TIFFANY & CO

CIK:0000098246|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019	Oct. 31, 2020	Oct. 31, 2019
Income Statement [Abstract]
Net sales	$ 1,008.2	$ 1,014.6	$ 2,310.8	$ 3,066.1
Cost of sales	364.7	388.9	896.7	1,163.4
Gross profit	643.5	625.7	1,414.1	1,902.7
Selling, general and administrative expenses	478.5	507.2	1,294.9	1,439.1
Earnings from operations	165.0	118.5	119.2	463.6
Interest expense and financing costs	10.7	9.2	31.6	29.4
Other expense (income), net	5.7	4.2	(20.6)	2.2
Earnings from operations before income taxes	148.6	105.1	108.2	432.0
Provision for income taxes	29.6	26.7	21.9	92.1
Net earnings	$ 119.0	$ 78.4	$ 86.3	$ 339.9
Net earnings per share:
Basic (usd per share)	$ 0.98	$ 0.65	$ 0.71	$ 2.81
Diluted (usd per share)	$ 0.98	$ 0.65	$ 0.71	$ 2.80
Weighted-average number of common shares:
Basic (shares)	121.4	120.3	121.3	121.0
Diluted (shares)	121.7	120.6	121.7	121.3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2020	Oct. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 86.3	$ 339.9
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	203.5	189.9
Provision for inventories	25.0	17.2
Deferred income taxes	(2.0)	(19.4)
Provision for pension/postretirement benefits	28.5	22.0
Share-based compensation expense	23.5	19.9
Changes in assets and liabilities:
Accounts receivable	41.8	25.3
Inventories	(19.7)	(186.6)
Prepaid expenses and other current assets	21.2	(31.6)
Accounts payable and accrued liabilities	(102.7)	(21.0)
Income taxes payable	(28.3)	(45.0)
Merchandise credits and deferred revenue	6.6	(6.8)
Other, net	0.8	(40.1)
Net cash provided by operating activities	284.5	263.7
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of marketable securities and short-term investments	(0.2)	(39.9)
Proceeds from sales of marketable securities and short-term investments	22.4	59.8
Capital expenditures	(211.6)	(194.0)
Other, net	1.2	0.0
Net cash used in investing activities	(188.2)	(174.1)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from credit facility borrowings, net	505.1	10.4
Proceeds from other credit facility borrowings	28.7	55.3
Repayment of other credit facility borrowings	(133.1)	(83.5)
Repurchase of Common Stock	0.0	(163.4)
Proceeds from exercised stock options	7.0	4.3
Payments related to tax withholding for share-based payment arrangements	(10.6)	(9.3)
Cash dividends on Common Stock	(211.1)	(206.7)
Financing fees	(0.9)	0.0
Net cash provided by (used in) financing activities	185.1	(392.9)
Effect of exchange rate changes on cash and cash equivalents	(10.4)	0.3
Net increase (decrease) in cash and cash equivalents	271.0	(303.0)
Cash and cash equivalents at beginning of year	874.7	792.6
Cash and cash equivalents at end of nine months	$ 1,145.7	$ 489.6

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Oct. 31, 2020	Jan. 31, 2020	Oct. 31, 2019
Current assets:
Cash and cash equivalents	$ 1,145.7	$ 874.7	$ 489.6
Short-term investments	0.0	22.7	40.0
Accounts receivable, net	200.3	240.0	218.0
Inventories, net	2,485.1	2,463.9	2,577.0
Prepaid expenses and other current assets	318.8	274.2	276.2
Total current assets	4,149.9	3,875.5	3,600.8
Operating lease right-of-use assets	1,108.1	1,102.7	1,065.5
Property, plant and equipment, net	1,112.2	1,098.8	1,043.5
Deferred income taxes	228.6	225.2	217.7
Other assets, net	336.5	357.9	331.5
Total Assets	6,935.3	6,660.1	6,259.0
Current liabilities:
Short-term borrowings	543.1	147.9	89.9
Accounts payable and accrued liabilities	439.8	541.5	491.9
Current portion of operating lease liabilities	225.4	202.8	211.2
Income taxes payable	22.7	16.4	21.8
Merchandise credits and deferred revenue	68.8	61.8	62.4
Total current liabilities	1,299.8	970.4	877.2
Long-term debt	888.0	884.1	883.8
Pension/postretirement benefit obligations	381.3	374.5	289.8
Long-term portion of operating lease liabilities	996.4	1,008.4	966.7
Other long-term liabilities	91.1	87.3	99.0
Commitments and contingencies
Stockholders' equity:
Preferred Stock, $0.01 par value; authorized 2.0 shares, none issued and outstanding	0.0	0.0	0.0
Common Stock, $0.01 par value; authorized 240.0 shares, issued and outstanding 121.4, 121.2, 119.9	1.2	1.2	1.2
Additional paid-in capital	1,408.5	1,387.3	1,275.0
Retained earnings	2,078.6	2,207.6	2,076.7
Accumulated other comprehensive loss, net of tax	(221.1)	(273.2)	(223.0)
Total Tiffany & Co. stockholders' equity	3,267.2	3,322.9	3,129.9
Non-controlling interests	11.5	12.5	12.6
Total stockholders' equity	3,278.7	3,335.4	3,142.5
Total Liabilities and Stockholders' Equity	$ 6,935.3	$ 6,660.1	$ 6,259.0