Inventories

Signet held $726.8 million of consignment inventory at February 2, 2019 (February 3, 2018: $606.4 million), which is not recorded on the balance sheet. The principal terms of the consignment agreements, which can generally be terminated by either party, are such that Signet can return any or all of the inventory to the relevant suppliers without financial or commercial penalties and the supplier can adjust the inventory prices prior to sale.

The following table summarizes the details of the Company’s inventory:



(in millions)	February 2, 2019		February 3, 2018
Raw materials	$	76.3	$	72.0
Finished goods	2,310.6		2,208.5
Total inventories	$	2,386.9	$	2,280.5

Inventory reserves



(in millions)	Fiscal 2019			Fiscal 2018			Fiscal 2017
Inventory reserve, beginning of period	$	40.6		$	43.2		$	43.2
Charged to profit⁽¹⁾	131.4			75.8			57.3
Utilization⁽²⁾	(76.7		)	(78.4		)	(57.3		)
Inventory reserve, end of period⁽³⁾	$	95.3		$	40.6		$	43.2

⁽¹⁾Includes $62.2 million inventory charge associated with the Company’s restructuring plan. See Note 7 for additional information.

⁽²⁾Includes the impact of foreign exchange translation between opening and closing balance sheet dates, as well as $10.6 million utilized for inventory identified as part of the Company’s restructuring plan which was disposed of in Fiscal 2019. See Note 7 for additional information.

⁽³⁾Includes $51.6 million for inventory identified as part of the Company’s restructuring plan during the second quarter of Fiscal 2019. See Note 7 for additional information.

During Fiscal 2019, as a part of the Plan, the Company recorded inventory charges of $62.2 million primarily associated with discontinued brands and collections within the restructuring charges - cost of sales line item on the condensed consolidated income statements. See Note 7 for additional information.