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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
  
 
FORM 10-Q
 
 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended July 31, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number: 1-9494
TIFFANY & CO.
(Exact name of registrant as specified in its charter)
Delaware
 
13-3228013
(State of incorporation)
 
(I.R.S. Employer Identification No.)

727 Fifth Avenue, New York, NY 10022
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (212755-8000
Former name, former address and former fiscal year, if changed since last report                     

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered

Common Stock, par value $0.01 per share
TIF
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer

Emerging growth company
Non-accelerated filer

Smaller reporting company
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes    No  

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: Common Stock, $0.01 par value, 120,798,663 shares outstanding at the close of business on July 31, 2019.


Table of Contents

TIFFANY & CO. AND SUBSIDIARIES
INDEX TO FORM 10-Q
FOR THE QUARTER ENDED July 31, 2019
 
 
Page
 
Item 1.
 
 

 
 
 
 

 
Item 2.
Item 3.
Item 4.
 
 
 
 
Item 1.
Item 1A.
Item 2.
Item 6.




Table of Contents

PART I. Financial Information
Item 1. Financial Statements
TIFFANY & CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in millions, except per share amounts)
 
July 31, 2019
 
January 31, 2019
 
July 31, 2018
ASSETS
 
 
 
 
 
Current assets:
 
 
 
 
 
Cash and cash equivalents
$
641.0

 
$
792.6

 
$
752.8

Short-term investments
39.6

 
62.7

 
61.3

Accounts receivable, net
241.0

 
245.4

 
207.0

Inventories, net
2,487.7

 
2,428.0

 
2,411.8

Prepaid expenses and other current assets
264.4

 
230.8

 
256.4

Total current assets
3,673.7

 
3,759.5

 
3,689.3

Operating lease right-of-use assets
1,073.4

 

 

Property, plant and equipment, net
1,021.2

 
1,026.7

 
970.5

Deferred income taxes
209.7

 
215.8

 
190.7

Other assets, net
337.9

 
331.0

 
319.7

 
$
6,315.9

 
$
5,333.0

 
$
5,170.2

LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
Current liabilities:
 
 
 
 
 
Short-term borrowings
$
135.2

 
$
113.4

 
$
90.3

Accounts payable and accrued liabilities
430.3

 
513.4

 
428.4

Current portion of operating lease liabilities
217.1

 

 

Income taxes payable
17.1

 
21.4

 
24.3

Merchandise credits and deferred revenue
71.4

 
69.9

 
67.3

Total current liabilities
871.1

 
718.1

 
610.3

Long-term debt
884.0

 
883.4

 
881.4

Pension/postretirement benefit obligations
287.7

 
312.4

 
293.5

Deferred gains on sale-leasebacks

 
31.1

 
34.9

Long-term portion of operating lease liabilities
969.6

 

 

Other long-term liabilities
110.4

 
257.1

 
278.6

Commitments and contingencies


 


 

Stockholders' equity:
 
 
 
 
 
Preferred Stock, $0.01 par value; authorized 2.0 shares, none issued and outstanding

 

 

Common Stock, $0.01 par value; authorized 240.0 shares, issued and outstanding 120.8, 121.5, 122.4
1.2

 
1.2

 
1.2

Additional paid-in capital
1,276.5

 
1,275.4

 
1,265.6

Retained earnings
2,139.4

 
2,045.6

 
1,986.8

Accumulated other comprehensive loss, net of tax
(237.0
)
 
(204.8
)
 
(196.7
)
Total Tiffany & Co. stockholders' equity
3,180.1

 
3,117.4

 
3,056.9

Non-controlling interests
13.0

 
13.5

 
14.6

Total stockholders' equity
3,193.1

 
3,130.9

 
3,071.5

 
$
6,315.9

 
$
5,333.0

 
$
5,170.2

See notes to condensed consolidated financial statements.

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TIFFANY & CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(Unaudited)
(in millions, except per share amounts)

 
Three Months Ended July 31,
 
Six Months Ended July 31,
 
2019
 
2018
 
2019
 
2018
Net sales
$
1,048.5

 
$
1,075.9

 
$
2,051.6

 
$
2,109.1

Cost of sales
390.8

 
387.1

 
774.7

 
769.4

Gross profit
657.7

 
688.8

 
1,276.9

 
1,339.7

Selling, general and administrative expenses
473.4

 
497.6

 
931.7

 
944.2

Earnings from operations
184.3

 
191.2

 
345.2

 
395.5

Interest expense and financing costs
9.8

 
9.7

 
20.2

 
19.6

Other (income) expense, net
(0.9
)
 
(0.5
)
 
(1.9
)
 
3.4

Earnings from operations before income taxes
175.4

 
182.0

 
326.9

 
372.5

Provision for income taxes
39.1

 
37.3

 
65.4

 
85.5

Net earnings
$
136.3

 
$
144.7

 
$
261.5

 
$
287.0

Net earnings per share:
 
 
 
 
 
 
 
Basic
$
1.13

 
$
1.17

 
$
2.16

 
$
2.32

Diluted
$
1.12

 
$
1.17

 
$
2.15

 
$
2.31

Weighted-average number of common shares:
 
 
 
 
 
 
 
Basic
121.1

 
123.2

 
121.3

 
123.8

Diluted
121.4

 
124.0

 
121.6

 
124.5


See notes to condensed consolidated financial statements.


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TIFFANY & CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
(Unaudited)
(in millions)

 
Three Months Ended July 31,
 
Six Months Ended July 31,
 
2019
 
2018
 
2019
 
2018
Net earnings
    $
136.3

 
    $
144.7

 
    $
261.5

 
    $
287.0

Other comprehensive (loss) earnings, net of tax
 
 
 
 
 
 
 
Foreign currency translation adjustments
(2.7
)
 
(33.3
)
 
(26.9
)
 
(58.3
)
Unrealized gain (loss) on hedging instruments
7.6

 
(0.4
)
 
16.4

 
(7.7
)
Unrealized gain on benefit plans
2.1

 
3.1

 
4.3

 
5.5

Total other comprehensive earnings (loss), net of tax
7.0

 
(30.6
)
 
(6.2
)
 
(60.5
)
Comprehensive earnings
    $
143.3

 
    $
114.1

 
    $
255.3

 
    $
226.5


See notes to condensed consolidated financial statements.


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TIFFANY & CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(in millions)

 
Three Months Ended July 31, 2019
 
Total
Stockholders'
Equity
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Common Stock
 
Additional
Paid-In
Capital
 
Non-
Controlling
Interests
Shares
 
Amount
Balance at April 30, 2019
$
3,172.0

 
$
2,128.3

 
$
(244.0
)
 
121.4

 
$
1.2

 
$
1,273.1

 
$
13.4

Exercise of stock options and vesting of restricted stock units
0.6

 

 

 

 

 
0.6

 

Shares withheld related to net share settlement of share-based compensation

(1.0
)
 

 

 

 

 
(1.0
)
 

Share-based compensation expense
9.3

 

 

 

 

 
9.3

 

Purchase and retirement of Common Stock
(60.0
)
 
(54.5
)
 

 
(0.6
)
 

 
(5.5
)
 

Cash dividends on Common Stock ($0.58 per share)
(70.2
)
 
(70.2
)
 

 

 

 

 

Accrued dividends on share-based awards
(0.5
)
 
(0.5
)
 

 

 

 

 

Other comprehensive earnings, net of tax
7.0

 

 
7.0

 

 

 

 

Net earnings
136.3

 
136.3

 

 

 

 

 

Non-controlling interests
(0.4
)
 

 

 

 

 

 
(0.4
)
Balance at July 31, 2019
$
3,193.1

 
$
2,139.4

 
$
(237.0
)
 
120.8

 
$
1.2

 
$
1,276.5

 
$
13.0

 
Three Months Ended July 31, 2018
 
Total
Stockholders'
Equity
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Common Stock
 
Additional
Paid-In
Capital
 
Non-
Controlling
Interests
Shares
 
Amount
Balance at April 30, 2018
$
3,268.6

 
$
2,159.0

 
$
(166.1
)
 
124.2

 
$
1.2

 
$
1,259.6

 
$
14.9

Exercise of stock options and vesting of restricted stock units
12.3

 

 

 
0.2

 

 
12.3

 

Shares withheld related to net share settlement of share-based compensation
(0.3
)
 

 

 

 

 
(0.3
)
 

Share-based compensation expense
10.8

 

 

 

 

 
10.8

 

Purchase and retirement of Common Stock
(265.9
)
 
(248.9
)
 

 
(2.0
)
 

 
(17.0
)
 

Cash dividends on Common Stock ($0.55 per share)
(67.5
)
 
(67.5
)
 

 

 

 

 

Accrued dividends on share-based awards
(0.3
)
 
(0.5
)
 

 

 

 
0.2

 

Other comprehensive loss, net of tax
(30.6
)
 

 
(30.6
)
 

 

 

 

Net earnings
144.7

 
144.7

 

 

 

 

 

Non-controlling interests
(0.3
)
 

 

 

 

 

 
(0.3
)
Balance at July 31, 2018
$
3,071.5

 
$
1,986.8

 
$
(196.7
)
 
122.4

 
$
1.2

 
$
1,265.6

 
$
14.6



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TIFFANY & CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(in millions)

 
Six Months Ended July 31, 2019
 
Total
Stockholders'
Equity
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Common Stock
 
Additional
Paid-In
Capital
 
Non-
Controlling
Interests
Shares
 
Amount
Balance at January 31, 2019
$
3,130.9

 
$
2,045.6

 
$
(204.8
)
 
121.5

 
$
1.2

 
$
1,275.4

 
$
13.5

Exercise of stock options and vesting of restricted stock units
2.6

 

 

 
0.3

 

 
2.6

 

Shares withheld related to net share settlement of share-based compensation

(9.1
)
 

 

 
(0.1
)
 

 
(9.1
)
 

Share-based compensation expense
15.2

 

 

 

 

 
15.2

 

Purchase and retirement of Common Stock
(85.4
)
 
(77.6
)
 

 
(0.9
)
 

 
(7.8
)
 

Cash dividends on Common Stock ($1.13 per share)
(137.0
)
 
(137.0
)
 

 

 

 

 

Accrued dividends on share-based awards
(0.7
)
 
(0.9
)
 

 

 

 
0.2

 

Other comprehensive loss, net of tax
(6.2
)
 

 
(6.2
)
 

 

 

 

Cumulative effect adjustment from adoption of new accounting standards
21.8

 
47.8

 
(26.0
)
 

 

 

 

Net earnings
261.5

 
261.5

 

 

 

 

 

Non-controlling interests
(0.5
)
 

 

 

 

 

 
(0.5
)
Balance at July 31, 2019
$
3,193.1

 
$
2,139.4

 
$
(237.0
)
 
120.8

 
$
1.2

 
$
1,276.5

 
$
13.0

 
Six Months Ended July 31, 2018
 
Total
Stockholders'
Equity
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Common Stock
 
Additional
Paid-In
Capital
 
Non-
Controlling
Interests
Shares
 
Amount
Balance at January 31, 2018
$
3,248.2

 
$
2,114.2

 
$
(138.0
)
 
124.5

 
$
1.2

 
$
1,256.0

 
$
14.8

Exercise of stock options and vesting of restricted stock units
16.8

 

 

 
0.4

 

 
16.8

 

Shares withheld related to net share settlement of share-based compensation

(6.8
)
 

 

 
(0.1
)
 

 
(6.8
)
 

Share-based compensation expense
19.8

 

 

 

 

 
19.8

 

Purchase and retirement of Common Stock
(306.3
)
 
(285.9
)
 

 
(2.4
)
 

 
(20.4
)
 

Cash dividends on Common Stock ($1.05 per share)
(129.7
)
 
(129.7
)
 

 

 

 

 

Accrued dividends on share-based awards
(0.7
)
 
(0.9
)
 

 

 

 
0.2

 

Other comprehensive loss, net of tax
(60.5
)
 

 
(60.5
)
 

 

 

 

Cumulative effect adjustment from adoption of new accounting standards
3.9

 
2.1

 
1.8

 

 

 

 

Net earnings
287.0

 
287.0

 

 

 

 

 

Non-controlling interests
(0.2
)
 

 

 

 

 

 
(0.2
)
Balance at July 31, 2018
$
3,071.5

 
$
1,986.8

 
$
(196.7
)
 
122.4

 
$
1.2

 
$
1,265.6

 
$
14.6


See notes to condensed consolidated financial statements.

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TIFFANY & CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in millions)
 
Six Months Ended July 31,
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net earnings
   $
261.5

 
   $
287.0

Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization
125.6

 
110.9

Amortization of gain on sale-leasebacks

 
(4.3
)
Provision for inventories
11.1

 
15.3

Deferred income taxes
(9.6
)
 
(3.8
)
Provision for pension/postretirement benefits
14.7

 
17.8

Share-based compensation expense
15.1

 
19.7

Changes in assets and liabilities:
 
 
 
Accounts receivable
3.0

 
5.0

Inventories
(91.4
)
 
(220.4
)
Prepaid expenses and other current assets
(36.4
)
 
(30.1
)
Accounts payable and accrued liabilities
(78.3
)
 
(13.0
)
Income taxes payable
(28.9
)
 
(94.6
)
Merchandise credits and deferred revenue
2.0

 
(3.3
)
Other, net
(34.5
)
 
4.9

Net cash provided by operating activities
153.9

 
91.1

CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Purchases of marketable securities and short-term investments
(39.8
)
 
(78.7
)
Proceeds from sales of marketable securities and short-term investments
59.8

 
320.4

Capital expenditures
(121.9
)
 
(101.7
)
Net cash (used in) provided by investing activities
(101.9
)
 
140.0

CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Proceeds from (repayments of) credit facility borrowings, net
11.5

 
(12.6
)
Proceeds from other credit facility borrowings
48.9

 
7.7

Repayment of other credit facility borrowings
(34.9
)
 
(18.4
)
Repurchase of Common Stock
(85.4
)
 
(306.3
)
Proceeds from exercised stock options
2.6

 
16.8

Payments related to tax withholding for share-based payment arrangements
(8.8
)
 
(6.6
)
Cash dividends on Common Stock
(137.0
)
 
(129.7
)
Net cash used in financing activities
(203.1
)
 
(449.1
)
Effect of exchange rate changes on cash and cash equivalents
(0.5
)
 
0.1

Net decrease in cash and cash equivalents
(151.6
)
 
(217.9
)
Cash and cash equivalents at beginning of year
792.6

 
970.7

Cash and cash equivalents at end of six months
   $
641.0

 
   $
752.8

See notes to condensed consolidated financial statements.

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TIFFANY & CO. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

The accompanying condensed consolidated financial statements include the accounts of Tiffany & Co. (also referred to as the "Registrant") and its subsidiaries (the "Company") in which a controlling interest is maintained. Controlling interest is determined by majority ownership interest and the absence of substantive third-party participating rights or, in the case of variable interest entities ("VIEs"), if the Company has the power to significantly direct the activities of a VIE, as well as the obligation to absorb significant losses of or the right to receive significant benefits from the VIE. Intercompany accounts, transactions and profits have been eliminated in consolidation. The interim financial statements are unaudited and, in the opinion of management, include all adjustments (which represent normal recurring adjustments) necessary to fairly state the Company's financial position as of July 31, 2019 and 2018 and the results of its operations and cash flows for the interim periods presented. The condensed consolidated balance sheet data for January 31, 2019 are derived from the audited financial statements, which are included in the Company's Annual Report on Form 10-K and should be read in connection with these financial statements. As permitted by the rules of the Securities and Exchange Commission, these financial statements do not include all disclosures required by generally accepted accounting principles.

The Company's business is seasonal in nature, with the fourth quarter typically representing approximately one-third of annual net sales and a higher percentage of annual net earnings. Therefore, the results of its operations for the three and six months ended July 31, 2019 and 2018 are not necessarily indicative of the results of the entire fiscal year.

2.
NEW ACCOUNTING STANDARDS

Recently Issued Accounting Standards

In June 2016, the FASB issued ASU 2016-13 Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in more timely recognition of losses. The new standard applies to financial assets measured at amortized cost basis, including receivables that result from revenue transactions and held-to-maturity debt securities. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, and early adoption is permitted for fiscal years beginning after December 15, 2018. Management continues to evaluate the impact of this ASU on the consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15 – Intangibles – Goodwill and Other – Internal-Use Software: Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ASU 2018-15 aligns the requirements for capitalizing implementation costs in such cloud computing arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This ASU is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019 and early adoption is permitted. Entities can choose to adopt the new guidance prospectively or retrospectively. Management continues to evaluate the impact of this ASU on the consolidated financial statements.

Recently Adopted Accounting Standards

In February 2016, the FASB issued ASU 2016-02 Leases (ASC 842), which was amended in January 2018 and requires an entity that leases assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Leases are classified as either financing or operating with the applicable classification determining the pattern of expense recognition in the statement of earnings.

The Company adopted this ASU on February 1, 2019 by applying its provisions prospectively and recognizing a cumulative-effect adjustment to the opening balance of retained earnings as of February 1, 2019. The Company also elected the package of practical expedients permitted under the transition

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guidance, which provides that an entity need not reassess: (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases, and (iii) initial direct costs for any existing leases. The Company also elected to not reassess lease terms using hindsight and to combine lease and non-lease components for new leases subsequent to February 1, 2019.

The adoption of ASU 2016-02 resulted in the following impacts to the Company's Condensed Consolidated Balance Sheet as of February 1, 2019:

The establishment of a lease liability of approximately $1.2 billion and a corresponding right-of-use asset;
The reclassification of existing balances in respect of unamortized lease incentives and lease straight-line liabilities from Other long-term liabilities to Operating lease right-of-use assets; and
The reclassification of $31.1 million of deferred gains on sale-leasebacks, and related deferred tax assets of $9.5 million, to opening retained earnings.

In August 2017, the FASB issued ASU 2017-12 Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities, which expands and refines hedge accounting for both financial and non-financial risk components, aligns the recognition and presentation of the effects of hedging instruments and hedged items in the financial statements, and includes certain targeted improvements to ease the application of previous guidance related to the assessment of hedge effectiveness. This ASU was effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018, with early adoption permitted. The amendments in this ASU must be applied on a modified retrospective basis, while presentation and disclosure requirements set forth under this ASU are required prospectively in all interim periods and fiscal years ending after the date of adoption. Management adopted this ASU on February 1, 2019. The adoption of this ASU did not have any impact on the condensed consolidated financial statements. The disclosures required by this ASU are included in "Note 8. Hedging Instruments."

In February 2018, the FASB issued ASU 2018-02 – Income Statement – Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, which allows for the reclassification from accumulated other comprehensive income ("AOCI") to retained earnings for the tax effects on deferred tax items included within AOCI (referred to in the ASU as "stranded tax effects") resulting from the reduction of the U.S. federal statutory income tax rate to 21% from 35% that was effected by the 2017 U.S. Tax Cuts and Jobs Act. ASU 2018-02 was effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. Management adopted this ASU on February 1, 2019. The adoption of ASU 2018-02 resulted in a reclassification of $26.2 million from AOCI to retained earnings, and had no impact on the Company's results of operations, financial position or cash flows.

3.
RECEIVABLES AND REVENUE RECOGNITION

Receivables. The Company's Accounts receivable, net primarily consists of amounts due from Credit Receivables (defined below), department store operators that host TIFFANY & CO. boutiques in their stores, third-party credit card issuers and wholesale customers. The Company maintains an allowance for doubtful accounts for estimated losses associated with outstanding accounts receivable. The allowance is determined based on a combination of factors including, but not limited to, the length of time that the receivables are past due, management's knowledge of the customer, economic and market conditions and historical write-off experiences.

For the receivables associated with Tiffany & Co. credit cards ("Credit Card Receivables"), management uses various indicators to determine whether to extend credit to customers and the amount of credit. Such indicators include reviewing prior experience with the customer, including sales and collection history, and using applicants' credit reports and scores provided by credit rating agencies. Certain customers may be granted payment terms which permit purchases above a minimum amount to be paid for in equal monthly installments over a period not to exceed 12 months (together with Credit Card Receivables, "Credit Receivables"). Credit Receivables require minimum balance payments. An account is classified as overdue if a minimum balance payment has not been received within the allotted time frame (generally 30 days), after which internal collection efforts commence. In order for the account to return to current status, full payment on all past due amounts must be received by the Company. For all Credit Receivables, once all internal

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collection efforts have been exhausted and management has reviewed the account, the account balance is written off and may be sent for external collection or legal action. At July 31, 2019 and 2018, the carrying amount of the Credit Receivables (recorded in Accounts receivable, net) was $98.1 million and $64.4 million, respectively, of which 98% was considered current at July 31, 2019 and 97% was considered current at July 31, 2018. Finance charges earned on Credit Receivables were not significant.

At July 31, 2019, accounts receivable allowances totaled $30.9 million, compared to $31.5 million at January 31, 2019 and