Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
2-May-15 | 27-May-15 | |
Document And Entity Information [Abstract] | ||
Document type | 10-Q | |
Amendment flag | FALSE | |
Document period end date | 2-May-15 | |
Document fiscal year focus | 2016 | |
Document fiscal period focus | Q1 | |
Trading symbol | SIG | |
Entity registrant name | SIGNET JEWELERS LTD | |
Entity Central Index Key | 832988 | |
Current Fiscal Year End Date | -29 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares outstanding | 80,127,405 |
Condensed_Income_Statements
Condensed Income Statements (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Income Statement [Abstract] | ||
Sales | $1,530.60 | $1,056.10 |
Cost of sales | -964.7 | -648.9 |
Gross margin | 565.9 | 407.2 |
Selling, general and administrative expenses | -453.2 | -310.5 |
Other operating income, net | 63.5 | 54 |
Operating income | 176.2 | 150.7 |
Interest expense, net | -11 | -1.8 |
Income before income taxes | 165.2 | 148.9 |
Income taxes | -46.4 | -52.3 |
Net income | $118.80 | $96.60 |
Earnings per share: basic (usd per share) | $1.49 | $1.21 |
Earnings per share: diluted (usd per share) | $1.48 | $1.20 |
Weighted average common shares outstanding: basic (shares) | 80 | 79.9 |
Weighted average common shares outstanding: diluted (shares) | 80.2 | 80.3 |
Dividends declared per share (usd per share) | $0.22 | $0.18 |
Condensed_Statements_Of_Compre
Condensed Statements Of Comprehensive Income (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
Pre-tax amount | ||
Foreign currency translation adjustments | $7.50 | $9.60 |
Available-for-sale securities: | ||
Unrealized loss on securities, net | -0.1 | 0 |
Cash flow hedges: | ||
Unrealized (loss) gain | -9.1 | 0.7 |
Reclassification adjustment for losses to net income | 0.7 | 7.4 |
Pension plan: | ||
Reclassification adjustment to net income for amortization of actuarial loss | 0.8 | 0.5 |
Reclassification adjustment to net income for amortization of prior service (credits) costs | -0.5 | -0.4 |
Total other comprehensive income (loss) | -0.7 | 17.8 |
Tax (expense) benefit | ||
Foreign currency translation adjustments | 0 | 0 |
Available-for-sale securities: | ||
Unrealized loss on securities, net | 0 | 0 |
Cash flow hedges: | ||
Unrealized (loss) gain | 3.2 | -0.4 |
Reclassification adjustment for losses to net income | -0.2 | -2.7 |
Pension plan: | ||
Reclassification adjustment to net income for amortization of actuarial loss | -0.1 | -0.1 |
Reclassification adjustment to net income for amortization of prior service (credits) costs | 0.1 | 0.1 |
Total other comprehensive income (loss) | 3 | -3.1 |
After-tax amount | ||
Net income | 118.8 | 96.6 |
Foreign currency translation adjustments | 7.5 | 9.6 |
Available-for-sale securities: | ||
Unrealized loss on securities, net | -0.1 | 0 |
Cash flow hedges: | ||
Unrealized (loss) gain | -5.9 | 0.3 |
Reclassification adjustment for losses to net income | -0.5 | -4.7 |
Pension plan: | ||
Reclassification adjustment to net income for amortization of actuarial loss | 0.7 | 0.4 |
Reclassification adjustment to net income for amortization of prior service (credits) costs | -0.4 | -0.3 |
Total other comprehensive income (loss) | 2.3 | 14.7 |
Total comprehensive income | $121.10 | $111.30 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Millions, unless otherwise specified | |||
Current assets: | |||
Cash and cash equivalents | $122.60 | $193.60 | $249.10 |
Accounts receivable, net | 1,499.90 | 1,567.60 | 1,308.20 |
Other receivables | 56.5 | 63.6 | 47.1 |
Other current assets | 132.4 | 137.2 | 91 |
Deferred tax assets | 5.7 | 4.5 | 2.7 |
Income taxes | 5.3 | 1.8 | 10.7 |
Inventories | 2,487.80 | 2,439 | 1,523.90 |
Total current assets | 4,310.20 | 4,407.30 | 3,232.70 |
Non-current assets: | |||
Property, plant and equipment, net of accumulated depreciation of $848.8, $852.1 and $816.3, respectively | 668.7 | 665.9 | 494 |
Goodwill | 520.7 | 519.2 | 26.8 |
Intangible assets, net | 445.9 | 447.1 | 0 |
Other assets | 141.1 | 140 | 93.5 |
Deferred tax assets | 119.9 | 111.1 | 114.8 |
Retirement benefit asset | 38.1 | 37 | 59.8 |
Total assets | 6,244.60 | 6,327.60 | 4,021.60 |
Current liabilities: | |||
Loans and overdrafts | 44.8 | 97.5 | 8.8 |
Accounts payable | 256.5 | 277.7 | 163.1 |
Accrued expenses and other current liabilities | 420.5 | 482.4 | 293.8 |
Deferred revenue | 244 | 248 | 174.4 |
Deferred tax liabilities | 158.9 | 145.8 | 123.9 |
Income taxes | 28.3 | 86.9 | 32.2 |
Total current liabilities | 1,153 | 1,338.30 | 796.2 |
Non-current liabilities: | |||
Long-term debt | 1,356.20 | 1,363.80 | 0 |
Other liabilities | 224.4 | 230.2 | 121.6 |
Deferred revenue | 597.3 | 563.9 | 457.3 |
Deferred tax liabilities | 21.8 | 21 | 2.7 |
Total liabilities | 3,352.70 | 3,517.20 | 1,377.80 |
Commitments and contingencies | |||
Shareholders’ equity: | |||
Common shares of $0.18 par value: authorized 500 shares, 80.2 shares outstanding (January 31, 2015: 80.3 outstanding; May 3, 2014: 80.2 outstanding) | 15.7 | 15.7 | 15.7 |
Additional paid-in capital | 265.2 | 265.2 | 258.8 |
Other reserves | 0.4 | 0.4 | 0.4 |
Treasury shares at cost: 7.0 shares (January 31, 2015: 6.9 shares; May 3, 2014: 7.0 shares) | -393.2 | -370 | -362.3 |
Retained earnings | 3,238.10 | 3,135.70 | 2,895 |
Accumulated other comprehensive loss | -234.3 | -236.6 | -163.8 |
Total shareholders’ equity | 2,891.90 | 2,810.40 | 2,643.80 |
Total liabilities and shareholders’ equity | $6,244.60 | $6,327.60 | $4,021.60 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Millions, except Per Share data, unless otherwise specified | |||
Statement of Financial Position [Abstract] | |||
Common shares, par value (usd per share) | $0.18 | $0.18 | $0.18 |
Common shares, authorized | 500 | 500 | 500 |
Common shares, outstanding | 80.2 | 80.3 | 80.2 |
Treasury shares, shares | 7 | 6.9 | 7 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $848.80 | $852.10 | $816.30 |
Condensed_Statements_Of_Cash_F
Condensed Statements Of Cash Flows (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
Cash flows from operating activities: | ||
Net income | $118.80 | $96.60 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 41.8 | 28 |
Amortization of unfavorable leases and contracts | -8.8 | 0 |
Pension benefit | 0 | -0.6 |
Share-based compensation | 3.3 | 3.2 |
Deferred taxation | 6.9 | 9.4 |
Excess tax benefit from exercise of share awards | -5.1 | -7.7 |
Amortization of debt discount and issuance costs | 0.9 | 1 |
Other non-cash movements | 2.2 | -0.6 |
Changes in operating assets and liabilities: | ||
Decrease in accounts receivable | 67.7 | 66.2 |
Decrease (increase) in other receivables and other assets | 5.8 | -1.7 |
(Increase) decrease in other current assets | -1.7 | 0.7 |
Increase in inventories | -43.7 | -19.9 |
Decrease in accounts payable | -19 | -4.2 |
Decrease in accrued expenses and other liabilities | -71.1 | -42.7 |
Increase in deferred revenue | 27.7 | 14.9 |
Decrease in income taxes payable | -57.9 | -68 |
Pension plan contributions | -0.8 | -1.1 |
Net cash provided by operating activities | 67 | 73.5 |
Investing activities | ||
Purchase of property, plant and equipment | -42.9 | -28.1 |
Purchase of available-for-sale securities | -1.4 | 0 |
Proceeds from sale of available-for-sale securities | 3.5 | 0 |
Net cash used in investing activities | -40.8 | -28.1 |
Financing activities | ||
Dividends paid | -14.4 | -12 |
Proceeds from issuance of common shares | 0.1 | 1 |
Excess tax benefit from exercise of share awards | 5.1 | 7.7 |
Repayments of debt | -643.2 | |
Payment of debt issuance costs | 0 | -3 |
Repurchase of common shares | -19.1 | -11.4 |
Net settlement of equity based awards | -8.7 | -15.3 |
Principal payments under capital lease obligations | -0.3 | 0 |
Repayment of short-term borrowings | -55 | -10.5 |
Net cash used in financing activities | -97.3 | -43.5 |
Cash and cash equivalents at beginning of period | 193.6 | 247.6 |
(Decrease) increase in cash and cash equivalents | -71.1 | 1.9 |
Effect of exchange rate changes on cash and cash equivalents | 0.1 | -0.4 |
Cash and cash equivalents at end of period | 122.6 | 249.1 |
Term Loan | ||
Financing activities | ||
Repayments of debt | -5 | 0 |
Securitization facility | ||
Financing activities | ||
Proceeds from securitization facility | 638.2 | 0 |
Repayments of debt | ($638.20) | $0 |
Condensed_Statements_Of_Shareh
Condensed Statements Of Shareholders' Equity (USD $) | Total | Common shares at par value | Additional paid-in- capital | Other reserves | Treasury shares | Retained earnings | Accumulated other comprehensive (loss) income |
In Millions, unless otherwise specified | |||||||
Balance at Jan. 31, 2015 | $2,810.40 | $15.70 | $265.20 | $0.40 | ($370) | $3,135.70 | ($236.60) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 118.8 | 0 | 0 | 0 | 0 | 118.8 | 0 |
Other comprehensive income | 2.3 | 0 | 0 | 0 | 0 | 0 | 2.3 |
Dividends | -17.6 | 0 | 0 | 0 | 0 | -17.6 | 0 |
Repurchase of common shares | -21.9 | 0 | 0 | 0 | -21.9 | 0 | 0 |
Net settlement of equity based awards | -3.5 | 0 | -3.3 | 0 | -1.5 | 1.3 | 0 |
Share options exercised | 0.1 | 0 | 0 | 0 | 0.2 | -0.1 | 0 |
Share-based compensation expense | 3.3 | 0 | 3.3 | 0 | 0 | 0 | 0 |
Balance at May. 02, 2015 | $2,891.90 | $15.70 | $265.20 | $0.40 | ($393.20) | $3,238.10 | ($234.30) |
Organization_and_principal_acc
Organization and principal accounting policies | 3 Months Ended |
2-May-15 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and principal accounting policies | Organization and principal accounting policies |
Signet Jewelers Limited (“Signet” or the “Company”), a holding company incorporated in Bermuda, is the world's largest retailer of diamond jewelry. The Company operates through its 100% owned subsidiaries with sales primarily in the US, UK and Canada. Signet manages its business as five reportable segments, the Sterling Jewelers division, the Zale division, which consists of Zale Jewelry and Piercing Pagoda, the UK Jewelry division and the Other reportable segment. The Sterling Jewelers division operates retail stores under brands including Kay Jewelers, Kay Jewelers Outlet, Jared The Galleria Of Jewelry, Jared Vault and various regional brands. The Zale Jewelry retail stores operate under brands including Zales Jewelers, Zales Outlet, Peoples Jewellers and various regional brands, while Piercing Pagoda operates through mall-based kiosks. The UK Jewelry division's retail stores operate under brands including H.Samuel and Ernest Jones.The Other reportable segment consists of all non-reportable segments, including subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones and unallocated corporate administrative functions. See Note 4 for additional discussion of the Company’s segments. | |
Signet’s sales are seasonal, with the first quarter slightly exceeding 20% of annual sales, the second and third quarters each 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. The “Holiday Season” consists of results for the months of November and December. As a result, approximately 45% to 55% of Signet’s annual operating income normally occurs in the fourth quarter, comprised of nearly all of the UK Jewelry and Zale divisions’ annual operating income and about 40% to 45% of the Sterling Jewelers division’s annual operating income. | |
Basis of preparation | |
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 January 31, 2015. | |
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 accounts receivables, inventories, deferred revenue, derivatives, employee benefits, income taxes, contingencies, and asset impairments, as well as estimates utilized for the depreciation and amortization of long-lived assets and the accounting for business combinations. | |
Fiscal year | |
The Company’s fiscal year ends on the Saturday nearest to January 31st. Fiscal 2016 is the 52 week year ending January 30, 2016 and Fiscal 2015 was the 52 week year ended January 31, 2015. Within these condensed consolidated financial statements, the first quarter of the relevant fiscal years 2016 and 2015 refer to the 13 weeks ended May 2, 2015 and May 3, 2014, respectively. | |
Foreign currency translation | |
The financial position and operating results of foreign operations are consolidated using the local currency as the functional currency. Assets and liabilities are translated at the rates of exchange on the balance sheet date, and revenues and expenses are translated at the monthly average rates of exchange during the period. Resulting translation gains or losses are included in the accompanying condensed consolidated statements of equity as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains or losses resulting from foreign currency transactions are included within the condensed consolidated income statements, whereas translation adjustments and gains or losses related to intercompany loans of a long-term investment nature are recognized as a component of AOCI. | |
Revenue recognition | |
Extended service plans and lifetime warranty agreements | |
The Company 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, subject to certain conditions, to perform repair work over the lifetime of the product. Revenue from the sale of these lifetime extended service plans is deferred and recognized over 14 years, with approximately 43% of revenue recognized within the first two years (January 31, 2015: 45%; May 3, 2014: 45%). | |
The Sterling Jewelers division also sells a Jewelry Replacement Plan (“JRP”). The JRP is designed to protect customers from damage or defects of purchased merchandise for a period of three years. If the purchased merchandise is defective or becomes damaged under normal use in that time period, the item will be replaced. JRP revenue is deferred and recognized on a straight-line basis over the period of expected claims costs. | |
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 (January 31, 2015: 69%). 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. | |
Signet also sells warranty agreements in the capacity of an agent on behalf of a third-party. The commission that Signet receives from the third-party is recognized at the time of sale less an estimate of cancellations based on historical experience. | |
Reclassification | |
The Company has reclassified the presentation of certain prior year amounts to conform to the current year presentation. See Note 6. |
New_accounting_pronouncements
New accounting pronouncements | 3 Months Ended |
2-May-15 | |
Accounting Policies [Abstract] | |
New accounting pronouncements | New accounting pronouncements |
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 the Company's financial position or results of operations. | |
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 does not expect the adoption of this guidance to have a material impact on the Company's financial position or results of operations. | |
Debt issuance costs | |
In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The new guidance requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the debt liability, similar to the presentation of debt discounts. ASU No. 2015-03 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, with early adoption permitted. Signet does not expect the adoption of this guidance to have a material impact on the Company's financial position or results of operations. |
Acquisitions
Acquisitions | 3 Months Ended | |||||
2-May-15 | ||||||
Business Combinations [Abstract] | ||||||
Acquisitions | Acquisitions | |||||
Zale Corporation | ||||||
On May 29, 2014, the Company acquired 100% of the outstanding shares of Zale Corporation, making the entity a wholly-owned consolidated subsidiary of Signet. 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 of $1,458.0 million, including $478.2 million to extinguish Zale Corporation’s existing debt. The Acquisition was funded by the Company through existing cash and the issuance of $1,400.0 million of long-term debt, including: (a) $400.0 million of senior unsecured notes due in 2024, (b) $600.0 million of two-year revolving asset-backed variable funding notes, and (c) a $400.0 million five-year senior unsecured term loan facility. See Note 17 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 Acquisition aligns with the Company’s strategy to diversify businesses and expand its footprint. The following table summarizes the consideration transferred in conjunction with the Acquisition as of May 29, 2014: | ||||||
(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. During the fourth quarter of Fiscal 2015, the Company finalized the valuation of net assets acquired. The following table summarizes the fair values identified for the assets acquired and liabilities assumed in the Acquisition as of May 29, 2014: | ||||||
(in millions) | Fair values | |||||
Cash and cash equivalents | $ | 28.8 | ||||
Inventories | 856.7 | |||||
Other current assets | 22.4 | |||||
Property, plant and equipment | 103.6 | |||||
Intangible assets: | ||||||
Trade names | 417 | |||||
Favorable leases | 50.2 | |||||
Deferred tax assets | 132.8 | |||||
Other assets | 25.4 | |||||
Current liabilities(1) | (206.3 | ) | ||||
Deferred revenue | (93.3 | ) | ||||
Unfavorable leases | (50.5 | ) | ||||
Unfavorable contracts | (65.6 | ) | ||||
Deferred tax liabilities | (234.0 | ) | ||||
Other liabilities | (28.6 | ) | ||||
Fair value of net assets acquired | 958.6 | |||||
Goodwill | 499.4 | |||||
Total consideration transferred | $ | 1,458.00 | ||||
(1) Includes loans and overdrafts, accounts payable, income taxes payable, accrued expenses and other current liabilities. | ||||||
The excess of the purchase price over the fair value of identifiable assets acquired and liabilities assumed was recognized as goodwill. The goodwill attributable to the Acquisition is not deductible for tax purposes. See Note 11. | ||||||
The following unaudited consolidated pro forma information summarizes the results of operations of the Company as if the Acquisition and related issuance of $1,400.0 million of long-term debt (see Note 17) 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. | ||||||
13 weeks ended | ||||||
(in millions, except per share amounts) | May 3, 2014 | |||||
Pro forma sales | $ | 1,479.40 | ||||
Pro forma net income | $ | 115 | ||||
Pro forma earnings per share – basic | $ | 1.44 | ||||
Pro forma earnings per share – diluted | $ | 1.43 | ||||
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. These adjustments also reflect 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 intangible assets, favorable and unfavorable leases, and unfavorable contracts and expense associated with the fair value step-up of inventory acquired. | |||||
• | 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 US and Canadian deferred tax assets, including net operating loss carryforwards. | |||||
• | Exclusion of acquisition-related costs of $9.2 million, which were included in the Company’s net income for the 13 weeks ended May 3, 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. |
Segment_information
Segment information | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Segment information | Segment information | |||||||||||
Financial information for each of Signet’s reportable segments is presented in the tables below. Signet's chief operating decision maker utilizes sales and operating income, after the elimination of any inter-segment transactions, to determine resource allocations and performance assessment measures. Signet’s sales are derived from the retailing of jewelry, watches, other products and services as generated through the management of its five reportable segments: Sterling Jewelers division, the Zale division, which consists of the Zale Jewelry and the Piercing Pagoda segments, UK Jewelry division and a separate reportable segment, "Other". | ||||||||||||
The Sterling Jewelers division operated in all 50 states. Its stores operate nationally in malls, outlets and off-mall locations as Kay Jewelers ("Kay") and regionally under a number of well-established mall-based brands. Destination superstores operate nationwide as Jared The Galleria Of Jewelry (“Jared”). | ||||||||||||
The Zale division operated jewelry stores (Zale Jewelry) and kiosks (Piercing Pagoda), located primarily in shopping malls throughout the US, Canada and Puerto Rico. Zale Jewelry includes national brands Zales Jewelers, Zales Outlet and Peoples Jewellers, along with regional brands Gordon’s Jewelers and Mappins Jewellers. Piercing Pagoda operates through mall-based kiosks. | ||||||||||||
The UK Jewelry division operated stores in the UK, Republic of Ireland and Channel Islands. Its stores operate in major regional shopping malls and prime ‘High Street’ locations (main shopping thoroughfares with high pedestrian traffic) under brands including H.Samuel and Ernest Jones. | ||||||||||||
Other consists of all non-reportable operating segments including subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones and unallocated corporate administrative functions that are below the quantifiable threshold for separate disclosure as a reportable segment. | ||||||||||||
13 weeks ended | ||||||||||||
(in millions) | May 2, 2015 | May 3, 2014 | ||||||||||
Sales: | ||||||||||||
Sterling Jewelers | $ | 944.2 | $ | 903.5 | ||||||||
Zale Jewelry | 372.9 | n/a | ||||||||||
Piercing Pagoda | 64.2 | n/a | ||||||||||
UK Jewelry | 146.5 | 151.7 | ||||||||||
Other | 2.8 | 0.9 | ||||||||||
Total sales | $ | 1,530.60 | $ | 1,056.10 | ||||||||
Operating income (loss): | ||||||||||||
Sterling Jewelers | $ | 178.2 | $ | 166.3 | ||||||||
Zale Jewelry(1) | 10.4 | n/a | ||||||||||
Piercing Pagoda(2) | 5.1 | n/a | ||||||||||
UK Jewelry | 0.5 | — | ||||||||||
Other(3) | (18.0 | ) | (15.6 | ) | ||||||||
Total operating income | $ | 176.2 | $ | 150.7 | ||||||||
(1) | Includes net operating loss of $9.1 million related to the effects of purchase accounting associated with the acquisition of Zale Corporation for the 13 weeks ended May 2, 2015. See Note 3 for additional information. | |||||||||||
(2) | Includes net operating loss of $2.3 million related to the effects of purchase accounting associated with the acquisition of Zale Corporation for the 13 weeks ended May 2, 2015. See Note 3 for additional information. | |||||||||||
(3) | Includes $6.4 million and $8.4 million of transaction-related and integration expenses for the 13 weeks ended May 2, 2015 and May 3, 2014, respectively. Transaction costs include expenses associated with advisor fees for legal, tax, accounting and consulting expenses. | |||||||||||
n/a | Not applicable as Zale division was acquired on May 29, 2014. See Note 3 for additional information. | |||||||||||
(in millions) | May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||
Total assets: | ||||||||||||
Sterling Jewelers | $ | 3,639.50 | $ | 3,647.30 | $ | 3,263.80 | ||||||
Zale Jewelry | 1,893.90 | 1,903.60 | n/a | |||||||||
Piercing Pagoda | 128 | 132.8 | n/a | |||||||||
UK Jewelry | 427.7 | 413.5 | 493.2 | |||||||||
Other | 155.5 | 230.4 | 264.6 | |||||||||
Total assets | $ | 6,244.60 | $ | 6,327.60 | $ | 4,021.60 | ||||||
n/a Not applicable as Zale division was acquired on May 29, 2014. See Note 3 for additional information. |
Earnings_per_share
Earnings per share | 3 Months Ended | |||||||
2-May-15 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings per share | Earnings per share | |||||||
13 weeks ended | ||||||||
(in millions, except per share amounts) | May 2, 2015 | May 3, 2014 | ||||||
Net income | $ | 118.8 | $ | 96.6 | ||||
Basic weighted average number of shares outstanding | 80 | 79.9 | ||||||
Dilutive effect of share awards | 0.2 | 0.4 | ||||||
Diluted weighted average number of shares outstanding | 80.2 | 80.3 | ||||||
Earnings per share – basic | $ | 1.49 | $ | 1.21 | ||||
Earnings per share – diluted | $ | 1.48 | $ | 1.2 | ||||
The basic weighted average number of shares outstanding excludes non-vested time-based restricted shares, shares held by the Employee Stock Ownership Trust (“ESOT”) 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 weeks ended May 2, 2015 by 7,207,154 shares (13 weeks ended May 3, 2014: 7,272,616 shares). The calculation of fully diluted EPS for the 13 weeks ended May 2, 2015 excludes share awards of 74,148 shares (13 weeks ended May 3, 2014: 0 share awards) on the basis that their effect would be anti-dilutive. |
Shareholders_equity
Shareholders' equity | 3 Months Ended | |||||||||||||||||||||||||
2-May-15 | ||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||
Shareholders' equity | Shareholders' equity | |||||||||||||||||||||||||
Share repurchase | ||||||||||||||||||||||||||
13 weeks ended May 2, 2015 | 13 weeks ended May 3, 2014 | |||||||||||||||||||||||||
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 | 160,298 | $ | 21.9 | (2) | $ | 136.84 | 126,468 | $ | 12.9 | (2) | $ | 102.1 | ||||||||||||
(1) | On June 14, 2013, the Board 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 $243.7 million remaining as of May 2, 2015. | |||||||||||||||||||||||||
(2) | As of May 2, 2015 and May 3, 2014, $2.8 million and $1.5 million, respectively, has been recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting shares repurchased but not yet settled and paid for by the end of the quarter. | |||||||||||||||||||||||||
Dividends | ||||||||||||||||||||||||||
May 2, 2015 | May 3, 2014 | |||||||||||||||||||||||||
(in millions, except per share amounts) | Cash dividend | Total | Cash dividend | Total | ||||||||||||||||||||||
per share | dividends | per share | dividends | |||||||||||||||||||||||
First quarter(1) | $ | 0.22 | $ | 17.6 | (2) | $ | 0.18 | $ | 14.4 | (2) | ||||||||||||||||
(1) | Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As a result, the dividend declared in the fourth quarter of Fiscal 2015 of $0.18 per share was paid on February 26, 2015 in the aggregate of $14.4 million. | |||||||||||||||||||||||||
(2) | As of May 2, 2015 and May 3, 2014, $17.6 million and $14.4 million, respectively, has been recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends declared for the first quarter of Fiscal 2016 and Fiscal 2015, respectively. | |||||||||||||||||||||||||
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 income (loss) | 3 Months Ended | |||||||||||||||||||||||
2-May-15 | ||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||
Accumulated other comprehensive income (loss) | Accumulated other comprehensive income (loss) | |||||||||||||||||||||||
The following tables present the changes in AOCI by component and the reclassifications out of AOCI, net of tax: | ||||||||||||||||||||||||
Pension plan | ||||||||||||||||||||||||
(in millions) | Foreign | Losses on available-for-sale securities, net | Gains (losses) | Actuarial | Prior | Accumulated | ||||||||||||||||||
currency | on cash flow | gains | service | other | ||||||||||||||||||||
translation | hedges | (losses) | credit | comprehensive | ||||||||||||||||||||
(cost) | (loss) income | |||||||||||||||||||||||
Balance at January 31, 2015 | $ | (197.6 | ) | $ | — | $ | 4.4 | $ | (56.7 | ) | $ | 13.3 | $ | (236.6 | ) | |||||||||
Other comprehensive income ("OCI") before reclassifications | 7.5 | (0.1 | ) | (5.9 | ) | — | — | 1.5 | ||||||||||||||||
Amounts reclassified from accumulated OCI to earnings | — | — | 0.5 | 0.7 | (0.4 | ) | 0.8 | |||||||||||||||||
Net current-period OCI | 7.5 | (0.1 | ) | (5.4 | ) | 0.7 | (0.4 | ) | 2.3 | |||||||||||||||
Balance at May 2, 2015 | $ | (190.1 | ) | $ | (0.1 | ) | $ | (1.0 | ) | $ | (56.0 | ) | $ | 12.9 | $ | (234.3 | ) | |||||||
The amounts reclassified from AOCI, by individual component, were as follows: | ||||||||||||||||||||||||
Amounts reclassified from AOCI | ||||||||||||||||||||||||
13 weeks ended | ||||||||||||||||||||||||
(in millions) | May 2, 2015 | May 3, 2014 | Income statement caption | |||||||||||||||||||||
Losses on cash flow hedges: | ||||||||||||||||||||||||
Foreign currency contracts | $ | 0.1 | $ | — | Cost of sales (see Note 14) | |||||||||||||||||||
Interest rate swaps | 0.3 | — | Interest expense, net (see Note 14) | |||||||||||||||||||||
Commodity contracts | 0.3 | 7.4 | Cost of sales (see Note 14) | |||||||||||||||||||||
Total before income tax | 0.7 | 7.4 | ||||||||||||||||||||||
Income taxes | (0.2 | ) | (2.7 | ) | ||||||||||||||||||||
Net of tax | 0.5 | 4.7 | ||||||||||||||||||||||
Defined benefit pension plan items: | ||||||||||||||||||||||||
Amortization of unrecognized net prior service credit | (0.5 | ) | (0.4 | ) | Selling, general and administrative expenses(1) | |||||||||||||||||||
Amortization of unrecognized actuarial loss | 0.8 | 0.5 | Selling, general and administrative expenses(1) | |||||||||||||||||||||
Total before income tax | 0.3 | 0.1 | ||||||||||||||||||||||
Income taxes | — | — | ||||||||||||||||||||||
Net of tax | 0.3 | 0.1 | ||||||||||||||||||||||
Total reclassifications, net of tax | $ | 0.8 | $ | 4.8 | ||||||||||||||||||||
-1 | These items are included in the computation of net periodic pension benefit (cost). See Note 16 for additional information. |
Income_taxes
Income taxes | 3 Months Ended |
2-May-15 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 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. The provision for income taxes is based on the current estimate of the consolidated annual effective tax rate. As of May 2, 2015, the Company expects its annual effective tax rate to be approximately 28.1% compared to 35.1% as of May 3, 2014. The decrease in the effective tax rate is a result of the amended capital structure and financing arrangements utilized to fund the acquisition of Zale Corporation. The estimated effective tax rates exclude the effects of any discrete items that may be recognized in future periods. | |
During the first quarter of Fiscal 2016, there has been no material change in the amounts of unrecognized tax benefits, or the related accrued interest and penalties (where appropriate), in respect of uncertain tax positions identified as of January 31, 2015. |
Accounts_receivable_net
Accounts receivable, net | 3 Months Ended | |||||||||||||||||||||||
2-May-15 | ||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||
Accounts receivable, net | 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) | May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||||||||||||||
Accounts receivable by portfolio segment, net: | ||||||||||||||||||||||||
Sterling Jewelers customer in-house finance receivables | $ | 1,489.40 | $ | 1,552.90 | $ | 1,294.80 | ||||||||||||||||||
Other accounts receivable | 10.5 | 14.7 | 13.4 | |||||||||||||||||||||
Total accounts receivable, net | $ | 1,499.90 | $ | 1,567.60 | $ | 1,308.20 | ||||||||||||||||||
Signet grants credit to customers based on a variety of credit quality indicators, including consumer financial information and prior payment experience. On an ongoing basis, management monitors the credit exposure based on past due status and collection experience, as it has found a meaningful correlation between the past due status of customers and the risk of loss. | ||||||||||||||||||||||||
Other accounts receivable is comprised primarily of gross accounts receivable relating to the insurance loss replacement business in the UK Jewelry division of $9.4 million (January 31, 2015 and May 3, 2014: $13.7 million and $12.2 million, respectively), with a corresponding valuation allowance of $0.5 million (January 31, 2015 and May 3, 2014: $0.5 million and $0.3 million, respectively). The credit function for the Zale division is outsourced and, as such, no material accounts receivable exist as of May 2, 2015 or January 31, 2015. | ||||||||||||||||||||||||
The allowance for credit losses on Sterling Jewelers' customer in-house finance receivables is shown below: | ||||||||||||||||||||||||
13 weeks ended | ||||||||||||||||||||||||
(in millions) | May 2, 2015 | May 3, 2014 | ||||||||||||||||||||||
Beginning balance: | $ | (113.1 | ) | $ | (97.8 | ) | ||||||||||||||||||
Charge-offs | 37.9 | 32.3 | ||||||||||||||||||||||
Recoveries | 10.4 | 8.5 | ||||||||||||||||||||||
Provision | (38.5 | ) | (30.8 | ) | ||||||||||||||||||||
Ending balance | $ | (103.3 | ) | $ | (87.8 | ) | ||||||||||||||||||
Ending receivable balance evaluated for impairment | 1,592.70 | 1,382.60 | ||||||||||||||||||||||
Sterling Jewelers customer in-house finance receivables, net | $ | 1,489.40 | $ | 1,294.80 | ||||||||||||||||||||
Net bad debt expense is defined as the provision expense less recoveries. | ||||||||||||||||||||||||
The following tables summarize the credit quality indicator and age analysis of past due Sterling Jewelers' customer in-house finance receivables: | ||||||||||||||||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | ||||||||||||||||||||||
(in millions) | Gross | Valuation | Gross | Valuation | Gross | Valuation | ||||||||||||||||||
allowance | allowance | allowance | ||||||||||||||||||||||
Performing: | ||||||||||||||||||||||||
Current, aged 0 – 30 days | $ | 1,290.90 | $ | (39.3 | ) | $ | 1,332.20 | $ | (41.1 | ) | $ | 1,130.80 | $ | (34.4 | ) | |||||||||
Past due, aged 31 – 90 days | 246.4 | (8.6 | ) | 271.1 | (9.3 | ) | 205.6 | (7.2 | ) | |||||||||||||||
Non Performing: | ||||||||||||||||||||||||
Past due, aged more than 90 days | 55.4 | (55.4 | ) | 62.7 | (62.7 | ) | 46.2 | (46.2 | ) | |||||||||||||||
$ | 1,592.70 | $ | (103.3 | ) | $ | 1,666.00 | $ | (113.1 | ) | $ | 1,382.60 | $ | (87.8 | ) | ||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | ||||||||||||||||||||||
(as a % of the ending receivable balance) | Gross | Valuation | Gross | Valuation | Gross | Valuation | ||||||||||||||||||
allowance | allowance | allowance | ||||||||||||||||||||||
Performing | 96.5 | % | 3.1 | % | 96.2 | % | 3.1 | % | 96.7 | % | 3.1 | % | ||||||||||||
Non Performing | 3.5 | % | 100 | % | 3.8 | % | 100 | % | 3.3 | % | 100 | % | ||||||||||||
100 | % | 6.5 | % | 100 | % | 6.8 | % | 100 | % | 6.4 | % | |||||||||||||
Securitized credit card receivables | ||||||||||||||||||||||||
The Sterling Jewelers division securitizes its credit card receivables through its Sterling Jewelers Receivables Master Note Trust established on May 15, 2014. See Note 17 for additional information regarding this asset-backed securitization facility. |
Inventories
Inventories | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||
Inventories | Inventories | |||||||||||
The following table summarizes the details of the Company's inventory: | ||||||||||||
(in millions) | May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||
Raw materials | $ | 97.6 | $ | 75.2 | $ | 38 | ||||||
Finished goods | 2,390.20 | 2,363.80 | 1,485.90 | |||||||||
Total inventories | $ | 2,487.80 | $ | 2,439.00 | $ | 1,523.90 | ||||||
Goodwill_and_intangibles
Goodwill and intangibles | 3 Months Ended | |||||||||||||||||||||||||
2-May-15 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||
Goodwill and intangibles | Goodwill and intangibles | |||||||||||||||||||||||||
Goodwill | ||||||||||||||||||||||||||
The following table summarizes the Company’s goodwill by reportable segment: | ||||||||||||||||||||||||||
(in millions) | Sterling | Zale | Piercing | UK Jewelry | Other | Total | ||||||||||||||||||||
Jewelers | Jewelry | Pagoda | ||||||||||||||||||||||||
Balance at February 1, 2014 | $ | 23.2 | $ | — | $ | — | $ | — | $ | 3.6 | $ | 26.8 | ||||||||||||||
Acquisitions | — | 499.4 | — | — | — | 499.4 | ||||||||||||||||||||
Impact of foreign exchange | — | (7.0 | ) | — | — | — | (7.0 | ) | ||||||||||||||||||
Balance at January 31, 2015 | 23.2 | 492.4 | — | — | 3.6 | 519.2 | ||||||||||||||||||||
Impact of foreign exchange | — | 1.5 | — | — | — | 1.5 | ||||||||||||||||||||
Balance at May 2, 2015 | $ | 23.2 | $ | 493.9 | $ | — | $ | — | $ | 3.6 | $ | 520.7 | ||||||||||||||
There have been no goodwill impairment losses recognized during the fiscal periods presented in the condensed consolidated income statements. If future economic conditions are different than those projected by management, future impairment charges may be required. | ||||||||||||||||||||||||||
Intangibles | ||||||||||||||||||||||||||
Intangible assets with indefinite and definite lives represent Zale trade names and favorable leases acquired, while intangible liabilities with definite lives represent unfavorable leases and contract rights acquired in the Zale acquisition. No other intangible assets or liabilities were recognized prior to the acquisition of Zale Corporation on May 29, 2014. The following table provides additional detail regarding the composition of intangible assets and liabilities as of May 2, 2015 and January 31, 2015: | ||||||||||||||||||||||||||
May 2, 2015 | January 31, 2015 | |||||||||||||||||||||||||
(in millions) | Balance sheet location | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
carrying | amortization | carrying | carrying | amortization | carrying | |||||||||||||||||||||
amount | amount | amount | amount | |||||||||||||||||||||||
Definite-lived intangible assets: | ||||||||||||||||||||||||||
Trade names | Intangible assets, net | $ | 1.5 | $ | (0.3 | ) | $ | 1.2 | $ | 1.5 | $ | (0.2 | ) | $ | 1.3 | |||||||||||
Favorable leases | Intangible assets, net | 48.6 | (12.6 | ) | 36 | 48.1 | (9.1 | ) | 39 | |||||||||||||||||
Total definite-lived intangible assets | 50.1 | (12.9 | ) | 37.2 | 49.6 | (9.3 | ) | 40.3 | ||||||||||||||||||
Indefinite-lived trade names | Intangible assets, net | 408.7 | — | 408.7 | 406.8 | — | 406.8 | |||||||||||||||||||
Total intangible assets, net | $ | 458.8 | $ | (12.9 | ) | $ | 445.9 | $ | 456.4 | $ | (9.3 | ) | $ | 447.1 | ||||||||||||
Definite-lived intangible liabilities: | ||||||||||||||||||||||||||
Unfavorable leases | Other liabilities | $ | (49.1 | ) | $ | 13.3 | $ | (35.8 | ) | $ | (48.7 | ) | $ | 9.7 | $ | (39.0 | ) | |||||||||
Unfavorable contracts | Other liabilities | $ | (65.6 | ) | $ | 19 | $ | (46.6 | ) | $ | (65.6 | ) | $ | 13.8 | $ | (51.8 | ) | |||||||||
Total intangible liabilities, net | $ | (114.7 | ) | $ | 32.3 | $ | (82.4 | ) | $ | (114.3 | ) | $ | 23.5 | $ | (90.8 | ) | ||||||||||
Other_assets
Other assets | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||
Other assets | Other assets | |||||||||||
(in millions) | May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||
Deferred extended service plan costs | $ | 71.5 | $ | 69.7 | $ | 63.6 | ||||||
Investments | 23 | 25.2 | — | |||||||||
Other assets | 46.6 | 45.1 | 29.9 | |||||||||
Total other assets | $ | 141.1 | $ | 140 | $ | 93.5 | ||||||
In addition, other current assets include deferred direct costs in relation to the sale of extended service plans (“ESP”) of $26.8 million as of May 2, 2015 (January 31, 2015 and May 3, 2014: $24.9 million and $22.5 million, respectively). |
Investments
Investments | 3 Months Ended | |||||||||||||||||||||||||||||
2-May-15 | ||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||
Investments | Investments | |||||||||||||||||||||||||||||
Investments in debt and equity securities acquired as a result of the Acquisition, see Note 3, are held by certain insurance subsidiaries and 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 and include the following: | ||||||||||||||||||||||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | ||||||||||||||||||||||||||||
(in millions) | Cost | Unrealized Gain (Loss) | Fair Value | Cost | Unrealized Gain (Loss) | Fair Value | Cost | Unrealized Gain (Loss) | Fair Value | |||||||||||||||||||||
US Treasury securities | $ | 9.1 | $ | (0.1 | ) | $ | 9 | $ | 9.7 | $ | (0.1 | ) | $ | 9.6 | n/a | n/a | n/a | |||||||||||||
US government agency securities | 0.6 | (0.1 | ) | 0.5 | 1.4 | — | 1.4 | n/a | n/a | n/a | ||||||||||||||||||||
Corporate bonds and notes | 10 | 0.1 | 10.1 | 10.6 | 0.2 | 10.8 | n/a | n/a | n/a | |||||||||||||||||||||
Corporate equity securities | 3.4 | — | 3.4 | 3.5 | (0.1 | ) | 3.4 | n/a | n/a | n/a | ||||||||||||||||||||
Total investments | $ | 23.1 | $ | (0.1 | ) | $ | 23 | $ | 25.2 | $ | — | $ | 25.2 | n/a | n/a | n/a | ||||||||||||||
n/a Not applicable as all investments were acquired as part of the Acquisition on May 29, 2014. See Note 3 for additional information. | ||||||||||||||||||||||||||||||
At May 2, 2015, the carrying value of investments included a net unrealized loss of $0.1 million, which is included in AOCI. Realized gains and losses on investments are determined on the specific identification basis. There were no material net realized gains or losses for the 13 week period ended May 2, 2015. Investments with a carrying value of $7.2 million were on deposit with various state insurance departments at May 2, 2015 (January 31, 2015: $7.2 million), as required by law. | ||||||||||||||||||||||||||||||
Investments in debt securities outstanding as of May 2, 2015 mature as follows: | ||||||||||||||||||||||||||||||
(in millions) | Cost | Fair Value | ||||||||||||||||||||||||||||
Less than one year | $ | 0.7 | $ | 0.7 | ||||||||||||||||||||||||||
Year two through year five | 9.6 | 9.4 | ||||||||||||||||||||||||||||
Year six through year ten | 9.3 | 9.4 | ||||||||||||||||||||||||||||
After ten years | 0.1 | 0.1 | ||||||||||||||||||||||||||||
Total investment in debt securities | $ | 19.7 | $ | 19.6 | ||||||||||||||||||||||||||
Derivatives
Derivatives | 3 Months Ended | |||||||||||||
2-May-15 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||
Derivatives | Derivatives | |||||||||||||
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, commodity risk, liquidity risk and interest rate risk. Signet uses derivative financial instruments to manage and mitigate these risks under policies reviewed and approved by the Board. Signet does not enter into derivative transactions for trading purposes. | ||||||||||||||
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 intra-entity balances and US dollar to British pound swaps. In order to manage the foreign exchange exposure and minimize the level of funds denominated in the British pound, dividends are paid regularly by British pound denominated subsidiaries 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. In particular, Signet undertakes some hedging of its requirements for gold through the use of 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. 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 17. | ||||||||||||||
Interest rate risk | ||||||||||||||
Signet has exposure to movements in interest rates associated with cash and borrowings. Signet may enter into various interest rate protection agreements in order to limit the impact of movements in interest rates. | ||||||||||||||
Interest rate swaps (designated) — These contracts are entered into to reduce the consolidated interest rate risk associated with variable rate, long-term debt. The Company designates these derivatives as cash flow hedges of the variability in expected cash outflows of interest payments. The Company entered into an interest rate swap in March 2015 with an aggregate notional amount of $300.0 million that is scheduled to mature through April 2019. Under this contract, the Company agrees to exchange, at specified intervals, the difference between fixed contract rates and floating rate interest amounts calculated by reference to the agreed notional amounts. The Company has effectively converted a portion of its variable-rate senior unsecured term loan into fixed-rate debt. | ||||||||||||||
The fair value of the swap is presented within the consolidated balance sheets, and the Company recognizes any changes in the fair value as an adjustment of AOCI within equity to the extent of their effectiveness. The ineffective portion of all hedges, if any, is recognized in current period earnings. As interest expense is accrued on the debt obligation, amounts in accumulated OCI related to the interest rate swap are reclassified into income resulting in a net interest expense on the hedged amount of the underlying debt obligation equal to the effective yield of the fixed rate of each swap. In the event that an interest rate swap is dedesignated prior to maturity, gains or losses in AOCI remain deferred and are reclassified into earnings in the periods in which the hedged forecasted transaction affects earnings. | ||||||||||||||
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 9 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. | ||||||||||||||
Commodity and foreign currency risks | ||||||||||||||
The following types of derivative financial instruments are utilized by Signet to mitigate certain risk exposures related to changes in commodity prices and foreign exchange rates: | ||||||||||||||
Forward foreign currency exchange contracts (designated) — These contracts, which are principally in US dollars, are entered into 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 May 2, 2015 was $16.8 million (January 31, 2015 and May 3, 2014: $23.5 million and $40.4 million, respectively). These contracts have been designated as cash flow hedges and will be settled over the next 9 months (January 31, 2015 and May 3, 2014: 12 months and 12 months, respectively). | ||||||||||||||
Forward foreign currency exchange contracts (undesignated) — Foreign currency contracts not designated as cash flow hedges are used to limit the impact of movements in foreign exchange rates on recognized foreign currency payables and 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 May 2, 2015 was $8.0 million (January 31, 2015 and May 3, 2014: $40.3 million and $39.7 million, respectively). | ||||||||||||||
Commodity forward purchase contracts (designated) — These contracts are entered into 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 May 2, 2015 was 77,000 ounces of gold (January 31, 2015 and May 3, 2014: 81,000 ounces and 39,000 ounces, respectively). These contracts have been designated as cash flow hedges and will be settled over the next 12 months (January 31, 2015 and May 3, 2014: 11 months and 10 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 May 2, 2015, 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: | ||||||||||||||
Fair value of derivative assets | ||||||||||||||
(in millions) | Balance sheet location | May 2, 2015 | January 31, 2015 | May 3, 2014 | ||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other current assets | $ | 0.4 | $ | 1 | $ | — | |||||||
Commodity contracts | Other current assets | 0.2 | 6.3 | 1.4 | ||||||||||
0.6 | 7.3 | 1.4 | ||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other current assets | — | 0.1 | — | ||||||||||
Total derivative assets | $ | 0.6 | $ | 7.4 | $ | 1.4 | ||||||||
Fair value of derivative liabilities | ||||||||||||||
(in millions) | Balance sheet location | May 2, 2015 | January 31, 2015 | May 3, 2014 | ||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other current liabilities | $ | — | $ | — | $ | (2.6 | ) | ||||||
Commodity contracts | Other current liabilities | (1.7 | ) | — | (0.2 | ) | ||||||||
Interest rate swaps | Other liabilities | (0.6 | ) | — | — | |||||||||
(2.3 | ) | — | (2.8 | ) | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other current liabilities | (0.1 | ) | — | (0.2 | ) | ||||||||
Total derivative liabilities | $ | (2.4 | ) | $ | — | $ | (3.0 | ) | ||||||
Derivatives designated as cash flow hedges | ||||||||||||||
The following table summarizes the pre-tax gains (losses) recorded in AOCI for derivatives designated in cash flow hedging relationships: | ||||||||||||||
(in millions) | May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||||
Foreign currency contracts | $ | 0.8 | $ | 0.9 | $ | (3.6 | ) | |||||||
Commodity contracts | (2.0 | ) | 5.7 | (9.4 | ) | |||||||||
Interest rate swaps | (0.6 | ) | — | — | ||||||||||
Total | $ | (1.8 | ) | $ | 6.6 | $ | (13.0 | ) | ||||||
The following tables summarize the effect of derivative instruments designated as cash flow hedges in OCI and the condensed consolidated income statements: | ||||||||||||||
Foreign currency contracts | ||||||||||||||
13 weeks ended | ||||||||||||||
(in millions) | Income statement caption | May 2, 2015 | May 3, 2014 | |||||||||||
Gains (losses) recorded in AOCI, beginning of period | $ | 0.9 | $ | (2.3 | ) | |||||||||
Current period losses recognized in OCI | (0.2 | ) | (1.3 | ) | ||||||||||
Losses reclassified from AOCI to net income | Cost of sales | 0.1 | — | |||||||||||
Gains (losses) recorded in AOCI, end of period | $ | 0.8 | $ | (3.6 | ) | |||||||||
Commodity contracts | ||||||||||||||
13 weeks ended | ||||||||||||||
(in millions) | Income statement caption | May 2, 2015 | May 3, 2014 | |||||||||||
Gains (losses) recorded in AOCI, beginning of period | $ | 5.7 | $ | (18.8 | ) | |||||||||
Current period (losses) gains recognized in OCI | (8.0 | ) | 2 | |||||||||||
Losses reclassified from AOCI to net income | Cost of sales | 0.3 | 7.4 | |||||||||||
Losses recorded in AOCI, end of period | $ | (2.0 | ) | $ | (9.4 | ) | ||||||||
Interest rate swaps | ||||||||||||||
13 weeks ended | ||||||||||||||
(in millions) | Income statement caption | May 2, 2015 | May 3, 2014 | |||||||||||
(Losses) gains recorded in AOCI, beginning of period | $ | — | $ | — | ||||||||||
Current period losses recognized in OCI | (0.9 | ) | — | |||||||||||
Losses reclassified from AOCI to net income | Interest expense, net | 0.3 | — | |||||||||||
Losses recorded in AOCI, end of period | $ | (0.6 | ) | $ | — | |||||||||
There was no material ineffectiveness related to the Company’s derivative instruments designated in cash flow hedging relationships for the 13 weeks ended May 2, 2015 and May 3, 2014. Based on current valuations, the Company expects approximately $3.8 million of net pre-tax derivative losses to be reclassified out of AOCI into earnings within the next 12 months. | ||||||||||||||
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 income statements: | ||||||||||||||
Amount of gain (loss) recognized in income | ||||||||||||||
(in millions) | Income statement caption | 13 weeks ended | ||||||||||||
Derivatives not designated as hedging instruments: | May 2, 2015 | May 3, 2014 | ||||||||||||
Foreign currency contracts | Other operating income, net | $ | (0.3 | ) | $ | (1.6 | ) | |||||||
Total | $ | (0.3 | ) | $ | (1.6 | ) |
Fair_value_measurements
Fair value measurements | 3 Months Ended | |||||||||||||||||||||||||||||||||||
2-May-15 | ||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||
Fair value measurements | Fair value measurement | |||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | ||||||||||||||||||||||||||||||||||
(in millions) | Carrying Value | Quoted prices in | Significant | Carrying Value | Quoted prices in | Significant | Carrying Value | Quoted prices in | Significant | |||||||||||||||||||||||||||
active | other | active | other | active | other | |||||||||||||||||||||||||||||||
markets for | observable | markets for | observable | markets for | observable | |||||||||||||||||||||||||||||||
identical assets | inputs | identical assets | inputs | identical assets | inputs | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 1) | (Level 2) | (Level 1) | (Level 2) | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||
US Treasury securities | $ | 9 | $ | 9 | $ | — | $ | 9.6 | $ | 9.6 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Corporate equity securities | 3.4 | 3.4 | — | 3.4 | 3.4 | — | — | — | — | |||||||||||||||||||||||||||
Foreign currency contracts | 0.4 | — | 0.4 | 1.1 | — | 1.1 | — | — | — | |||||||||||||||||||||||||||
Commodity contracts | 0.2 | — | 0.2 | 6.3 | — | 6.3 | 1.4 | — | 1.4 | |||||||||||||||||||||||||||
US government agency securities | 0.5 | — | 0.5 | 1.4 | — | 1.4 | — | — | — | |||||||||||||||||||||||||||
Corporate bonds and notes | 10.1 | — | 10.1 | 10.8 | — | 10.8 | — | — | — | |||||||||||||||||||||||||||
Total Assets | $ | 23.6 | $ | 12.4 | $ | 11.2 | $ | 32.6 | $ | 13 | $ | 19.6 | $ | 1.4 | $ | — | $ | 1.4 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | (0.1 | ) | $ | — | $ | (0.1 | ) | $ | — | $ | — | $ | — | $ | (2.8 | ) | $ | — | $ | (2.8 | ) | ||||||||||||||
Commodity contracts | (1.7 | ) | — | (1.7 | ) | — | — | — | (0.2 | ) | — | (0.2 | ) | |||||||||||||||||||||||
Interest rate swaps | (0.6 | ) | — | (0.6 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Total Liabilities | $ | (2.4 | ) | $ | — | $ | (2.4 | ) | $ | — | $ | — | $ | — | $ | (3.0 | ) | $ | — | $ | (3.0 | ) | ||||||||||||||
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 13 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. See Note 14 for additional information related to the Company’s derivatives. | ||||||||||||||||||||||||||||||||||||
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 values of long-term debt instruments were determined using quoted market prices in inactive markets or discounted cash flows based upon current observable market interest rates and therefore were classified as Level 2 measurements in the fair value hierarchy. See Note 17 for classification between current and long-term debt. The carrying amount and fair value of outstanding debt at May 2, 2015, January 31, 2015 and May 3, 2014 were as follows: | ||||||||||||||||||||||||||||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | ||||||||||||||||||||||||||||||||||
(in millions) | Carrying | Fair Value | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||||||||||
Value | Value | Value | ||||||||||||||||||||||||||||||||||
Outstanding debt: | ||||||||||||||||||||||||||||||||||||
Senior notes (Level 2) | $ | 398.5 | $ | 415.6 | $ | 398.5 | $ | 415.3 | $ | — | $ | — | ||||||||||||||||||||||||
Securitization facility (Level 2) | 600 | 600 | 600 | 600 | — | — | ||||||||||||||||||||||||||||||
Term loan (Level 2) | 385 | 385 | 390 | 390 | — | — | ||||||||||||||||||||||||||||||
Capital lease obligations (Level 2) | 0.9 | 0.9 | 1.2 | 1.2 | — | — | ||||||||||||||||||||||||||||||
Total outstanding debt | $ | 1,384.40 | $ | 1,401.50 | $ | 1,389.70 | $ | 1,406.50 | $ | — | $ | — | ||||||||||||||||||||||||
Pension_plans
Pension plans | 3 Months Ended | |||||||
2-May-15 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||
Pension plans | Pension plans | |||||||
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 cost and other amounts recognized in OCI for the UK Plan are as follows: | ||||||||
13 weeks ended | ||||||||
(in millions) | May 2, 2015 | May 3, 2014 | ||||||
Components of net periodic pension benefit (cost): | ||||||||
Service cost | $ | (0.6 | ) | $ | (0.6 | ) | ||
Interest cost | (1.9 | ) | (2.5 | ) | ||||
Expected return on UK Plan assets | 2.8 | 3.8 | ||||||
Amortization of unrecognized net prior service credit | 0.5 | 0.4 | ||||||
Amortization of unrecognized actuarial loss | (0.8 | ) | (0.5 | ) | ||||
Net periodic pension benefit | $ | — | $ | 0.6 | ||||
In the 13 weeks ended May 2, 2015, Signet contributed $0.8 million to the UK Plan and expects to contribute a minimum aggregate of $2.4 million at current exchange rates to the UK Plan in Fiscal 2016. The level of contributions is in accordance with an agreed upon deficit recovery plan and based on the results of the actuarial valuation as of April 5, 2012. |
Loans_overdrafts_and_longterm_
Loans, overdrafts and long-term debt | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Loans, overdrafts and long-term debt | Loans, overdrafts and long-term debt | |||||||||||
(in millions) | May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||
Current liabilities – loans and overdrafts: | ||||||||||||
Revolving credit facility | $ | — | $ | — | $ | — | ||||||
Current portion of senior unsecured term loan | 27.5 | 25 | — | |||||||||
Current portion of capital lease obligations | 0.7 | 0.9 | — | |||||||||
Bank overdrafts | 16.6 | 71.6 | 8.8 | |||||||||
Total loans and overdrafts | 44.8 | 97.5 | 8.8 | |||||||||
Long-term debt: | ||||||||||||
Senior unsecured notes due 2024, net of unamortized discount | 398.5 | 398.5 | — | |||||||||
Securitization facility | 600 | 600 | — | |||||||||
Senior unsecured term loan | 357.5 | 365 | — | |||||||||
Capital lease obligations | 0.2 | 0.3 | — | |||||||||
Total long-term debt | $ | 1,356.20 | $ | 1,363.80 | $ | — | ||||||
Total loans, overdrafts and long-term debt | $ | 1,401.00 | $ | 1,461.30 | $ | 8.8 | ||||||
Revolving credit facility and term loan (the "Credit Facility") | ||||||||||||
The Company has a $400 million senior unsecured multi-currency multi-year revolving credit facility agreement that was entered into in May 2011. The agreement was subsequently amended in May 2014 to extend the maturity date to 2019 and expand the agreement to include a new $400 million term loan. The $400 million five-year senior unsecured term loan requires the Company to make scheduled quarterly principal 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 May 2, 2015, $385.0 million remained outstanding on the term loan. Excluding impact of interest rate swaps designated as cash flow hedges discussed in Note 14, the term loan had a weighted average interest rate of 1.45% during the first quarter of Fiscal 2016. | ||||||||||||
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. | ||||||||||||
As of May 2, 2015 and January 31, 2015, capitalized fees relating to the amended Credit Facility total $6.7 million, which were incurred and paid during Fiscal 2015. Accumulated amortization related to these capitalized fees was $1.2 million and $0.9 million as of May 2, 2015 and January 31, 2015, respectively. As of May 3, 2014, capitalized fees associated with the May 2011 credit facility agreement were $2.1 million, with $1.4 million of accumulated amortization. Amortization relating to these fees of $0.3 million and $0.2 million was recorded as interest expense in the condensed consolidated income statement for the 13 weeks ended May 2, 2015 and May 3, 2014, respectively. | ||||||||||||
At May 2, 2015, January 31, 2015 and May 3, 2014 there were no outstanding borrowings under the revolving credit facility. The Company had stand-by letters of credit on the revolving credit facility of $21.0 million, $25.4 million and $8.7 million as of May 2, 2015, January 31, 2015 and May 3, 2014, respectively, that reduce remaining availability under the revolving credit facility. | ||||||||||||
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 in Note 3, 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 by the issuances of long-term debt listed below. Fees of $4.0 million relating to this unsecured bridge facility were incurred and capitalized during Fiscal 2015, with $3.0 million being paid during the 13 weeks ended May 3, 2014. Amortization relating to these fees of $0.8 million was recorded as interest expense in the condensed consolidated income statement for the 13 weeks ended May 3, 2014, with the remaining capitalized fees associated with the bridge facility written off during the second quarter of Fiscal 2015. | ||||||||||||
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 total $7.0 million, which were incurred and paid during Fiscal 2015. As of May 2, 2015 and January 31, 2015, accumulated amortization related to these capitalized fees was $0.7 million and $0.5 million. Amortization relating to these fees of $0.2 million was recorded as interest expense in the condensed consolidated income statement for the 13 weeks ended May 2, 2015. No amortization expense was recorded in the 13 weeks ended May 3, 2014 as the issuance of the senior unsecured notes occurred during the second quarter of Fiscal 2015. | ||||||||||||
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 unrelated third party conduits 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, Sterling Jewelers Inc. ("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. As of May 2, 2015, $600.0 million remained outstanding under the securitization facility with a weighted average interest rate of 1.53% during the first quarter of Fiscal 2016. | ||||||||||||
Capitalized fees relating to the asset-backed securitization facility total $2.8 million, which were incurred and paid during Fiscal 2015. As of May 2, 2015 and January 31, 2015, accumulated amortization related to these capitalized fees was $1.3 million and $0.9 million. Amortization relating to these fees of $0.4 million was recorded as interest expense in the condensed consolidated income statement for the 13 weeks ended May 2, 2015. No amortization expense was recorded in the 13 weeks ended May 3, 2014 as the issuance of the revolving asset-backed variable funding notes occurred during the second quarter of Fiscal 2015. | ||||||||||||
On May 28, 2015, Signet amended the note purchase agreement associated with the asset-backed securitization facility to extend the term of the facility by one year to May 2017 with all terms substantially the same as the original agreement. | ||||||||||||
Other | ||||||||||||
As of May 2, 2015, January 31, 2015 and May 3, 2014, the Company was in compliance with all debt covenants. | ||||||||||||
As of May 2, 2015, January 31, 2015 and May 3, 2014, there were $16.6 million, $71.6 million and $8.8 million in overdrafts, respectively, which represent issued and outstanding checks where no bank balances exist with the right of offset. |
Deferred_revenue
Deferred revenue | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
Deferred Revenue Disclosure [Abstract] | ||||||||||||
Deferred revenue | Deferred revenue | |||||||||||
Deferred revenue is comprised primarily of extended service plans (“ESP”) and voucher promotions and other as follows: | ||||||||||||
(in millions) | May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||
Sterling Jewelers ESP deferred revenue | $ | 690.7 | $ | 668.9 | $ | 619.6 | ||||||
Zale ESP deferred revenue | 129.3 | 120.3 | — | |||||||||
Voucher promotions and other | 21.3 | 22.7 | 12.1 | |||||||||
Total deferred revenue | $ | 841.3 | $ | 811.9 | $ | 631.7 | ||||||
Disclosed as: | ||||||||||||
Current liabilities | $ | 244 | $ | 248 | $ | 174.4 | ||||||
Non-current liabilities | 597.3 | 563.9 | 457.3 | |||||||||
Total deferred revenue | $ | 841.3 | $ | 811.9 | $ | 631.7 | ||||||
ESP deferred revenue | ||||||||||||
13 weeks ended | ||||||||||||
(in millions) | May 2, 2015 | May 3, 2014 | ||||||||||
Sterling Jewelers ESP deferred revenue, beginning of period | $ | 668.9 | $ | 601.2 | ||||||||
Plans sold | 69.3 | 64.2 | ||||||||||
Revenue recognized | (47.5 | ) | (45.8 | ) | ||||||||
Sterling Jewelers ESP deferred revenue, end of period | $ | 690.7 | $ | 619.6 | ||||||||
13 weeks ended | ||||||||||||
(in millions) | May 2, 2015 | May 3, 2014 | ||||||||||
Zale ESP deferred revenue, beginning of period | $ | 120.3 | n/a | |||||||||
Plans sold | 35.2 | n/a | ||||||||||
Revenue recognized | (26.2 | ) | n/a | |||||||||
Zale ESP deferred revenue, end of period | $ | 129.3 | n/a | |||||||||
Warranty_reserve
Warranty reserve | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
Other Liabilities Disclosure [Abstract] | ||||||||||||
Warranty reserve | Warranty reserve | |||||||||||
Sterling Jewelers and Zale Jewelry segments 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 | ||||||||||||
(in millions) | May 2, 2015 | May 3, 2014 | ||||||||||
Warranty reserve, beginning of period | $ | 44.9 | $ | 19.1 | ||||||||
Warranty expense | 3 | 1.7 | ||||||||||
Utilized | (3.3 | ) | (1.4 | ) | ||||||||
Warranty reserve, end of period | $ | 44.6 | $ | 19.4 | ||||||||
(in millions) | May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||
Disclosed as: | ||||||||||||
Current liabilities | $ | 17.7 | $ | 17.2 | $ | 6.7 | ||||||
Non-current liabilities | 26.9 | 27.7 | 12.7 | |||||||||
At end of period | $ | 44.6 | $ | 44.9 | $ | 19.4 | ||||||
Sharebased_compensation
Share-based compensation | 3 Months Ended |
2-May-15 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based compensation | Share-based compensation |
Signet recorded share-based compensation expense of $3.3 million for the 13 weeks ended May 2, 2015 related to the Omnibus Plan and Share Saving Plans (13 weeks ended May 3, 2014: $3.2 million). |
Commitments_and_contingencies
Commitments and contingencies | 3 Months Ended |
2-May-15 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 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 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. 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. On February 2, 2015, the arbitrator issued a Class Determination Award in which she certified for a class-wide hearing Claimants’ disparate impact declaratory and injunctive relief class claim under Title VII, with a class period of July 22, 2004 through date of trial for the Claimants’ compensation claims and December 7, 2004 through date of trial for Claimants’ promotion claims. The arbitrator otherwise denied Claimants’ motion to certify a disparate treatment class alleged under Title VII, denied a disparate impact monetary damages class alleged under Title VII, and denied an opt-out monetary damages class under the Equal Pay Act. On February 9, 2015, Claimants filed an Emergency Motion To Restrict Communications With The Certified Class And For Corrective Notice. SJI filed its opposition to Claimants’ emergency motion on February 17, 2015, and a hearing was held on February 18, 2015. Claimants' motion was granted in part and denied in part in an order issued on March 16, 2015. Claimants filed a Motion for Reconsideration Regarding Title VII Claims for Disparate Treatment in Compensation on February 11, 2015. SJI filed its opposition to Claimants’ Motion for Reconsideration on March 4, 2015. Claimants’ reply was filed on March 16, 2015. Claimants’ Motion was denied in an order issued April 27, 2015. Claimants filed Claimants’ Motion for Conditional Certification of Claimants’ Equal Pay Act Claims and Authorization of Notice on March 6, 2015. SJI’s opposition was filed on May 1, 2015 and Claimants’ reply is due on June 5, 2015. SJI filed with the US District Court for the Southern District of New York a Motion to Vacate the Arbitrator’s Class Certification Award on March 3, 2015. Claimants’ opposition was filed on March 23, 2015 and SJI’s reply was filed on April 3, 2015. SJI’s motion was heard on May 4, 2015. On April 6, 2015, Claimants filed Claimants’ Motion for Clarification or in the Alternative Motion for Stay of the Effect of the Class Certification Award as to the Individual Intentional Discrimination Claims. SJI filed its opposition on May 12, 2015. Claimants’ reply was filed on May 22, 2015. | |
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 parties have fully briefed the appeal and oral argument occurred on May 5, 2015. | |
SJI denies the allegations of the Claimants and EEOC 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. The deadline to opt-out of the proposed settlement was January 26, 2015 and final approval of the settlement was granted on March 9, 2015. | |
The Company is investigating the underlying allegations of the Naomi Tapia v. Zale Corporation matter and intends to vigorously defend its position against them. At this point, no outcome or possible loss or range of losses, if any, arising from the litigation is able to be estimated. | |
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. The defendant's motion to dismiss was heard by the Court of Chancery on May 20, 2015. | |
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. “Fair value” under Section 8 Del. C. 262(h) is “exclusive of any element of value arising from the accomplishment or expectation of the merger or consolidation, together with interest, if any, to be paid upon the amount determined to be the fair value.” Section 8 Del. C. § 262 provides that unless the Court in its discretion determines otherwise for good cause shown, interest from the effective date of the merger through the date of payment of the judgment shall be compounded quarterly and shall accrue at 5% over the Federal Reserve discount rate (including any surcharge) as established from time to time during the period between the effective date of the merger and the date of payment of the judgment. | |
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 parties have agreed to a trial in this matter on October 8, 9, 26, and 27, 2015, subject to final order of the Court. | |
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. |
Condensed_consolidating_financ
Condensed consolidating financial information | 3 Months Ended | |||||||||||||||||||||||
2-May-15 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||
Condensed consolidating financial information | 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 intra-entity activity and balances. | ||||||||||||||||||||||||
Condensed Consolidated Income Statement | ||||||||||||||||||||||||
For the 13 week period ended May 2, 2015 | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | |||||||||||||||||||||
Limited | Subsidiaries | |||||||||||||||||||||||
Sales | $ | — | $ | — | $ | 1,511.00 | $ | 19.6 | $ | — | $ | 1,530.60 | ||||||||||||
Cost of sales | — | — | (961.0 | ) | (3.7 | ) | — | (964.7 | ) | |||||||||||||||
Gross margin | — | — | 550 | 15.9 | — | 565.9 | ||||||||||||||||||
Selling, general and administrative expenses | (0.3 | ) | — | (444.2 | ) | (8.7 | ) | — | (453.2 | ) | ||||||||||||||
Other operating income, net | — | — | 63.5 | — | — | 63.5 | ||||||||||||||||||
Operating (loss) income | (0.3 | ) | — | 169.3 | 7.2 | — | 176.2 | |||||||||||||||||
Intra-entity interest income (expense) | — | 4.7 | (46.1 | ) | 41.4 | — | — | |||||||||||||||||
Interest expense, net | — | (4.9 | ) | (3.5 | ) | (2.6 | ) | — | (11.0 | ) | ||||||||||||||
(Loss) income before income taxes | (0.3 | ) | (0.2 | ) | 119.7 | 46 | — | 165.2 | ||||||||||||||||
Income taxes | — | — | (48.5 | ) | 2.1 | — | (46.4 | ) | ||||||||||||||||
Equity in income of subsidiaries | 119.1 | — | 76 | 77.2 | (272.3 | ) | — | |||||||||||||||||
Net income (loss) | $ | 118.8 | $ | (0.2 | ) | $ | 147.2 | $ | 125.3 | $ | (272.3 | ) | $ | 118.8 | ||||||||||
Condensed Consolidated Income Statement | ||||||||||||||||||||||||
For the 13 week period ended May 3, 2014 | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | |||||||||||||||||||||
Limited | Subsidiaries | |||||||||||||||||||||||
Sales | $ | — | $ | — | $ | 1,043.70 | $ | 12.4 | $ | — | $ | 1,056.10 | ||||||||||||
Cost of sales | — | — | (647.6 | ) | (1.3 | ) | — | (648.9 | ) | |||||||||||||||
Gross margin | — | — | 396.1 | 11.1 | — | 407.2 | ||||||||||||||||||
Selling, general and administrative expenses | (0.4 | ) | — | (303.8 | ) | (6.3 | ) | — | (310.5 | ) | ||||||||||||||
Other operating income, net | — | — | 52 | 2 | — | 54 | ||||||||||||||||||
Operating (loss) income | (0.4 | ) | — | 144.3 | 6.8 | — | 150.7 | |||||||||||||||||
Intra-entity interest (expense) income | — | — | (7.0 | ) | 7 | — | — | |||||||||||||||||
Interest expense, net | — | — | (1.8 | ) | — | — | (1.8 | ) | ||||||||||||||||
(Loss) income before income taxes | (0.4 | ) | — | 135.5 | 13.8 | — | 148.9 | |||||||||||||||||
Income taxes | — | — | (55.9 | ) | 3.6 | — | (52.3 | ) | ||||||||||||||||
Equity in income of subsidiaries | 97 | — | 91.2 | 80.8 | (269.0 | ) | — | |||||||||||||||||
Net income (loss) | $ | 96.6 | $ | — | $ | 170.8 | $ | 98.2 | $ | (269.0 | ) | $ | 96.6 | |||||||||||
Condensed Consolidated Statement of Comprehensive Income | ||||||||||||||||||||||||
For the 13 week period ended May 2, 2015 | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | |||||||||||||||||||||
Limited | Subsidiaries | |||||||||||||||||||||||
Net income (loss) | $ | 118.8 | $ | (0.2 | ) | $ | 147.2 | $ | 125.3 | $ | (272.3 | ) | $ | 118.8 | ||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Foreign currency translation adjustments | 7.5 | — | 7.5 | — | (7.5 | ) | 7.5 | |||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Unrealized loss | (0.1 | ) | — | — | (0.1 | ) | 0.1 | (0.1 | ) | |||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Unrealized gain (loss) | (5.9 | ) | — | (5.9 | ) | — | 5.9 | (5.9 | ) | |||||||||||||||
Reclassification adjustment for losses to net income | 0.5 | — | 0.5 | — | (0.5 | ) | 0.5 | |||||||||||||||||
Pension plan: | ||||||||||||||||||||||||
Reclassification adjustment to net income for amortization of actuarial loss | 0.7 | — | 0.7 | — | (0.7 | ) | 0.7 | |||||||||||||||||
Reclassification adjustment to net income for amortization of prior service credits | (0.4 | ) | — | (0.4 | ) | — | 0.4 | (0.4 | ) | |||||||||||||||
Total other comprehensive income | 2.3 | — | 2.4 | (0.1 | ) | (2.3 | ) | 2.3 | ||||||||||||||||
Total comprehensive income (loss) | $ | 121.1 | $ | (0.2 | ) | $ | 149.6 | $ | 125.2 | $ | (274.6 | ) | $ | 121.1 | ||||||||||
Condensed Consolidated Statement of Comprehensive Income | ||||||||||||||||||||||||
For the 13 week period ended May 3, 2014 | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | |||||||||||||||||||||
Limited | Subsidiaries | |||||||||||||||||||||||
Net income (loss) | $ | 96.6 | $ | — | $ | 170.8 | $ | 98.2 | $ | (269.0 | ) | $ | 96.6 | |||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | 10.9 | (1.8 | ) | 0.5 | 9.6 | |||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Unrealized gain | — | — | 0.3 | — | — | 0.3 | ||||||||||||||||||
Reclassification adjustment for losses to net income | — | — | 4.7 | — | — | 4.7 | ||||||||||||||||||
Pension plan: | ||||||||||||||||||||||||
Reclassification adjustment to net income for amortization of actuarial loss | — | — | 0.4 | — | — | 0.4 | ||||||||||||||||||
Reclassification adjustment to net income for amortization of prior service credits | — | — | (0.3 | ) | — | — | (0.3 | ) | ||||||||||||||||
Total other comprehensive (loss) income | — | — | 16 | (1.8 | ) | 0.5 | 14.7 | |||||||||||||||||
Total comprehensive income | $ | 96.6 | $ | — | $ | 186.8 | $ | 96.4 | $ | (268.5 | ) | $ | 111.3 | |||||||||||
Condensed Consolidated Balance Sheet | ||||||||||||||||||||||||
May 2, 2015 | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | |||||||||||||||||||||
Limited | Subsidiaries | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 0.9 | $ | 0.1 | $ | 110.4 | $ | 11.2 | $ | — | $ | 122.6 | ||||||||||||
Accounts receivable, net | — | — | 1,498.30 | 1.6 | — | 1,499.90 | ||||||||||||||||||
Intra-entity receivables, net | 85.9 | — | — | 90.3 | (176.2 | ) | — | |||||||||||||||||
Other receivables | — | — | 45.4 | 11.1 | — | 56.5 | ||||||||||||||||||
Other current assets | 0.4 | 0.7 | 126 | 5.3 | — | 132.4 | ||||||||||||||||||
Deferred tax assets | — | — | 5.4 | 0.3 | — | 5.7 | ||||||||||||||||||
Income taxes | — | — | 5.3 | — | — | 5.3 | ||||||||||||||||||
Inventories | — | — | 2,407.20 | 80.6 | — | 2,487.80 | ||||||||||||||||||
Total current assets | 87.2 | 0.8 | 4,198.00 | 200.4 | (176.2 | ) | 4,310.20 | |||||||||||||||||
Non-current assets: | ||||||||||||||||||||||||
Property, plant and equipment, net | — | — | 663.2 | 5.5 | — | 668.7 | ||||||||||||||||||
Goodwill | — | — | 517.1 | 3.6 | — | 520.7 | ||||||||||||||||||
Intangible assets, net | — | — | 445.9 | — | — | 445.9 | ||||||||||||||||||
Investment in subsidiaries | 2,822.70 | — | 541.5 | 523.9 | (3,888.1 | ) | — | |||||||||||||||||
Intra-entity receivables, net | — | 407.3 | — | 3,484.80 | (3,892.1 | ) | — | |||||||||||||||||
Other assets | — | 5.6 | 109.5 | 26 | — | 141.1 | ||||||||||||||||||
Deferred tax assets | — | — | 119.8 | 0.1 | — | 119.9 | ||||||||||||||||||
Retirement benefit asset | — | — | 38.1 | — | — | 38.1 | ||||||||||||||||||
Total assets | $ | 2,909.90 | $ | 413.7 | $ | 6,633.10 | $ | 4,244.30 | $ | (7,956.4 | ) | $ | 6,244.60 | |||||||||||
Liabilities and Shareholders’ equity | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | — | $ | 44.8 | $ | — | $ | — | $ | 44.8 | ||||||||||||
Accounts payable | — | — | 252.2 | 4.3 | — | 256.5 | ||||||||||||||||||
Intra-entity payables, net | — | — | 176.2 | — | (176.2 | ) | — | |||||||||||||||||
Accrued expenses and other current liabilities | 18 | 7.1 | 386.7 | 8.7 | — | 420.5 | ||||||||||||||||||
Deferred revenue | — | — | 244 | — | — | 244 | ||||||||||||||||||
Deferred tax liabilities | — | — | 158.9 | — | — | 158.9 | ||||||||||||||||||
Income taxes | — | — | 28.2 | 0.1 | — | 28.3 | ||||||||||||||||||
Total current liabilities | 18 | 7.1 | 1,291.00 | 13.1 | (176.2 | ) | 1,153.00 | |||||||||||||||||
Non-current liabilities: | ||||||||||||||||||||||||
Long-term debt | — | 398.5 | 357.7 | 600 | — | 1,356.20 | ||||||||||||||||||
Intra-entity payables, net | — | — | 3,892.10 | — | (3,892.1 | ) | — | |||||||||||||||||
Other liabilities | — | — | 216.8 | 7.6 | — | 224.4 | ||||||||||||||||||
Deferred revenue | — | — | 597.3 | — | — | 597.3 | ||||||||||||||||||
Deferred tax liabilities | — | — | 21.8 | — | — | 21.8 | ||||||||||||||||||
Total liabilities | 18 | 405.6 | 6,376.70 | 620.7 | (4,068.3 | ) | 3,352.70 | |||||||||||||||||
Total shareholders’ equity | 2,891.90 | 8.1 | 256.4 | 3,623.60 | (3,888.1 | ) | 2,891.90 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,909.90 | $ | 413.7 | $ | 6,633.10 | $ | 4,244.30 | $ | (7,956.4 | ) | $ | 6,244.60 | |||||||||||
Condensed Consolidated Balance Sheet | ||||||||||||||||||||||||
January 31, 2015 | ||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | |||||||||||||||||||||
Limited | Subsidiaries | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 2.1 | $ | 0.1 | $ | 166.5 | $ | 24.9 | $ | — | $ | 193.6 | ||||||||||||
Accounts receivable, net | — | — | 1,566.20 | 1.4 | — | 1,567.60 | ||||||||||||||||||
Intra-entity receivables, net | 121.6 | — | — | 61.8 | (183.4 | ) | — | |||||||||||||||||
Other receivables | — | — | 53.9 | 9.7 | — | 63.6 | ||||||||||||||||||
Other current assets | 0.1 | 0.7 | 130.9 | 5.5 | — | 137.2 | ||||||||||||||||||
Deferred tax assets | — | — | 4.3 | 0.2 | — | 4.5 | ||||||||||||||||||
Income taxes | — | — | 1.8 | — | — | 1.8 | ||||||||||||||||||
Inventories | — | — | 2,376.60 | 62.4 | — | 2,439.00 | ||||||||||||||||||
Total current assets | 123.8 | 0.8 | 4,300.20 | 165.9 | (183.4 | ) | 4,407.30 | |||||||||||||||||
Non-current assets: | ||||||||||||||||||||||||
Property, plant and equipment, net | — | — | 660.2 | 5.7 | — | 665.9 | ||||||||||||||||||
Goodwill | — | — | 515.6 | 3.6 | — | 519.2 | ||||||||||||||||||
Intangible assets | — | — | 447.1 | — | — | 447.1 | ||||||||||||||||||
Investment in subsidiaries | 2,701.30 | — | 462.8 | 421.7 | (3,585.8 | ) | — | |||||||||||||||||
Intra-entity receivables, net | — | 402.4 | — | 3,490.00 | (3,892.4 | ) | — | |||||||||||||||||
Other assets | — | 5.8 | 105.3 | 28.9 | — | 140 | ||||||||||||||||||
Deferred tax assets | — | — | 111 | 0.1 | — | 111.1 | ||||||||||||||||||
Retirement benefit asset | — | — | 37 | — | — | 37 | ||||||||||||||||||
Total assets | $ | 2,825.10 | $ | 409 | $ | 6,639.20 | $ | 4,115.90 | $ | (7,661.6 | ) | $ | 6,327.60 | |||||||||||
Liabilities and Shareholders’ equity | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | — | $ | 97.5 | $ | — | $ | — | $ | 97.5 | ||||||||||||
Accounts payable | — | — | 273.4 | 4.3 | — | 277.7 | ||||||||||||||||||
Intra-entity payables, net | — | — | 183.4 | — | (183.4 | ) | — | |||||||||||||||||
Accrued expenses and other current liabilities | 14.7 | 2.4 | 456.7 | 8.6 | — | 482.4 | ||||||||||||||||||
Deferred revenue | — | — | 248 | — | — | 248 | ||||||||||||||||||
Deferred tax liabilities | — | — | 145.8 | — | — | 145.8 | ||||||||||||||||||
Income taxes | — | (0.2 | ) | 87.7 | (0.6 | ) | — | 86.9 | ||||||||||||||||
Total current liabilities | 14.7 | 2.2 | 1,492.50 | 12.3 | (183.4 | ) | 1,338.30 | |||||||||||||||||
Non-current liabilities: | ||||||||||||||||||||||||
Long-term debt | — | 398.5 | 365.3 | 600 | — | 1,363.80 | ||||||||||||||||||
Intra-entity payables, net | — | — | 3,892.40 | — | (3,892.4 | ) | — | |||||||||||||||||
Other liabilities | — | — | 222 | 8.2 | — | 230.2 | ||||||||||||||||||
Deferred revenue | — | — | 563.9 | — | — | 563.9 | ||||||||||||||||||
Deferred tax liabilities | — | — | 21 | — | — | 21 | ||||||||||||||||||
Total liabilities | 14.7 | 400.7 | 6,557.10 | 620.5 | (4,075.8 | ) | 3,517.20 | |||||||||||||||||
Total shareholders’ equity | 2,810.40 | 8.3 | 82.1 | 3,495.40 | (3,585.8 | ) | 2,810.40 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,825.10 | $ | 409 | $ | 6,639.20 | $ | 4,115.90 | $ | (7,661.6 | ) | $ | 6,327.60 | |||||||||||
Condensed Consolidated Balance Sheet | ||||||||||||||||||||||||
May 3, 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 | $ | 1.7 | $ | — | $ | 226.7 | $ | 20.7 | $ | — | $ | 249.1 | ||||||||||||
Accounts receivable, net | — | — | 1,299.40 | 8.8 | — | 1,308.20 | ||||||||||||||||||
Intra-entity receivables, net | 24.3 | — | — | 233.5 | (257.8 | ) | — | |||||||||||||||||
Other receivables | — | — | 46 | 1.1 | — | 47.1 | ||||||||||||||||||
Other current assets | 0.1 | — | 90.5 | 0.4 | — | 91 | ||||||||||||||||||
Deferred tax assets | — | — | 2.5 | 0.2 | — | 2.7 | ||||||||||||||||||
Income taxes | — | — | 10.1 | 0.6 | — | 10.7 | ||||||||||||||||||
Inventories | — | — | 1,469.40 | 54.5 | — | 1,523.90 | ||||||||||||||||||
Total current assets | 26.1 | — | 3,144.60 | 319.8 | (257.8 | ) | 3,232.70 | |||||||||||||||||
Non-current assets: | ||||||||||||||||||||||||
Property, plant and equipment, net | — | — | 487.8 | 6.2 | — | 494 | ||||||||||||||||||
Goodwill | — | — | 23.2 | 3.6 | — | 26.8 | ||||||||||||||||||
Investment in subsidiaries | 2,634.00 | — | 1,559.90 | 1,243.90 | (5,437.8 | ) | — | |||||||||||||||||
Intra-entity receivables, net | — | — | — | 1,098.00 | (1,098.0 | ) | — | |||||||||||||||||
Other assets | — | — | 93.5 | — | — | 93.5 | ||||||||||||||||||
Deferred tax assets | — | — | 114.8 | — | — | 114.8 | ||||||||||||||||||
Retirement benefit asset | — | — | 59.8 | — | — | 59.8 | ||||||||||||||||||
Total assets | $ | 2,660.10 | $ | — | $ | 5,483.60 | $ | 2,671.50 | $ | (6,793.6 | ) | $ | 4,021.60 | |||||||||||
Liabilities and Shareholders’ equity | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | — | $ | 8.8 | $ | — | $ | — | $ | 8.8 | ||||||||||||
Accounts payable | — | — | 162.9 | 0.2 | — | 163.1 | ||||||||||||||||||
Intra-entity payables, net | — | — | 257.8 | — | (257.8 | ) | — | |||||||||||||||||
Accrued expenses and other current liabilities | 16.3 | — | 274.2 | 3.3 | — | 293.8 | ||||||||||||||||||
Deferred revenue | — | — | 174.4 | — | — | 174.4 | ||||||||||||||||||
Deferred tax liabilities | — | — | 123.9 | — | — | 123.9 | ||||||||||||||||||
Income taxes | — | — | 35.7 | (3.5 | ) | — | 32.2 | |||||||||||||||||
Total current liabilities | 16.3 | — | 1,037.70 | — | (257.8 | ) | 796.2 | |||||||||||||||||
Non-current liabilities: | ||||||||||||||||||||||||
Deferred tax liabilities | — | — | 2.7 | — | — | 2.7 | ||||||||||||||||||
Intra-entity payables, net | — | — | 1,098.00 | — | (1,098.0 | ) | — | |||||||||||||||||
Other liabilities | — | — | 118.5 | 3.1 | — | 121.6 | ||||||||||||||||||
Deferred revenue | — | — | 457.3 | — | — | 457.3 | ||||||||||||||||||
Total liabilities | 16.3 | — | 2,714.20 | 3.1 | (1,355.8 | ) | 1,377.80 | |||||||||||||||||
Total shareholders’ equity | 2,643.80 | — | 2,769.40 | 2,668.40 | (5,437.8 | ) | 2,643.80 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,660.10 | $ | — | $ | 5,483.60 | $ | 2,671.50 | $ | (6,793.6 | ) | $ | 4,021.60 | |||||||||||
Condensed Consolidated Statement of Cash Flows | ||||||||||||||||||||||||
For the 13 week period ended May 2, 2015 | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | |||||||||||||||||||||
Limited | Subsidiaries | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (3.4 | ) | $ | 4.9 | $ | 54.4 | $ | 11.1 | $ | — | $ | 67 | |||||||||||
Investing activities | ||||||||||||||||||||||||
Purchase of property, plant and equipment | — | — | (42.9 | ) | — | — | (42.9 | ) | ||||||||||||||||
Investment in subsidiaries | — | — | — | — | — | — | ||||||||||||||||||
Purchase of available-for-sale securities | — | — | — | (1.4 | ) | — | (1.4 | ) | ||||||||||||||||
Proceeds from available-for-sale securities | — | — | — | 3.5 | — | 3.5 | ||||||||||||||||||
Net cash (used in) provided by investing activities | — | — | (42.9 | ) | 2.1 | — | (40.8 | ) | ||||||||||||||||
Financing activities | ||||||||||||||||||||||||
Dividends paid | (14.4 | ) | — | — | — | — | (14.4 | ) | ||||||||||||||||
Proceeds from issuance of common shares | 0.1 | — | — | — | — | 0.1 | ||||||||||||||||||
Excess tax benefit from exercise of share awards | — | — | 5.1 | — | — | 5.1 | ||||||||||||||||||
Proceeds from long-term debt | — | — | — | 638.2 | — | 638.2 | ||||||||||||||||||
Repayment of long-term debt | — | — | (5.0 | ) | (638.2 | ) | — | (643.2 | ) | |||||||||||||||
Repurchase of common shares | (19.1 | ) | — | — | — | — | (19.1 | ) | ||||||||||||||||
Net settlement of equity based awards | (8.7 | ) | — | — | — | — | (8.7 | ) | ||||||||||||||||
Capital lease payments | — | — | (0.3 | ) | — | — | (0.3 | ) | ||||||||||||||||
Proceeds from (repayment of) short-term borrowings | — | — | (55.0 | ) | — | — | (55.0 | ) | ||||||||||||||||
Intra-entity activity, net | 44.3 | (4.9 | ) | (12.5 | ) | (26.9 | ) | — | — | |||||||||||||||
Net cash (used in) provided by financing activities | 2.2 | (4.9 | ) | (67.7 | ) | (26.9 | ) | — | (97.3 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 2.1 | 0.1 | 166.5 | 24.9 | — | 193.6 | ||||||||||||||||||
(Decrease) increase in cash and cash equivalents | (1.2 | ) | — | (56.2 | ) | (13.7 | ) | — | (71.1 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 0.1 | — | — | 0.1 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | 0.9 | $ | 0.1 | $ | 110.4 | $ | 11.2 | $ | — | $ | 122.6 | ||||||||||||
Condensed Consolidated Statement of Cash Flows | ||||||||||||||||||||||||
For the 13 week period ended May 3, 2014 | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | |||||||||||||||||||||
Limited | Subsidiaries | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (0.5 | ) | $ | — | $ | 62.4 | $ | 11.6 | $ | — | $ | 73.5 | |||||||||||
Investing activities | ||||||||||||||||||||||||
Purchase of property, plant and equipment | — | — | (27.8 | ) | (0.3 | ) | — | (28.1 | ) | |||||||||||||||
Net cash used in investing activities | — | — | (27.8 | ) | (0.3 | ) | — | (28.1 | ) | |||||||||||||||
Financing activities | ||||||||||||||||||||||||
Dividends paid | (12.0 | ) | — | — | — | — | (12.0 | ) | ||||||||||||||||
Intra-entity dividends paid | — | — | 1.1 | (1.1 | ) | — | — | |||||||||||||||||
Proceeds from issuance of common shares | 1 | — | — | — | — | 1 | ||||||||||||||||||
Excess tax benefit from exercise of share awards | — | — | 7.7 | — | — | 7.7 | ||||||||||||||||||
Repurchase of common shares | (11.4 | ) | — | — | — | — | (11.4 | ) | ||||||||||||||||
Net settlement of equity based awards | (15.3 | ) | — | — | — | — | (15.3 | ) | ||||||||||||||||
Payment of debt issuance costs | — | — | (3.0 | ) | — | — | (3.0 | ) | ||||||||||||||||
Repayment of short-term borrowings | — | — | (10.5 | ) | — | — | (10.5 | ) | ||||||||||||||||
Intra-entity activity, net | 38.5 | — | (42.4 | ) | 3.9 | — | — | |||||||||||||||||
Net cash used in financing activities | 0.8 | — | (47.1 | ) | 2.8 | — | (43.5 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | 1.4 | — | 237 | 9.2 | — | 247.6 | ||||||||||||||||||
Decrease in cash and cash equivalents | 0.3 | — | (12.5 | ) | 14.1 | — | 1.9 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 2.2 | (2.6 | ) | — | (0.4 | ) | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 1.7 | $ | — | $ | 226.7 | $ | 20.7 | $ | — | $ | 249.1 | ||||||||||||
Organization_and_principal_acc1
Organization and principal accounting policies (Policies) | 3 Months Ended |
2-May-15 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of preparation | Basis of preparation |
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 January 31, 2015. | |
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 accounts receivables, inventories, deferred revenue, derivatives, employee benefits, income taxes, contingencies, and asset impairments, as well as estimates utilized for the depreciation and amortization of long-lived assets and the accounting for business combinations. | |
Foreign currency transactions | Foreign currency translation |
The financial position and operating results of foreign operations are consolidated using the local currency as the functional currency. Assets and liabilities are translated at the rates of exchange on the balance sheet date, and revenues and expenses are translated at the monthly average rates of exchange during the period. Resulting translation gains or losses are included in the accompanying condensed consolidated statements of equity as a component of accumulated other comprehensive income (loss) (“AOCI”). Gains or losses resulting from foreign currency transactions are included within the condensed consolidated income statements, whereas translation adjustments and gains or losses related to intercompany loans of a long-term investment nature are recognized as a component of AOCI. | |
Revenue recognition | Revenue recognition |
Extended service plans and lifetime warranty agreements | |
The Company 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, subject to certain conditions, to perform repair work over the lifetime of the product. Revenue from the sale of these lifetime extended service plans is deferred and recognized over 14 years, with approximately 43% of revenue recognized within the first two years (January 31, 2015: 45%; May 3, 2014: 45%). | |
The Sterling Jewelers division also sells a Jewelry Replacement Plan (“JRP”). The JRP is designed to protect customers from damage or defects of purchased merchandise for a period of three years. If the purchased merchandise is defective or becomes damaged under normal use in that time period, the item will be replaced. JRP revenue is deferred and recognized on a straight-line basis over the period of expected claims costs. | |
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 (January 31, 2015: 69%). 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. | |
Signet also sells warranty agreements in the capacity of an agent on behalf of a third-party. The commission that Signet receives from the third-party is recognized at the time of sale less an estimate of cancellations based on historical experience. | |
Reclassification | Reclassification |
The Company has reclassified the presentation of certain prior year amounts to conform to the current year presentation. See Note 6. | |
New accounting pronouncements | 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 the Company's financial position or results of operations. | |
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 does not expect the adoption of this guidance to have a material impact on the Company's financial position or results of operations. | |
Debt issuance costs | |
In April 2015, the FASB issued ASU No. 2015-03, “Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” The new guidance requires that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the debt liability, similar to the presentation of debt discounts. ASU No. 2015-03 is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015, with early adoption permitted. Signet does not expect the adoption of this guidance to have a material impact on the Company's financial position or results of operations. |
Acquisitions_Tables
Acquisitions (Tables) | 3 Months Ended | |||||
2-May-15 | ||||||
Business Combinations [Abstract] | ||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the consideration transferred in conjunction with the Acquisition as of May 29, 2014: | |||||
(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. During the fourth quarter of Fiscal 2015, the Company finalized the valuation of net assets acquired. The following table summarizes the fair values identified for the assets acquired and liabilities assumed in the Acquisition as of May 29, 2014: | ||||||
(in millions) | Fair values | |||||
Cash and cash equivalents | $ | 28.8 | ||||
Inventories | 856.7 | |||||
Other current assets | 22.4 | |||||
Property, plant and equipment | 103.6 | |||||
Intangible assets: | ||||||
Trade names | 417 | |||||
Favorable leases | 50.2 | |||||
Deferred tax assets | 132.8 | |||||
Other assets | 25.4 | |||||
Current liabilities(1) | (206.3 | ) | ||||
Deferred revenue | (93.3 | ) | ||||
Unfavorable leases | (50.5 | ) | ||||
Unfavorable contracts | (65.6 | ) | ||||
Deferred tax liabilities | (234.0 | ) | ||||
Other liabilities | (28.6 | ) | ||||
Fair value of net assets acquired | 958.6 | |||||
Goodwill | 499.4 | |||||
Total consideration transferred | $ | 1,458.00 | ||||
(1) Includes loans and overdrafts, accounts payable, income taxes payable, accrued expenses and other current liabilities. | ||||||
Pro Forma Information | The following unaudited consolidated pro forma information summarizes the results of operations of the Company as if the Acquisition and related issuance of $1,400.0 million of long-term debt (see Note 17) 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. | |||||
13 weeks ended | ||||||
(in millions, except per share amounts) | May 3, 2014 | |||||
Pro forma sales | $ | 1,479.40 | ||||
Pro forma net income | $ | 115 | ||||
Pro forma earnings per share – basic | $ | 1.44 | ||||
Pro forma earnings per share – diluted | $ | 1.43 | ||||
Segment_information_Tables
Segment information (Tables) | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Segment Reporting Information, By Segment | Other consists of all non-reportable operating segments including subsidiaries involved in the purchasing and conversion of rough diamonds to polished stones and unallocated corporate administrative functions that are below the quantifiable threshold for separate disclosure as a reportable segment. | |||||||||||
13 weeks ended | ||||||||||||
(in millions) | May 2, 2015 | May 3, 2014 | ||||||||||
Sales: | ||||||||||||
Sterling Jewelers | $ | 944.2 | $ | 903.5 | ||||||||
Zale Jewelry | 372.9 | n/a | ||||||||||
Piercing Pagoda | 64.2 | n/a | ||||||||||
UK Jewelry | 146.5 | 151.7 | ||||||||||
Other | 2.8 | 0.9 | ||||||||||
Total sales | $ | 1,530.60 | $ | 1,056.10 | ||||||||
Operating income (loss): | ||||||||||||
Sterling Jewelers | $ | 178.2 | $ | 166.3 | ||||||||
Zale Jewelry(1) | 10.4 | n/a | ||||||||||
Piercing Pagoda(2) | 5.1 | n/a | ||||||||||
UK Jewelry | 0.5 | — | ||||||||||
Other(3) | (18.0 | ) | (15.6 | ) | ||||||||
Total operating income | $ | 176.2 | $ | 150.7 | ||||||||
(1) | Includes net operating loss of $9.1 million related to the effects of purchase accounting associated with the acquisition of Zale Corporation for the 13 weeks ended May 2, 2015. See Note 3 for additional information. | |||||||||||
(2) | Includes net operating loss of $2.3 million related to the effects of purchase accounting associated with the acquisition of Zale Corporation for the 13 weeks ended May 2, 2015. See Note 3 for additional information. | |||||||||||
(3) | Includes $6.4 million and $8.4 million of transaction-related and integration expenses for the 13 weeks ended May 2, 2015 and May 3, 2014, respectively. Transaction costs include expenses associated with advisor fees for legal, tax, accounting and consulting expenses. | |||||||||||
n/a | Not applicable as Zale division was acquired on May 29, 2014. See Note 3 for additional information. | |||||||||||
Sales By Product | ||||||||||||
(in millions) | May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||
Total assets: | ||||||||||||
Sterling Jewelers | $ | 3,639.50 | $ | 3,647.30 | $ | 3,263.80 | ||||||
Zale Jewelry | 1,893.90 | 1,903.60 | n/a | |||||||||
Piercing Pagoda | 128 | 132.8 | n/a | |||||||||
UK Jewelry | 427.7 | 413.5 | 493.2 | |||||||||
Other | 155.5 | 230.4 | 264.6 | |||||||||
Total assets | $ | 6,244.60 | $ | 6,327.60 | $ | 4,021.60 | ||||||
n/a Not applicable as Zale division was acquired on May 29, 2014. See Note 3 for additional information. |
Earnings_per_share_Tables
Earnings per share (Tables) | 3 Months Ended | |||||||
2-May-15 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings per share | ||||||||
13 weeks ended | ||||||||
(in millions, except per share amounts) | May 2, 2015 | May 3, 2014 | ||||||
Net income | $ | 118.8 | $ | 96.6 | ||||
Basic weighted average number of shares outstanding | 80 | 79.9 | ||||||
Dilutive effect of share awards | 0.2 | 0.4 | ||||||
Diluted weighted average number of shares outstanding | 80.2 | 80.3 | ||||||
Earnings per share – basic | $ | 1.49 | $ | 1.21 | ||||
Earnings per share – diluted | $ | 1.48 | $ | 1.2 | ||||
Shareholders_equity_Tables
Shareholders' equity (Tables) | 3 Months Ended | |||||||||||||||||||||||||
2-May-15 | ||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||
Class of Treasury Stock | Share repurchase | |||||||||||||||||||||||||
13 weeks ended May 2, 2015 | 13 weeks ended May 3, 2014 | |||||||||||||||||||||||||
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 | 160,298 | $ | 21.9 | (2) | $ | 136.84 | 126,468 | $ | 12.9 | (2) | $ | 102.1 | ||||||||||||
(1) | On June 14, 2013, the Board 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 $243.7 million remaining as of May 2, 2015. | |||||||||||||||||||||||||
(2) | As of May 2, 2015 and May 3, 2014, $2.8 million and $1.5 million, respectively, has been recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting shares repurchased but not yet settled and paid for by the end of the quarter. | |||||||||||||||||||||||||
Schedule of Dividends | Dividends | |||||||||||||||||||||||||
May 2, 2015 | May 3, 2014 | |||||||||||||||||||||||||
(in millions, except per share amounts) | Cash dividend | Total | Cash dividend | Total | ||||||||||||||||||||||
per share | dividends | per share | dividends | |||||||||||||||||||||||
First quarter(1) | $ | 0.22 | $ | 17.6 | (2) | $ | 0.18 | $ | 14.4 | (2) | ||||||||||||||||
(1) | Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As a result, the dividend declared in the fourth quarter of Fiscal 2015 of $0.18 per share was paid on February 26, 2015 in the aggregate of $14.4 million. | |||||||||||||||||||||||||
(2) | As of May 2, 2015 and May 3, 2014, $17.6 million and $14.4 million, respectively, has been recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends declared for the first quarter of Fiscal 2016 and Fiscal 2015, respectively. |
Accumulated_other_comprehensiv1
Accumulated other comprehensive income (loss) (Tables) | 3 Months Ended | |||||||||||||||||||||||
2-May-15 | ||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | The following tables present the changes in AOCI by component and the reclassifications out of AOCI, net of tax: | |||||||||||||||||||||||
Pension plan | ||||||||||||||||||||||||
(in millions) | Foreign | Losses on available-for-sale securities, net | Gains (losses) | Actuarial | Prior | Accumulated | ||||||||||||||||||
currency | on cash flow | gains | service | other | ||||||||||||||||||||
translation | hedges | (losses) | credit | comprehensive | ||||||||||||||||||||
(cost) | (loss) income | |||||||||||||||||||||||
Balance at January 31, 2015 | $ | (197.6 | ) | $ | — | $ | 4.4 | $ | (56.7 | ) | $ | 13.3 | $ | (236.6 | ) | |||||||||
Other comprehensive income ("OCI") before reclassifications | 7.5 | (0.1 | ) | (5.9 | ) | — | — | 1.5 | ||||||||||||||||
Amounts reclassified from accumulated OCI to earnings | — | — | 0.5 | 0.7 | (0.4 | ) | 0.8 | |||||||||||||||||
Net current-period OCI | 7.5 | (0.1 | ) | (5.4 | ) | 0.7 | (0.4 | ) | 2.3 | |||||||||||||||
Balance at May 2, 2015 | $ | (190.1 | ) | $ | (0.1 | ) | $ | (1.0 | ) | $ | (56.0 | ) | $ | 12.9 | $ | (234.3 | ) | |||||||
Reclassification out of Accumulated Other Comprehensive Income | The amounts reclassified from AOCI, by individual component, were as follows: | |||||||||||||||||||||||
Amounts reclassified from AOCI | ||||||||||||||||||||||||
13 weeks ended | ||||||||||||||||||||||||
(in millions) | May 2, 2015 | May 3, 2014 | Income statement caption | |||||||||||||||||||||
Losses on cash flow hedges: | ||||||||||||||||||||||||
Foreign currency contracts | $ | 0.1 | $ | — | Cost of sales (see Note 14) | |||||||||||||||||||
Interest rate swaps | 0.3 | — | Interest expense, net (see Note 14) | |||||||||||||||||||||
Commodity contracts | 0.3 | 7.4 | Cost of sales (see Note 14) | |||||||||||||||||||||
Total before income tax | 0.7 | 7.4 | ||||||||||||||||||||||
Income taxes | (0.2 | ) | (2.7 | ) | ||||||||||||||||||||
Net of tax | 0.5 | 4.7 | ||||||||||||||||||||||
Defined benefit pension plan items: | ||||||||||||||||||||||||
Amortization of unrecognized net prior service credit | (0.5 | ) | (0.4 | ) | Selling, general and administrative expenses(1) | |||||||||||||||||||
Amortization of unrecognized actuarial loss | 0.8 | 0.5 | Selling, general and administrative expenses(1) | |||||||||||||||||||||
Total before income tax | 0.3 | 0.1 | ||||||||||||||||||||||
Income taxes | — | — | ||||||||||||||||||||||
Net of tax | 0.3 | 0.1 | ||||||||||||||||||||||
Total reclassifications, net of tax | $ | 0.8 | $ | 4.8 | ||||||||||||||||||||
-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) | 3 Months Ended | |||||||||||||||||||||||
2-May-15 | ||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||
Accounts Receivable By Portfolio Segment, Net | ||||||||||||||||||||||||
(in millions) | May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||||||||||||||
Accounts receivable by portfolio segment, net: | ||||||||||||||||||||||||
Sterling Jewelers customer in-house finance receivables | $ | 1,489.40 | $ | 1,552.90 | $ | 1,294.80 | ||||||||||||||||||
Other accounts receivable | 10.5 | 14.7 | 13.4 | |||||||||||||||||||||
Total accounts receivable, net | $ | 1,499.90 | $ | 1,567.60 | $ | 1,308.20 | ||||||||||||||||||
Allowance for Credit Losses on US Customer In-House Finance Receivables | The allowance for credit losses on Sterling Jewelers' customer in-house finance receivables is shown below: | |||||||||||||||||||||||
13 weeks ended | ||||||||||||||||||||||||
(in millions) | May 2, 2015 | May 3, 2014 | ||||||||||||||||||||||
Beginning balance: | $ | (113.1 | ) | $ | (97.8 | ) | ||||||||||||||||||
Charge-offs | 37.9 | 32.3 | ||||||||||||||||||||||
Recoveries | 10.4 | 8.5 | ||||||||||||||||||||||
Provision | (38.5 | ) | (30.8 | ) | ||||||||||||||||||||
Ending balance | $ | (103.3 | ) | $ | (87.8 | ) | ||||||||||||||||||
Ending receivable balance evaluated for impairment | 1,592.70 | 1,382.60 | ||||||||||||||||||||||
Sterling Jewelers customer in-house finance receivables, net | $ | 1,489.40 | $ | 1,294.80 | ||||||||||||||||||||
Credit Quality Indicator and Age Analysis of Past Due US Customer In-House Finance Receivables | The following tables summarize the credit quality indicator and age analysis of past due Sterling Jewelers' customer in-house finance receivables: | |||||||||||||||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | ||||||||||||||||||||||
(in millions) | Gross | Valuation | Gross | Valuation | Gross | Valuation | ||||||||||||||||||
allowance | allowance | allowance | ||||||||||||||||||||||
Performing: | ||||||||||||||||||||||||
Current, aged 0 – 30 days | $ | 1,290.90 | $ | (39.3 | ) | $ | 1,332.20 | $ | (41.1 | ) | $ | 1,130.80 | $ | (34.4 | ) | |||||||||
Past due, aged 31 – 90 days | 246.4 | (8.6 | ) | 271.1 | (9.3 | ) | 205.6 | (7.2 | ) | |||||||||||||||
Non Performing: | ||||||||||||||||||||||||
Past due, aged more than 90 days | 55.4 | (55.4 | ) | 62.7 | (62.7 | ) | 46.2 | (46.2 | ) | |||||||||||||||
$ | 1,592.70 | $ | (103.3 | ) | $ | 1,666.00 | $ | (113.1 | ) | $ | 1,382.60 | $ | (87.8 | ) | ||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | ||||||||||||||||||||||
(as a % of the ending receivable balance) | Gross | Valuation | Gross | Valuation | Gross | Valuation | ||||||||||||||||||
allowance | allowance | allowance | ||||||||||||||||||||||
Performing | 96.5 | % | 3.1 | % | 96.2 | % | 3.1 | % | 96.7 | % | 3.1 | % | ||||||||||||
Non Performing | 3.5 | % | 100 | % | 3.8 | % | 100 | % | 3.3 | % | 100 | % | ||||||||||||
100 | % | 6.5 | % | 100 | % | 6.8 | % | 100 | % | 6.4 | % |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||
Schedule of Inventory, Current | The following table summarizes the details of the Company's inventory: | |||||||||||
(in millions) | May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||
Raw materials | $ | 97.6 | $ | 75.2 | $ | 38 | ||||||
Finished goods | 2,390.20 | 2,363.80 | 1,485.90 | |||||||||
Total inventories | $ | 2,487.80 | $ | 2,439.00 | $ | 1,523.90 | ||||||
Goodwill_and_intangibles_Table
Goodwill and intangibles (Tables) | 3 Months Ended | |||||||||||||||||||||||||
2-May-15 | ||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||
Summary of Goodwill by Reporting Unit | The following table summarizes the Company’s goodwill by reportable segment: | |||||||||||||||||||||||||
(in millions) | Sterling | Zale | Piercing | UK Jewelry | Other | Total | ||||||||||||||||||||
Jewelers | Jewelry | Pagoda | ||||||||||||||||||||||||
Balance at February 1, 2014 | $ | 23.2 | $ | — | $ | — | $ | — | $ | 3.6 | $ | 26.8 | ||||||||||||||
Acquisitions | — | 499.4 | — | — | — | 499.4 | ||||||||||||||||||||
Impact of foreign exchange | — | (7.0 | ) | — | — | — | (7.0 | ) | ||||||||||||||||||
Balance at January 31, 2015 | 23.2 | 492.4 | — | — | 3.6 | 519.2 | ||||||||||||||||||||
Impact of foreign exchange | — | 1.5 | — | — | — | 1.5 | ||||||||||||||||||||
Balance at May 2, 2015 | $ | 23.2 | $ | 493.9 | $ | — | $ | — | $ | 3.6 | $ | 520.7 | ||||||||||||||
Schedule of Finite-Lived Intangible Assets | No other intangible assets or liabilities were recognized prior to the acquisition of Zale Corporation on May 29, 2014. The following table provides additional detail regarding the composition of intangible assets and liabilities as of May 2, 2015 and January 31, 2015: | |||||||||||||||||||||||||
May 2, 2015 | January 31, 2015 | |||||||||||||||||||||||||
(in millions) | Balance sheet location | Gross | Accumulated | Net | Gross | Accumulated | Net | |||||||||||||||||||
carrying | amortization | carrying | carrying | amortization | carrying | |||||||||||||||||||||
amount | amount | amount | amount | |||||||||||||||||||||||
Definite-lived intangible assets: | ||||||||||||||||||||||||||
Trade names | Intangible assets, net | $ | 1.5 | $ | (0.3 | ) | $ | 1.2 | $ | 1.5 | $ | (0.2 | ) | $ | 1.3 | |||||||||||
Favorable leases | Intangible assets, net | 48.6 | (12.6 | ) | 36 | 48.1 | (9.1 | ) | 39 | |||||||||||||||||
Total definite-lived intangible assets | 50.1 | (12.9 | ) | 37.2 | 49.6 | (9.3 | ) | 40.3 | ||||||||||||||||||
Indefinite-lived trade names | Intangible assets, net | 408.7 | — | 408.7 | 406.8 | — | 406.8 | |||||||||||||||||||
Total intangible assets, net | $ | 458.8 | $ | (12.9 | ) | $ | 445.9 | $ | 456.4 | $ | (9.3 | ) | $ | 447.1 | ||||||||||||
Definite-lived intangible liabilities: | ||||||||||||||||||||||||||
Unfavorable leases | Other liabilities | $ | (49.1 | ) | $ | 13.3 | $ | (35.8 | ) | $ | (48.7 | ) | $ | 9.7 | $ | (39.0 | ) | |||||||||
Unfavorable contracts | Other liabilities | $ | (65.6 | ) | $ | 19 | $ | (46.6 | ) | $ | (65.6 | ) | $ | 13.8 | $ | (51.8 | ) | |||||||||
Total intangible liabilities, net | $ | (114.7 | ) | $ | 32.3 | $ | (82.4 | ) | $ | (114.3 | ) | $ | 23.5 | $ | (90.8 | ) | ||||||||||
Other_assets_Tables
Other assets (Tables) | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||||||||||||
Other Assets | ||||||||||||
(in millions) | May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||
Deferred extended service plan costs | $ | 71.5 | $ | 69.7 | $ | 63.6 | ||||||
Investments | 23 | 25.2 | — | |||||||||
Other assets | 46.6 | 45.1 | 29.9 | |||||||||
Total other assets | $ | 141.1 | $ | 140 | $ | 93.5 | ||||||
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||
2-May-15 | ||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||
Schedule of available for sale securities | All investments are classified as available-for-sale and include the following: | |||||||||||||||||||||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | ||||||||||||||||||||||||||||
(in millions) | Cost | Unrealized Gain (Loss) | Fair Value | Cost | Unrealized Gain (Loss) | Fair Value | Cost | Unrealized Gain (Loss) | Fair Value | |||||||||||||||||||||
US Treasury securities | $ | 9.1 | $ | (0.1 | ) | $ | 9 | $ | 9.7 | $ | (0.1 | ) | $ | 9.6 | n/a | n/a | n/a | |||||||||||||
US government agency securities | 0.6 | (0.1 | ) | 0.5 | 1.4 | — | 1.4 | n/a | n/a | n/a | ||||||||||||||||||||
Corporate bonds and notes | 10 | 0.1 | 10.1 | 10.6 | 0.2 | 10.8 | n/a | n/a | n/a | |||||||||||||||||||||
Corporate equity securities | 3.4 | — | 3.4 | 3.5 | (0.1 | ) | 3.4 | n/a | n/a | n/a | ||||||||||||||||||||
Total investments | $ | 23.1 | $ | (0.1 | ) | $ | 23 | $ | 25.2 | $ | — | $ | 25.2 | n/a | n/a | n/a | ||||||||||||||
n/a Not applicable as all investments were acquired as part of the Acquisition on May 29, 2014. See Note 3 for additional information. | ||||||||||||||||||||||||||||||
Investments in debt securities outstanding as of May 2, 2015 mature as follows: | ||||||||||||||||||||||||||||||
(in millions) | Cost | Fair Value | ||||||||||||||||||||||||||||
Less than one year | $ | 0.7 | $ | 0.7 | ||||||||||||||||||||||||||
Year two through year five | 9.6 | 9.4 | ||||||||||||||||||||||||||||
Year six through year ten | 9.3 | 9.4 | ||||||||||||||||||||||||||||
After ten years | 0.1 | 0.1 | ||||||||||||||||||||||||||||
Total investment in debt securities | $ | 19.7 | $ | 19.6 | ||||||||||||||||||||||||||
Derivatives_Tables
Derivatives (Tables) | 3 Months Ended | |||||||||||||
2-May-15 | ||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following table summarizes the fair value and presentation of derivative instruments in the condensed consolidated balance sheets: | |||||||||||||
Fair value of derivative assets | ||||||||||||||
(in millions) | Balance sheet location | May 2, 2015 | January 31, 2015 | May 3, 2014 | ||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other current assets | $ | 0.4 | $ | 1 | $ | — | |||||||
Commodity contracts | Other current assets | 0.2 | 6.3 | 1.4 | ||||||||||
0.6 | 7.3 | 1.4 | ||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other current assets | — | 0.1 | — | ||||||||||
Total derivative assets | $ | 0.6 | $ | 7.4 | $ | 1.4 | ||||||||
Fair value of derivative liabilities | ||||||||||||||
(in millions) | Balance sheet location | May 2, 2015 | January 31, 2015 | May 3, 2014 | ||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other current liabilities | $ | — | $ | — | $ | (2.6 | ) | ||||||
Commodity contracts | Other current liabilities | (1.7 | ) | — | (0.2 | ) | ||||||||
Interest rate swaps | Other liabilities | (0.6 | ) | — | — | |||||||||
(2.3 | ) | — | (2.8 | ) | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||
Foreign currency contracts | Other current liabilities | (0.1 | ) | — | (0.2 | ) | ||||||||
Total derivative liabilities | $ | (2.4 | ) | $ | — | $ | (3.0 | ) | ||||||
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) | The following table summarizes the pre-tax gains (losses) recorded in AOCI for derivatives designated in cash flow hedging relationships: | |||||||||||||
(in millions) | May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||||
Foreign currency contracts | $ | 0.8 | $ | 0.9 | $ | (3.6 | ) | |||||||
Commodity contracts | (2.0 | ) | 5.7 | (9.4 | ) | |||||||||
Interest rate swaps | (0.6 | ) | — | — | ||||||||||
Total | $ | (1.8 | ) | $ | 6.6 | $ | (13.0 | ) | ||||||
Derivative Instruments, Gain (Loss) | The following table presents the effects of the Company’s derivatives instruments not designated as cash flow hedges in the condensed consolidated income statements: | |||||||||||||
Amount of gain (loss) recognized in income | ||||||||||||||
(in millions) | Income statement caption | 13 weeks ended | ||||||||||||
Derivatives not designated as hedging instruments: | May 2, 2015 | May 3, 2014 | ||||||||||||
Foreign currency contracts | Other operating income, net | $ | (0.3 | ) | $ | (1.6 | ) | |||||||
Total | $ | (0.3 | ) | $ | (1.6 | ) | ||||||||
The following tables summarize the effect of derivative instruments designated as cash flow hedges in OCI and the condensed consolidated income statements: | ||||||||||||||
Foreign currency contracts | ||||||||||||||
13 weeks ended | ||||||||||||||
(in millions) | Income statement caption | May 2, 2015 | May 3, 2014 | |||||||||||
Gains (losses) recorded in AOCI, beginning of period | $ | 0.9 | $ | (2.3 | ) | |||||||||
Current period losses recognized in OCI | (0.2 | ) | (1.3 | ) | ||||||||||
Losses reclassified from AOCI to net income | Cost of sales | 0.1 | — | |||||||||||
Gains (losses) recorded in AOCI, end of period | $ | 0.8 | $ | (3.6 | ) | |||||||||
Commodity contracts | ||||||||||||||
13 weeks ended | ||||||||||||||
(in millions) | Income statement caption | May 2, 2015 | May 3, 2014 | |||||||||||
Gains (losses) recorded in AOCI, beginning of period | $ | 5.7 | $ | (18.8 | ) | |||||||||
Current period (losses) gains recognized in OCI | (8.0 | ) | 2 | |||||||||||
Losses reclassified from AOCI to net income | Cost of sales | 0.3 | 7.4 | |||||||||||
Losses recorded in AOCI, end of period | $ | (2.0 | ) | $ | (9.4 | ) | ||||||||
Interest rate swaps | ||||||||||||||
13 weeks ended | ||||||||||||||
(in millions) | Income statement caption | May 2, 2015 | May 3, 2014 | |||||||||||
(Losses) gains recorded in AOCI, beginning of period | $ | — | $ | — | ||||||||||
Current period losses recognized in OCI | (0.9 | ) | — | |||||||||||
Losses reclassified from AOCI to net income | Interest expense, net | 0.3 | — | |||||||||||
Losses recorded in AOCI, end of period | $ | (0.6 | ) | $ | — | |||||||||
Fair_value_measurements_Tables
Fair value measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||
2-May-15 | ||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||
Fair Value, by Balance Sheet Grouping | The methods Signet uses to determine fair value on an instrument-specific basis are detailed below: | |||||||||||||||||||||||||||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | ||||||||||||||||||||||||||||||||||
(in millions) | Carrying Value | Quoted prices in | Significant | Carrying Value | Quoted prices in | Significant | Carrying Value | Quoted prices in | Significant | |||||||||||||||||||||||||||
active | other | active | other | active | other | |||||||||||||||||||||||||||||||
markets for | observable | markets for | observable | markets for | observable | |||||||||||||||||||||||||||||||
identical assets | inputs | identical assets | inputs | identical assets | inputs | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 1) | (Level 2) | (Level 1) | (Level 2) | |||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||
US Treasury securities | $ | 9 | $ | 9 | $ | — | $ | 9.6 | $ | 9.6 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||
Corporate equity securities | 3.4 | 3.4 | — | 3.4 | 3.4 | — | — | — | — | |||||||||||||||||||||||||||
Foreign currency contracts | 0.4 | — | 0.4 | 1.1 | — | 1.1 | — | — | — | |||||||||||||||||||||||||||
Commodity contracts | 0.2 | — | 0.2 | 6.3 | — | 6.3 | 1.4 | — | 1.4 | |||||||||||||||||||||||||||
US government agency securities | 0.5 | — | 0.5 | 1.4 | — | 1.4 | — | — | — | |||||||||||||||||||||||||||
Corporate bonds and notes | 10.1 | — | 10.1 | 10.8 | — | 10.8 | — | — | — | |||||||||||||||||||||||||||
Total Assets | $ | 23.6 | $ | 12.4 | $ | 11.2 | $ | 32.6 | $ | 13 | $ | 19.6 | $ | 1.4 | $ | — | $ | 1.4 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | (0.1 | ) | $ | — | $ | (0.1 | ) | $ | — | $ | — | $ | — | $ | (2.8 | ) | $ | — | $ | (2.8 | ) | ||||||||||||||
Commodity contracts | (1.7 | ) | — | (1.7 | ) | — | — | — | (0.2 | ) | — | (0.2 | ) | |||||||||||||||||||||||
Interest rate swaps | (0.6 | ) | — | (0.6 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Total Liabilities | $ | (2.4 | ) | $ | — | $ | (2.4 | ) | $ | — | $ | — | $ | — | $ | (3.0 | ) | $ | — | $ | (3.0 | ) | ||||||||||||||
Schedule of Carrying Values and Estimated Fair Values | The carrying amount and fair value of outstanding debt at May 2, 2015, January 31, 2015 and May 3, 2014 were as follows: | |||||||||||||||||||||||||||||||||||
May 2, 2015 | January 31, 2015 | May 3, 2014 | ||||||||||||||||||||||||||||||||||
(in millions) | Carrying | Fair Value | Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||||||||||
Value | Value | Value | ||||||||||||||||||||||||||||||||||
Outstanding debt: | ||||||||||||||||||||||||||||||||||||
Senior notes (Level 2) | $ | 398.5 | $ | 415.6 | $ | 398.5 | $ | 415.3 | $ | — | $ | — | ||||||||||||||||||||||||
Securitization facility (Level 2) | 600 | 600 | 600 | 600 | — | — | ||||||||||||||||||||||||||||||
Term loan (Level 2) | 385 | 385 | 390 | 390 | — | — | ||||||||||||||||||||||||||||||
Capital lease obligations (Level 2) | 0.9 | 0.9 | 1.2 | 1.2 | — | — | ||||||||||||||||||||||||||||||
Total outstanding debt | $ | 1,384.40 | $ | 1,401.50 | $ | 1,389.70 | $ | 1,406.50 | $ | — | $ | — | ||||||||||||||||||||||||
Pension_plans_Tables
Pension plans (Tables) | 3 Months Ended | |||||||
2-May-15 | ||||||||
Compensation and Retirement Disclosure [Abstract] | ||||||||
Schedule of Net Benefit Costs | The components of net periodic pension cost and other amounts recognized in OCI for the UK Plan are as follows: | |||||||
13 weeks ended | ||||||||
(in millions) | May 2, 2015 | May 3, 2014 | ||||||
Components of net periodic pension benefit (cost): | ||||||||
Service cost | $ | (0.6 | ) | $ | (0.6 | ) | ||
Interest cost | (1.9 | ) | (2.5 | ) | ||||
Expected return on UK Plan assets | 2.8 | 3.8 | ||||||
Amortization of unrecognized net prior service credit | 0.5 | 0.4 | ||||||
Amortization of unrecognized actuarial loss | (0.8 | ) | (0.5 | ) | ||||
Net periodic pension benefit | $ | — | $ | 0.6 | ||||
Loans_overdrafts_and_longterm_1
Loans, overdrafts and long-term debt (Tables) | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Summary of Loans, Overdrafts and Long-Term Debt | ||||||||||||
(in millions) | May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||
Current liabilities – loans and overdrafts: | ||||||||||||
Revolving credit facility | $ | — | $ | — | $ | — | ||||||
Current portion of senior unsecured term loan | 27.5 | 25 | — | |||||||||
Current portion of capital lease obligations | 0.7 | 0.9 | — | |||||||||
Bank overdrafts | 16.6 | 71.6 | 8.8 | |||||||||
Total loans and overdrafts | 44.8 | 97.5 | 8.8 | |||||||||
Long-term debt: | ||||||||||||
Senior unsecured notes due 2024, net of unamortized discount | 398.5 | 398.5 | — | |||||||||
Securitization facility | 600 | 600 | — | |||||||||
Senior unsecured term loan | 357.5 | 365 | — | |||||||||
Capital lease obligations | 0.2 | 0.3 | — | |||||||||
Total long-term debt | $ | 1,356.20 | $ | 1,363.80 | $ | — | ||||||
Total loans, overdrafts and long-term debt | $ | 1,401.00 | $ | 1,461.30 | $ | 8.8 | ||||||
Deferred_revenue_Tables
Deferred revenue (Tables) | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
Deferred Revenue Disclosure [Abstract] | ||||||||||||
Deferred Revenue | Deferred revenue is comprised primarily of extended service plans (“ESP”) and voucher promotions and other as follows: | |||||||||||
(in millions) | May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||
Sterling Jewelers ESP deferred revenue | $ | 690.7 | $ | 668.9 | $ | 619.6 | ||||||
Zale ESP deferred revenue | 129.3 | 120.3 | — | |||||||||
Voucher promotions and other | 21.3 | 22.7 | 12.1 | |||||||||
Total deferred revenue | $ | 841.3 | $ | 811.9 | $ | 631.7 | ||||||
Disclosed as: | ||||||||||||
Current liabilities | $ | 244 | $ | 248 | $ | 174.4 | ||||||
Non-current liabilities | 597.3 | 563.9 | 457.3 | |||||||||
Total deferred revenue | $ | 841.3 | $ | 811.9 | $ | 631.7 | ||||||
ESP deferred revenue | ||||||||||||
13 weeks ended | ||||||||||||
(in millions) | May 2, 2015 | May 3, 2014 | ||||||||||
Sterling Jewelers ESP deferred revenue, beginning of period | $ | 668.9 | $ | 601.2 | ||||||||
Plans sold | 69.3 | 64.2 | ||||||||||
Revenue recognized | (47.5 | ) | (45.8 | ) | ||||||||
Sterling Jewelers ESP deferred revenue, end of period | $ | 690.7 | $ | 619.6 | ||||||||
13 weeks ended | ||||||||||||
(in millions) | May 2, 2015 | May 3, 2014 | ||||||||||
Zale ESP deferred revenue, beginning of period | $ | 120.3 | n/a | |||||||||
Plans sold | 35.2 | n/a | ||||||||||
Revenue recognized | (26.2 | ) | n/a | |||||||||
Zale ESP deferred revenue, end of period | $ | 129.3 | n/a | |||||||||
Warranty_reserve_Tables
Warranty reserve (Tables) | 3 Months Ended | |||||||||||
2-May-15 | ||||||||||||
Other Liabilities Disclosure [Abstract] | ||||||||||||
Other Liabilities | 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 | ||||||||||||
(in millions) | May 2, 2015 | May 3, 2014 | ||||||||||
Warranty reserve, beginning of period | $ | 44.9 | $ | 19.1 | ||||||||
Warranty expense | 3 | 1.7 | ||||||||||
Utilized | (3.3 | ) | (1.4 | ) | ||||||||
Warranty reserve, end of period | $ | 44.6 | $ | 19.4 | ||||||||
Lease Loss Reserve | ||||||||||||
(in millions) | May 2, 2015 | January 31, 2015 | May 3, 2014 | |||||||||
Disclosed as: | ||||||||||||
Current liabilities | $ | 17.7 | $ | 17.2 | $ | 6.7 | ||||||
Non-current liabilities | 26.9 | 27.7 | 12.7 | |||||||||
At end of period | $ | 44.6 | $ | 44.9 | $ | 19.4 | ||||||
Condensed_consolidating_financ1
Condensed consolidating financial information (Tables) | 3 Months Ended | |||||||||||||||||||||||
2-May-15 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||
Condensed Income Statement | Condensed Consolidated Income Statement | |||||||||||||||||||||||
For the 13 week period ended May 2, 2015 | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | |||||||||||||||||||||
Limited | Subsidiaries | |||||||||||||||||||||||
Sales | $ | — | $ | — | $ | 1,511.00 | $ | 19.6 | $ | — | $ | 1,530.60 | ||||||||||||
Cost of sales | — | — | (961.0 | ) | (3.7 | ) | — | (964.7 | ) | |||||||||||||||
Gross margin | — | — | 550 | 15.9 | — | 565.9 | ||||||||||||||||||
Selling, general and administrative expenses | (0.3 | ) | — | (444.2 | ) | (8.7 | ) | — | (453.2 | ) | ||||||||||||||
Other operating income, net | — | — | 63.5 | — | — | 63.5 | ||||||||||||||||||
Operating (loss) income | (0.3 | ) | — | 169.3 | 7.2 | — | 176.2 | |||||||||||||||||
Intra-entity interest income (expense) | — | 4.7 | (46.1 | ) | 41.4 | — | — | |||||||||||||||||
Interest expense, net | — | (4.9 | ) | (3.5 | ) | (2.6 | ) | — | (11.0 | ) | ||||||||||||||
(Loss) income before income taxes | (0.3 | ) | (0.2 | ) | 119.7 | 46 | — | 165.2 | ||||||||||||||||
Income taxes | — | — | (48.5 | ) | 2.1 | — | (46.4 | ) | ||||||||||||||||
Equity in income of subsidiaries | 119.1 | — | 76 | 77.2 | (272.3 | ) | — | |||||||||||||||||
Net income (loss) | $ | 118.8 | $ | (0.2 | ) | $ | 147.2 | $ | 125.3 | $ | (272.3 | ) | $ | 118.8 | ||||||||||
Condensed Consolidated Income Statement | ||||||||||||||||||||||||
For the 13 week period ended May 3, 2014 | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | |||||||||||||||||||||
Limited | Subsidiaries | |||||||||||||||||||||||
Sales | $ | — | $ | — | $ | 1,043.70 | $ | 12.4 | $ | — | $ | 1,056.10 | ||||||||||||
Cost of sales | — | — | (647.6 | ) | (1.3 | ) | — | (648.9 | ) | |||||||||||||||
Gross margin | — | — | 396.1 | 11.1 | — | 407.2 | ||||||||||||||||||
Selling, general and administrative expenses | (0.4 | ) | — | (303.8 | ) | (6.3 | ) | — | (310.5 | ) | ||||||||||||||
Other operating income, net | — | — | 52 | 2 | — | 54 | ||||||||||||||||||
Operating (loss) income | (0.4 | ) | — | 144.3 | 6.8 | — | 150.7 | |||||||||||||||||
Intra-entity interest (expense) income | — | — | (7.0 | ) | 7 | — | — | |||||||||||||||||
Interest expense, net | — | — | (1.8 | ) | — | — | (1.8 | ) | ||||||||||||||||
(Loss) income before income taxes | (0.4 | ) | — | 135.5 | 13.8 | — | 148.9 | |||||||||||||||||
Income taxes | — | — | (55.9 | ) | 3.6 | — | (52.3 | ) | ||||||||||||||||
Equity in income of subsidiaries | 97 | — | 91.2 | 80.8 | (269.0 | ) | — | |||||||||||||||||
Net income (loss) | $ | 96.6 | $ | — | $ | 170.8 | $ | 98.2 | $ | (269.0 | ) | $ | 96.6 | |||||||||||
Condensed Statement of Comprehensive Income | Condensed Consolidated Statement of Comprehensive Income | |||||||||||||||||||||||
For the 13 week period ended May 2, 2015 | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | |||||||||||||||||||||
Limited | Subsidiaries | |||||||||||||||||||||||
Net income (loss) | $ | 118.8 | $ | (0.2 | ) | $ | 147.2 | $ | 125.3 | $ | (272.3 | ) | $ | 118.8 | ||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Foreign currency translation adjustments | 7.5 | — | 7.5 | — | (7.5 | ) | 7.5 | |||||||||||||||||
Available-for-sale securities: | ||||||||||||||||||||||||
Unrealized loss | (0.1 | ) | — | — | (0.1 | ) | 0.1 | (0.1 | ) | |||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Unrealized gain (loss) | (5.9 | ) | — | (5.9 | ) | — | 5.9 | (5.9 | ) | |||||||||||||||
Reclassification adjustment for losses to net income | 0.5 | — | 0.5 | — | (0.5 | ) | 0.5 | |||||||||||||||||
Pension plan: | ||||||||||||||||||||||||
Reclassification adjustment to net income for amortization of actuarial loss | 0.7 | — | 0.7 | — | (0.7 | ) | 0.7 | |||||||||||||||||
Reclassification adjustment to net income for amortization of prior service credits | (0.4 | ) | — | (0.4 | ) | — | 0.4 | (0.4 | ) | |||||||||||||||
Total other comprehensive income | 2.3 | — | 2.4 | (0.1 | ) | (2.3 | ) | 2.3 | ||||||||||||||||
Total comprehensive income (loss) | $ | 121.1 | $ | (0.2 | ) | $ | 149.6 | $ | 125.2 | $ | (274.6 | ) | $ | 121.1 | ||||||||||
Condensed Consolidated Statement of Comprehensive Income | ||||||||||||||||||||||||
For the 13 week period ended May 3, 2014 | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | |||||||||||||||||||||
Limited | Subsidiaries | |||||||||||||||||||||||
Net income (loss) | $ | 96.6 | $ | — | $ | 170.8 | $ | 98.2 | $ | (269.0 | ) | $ | 96.6 | |||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||
Foreign currency translation adjustments | — | — | 10.9 | (1.8 | ) | 0.5 | 9.6 | |||||||||||||||||
Cash flow hedges: | ||||||||||||||||||||||||
Unrealized gain | — | — | 0.3 | — | — | 0.3 | ||||||||||||||||||
Reclassification adjustment for losses to net income | — | — | 4.7 | — | — | 4.7 | ||||||||||||||||||
Pension plan: | ||||||||||||||||||||||||
Reclassification adjustment to net income for amortization of actuarial loss | — | — | 0.4 | — | — | 0.4 | ||||||||||||||||||
Reclassification adjustment to net income for amortization of prior service credits | — | — | (0.3 | ) | — | — | (0.3 | ) | ||||||||||||||||
Total other comprehensive (loss) income | — | — | 16 | (1.8 | ) | 0.5 | 14.7 | |||||||||||||||||
Total comprehensive income | $ | 96.6 | $ | — | $ | 186.8 | $ | 96.4 | $ | (268.5 | ) | $ | 111.3 | |||||||||||
Condensed Balance Sheet | Condensed Consolidated Balance Sheet | |||||||||||||||||||||||
May 2, 2015 | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | |||||||||||||||||||||
Limited | Subsidiaries | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 0.9 | $ | 0.1 | $ | 110.4 | $ | 11.2 | $ | — | $ | 122.6 | ||||||||||||
Accounts receivable, net | — | — | 1,498.30 | 1.6 | — | 1,499.90 | ||||||||||||||||||
Intra-entity receivables, net | 85.9 | — | — | 90.3 | (176.2 | ) | — | |||||||||||||||||
Other receivables | — | — | 45.4 | 11.1 | — | 56.5 | ||||||||||||||||||
Other current assets | 0.4 | 0.7 | 126 | 5.3 | — | 132.4 | ||||||||||||||||||
Deferred tax assets | — | — | 5.4 | 0.3 | — | 5.7 | ||||||||||||||||||
Income taxes | — | — | 5.3 | — | — | 5.3 | ||||||||||||||||||
Inventories | — | — | 2,407.20 | 80.6 | — | 2,487.80 | ||||||||||||||||||
Total current assets | 87.2 | 0.8 | 4,198.00 | 200.4 | (176.2 | ) | 4,310.20 | |||||||||||||||||
Non-current assets: | ||||||||||||||||||||||||
Property, plant and equipment, net | — | — | 663.2 | 5.5 | — | 668.7 | ||||||||||||||||||
Goodwill | — | — | 517.1 | 3.6 | — | 520.7 | ||||||||||||||||||
Intangible assets, net | — | — | 445.9 | — | — | 445.9 | ||||||||||||||||||
Investment in subsidiaries | 2,822.70 | — | 541.5 | 523.9 | (3,888.1 | ) | — | |||||||||||||||||
Intra-entity receivables, net | — | 407.3 | — | 3,484.80 | (3,892.1 | ) | — | |||||||||||||||||
Other assets | — | 5.6 | 109.5 | 26 | — | 141.1 | ||||||||||||||||||
Deferred tax assets | — | — | 119.8 | 0.1 | — | 119.9 | ||||||||||||||||||
Retirement benefit asset | — | — | 38.1 | — | — | 38.1 | ||||||||||||||||||
Total assets | $ | 2,909.90 | $ | 413.7 | $ | 6,633.10 | $ | 4,244.30 | $ | (7,956.4 | ) | $ | 6,244.60 | |||||||||||
Liabilities and Shareholders’ equity | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | — | $ | 44.8 | $ | — | $ | — | $ | 44.8 | ||||||||||||
Accounts payable | — | — | 252.2 | 4.3 | — | 256.5 | ||||||||||||||||||
Intra-entity payables, net | — | — | 176.2 | — | (176.2 | ) | — | |||||||||||||||||
Accrued expenses and other current liabilities | 18 | 7.1 | 386.7 | 8.7 | — | 420.5 | ||||||||||||||||||
Deferred revenue | — | — | 244 | — | — | 244 | ||||||||||||||||||
Deferred tax liabilities | — | — | 158.9 | — | — | 158.9 | ||||||||||||||||||
Income taxes | — | — | 28.2 | 0.1 | — | 28.3 | ||||||||||||||||||
Total current liabilities | 18 | 7.1 | 1,291.00 | 13.1 | (176.2 | ) | 1,153.00 | |||||||||||||||||
Non-current liabilities: | ||||||||||||||||||||||||
Long-term debt | — | 398.5 | 357.7 | 600 | — | 1,356.20 | ||||||||||||||||||
Intra-entity payables, net | — | — | 3,892.10 | — | (3,892.1 | ) | — | |||||||||||||||||
Other liabilities | — | — | 216.8 | 7.6 | — | 224.4 | ||||||||||||||||||
Deferred revenue | — | — | 597.3 | — | — | 597.3 | ||||||||||||||||||
Deferred tax liabilities | — | — | 21.8 | — | — | 21.8 | ||||||||||||||||||
Total liabilities | 18 | 405.6 | 6,376.70 | 620.7 | (4,068.3 | ) | 3,352.70 | |||||||||||||||||
Total shareholders’ equity | 2,891.90 | 8.1 | 256.4 | 3,623.60 | (3,888.1 | ) | 2,891.90 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,909.90 | $ | 413.7 | $ | 6,633.10 | $ | 4,244.30 | $ | (7,956.4 | ) | $ | 6,244.60 | |||||||||||
Condensed Consolidated Balance Sheet | ||||||||||||||||||||||||
January 31, 2015 | ||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | |||||||||||||||||||||
Limited | Subsidiaries | |||||||||||||||||||||||
Assets | ||||||||||||||||||||||||
Current assets: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 2.1 | $ | 0.1 | $ | 166.5 | $ | 24.9 | $ | — | $ | 193.6 | ||||||||||||
Accounts receivable, net | — | — | 1,566.20 | 1.4 | — | 1,567.60 | ||||||||||||||||||
Intra-entity receivables, net | 121.6 | — | — | 61.8 | (183.4 | ) | — | |||||||||||||||||
Other receivables | — | — | 53.9 | 9.7 | — | 63.6 | ||||||||||||||||||
Other current assets | 0.1 | 0.7 | 130.9 | 5.5 | — | 137.2 | ||||||||||||||||||
Deferred tax assets | — | — | 4.3 | 0.2 | — | 4.5 | ||||||||||||||||||
Income taxes | — | — | 1.8 | — | — | 1.8 | ||||||||||||||||||
Inventories | — | — | 2,376.60 | 62.4 | — | 2,439.00 | ||||||||||||||||||
Total current assets | 123.8 | 0.8 | 4,300.20 | 165.9 | (183.4 | ) | 4,407.30 | |||||||||||||||||
Non-current assets: | ||||||||||||||||||||||||
Property, plant and equipment, net | — | — | 660.2 | 5.7 | — | 665.9 | ||||||||||||||||||
Goodwill | — | — | 515.6 | 3.6 | — | 519.2 | ||||||||||||||||||
Intangible assets | — | — | 447.1 | — | — | 447.1 | ||||||||||||||||||
Investment in subsidiaries | 2,701.30 | — | 462.8 | 421.7 | (3,585.8 | ) | — | |||||||||||||||||
Intra-entity receivables, net | — | 402.4 | — | 3,490.00 | (3,892.4 | ) | — | |||||||||||||||||
Other assets | — | 5.8 | 105.3 | 28.9 | — | 140 | ||||||||||||||||||
Deferred tax assets | — | — | 111 | 0.1 | — | 111.1 | ||||||||||||||||||
Retirement benefit asset | — | — | 37 | — | — | 37 | ||||||||||||||||||
Total assets | $ | 2,825.10 | $ | 409 | $ | 6,639.20 | $ | 4,115.90 | $ | (7,661.6 | ) | $ | 6,327.60 | |||||||||||
Liabilities and Shareholders’ equity | ||||||||||||||||||||||||
Current liabilities: | ||||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | — | $ | 97.5 | $ | — | $ | — | $ | 97.5 | ||||||||||||
Accounts payable | — | — | 273.4 | 4.3 | — | 277.7 | ||||||||||||||||||
Intra-entity payables, net | — | — | 183.4 | — | (183.4 | ) | — | |||||||||||||||||
Accrued expenses and other current liabilities | 14.7 | 2.4 | 456.7 | 8.6 | — | 482.4 | ||||||||||||||||||
Deferred revenue | — | — | 248 | — | — | 248 | ||||||||||||||||||
Deferred tax liabilities | — | — | 145.8 | — | — | 145.8 | ||||||||||||||||||
Income taxes | — | (0.2 | ) | 87.7 | (0.6 | ) | — | 86.9 | ||||||||||||||||
Total current liabilities | 14.7 | 2.2 | 1,492.50 | 12.3 | (183.4 | ) | 1,338.30 | |||||||||||||||||
Non-current liabilities: | ||||||||||||||||||||||||
Long-term debt | — | 398.5 | 365.3 | 600 | — | 1,363.80 | ||||||||||||||||||
Intra-entity payables, net | — | — | 3,892.40 | — | (3,892.4 | ) | — | |||||||||||||||||
Other liabilities | — | — | 222 | 8.2 | — | 230.2 | ||||||||||||||||||
Deferred revenue | — | — | 563.9 | — | — | 563.9 | ||||||||||||||||||
Deferred tax liabilities | — | — | 21 | — | — | 21 | ||||||||||||||||||
Total liabilities | 14.7 | 400.7 | 6,557.10 | 620.5 | (4,075.8 | ) | 3,517.20 | |||||||||||||||||
Total shareholders’ equity | 2,810.40 | 8.3 | 82.1 | 3,495.40 | (3,585.8 | ) | 2,810.40 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,825.10 | $ | 409 | $ | 6,639.20 | $ | 4,115.90 | $ | (7,661.6 | ) | $ | 6,327.60 | |||||||||||
Condensed Cash Flow Statement | ||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | |||||||||||||||||||||
Limited | Subsidiaries | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (3.4 | ) | $ | 4.9 | $ | 54.4 | $ | 11.1 | $ | — | $ | 67 | |||||||||||
Investing activities | ||||||||||||||||||||||||
Purchase of property, plant and equipment | — | — | (42.9 | ) | — | — | (42.9 | ) | ||||||||||||||||
Investment in subsidiaries | — | — | — | — | — | — | ||||||||||||||||||
Purchase of available-for-sale securities | — | — | — | (1.4 | ) | — | (1.4 | ) | ||||||||||||||||
Proceeds from available-for-sale securities | — | — | — | 3.5 | — | 3.5 | ||||||||||||||||||
Net cash (used in) provided by investing activities | — | — | (42.9 | ) | 2.1 | — | (40.8 | ) | ||||||||||||||||
Financing activities | ||||||||||||||||||||||||
Dividends paid | (14.4 | ) | — | — | — | — | (14.4 | ) | ||||||||||||||||
Proceeds from issuance of common shares | 0.1 | — | — | — | — | 0.1 | ||||||||||||||||||
Excess tax benefit from exercise of share awards | — | — | 5.1 | — | — | 5.1 | ||||||||||||||||||
Proceeds from long-term debt | — | — | — | 638.2 | — | 638.2 | ||||||||||||||||||
Repayment of long-term debt | — | — | (5.0 | ) | (638.2 | ) | — | (643.2 | ) | |||||||||||||||
Repurchase of common shares | (19.1 | ) | — | — | — | — | (19.1 | ) | ||||||||||||||||
Net settlement of equity based awards | (8.7 | ) | — | — | — | — | (8.7 | ) | ||||||||||||||||
Capital lease payments | — | — | (0.3 | ) | — | — | (0.3 | ) | ||||||||||||||||
Proceeds from (repayment of) short-term borrowings | — | — | (55.0 | ) | — | — | (55.0 | ) | ||||||||||||||||
Intra-entity activity, net | 44.3 | (4.9 | ) | (12.5 | ) | (26.9 | ) | — | — | |||||||||||||||
Net cash (used in) provided by financing activities | 2.2 | (4.9 | ) | (67.7 | ) | (26.9 | ) | — | (97.3 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | 2.1 | 0.1 | 166.5 | 24.9 | — | 193.6 | ||||||||||||||||||
(Decrease) increase in cash and cash equivalents | (1.2 | ) | — | (56.2 | ) | (13.7 | ) | — | (71.1 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 0.1 | — | — | 0.1 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | 0.9 | $ | 0.1 | $ | 110.4 | $ | 11.2 | $ | — | $ | 122.6 | ||||||||||||
Condensed Consolidated Statement of Cash Flows | ||||||||||||||||||||||||
For the 13 week period ended May 3, 2014 | ||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||
(in millions) | Signet | Signet UK | Guarantor | Non- | Eliminations | Consolidated | ||||||||||||||||||
Jewelers | Finance plc | Subsidiaries | Guarantor | |||||||||||||||||||||
Limited | Subsidiaries | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (0.5 | ) | $ | — | $ | 62.4 | $ | 11.6 | $ | — | $ | 73.5 | |||||||||||
Investing activities | ||||||||||||||||||||||||
Purchase of property, plant and equipment | — | — | (27.8 | ) | (0.3 | ) | — | (28.1 | ) | |||||||||||||||
Net cash used in investing activities | — | — | (27.8 | ) | (0.3 | ) | — | (28.1 | ) | |||||||||||||||
Financing activities | ||||||||||||||||||||||||
Dividends paid | (12.0 | ) | — | — | — | — | (12.0 | ) | ||||||||||||||||
Intra-entity dividends paid | — | — | 1.1 | (1.1 | ) | — | — | |||||||||||||||||
Proceeds from issuance of common shares | 1 | — | — | — | — | 1 | ||||||||||||||||||
Excess tax benefit from exercise of share awards | — | — | 7.7 | — | — | 7.7 | ||||||||||||||||||
Repurchase of common shares | (11.4 | ) | — | — | — | — | (11.4 | ) | ||||||||||||||||
Net settlement of equity based awards | (15.3 | ) | — | — | — | — | (15.3 | ) | ||||||||||||||||
Payment of debt issuance costs | — | — | (3.0 | ) | — | — | (3.0 | ) | ||||||||||||||||
Repayment of short-term borrowings | — | — | (10.5 | ) | — | — | (10.5 | ) | ||||||||||||||||
Intra-entity activity, net | 38.5 | — | (42.4 | ) | 3.9 | — | — | |||||||||||||||||
Net cash used in financing activities | 0.8 | — | (47.1 | ) | 2.8 | — | (43.5 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of period | 1.4 | — | 237 | 9.2 | — | 247.6 | ||||||||||||||||||
Decrease in cash and cash equivalents | 0.3 | — | (12.5 | ) | 14.1 | — | 1.9 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 2.2 | (2.6 | ) | — | (0.4 | ) | ||||||||||||||||
Cash and cash equivalents at end of period | $ | 1.7 | $ | — | $ | 226.7 | $ | 20.7 | $ | — | $ | 249.1 | ||||||||||||
Organization_and_principal_acc2
Organization and principal accounting policies - Narrative (Details) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||
2-May-15 | 3-May-14 | Jan. 31, 2015 | Jan. 30, 2016 | Oct. 31, 2015 | Aug. 01, 2015 | |
Segment | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Number of reportable segments | 5 | |||||
Organization and critical accounting policies [Abstract] | ||||||
Percent of annual sales | 20.00% | |||||
Minimum | ||||||
Organization and critical accounting policies [Abstract] | ||||||
Operating income expected in fourth quarter | 45.00% | |||||
Maximum | ||||||
Organization and critical accounting policies [Abstract] | ||||||
Operating income expected in fourth quarter | 55.00% | |||||
Sterling Jewelers | Minimum | ||||||
Organization and critical accounting policies [Abstract] | ||||||
Operating income expected in fourth quarter | 40.00% | |||||
Sterling Jewelers | Maximum | ||||||
Organization and critical accounting policies [Abstract] | ||||||
Operating income expected in fourth quarter | 45.00% | |||||
Theft Protection | Zale | ||||||
Revenue Recognition [Abstract] | ||||||
Product warranty | 2 years | |||||
Lifetime Warranty | Sterling Jewelers | ||||||
Revenue Recognition [Abstract] | ||||||
Deferred revenue recognition period of extended service plan sales | 14 years | |||||
Revenue recognized percentage In relation to costs expected to be incurred within first two years | 43.00% | 45.00% | 45.00% | |||
Revenue recognized in relation to costs expected to be incurred period | 2 years | |||||
Lifetime Warranty | Zale | ||||||
Revenue Recognition [Abstract] | ||||||
Revenue recognized percentage In relation to costs expected to be incurred within first two years | 69.00% | 69.00% | ||||
Product warranty | 10 years | |||||
Watch Warranty | Zale | ||||||
Revenue Recognition [Abstract] | ||||||
Product warranty | 2 years | |||||
Breakage Warranty | Zale | ||||||
Revenue Recognition [Abstract] | ||||||
Product warranty | 1 year | |||||
Breakage Warranty | Piercing Pagoda | ||||||
Revenue Recognition [Abstract] | ||||||
Product warranty | 1 year | |||||
Jewelry Replacement Plan | Sterling Jewelers | ||||||
Revenue Recognition [Abstract] | ||||||
Deferred revenue recognition period of extended service plan sales | 3 years | |||||
Forecast | ||||||
Organization and critical accounting policies [Abstract] | ||||||
Percent of annual sales | 40.00% | 20.00% | 20.00% |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (Zale Corporation, USD $) | 0 Months Ended | 3 Months Ended | ||
29-May-14 | 2-May-15 | 3-May-14 | 29-May-14 | |
Business Acquisition [Line Items] | ||||
Percentage of voting interests acquired | 100.00% | 100.00% | ||
Consideration received by acquiree shareholders (in dollars per share) | $21 | |||
Total consideration transferred | $1,458,000,000 | |||
Cash paid to extinguish Zale Corporation outstanding debt as of May 29, 2014 | 478,200,000 | |||
Face amount | 1,400,000,000 | 1,400,000,000 | ||
Deferred revenue recognition period of extended service plan sales | 10 years | |||
Initial accounting incomplete, adjustment, financial liabilities | 1,400,000,000 | |||
Acquisition related costs | 9,200,000 | |||
Senior Unsecured Notes Due in 2024 | Senior Notes | ||||
Business Acquisition [Line Items] | ||||
Face amount | 400,000,000 | 400,000,000 | ||
Two-Year Revolving Asset-Backed Variable Funding Notes | Revolving Credit Facility | ||||
Business Acquisition [Line Items] | ||||
Face amount | 600,000,000 | 600,000,000 | ||
Debt instrument, maturity period | 2 years | |||
Five-Year Unsecured Term Loan Facility | Credit Facility | ||||
Business Acquisition [Line Items] | ||||
Face amount | $400,000,000 | $400,000,000 | ||
Debt instrument, maturity period | 5 years |
Acquisitions_Acquisition_Consi
Acquisitions - Acquisition Consideration (Details) (Zale, USD $) | 0 Months Ended |
In Millions, except Per Share data, unless otherwise specified | 29-May-14 |
Zale | |
Business Acquisition [Line Items] | |
Cash consideration paid to Zale Corporation shareholders ($21 per share) | $910.20 |
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 |
Consideration received by acquiree shareholders (in dollars per share) | $21 |
Acquisitions_Assets_Acquired_a
Acquisitions - Assets Acquired and Liabilities Assumed (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 | Feb. 01, 2014 | 29-May-14 | |
In Millions, unless otherwise specified | ||||||
Intangible Assets: | ||||||
Goodwill | $520.70 | $519.20 | $26.80 | $26.80 | ||
Zale | ||||||
Business Acquisition [Line Items] | ||||||
Cash and cash equivalents | 28.8 | |||||
Inventories | 856.7 | |||||
Other current assets | 22.4 | |||||
Property, plant and equipment | 103.6 | |||||
Intangible Assets: | ||||||
Trade names | 417 | |||||
Favorable leases | 50.2 | |||||
Deferred tax assets | 132.8 | |||||
Other assets | 25.4 | |||||
Current liabilities | -206.3 | [1] | ||||
Deferred revenue | -93.3 | |||||
Unfavorable leases | -50.5 | |||||
Unfavorable contracts | -65.6 | |||||
Deferred tax liabilities | -234 | |||||
Other liabilities | -28.6 | |||||
Fair value of net assets acquired | 958.6 | |||||
Goodwill | 499.4 | |||||
Total consideration transferred | $1,458 | |||||
[1] | Includes loans and overdrafts, accounts payable, income taxes payable, accrued expenses and other current liabilities. |
Acquisitions_Proforma_Results_
Acquisitions - Proforma Results of Operations (Details) (Zale, USD $) | 3 Months Ended |
In Millions, except Per Share data, unless otherwise specified | 3-May-14 |
Zale | |
Business Acquisition [Line Items] | |
Pro forma sales | $1,479.40 |
Pro forma net income | $115 |
Pro forma earnings per share – basic (in dollars per share) | $1.44 |
Pro forma earnings per share – diluted (in dollars per share) | $1.43 |
Segment_information_Additional
Segment information - Additional Information (Details) | 3 Months Ended |
2-May-15 | |
Segment | |
state | |
Segment Reporting [Abstract] | |
Number of reportable segments | 5 |
Number of States in which entity operates | 50 |
Segment_information_Summary_of
Segment information - Summary of Activity by Segment (Details) (USD $) | 3 Months Ended | ||||
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 31, 2015 | ||
Segment Reporting Information [Line Items] | |||||
Sales | $1,530.60 | $1,056.10 | |||
Operating income (loss) | 176.2 | 150.7 | |||
Total assets | 6,244.60 | 4,021.60 | 6,327.60 | ||
Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 1,530.60 | 1,056.10 | |||
Operating income (loss) | 176.2 | 150.7 | |||
Total assets | 6,244.60 | 4,021.60 | 6,327.60 | ||
Sterling Jewelers | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 944.2 | 903.5 | |||
Operating income (loss) | 178.2 | 166.3 | |||
Total assets | 3,639.50 | 3,263.80 | 3,647.30 | ||
Zale Jewelry | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 372.9 | ||||
Operating income (loss) | 10.4 | [1] | |||
Total assets | 1,893.90 | 1,903.60 | |||
Piercing Pagoda | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 64.2 | ||||
Operating income (loss) | 5.1 | [2] | |||
Total assets | 128 | 132.8 | |||
UK Jewelry | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 146.5 | 151.7 | |||
Operating income (loss) | 0.5 | 0 | |||
Total assets | 427.7 | 493.2 | 413.5 | ||
Other | Operating Segments | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 2.8 | 0.9 | |||
Operating income (loss) | -18 | [3] | -15.6 | [3] | |
Total assets | $155.50 | $264.60 | $230.40 | ||
[1] | Includes net operating loss of $9.1 million related to the effects of purchase accounting associated with the acquisition of Zale Corporation for the 13 weeks ended May 2, 2015. See Note 3 for additional information. | ||||
[2] | Includes net operating loss of $2.3 million related to the effects of purchase accounting associated with the acquisition of Zale Corporation for the 13 weeks ended May 2, 2015. See Note 3 for additional information. | ||||
[3] | Includes $6.4 million and $8.4 million of transaction-related and integration expenses for the 13 weeks ended May 2, 2015 and May 3, 2014, respectively. Transaction costs include expenses associated with advisor fees for legal, tax, accounting and consulting expenses. |
Segment_information_Informatio
Segment information - Information by Segment additional information (Details) (Operating Segments, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
Zale Jewelry | ||
Segment Reporting Information [Line Items] | ||
Operating loss related to purchase accounting adjustments | $9.10 | |
Piercing Pagoda | ||
Segment Reporting Information [Line Items] | ||
Operating loss related to purchase accounting adjustments | 2.3 | |
Other | ||
Segment Reporting Information [Line Items] | ||
Transaction related and integration expense | $6.40 | $8.40 |
Earnings_per_share_Schedule_of
Earnings per share - Schedule of Earnings per Share (Detail) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | 2-May-15 | 3-May-14 |
Equity [Abstract] | ||
Net income | $118.80 | $96.60 |
Basic weighted average number of shares outstanding (shares) | 80 | 79.9 |
Dilutive effect of share awards (shares) | 0.2 | 0.4 |
Diluted weighted average number of shares outstanding (shares) | 80.2 | 80.3 |
Earnings per share - basic (usd per share) | $1.49 | $1.21 |
Earnings per share - diluted (usd per share) | $1.48 | $1.20 |
Earnings_per_share_Additional_
Earnings per share - Additional Information (Detail) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Equity [Abstract] | ||
Effect of treasury shares and non-vested restricted stock excluded from basic weighted average number of shares outstanding (shares) | 7,207,154 | 7,272,616 |
Anti-dilutive shares excluded from the calculation of earnings per share (shares) | 74,148 | 0 |
Shareholders_equity_Additional
Shareholders' equity - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Aug. 02, 2014 |
Equity [Abstract] | |
Prior period reclassification adjustment | $234.80 |
Shareholders_equity_Share_Repu
Shareholders' equity - Share Repurchase (Details) (2013 Program, USD $) | 3 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | 2-May-15 | 3-May-14 | Jun. 14, 2013 | |||
2013 Program | ||||||
Class of Stock [Line Items] | ||||||
Amount authorized | $350 | [1] | ||||
Shares repurchased (shares) | 160,298 | [1] | 126,468 | [1] | ||
Amount repurchased | 21.9 | [1] | 12.9 | [1] | ||
Average repurchase price per share (usd per share) | $136.84 | [1] | $102.10 | [1] | ||
Remaining authorized repurchase amount | 243.7 | |||||
Shares Repurchased But Not Yet Settled and Paid | $2.80 | $1.50 | ||||
[1] | On June 14, 2013, the Board authorized the repurchase of up to $350 million of Signet’s common shares (the “2013 Programâ€). The 2013 Program may be suspended or discontinued at any time without notice. The 2013 Program had $243.7 million remaining as of May 2, 2015. |
Shareholders_equity_Dividends_
Shareholders' equity - Dividends (Details) (USD $) | 3 Months Ended | ||||
In Millions, except Per Share data, unless otherwise specified | 2-May-15 | Jan. 31, 2015 | 3-May-14 | ||
Equity [Abstract] | |||||
Cash dividend per share (usd per share) | $0.22 | [1] | $0.18 | $0.18 | [1] |
Total dividends | $17.60 | [1],[2] | $14.40 | $14.40 | [1] |
Dividends declared | $17.60 | $14.40 | |||
[1] | Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As a result, the dividend declared in the fourth quarter of Fiscal 2015 of $0.18 per share was paid on February 26, 2015 in the aggregate of $14.4 million. | ||||
[2] | As of May 2, 2015 and May 3, 2014, $17.6 million and $14.4 million, respectively, has been recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends declared for the first quarter of Fiscal 2016 and Fiscal 2015, respectively. |
Accumulated_other_comprehensiv2
Accumulated other comprehensive income (loss) - Changes in Accumulated OCI by Component and Reclassifications Out of Accumulated OCI (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance at January 31, 2015 | ($236.60) | |
Other comprehensive income (OCI) before reclassifications | 1.5 | |
Amounts reclassified from accumulated OCI to earnings | 0.8 | 4.8 |
Total other comprehensive income (loss) | 2.3 | 14.7 |
Balance at May 2, 2015 | -234.3 | -163.8 |
Foreign currency translation | ||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance at January 31, 2015 | -197.6 | |
Other comprehensive income (OCI) before reclassifications | 7.5 | |
Amounts reclassified from accumulated OCI to earnings | 0 | |
Total other comprehensive income (loss) | 7.5 | |
Balance at May 2, 2015 | -190.1 | |
Losses on available-for-sale securities, net | ||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance at January 31, 2015 | 0 | |
Other comprehensive income (OCI) before reclassifications | -0.1 | |
Amounts reclassified from accumulated OCI to earnings | 0 | |
Total other comprehensive income (loss) | -0.1 | |
Balance at May 2, 2015 | -0.1 | |
Gains (losses) on cash flow hedges | ||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance at January 31, 2015 | 4.4 | |
Other comprehensive income (OCI) before reclassifications | -5.9 | |
Amounts reclassified from accumulated OCI to earnings | 0.5 | |
Total other comprehensive income (loss) | -5.4 | |
Balance at May 2, 2015 | -1 | |
Pension Plan | Actuarial gains (losses) | ||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance at January 31, 2015 | -56.7 | |
Other comprehensive income (OCI) before reclassifications | 0 | |
Amounts reclassified from accumulated OCI to earnings | 0.7 | |
Total other comprehensive income (loss) | 0.7 | |
Balance at May 2, 2015 | -56 | |
Pension Plan | Prior service credit (cost) | ||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | ||
Balance at January 31, 2015 | 13.3 | |
Other comprehensive income (OCI) before reclassifications | 0 | |
Amounts reclassified from accumulated OCI to earnings | -0.4 | |
Total other comprehensive income (loss) | -0.4 | |
Balance at May 2, 2015 | $12.90 |
Accumulated_other_comprehensiv3
Accumulated other comprehensive income (loss) - Reclassifications out of AOCI (Details) (USD $) | 3 Months Ended | |||
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification adjustment for losses to net income | $0.70 | $7.40 | ||
Reclassification adjustment for losses to net income | -0.2 | -2.7 | ||
Reclassification adjustment from AOCI on derivatives, net of tax | 0.5 | 4.7 | ||
Reclassification adjustment from AOCI, pension and other postretirement benefit plans, before tax | 0.3 | 0.1 | ||
Reclassification adjustment from AOCI, pension and other postretirement benefit plans, tax | 0 | 0 | ||
Reclassification adjustment from AOCI, pension and other postretirement benefit plans, net of tax | 0.3 | 0.1 | ||
Amounts reclassified from AOCI | 0.8 | 4.8 | ||
Foreign currency contracts | Cost of Sales | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification adjustment for losses to net income | 0.1 | 0 | ||
Interest rate swaps | Interest expense, net | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification adjustment for losses to net income | 0.3 | 0 | ||
Commodity contracts | Cost of Sales | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification adjustment for losses to net income | 0.3 | 7.4 | ||
Amortization of unrecognized net prior service credit | Selling, General and Administrative Expenses | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI, pension and other postretirement benefit plans, before tax | -0.5 | [1] | -0.4 | [1] |
Amortization of unrecognized actuarial loss | Selling, General and Administrative Expenses | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Reclassification adjustment from AOCI, pension and other postretirement benefit plans, before tax | $0.80 | [1] | $0.50 | [1] |
[1] | These items are included in the computation of net periodic pension benefit (cost). See Note 16 for additional information. |
Income_taxes_Additional_Inform
Income taxes - Additional Information (Detail) | 3 Months Ended | |
2-May-15 | 3-May-14 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Percent | 28.10% | 35.10% |
Accounts_receivable_net_Portfo
Accounts receivable, net - Portfolio of Accounts Receivable (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Millions, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, net | $1,499.90 | $1,567.60 | $1,308.20 |
Consumer Portfolio Segment | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, net | 1,489.40 | 1,552.90 | 1,294.80 |
Other Accounts Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Accounts receivable, net | $10.50 | $14.70 | $13.40 |
Accounts_receivable_net_Additi
Accounts receivable, net - Additional Information (Detail) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage allowance on leases | 100.00% | ||
Loan allowance maturity period | 90 days | ||
Finance receivable age | 90 days | ||
Other Accounts Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross accounts receivable | 9.4 | $13.70 | $12.20 |
Valuation of allowance | 0.5 | $0.50 | $0.30 |
Accounts_receivable_net_Allowa
Accounts receivable, net - Allowance for Credit Losses (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance: | ($113.10) | ||
Ending balance | -103.3 | -87.8 | -113.1 |
Ending receivable balance evaluated for impairment | 1,592.70 | 1,382.60 | 1,666 |
Sterling Jewelers customer in-house finance receivables, net | 1,499.90 | 1,308.20 | 1,567.60 |
Consumer Portfolio Segment | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance: | -113.1 | -97.8 | |
Charge-offs | 37.9 | 32.3 | |
Recoveries | 10.4 | 8.5 | |
Provision | -38.5 | -30.8 | |
Ending balance | -103.3 | -87.8 | |
Ending receivable balance evaluated for impairment | 1,592.70 | 1,382.60 | |
Sterling Jewelers customer in-house finance receivables, net | $1,489.40 | $1,294.80 | $1,552.90 |
Accounts_receivable_net_Credit
Accounts receivable, net - Credit Quality Indicator and Age Analysis (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Millions, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross | $1,592.70 | $1,666 | $1,382.60 |
Valuation allowance | -103.3 | -113.1 | -87.8 |
Gross | 100.00% | 100.00% | 100.00% |
Valuation allowance | 6.50% | 6.80% | 6.40% |
Performing Financing Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross | 96.50% | 96.20% | 96.70% |
Valuation allowance | 3.10% | 3.10% | 3.10% |
Performing Financing Receivable | Period One | 0 to 30 Days Aged Performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross | 1,290.90 | 1,332.20 | 1,130.80 |
Valuation allowance | -39.3 | -41.1 | -34.4 |
Performing Financing Receivable | Period Two | 31 to 90 Days Aged Performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross | 246.4 | 271.1 | 205.6 |
Valuation allowance | -8.6 | -9.3 | -7.2 |
Nonperforming Financing Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross | 3.50% | 3.80% | 3.30% |
Valuation allowance | 100.00% | 100.00% | 100.00% |
Nonperforming Financing Receivable | Period Two | More Than 90 Days Aged Non Performing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Gross | 55.4 | 62.7 | 46.2 |
Valuation allowance | ($55.40) | ($62.70) | ($46.20) |
Inventories_Summary_of_Invento
Inventories - Summary of Inventory Components (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Millions, unless otherwise specified | |||
Inventory Disclosure [Abstract] | |||
Raw materials | $97.60 | $75.20 | $38 |
Finished goods | 2,390.20 | 2,363.80 | 1,485.90 |
Total inventories | $2,487.80 | $2,439 | $1,523.90 |
Goodwill_and_intangibles_Summa
Goodwill and intangibles - Summary of Goodwill (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
Goodwill [Roll Forward] | |||
Beginning Balance | $519.20 | $26.80 | $26.80 |
Acquisitions | 499.4 | ||
Impact of foreign exchange | 1.5 | -7 | |
Ending Balance | 520.7 | 519.2 | 26.8 |
Sterling Jewelers | |||
Goodwill [Roll Forward] | |||
Beginning Balance | 23.2 | 23.2 | |
Acquisitions | 0 | ||
Impact of foreign exchange | 0 | 0 | |
Ending Balance | 23.2 | 23.2 | |
Zale Jewelry | |||
Goodwill [Roll Forward] | |||
Beginning Balance | 492.4 | 0 | |
Acquisitions | 499.4 | ||
Impact of foreign exchange | 1.5 | -7 | |
Ending Balance | 493.9 | 492.4 | |
Piercing Pagoda | |||
Goodwill [Roll Forward] | |||
Beginning Balance | 0 | 0 | |
Acquisitions | 0 | ||
Impact of foreign exchange | 0 | 0 | |
Ending Balance | 0 | 0 | |
UK Jewelry | |||
Goodwill [Roll Forward] | |||
Beginning Balance | 0 | 0 | |
Acquisitions | 0 | ||
Impact of foreign exchange | 0 | 0 | |
Ending Balance | 0 | 0 | |
Other | |||
Goodwill [Roll Forward] | |||
Beginning Balance | 3.6 | 3.6 | |
Acquisitions | 0 | ||
Impact of foreign exchange | 0 | 0 | |
Ending Balance | $3.60 | $3.60 |
Goodwill_and_intangibles_Compo
Goodwill and intangibles - Composition of Finite-Lived Intangibles (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Millions, unless otherwise specified | |||
Definite-lived intangible assets: | |||
Gross carrying amount | $50.10 | $49.60 | |
Accumulated amortization | -12.9 | -9.3 | |
Net carrying amount | 37.2 | 40.3 | |
Intangible assets, gross | 458.8 | 456.4 | |
Total intangible assets, net | 445.9 | 447.1 | 0 |
Definite-lived intangible liabilities: | |||
Gross carrying amount | -114.7 | -114.3 | |
Accumulated amortization | 32.3 | 23.5 | |
Total | -82.4 | -90.8 | |
Unfavorable leases | |||
Definite-lived intangible liabilities: | |||
Gross carrying amount | -49.1 | -48.7 | |
Accumulated amortization | 13.3 | 9.7 | |
Total | -35.8 | -39 | |
Unfavorable contracts | |||
Definite-lived intangible liabilities: | |||
Gross carrying amount | -65.6 | -65.6 | |
Accumulated amortization | 19 | 13.8 | |
Total | -46.6 | -51.8 | |
Trade names | |||
Definite-lived intangible assets: | |||
Gross carrying amount | 1.5 | 1.5 | |
Accumulated amortization | -0.3 | -0.2 | |
Net carrying amount | 1.2 | 1.3 | |
Favorable leases | |||
Definite-lived intangible assets: | |||
Gross carrying amount | 48.6 | 48.1 | |
Accumulated amortization | -12.6 | -9.1 | |
Net carrying amount | 36 | 39 | |
Trade names | |||
Definite-lived intangible assets: | |||
Indefinite-lived trade names | $408.70 | $406.80 |
Other_assets_Components_of_Oth
Other assets - Components of Other Assets (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Millions, unless otherwise specified | |||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Deferred extended service plan costs | $71.50 | $69.70 | $63.60 |
Investments | 23 | 25.2 | 0 |
Other assets | 46.6 | 45.1 | 29.9 |
Total other assets | 141.1 | 140 | 93.5 |
Deferred costs related to the sale of the extended service plan | $26.80 | $24.90 | $22.50 |
Investments_Summary_of_Availab
Investments - Summary of Available-for-sale Securities (Details) (USD $) | 2-May-15 | Jan. 31, 2015 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | $23.10 | $25.20 |
Unrealized Gain (Loss) | -0.1 | 0 |
Fair Value | 23 | 25.2 |
US Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 9.1 | 9.7 |
Unrealized Gain (Loss) | -0.1 | -0.1 |
Fair Value | 9 | 9.6 |
US government agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 0.6 | 1.4 |
Unrealized Gain (Loss) | -0.1 | 0 |
Fair Value | 0.5 | 1.4 |
Corporate bonds and notes | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 10 | 10.6 |
Unrealized Gain (Loss) | 0.1 | 0.2 |
Fair Value | 10.1 | 10.8 |
Corporate equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost | 3.4 | 3.5 |
Unrealized Gain (Loss) | 0 | -0.1 |
Fair Value | $3.40 | $3.40 |
Investments_Additional_Informa
Investments - Additional Information (Details) (USD $) | 2-May-15 | Jan. 31, 2015 |
In Millions, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Unrealized Gain (Loss) | ($0.10) | $0 |
Available-for-sale Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Assets Held by Insurance Regulators | $7.20 | $7.20 |
Investments_Summary_of_Investm
Investments - Summary of Investments in Debt Securities Outstanding (Details) (USD $) | 2-May-15 |
In Millions, unless otherwise specified | |
Cost | |
Less than one year | $0.70 |
Year two through year five | 9.6 |
Year six through year ten | 9.3 |
After ten years | 0.1 |
Total investment in debt securities | 19.7 |
Fair Value | |
Less than one year | 0.7 |
Year two through year five | 9.4 |
Year six through year ten | 9.4 |
After ten years | 0.1 |
Total investment in debt securities | $19.60 |
Derivatives_Additional_Informa
Derivatives - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 31, 2015 |
Derivative [Line Items] | |||
Derivative, notional amount in gold | 77,000 | 39,000 | 81,000 |
Interest rate swaps | |||
Derivative [Line Items] | |||
Derivative, notional amount | $300 | ||
Foreign currency contracts | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Derivative, notional amount | 8 | 39.7 | 40.3 |
Cash Flow Hedging | |||
Derivative [Line Items] | |||
Cash flow hedge loss to be reclassified within twelve months | -3.8 | ||
Cash Flow Hedging | Foreign currency contracts | |||
Derivative [Line Items] | |||
Derivative, notional amount | $16.80 | $40.40 | $23.50 |
Derivative, Remaining Maturity | 0 years 9 months 0 days | 0 years 12 months 0 days | 0 years 12 months 0 days |
Cash Flow Hedging | Commodity contracts | |||
Derivative [Line Items] | |||
Derivative, Remaining Maturity | 0 years 12 months 0 days | 0 years 10 months 0 days | 0 years 11 months 0 days |
Derivatives_Fair_Value_of_Pres
Derivatives - Fair Value of Presentation of Derivative Assets and Liabilities (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Millions, unless otherwise specified | |||
Derivatives, Fair Value [Line Items] | |||
Fair Value of derivative assets | $0.60 | $7.40 | $1.40 |
Fair value of derivative liabilities | -2.4 | 0 | -3 |
Designated as Hedging Instrument | |||
Derivatives, Fair Value [Line Items] | |||
Fair Value of derivative assets | 0.6 | 7.3 | 1.4 |
Fair value of derivative liabilities | -2.3 | 0 | -2.8 |
Foreign currency contracts | Designated as Hedging Instrument | Other current assets | |||
Derivatives, Fair Value [Line Items] | |||
Fair Value of derivative assets | 0.4 | 1 | 0 |
Foreign currency contracts | Designated as Hedging Instrument | Other current liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liabilities | 0 | 0 | -2.6 |
Foreign currency contracts | Not Designated as Hedging Instrument | Other current assets | |||
Derivatives, Fair Value [Line Items] | |||
Fair Value of derivative assets | 0 | 0.1 | 0 |
Foreign currency contracts | Not Designated as Hedging Instrument | Other current liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liabilities | -0.1 | 0 | -0.2 |
Commodity contracts | Designated as Hedging Instrument | Other current assets | |||
Derivatives, Fair Value [Line Items] | |||
Fair Value of derivative assets | 0.2 | 6.3 | 1.4 |
Commodity contracts | Designated as Hedging Instrument | Other current liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liabilities | -1.7 | 0 | -0.2 |
Interest rate swaps | Designated as Hedging Instrument | Non-current liabilities | |||
Derivatives, Fair Value [Line Items] | |||
Fair value of derivative liabilities | ($0.60) | $0 | $0 |
Derivatives_Derivative_Instrum
Derivatives - Derivative Instruments Designated as Cash Flow Hedges in OCI (Details) (Cash Flow Hedging, USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 | Jan. 31, 2015 |
Movement in Accumulated Other Comprehensive Income [Roll Forward] | |||
Gains (losses) recorded in AOCI, beginning of period | $6.60 | ||
Gains (losses) recorded in AOCI, end of period | -1.8 | -13 | 6.6 |
Foreign currency contracts | |||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | |||
Gains (losses) recorded in AOCI, beginning of period | 0.9 | -2.3 | |
Current period (losses) gains recognized in OCI | -0.2 | -1.3 | |
Gains (losses) recorded in AOCI, end of period | 0.8 | -3.6 | |
Commodity contracts | |||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | |||
Gains (losses) recorded in AOCI, beginning of period | 5.7 | -18.8 | |
Current period (losses) gains recognized in OCI | -8 | 2 | |
Gains (losses) recorded in AOCI, end of period | -2 | -9.4 | |
Interest Rate Contract | |||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | |||
Gains (losses) recorded in AOCI, beginning of period | 0 | 0 | |
Current period (losses) gains recognized in OCI | -0.9 | 0 | |
Gains (losses) recorded in AOCI, end of period | -0.6 | 0 | |
Interest rate swaps | |||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | |||
Gains (losses) recorded in AOCI, beginning of period | 0 | ||
Gains (losses) recorded in AOCI, end of period | -0.6 | 0 | 0 |
Cost of Sales | Foreign currency contracts | |||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | |||
Losses reclassified from AOCI to net income | 0.1 | 0 | |
Cost of Sales | Commodity contracts | |||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | |||
Losses reclassified from AOCI to net income | 0.3 | 7.4 | |
Interest expense, net | Interest Rate Contract | |||
Movement in Accumulated Other Comprehensive Income [Roll Forward] | |||
Losses reclassified from AOCI to net income | $0.30 | $0 |
Derivatives_Derivatives_not_De
Derivatives - Derivatives not Designated as Hedging Instruments (Details) (Not Designated as Hedging Instrument, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
Derivative [Line Items] | ||
Foreign currency contracts not designated as hedging | ($0.30) | ($1.60) |
Foreign currency contracts | Other Income | ||
Derivative [Line Items] | ||
Foreign currency contracts not designated as hedging | ($0.30) | ($1.60) |
Fair_value_measurements_Fair_V
Fair value measurements - Fair Value of Assets and Liabilities (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Millions, unless otherwise specified | |||
Quoted prices in active markets for identical assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $12.40 | $13 | $0 |
Liabilities, Fair Value Disclosure | 0 | 0 | 0 |
Significant other observable inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 11.2 | 19.6 | 1.4 |
Liabilities, Fair Value Disclosure | -2.4 | 0 | -3 |
US Treasury securities | Quoted prices in active markets for identical assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 9 | 9.6 | 0 |
US Treasury securities | Significant other observable inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | 0 |
Corporate equity securities | Quoted prices in active markets for identical assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 3.4 | 3.4 | 0 |
Corporate equity securities | Significant other observable inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | 0 |
Foreign currency contracts | Quoted prices in active markets for identical assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 | 0 |
Foreign currency contracts | Significant other observable inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0.4 | 1.1 | 0 |
Liabilities, Fair Value Disclosure | -0.1 | 0 | -2.8 |
Commodity contracts | Quoted prices in active markets for identical assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | 0 |
Liabilities, Fair Value Disclosure | 0 | 0 | 0 |
Commodity contracts | Significant other observable inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0.2 | 6.3 | 1.4 |
Liabilities, Fair Value Disclosure | -1.7 | 0 | -0.2 |
Interest rate swaps | Quoted prices in active markets for identical assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities, Fair Value Disclosure | 0 | 0 | 0 |
Interest rate swaps | Significant other observable inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities, Fair Value Disclosure | -0.6 | 0 | 0 |
US government agency securities | Quoted prices in active markets for identical assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | 0 |
US government agency securities | Significant other observable inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0.5 | 1.4 | 0 |
Corporate bonds and notes | Quoted prices in active markets for identical assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0 | 0 | 0 |
Corporate bonds and notes | Significant other observable inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 10.1 | 10.8 | 0 |
Carrying Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 23.6 | 32.6 | 1.4 |
Liabilities, Fair Value Disclosure | -2.4 | 0 | -3 |
Carrying Value | US Treasury securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 9 | 9.6 | 0 |
Carrying Value | Corporate equity securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 3.4 | 3.4 | 0 |
Carrying Value | Foreign currency contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0.4 | 1.1 | 0 |
Liabilities, Fair Value Disclosure | -0.1 | 0 | -2.8 |
Carrying Value | Commodity contracts | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0.2 | 6.3 | 1.4 |
Liabilities, Fair Value Disclosure | -1.7 | 0 | -0.2 |
Carrying Value | Interest rate swaps | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liabilities, Fair Value Disclosure | -0.6 | 0 | 0 |
Carrying Value | US government agency securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 0.5 | 1.4 | 0 |
Carrying Value | Corporate bonds and notes | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $10.10 | $10.80 | $0 |
Fair_value_measurements_Outsta
Fair value measurements - Outstanding Debt (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Millions, unless otherwise specified | |||
Carrying Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Outstanding debt | $1,384.40 | $1,389.70 | $0 |
Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Outstanding debt | 1,401.50 | 1,406.50 | 0 |
Senior Notes | Level 2 | Carrying Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Outstanding debt | 398.5 | 398.5 | 0 |
Senior Notes | Level 2 | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Outstanding debt | 415.6 | 415.3 | 0 |
Securitization Facility | Level 2 | Carrying Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Outstanding debt | 600 | 600 | 0 |
Securitization Facility | Level 2 | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Outstanding debt | 600 | 600 | 0 |
Term Loan | Level 2 | Carrying Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Outstanding debt | 385 | 390 | 0 |
Term Loan | Level 2 | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Outstanding debt | 385 | 390 | 0 |
Capital Lease Obligations | Level 2 | Carrying Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Outstanding debt | 0.9 | 1.2 | 0 |
Capital Lease Obligations | Level 2 | Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Outstanding debt | $0.90 | $1.20 | $0 |
Pension_plans_Additional_Infor
Pension plans - Additional Information (Details) (Foreign Pension Plan, Defined Benefit, USD $) | 3 Months Ended |
In Millions, unless otherwise specified | 2-May-15 |
Foreign Pension Plan, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer contributions | $0.80 |
Estimated future employer contributions in next fiscal year | $2.40 |
Pension_plans_Components_of_Ne
Pension plans - Components of Net Periodic Pension Cost (Details) (Foreign Pension Plan, Defined Benefit, USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
Foreign Pension Plan, Defined Benefit | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | ($0.60) | ($0.60) |
Interest cost | -1.9 | -2.5 |
Expected return on UK Plan assets | 2.8 | 3.8 |
Amortization of unrecognized net prior service credit | 0.5 | 0.4 |
Amortization of unrecognized actuarial loss | -0.8 | -0.5 |
Net periodic pension benefit | $0 | $0.60 |
Loans_overdrafts_and_longterm_2
Loans, overdrafts and long-term debt (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 |
In Millions, unless otherwise specified | |||
Debt Disclosure [Abstract] | |||
Revolving credit facility | $0 | $0 | $0 |
Current portion of senior unsecured term loan | 27.5 | 25 | 0 |
Current portion of capital lease obligations | 0.7 | 0.9 | 0 |
Bank overdrafts | 16.6 | 71.6 | 8.8 |
Total loans and overdrafts | 44.8 | 97.5 | 8.8 |
Senior unsecured notes due 2024, net of unamortized discount | 398.5 | 398.5 | 0 |
Securitization facility | 600 | 600 | 0 |
Senior unsecured term loan | 357.5 | 365 | 0 |
Capital lease obligations | 0.2 | 0.3 | 0 |
Total long-term debt | 1,356.20 | 1,363.80 | 0 |
Total loans, overdrafts and long-term debt | $1,401 | $1,461.30 | $8.80 |
Loans_overdrafts_and_longterm_3
Loans, overdrafts and long-term debt - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||
2-May-15 | 3-May-14 | Jan. 31, 2015 | 15-May-14 | 19-May-14 | 24-May-11 | 29-May-14 | Feb. 19, 2014 | |
Debt Instrument [Line Items] | ||||||||
Amortization of financing costs | $900,000 | $1,000,000 | ||||||
Revolving credit facility | 0 | 0 | 0 | |||||
Securitization facility | 600,000,000 | 0 | 600,000,000 | |||||
Bank Overdrafts | 16,600,000 | 8,800,000 | 71,600,000 | |||||
Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issuance cost | 6,700,000 | |||||||
Credit Facility | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facility, maximum borrowing capacity | 400,000,000 | |||||||
Debt instrument, maturity period | 5 years | |||||||
Covenant, maximum leverage ratio | 2.5 | |||||||
Covenant, minimum coverage ratio | 1.4 | |||||||
Debt issuance cost | 6,700,000 | |||||||
Amortization of financing costs | 1,200,000 | 900,000 | ||||||
Letters of credit outstanding | 21,000,000 | 8,700,000 | 25,400,000 | |||||
Credit Facility | Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | 400,000,000 | |||||||
Amount outstanding | 385,000,000 | |||||||
Weighted average interest rate | 1.45% | |||||||
May 2011 Credit Facility | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt issuance cost | 2,100,000 | |||||||
Accumulated amortization of capitalized fees | 1,400,000 | |||||||
Amortization of financing costs | 300,000 | 200,000 | ||||||
Securitization Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | 600,000,000 | |||||||
Debt instrument, maturity period | 2 years | |||||||
Weighted average interest rate | 1.53% | |||||||
Debt issuance cost | 2,800,000 | |||||||
Accumulated amortization of capitalized fees | 1,300,000 | 900,000 | ||||||
Amortization of financing costs | 400,000 | |||||||
Year One | Credit Facility | Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Quarterly repayment rate | 5.00% | |||||||
Year Two | Credit Facility | Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Quarterly repayment rate | 7.50% | |||||||
Year Three | Credit Facility | Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Quarterly repayment rate | 10.00% | |||||||
Year Four | Credit Facility | Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Quarterly repayment rate | 12.50% | |||||||
Year Five | Credit Facility | Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Quarterly repayment rate | 15.00% | |||||||
Zale | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | 1,400,000,000 | |||||||
Zale | Unsecured Bridge Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | 800,000,000 | |||||||
Debt issuance cost | 3,000,000 | 4,000,000 | ||||||
Accumulated amortization of capitalized fees | 800,000 | |||||||
Amortization of financing costs | 200,000 | 0 | ||||||
Signet UK Finance plc | Senior Unsecured Notes Due in 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | 400,000,000 | |||||||
Debt issuance cost | 7,000,000 | |||||||
Accumulated amortization of capitalized fees | 700,000 | 500,000 | ||||||
Stated interest rate | 4.70% | |||||||
Proceeds from debt, net of issuance costs | $393,900,000 |
Deferred_revenue_Detail
- Deferred revenue (Detail) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 | Feb. 01, 2014 |
In Millions, unless otherwise specified | ||||
Deferred Revenue Arrangement [Line Items] | ||||
Voucher promotions and other | $21.30 | $22.70 | $12.10 | |
Total deferred revenue | 841.3 | 811.9 | 631.7 | |
Current liabilities | 244 | 248 | 174.4 | |
Non-current liabilities | 597.3 | 563.9 | 457.3 | |
Sterling Jewelers | ||||
Deferred Revenue Arrangement [Line Items] | ||||
ESP deferred revenue | 690.7 | 668.9 | 619.6 | 601.2 |
Zale Jewelry | ||||
Deferred Revenue Arrangement [Line Items] | ||||
ESP deferred revenue | $129.30 | $120.30 | $0 |
Deferred_revenue_Deferred_reve
Deferred revenue - Deferred revenue rollforward (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
Sterling Jewelers | ||
Deferred Revenue Warranty [Roll Forward] | ||
ESP deferred revenue, beginning of period | $668.90 | $601.20 |
Plans sold | 69.3 | 64.2 |
Revenue recognized | -47.5 | -45.8 |
ESP deferred revenue, end of period | 690.7 | 619.6 |
Zale | ||
Deferred Revenue Warranty [Roll Forward] | ||
ESP deferred revenue, beginning of period | 120.3 | |
Plans sold | 35.2 | |
Revenue recognized | -26.2 | |
ESP deferred revenue, end of period | $129.30 |
Warranty_reserve_Warranty_rese
Warranty reserve - Warranty reserve (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 | Feb. 01, 2014 |
In Millions, unless otherwise specified | ||||
Movement in Standard Product Warranty Accrual [Roll Forward] | ||||
Warranty reserve, beginning of period | $44.60 | $44.90 | $19.40 | $19.10 |
Warranty expense | 3 | 1.7 | ||
Utilized | -3.3 | -1.4 | ||
Warranty reserve, beginning of period | $44.60 | $44.90 | $19.40 | $19.10 |
Warranty_reserve_Warranty_rese1
Warranty reserve - Warranty reserve rollforward (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 | Feb. 01, 2014 |
In Millions, unless otherwise specified | ||||
Product Warranty Liability [Line Items] | ||||
Accrued Rent | $44.60 | $44.90 | $19.40 | $19.10 |
Current liabilities | ||||
Product Warranty Liability [Line Items] | ||||
Accrued Rent | 17.7 | 17.2 | 6.7 | |
Non-current liabilities | ||||
Product Warranty Liability [Line Items] | ||||
Accrued Rent | $26.90 | $27.70 | $12.70 |
Sharebased_compensation_Additi
Share-based compensation - Additional Information (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Share-based compensation expense | $3.30 | $3.20 |
Commitments_and_contingencies_
Commitments and contingencies - Narrative (Details) | 2-May-15 | Sep. 24, 2014 | Aug. 26, 2014 | Jun. 04, 2014 | 28-May-14 |
lawsuit | |||||
Loss Contingencies [Line Items] | |||||
Common stock, shares held by former stockholders (shares) | 2,427,000 | 2,450,000 | 3,904,000 | ||
Common stock appraisal demanded and not withdrawn (shares) | 8,800,000 | ||||
Zale | |||||
Loss Contingencies [Line Items] | |||||
Pending claims | 3 |
Condensed_consolidating_financ2
Condensed consolidating financial information - Condensed consolidated income statement (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
Condensed Income Statements, Captions [Line Items] | ||
Sales | $1,530.60 | $1,056.10 |
Cost of sales | -964.7 | -648.9 |
Gross margin | 565.9 | 407.2 |
Selling, general and administrative expenses | -453.2 | -310.5 |
Other operating income, net | 63.5 | 54 |
Operating income | 176.2 | 150.7 |
Intra-entity interest income (expense) | 0 | 0 |
Interest expense, net | -11 | -1.8 |
Income before income taxes | 165.2 | 148.9 |
Income taxes | -46.4 | -52.3 |
Equity in income of subsidiaries | 0 | 0 |
Net income | 118.8 | 96.6 |
Consolidation, Eliminations | ||
Condensed Income Statements, Captions [Line Items] | ||
Sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross margin | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Other operating income, net | 0 | 0 |
Operating income | 0 | 0 |
Intra-entity interest income (expense) | 0 | 0 |
Interest expense, net | 0 | 0 |
Income before income taxes | 0 | 0 |
Income taxes | 0 | 0 |
Equity in income of subsidiaries | -272.3 | -269 |
Net income | -272.3 | -269 |
Signet Jewelers Limited | Reportable Legal Entities | ||
Condensed Income Statements, Captions [Line Items] | ||
Sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross margin | 0 | 0 |
Selling, general and administrative expenses | -0.3 | -0.4 |
Other operating income, net | 0 | 0 |
Operating income | -0.3 | -0.4 |
Intra-entity interest income (expense) | 0 | 0 |
Interest expense, net | 0 | 0 |
Income before income taxes | -0.3 | -0.4 |
Income taxes | 0 | 0 |
Equity in income of subsidiaries | 119.1 | 97 |
Net income | 118.8 | 96.6 |
Signet UK Finance plc | Reportable Legal Entities | ||
Condensed Income Statements, Captions [Line Items] | ||
Sales | 0 | 0 |
Cost of sales | 0 | 0 |
Gross margin | 0 | 0 |
Selling, general and administrative expenses | 0 | 0 |
Other operating income, net | 0 | 0 |
Operating income | 0 | 0 |
Intra-entity interest income (expense) | 4.7 | 0 |
Interest expense, net | -4.9 | 0 |
Income before income taxes | -0.2 | 0 |
Income taxes | 0 | 0 |
Equity in income of subsidiaries | 0 | 0 |
Net income | -0.2 | 0 |
Guarantor Subsidiaries | Reportable Legal Entities | ||
Condensed Income Statements, Captions [Line Items] | ||
Sales | 1,511 | 1,043.70 |
Cost of sales | -961 | -647.6 |
Gross margin | 550 | 396.1 |
Selling, general and administrative expenses | -444.2 | -303.8 |
Other operating income, net | 63.5 | 52 |
Operating income | 169.3 | 144.3 |
Intra-entity interest income (expense) | -46.1 | -7 |
Interest expense, net | -3.5 | -1.8 |
Income before income taxes | 119.7 | 135.5 |
Income taxes | -48.5 | -55.9 |
Equity in income of subsidiaries | 76 | 91.2 |
Net income | 147.2 | 170.8 |
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||
Condensed Income Statements, Captions [Line Items] | ||
Sales | 19.6 | 12.4 |
Cost of sales | -3.7 | -1.3 |
Gross margin | 15.9 | 11.1 |
Selling, general and administrative expenses | -8.7 | -6.3 |
Other operating income, net | 0 | 2 |
Operating income | 7.2 | 6.8 |
Intra-entity interest income (expense) | 41.4 | 7 |
Interest expense, net | -2.6 | 0 |
Income before income taxes | 46 | 13.8 |
Income taxes | 2.1 | 3.6 |
Equity in income of subsidiaries | 77.2 | 80.8 |
Net income | $125.30 | $98.20 |
Condensed_consolidating_financ3
Condensed consolidating financial information - Condensed consolidated statement of comprehensive income (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
Condensed Statement of Comprehensive Income [Line Items] | ||
Net income | $118.80 | $96.60 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 7.5 | 9.6 |
Available-for-sale securities: | ||
Unrealized loss | -0.1 | 0 |
Cash flow hedges: | ||
Unrealized (loss) gain | -5.9 | 0.3 |
Reclassification adjustment for losses to net income | 0.5 | 4.7 |
Pension plan: | ||
Reclassification adjustment to net income for amortization of actuarial loss | 0.7 | 0.4 |
Reclassification adjustment to net income for amortization of prior service (credits) costs | -0.4 | -0.3 |
Total other comprehensive income (loss) | 2.3 | 14.7 |
Total comprehensive income | 121.1 | 111.3 |
Consolidation, Eliminations | ||
Condensed Statement of Comprehensive Income [Line Items] | ||
Net income | -272.3 | -269 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | -7.5 | 0.5 |
Available-for-sale securities: | ||
Unrealized loss | 0.1 | |
Cash flow hedges: | ||
Unrealized (loss) gain | 5.9 | |
Reclassification adjustment for losses to net income | -0.5 | |
Pension plan: | ||
Reclassification adjustment to net income for amortization of actuarial loss | -0.7 | |
Reclassification adjustment to net income for amortization of prior service (credits) costs | 0.4 | |
Total other comprehensive income (loss) | -2.3 | 0.5 |
Total comprehensive income | -274.6 | -268.5 |
Signet Jewelers Limited | Reportable Legal Entities | ||
Condensed Statement of Comprehensive Income [Line Items] | ||
Net income | 118.8 | 96.6 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 7.5 | |
Available-for-sale securities: | ||
Unrealized loss | -0.1 | |
Cash flow hedges: | ||
Unrealized (loss) gain | -5.9 | |
Reclassification adjustment for losses to net income | 0.5 | |
Pension plan: | ||
Reclassification adjustment to net income for amortization of actuarial loss | 0.7 | |
Reclassification adjustment to net income for amortization of prior service (credits) costs | -0.4 | |
Total other comprehensive income (loss) | 2.3 | 0 |
Total comprehensive income | 121.1 | 96.6 |
Signet UK Finance plc | Reportable Legal Entities | ||
Condensed Statement of Comprehensive Income [Line Items] | ||
Net income | -0.2 | 0 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 0 | 0 |
Available-for-sale securities: | ||
Unrealized loss | 0 | |
Cash flow hedges: | ||
Unrealized (loss) gain | 0 | 0 |
Reclassification adjustment for losses to net income | 0 | 0 |
Pension plan: | ||
Reclassification adjustment to net income for amortization of actuarial loss | 0 | 0 |
Reclassification adjustment to net income for amortization of prior service (credits) costs | 0 | 0 |
Total other comprehensive income (loss) | 0 | 0 |
Total comprehensive income | -0.2 | 0 |
Guarantor Subsidiaries | Reportable Legal Entities | ||
Condensed Statement of Comprehensive Income [Line Items] | ||
Net income | 147.2 | 170.8 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | 7.5 | 10.9 |
Available-for-sale securities: | ||
Unrealized loss | 0 | |
Cash flow hedges: | ||
Unrealized (loss) gain | -5.9 | 0.3 |
Reclassification adjustment for losses to net income | 0.5 | 4.7 |
Pension plan: | ||
Reclassification adjustment to net income for amortization of actuarial loss | 0.7 | 0.4 |
Reclassification adjustment to net income for amortization of prior service (credits) costs | -0.4 | -0.3 |
Total other comprehensive income (loss) | 2.4 | 16 |
Total comprehensive income | 149.6 | 186.8 |
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||
Condensed Statement of Comprehensive Income [Line Items] | ||
Net income | 125.3 | 98.2 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | -1.8 | |
Available-for-sale securities: | ||
Unrealized loss | -0.1 | |
Cash flow hedges: | ||
Unrealized (loss) gain | 0 | 0 |
Reclassification adjustment for losses to net income | 0 | 0 |
Pension plan: | ||
Reclassification adjustment to net income for amortization of actuarial loss | 0 | 0 |
Reclassification adjustment to net income for amortization of prior service (credits) costs | 0 | 0 |
Total other comprehensive income (loss) | -0.1 | -1.8 |
Total comprehensive income | $125.20 | $96.40 |
Condensed_consolidating_financ4
Condensed consolidating financial information - Condensed consolidated balance sheet (Details) (USD $) | 2-May-15 | Jan. 31, 2015 | 3-May-14 | Feb. 01, 2014 |
In Millions, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $122.60 | $193.60 | $249.10 | $247.60 |
Accounts receivable, net | 1,499.90 | 1,567.60 | 1,308.20 | |
Intra-entity receivables, net | 0 | 0 | 0 | |
Other receivables | 56.5 | 63.6 | 47.1 | |
Other current assets | 132.4 | 137.2 | 91 | |
Deferred tax assets | 5.7 | 4.5 | 2.7 | |
Income taxes | 5.3 | 1.8 | 10.7 | |
Inventories | 2,487.80 | 2,439 | 1,523.90 | |
Total current assets | 4,310.20 | 4,407.30 | 3,232.70 | |
Non-current assets: | ||||
Property, plant and equipment, net of accumulated depreciation of $848.8, $852.1 and $816.3, respectively | 668.7 | 665.9 | 494 | |
Goodwill | 520.7 | 519.2 | 26.8 | 26.8 |
Intangible assets, net | 445.9 | 447.1 | 0 | |
Investment in subsidiaries | 0 | 0 | ||
Intra-entity receivables, net | 0 | 0 | ||
Other assets | 141.1 | 140 | 93.5 | |
Deferred tax assets | 119.9 | 111.1 | 114.8 | |
Retirement benefit asset | 38.1 | 37 | 59.8 | |
Total assets | 6,244.60 | 6,327.60 | 4,021.60 | |
Current liabilities: | ||||
Loans and overdrafts | 44.8 | 97.5 | 8.8 | |
Accounts payable | 256.5 | 277.7 | 163.1 | |
Intra-entity payables, net | 0 | 0 | ||
Accrued expenses and other current liabilities | 420.5 | 482.4 | 293.8 | |
Deferred revenue | 244 | 248 | 174.4 | |
Deferred tax liabilities | 158.9 | 145.8 | 123.9 | |
Income taxes | 28.3 | 86.9 | 32.2 | |
Total current liabilities | 1,153 | 1,338.30 | 796.2 | |
Non-current liabilities: | ||||
Long-term debt | 1,356.20 | 1,363.80 | 0 | |
Intra-entity payables, net | 0 | |||
Other liabilities | 224.4 | 230.2 | 121.6 | |
Deferred revenue | 597.3 | 563.9 | 457.3 | |
Deferred tax liabilities | 21.8 | 21 | 2.7 | |
Total liabilities | 3,352.70 | 3,517.20 | 1,377.80 | |
Shareholders’ equity: | ||||
Total shareholders’ equity | 2,891.90 | 2,810.40 | 2,643.80 | |
Total liabilities and shareholders’ equity | 6,244.60 | 6,327.60 | 4,021.60 | |
Consolidation, Eliminations | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Accounts receivable, net | 0 | 0 | 0 | |
Intra-entity receivables, net | -176.2 | -183.4 | -257.8 | |
Other receivables | 0 | 0 | 0 | |
Other current assets | 0 | 0 | 0 | |
Deferred tax assets | 0 | 0 | 0 | |
Income taxes | 0 | 0 | 0 | |
Inventories | 0 | 0 | 0 | |
Total current assets | -176.2 | -183.4 | -257.8 | |
Non-current assets: | ||||
Property, plant and equipment, net of accumulated depreciation of $848.8, $852.1 and $816.3, respectively | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Investment in subsidiaries | -3,888.10 | -3,585.80 | -5,437.80 | |
Intra-entity receivables, net | -3,892.10 | -3,892.40 | -1,098 | |
Other assets | 0 | 0 | ||
Deferred tax assets | 0 | 0 | ||
Retirement benefit asset | 0 | 0 | ||
Total assets | -7,956.40 | -7,661.60 | -6,793.60 | |
Current liabilities: | ||||
Loans and overdrafts | 0 | 0 | 0 | |
Accounts payable | 0 | 0 | 0 | |
Intra-entity payables, net | -176.2 | -183.4 | -257.8 | |
Accrued expenses and other current liabilities | 0 | 0 | 0 | |
Deferred revenue | 0 | 0 | 0 | |
Deferred tax liabilities | 0 | 0 | 0 | |
Income taxes | 0 | 0 | 0 | |
Total current liabilities | -176.2 | -183.4 | -257.8 | |
Non-current liabilities: | ||||
Intra-entity payables, net | -3,892.10 | -3,892.40 | -1,098 | |
Other liabilities | 0 | |||
Deferred revenue | 0 | |||
Deferred tax liabilities | 0 | 0 | ||
Total liabilities | -4,068.30 | -4,075.80 | -1,355.80 | |
Shareholders’ equity: | ||||
Total shareholders’ equity | -3,888.10 | -3,585.80 | -5,437.80 | |
Total liabilities and shareholders’ equity | -7,956.40 | -7,661.60 | -6,793.60 | |
Signet Jewelers Limited | Reportable Legal Entities | ||||
Current assets: | ||||
Cash and cash equivalents | 0.9 | 2.1 | 1.7 | 1.4 |
Accounts receivable, net | 0 | 0 | 0 | |
Intra-entity receivables, net | 85.9 | 121.6 | 24.3 | |
Other receivables | 0 | 0 | 0 | |
Other current assets | 0.4 | 0.1 | 0.1 | |
Deferred tax assets | 0 | 0 | 0 | |
Income taxes | 0 | 0 | 0 | |
Inventories | 0 | 0 | 0 | |
Total current assets | 87.2 | 123.8 | 26.1 | |
Non-current assets: | ||||
Property, plant and equipment, net of accumulated depreciation of $848.8, $852.1 and $816.3, respectively | 0 | 0 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Investment in subsidiaries | 2,822.70 | 2,701.30 | 2,634 | |
Intra-entity receivables, net | 0 | 0 | ||
Other assets | 0 | 0 | ||
Deferred tax assets | 0 | 0 | ||
Retirement benefit asset | 0 | 0 | ||
Total assets | 2,909.90 | 2,825.10 | 2,660.10 | |
Current liabilities: | ||||
Loans and overdrafts | 0 | 0 | 0 | |
Accounts payable | 0 | 0 | 0 | |
Intra-entity payables, net | 0 | 0 | 0 | |
Accrued expenses and other current liabilities | 18 | 14.7 | 16.3 | |
Deferred revenue | 0 | 0 | 0 | |
Deferred tax liabilities | 0 | 0 | 0 | |
Income taxes | 0 | 0 | 0 | |
Total current liabilities | 18 | 14.7 | 16.3 | |
Non-current liabilities: | ||||
Intra-entity payables, net | 0 | |||
Other liabilities | 0 | |||
Deferred revenue | 0 | |||
Deferred tax liabilities | 0 | 0 | ||
Total liabilities | 18 | 14.7 | 16.3 | |
Shareholders’ equity: | ||||
Total shareholders’ equity | 2,891.90 | 2,810.40 | 2,643.80 | |
Total liabilities and shareholders’ equity | 2,909.90 | 2,825.10 | 2,660.10 | |
Signet UK Finance plc | Reportable Legal Entities | ||||
Current assets: | ||||
Cash and cash equivalents | 0.1 | 0.1 | 0 | 0 |
Accounts receivable, net | 0 | 0 | 0 | |
Intra-entity receivables, net | 0 | 0 | 0 | |
Other receivables | 0 | 0 | 0 | |
Other current assets | 0.7 | 0.7 | 0 | |
Deferred tax assets | 0 | 0 | 0 | |
Income taxes | 0 | 0 | 0 | |
Inventories | 0 | 0 | 0 | |
Total current assets | 0.8 | 0.8 | 0 | |
Non-current assets: | ||||
Property, plant and equipment, net of accumulated depreciation of $848.8, $852.1 and $816.3, respectively | 0 | 0 | 0 | |
Goodwill | 0 | 0 | 0 | |
Intangible assets, net | 0 | 0 | ||
Investment in subsidiaries | 0 | 0 | 0 | |
Intra-entity receivables, net | 407.3 | 402.4 | 0 | |
Other assets | 5.6 | 5.8 | 0 | |
Deferred tax assets | 0 | 0 | 0 | |
Retirement benefit asset | 0 | 0 | 0 | |
Total assets | 413.7 | 409 | 0 | |
Current liabilities: | ||||
Loans and overdrafts | 0 | 0 | 0 | |
Accounts payable | 0 | 0 | 0 | |
Intra-entity payables, net | 0 | 0 | 0 | |
Accrued expenses and other current liabilities | 7.1 | 2.4 | 0 | |
Deferred revenue | 0 | 0 | 0 | |
Deferred tax liabilities | 0 | 0 | 0 | |
Income taxes | -0.2 | 0 | ||
Total current liabilities | 7.1 | 2.2 | 0 | |
Non-current liabilities: | ||||
Long-term debt | 398.5 | 398.5 | ||
Intra-entity payables, net | 0 | 0 | ||
Other liabilities | 0 | 0 | ||
Deferred revenue | 0 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Total liabilities | 405.6 | 400.7 | 0 | |
Shareholders’ equity: | ||||
Total shareholders’ equity | 8.1 | 8.3 | 0 | |
Total liabilities and shareholders’ equity | 413.7 | 409 | 0 | |
Guarantor Subsidiaries | Reportable Legal Entities | ||||
Current assets: | ||||
Cash and cash equivalents | 110.4 | 166.5 | 226.7 | 237 |
Accounts receivable, net | 1,498.30 | 1,566.20 | 1,299.40 | |
Intra-entity receivables, net | 0 | 0 | 0 | |
Other receivables | 45.4 | 53.9 | 46 | |
Other current assets | 126 | 130.9 | 90.5 | |
Deferred tax assets | 5.4 | 4.3 | 2.5 | |
Income taxes | 5.3 | 1.8 | 10.1 | |
Inventories | 2,407.20 | 2,376.60 | 1,469.40 | |
Total current assets | 4,198 | 4,300.20 | 3,144.60 | |
Non-current assets: | ||||
Property, plant and equipment, net of accumulated depreciation of $848.8, $852.1 and $816.3, respectively | 663.2 | 660.2 | 487.8 | |
Goodwill | 517.1 | 515.6 | 23.2 | |
Intangible assets, net | 445.9 | 447.1 | ||
Investment in subsidiaries | 541.5 | 462.8 | 1,559.90 | |
Intra-entity receivables, net | 0 | 0 | ||
Other assets | 109.5 | 105.3 | 93.5 | |
Deferred tax assets | 119.8 | 111 | 114.8 | |
Retirement benefit asset | 38.1 | 37 | 59.8 | |
Total assets | 6,633.10 | 6,639.20 | 5,483.60 | |
Current liabilities: | ||||
Loans and overdrafts | 44.8 | 97.5 | 8.8 | |
Accounts payable | 252.2 | 273.4 | 162.9 | |
Intra-entity payables, net | 176.2 | 183.4 | 257.8 | |
Accrued expenses and other current liabilities | 386.7 | 456.7 | 274.2 | |
Deferred revenue | 244 | 248 | 174.4 | |
Deferred tax liabilities | 158.9 | 145.8 | 123.9 | |
Income taxes | 28.2 | 87.7 | 35.7 | |
Total current liabilities | 1,291 | 1,492.50 | 1,037.70 | |
Non-current liabilities: | ||||
Long-term debt | 357.7 | 365.3 | ||
Intra-entity payables, net | 3,892.10 | 3,892.40 | 1,098 | |
Other liabilities | 216.8 | 222 | 118.5 | |
Deferred revenue | 597.3 | 563.9 | 457.3 | |
Deferred tax liabilities | 21.8 | 21 | 2.7 | |
Total liabilities | 6,376.70 | 6,557.10 | 2,714.20 | |
Shareholders’ equity: | ||||
Total shareholders’ equity | 256.4 | 82.1 | 2,769.40 | |
Total liabilities and shareholders’ equity | 6,633.10 | 6,639.20 | 5,483.60 | |
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||||
Current assets: | ||||
Cash and cash equivalents | 11.2 | 24.9 | 20.7 | 9.2 |
Accounts receivable, net | 1.6 | 1.4 | 8.8 | |
Intra-entity receivables, net | 90.3 | 61.8 | 233.5 | |
Other receivables | 11.1 | 9.7 | 1.1 | |
Other current assets | 5.3 | 5.5 | 0.4 | |
Deferred tax assets | 0.3 | 0.2 | 0.2 | |
Income taxes | 0 | 0.6 | ||
Inventories | 80.6 | 62.4 | 54.5 | |
Total current assets | 200.4 | 165.9 | 319.8 | |
Non-current assets: | ||||
Property, plant and equipment, net of accumulated depreciation of $848.8, $852.1 and $816.3, respectively | 5.5 | 5.7 | 6.2 | |
Goodwill | 3.6 | 3.6 | 3.6 | |
Intangible assets, net | 0 | 0 | ||
Investment in subsidiaries | 523.9 | 421.7 | 1,243.90 | |
Intra-entity receivables, net | 3,484.80 | 3,490 | 1,098 | |
Other assets | 26 | 28.9 | 0 | |
Deferred tax assets | 0.1 | 0.1 | 0 | |
Retirement benefit asset | 0 | 0 | ||
Total assets | 4,244.30 | 4,115.90 | 2,671.50 | |
Current liabilities: | ||||
Loans and overdrafts | 0 | 0 | 0 | |
Accounts payable | 4.3 | 4.3 | 0.2 | |
Intra-entity payables, net | 0 | 0 | 0 | |
Accrued expenses and other current liabilities | 8.7 | 8.6 | 3.3 | |
Deferred revenue | 0 | 0 | 0 | |
Deferred tax liabilities | 0 | 0 | 0 | |
Income taxes | 0.1 | -0.6 | -3.5 | |
Total current liabilities | 13.1 | 12.3 | 0 | |
Non-current liabilities: | ||||
Long-term debt | 600 | 600 | ||
Intra-entity payables, net | 0 | |||
Other liabilities | 7.6 | 8.2 | 3.1 | |
Deferred revenue | 0 | |||
Deferred tax liabilities | 0 | 0 | ||
Total liabilities | 620.7 | 620.5 | 3.1 | |
Shareholders’ equity: | ||||
Total shareholders’ equity | 3,623.60 | 3,495.40 | 2,668.40 | |
Total liabilities and shareholders’ equity | $4,244.30 | $4,115.90 | $2,671.50 |
Condensed_consolidating_financ5
Condensed consolidating financial information - Condensed consolidated statement of cash flows (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | 2-May-15 | 3-May-14 |
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | $67 | $73.50 |
Investing activities | ||
Purchase of property, plant and equipment | -42.9 | -28.1 |
Investment in subsidiaries | 0 | |
Purchase of available-for-sale securities | -1.4 | 0 |
Proceeds from available-for-sale securities | 3.5 | 0 |
Net cash used in investing activities | -40.8 | -28.1 |
Financing activities | ||
Dividends paid | -14.4 | -12 |
Intra-entity dividends paid | 0 | |
Proceeds from issuance of common shares | 0.1 | 1 |
Excess tax benefit from exercise of share awards | 5.1 | 7.7 |
Proceeds from long-term debt | 638.2 | |
Repayment of long-term debt | -643.2 | |
Payment of debt issuance costs | 0 | -3 |
Repurchase of common shares | -19.1 | -11.4 |
Net settlement of equity based awards | -8.7 | -15.3 |
Capital lease payments | -0.3 | 0 |
Proceeds from (repayment of) short-term borrowings | -55 | -10.5 |
Intra-entity activity, net | 0 | 0 |
Net cash used in financing activities | -97.3 | -43.5 |
Cash and cash equivalents at beginning of period | 193.6 | 247.6 |
(Decrease) increase in cash and cash equivalents | -71.1 | 1.9 |
Effect of exchange rate changes on cash and cash equivalents | 0.1 | -0.4 |
Cash and cash equivalents at end of period | 122.6 | 249.1 |
Consolidation, Eliminations | ||
Investing activities | ||
Purchase of property, plant and equipment | 0 | 0 |
Purchase of available-for-sale securities | 0 | |
Proceeds from available-for-sale securities | 0 | |
Net cash used in investing activities | 0 | 0 |
Financing activities | ||
Dividends paid | 0 | 0 |
Excess tax benefit from exercise of share awards | 0 | 0 |
Proceeds from long-term debt | 0 | |
Repayment of long-term debt | 0 | |
Payment of debt issuance costs | 0 | |
Repurchase of common shares | 0 | 0 |
Net settlement of equity based awards | 0 | 0 |
Capital lease payments | 0 | |
Proceeds from (repayment of) short-term borrowings | 0 | 0 |
Intra-entity activity, net | 0 | |
Net cash used in financing activities | 0 | 0 |
Cash and cash equivalents at beginning of period | 0 | 0 |
(Decrease) increase in cash and cash equivalents | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at end of period | 0 | 0 |
Signet Jewelers Limited | Reportable Legal Entities | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | -3.4 | -0.5 |
Investing activities | ||
Purchase of property, plant and equipment | 0 | 0 |
Investment in subsidiaries | 0 | |
Purchase of available-for-sale securities | 0 | |
Proceeds from available-for-sale securities | 0 | |
Net cash used in investing activities | 0 | 0 |
Financing activities | ||
Dividends paid | -14.4 | -12 |
Intra-entity dividends paid | 0 | |
Proceeds from issuance of common shares | 0.1 | 1 |
Excess tax benefit from exercise of share awards | 0 | 0 |
Proceeds from long-term debt | 0 | |
Repayment of long-term debt | 0 | |
Payment of debt issuance costs | 0 | |
Repurchase of common shares | -19.1 | -11.4 |
Net settlement of equity based awards | -8.7 | -15.3 |
Capital lease payments | 0 | |
Proceeds from (repayment of) short-term borrowings | 0 | 0 |
Intra-entity activity, net | 44.3 | 38.5 |
Net cash used in financing activities | 2.2 | 0.8 |
Cash and cash equivalents at beginning of period | 2.1 | 1.4 |
(Decrease) increase in cash and cash equivalents | -1.2 | 0.3 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at end of period | 0.9 | 1.7 |
Signet UK Finance plc | Reportable Legal Entities | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 4.9 | 0 |
Investing activities | ||
Purchase of property, plant and equipment | 0 | 0 |
Investment in subsidiaries | 0 | |
Purchase of available-for-sale securities | 0 | |
Proceeds from available-for-sale securities | 0 | |
Net cash used in investing activities | 0 | 0 |
Financing activities | ||
Dividends paid | 0 | 0 |
Intra-entity dividends paid | 0 | |
Proceeds from issuance of common shares | 0 | |
Excess tax benefit from exercise of share awards | 0 | 0 |
Repayment of long-term debt | 0 | |
Payment of debt issuance costs | 0 | |
Repurchase of common shares | 0 | 0 |
Net settlement of equity based awards | 0 | 0 |
Capital lease payments | 0 | |
Proceeds from (repayment of) short-term borrowings | 0 | 0 |
Intra-entity activity, net | -4.9 | 0 |
Net cash used in financing activities | -4.9 | 0 |
Cash and cash equivalents at beginning of period | 0.1 | 0 |
(Decrease) increase in cash and cash equivalents | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
Cash and cash equivalents at end of period | 0.1 | 0 |
Guarantor Subsidiaries | Reportable Legal Entities | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 54.4 | 62.4 |
Investing activities | ||
Purchase of property, plant and equipment | -42.9 | -27.8 |
Purchase of available-for-sale securities | 0 | |
Proceeds from available-for-sale securities | 0 | |
Net cash used in investing activities | -42.9 | -27.8 |
Financing activities | ||
Dividends paid | 0 | 0 |
Intra-entity dividends paid | 1.1 | |
Proceeds from issuance of common shares | 0 | |
Excess tax benefit from exercise of share awards | 5.1 | 7.7 |
Repayment of long-term debt | -5 | |
Payment of debt issuance costs | -3 | |
Repurchase of common shares | 0 | 0 |
Net settlement of equity based awards | 0 | 0 |
Capital lease payments | -0.3 | |
Proceeds from (repayment of) short-term borrowings | -55 | -10.5 |
Intra-entity activity, net | -12.5 | -42.4 |
Net cash used in financing activities | -67.7 | -47.1 |
Cash and cash equivalents at beginning of period | 166.5 | 237 |
(Decrease) increase in cash and cash equivalents | -56.2 | -12.5 |
Effect of exchange rate changes on cash and cash equivalents | 0.1 | 2.2 |
Cash and cash equivalents at end of period | 110.4 | 226.7 |
Non-Guarantor Subsidiaries | Reportable Legal Entities | ||
Cash flows from operating activities: | ||
Net cash provided by (used in) operating activities | 11.1 | 11.6 |
Investing activities | ||
Purchase of property, plant and equipment | -0.3 | |
Purchase of available-for-sale securities | -1.4 | |
Proceeds from available-for-sale securities | 3.5 | |
Net cash used in investing activities | 2.1 | -0.3 |
Financing activities | ||
Dividends paid | 0 | 0 |
Intra-entity dividends paid | -1.1 | |
Excess tax benefit from exercise of share awards | 0 | 0 |
Proceeds from long-term debt | 638.2 | |
Repayment of long-term debt | -638.2 | |
Payment of debt issuance costs | 0 | |
Repurchase of common shares | 0 | 0 |
Net settlement of equity based awards | 0 | 0 |
Capital lease payments | 0 | |
Proceeds from (repayment of) short-term borrowings | 0 | 0 |
Intra-entity activity, net | -26.9 | 3.9 |
Net cash used in financing activities | -26.9 | 2.8 |
Cash and cash equivalents at beginning of period | 24.9 | 9.2 |
(Decrease) increase in cash and cash equivalents | -13.7 | 14.1 |
Effect of exchange rate changes on cash and cash equivalents | -2.6 | |
Cash and cash equivalents at end of period | $11.20 | $20.70 |