Condensed consolidating financial information (Tables)

3 Months Ended

Apr. 29, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Income Statement

Condensed Consolidated Income Statement

For the 13 weeks ended April 29, 2017

(Unaudited)

(in millions)	Signet Jewelers Limited			Signet UK Finance plc			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Sales	$	—		$	—		$	1,325.2		$	78.2		$	—		$	1,403.4
Cost of sales	—			—			(895.4		)	(16.8		)	—			(912.2		)
Gross margin	—			—			429.8			61.4			—			491.2
Selling, general and administrative expenses	(0.2		)	—			(421.5		)	(31.1		)	—			(452.8		)
Other operating income (loss), net	—			—			77.2			(0.3		)	—			76.9
Operating (loss) income	(0.2		)	—			85.5			30.0			—			115.3
Intra-entity interest income (expense)	—			4.7			(45.4		)	40.7			—			—
Interest expense, net	—			(4.9		)	(4.1		)	(3.6		)	—			(12.6		)
(Loss) income before income taxes	(0.2		)	(0.2		)	36.0			67.1			—			102.7
Income taxes	—			—			(15.4		)	(8.8		)	—			(24.2		)
Equity in income of subsidiaries	78.7			—			8.7			22.3			(109.7		)	—
Net income (loss)	$	78.5		$	(0.2	)	$	29.3		$	80.6		$	(109.7	)	$	78.5
Dividends on redeemable convertible preferred shares	(8.2		)	—			—			—			—			(8.2		)
Net income (loss) attributable to common shareholders	$	70.3		$	(0.2	)	$	29.3		$	80.6		$	(109.7	)	$	70.3

Condensed Consolidated Income Statement

For the 13 weeks ended April 30, 2016

(Unaudited)

(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
Dividends on redeemable convertible preferred shares	—			—			—			—			—			—
Net income (loss) attributable to common shareholders	$	146.8		$	(0.2	)	$	162.6		$	154.0		$	(316.4	)	$	146.8

Condensed Statement of Comprehensive Income

Condensed Consolidated Statement of Comprehensive Income (Loss)

For the 13 weeks ended April 29, 2017

(Unaudited)

(in millions)	Signet Jewelers Limited			Signet UK Finance plc			Guarantor Subsidiaries			Non- Guarantor Subsidiaries		Eliminations			Consolidated
Net income (loss)	$	78.5		$	(0.2	)	$	29.3		$	80.6	$	(109.7	)	$	78.5
Other comprehensive income (loss):
Foreign currency translation adjustments	0.5			—			0.5			—		(0.5		)	0.5
Available-for-sale securities:
Unrealized gain	0.2			—			—			0.2		(0.2		)	0.2
Cash flow hedges:
Unrealized gain	2.7			—			2.7			—		(2.7		)	2.7
Reclassification adjustment for gains to net income	(1.4		)	—			(1.4		)	—		1.4			(1.4		)
Pension plan:
Reclassification adjustment to net income for amortization of actuarial losses	0.6			—			0.6			—		(0.6		)	0.6
Reclassification adjustment to net income for amortization of net prior service credits	(0.3		)	—			(0.3		)	—		0.3			(0.3		)
Total other comprehensive income	2.3			—			2.1			0.2		(2.3		)	2.3
Total comprehensive income (loss)	$	80.8		$	(0.2	)	$	31.4		$	80.8	$	(112.0	)	$	80.8

Condensed Consolidated Statement of Comprehensive Income (Loss)

For the 13 weeks ended April 30, 2016

(Unaudited)

(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

Condensed Balance Sheet

Condensed Consolidated Balance Sheet

April 29, 2017

(Unaudited)

(in millions)	Signet Jewelers Limited		Signet UK Finance plc			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	1.0	$	0.1		$	72.9	$	25.7		$	—		$	99.7
Accounts receivable, net	—		—			1,726.1		0.2			—			1,726.3
Intra-entity receivables, net	—		—			87.0		—			(87.0		)	—
Other receivables	—		—			62.3		26.3			—			88.6
Other current assets	0.1		—			154.0		4.9			—			159.0
Income taxes	—		—			1.8		—			—			1.8
Inventories	—		—			2,362.0		70.4			—			2,432.4
Total current assets	1.1		0.1			4,466.1		127.5			(87.0		)	4,507.8
Non-current assets:
Property, plant and equipment, net	—		—			825.6		4.2			—			829.8
Goodwill	—		—			512.5		3.6			—			516.1
Intangible assets, net	—		—			411.9		—			—			411.9
Investment in subsidiaries	3,200.8		—			734.5		616.8			(4,552.1		)	—
Intra-entity receivables, net	—		407.8			—		3,637.5			(4,045.3		)	—
Other assets	—		—			134.1		31.0			—			165.1
Deferred tax assets	—		—			0.5		0.1			—			0.6
Retirement benefit asset	—		—			33.9		—			—			33.9
Total assets	$	3,201.9	$	407.9		$	7,119.1	$	4,420.7		$	(8,684.4	)	$	6,465.2
Liabilities and Shareholders’ equity
Current liabilities:
Loans and overdrafts	$	—	$	(0.7	)	$	132.2	$	—		$	—		$	131.5
Accounts payable	—		—			170.6		7.2			—			177.8
Intra-entity payables, net	16.2		—			—		70.8			(87.0		)	—
Accrued expenses and other current liabilities	30.0		7.2			343.9		19.2			—			400.3
Deferred revenue	—		—			272.1		—			—			272.1
Income taxes	—		—			36.3		(2.1		)	—			34.2
Total current liabilities	46.2		6.5			955.1		95.1			(87.0		)	1,015.9
Non-current liabilities:
Long-term debt	—		394.5			317.1		600.0			—			1,311.6
Intra-entity payables, net	—		—			4,045.3		—			(4,045.3		)	—
Other liabilities	—		—			200.9		5.3			—			206.2
Deferred revenue	—		—			658.6		—			—			658.6
Deferred tax liabilities	—		—			117.1		0.1			—			117.2
Total liabilities	46.2		401.0			6,294.1		700.5			(4,132.3		)	3,309.5
Series A redeemable convertible preferred shares	612.3		—			—		—			—			612.3
Total shareholders’ equity	2,543.4		6.9			825.0		3,720.2			(4,552.1		)	2,543.4
Total liabilities, preferred shares and shareholders’ equity	$	3,201.9	$	407.9		$	7,119.1	$	4,420.7		$	(8,684.4	)	$	6,465.2

Condensed Consolidated Balance Sheet

January 28, 2017

(in millions)	Signet Jewelers Limited		Signet UK Finance plc			Guarantor Subsidiaries		Non- Guarantor Subsidiaries			Eliminations			Consolidated
Assets
Current assets:
Cash and cash equivalents	$	1.7	$	0.1		$	70.3	$	26.6		$	—		$	98.7
Accounts receivable, net	—		—			1,858.0		—			—			1,858.0
Intra-entity receivables, net	12.7		—			145.1		—			(157.8		)	—
Other receivables	—		—			71.1		24.8			—			95.9
Other current assets	—		—			131.4		4.9			—			136.3
Income taxes	—		—			4.4		—			—			4.4
Inventories	—		—			2,371.8		77.5			—			2,449.3
Total current assets	14.4		0.1			4,652.1		133.8			(157.8		)	4,642.6
Non-current assets:
Property, plant and equipment, net	—		—			818.5		4.4			—			822.9
Goodwill	—		—			514.0		3.6			—			517.6
Intangible assets, net	—		—			417.0		—			—			417.0
Investment in subsidiaries	3,117.6		—			721.6		590.9			(4,430.1		)	—
Intra-entity receivables, net	—		402.9			—		3,647.1			(4,050.0		)	—
Other assets	—		—			134.8		30.3			—			165.1
Deferred tax assets	—		—			0.6		0.1			—			0.7
Retirement benefit asset	—		—			31.9		—			—			31.9
Total assets	$	3,132.0	$	403.0		$	7,290.5	$	4,410.2		$	(8,637.9	)	$	6,597.8
Liabilities and Shareholders’ equity
Current liabilities:
Loans and overdrafts	$	—	$	(0.7	)	$	91.8	$	—		$	—		$	91.1
Accounts payable	—		—			248.2		7.5			—			255.7
Intra-entity payables, net	—		—			—		157.8			(157.8		)	—
Accrued expenses and other current liabilities	29.9		2.5			429.2		16.6			—			478.2
Deferred revenue	—		—			275.5		1.4			—			276.9
Income taxes	—		(0.2		)	115.5		(13.5		)	—			101.8
Total current liabilities	29.9		1.6			1,160.2		169.8			(157.8		)	1,203.7
Non-current liabilities:
Long-term debt	—		394.3			323.6		600.0			—			1,317.9
Intra-entity payables, net	—		—			4,050.0		—			(4,050.0		)	—
Other liabilities	—		—			208.7		5.0			—			213.7
Deferred revenue	—		—			659.0		—			—			659.0
Deferred tax liabilities	—		—			101.4		—			—			101.4
Total liabilities	29.9		395.9			6,502.9		774.8			(4,207.8		)	3,495.7
Series A redeemable convertible preferred shares	611.9		—			—		—			—			611.9
Total shareholders’ equity	2,490.2		7.1			787.6		3,635.4			(4,430.1		)	2,490.2
Total liabilities, preferred shares and shareholders’ equity	$	3,132.0	$	403.0		$	7,290.5	$	4,410.2		$	(8,637.9	)	$	6,597.8

Condensed Consolidated Balance Sheet

April 30, 2016

(Unaudited)

(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
Series A redeemable convertible preferred shares	—		—			—		—			—			—
Total shareholders’ equity	3,098.2		7.5			257.5		3,934.7			(4,199.7		)	3,098.2
Total liabilities, preferred shares and shareholders’ equity	$	3,118.8	$	407.6		$	6,943.6	$	4,557.4		$	(8,599.7	)	$	6,427.7

Condensed Cash Flow Statement

Condensed Consolidated Statement of Cash Flows

For the 13 weeks ended April 29, 2017

(Unaudited)

(in millions)	Signet Jewelers Limited			Signet UK Finance plc			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations		Consolidated
Net cash provided by (used in) operating activities	$	—		$	4.9		$	(20.9	)	$	72.8		$	—	$	56.8
Investing activities
Purchase of property, plant and equipment	—			—			(56.2		)	—			—		(56.2		)
Investment in subsidiaries	—			—			—			—			—		—
Purchase of available-for-sale securities	—			—			—			(0.7		)	—		(0.7		)
Proceeds from available-for-sale securities	—			—			—			0.3			—		0.3
Net cash (used in) provided by investing activities	—			—			(56.2		)	(0.4		)	—		(56.6		)
Financing activities
Dividends paid on common shares	(17.8		)	—			—			—			—		(17.8		)
Dividends paid on redeemable convertible preferred shares	(11.3		)	—			—			—			—		(11.3		)
Intra-entity dividends paid	—			—			—			—			—		—
Proceeds from issuance of common shares	0.1			—			—			—			—		0.1
Excess tax benefit from exercise of share awards	—			—			—			—			—		—
Repayments of term loan	—			—			(4.5		)	—			—		(4.5		)
Proceeds from securitization facility	—			—			—			666.5			—		666.5
Repayments of securitization facility	—			—			—			(666.5		)	—		(666.5		)
Proceeds from revolving credit facility	—			—			128.0			—			—		128.0
Repayments of revolving credit facility	—			—			(121.0		)	—			—		(121.0		)
Repurchase of common shares	—			—			—			—			—		—
Net settlement of equity based awards	(1.1		)	—			—			—			—		(1.1		)
Capital lease payments	—			—			—			—			—		—
Proceeds from short-term borrowings	—			—			31.2			—			—		31.2
Intra-entity activity, net	29.4			(4.9		)	48.9			(73.4		)	—		—
Net cash provided by (used in) financing activities	(0.7		)	(4.9		)	82.6			(73.4		)	—		3.6
Cash and cash equivalents at beginning of period	1.7			0.1			70.3			26.6			—		98.7
Increase (decrease) in cash and cash equivalents	(0.7		)	—			5.5			(1.0		)	—		3.8
Effect of exchange rate changes on cash and cash equivalents	—			—			(2.9		)	0.1			—		(2.8		)
Cash and cash equivalents at end of period	$	1.0		$	0.1		$	72.9		$	25.7		$	—	$	99.7

Condensed Consolidated Statement of Cash Flows

For the 13 weeks ended April 30, 2016

(Unaudited)

(in millions)	Signet Jewelers Limited			Signet UK Finance plc			Guarantor Subsidiaries			Non- Guarantor Subsidiaries			Eliminations			Consolidated
Net cash provided by (used in) 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 on common shares	(17.5		)	—			—			—			—			(17.5		)
Dividends paid on redeemable convertible preferred shares	—			—			—			—			—			—
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
Repayments 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		)
Capital lease payments	—			—			(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 provided by (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
Increase (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