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Pension Plans (Tables) | 12 Months Ended
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Feb. 03, 2018
Retirement Benefits [Abstract] |
Schedule of Changes in Fair Value of Plan Assets | The following tables provide information concerning the UK Plan as of and for the fiscal years ended February 3, 2018 and January 28, 2017:
(in millions) | Fiscal 2018 |  | Fiscal 2017
Change in UK Plan assets: |  |  |
Fair value at beginning of year | $ | 247.6 |  |  | $ | 266.2 |
Actual return on UK Plan assets | 11.0 |  |  | 18.2 |
Employer contributions | 3.2 |  |  | 3.3 |
Members’ contributions | 0.4 |  |  | 0.6 |
Benefits paid | (8.7 | ) |  | (9.9 | )
Plan settlements | (10.8 | ) |  | — |
Foreign currency translation | 29.5 |  |  | (30.8 | )
Fair value at end of year | $ | 272.2 |  |  | $ | 247.6 |
Schedule of Changes in Projected Benefit Obligations |
(in millions) | Fiscal 2018 |  | Fiscal 2017
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 215.7 |  |  | $ | 214.9 |
Service cost | 2.1 |  |  | 2.0 |
Past service cost | — |  |  | 0.5 |
Interest cost | 6.1 |  |  | 7.2 |
Members’ contributions | 0.4 |  |  | 0.6 |
Actuarial (gain) loss | 2.3 |  |  | 24.1 |
Benefits paid | (8.7 | ) |  | (9.9 | )
Plan settlements | (10.8 | ) |  | 0.0 |
Foreign currency translation | 25.3 |  |  | (23.7 | )
Benefit obligation at end of year | $ | 232.4 |  |  | $ | 215.7 |
Funded status at end of year | $ | 39.8 |  |  | $ | 31.9 |
Schedule of Amounts Recognized in Balance Sheet |
(in millions) | February 3, 2018 |  | January 28, 2017
Amounts recognized in the balance sheet consist of: |  |  |
Non-current assets | $ | 39.8 |  |  | $ | 31.9 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Items in AOCI not yet recognized as income (expense) in the income statement:
(in millions) | February 3, 2018 |  | January 28, 2017 |  | January 30, 2016
Net actuarial losses | $ | (51.1 | ) |  | $ | (55.5 | ) |  | $ | (43.1 | )
Net prior service credits | 2.4 |  |  | 9.2 |  |  | 11.1 |
Components of Net Benefit Costs | The components of net periodic pension benefit (cost) and other amounts recognized in OCI for the UK Plan are as follows:
(in millions) | Fiscal 2018 |  | Fiscal 2017 |  | Fiscal 2016
Components of net periodic pension benefit (cost): |  |  |  |  |
Service cost | $ | (2.1 | ) |  | $ | (2.0 | ) |  | $ | (2.6 | )
Interest cost | (6.1 | ) |  | (7.2 | ) |  | (7.7 | )
Expected return on UK Plan assets | 9.4 |  |  | 10.4 |  |  | 11.5 |
Amortization of unrecognized actuarial losses | (2.8 | ) |  | (1.5 | ) |  | (3.4 | )
Amortization of unrecognized net prior service credits | 1.4 |  |  | 1.9 |  |  | 2.2 |
Net curtailment gain and settlement loss | 3.7 |  |  | — |  |  | — |
Net periodic pension benefit | $ | 3.5 |  |  | $ | 1.6 |  |  | $ | — |
Other changes in assets and benefit obligations recognized in OCI | (2.9 | ) |  | (17.8 | ) |  | 14.4 |
Total recognized in net periodic pension benefit (cost) and OCI | $ | 0.6 |  |  | $ | (16.2 | ) |  | $ | 14.4 |
Schedule of Assumptions Used |
| February 3, 2018 |  | January 28, 2017
Assumptions used to determine benefit obligations (at the end of the year): |  |  |
Discount rate | 2.60 | % |  | 2.90 | %
Salary increases | 2.50 | % |  | 2.00 | %
Assumptions used to determine net periodic pension costs (at the start of the year): |  |  |
Discount rate | 2.90 | % |  | 3.60 | %
Expected return on UK Plan assets | 3.80 | % |  | 4.20 | %
Salary increases | 2.00 | % |  | 2.50 | %
Schedule of Allocation of Plan Assets | The value and classification of these assets are as follows:
| Fair value measurements as of February 3, 2018 |  | Fair value measurements as of January 28, 2017
(in millions) | Total |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Total |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other observable inputs (Level 2)
Assets: |  |  |  |  |  |  |  |  |  |  |
Corporate-owned life insurance plans | $ | 7.3 |  |  | $ | — |  |  | $ | 7.3 |  |  | $ | 7.5 |  |  | $ | — |  |  | $ | 7.5 |
Money market funds | 30.2 |  |  | 30.2 |  |  | — |  |  | 29.6 |  |  | 29.6 |  |  | — |
Total assets | $ | 37.5 |  |  | $ | 30.2 |  |  | $ | 7.3 |  |  | $ | 37.1 |  |  | $ | 29.6 |  |  | $ | 7.5 |
The methods Signet uses to determine fair value on an instrument-specific basis are detailed below:
| Fair value measurements as of February 3, 2018 |  | Fair value measurements as of January 28, 2017
(in millions) | Total |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant Unobservable inputs (Level 3) |  | Total |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3)
Asset category: |  |  |  |  |  |  |  |  |  |  |
Diversified equity securities | $ | 24.0 |  |  | $ | — |  |  | $ | 24.0 |  |  | $ | — |  |  | $ | 22.3 |  |  | $ | — |  |  | $ | 22.3 |  |  | $ | — |
Diversified growth funds | 96.3 |  |  | 49.4 |  |  | 46.9 |  |  | — |  |  | 80.9 |  |  | 40.7 |  |  | 40.2 |  |  | — |
Fixed income – government bonds | 83.9 |  |  | — |  |  | 83.9 |  |  | — |  |  | 81.0 |  |  | — |  |  | 81.0 |  |  | — |
Fixed income – corporate bonds | 52.6 |  |  | — |  |  | 52.6 |  |  | — |  |  | 48.1 |  |  | — |  |  | 48.1 |  |  | — |
Property | 14.3 |  |  | — |  |  | — |  |  | 14.3 |  |  | 11.8 |  |  | — |  |  | — |  |  | 11.8 |
Cash | 1.1 |  |  | 1.1 |  |  | — |  |  | — |  |  | 3.5 |  |  | 3.5 |  |  | — |  |  | — |
Total | $ | 272.2 |  |  | $ | 50.5 |  |  | $ | 207.4 |  |  | $ | 14.3 |  |  | $ | 247.6 |  |  | $ | 44.2 |  |  | $ | 191.6 |  |  | $ | 11.8 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The table below sets forth changes in the fair value of the Level 3 investment assets in Fiscal 2018 and Fiscal 2017:
(in millions) | Significant unobservable inputs (Level 3)
Balance as of January 30, 2016 | $ | 13.0 |
Actual return on assets | (1.2 | )
Balance as of January 28, 2017 | $ | 11.8 |
Actual return on assets | 2.5 |
Balance as of February 3, 2018 | $ | 14.3 |
Schedule of Expected Benefit Payments | The following benefit payments, which reflect expected future service, as appropriate, are estimated to be paid by the UK Plan:
(in millions) | Expected benefit payments
Fiscal 2019 | $ | 9.6 |
Fiscal 2020 | 9.5 |
Fiscal 2021 | 10.0 |
Fiscal 2022 | 10.3 |
Fiscal 2023 | 10.3 |
Thereafter | $ | 53.4 |

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- Definition Tabular disclosure of the reconciliation of beginning and ending balances of the fair value of plan assets of pension plans and/or other employee benefit plans showing separately, if applicable, the effects during the period attributable to each of the following: actual return on plan assets, foreign currency exchange rate changes, contributions by the employer, contributions by plan participants, benefits paid, business combinations, divestitures, and settlements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920 + Details
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- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=82843861&loc=d3e1928-114920 + Details
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