Inventories

Signet held $441.9 million of consignment inventory at January 30, 2016 (January 31, 2015: $434.6 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)	January 30, 2016		January 31, 2015
Raw materials	$	81.8	$	75.2
Finished goods	2,372.1		2,363.8
Total inventories	$	2,453.9	$	2,439.0

Inventory reserves



(in millions)	Balance at beginning of period		Charged to profit		Utilized⁽¹⁾			Balance at end of period
Fiscal 2014	$	23.4	$	33.3	$	(40.4	)	$	16.3
Fiscal 2015	16.3		44.6		(32.5		)	28.4
Fiscal 2016	$	28.4	$	87.6	$	(72.8	)	$	43.2

⁽¹⁾Includes the impact of foreign exchange translation between opening and closing balance sheet dates.