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13 weeks ended | |||||||
(in millions) | April 30, 2016 | May 2, 2015 | |||||
Sales: | |||||||
Sterling Jewelers | $ | 980.4 | $ | 944.2 | |||
Zale Jewelry | 381.4 | 372.9 | |||||
Piercing Pagoda | 69.0 | 64.2 | |||||
UK Jewelry | 144.0 | 146.5 | |||||
Other | 4.1 | 2.8 | |||||
Total sales | $ | 1,578.9 | $ | 1,530.6 | |||
Operating income: | |||||||
Sterling Jewelers | $ | 198.3 | $ | 178.2 | |||
Zale Jewelry(1) | 18.3 | 10.4 | |||||
Piercing Pagoda(2) | 7.8 | 5.1 | |||||
UK Jewelry | 1.3 | 0.5 | |||||
Other(3) | (13.7 | ) | (18.0 | ) | |||
Total operating income | $ | 212.0 | $ | 176.2 | |||
(1) | Includes net operating loss of $5.2 million and $9.1 million related to the effects of purchase accounting associated with the acquisition of Zale Corporation for the 13 weeks ended April 30, 2016 and May 2, 2015, respectively. |
(2) | Includes net operating loss of $0.1 million and $2.3 million related to the effects of purchase accounting associated with the acquisition of Zale Corporation for the 13 weeks ended April 30, 2016 and May 2, 2015, respectively. |
(3) | Includes $5.3 million for the 13 weeks ended April 30, 2016 of integration costs for severance and consulting costs associated with organizational and information technology implementations. Includes $6.4 million for the 13 weeks ended May 2, 2015 of transaction and integration expenses associated with advisor fees for legal, tax, accounting and consulting expenses. |
(in millions) | April 30, 2016 | January 30, 2016 | May 2, 2015 | ||||||||
Total assets: | |||||||||||
Sterling Jewelers | $ | 3,756.6 | $ | 3,788.0 | $ | 3,486.7 | |||||
Zale Jewelry | 1,974.9 | 1,955.1 | 1,923.3 | ||||||||
Piercing Pagoda | 139.1 | 141.8 | 128.0 | ||||||||
UK Jewelry | 447.8 | 427.8 | 427.7 | ||||||||
Other | 109.3 | 152.2 | 144.7 | ||||||||
Total assets | $ | 6,427.7 | $ | 6,464.9 | $ | 6,110.4 | |||||
|
|||
Pension plan | |||||||||||||||||||||||
(in millions) | Foreign currency translation | Losses on available-for-sale securities, net | Gains (losses) on cash flow hedges | Actuarial losses | Prior service credits | Accumulated other comprehensive loss | |||||||||||||||||
Balance at January 30, 2016 | $ | (237.8 | ) | $ | (0.4 | ) | $ | (3.9 | ) | $ | (43.1 | ) | $ | 11.1 | $ | (274.1 | ) | ||||||
Other comprehensive income (loss) ("OCI") before reclassifications | 30.8 | 0.2 | 3.6 | — | — | 34.6 | |||||||||||||||||
Amounts reclassified from AOCI to net income | — | — | 1.1 | 0.3 | (0.4 | ) | 1.0 | ||||||||||||||||
Net current-period OCI | 30.8 | 0.2 | 4.7 | 0.3 | (0.4 | ) | 35.6 | ||||||||||||||||
Balance at April 30, 2016 | $ | (207.0 | ) | $ | (0.2 | ) | $ | 0.8 | $ | (42.8 | ) | $ | 10.7 | $ | (238.5 | ) | |||||||
Amounts reclassified from AOCI | ||||||||||
13 weeks ended | ||||||||||
(in millions) | April 30, 2016 | May 2, 2015 | Income statement caption | |||||||
(Gains) losses on cash flow hedges: | ||||||||||
Foreign currency contracts | $ | (0.2 | ) | $ | 0.1 | Cost of sales (see Note 13) | ||||
Interest rate swaps | 0.6 | 0.3 | Interest expense, net (see Note 13) | |||||||
Commodity contracts | 1.2 | 0.3 | Cost of sales (see Note 13) | |||||||
Total before income tax | 1.6 | 0.7 | ||||||||
Income taxes | (0.5 | ) | (0.2 | ) | ||||||
Net of tax | 1.1 | 0.5 | ||||||||
Defined benefit pension plan items: | ||||||||||
Amortization of unrecognized actuarial losses | 0.4 | 0.8 | Selling, general and administrative expenses(1) | |||||||
Amortization of unrecognized net prior service credits | (0.5 | ) | (0.5 | ) | Selling, general and administrative expenses(1) | |||||
Total before income tax | (0.1 | ) | 0.3 | |||||||
Income taxes | — | — | ||||||||
Net of tax | (0.1 | ) | 0.3 | |||||||
Total reclassifications, net of tax | $ | 1.0 | $ | 0.8 | ||||||
(1) | These items are included in the computation of net periodic pension benefit. See Note 15 for additional information. |
|
|||
|
|||
(in millions) | April 30, 2016 | January 30, 2016 | May 2, 2015 | ||||||||
Accounts receivable by portfolio segment, net: | |||||||||||
Sterling Jewelers customer in-house finance receivables | $ | 1,654.3 | $ | 1,725.9 | $ | 1,489.4 | |||||
Zale customer in-house finance receivables | 21.6 | 13.6 | — | ||||||||
Other accounts receivable | 13.4 | 16.9 | 10.5 | ||||||||
Total accounts receivable, net | $ | 1,689.3 | $ | 1,756.4 | $ | 1,499.9 | |||||
13 weeks ended | |||||||
(in millions) | April 30, 2016 | May 2, 2015 | |||||
Beginning balance: | $ | (130.0 | ) | $ | (113.1 | ) | |
Charge-offs, net | 46.8 | 37.9 | |||||
Recoveries | 10.1 | 10.4 | |||||
Provision | (43.7 | ) | (38.5 | ) | |||
Ending balance | $ | (116.8 | ) | $ | (103.3 | ) | |
Ending receivable balance evaluated for impairment | 1,771.1 | 1,592.7 | |||||
Sterling Jewelers customer in-house finance receivables, net | $ | 1,654.3 | $ | 1,489.4 | |||
April 30, 2016 | January 30, 2016 | May 2, 2015 | |||||||||||||||||||||
(in millions) | Gross | Valuation allowance | Gross | Valuation allowance | Gross | Valuation allowance | |||||||||||||||||
Performing: | |||||||||||||||||||||||
Current, aged 0 – 30 days | $ | 1,427.5 | $ | (43.4 | ) | $ | 1,473.0 | $ | (45.4 | ) | $ | 1,290.9 | $ | (39.3 | ) | ||||||||
Past due, aged 31 – 60 days | 240.9 | (7.9 | ) | 259.6 | (8.3 | ) | 211.6 | (6.8 | ) | ||||||||||||||
Past due, aged 61 – 90 days | 39.2 | (2.0 | ) | 49.2 | (2.2 | ) | 34.8 | (1.8 | ) | ||||||||||||||
Non Performing: | |||||||||||||||||||||||
Past due, aged more than 90 days | 63.5 | (63.5 | ) | 74.1 | (74.1 | ) | 55.4 | (55.4 | ) | ||||||||||||||
$ | 1,771.1 | $ | (116.8 | ) | $ | 1,855.9 | $ | (130.0 | ) | $ | 1,592.7 | $ | (103.3 | ) | |||||||||
April 30, 2016 | January 30, 2016 | May 2, 2015 | |||||||||||||||
(as a % of the ending receivable balance) | Gross | Valuation allowance | Gross | Valuation allowance | Gross | Valuation allowance | |||||||||||
Performing | |||||||||||||||||
Current, aged 0 – 30 days | 80.6 | % | 3.0 | % | 79.4 | % | 3.1 | % | 81.0 | % | 3.0 | % | |||||
Past due, aged 31 – 60 days | 13.6 | % | 3.3 | % | 14.0 | % | 3.2 | % | 13.3 | % | 3.2 | % | |||||
Past due, aged 61 – 90 days | 2.2 | % | 5.1 | % | 2.6 | % | 4.5 | % | 2.2 | % | 5.2 | % | |||||
Non Performing | |||||||||||||||||
Past due, aged more than 90 days | 3.6 | % | 100.0 | % | 4.0 | % | 100.0 | % | 3.5 | % | 100.0 | % | |||||
100.0 | % | 6.6 | % | 100.0 | % | 7.0 | % | 100.0 | % | 6.5 | % | ||||||
|
|||
(in millions) | April 30, 2016 | January 30, 2016 | May 2, 2015 | ||||||||
Raw materials | $ | 76.6 | $ | 81.8 | $ | 97.6 | |||||
Finished goods | 2,436.0 | 2,372.1 | 2,390.2 | ||||||||
Total inventories | $ | 2,512.6 | $ | 2,453.9 | $ | 2,487.8 | |||||
|
|||
(in millions) | Sterling Jewelers | Zale Jewelry | Piercing Pagoda | UK Jewelry | Other | Total | |||||||||||||||||
Balance at January 31, 2015 | $ | 23.2 | $ | 492.4 | $ | — | $ | — | $ | 3.6 | $ | 519.2 | |||||||||||
Impact of foreign exchange | — | (3.7 | ) | — | — | — | (3.7 | ) | |||||||||||||||
Balance at January 30, 2016 | 23.2 | 488.7 | — | — | 3.6 | 515.5 | |||||||||||||||||
Impact of foreign exchange | — | 4.2 | — | — | — | 4.2 | |||||||||||||||||
Balance at April 30, 2016 | $ | 23.2 | $ | 492.9 | $ | — | $ | — | $ | 3.6 | $ | 519.7 | |||||||||||
April 30, 2016 | January 30, 2016 | May 2, 2015 | |||||||||||||||||||||||||||||||||||
(in millions) | Balance sheet location | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||||||||||||||||
Definite-lived intangible assets: | |||||||||||||||||||||||||||||||||||||
Trade names | Intangible assets, net | $ | 1.5 | $ | (0.6 | ) | $ | 0.9 | $ | 1.4 | $ | (0.5 | ) | $ | 0.9 | $ | 1.5 | $ | (0.3 | ) | $ | 1.2 | |||||||||||||||
Favorable leases | Intangible assets, net | 48.3 | (26.2 | ) | 22.1 | 47.0 | (22.3 | ) | 24.7 | 48.6 | (12.6 | ) | 36.0 | ||||||||||||||||||||||||
Total definite-lived intangible assets | 49.8 | (26.8 | ) | 23.0 | 48.4 | (22.8 | ) | 25.6 | 50.1 | (12.9 | ) | 37.2 | |||||||||||||||||||||||||
Indefinite-lived trade names | Intangible assets, net | 407.4 | — | 407.4 | 402.2 | — | 402.2 | 408.7 | — | 408.7 | |||||||||||||||||||||||||||
Total intangible assets, net | $ | 457.2 | $ | (26.8 | ) | $ | 430.4 | $ | 450.6 | $ | (22.8 | ) | $ | 427.8 | $ | 458.8 | $ | (12.9 | ) | $ | 445.9 | ||||||||||||||||
Definite-lived intangible liabilities: | |||||||||||||||||||||||||||||||||||||
Unfavorable leases | Other liabilities | $ | (48.8 | ) | $ | 27.7 | $ | (21.1 | ) | $ | (47.7 | ) | $ | 23.7 | $ | (24.0 | ) | $ | (49.1 | ) | $ | 13.3 | $ | (35.8 | ) | ||||||||||||
Unfavorable contracts | Other liabilities | (65.6 | ) | 29.4 | (36.2 | ) | (65.6 | ) | 28.1 | (37.5 | ) | (65.6 | ) | 19.0 | (46.6 | ) | |||||||||||||||||||||
Total intangible liabilities, net | $ | (114.4 | ) | $ | 57.1 | $ | (57.3 | ) | $ | (113.3 | ) | $ | 51.8 | $ | (61.5 | ) | $ | (114.7 | ) | $ | 32.3 | $ | (82.4 | ) | |||||||||||||
|
|||
(in millions) | April 30, 2016 | January 30, 2016 | May 2, 2015 | ||||||||
Deferred ESP selling costs | $ | 81.8 | $ | 79.4 | $ | 71.5 | |||||
Investments(1) | 26.8 | 26.8 | 23.0 | ||||||||
Other assets(2) | 48.6 | 48.4 | 37.6 | ||||||||
Total other assets | $ | 157.2 | $ | 154.6 | $ | 132.1 | |||||
(1) | See Note 12 for additional information. |
(2) | Amounts adjusted to reflect the reclassification of capitalized debt issuance costs in accordance with Signet's adoption of FASB ASU 2015-03 during the first quarter of Fiscal 2017. See Note 2 for additional information. |
|
|||
April 30, 2016 | January 30, 2016 | May 2, 2015 | |||||||||||||||||||||||||||||||||
(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 | $ | (0.3 | ) | $ | 8.8 | $ | 9.2 | $ | (0.4 | ) | $ | 8.8 | $ | 9.1 | $ | (0.1 | ) | $ | 9.0 | ||||||||||||||
US government agency securities | 3.4 | (0.1 | ) | 3.3 | 4.0 | — | 4.0 | 0.6 | (0.1 | ) | 0.5 | ||||||||||||||||||||||||
Corporate bonds and notes | 11.1 | 0.2 | 11.3 | 10.8 | — | 10.8 | 10.0 | 0.1 | 10.1 | ||||||||||||||||||||||||||
Corporate equity securities | 3.5 | (0.1 | ) | 3.4 | 3.5 | (0.3 | ) | 3.2 | 3.4 | — | 3.4 | ||||||||||||||||||||||||
Total investments | $ | 27.1 | $ | (0.3 | ) | $ | 26.8 | $ | 27.5 | $ | (0.7 | ) | $ | 26.8 | $ | 23.1 | $ | (0.1 | ) | $ | 23.0 | ||||||||||||||
(in millions) | Cost | Fair Value | |||||
Less than one year | $ | 5.2 | $ | 4.8 | |||
Year two through year five | 11.4 | 11.4 | |||||
Year six through year ten | 7.0 | 7.2 | |||||
After ten years | — | — | |||||
Total investment in debt securities | $ | 23.6 | $ | 23.4 | |||
|
|||
Fair value of derivative assets | |||||||||||||
(in millions) | Balance sheet location | April 30, 2016 | January 30, 2016 | May 2, 2015 | |||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Foreign currency contracts | Other current assets | $ | 0.2 | $ | 0.8 | $ | 0.4 | ||||||
Commodity contracts | Other current assets | 5.5 | 0.6 | 0.2 | |||||||||
5.7 | 1.4 | 0.6 | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Foreign currency contracts | Other current assets | 0.2 | — | — | |||||||||
Total derivative assets | $ | 5.9 | $ | 1.4 | $ | 0.6 | |||||||
Fair value of derivative liabilities | |||||||||||||
(in millions) | Balance sheet location | April 30, 2016 | January 30, 2016 | May 2, 2015 | |||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Foreign currency contracts | Other current liabilities | $ | (0.5 | ) | $ | — | $ | — | |||||
Commodity contracts | Other current liabilities | — | (0.8 | ) | (1.7 | ) | |||||||
Interest rate swaps | Other liabilities | (3.2 | ) | (3.4 | ) | (0.6 | ) | ||||||
(3.7 | ) | (4.2 | ) | (2.3 | ) | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Foreign currency contracts | Other current liabilities | (0.1 | ) | (0.2 | ) | (0.1 | ) | ||||||
Total derivative liabilities | $ | (3.8 | ) | $ | (4.4 | ) | $ | (2.4 | ) | ||||
(in millions) | April 30, 2016 | January 30, 2016 | May 2, 2015 | ||||||||
Foreign currency contracts | $ | 0.6 | $ | 1.4 | $ | 0.8 | |||||
Commodity contracts | 4.4 | (3.7 | ) | (2.0 | ) | ||||||
Interest rate swaps | (3.2 | ) | (3.4 | ) | (0.6 | ) | |||||
Gains (losses) recorded in AOCI | $ | 1.8 | $ | (5.7 | ) | $ | (1.8 | ) | |||
13 weeks ended | |||||||||
(in millions) | Income statement caption | April 30, 2016 | May 2, 2015 | ||||||
Gains recorded in AOCI, beginning of period | $ | 1.4 | $ | 0.9 | |||||
Current period losses recognized in OCI | (0.6 | ) | (0.2 | ) | |||||
(Gains) losses reclassified from AOCI to net income | Cost of sales | (0.2 | ) | 0.1 | |||||
Gains recorded in AOCI, end of period | $ | 0.6 | $ | 0.8 | |||||
13 weeks ended | |||||||||
(in millions) | Income statement caption | April 30, 2016 | May 2, 2015 | ||||||
(Losses) gains recorded in AOCI, beginning of period | $ | (3.7 | ) | $ | 5.7 | ||||
Current period gains (losses) recognized in OCI | 6.9 | (8.0 | ) | ||||||
Losses reclassified from AOCI to net income | Cost of sales | 1.2 | 0.3 | ||||||
Gains (losses) recorded in AOCI, end of period | $ | 4.4 | $ | (2.0 | ) | ||||
13 weeks ended | |||||||||
(in millions) | Income statement caption | April 30, 2016 | May 2, 2015 | ||||||
Losses recorded in AOCI, beginning of period | $ | (3.4 | ) | $ | — | ||||
Current period losses recognized in OCI | (0.4 | ) | (0.9 | ) | |||||
Losses reclassified from AOCI to net income | Interest expense, net | 0.6 | 0.3 | ||||||
Losses recorded in AOCI, end of period | $ | (3.2 | ) | $ | (0.6 | ) | |||
13 weeks ended | |||||||||
(in millions) | Income statement caption | April 30, 2016 | May 2, 2015 | ||||||
Derivatives not designated as hedging instruments: | |||||||||
Foreign currency contracts | Other operating income, net | $ | (0.3 | ) | $ | (0.3 | ) | ||
Total | $ | (0.3 | ) | $ | (0.3 | ) | |||
|
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April 30, 2016 | January 30, 2016 | May 2, 2015 | |||||||||||||||||||||||||||||||||
(in millions) | Carrying Value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Carrying Value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Carrying Value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | ||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
US Treasury securities | $ | 8.8 | $ | 8.8 | $ | — | $ | 8.8 | $ | 8.8 | $ | — | $ | 9.0 | $ | 9.0 | $ | — | |||||||||||||||||
Corporate equity securities | 3.4 | 3.4 | — | 3.2 | 3.2 | — | 3.4 | 3.4 | — | ||||||||||||||||||||||||||
Foreign currency contracts | 0.4 | — | 0.4 | 0.8 | — | 0.8 | 0.4 | — | 0.4 | ||||||||||||||||||||||||||
Commodity contracts | 5.5 | — | 5.5 | 0.6 | — | 0.6 | 0.2 | — | 0.2 | ||||||||||||||||||||||||||
US government agency securities | 3.3 | — | 3.3 | 4.0 | — | 4.0 | 0.5 | — | 0.5 | ||||||||||||||||||||||||||
Corporate bonds and notes | 11.3 | — | 11.3 | 10.8 | — | 10.8 | 10.1 | — | 10.1 | ||||||||||||||||||||||||||
Total assets | $ | 32.7 | $ | 12.2 | $ | 20.5 | $ | 28.2 | $ | 12.0 | $ | 16.2 | $ | 23.6 | $ | 12.4 | $ | 11.2 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | (0.6 | ) | $ | — | $ | (0.6 | ) | $ | (0.2 | ) | $ | — | $ | (0.2 | ) | $ | (0.1 | ) | $ | — | $ | (0.1 | ) | |||||||||||
Commodity contracts | — | — | — | (0.8 | ) | — | (0.8 | ) | (1.7 | ) | — | (1.7 | ) | ||||||||||||||||||||||
Interest rate swaps | (3.2 | ) | — | (3.2 | ) | (3.4 | ) | — | (3.4 | ) | (0.6 | ) | — | (0.6 | ) | ||||||||||||||||||||
Total liabilities | $ | (3.8 | ) | $ | — | $ | (3.8 | ) | $ | (4.4 | ) | $ | — | $ | (4.4 | ) | $ | (2.4 | ) | $ | — | $ | (2.4 | ) | |||||||||||
April 30, 2016 | January 30, 2016 | May 2, 2015 | |||||||||||||||||||||
(in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||
Long-term debt: | |||||||||||||||||||||||
Senior notes (Level 2) | $ | 393.0 | $ | 395.1 | $ | 392.8 | $ | 405.9 | $ | 392.2 | $ | 415.6 | |||||||||||
Securitization facility (Level 2) | 599.9 | 600.0 | 599.6 | 600.0 | 598.5 | 600.0 | |||||||||||||||||
Term loan (Level 2) | 354.1 | 357.5 | 361.3 | 365.0 | 380.5 | 385.0 | |||||||||||||||||
Capital lease obligations (Level 2) | 0.1 | 0.1 | 0.2 | 0.2 | 0.9 | 0.9 | |||||||||||||||||
$ | 1,347.1 | $ | 1,352.7 | $ | 1,353.9 | $ | 1,371.1 | $ | 1,372.1 | $ | 1,401.5 | ||||||||||||
|
|||
13 weeks ended | |||||||
(in millions) | April 30, 2016 | May 2, 2015 | |||||
Components of net periodic pension benefit (cost): | |||||||
Service cost | $ | (0.5 | ) | $ | (0.6 | ) | |
Interest cost | (1.9 | ) | (1.9 | ) | |||
Expected return on UK Plan assets | 2.7 | 2.8 | |||||
Amortization of unrecognized actuarial losses | (0.4 | ) | (0.8 | ) | |||
Amortization of unrecognized net prior service credits | 0.5 | 0.5 | |||||
Net periodic pension benefit | $ | 0.4 | $ | — | |||
|
|||
(in millions) | April 30, 2016 | January 30, 2016 | May 2, 2015 | ||||||||
Debt: | |||||||||||
Senior unsecured notes due 2024, net of unamortized discount | $ | 398.6 | $ | 398.6 | $ | 398.5 | |||||
Securitization facility | 600.0 | 600.0 | 600.0 | ||||||||
Senior unsecured term loan | 357.5 | 365.0 | 385.0 | ||||||||
Revolving credit facility | 44.0 | — | — | ||||||||
Bank overdrafts | 30.4 | 24.4 | 16.6 | ||||||||
Capital lease obligations | 0.1 | 0.2 | 0.9 | ||||||||
Total debt | $ | 1,430.6 | $ | 1,388.2 | $ | 1,401.0 | |||||
Less: Current portion of loans and overdrafts | (110.1 | ) | (57.7 | ) | (43.0 | ) | |||||
Less: Unamortized capitalized debt issuance fees(1) | (9.0 | ) | (9.5 | ) | (10.8 | ) | |||||
Total long-term debt | $ | 1,311.5 | $ | 1,321.0 | $ | 1,347.2 | |||||
(1) | Presentation of capitalized debt issuance costs was revised during the first quarter of Fiscal 2017 upon adoption of ASU 2015-03. See Note 2 for additional information. |
|
|||
(in millions) | April 30, 2016 | January 30, 2016 | May 2, 2015 | ||||||||
Sterling Jewelers ESP deferred revenue | $ | 723.8 | $ | 715.1 | $ | 690.7 | |||||
Zale ESP deferred revenue | 155.1 | 146.1 | 129.3 | ||||||||
Voucher promotions and other | 26.9 | 28.2 | 21.3 | ||||||||
Total deferred revenue | $ | 905.8 | $ | 889.4 | $ | 841.3 | |||||
Disclosed as: | |||||||||||
Current liabilities | $ | 261.4 | $ | 260.3 | $ | 244.0 | |||||
Non-current liabilities | 644.4 | 629.1 | 597.3 | ||||||||
Total deferred revenue | $ | 905.8 | $ | 889.4 | $ | 841.3 | |||||
13 weeks ended | |||||||
(in millions) | April 30, 2016 | May 2, 2015 | |||||
Sterling Jewelers ESP deferred revenue, beginning of period | $ | 715.1 | $ | 668.9 | |||
Plans sold | 76.0 | 69.3 | |||||
Revenue recognized | (67.3 | ) | (47.5 | ) | |||
Sterling Jewelers ESP deferred revenue, end of period | $ | 723.8 | $ | 690.7 | |||
13 weeks ended | |||||||
(in millions) | April 30, 2016 | May 2, 2015 | |||||
Zale ESP deferred revenue, beginning of period | $ | 146.1 | $ | 120.3 | |||
Plans sold(1) | 40.6 | 35.2 | |||||
Revenue recognized | (31.6 | ) | (26.2 | ) | |||
Zale ESP deferred revenue, end of period | $ | 155.1 | $ | 129.3 | |||
(1) | Includes impact of foreign exchange translation. |
|
|||
13 weeks ended | |||||||
(in millions) | April 30, 2016 | May 2, 2015 | |||||
Warranty reserve, beginning of period | $ | 41.9 | $ | 44.9 | |||
Warranty expense | 2.9 | 3.0 | |||||
Utilized(1) | (3.5 | ) | (3.3 | ) | |||
Warranty reserve, end of period | $ | 41.3 | $ | 44.6 | |||
(1) | Includes impact of foreign exchange translation. |
(in millions) | April 30, 2016 | January 30, 2016 | May 2, 2015 | ||||||||
Disclosed as: | |||||||||||
Current liabilities | $ | 12.4 | $ | 12.3 | $ | 17.7 | |||||
Non-current liabilities | 28.9 | 29.6 | 26.9 | ||||||||
Total warranty reserve | $ | 41.3 | $ | 41.9 | $ | 44.6 | |||||
|
|||
|
|||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Sales | $ | — | $ | — | $ | 1,518.3 | $ | 60.6 | $ | — | $ | 1,578.9 | |||||||||||
Cost of sales | — | — | (969.1 | ) | (9.4 | ) | — | (978.5 | ) | ||||||||||||||
Gross margin | — | — | 549.2 | 51.2 | — | 600.4 | |||||||||||||||||
Selling, general and administrative expenses | (0.1 | ) | — | (438.6 | ) | (24.0 | ) | — | (462.7 | ) | |||||||||||||
Other operating income, net | — | — | 71.6 | 2.7 | — | 74.3 | |||||||||||||||||
Operating (loss) income | (0.1 | ) | — | 182.2 | 29.9 | — | 212.0 | ||||||||||||||||
Intra-entity interest income (expense) | — | 4.7 | (46.9 | ) | 42.2 | — | — | ||||||||||||||||
Interest expense, net | — | (4.9 | ) | (3.7 | ) | (3.2 | ) | — | (11.8 | ) | |||||||||||||
(Loss) income before income taxes | (0.1 | ) | (0.2 | ) | 131.6 | 68.9 | — | 200.2 | |||||||||||||||
Income taxes | — | — | (54.2 | ) | 0.8 | — | (53.4 | ) | |||||||||||||||
Equity in income of subsidiaries | 146.9 | — | 85.2 | 84.3 | (316.4 | ) | — | ||||||||||||||||
Net income (loss) | $ | 146.8 | $ | (0.2 | ) | $ | 162.6 | $ | 154.0 | $ | (316.4 | ) | $ | 146.8 | |||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Sales | $ | — | $ | — | $ | 1,511.0 | $ | 19.6 | $ | — | $ | 1,530.6 | |||||||||||
Cost of sales | — | — | (961.0 | ) | (3.7 | ) | — | (964.7 | ) | ||||||||||||||
Gross margin | — | — | 550.0 | 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 | 46.0 | — | 165.2 | |||||||||||||||
Income taxes | — | — | (48.5 | ) | 2.1 | — | (46.4 | ) | |||||||||||||||
Equity in income of subsidiaries | 119.1 | — | 76.0 | 77.2 | (272.3 | ) | — | ||||||||||||||||
Net income (loss) | $ | 118.8 | $ | (0.2 | ) | $ | 147.2 | $ | 125.3 | $ | (272.3 | ) | $ | 118.8 | |||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net income (loss) | $ | 146.8 | $ | (0.2 | ) | $ | 162.6 | $ | 154.0 | $ | (316.4 | ) | $ | 146.8 | |||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustments | 30.8 | — | 32.2 | (1.4 | ) | (30.8 | ) | 30.8 | |||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
Unrealized gain | 0.2 | — | — | 0.2 | (0.2 | ) | 0.2 | ||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Unrealized gain | 3.6 | — | 3.6 | — | (3.6 | ) | 3.6 | ||||||||||||||||
Reclassification adjustment for losses to net income | 1.1 | — | 1.1 | — | (1.1 | ) | 1.1 | ||||||||||||||||
Pension plan: | |||||||||||||||||||||||
Reclassification adjustment to net income for amortization of actuarial losses | 0.3 | — | 0.3 | — | (0.3 | ) | 0.3 | ||||||||||||||||
Reclassification adjustment to net income for amortization of net prior service credits | (0.4 | ) | — | (0.4 | ) | — | 0.4 | (0.4 | ) | ||||||||||||||
Total other comprehensive income (loss) | 35.6 | — | 36.8 | (1.2 | ) | (35.6 | ) | 35.6 | |||||||||||||||
Total comprehensive income (loss) | $ | 182.4 | $ | (0.2 | ) | $ | 199.4 | $ | 152.8 | $ | (352.0 | ) | $ | 182.4 | |||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
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 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 losses | 0.7 | — | 0.7 | — | (0.7 | ) | 0.7 | ||||||||||||||||
Reclassification adjustment to net income for amortization of net prior service credits | (0.4 | ) | — | (0.4 | ) | — | 0.4 | (0.4 | ) | ||||||||||||||
Total other comprehensive income (loss) | 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 | |||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Assets | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 0.6 | $ | 0.1 | $ | 87.6 | $ | 24.7 | $ | — | $ | 113.0 | |||||||||||
Accounts receivable, net | — | — | 1,685.1 | 4.2 | — | 1,689.3 | |||||||||||||||||
Intra-entity receivables, net | 133.0 | — | — | 202.0 | (335.0 | ) | — | ||||||||||||||||
Other receivables | — | — | 44.9 | 18.8 | — | 63.7 | |||||||||||||||||
Other current assets | 0.1 | — | 155.8 | 5.3 | — | 161.2 | |||||||||||||||||
Income taxes | — | — | 1.4 | — | — | 1.4 | |||||||||||||||||
Inventories | — | — | 2,433.9 | 78.7 | — | 2,512.6 | |||||||||||||||||
Total current assets | 133.7 | 0.1 | 4,408.7 | 333.7 | (335.0 | ) | 4,541.2 | ||||||||||||||||
Non-current assets: | |||||||||||||||||||||||
Property, plant and equipment, net | — | — | 720.5 | 5.2 | — | 725.7 | |||||||||||||||||
Goodwill | — | — | 516.1 | 3.6 | — | 519.7 | |||||||||||||||||
Intangible assets, net | — | — | 430.4 | — | — | 430.4 | |||||||||||||||||
Investment in subsidiaries | 2,985.1 | — | 687.4 | 527.2 | (4,199.7 | ) | — | ||||||||||||||||
Intra-entity receivables, net | — | 407.5 | — | 3,657.5 | (4,065.0 | ) | — | ||||||||||||||||
Other assets | — | — | 127.0 | 30.2 | — | 157.2 | |||||||||||||||||
Deferred tax assets | — | — | — | — | — | — | |||||||||||||||||
Retirement benefit asset | — | — | 53.5 | — | — | 53.5 | |||||||||||||||||
Total assets | $ | 3,118.8 | $ | 407.6 | $ | 6,943.6 | $ | 4,557.4 | $ | (8,599.7 | ) | $ | 6,427.7 | ||||||||||
Liabilities and Shareholders’ equity | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | (0.7 | ) | $ | 110.8 | $ | — | $ | — | $ | 110.1 | ||||||||||
Accounts payable | — | — | 248.3 | 7.4 | — | 255.7 | |||||||||||||||||
Intra-entity payables, net | — | — | 335.0 | — | (335.0 | ) | — | ||||||||||||||||
Accrued expenses and other current liabilities | 20.6 | 7.1 | 369.0 | 12.8 | — | 409.5 | |||||||||||||||||
Deferred revenue | — | — | 261.4 | — | — | 261.4 | |||||||||||||||||
Income taxes | — | — | 22.6 | (3.5 | ) | — | 19.1 | ||||||||||||||||
Total current liabilities | 20.6 | 6.4 | 1,347.1 | 16.7 | (335.0 | ) | 1,055.8 | ||||||||||||||||
Non-current liabilities: | |||||||||||||||||||||||
Long-term debt | — | 393.7 | 317.8 | 600.0 | — | 1,311.5 | |||||||||||||||||
Intra-entity payables, net | — | — | 4,065.0 | — | (4,065.0 | ) | — | ||||||||||||||||
Other liabilities | — | — | 223.5 | 6.2 | — | 229.7 | |||||||||||||||||
Deferred revenue | — | — | 644.4 | — | — | 644.4 | |||||||||||||||||
Deferred tax liabilities | — | — | 88.3 | (0.2 | ) | — | 88.1 | ||||||||||||||||
Total liabilities | 20.6 | 400.1 | 6,686.1 | 622.7 | (4,400.0 | ) | 3,329.5 | ||||||||||||||||
Total shareholders’ equity | 3,098.2 | 7.5 | 257.5 | 3,934.7 | (4,199.7 | ) | 3,098.2 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 3,118.8 | $ | 407.6 | $ | 6,943.6 | $ | 4,557.4 | $ | (8,599.7 | ) | $ | 6,427.7 | ||||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Assets | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1.9 | $ | 0.1 | $ | 102.0 | $ | 33.7 | $ | — | $ | 137.7 | |||||||||||
Accounts receivable, net | — | — | 1,753.0 | 3.4 | — | 1,756.4 | |||||||||||||||||
Intra-entity receivables, net | 28.7 | — | — | 380.1 | (408.8 | ) | — | ||||||||||||||||
Other receivables | — | — | 68.8 | 15.2 | — | 84.0 | |||||||||||||||||
Other current assets | 0.1 | — | 144.2 | 8.3 | — | 152.6 | |||||||||||||||||
Income taxes | — | 0.2 | 2.3 | 1.0 | — | 3.5 | |||||||||||||||||
Inventories | — | — | 2,372.7 | 81.2 | — | 2,453.9 | |||||||||||||||||
Total current assets | 30.7 | 0.3 | 4,443.0 | 522.9 | (408.8 | ) | 4,588.1 | ||||||||||||||||
Non-current assets: | |||||||||||||||||||||||
Property, plant and equipment, net | — | — | 722.3 | 5.3 | — | 727.6 | |||||||||||||||||
Goodwill | — | — | 511.9 | 3.6 | — | 515.5 | |||||||||||||||||
Intangible assets, net | — | — | 427.8 | — | — | 427.8 | |||||||||||||||||
Investment in subsidiaries | 3,047.8 | — | 762.9 | 600.0 | (4,410.7 | ) | — | ||||||||||||||||
Intra-entity receivables, net | — | 402.6 | — | 3,467.4 | (3,870.0 | ) | — | ||||||||||||||||
Other assets | — | — | 124.5 | 30.1 | — | 154.6 | |||||||||||||||||
Deferred tax assets | — | — | — | — | — | — | |||||||||||||||||
Retirement benefit asset | — | — | 51.3 | — | — | 51.3 | |||||||||||||||||
Total assets | $ | 3,078.5 | $ | 402.9 | $ | 7,043.7 | $ | 4,629.3 | $ | (8,689.5 | ) | $ | 6,464.9 | ||||||||||
Liabilities and Shareholders’ equity | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | (0.7 | ) | $ | 58.4 | $ | — | $ | — | $ | 57.7 | ||||||||||
Accounts payable | — | — | 260.3 | 8.8 | — | 269.1 | |||||||||||||||||
Intra-entity payables, net | — | — | 408.8 | — | (408.8 | ) | — | ||||||||||||||||
Accrued expenses and other current liabilities | 17.8 | 2.4 | 467.0 | 11.1 | — | 498.3 | |||||||||||||||||
Deferred revenue | — | — | 260.3 | — | — | 260.3 | |||||||||||||||||
Income taxes | — | — | 68.4 | (2.7 | ) | — | 65.7 | ||||||||||||||||
Total current liabilities | 17.8 | 1.7 | 1,523.2 | 17.2 | (408.8 | ) | 1,151.1 | ||||||||||||||||
Non-current liabilities: | |||||||||||||||||||||||
Long-term debt | — | 393.5 | 327.5 | 600.0 | — | 1,321.0 | |||||||||||||||||
Intra-entity payables, net | — | — | 3,870.0 | — | (3,870.0 | ) | — | ||||||||||||||||
Other liabilities | — | — | 223.6 | 6.9 | — | 230.5 | |||||||||||||||||
Deferred revenue | — | — | 629.1 | — | — | 629.1 | |||||||||||||||||
Deferred tax liabilities | — | — | 73.0 | (0.5 | ) | — | 72.5 | ||||||||||||||||
Total liabilities | 17.8 | 395.2 | 6,646.4 | 623.6 | (4,278.8 | ) | 3,404.2 | ||||||||||||||||
Total shareholders’ equity | 3,060.7 | 7.7 | 397.3 | 4,005.7 | (4,410.7 | ) | 3,060.7 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 3,078.5 | $ | 402.9 | $ | 7,043.7 | $ | 4,629.3 | $ | (8,689.5 | ) | $ | 6,464.9 | ||||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Assets | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 0.9 | $ | 0.1 | $ | 110.4 | $ | 11.2 | $ | — | $ | 122.6 | |||||||||||
Accounts receivable, net | — | — | 1,498.3 | 1.6 | — | 1,499.9 | |||||||||||||||||
Intra-entity receivables, net | 85.9 | — | — | 90.3 | (176.2 | ) | — | ||||||||||||||||
Other receivables | — | — | 45.4 | 11.1 | — | 56.5 | |||||||||||||||||
Other current assets | 0.4 | — | 124.9 | 5.3 | — | 130.6 | |||||||||||||||||
Income taxes | — | — | 5.3 | — | — | 5.3 | |||||||||||||||||
Inventories | — | — | 2,407.2 | 80.6 | — | 2,487.8 | |||||||||||||||||
Total current assets | 87.2 | 0.1 | 4,191.5 | 200.1 | (176.2 | ) | 4,302.7 | ||||||||||||||||
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 | 2,822.7 | — | 541.5 | 523.9 | (3,888.1 | ) | — | ||||||||||||||||
Intra-entity receivables, net | — | 407.3 | — | 3,484.8 | (3,892.1 | ) | — | ||||||||||||||||
Other assets | — | — | 106.1 | 26.0 | — | 132.1 | |||||||||||||||||
Deferred tax assets | — | — | 1.8 | 0.4 | — | 2.2 | |||||||||||||||||
Retirement benefit asset | — | — | 38.1 | — | — | 38.1 | |||||||||||||||||
Total assets | $ | 2,909.9 | $ | 407.4 | $ | 6,505.2 | $ | 4,244.3 | $ | (7,956.4 | ) | $ | 6,110.4 | ||||||||||
Liabilities and Shareholders’ equity | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | (0.7 | ) | $ | 43.7 | $ | — | $ | — | $ | 43.0 | ||||||||||
Accounts payable | — | — | 252.2 | 4.3 | — | 256.5 | |||||||||||||||||
Intra-entity payables, net | — | — | 176.2 | — | (176.2 | ) | — | ||||||||||||||||
Accrued expenses and other current liabilities | 18.0 | 7.1 | 386.7 | 8.7 | — | 420.5 | |||||||||||||||||
Deferred revenue | — | — | 244.0 | — | — | 244.0 | |||||||||||||||||
Income taxes | — | — | 28.2 | 0.1 | — | 28.3 | |||||||||||||||||
Total current liabilities | 18.0 | 6.4 | 1,131.0 | 13.1 | (176.2 | ) | 992.3 | ||||||||||||||||
Non-current liabilities: | |||||||||||||||||||||||
Long-term debt | — | 392.9 | 354.3 | 600.0 | — | 1,347.2 | |||||||||||||||||
Intra-entity payables, net | — | — | 3,892.1 | — | (3,892.1 | ) | — | ||||||||||||||||
Other liabilities | — | — | 216.8 | 7.6 | — | 224.4 | |||||||||||||||||
Deferred revenue | — | — | 597.3 | — | — | 597.3 | |||||||||||||||||
Deferred tax liabilities | — | — | 57.3 | — | — | 57.3 | |||||||||||||||||
Total liabilities | 18.0 | 399.3 | 6,248.8 | 620.7 | (4,068.3 | ) | 3,218.5 | ||||||||||||||||
Total shareholders’ equity | 2,891.9 | 8.1 | 256.4 | 3,623.6 | (3,888.1 | ) | 2,891.9 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,909.9 | $ | 407.4 | $ | 6,505.2 | $ | 4,244.3 | $ | (7,956.4 | ) | $ | 6,110.4 | ||||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net cash provided by operating activities | $ | 314.6 | $ | 4.9 | $ | 240.5 | $ | 269.4 | $ | (715.0 | ) | $ | 114.4 | ||||||||||
Investing activities | |||||||||||||||||||||||
Purchase of property, plant and equipment | — | — | (39.3 | ) | — | — | (39.3 | ) | |||||||||||||||
Investment in subsidiaries | (65.0 | ) | — | — | — | 65.0 | — | ||||||||||||||||
Purchase of available-for-sale securities | — | — | — | (0.8 | ) | — | (0.8 | ) | |||||||||||||||
Proceeds from available-for-sale securities | — | — | — | 1.2 | — | 1.2 | |||||||||||||||||
Net cash used in (provided by) investing activities | (65.0 | ) | — | (39.3 | ) | 0.4 | 65.0 | (38.9 | ) | ||||||||||||||
Financing activities | |||||||||||||||||||||||
Dividends paid | (17.5 | ) | — | — | — | — | (17.5 | ) | |||||||||||||||
Intra-entity dividends paid | — | — | (450.0 | ) | (265.0 | ) | 715.0 | — | |||||||||||||||
Proceeds from issuance of common shares | 0.3 | — | 65.0 | — | (65.0 | ) | 0.3 | ||||||||||||||||
Excess tax benefit from exercise of share awards | — | — | 1.3 | — | — | 1.3 | |||||||||||||||||
Repayments of term loan | — | — | (7.5 | ) | — | — | (7.5 | ) | |||||||||||||||
Proceeds from securitization facility | — | — | — | 696.5 | — | 696.5 | |||||||||||||||||
Repayment of securitization facility | — | — | — | (696.5 | ) | — | (696.5 | ) | |||||||||||||||
Proceeds from revolving credit facility | — | — | 99.0 | — | — | 99.0 | |||||||||||||||||
Repayments of revolving credit facility | — | — | (55.0 | ) | — | — | (55.0 | ) | |||||||||||||||
Repurchase of common shares | (125.0 | ) | — | — | — | — | (125.0 | ) | |||||||||||||||
Net settlement of equity based awards | (4.6 | ) | — | — | — | — | (4.6 | ) | |||||||||||||||
Principal payments under capital lease obligations | — | — | (0.1 | ) | — | — | (0.1 | ) | |||||||||||||||
Proceeds from short-term borrowings | — | — | 6.0 | — | — | 6.0 | |||||||||||||||||
Intra-entity activity, net | (104.1 | ) | (4.9 | ) | 122.8 | (13.8 | ) | — | — | ||||||||||||||
Net cash used in financing activities | (250.9 | ) | (4.9 | ) | (218.5 | ) | (278.8 | ) | 650.0 | (103.1 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 1.9 | 0.1 | 102.0 | 33.7 | — | 137.7 | |||||||||||||||||
Decrease in cash and cash equivalents | (1.3 | ) | — | (17.3 | ) | (9.0 | ) | — | (27.6 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 2.9 | — | — | 2.9 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 0.6 | $ | 0.1 | $ | 87.6 | $ | 24.7 | $ | — | $ | 113.0 | |||||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net cash (used in) provided by operating activities | $ | (3.4 | ) | $ | 4.9 | $ | 54.4 | $ | 11.1 | $ | — | $ | 67.0 | ||||||||||
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 | ) | |||||||||||||||
Intra-entity dividends paid | — | — | — | — | — | — | |||||||||||||||||
Proceeds from issuance of common shares | 0.1 | — | — | — | — | 0.1 | |||||||||||||||||
Excess tax benefit from exercise of share awards | — | — | 5.1 | — | — | 5.1 | |||||||||||||||||
Repayments of term loan | — | — | (5.0 | ) | — | — | (5.0 | ) | |||||||||||||||
Proceeds from securitization facility | — | — | — | 638.2 | — | 638.2 | |||||||||||||||||
Repayment of securitization facility | — | — | — | (638.2 | ) | — | (638.2 | ) | |||||||||||||||
Proceeds from revolving credit facility | — | — | — | — | — | — | |||||||||||||||||
Repayments of revolving credit facility | — | — | — | — | — | — | |||||||||||||||||
Repurchase of common shares | (19.1 | ) | — | — | — | — | (19.1 | ) | |||||||||||||||
Net settlement of equity based awards | (8.7 | ) | — | — | — | — | (8.7 | ) | |||||||||||||||
Principal payments under capital lease obligations | — | — | (0.3 | ) | — | — | (0.3 | ) | |||||||||||||||
Repayment of short-term borrowings | — | — | (55.0 | ) | — | — | (55.0 | ) | |||||||||||||||
Intra-entity activity, net | 44.3 | (4.9 | ) | (12.5 | ) | (26.9 | ) | — | — | ||||||||||||||
Net cash provided by (used in) 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 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 | |||||||||||
|
|||
|
|||
|
|||
13 weeks ended | |||||||
(in millions) | April 30, 2016 | May 2, 2015 | |||||
Sales: | |||||||
Sterling Jewelers | $ | 980.4 | $ | 944.2 | |||
Zale Jewelry | 381.4 | 372.9 | |||||
Piercing Pagoda | 69.0 | 64.2 | |||||
UK Jewelry | 144.0 | 146.5 | |||||
Other | 4.1 | 2.8 | |||||
Total sales | $ | 1,578.9 | $ | 1,530.6 | |||
Operating income: | |||||||
Sterling Jewelers | $ | 198.3 | $ | 178.2 | |||
Zale Jewelry(1) | 18.3 | 10.4 | |||||
Piercing Pagoda(2) | 7.8 | 5.1 | |||||
UK Jewelry | 1.3 | 0.5 | |||||
Other(3) | (13.7 | ) | (18.0 | ) | |||
Total operating income | $ | 212.0 | $ | 176.2 | |||
(1) | Includes net operating loss of $5.2 million and $9.1 million related to the effects of purchase accounting associated with the acquisition of Zale Corporation for the 13 weeks ended April 30, 2016 and May 2, 2015, respectively. |
(2) | Includes net operating loss of $0.1 million and $2.3 million related to the effects of purchase accounting associated with the acquisition of Zale Corporation for the 13 weeks ended April 30, 2016 and May 2, 2015, respectively. |
(3) | Includes $5.3 million for the 13 weeks ended April 30, 2016 of integration costs for severance and consulting costs associated with organizational and information technology implementations. Includes $6.4 million for the 13 weeks ended May 2, 2015 of transaction and integration expenses associated with advisor fees for legal, tax, accounting and consulting expenses. |
(in millions) | April 30, 2016 | January 30, 2016 | May 2, 2015 | ||||||||
Total assets: | |||||||||||
Sterling Jewelers | $ | 3,756.6 | $ | 3,788.0 | $ | 3,486.7 | |||||
Zale Jewelry | 1,974.9 | 1,955.1 | 1,923.3 | ||||||||
Piercing Pagoda | 139.1 | 141.8 | 128.0 | ||||||||
UK Jewelry | 447.8 | 427.8 | 427.7 | ||||||||
Other | 109.3 | 152.2 | 144.7 | ||||||||
Total assets | $ | 6,427.7 | $ | 6,464.9 | $ | 6,110.4 | |||||
|
|||
Pension plan | |||||||||||||||||||||||
(in millions) | Foreign currency translation | Losses on available-for-sale securities, net | Gains (losses) on cash flow hedges | Actuarial losses | Prior service credits | Accumulated other comprehensive loss | |||||||||||||||||
Balance at January 30, 2016 | $ | (237.8 | ) | $ | (0.4 | ) | $ | (3.9 | ) | $ | (43.1 | ) | $ | 11.1 | $ | (274.1 | ) | ||||||
Other comprehensive income (loss) ("OCI") before reclassifications | 30.8 | 0.2 | 3.6 | — | — | 34.6 | |||||||||||||||||
Amounts reclassified from AOCI to net income | — | — | 1.1 | 0.3 | (0.4 | ) | 1.0 | ||||||||||||||||
Net current-period OCI | 30.8 | 0.2 | 4.7 | 0.3 | (0.4 | ) | 35.6 | ||||||||||||||||
Balance at April 30, 2016 | $ | (207.0 | ) | $ | (0.2 | ) | $ | 0.8 | $ | (42.8 | ) | $ | 10.7 | $ | (238.5 | ) | |||||||
Amounts reclassified from AOCI | ||||||||||
13 weeks ended | ||||||||||
(in millions) | April 30, 2016 | May 2, 2015 | Income statement caption | |||||||
(Gains) losses on cash flow hedges: | ||||||||||
Foreign currency contracts | $ | (0.2 | ) | $ | 0.1 | Cost of sales (see Note 13) | ||||
Interest rate swaps | 0.6 | 0.3 | Interest expense, net (see Note 13) | |||||||
Commodity contracts | 1.2 | 0.3 | Cost of sales (see Note 13) | |||||||
Total before income tax | 1.6 | 0.7 | ||||||||
Income taxes | (0.5 | ) | (0.2 | ) | ||||||
Net of tax | 1.1 | 0.5 | ||||||||
Defined benefit pension plan items: | ||||||||||
Amortization of unrecognized actuarial losses | 0.4 | 0.8 | Selling, general and administrative expenses(1) | |||||||
Amortization of unrecognized net prior service credits | (0.5 | ) | (0.5 | ) | Selling, general and administrative expenses(1) | |||||
Total before income tax | (0.1 | ) | 0.3 | |||||||
Income taxes | — | — | ||||||||
Net of tax | (0.1 | ) | 0.3 | |||||||
Total reclassifications, net of tax | $ | 1.0 | $ | 0.8 | ||||||
(1) | These items are included in the computation of net periodic pension benefit. See Note 15 for additional information. |
|
|||
(in millions) | April 30, 2016 | January 30, 2016 | May 2, 2015 | ||||||||
Accounts receivable by portfolio segment, net: | |||||||||||
Sterling Jewelers customer in-house finance receivables | $ | 1,654.3 | $ | 1,725.9 | $ | 1,489.4 | |||||
Zale customer in-house finance receivables | 21.6 | 13.6 | — | ||||||||
Other accounts receivable | 13.4 | 16.9 | 10.5 | ||||||||
Total accounts receivable, net | $ | 1,689.3 | $ | 1,756.4 | $ | 1,499.9 | |||||
13 weeks ended | |||||||
(in millions) | April 30, 2016 | May 2, 2015 | |||||
Beginning balance: | $ | (130.0 | ) | $ | (113.1 | ) | |
Charge-offs, net | 46.8 | 37.9 | |||||
Recoveries | 10.1 | 10.4 | |||||
Provision | (43.7 | ) | (38.5 | ) | |||
Ending balance | $ | (116.8 | ) | $ | (103.3 | ) | |
Ending receivable balance evaluated for impairment | 1,771.1 | 1,592.7 | |||||
Sterling Jewelers customer in-house finance receivables, net | $ | 1,654.3 | $ | 1,489.4 | |||
April 30, 2016 | January 30, 2016 | May 2, 2015 | |||||||||||||||||||||
(in millions) | Gross | Valuation allowance | Gross | Valuation allowance | Gross | Valuation allowance | |||||||||||||||||
Performing: | |||||||||||||||||||||||
Current, aged 0 – 30 days | $ | 1,427.5 | $ | (43.4 | ) | $ | 1,473.0 | $ | (45.4 | ) | $ | 1,290.9 | $ | (39.3 | ) | ||||||||
Past due, aged 31 – 60 days | 240.9 | (7.9 | ) | 259.6 | (8.3 | ) | 211.6 | (6.8 | ) | ||||||||||||||
Past due, aged 61 – 90 days | 39.2 | (2.0 | ) | 49.2 | (2.2 | ) | 34.8 | (1.8 | ) | ||||||||||||||
Non Performing: | |||||||||||||||||||||||
Past due, aged more than 90 days | 63.5 | (63.5 | ) | 74.1 | (74.1 | ) | 55.4 | (55.4 | ) | ||||||||||||||
$ | 1,771.1 | $ | (116.8 | ) | $ | 1,855.9 | $ | (130.0 | ) | $ | 1,592.7 | $ | (103.3 | ) | |||||||||
April 30, 2016 | January 30, 2016 | May 2, 2015 | |||||||||||||||
(as a % of the ending receivable balance) | Gross | Valuation allowance | Gross | Valuation allowance | Gross | Valuation allowance | |||||||||||
Performing | |||||||||||||||||
Current, aged 0 – 30 days | 80.6 | % | 3.0 | % | 79.4 | % | 3.1 | % | 81.0 | % | 3.0 | % | |||||
Past due, aged 31 – 60 days | 13.6 | % | 3.3 | % | 14.0 | % | 3.2 | % | 13.3 | % | 3.2 | % | |||||
Past due, aged 61 – 90 days | 2.2 | % | 5.1 | % | 2.6 | % | 4.5 | % | 2.2 | % | 5.2 | % | |||||
Non Performing | |||||||||||||||||
Past due, aged more than 90 days | 3.6 | % | 100.0 | % | 4.0 | % | 100.0 | % | 3.5 | % | 100.0 | % | |||||
100.0 | % | 6.6 | % | 100.0 | % | 7.0 | % | 100.0 | % | 6.5 | % | ||||||
|
|||
(in millions) | April 30, 2016 | January 30, 2016 | May 2, 2015 | ||||||||
Raw materials | $ | 76.6 | $ | 81.8 | $ | 97.6 | |||||
Finished goods | 2,436.0 | 2,372.1 | 2,390.2 | ||||||||
Total inventories | $ | 2,512.6 | $ | 2,453.9 | $ | 2,487.8 | |||||
|
|||
(in millions) | Sterling Jewelers | Zale Jewelry | Piercing Pagoda | UK Jewelry | Other | Total | |||||||||||||||||
Balance at January 31, 2015 | $ | 23.2 | $ | 492.4 | $ | — | $ | — | $ | 3.6 | $ | 519.2 | |||||||||||
Impact of foreign exchange | — | (3.7 | ) | — | — | — | (3.7 | ) | |||||||||||||||
Balance at January 30, 2016 | 23.2 | 488.7 | — | — | 3.6 | 515.5 | |||||||||||||||||
Impact of foreign exchange | — | 4.2 | — | — | — | 4.2 | |||||||||||||||||
Balance at April 30, 2016 | $ | 23.2 | $ | 492.9 | $ | — | $ | — | $ | 3.6 | $ | 519.7 | |||||||||||
April 30, 2016 | January 30, 2016 | May 2, 2015 | |||||||||||||||||||||||||||||||||||
(in millions) | Balance sheet location | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | Gross carrying amount | Accumulated amortization | Net carrying amount | |||||||||||||||||||||||||||
Definite-lived intangible assets: | |||||||||||||||||||||||||||||||||||||
Trade names | Intangible assets, net | $ | 1.5 | $ | (0.6 | ) | $ | 0.9 | $ | 1.4 | $ | (0.5 | ) | $ | 0.9 | $ | 1.5 | $ | (0.3 | ) | $ | 1.2 | |||||||||||||||
Favorable leases | Intangible assets, net | 48.3 | (26.2 | ) | 22.1 | 47.0 | (22.3 | ) | 24.7 | 48.6 | (12.6 | ) | 36.0 | ||||||||||||||||||||||||
Total definite-lived intangible assets | 49.8 | (26.8 | ) | 23.0 | 48.4 | (22.8 | ) | 25.6 | 50.1 | (12.9 | ) | 37.2 | |||||||||||||||||||||||||
Indefinite-lived trade names | Intangible assets, net | 407.4 | — | 407.4 | 402.2 | — | 402.2 | 408.7 | — | 408.7 | |||||||||||||||||||||||||||
Total intangible assets, net | $ | 457.2 | $ | (26.8 | ) | $ | 430.4 | $ | 450.6 | $ | (22.8 | ) | $ | 427.8 | $ | 458.8 | $ | (12.9 | ) | $ | 445.9 | ||||||||||||||||
Definite-lived intangible liabilities: | |||||||||||||||||||||||||||||||||||||
Unfavorable leases | Other liabilities | $ | (48.8 | ) | $ | 27.7 | $ | (21.1 | ) | $ | (47.7 | ) | $ | 23.7 | $ | (24.0 | ) | $ | (49.1 | ) | $ | 13.3 | $ | (35.8 | ) | ||||||||||||
Unfavorable contracts | Other liabilities | (65.6 | ) | 29.4 | (36.2 | ) | (65.6 | ) | 28.1 | (37.5 | ) | (65.6 | ) | 19.0 | (46.6 | ) | |||||||||||||||||||||
Total intangible liabilities, net | $ | (114.4 | ) | $ | 57.1 | $ | (57.3 | ) | $ | (113.3 | ) | $ | 51.8 | $ | (61.5 | ) | $ | (114.7 | ) | $ | 32.3 | $ | (82.4 | ) | |||||||||||||
|
|||
(in millions) | April 30, 2016 | January 30, 2016 | May 2, 2015 | ||||||||
Deferred ESP selling costs | $ | 81.8 | $ | 79.4 | $ | 71.5 | |||||
Investments(1) | 26.8 | 26.8 | 23.0 | ||||||||
Other assets(2) | 48.6 | 48.4 | 37.6 | ||||||||
Total other assets | $ | 157.2 | $ | 154.6 | $ | 132.1 | |||||
(1) | See Note 12 for additional information. |
(2) | Amounts adjusted to reflect the reclassification of capitalized debt issuance costs in accordance with Signet's adoption of FASB ASU 2015-03 during the first quarter of Fiscal 2017. See Note 2 for additional information. |
|
|||
April 30, 2016 | January 30, 2016 | May 2, 2015 | |||||||||||||||||||||||||||||||||
(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 | $ | (0.3 | ) | $ | 8.8 | $ | 9.2 | $ | (0.4 | ) | $ | 8.8 | $ | 9.1 | $ | (0.1 | ) | $ | 9.0 | ||||||||||||||
US government agency securities | 3.4 | (0.1 | ) | 3.3 | 4.0 | — | 4.0 | 0.6 | (0.1 | ) | 0.5 | ||||||||||||||||||||||||
Corporate bonds and notes | 11.1 | 0.2 | 11.3 | 10.8 | — | 10.8 | 10.0 | 0.1 | 10.1 | ||||||||||||||||||||||||||
Corporate equity securities | 3.5 | (0.1 | ) | 3.4 | 3.5 | (0.3 | ) | 3.2 | 3.4 | — | 3.4 | ||||||||||||||||||||||||
Total investments | $ | 27.1 | $ | (0.3 | ) | $ | 26.8 | $ | 27.5 | $ | (0.7 | ) | $ | 26.8 | $ | 23.1 | $ | (0.1 | ) | $ | 23.0 | ||||||||||||||
(in millions) | Cost | Fair Value | |||||
Less than one year | $ | 5.2 | $ | 4.8 | |||
Year two through year five | 11.4 | 11.4 | |||||
Year six through year ten | 7.0 | 7.2 | |||||
After ten years | — | — | |||||
Total investment in debt securities | $ | 23.6 | $ | 23.4 | |||
|
|||
Fair value of derivative assets | |||||||||||||
(in millions) | Balance sheet location | April 30, 2016 | January 30, 2016 | May 2, 2015 | |||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Foreign currency contracts | Other current assets | $ | 0.2 | $ | 0.8 | $ | 0.4 | ||||||
Commodity contracts | Other current assets | 5.5 | 0.6 | 0.2 | |||||||||
5.7 | 1.4 | 0.6 | |||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Foreign currency contracts | Other current assets | 0.2 | — | — | |||||||||
Total derivative assets | $ | 5.9 | $ | 1.4 | $ | 0.6 | |||||||
Fair value of derivative liabilities | |||||||||||||
(in millions) | Balance sheet location | April 30, 2016 | January 30, 2016 | May 2, 2015 | |||||||||
Derivatives designated as hedging instruments: | |||||||||||||
Foreign currency contracts | Other current liabilities | $ | (0.5 | ) | $ | — | $ | — | |||||
Commodity contracts | Other current liabilities | — | (0.8 | ) | (1.7 | ) | |||||||
Interest rate swaps | Other liabilities | (3.2 | ) | (3.4 | ) | (0.6 | ) | ||||||
(3.7 | ) | (4.2 | ) | (2.3 | ) | ||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Foreign currency contracts | Other current liabilities | (0.1 | ) | (0.2 | ) | (0.1 | ) | ||||||
Total derivative liabilities | $ | (3.8 | ) | $ | (4.4 | ) | $ | (2.4 | ) | ||||
(in millions) | April 30, 2016 | January 30, 2016 | May 2, 2015 | ||||||||
Foreign currency contracts | $ | 0.6 | $ | 1.4 | $ | 0.8 | |||||
Commodity contracts | 4.4 | (3.7 | ) | (2.0 | ) | ||||||
Interest rate swaps | (3.2 | ) | (3.4 | ) | (0.6 | ) | |||||
Gains (losses) recorded in AOCI | $ | 1.8 | $ | (5.7 | ) | $ | (1.8 | ) | |||
13 weeks ended | |||||||||
(in millions) | Income statement caption | April 30, 2016 | May 2, 2015 | ||||||
Derivatives not designated as hedging instruments: | |||||||||
Foreign currency contracts | Other operating income, net | $ | (0.3 | ) | $ | (0.3 | ) | ||
Total | $ | (0.3 | ) | $ | (0.3 | ) | |||
13 weeks ended | |||||||||
(in millions) | Income statement caption | April 30, 2016 | May 2, 2015 | ||||||
Gains recorded in AOCI, beginning of period | $ | 1.4 | $ | 0.9 | |||||
Current period losses recognized in OCI | (0.6 | ) | (0.2 | ) | |||||
(Gains) losses reclassified from AOCI to net income | Cost of sales | (0.2 | ) | 0.1 | |||||
Gains recorded in AOCI, end of period | $ | 0.6 | $ | 0.8 | |||||
13 weeks ended | |||||||||
(in millions) | Income statement caption | April 30, 2016 | May 2, 2015 | ||||||
(Losses) gains recorded in AOCI, beginning of period | $ | (3.7 | ) | $ | 5.7 | ||||
Current period gains (losses) recognized in OCI | 6.9 | (8.0 | ) | ||||||
Losses reclassified from AOCI to net income | Cost of sales | 1.2 | 0.3 | ||||||
Gains (losses) recorded in AOCI, end of period | $ | 4.4 | $ | (2.0 | ) | ||||
13 weeks ended | |||||||||
(in millions) | Income statement caption | April 30, 2016 | May 2, 2015 | ||||||
Losses recorded in AOCI, beginning of period | $ | (3.4 | ) | $ | — | ||||
Current period losses recognized in OCI | (0.4 | ) | (0.9 | ) | |||||
Losses reclassified from AOCI to net income | Interest expense, net | 0.6 | 0.3 | ||||||
Losses recorded in AOCI, end of period | $ | (3.2 | ) | $ | (0.6 | ) | |||
|
|||
April 30, 2016 | January 30, 2016 | May 2, 2015 | |||||||||||||||||||||||||||||||||
(in millions) | Carrying Value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Carrying Value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Carrying Value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | ||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||||||||
US Treasury securities | $ | 8.8 | $ | 8.8 | $ | — | $ | 8.8 | $ | 8.8 | $ | — | $ | 9.0 | $ | 9.0 | $ | — | |||||||||||||||||
Corporate equity securities | 3.4 | 3.4 | — | 3.2 | 3.2 | — | 3.4 | 3.4 | — | ||||||||||||||||||||||||||
Foreign currency contracts | 0.4 | — | 0.4 | 0.8 | — | 0.8 | 0.4 | — | 0.4 | ||||||||||||||||||||||||||
Commodity contracts | 5.5 | — | 5.5 | 0.6 | — | 0.6 | 0.2 | — | 0.2 | ||||||||||||||||||||||||||
US government agency securities | 3.3 | — | 3.3 | 4.0 | — | 4.0 | 0.5 | — | 0.5 | ||||||||||||||||||||||||||
Corporate bonds and notes | 11.3 | — | 11.3 | 10.8 | — | 10.8 | 10.1 | — | 10.1 | ||||||||||||||||||||||||||
Total assets | $ | 32.7 | $ | 12.2 | $ | 20.5 | $ | 28.2 | $ | 12.0 | $ | 16.2 | $ | 23.6 | $ | 12.4 | $ | 11.2 | |||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||||||||
Foreign currency contracts | $ | (0.6 | ) | $ | — | $ | (0.6 | ) | $ | (0.2 | ) | $ | — | $ | (0.2 | ) | $ | (0.1 | ) | $ | — | $ | (0.1 | ) | |||||||||||
Commodity contracts | — | — | — | (0.8 | ) | — | (0.8 | ) | (1.7 | ) | — | (1.7 | ) | ||||||||||||||||||||||
Interest rate swaps | (3.2 | ) | — | (3.2 | ) | (3.4 | ) | — | (3.4 | ) | (0.6 | ) | — | (0.6 | ) | ||||||||||||||||||||
Total liabilities | $ | (3.8 | ) | $ | — | $ | (3.8 | ) | $ | (4.4 | ) | $ | — | $ | (4.4 | ) | $ | (2.4 | ) | $ | — | $ | (2.4 | ) | |||||||||||
April 30, 2016 | January 30, 2016 | May 2, 2015 | |||||||||||||||||||||
(in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||
Long-term debt: | |||||||||||||||||||||||
Senior notes (Level 2) | $ | 393.0 | $ | 395.1 | $ | 392.8 | $ | 405.9 | $ | 392.2 | $ | 415.6 | |||||||||||
Securitization facility (Level 2) | 599.9 | 600.0 | 599.6 | 600.0 | 598.5 | 600.0 | |||||||||||||||||
Term loan (Level 2) | 354.1 | 357.5 | 361.3 | 365.0 | 380.5 | 385.0 | |||||||||||||||||
Capital lease obligations (Level 2) | 0.1 | 0.1 | 0.2 | 0.2 | 0.9 | 0.9 | |||||||||||||||||
$ | 1,347.1 | $ | 1,352.7 | $ | 1,353.9 | $ | 1,371.1 | $ | 1,372.1 | $ | 1,401.5 | ||||||||||||
|
|||
13 weeks ended | |||||||
(in millions) | April 30, 2016 | May 2, 2015 | |||||
Components of net periodic pension benefit (cost): | |||||||
Service cost | $ | (0.5 | ) | $ | (0.6 | ) | |
Interest cost | (1.9 | ) | (1.9 | ) | |||
Expected return on UK Plan assets | 2.7 | 2.8 | |||||
Amortization of unrecognized actuarial losses | (0.4 | ) | (0.8 | ) | |||
Amortization of unrecognized net prior service credits | 0.5 | 0.5 | |||||
Net periodic pension benefit | $ | 0.4 | $ | — | |||
|
|||
(in millions) | April 30, 2016 | January 30, 2016 | May 2, 2015 | ||||||||
Debt: | |||||||||||
Senior unsecured notes due 2024, net of unamortized discount | $ | 398.6 | $ | 398.6 | $ | 398.5 | |||||
Securitization facility | 600.0 | 600.0 | 600.0 | ||||||||
Senior unsecured term loan | 357.5 | 365.0 | 385.0 | ||||||||
Revolving credit facility | 44.0 | — | — | ||||||||
Bank overdrafts | 30.4 | 24.4 | 16.6 | ||||||||
Capital lease obligations | 0.1 | 0.2 | 0.9 | ||||||||
Total debt | $ | 1,430.6 | $ | 1,388.2 | $ | 1,401.0 | |||||
Less: Current portion of loans and overdrafts | (110.1 | ) | (57.7 | ) | (43.0 | ) | |||||
Less: Unamortized capitalized debt issuance fees(1) | (9.0 | ) | (9.5 | ) | (10.8 | ) | |||||
Total long-term debt | $ | 1,311.5 | $ | 1,321.0 | $ | 1,347.2 | |||||
(1) | Presentation of capitalized debt issuance costs was revised during the first quarter of Fiscal 2017 upon adoption of ASU 2015-03. See Note 2 for additional information. |
|
|||
(in millions) | April 30, 2016 | January 30, 2016 | May 2, 2015 | ||||||||
Sterling Jewelers ESP deferred revenue | $ | 723.8 | $ | 715.1 | $ | 690.7 | |||||
Zale ESP deferred revenue | 155.1 | 146.1 | 129.3 | ||||||||
Voucher promotions and other | 26.9 | 28.2 | 21.3 | ||||||||
Total deferred revenue | $ | 905.8 | $ | 889.4 | $ | 841.3 | |||||
Disclosed as: | |||||||||||
Current liabilities | $ | 261.4 | $ | 260.3 | $ | 244.0 | |||||
Non-current liabilities | 644.4 | 629.1 | 597.3 | ||||||||
Total deferred revenue | $ | 905.8 | $ | 889.4 | $ | 841.3 | |||||
13 weeks ended | |||||||
(in millions) | April 30, 2016 | May 2, 2015 | |||||
Sterling Jewelers ESP deferred revenue, beginning of period | $ | 715.1 | $ | 668.9 | |||
Plans sold | 76.0 | 69.3 | |||||
Revenue recognized | (67.3 | ) | (47.5 | ) | |||
Sterling Jewelers ESP deferred revenue, end of period | $ | 723.8 | $ | 690.7 | |||
13 weeks ended | |||||||
(in millions) | April 30, 2016 | May 2, 2015 | |||||
Zale ESP deferred revenue, beginning of period | $ | 146.1 | $ | 120.3 | |||
Plans sold(1) | 40.6 | 35.2 | |||||
Revenue recognized | (31.6 | ) | (26.2 | ) | |||
Zale ESP deferred revenue, end of period | $ | 155.1 | $ | 129.3 | |||
(1) | Includes impact of foreign exchange translation. |
|
|||
13 weeks ended | |||||||
(in millions) | April 30, 2016 | May 2, 2015 | |||||
Warranty reserve, beginning of period | $ | 41.9 | $ | 44.9 | |||
Warranty expense | 2.9 | 3.0 | |||||
Utilized(1) | (3.5 | ) | (3.3 | ) | |||
Warranty reserve, end of period | $ | 41.3 | $ | 44.6 | |||
(1) | Includes impact of foreign exchange translation. |
(in millions) | April 30, 2016 | January 30, 2016 | May 2, 2015 | ||||||||
Disclosed as: | |||||||||||
Current liabilities | $ | 12.4 | $ | 12.3 | $ | 17.7 | |||||
Non-current liabilities | 28.9 | 29.6 | 26.9 | ||||||||
Total warranty reserve | $ | 41.3 | $ | 41.9 | $ | 44.6 | |||||
|
|||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Sales | $ | — | $ | — | $ | 1,518.3 | $ | 60.6 | $ | — | $ | 1,578.9 | |||||||||||
Cost of sales | — | — | (969.1 | ) | (9.4 | ) | — | (978.5 | ) | ||||||||||||||
Gross margin | — | — | 549.2 | 51.2 | — | 600.4 | |||||||||||||||||
Selling, general and administrative expenses | (0.1 | ) | — | (438.6 | ) | (24.0 | ) | — | (462.7 | ) | |||||||||||||
Other operating income, net | — | — | 71.6 | 2.7 | — | 74.3 | |||||||||||||||||
Operating (loss) income | (0.1 | ) | — | 182.2 | 29.9 | — | 212.0 | ||||||||||||||||
Intra-entity interest income (expense) | — | 4.7 | (46.9 | ) | 42.2 | — | — | ||||||||||||||||
Interest expense, net | — | (4.9 | ) | (3.7 | ) | (3.2 | ) | — | (11.8 | ) | |||||||||||||
(Loss) income before income taxes | (0.1 | ) | (0.2 | ) | 131.6 | 68.9 | — | 200.2 | |||||||||||||||
Income taxes | — | — | (54.2 | ) | 0.8 | — | (53.4 | ) | |||||||||||||||
Equity in income of subsidiaries | 146.9 | — | 85.2 | 84.3 | (316.4 | ) | — | ||||||||||||||||
Net income (loss) | $ | 146.8 | $ | (0.2 | ) | $ | 162.6 | $ | 154.0 | $ | (316.4 | ) | $ | 146.8 | |||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Sales | $ | — | $ | — | $ | 1,511.0 | $ | 19.6 | $ | — | $ | 1,530.6 | |||||||||||
Cost of sales | — | — | (961.0 | ) | (3.7 | ) | — | (964.7 | ) | ||||||||||||||
Gross margin | — | — | 550.0 | 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 | 46.0 | — | 165.2 | |||||||||||||||
Income taxes | — | — | (48.5 | ) | 2.1 | — | (46.4 | ) | |||||||||||||||
Equity in income of subsidiaries | 119.1 | — | 76.0 | 77.2 | (272.3 | ) | — | ||||||||||||||||
Net income (loss) | $ | 118.8 | $ | (0.2 | ) | $ | 147.2 | $ | 125.3 | $ | (272.3 | ) | $ | 118.8 | |||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net income (loss) | $ | 146.8 | $ | (0.2 | ) | $ | 162.6 | $ | 154.0 | $ | (316.4 | ) | $ | 146.8 | |||||||||
Other comprehensive income (loss): | |||||||||||||||||||||||
Foreign currency translation adjustments | 30.8 | — | 32.2 | (1.4 | ) | (30.8 | ) | 30.8 | |||||||||||||||
Available-for-sale securities: | |||||||||||||||||||||||
Unrealized gain | 0.2 | — | — | 0.2 | (0.2 | ) | 0.2 | ||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||
Unrealized gain | 3.6 | — | 3.6 | — | (3.6 | ) | 3.6 | ||||||||||||||||
Reclassification adjustment for losses to net income | 1.1 | — | 1.1 | — | (1.1 | ) | 1.1 | ||||||||||||||||
Pension plan: | |||||||||||||||||||||||
Reclassification adjustment to net income for amortization of actuarial losses | 0.3 | — | 0.3 | — | (0.3 | ) | 0.3 | ||||||||||||||||
Reclassification adjustment to net income for amortization of net prior service credits | (0.4 | ) | — | (0.4 | ) | — | 0.4 | (0.4 | ) | ||||||||||||||
Total other comprehensive income (loss) | 35.6 | — | 36.8 | (1.2 | ) | (35.6 | ) | 35.6 | |||||||||||||||
Total comprehensive income (loss) | $ | 182.4 | $ | (0.2 | ) | $ | 199.4 | $ | 152.8 | $ | (352.0 | ) | $ | 182.4 | |||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
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 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 losses | 0.7 | — | 0.7 | — | (0.7 | ) | 0.7 | ||||||||||||||||
Reclassification adjustment to net income for amortization of net prior service credits | (0.4 | ) | — | (0.4 | ) | — | 0.4 | (0.4 | ) | ||||||||||||||
Total other comprehensive income (loss) | 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 | |||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Assets | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 0.6 | $ | 0.1 | $ | 87.6 | $ | 24.7 | $ | — | $ | 113.0 | |||||||||||
Accounts receivable, net | — | — | 1,685.1 | 4.2 | — | 1,689.3 | |||||||||||||||||
Intra-entity receivables, net | 133.0 | — | — | 202.0 | (335.0 | ) | — | ||||||||||||||||
Other receivables | — | — | 44.9 | 18.8 | — | 63.7 | |||||||||||||||||
Other current assets | 0.1 | — | 155.8 | 5.3 | — | 161.2 | |||||||||||||||||
Income taxes | — | — | 1.4 | — | — | 1.4 | |||||||||||||||||
Inventories | — | — | 2,433.9 | 78.7 | — | 2,512.6 | |||||||||||||||||
Total current assets | 133.7 | 0.1 | 4,408.7 | 333.7 | (335.0 | ) | 4,541.2 | ||||||||||||||||
Non-current assets: | |||||||||||||||||||||||
Property, plant and equipment, net | — | — | 720.5 | 5.2 | — | 725.7 | |||||||||||||||||
Goodwill | — | — | 516.1 | 3.6 | — | 519.7 | |||||||||||||||||
Intangible assets, net | — | — | 430.4 | — | — | 430.4 | |||||||||||||||||
Investment in subsidiaries | 2,985.1 | — | 687.4 | 527.2 | (4,199.7 | ) | — | ||||||||||||||||
Intra-entity receivables, net | — | 407.5 | — | 3,657.5 | (4,065.0 | ) | — | ||||||||||||||||
Other assets | — | — | 127.0 | 30.2 | — | 157.2 | |||||||||||||||||
Deferred tax assets | — | — | — | — | — | — | |||||||||||||||||
Retirement benefit asset | — | — | 53.5 | — | — | 53.5 | |||||||||||||||||
Total assets | $ | 3,118.8 | $ | 407.6 | $ | 6,943.6 | $ | 4,557.4 | $ | (8,599.7 | ) | $ | 6,427.7 | ||||||||||
Liabilities and Shareholders’ equity | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | (0.7 | ) | $ | 110.8 | $ | — | $ | — | $ | 110.1 | ||||||||||
Accounts payable | — | — | 248.3 | 7.4 | — | 255.7 | |||||||||||||||||
Intra-entity payables, net | — | — | 335.0 | — | (335.0 | ) | — | ||||||||||||||||
Accrued expenses and other current liabilities | 20.6 | 7.1 | 369.0 | 12.8 | — | 409.5 | |||||||||||||||||
Deferred revenue | — | — | 261.4 | — | — | 261.4 | |||||||||||||||||
Income taxes | — | — | 22.6 | (3.5 | ) | — | 19.1 | ||||||||||||||||
Total current liabilities | 20.6 | 6.4 | 1,347.1 | 16.7 | (335.0 | ) | 1,055.8 | ||||||||||||||||
Non-current liabilities: | |||||||||||||||||||||||
Long-term debt | — | 393.7 | 317.8 | 600.0 | — | 1,311.5 | |||||||||||||||||
Intra-entity payables, net | — | — | 4,065.0 | — | (4,065.0 | ) | — | ||||||||||||||||
Other liabilities | — | — | 223.5 | 6.2 | — | 229.7 | |||||||||||||||||
Deferred revenue | — | — | 644.4 | — | — | 644.4 | |||||||||||||||||
Deferred tax liabilities | — | — | 88.3 | (0.2 | ) | — | 88.1 | ||||||||||||||||
Total liabilities | 20.6 | 400.1 | 6,686.1 | 622.7 | (4,400.0 | ) | 3,329.5 | ||||||||||||||||
Total shareholders’ equity | 3,098.2 | 7.5 | 257.5 | 3,934.7 | (4,199.7 | ) | 3,098.2 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 3,118.8 | $ | 407.6 | $ | 6,943.6 | $ | 4,557.4 | $ | (8,599.7 | ) | $ | 6,427.7 | ||||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Assets | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1.9 | $ | 0.1 | $ | 102.0 | $ | 33.7 | $ | — | $ | 137.7 | |||||||||||
Accounts receivable, net | — | — | 1,753.0 | 3.4 | — | 1,756.4 | |||||||||||||||||
Intra-entity receivables, net | 28.7 | — | — | 380.1 | (408.8 | ) | — | ||||||||||||||||
Other receivables | — | — | 68.8 | 15.2 | — | 84.0 | |||||||||||||||||
Other current assets | 0.1 | — | 144.2 | 8.3 | — | 152.6 | |||||||||||||||||
Income taxes | — | 0.2 | 2.3 | 1.0 | — | 3.5 | |||||||||||||||||
Inventories | — | — | 2,372.7 | 81.2 | — | 2,453.9 | |||||||||||||||||
Total current assets | 30.7 | 0.3 | 4,443.0 | 522.9 | (408.8 | ) | 4,588.1 | ||||||||||||||||
Non-current assets: | |||||||||||||||||||||||
Property, plant and equipment, net | — | — | 722.3 | 5.3 | — | 727.6 | |||||||||||||||||
Goodwill | — | — | 511.9 | 3.6 | — | 515.5 | |||||||||||||||||
Intangible assets, net | — | — | 427.8 | — | — | 427.8 | |||||||||||||||||
Investment in subsidiaries | 3,047.8 | — | 762.9 | 600.0 | (4,410.7 | ) | — | ||||||||||||||||
Intra-entity receivables, net | — | 402.6 | — | 3,467.4 | (3,870.0 | ) | — | ||||||||||||||||
Other assets | — | — | 124.5 | 30.1 | — | 154.6 | |||||||||||||||||
Deferred tax assets | — | — | — | — | — | — | |||||||||||||||||
Retirement benefit asset | — | — | 51.3 | — | — | 51.3 | |||||||||||||||||
Total assets | $ | 3,078.5 | $ | 402.9 | $ | 7,043.7 | $ | 4,629.3 | $ | (8,689.5 | ) | $ | 6,464.9 | ||||||||||
Liabilities and Shareholders’ equity | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | (0.7 | ) | $ | 58.4 | $ | — | $ | — | $ | 57.7 | ||||||||||
Accounts payable | — | — | 260.3 | 8.8 | — | 269.1 | |||||||||||||||||
Intra-entity payables, net | — | — | 408.8 | — | (408.8 | ) | — | ||||||||||||||||
Accrued expenses and other current liabilities | 17.8 | 2.4 | 467.0 | 11.1 | — | 498.3 | |||||||||||||||||
Deferred revenue | — | — | 260.3 | — | — | 260.3 | |||||||||||||||||
Income taxes | — | — | 68.4 | (2.7 | ) | — | 65.7 | ||||||||||||||||
Total current liabilities | 17.8 | 1.7 | 1,523.2 | 17.2 | (408.8 | ) | 1,151.1 | ||||||||||||||||
Non-current liabilities: | |||||||||||||||||||||||
Long-term debt | — | 393.5 | 327.5 | 600.0 | — | 1,321.0 | |||||||||||||||||
Intra-entity payables, net | — | — | 3,870.0 | — | (3,870.0 | ) | — | ||||||||||||||||
Other liabilities | — | — | 223.6 | 6.9 | — | 230.5 | |||||||||||||||||
Deferred revenue | — | — | 629.1 | — | — | 629.1 | |||||||||||||||||
Deferred tax liabilities | — | — | 73.0 | (0.5 | ) | — | 72.5 | ||||||||||||||||
Total liabilities | 17.8 | 395.2 | 6,646.4 | 623.6 | (4,278.8 | ) | 3,404.2 | ||||||||||||||||
Total shareholders’ equity | 3,060.7 | 7.7 | 397.3 | 4,005.7 | (4,410.7 | ) | 3,060.7 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 3,078.5 | $ | 402.9 | $ | 7,043.7 | $ | 4,629.3 | $ | (8,689.5 | ) | $ | 6,464.9 | ||||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Assets | |||||||||||||||||||||||
Current assets: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 0.9 | $ | 0.1 | $ | 110.4 | $ | 11.2 | $ | — | $ | 122.6 | |||||||||||
Accounts receivable, net | — | — | 1,498.3 | 1.6 | — | 1,499.9 | |||||||||||||||||
Intra-entity receivables, net | 85.9 | — | — | 90.3 | (176.2 | ) | — | ||||||||||||||||
Other receivables | — | — | 45.4 | 11.1 | — | 56.5 | |||||||||||||||||
Other current assets | 0.4 | — | 124.9 | 5.3 | — | 130.6 | |||||||||||||||||
Income taxes | — | — | 5.3 | — | — | 5.3 | |||||||||||||||||
Inventories | — | — | 2,407.2 | 80.6 | — | 2,487.8 | |||||||||||||||||
Total current assets | 87.2 | 0.1 | 4,191.5 | 200.1 | (176.2 | ) | 4,302.7 | ||||||||||||||||
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 | 2,822.7 | — | 541.5 | 523.9 | (3,888.1 | ) | — | ||||||||||||||||
Intra-entity receivables, net | — | 407.3 | — | 3,484.8 | (3,892.1 | ) | — | ||||||||||||||||
Other assets | — | — | 106.1 | 26.0 | — | 132.1 | |||||||||||||||||
Deferred tax assets | — | — | 1.8 | 0.4 | — | 2.2 | |||||||||||||||||
Retirement benefit asset | — | — | 38.1 | — | — | 38.1 | |||||||||||||||||
Total assets | $ | 2,909.9 | $ | 407.4 | $ | 6,505.2 | $ | 4,244.3 | $ | (7,956.4 | ) | $ | 6,110.4 | ||||||||||
Liabilities and Shareholders’ equity | |||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||
Loans and overdrafts | $ | — | $ | (0.7 | ) | $ | 43.7 | $ | — | $ | — | $ | 43.0 | ||||||||||
Accounts payable | — | — | 252.2 | 4.3 | — | 256.5 | |||||||||||||||||
Intra-entity payables, net | — | — | 176.2 | — | (176.2 | ) | — | ||||||||||||||||
Accrued expenses and other current liabilities | 18.0 | 7.1 | 386.7 | 8.7 | — | 420.5 | |||||||||||||||||
Deferred revenue | — | — | 244.0 | — | — | 244.0 | |||||||||||||||||
Income taxes | — | — | 28.2 | 0.1 | — | 28.3 | |||||||||||||||||
Total current liabilities | 18.0 | 6.4 | 1,131.0 | 13.1 | (176.2 | ) | 992.3 | ||||||||||||||||
Non-current liabilities: | |||||||||||||||||||||||
Long-term debt | — | 392.9 | 354.3 | 600.0 | — | 1,347.2 | |||||||||||||||||
Intra-entity payables, net | — | — | 3,892.1 | — | (3,892.1 | ) | — | ||||||||||||||||
Other liabilities | — | — | 216.8 | 7.6 | — | 224.4 | |||||||||||||||||
Deferred revenue | — | — | 597.3 | — | — | 597.3 | |||||||||||||||||
Deferred tax liabilities | — | — | 57.3 | — | — | 57.3 | |||||||||||||||||
Total liabilities | 18.0 | 399.3 | 6,248.8 | 620.7 | (4,068.3 | ) | 3,218.5 | ||||||||||||||||
Total shareholders’ equity | 2,891.9 | 8.1 | 256.4 | 3,623.6 | (3,888.1 | ) | 2,891.9 | ||||||||||||||||
Total liabilities and shareholders’ equity | $ | 2,909.9 | $ | 407.4 | $ | 6,505.2 | $ | 4,244.3 | $ | (7,956.4 | ) | $ | 6,110.4 | ||||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net cash provided by operating activities | $ | 314.6 | $ | 4.9 | $ | 240.5 | $ | 269.4 | $ | (715.0 | ) | $ | 114.4 | ||||||||||
Investing activities | |||||||||||||||||||||||
Purchase of property, plant and equipment | — | — | (39.3 | ) | — | — | (39.3 | ) | |||||||||||||||
Investment in subsidiaries | (65.0 | ) | — | — | — | 65.0 | — | ||||||||||||||||
Purchase of available-for-sale securities | — | — | — | (0.8 | ) | — | (0.8 | ) | |||||||||||||||
Proceeds from available-for-sale securities | — | — | — | 1.2 | — | 1.2 | |||||||||||||||||
Net cash used in (provided by) investing activities | (65.0 | ) | — | (39.3 | ) | 0.4 | 65.0 | (38.9 | ) | ||||||||||||||
Financing activities | |||||||||||||||||||||||
Dividends paid | (17.5 | ) | — | — | — | — | (17.5 | ) | |||||||||||||||
Intra-entity dividends paid | — | — | (450.0 | ) | (265.0 | ) | 715.0 | — | |||||||||||||||
Proceeds from issuance of common shares | 0.3 | — | 65.0 | — | (65.0 | ) | 0.3 | ||||||||||||||||
Excess tax benefit from exercise of share awards | — | — | 1.3 | — | — | 1.3 | |||||||||||||||||
Repayments of term loan | — | — | (7.5 | ) | — | — | (7.5 | ) | |||||||||||||||
Proceeds from securitization facility | — | — | — | 696.5 | — | 696.5 | |||||||||||||||||
Repayment of securitization facility | — | — | — | (696.5 | ) | — | (696.5 | ) | |||||||||||||||
Proceeds from revolving credit facility | — | — | 99.0 | — | — | 99.0 | |||||||||||||||||
Repayments of revolving credit facility | — | — | (55.0 | ) | — | — | (55.0 | ) | |||||||||||||||
Repurchase of common shares | (125.0 | ) | — | — | — | — | (125.0 | ) | |||||||||||||||
Net settlement of equity based awards | (4.6 | ) | — | — | — | — | (4.6 | ) | |||||||||||||||
Principal payments under capital lease obligations | — | — | (0.1 | ) | — | — | (0.1 | ) | |||||||||||||||
Proceeds from short-term borrowings | — | — | 6.0 | — | — | 6.0 | |||||||||||||||||
Intra-entity activity, net | (104.1 | ) | (4.9 | ) | 122.8 | (13.8 | ) | — | — | ||||||||||||||
Net cash used in financing activities | (250.9 | ) | (4.9 | ) | (218.5 | ) | (278.8 | ) | 650.0 | (103.1 | ) | ||||||||||||
Cash and cash equivalents at beginning of period | 1.9 | 0.1 | 102.0 | 33.7 | — | 137.7 | |||||||||||||||||
Decrease in cash and cash equivalents | (1.3 | ) | — | (17.3 | ) | (9.0 | ) | — | (27.6 | ) | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | 2.9 | — | — | 2.9 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | 0.6 | $ | 0.1 | $ | 87.6 | $ | 24.7 | $ | — | $ | 113.0 | |||||||||||
(in millions) | Signet Jewelers Limited | Signet UK Finance plc | Guarantor Subsidiaries | Non- Guarantor Subsidiaries | Eliminations | Consolidated | |||||||||||||||||
Net cash (used in) provided by operating activities | $ | (3.4 | ) | $ | 4.9 | $ | 54.4 | $ | 11.1 | $ | — | $ | 67.0 | ||||||||||
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 | ) | |||||||||||||||
Intra-entity dividends paid | — | — | — | — | — | — | |||||||||||||||||
Proceeds from issuance of common shares | 0.1 | — | — | — | — | 0.1 | |||||||||||||||||
Excess tax benefit from exercise of share awards | — | — | 5.1 | — | — | 5.1 | |||||||||||||||||
Repayments of term loan | — | — | (5.0 | ) | — | — | (5.0 | ) | |||||||||||||||
Proceeds from securitization facility | — | — | — | 638.2 | — | 638.2 | |||||||||||||||||
Repayment of securitization facility | — | — | — | (638.2 | ) | — | (638.2 | ) | |||||||||||||||
Proceeds from revolving credit facility | — | — | — | — | — | — | |||||||||||||||||
Repayments of revolving credit facility | — | — | — | — | — | — | |||||||||||||||||
Repurchase of common shares | (19.1 | ) | — | — | — | — | (19.1 | ) | |||||||||||||||
Net settlement of equity based awards | (8.7 | ) | — | — | — | — | (8.7 | ) | |||||||||||||||
Principal payments under capital lease obligations | — | — | (0.3 | ) | — | — | (0.3 | ) | |||||||||||||||
Repayment of short-term borrowings | — | — | (55.0 | ) | — | — | (55.0 | ) | |||||||||||||||
Intra-entity activity, net | 44.3 | (4.9 | ) | (12.5 | ) | (26.9 | ) | — | — | ||||||||||||||
Net cash provided by (used in) 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 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 | |||||||||||
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