Inventories

Signet held $574.0 million of consignment inventory at January 28, 2017 (January 30, 2016: $441.9 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 28, 2017		January 30, 2016
Raw materials	$	60.8	$	81.8
Finished goods	2,388.5		2,372.1
Total inventories	$	2,449.3	$	2,453.9

Inventory reserves



(in millions)	Fiscal 2017			Fiscal 2016			Fiscal 2015
Inventory reserve, beginning of period	$	43.2		$	28.4		$	16.3
Charged to profit	57.3			87.6			44.6
Utilization⁽¹⁾	(57.3		)	(72.8		)	(32.5		)
Inventory reserve, end of period	$	43.2		$	43.2		$	28.4

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