Inventories

12 Months Ended

Feb. 01, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories

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

(in millions)	February 1, 2020		February 2, 2019
Raw materials	$	56.2	$	76.3
Finished goods	2,275.5		2,310.6
Total inventories	$	2,331.7	$	2,386.9

Signet held $625.7 million of consignment inventory at February 1, 2020 (February 2, 2019: $726.8 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.

Inventory reserves

(in millions)	Fiscal 2020			Fiscal 2019			Fiscal 2018
Inventory reserve, beginning of period	$	95.3		$	40.6		$	43.2
Charged to income(1)	80.2			131.4			75.8
Utilization(2)	(108.5		)	(76.7		)	(78.4		)
Inventory reserve, end of period(3)	$	67.0		$	95.3		$	40.6

⁽¹⁾ Includes $9.2 million in Fiscal 2020 and $62.2 million in Fiscal 2019 for inventory charges associated with the Company’s restructuring plan. The charges were primarily associated with discontinued brands and collections within the restructuring - cost of sales line item on the consolidated statements of operations. See Note 7 for additional information.

⁽²⁾ Includes the impact of foreign exchange translation between opening and closing balance sheet dates, as well as $40.0 million in Fiscal 2020 and $10.6 million in Fiscal 2019 utilized for inventory identified as part of the Company’s restructuring plan. See Note 7 for additional information.

⁽³⁾ Includes $20.8 million for Fiscal 2020 and $51.6 million in Fiscal 2019 for inventory identified as part of the Company’s restructuring plan. See Note 7 for additional information.