | 101.3 | 3.2 | ' | ' |
Total current liabilities | 1,535.60 | ' | 1,166 | 1,289.80 | ' | ' |
Non-current liabilities: | ' | ' | ' | ' | ' | ' |
Long-term debt | 372.9 | ' | ' | ' | ' | ' |
Intercompany payables, net | 3,733.50 | ' | 1,098 | 863 | ' | ' |
Other liabilities | 219.1 | ' | 118.5 | 116.1 | ' | ' |
Deferred revenue | 518.8 | ' | 443.7 | 416.2 | ' | ' |
Deferred tax liabilities | 1.8 | ' | ' | 1 | ' | ' |
Total liabilities | 6,381.70 | ' | 2,826.20 | 2,686.10 | ' | ' |
Total shareholders' equity | 149.3 | ' | 2,567.60 | 2,490.80 | ' | ' |
Total liabilities and shareholders' equity | 6,531 | ' | 5,393.80 | 5,176.90 | ' | ' |
Non-Guarantor Subsidiaries | ' | ' | ' | ' | ' | ' |
Current assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 10.6 | 22.5 | 9.2 | 18.7 | 8.9 | 16.3 |
Accounts receivable, net | 10.2 | ' | 12.7 | 8.7 | ' | ' |
Intercompany receivables, net | 29.4 | ' | 238 | 455.9 | ' | ' |
Other receivables | 1.7 | ' | 0.4 | 0.3 | ' | ' |
Other current assets | 5.8 | ' | 0.5 | -0.1 | ' | ' |
Deferred tax assets | 0.2 | ' | 0.2 | 0.3 | ' | ' |
Income taxes | 0.6 | ' | 0.5 | ' | ' | ' |
Inventories | 55.5 | ' | 53.5 | 54.5 | ' | ' |
Total current assets | 114 | ' | 315 | 538.3 | ' | ' |
Non-current assets: | ' | ' | ' | ' | ' | ' |
Property, plant and equipment, net | 6 | ' | 6.1 | 0.8 | ' | ' |
Goodwill | 3.6 | ' | ' | ' | ' | ' |
Investment in subsidiaries | 451.3 | ' | 1,143.20 | 1,201.90 | ' | ' |
Intercompany receivables, net | 3,325 | ' | 1,098 | 863 | ' | ' |
Other assets | 27.5 | ' | 3.6 | ' | ' | ' |
Deferred tax assets | 0.1 | ' | 0.1 | ' | ' | ' |
Total assets | 3,927.50 | ' | 2,566 | 2,604 | ' | ' |
Current liabilities: | ' | ' | ' | ' | ' | ' |
Accounts payable | 0.2 | ' | 2.4 | 2.2 | ' | ' |
Accrued expenses and other current liabilities | 10 | ' | 3.1 | 2.5 | ' | ' |
Income taxes | 7.5 | ' | 2.6 | 3.6 | ' | ' |
Total current liabilities | 17.7 | ' | 8.1 | 8.3 | ' | ' |
Non-current liabilities: | ' | ' | ' | ' | ' | ' |
Long-term debt | 600 | ' | ' | ' | ' | ' |
Other liabilities | 8.1 | ' | 3.2 | 3.2 | ' | ' |
Total liabilities | 625.8 | ' | 11.3 | 11.5 | ' | ' |
Total shareholders' equity | 3,301.70 | ' | 2,554.70 | 2,592.50 | ' | ' |
Total liabilities and shareholders' equity | $3,927.50 | ' | $2,566 | $2,604 | ' | ' |
Condensed_Consolidated_Stateme6
Condensed Consolidated Statement of Cash Flows (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Nov. 01, 2014 | Nov. 02, 2013 | Nov. 01, 2014 | Nov. 02, 2013 |
Cash flows from operating activities | ' | ' | ' | ' |
Other cash (used in) provided by operating activities | ($208.10) | ($80.40) | ($24.20) | ($21.90) |
Net cash (used in) provided by operating activities | -208.1 | -80.4 | -24.2 | -21.9 |
Investing activities | ' | ' | ' | ' |
Purchase of property, plant and equipment | -75.1 | -53.3 | -165.1 | -106.9 |
Purchase of available-for-sale securities | -3 | ' | -4.2 | ' |
Proceeds from available-for-sale securities | 1.5 | ' | 2.5 | ' |
Net cash (used in) provided by investing activities | -76.6 | -53.3 | -1,596 | -105.5 |
Financing activities | ' | ' | ' | ' |
Dividends paid | -14.4 | -12.1 | -40.8 | -34 |
Proceeds from issuance of common shares | 2.2 | 2.8 | 4.2 | 8 |
Excess tax benefit from exercise of share awards | ' | ' | 7.7 | 4.5 |
Proceeds from long-term debt | 493.4 | ' | 2,222.40 | ' |
Repayments of long-term debt | -498.4 | ' | -829 | ' |
Payment of debt issuance costs | -2.1 | ' | -20.5 | ' |
Repurchase of common shares | -7.4 | -25 | -29.8 | -100.1 |
Net settlement of equity based awards | -3 | -0.1 | -18.1 | -9.1 |
Capital lease payments | -0.3 | ' | -0.5 | ' |
Proceeds from short-term borrowings | 188 | 44.3 | 165.8 | 46 |
Net cash (used in) provided by financing activities | 158 | 9.9 | 1,461.40 | -84.7 |
Cash and cash equivalents at beginning of period | 215 | 212.9 | 247.6 | 301 |
(Decrease) increase in cash and cash equivalents | -126.7 | -123.8 | -158.8 | -212.1 |
Effect of exchange rate changes on cash and cash equivalents | -0.7 | -1.3 | -1.2 | -1.1 |
Cash and cash equivalents at end of period | 87.6 | 87.8 | 87.6 | 87.8 |
Zale Corporation | ' | ' | ' | ' |
Investing activities | ' | ' | ' | ' |
Acquisition of business, net of cash received | ' | ' | -1,429.20 | ' |
Ultra Stores | ' | ' | ' | ' |
Investing activities | ' | ' | ' | ' |
Acquisition of business, net of cash received | ' | ' | ' | 1.4 |
Eliminations | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' |
Other cash (used in) provided by operating activities | -100 | ' | -150 | -90 |
Net cash (used in) provided by operating activities | -100 | ' | -150 | -90 |
Investing activities | ' | ' | ' | ' |
Investment in subsidiaries | 1.4 | ' | 8.8 | 0.3 |
Net cash (used in) provided by investing activities | 1.4 | ' | 8.8 | 0.3 |
Financing activities | ' | ' | ' | ' |
Intercompany dividends | 100 | ' | 950 | 90 |
Proceeds from issuance of common shares | -1.4 | ' | -808.8 | -0.3 |
Net cash (used in) provided by financing activities | 98.6 | ' | 141.2 | 89.7 |
Signet Jewelers Limited | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' |
Other cash (used in) provided by operating activities | 99.3 | -0.5 | 148.4 | 88.4 |
Net cash (used in) provided by operating activities | 99.3 | -0.5 | 148.4 | 88.4 |
Investing activities | ' | ' | ' | ' |
Investment in subsidiaries | ' | ' | ' | -0.3 |
Net cash (used in) provided by investing activities | ' | ' | ' | -0.3 |
Financing activities | ' | ' | ' | ' |
Dividends paid | -14.4 | -12.1 | -40.8 | -34 |
Proceeds from issuance of common shares | 2.2 | 2.8 | 4.2 | 8 |
Repurchase of common shares | -7.4 | -25 | -29.8 | -100.1 |
Net settlement of equity based awards | -3 | -0.1 | -18.1 | -9.1 |
Intercompany activity, net | -75.2 | 37.2 | -62.4 | 36.9 |
Net cash (used in) provided by financing activities | -97.8 | 2.8 | -146.9 | -98.3 |
Cash and cash equivalents at beginning of period | 1.4 | 0.9 | 1.4 | 13.4 |
(Decrease) increase in cash and cash equivalents | 1.5 | 2.3 | 1.5 | -10.2 |
Cash and cash equivalents at end of period | 2.9 | 3.2 | 2.9 | 3.2 |
Signet UK Finance plc | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' |
Other cash (used in) provided by operating activities | 4.5 | ' | 8.3 | ' |
Net cash (used in) provided by operating activities | 4.5 | ' | 8.3 | ' |
Financing activities | ' | ' | ' | ' |
Proceeds from issuance of common shares | 1.4 | ' | 8.8 | ' |
Proceeds from long-term debt | ' | ' | 398.4 | ' |
Payment of debt issuance costs | -1.3 | ' | -7 | ' |
Intercompany activity, net | -4.6 | ' | -408.5 | ' |
Net cash (used in) provided by financing activities | -4.5 | ' | -8.3 | ' |
Guarantor Subsidiaries | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' |
Other cash (used in) provided by operating activities | -253.1 | -93.9 | -113.8 | -48.7 |
Net cash (used in) provided by operating activities | -253.1 | -93.9 | -113.8 | -48.7 |
Investing activities | ' | ' | ' | ' |
Purchase of property, plant and equipment | -75.1 | -53.3 | -164.7 | -106.7 |
Investment in subsidiaries | -1.4 | ' | -8.8 | ' |
Net cash (used in) provided by investing activities | -76.5 | -53.3 | -1,604.60 | -105.3 |
Financing activities | ' | ' | ' | ' |
Intercompany dividends | -100 | 7.5 | -949.1 | -69.5 |
Proceeds from issuance of common shares | ' | ' | ' | 0.3 |
Excess tax benefit from exercise of share awards | ' | ' | 7.7 | 4.5 |
Proceeds from long-term debt | ' | ' | 400 | ' |
Repayments of long-term debt | -5 | ' | -5 | ' |
Payment of debt issuance costs | -0.3 | ' | -10.7 | ' |
Capital lease payments | -0.3 | ' | -0.5 | ' |
Proceeds from short-term borrowings | 188 | 44.3 | 165.8 | 46 |
Intercompany activity, net | 135 | -43.5 | 1,950.50 | -32.6 |
Net cash (used in) provided by financing activities | 217.4 | 8.3 | 1,558.70 | -51.3 |
Cash and cash equivalents at beginning of period | 191.1 | 203.1 | 237 | 271.3 |
(Decrease) increase in cash and cash equivalents | -112.2 | -138.9 | -159.7 | -205.3 |
Effect of exchange rate changes on cash and cash equivalents | -4.8 | 1.7 | -3.2 | -0.1 |
Cash and cash equivalents at end of period | 74.1 | 65.9 | 74.1 | 65.9 |
Guarantor Subsidiaries | Zale Corporation | ' | ' | ' | ' |
Investing activities | ' | ' | ' | ' |
Acquisition of business, net of cash received | ' | ' | -1,431.10 | ' |
Guarantor Subsidiaries | Ultra Stores | ' | ' | ' | ' |
Investing activities | ' | ' | ' | ' |
Acquisition of business, net of cash received | ' | ' | ' | 1.4 |
Non-Guarantor Subsidiaries | ' | ' | ' | ' |
Cash flows from operating activities | ' | ' | ' | ' |
Other cash (used in) provided by operating activities | 41.2 | 14 | 82.9 | 28.4 |
Net cash (used in) provided by operating activities | 41.2 | 14 | 82.9 | 28.4 |
Investing activities | ' | ' | ' | ' |
Purchase of property, plant and equipment | ' | ' | -0.4 | -0.2 |
Purchase of available-for-sale securities | -3 | ' | -4.2 | ' |
Proceeds from available-for-sale securities | 1.5 | ' | 2.5 | ' |
Net cash (used in) provided by investing activities | -1.5 | ' | -0.2 | -0.2 |
Financing activities | ' | ' | ' | ' |
Intercompany dividends | ' | -7.5 | -0.9 | -20.5 |
Proceeds from issuance of common shares | ' | ' | 800 | ' |
Proceeds from long-term debt | 493.4 | ' | 1,424 | ' |
Repayments of long-term debt | -493.4 | ' | -824 | ' |
Payment of debt issuance costs | -0.5 | ' | -2.8 | ' |
Intercompany activity, net | -55.2 | 6.3 | -1,479.60 | -4.3 |
Net cash (used in) provided by financing activities | -55.7 | -1.2 | -83.3 | -24.8 |
Cash and cash equivalents at beginning of period | 22.5 | 8.9 | 9.2 | 16.3 |
(Decrease) increase in cash and cash equivalents | -16 | 12.8 | -0.6 | 3.4 |
Effect of exchange rate changes on cash and cash equivalents | 4.1 | -3 | 2 | -1 |
Cash and cash equivalents at end of period | 10.6 | 18.7 | 10.6 | 18.7 |
Non-Guarantor Subsidiaries | Zale Corporation | ' | ' | ' | ' |
Investing activities | ' | ' | ' | ' |
Acquisition of business, net of cash received | ' | ' | $1.90 | ' |