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Income Taxes (Tables) | 12 Months Ended
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Feb. 03, 2018
Income Tax Disclosure [Abstract] |
Summary of Tax Expense by Jurisdiction |
(in millions) | Fiscal 2018 |  | Fiscal 2017 |  | Fiscal 2016
Income before income taxes: |  |  |  |  |
– US | $ | 202.2 |  |  | $ | 424.0 |  |  | $ | 426.1 |
– Foreign | 325.0 |  |  | 289.8 |  |  | 231.7 |
Total income before income taxes | $ | 527.2 |  |  | $ | 713.8 |  |  | $ | 657.8 |
Current taxation: |  |  |  |  |
– US | $ | 35.9 |  |  | $ | 137.6 |  |  | $ | 161.7 |
– Foreign | 6.1 |  |  | 3.9 |  |  | 3.5 |
Deferred taxation: |  |  |  |  |
– US | (34.8 | ) |  | 28.1 |  |  | 22.3 |
– Foreign | 0.7 |  |  | 1.0 |  |  | 2.4 |
Total income taxes | $ | 7.9 |  |  | $ | 170.6 |  |  | $ | 189.9 |
Reconciliation of Effective Tax Rate | As the statutory rate of corporation tax in Bermuda is 0%, the differences between the US federal income tax rate and the effective tax rates for Signet have been presented below:
| Fiscal 2018 |  | Fiscal 2017 |  | Fiscal 2016
US federal income tax rates | 35.0 | % |  | 35.0 | % |  | 35.0 | %
US state income taxes | 1.9 | % |  | 1.9 | % |  | 2.7 | %
Differences between US federal and foreign statutory income tax rates | (1.0 | )% |  | (0.2 | )% |  | (0.5 | )%
Expenditures permanently disallowable for tax purposes, net of permanent tax benefits | 1.0 | % |  | 0.4 | % |  | 0.5 | %
Disallowable transaction costs | 0.4 | % |  | 0.1 | % |  | 2.1 | %
Impact of global reinsurance arrangements | (8.1 | )% |  | (5.4 | )% |  | (2.4 | )%
Impact of global financing arrangements | (11.4 | )% |  | (8.2 | )% |  | (8.7 | )%
Provisional benefit in current year taxes - the TCJ Act | (4.1 | )% |  | — | % |  | — | %
Provisional remeasurement of deferred taxes - the TCJ Act | (12.3 | )% |  | — | % |  | — | %
Other items | 0.1 | % |  | 0.3 | % |  | 0.2 | %
Effective tax rate | 1.5 | % |  | 23.9 | % |  | 28.9 | %
Schedule of Income Tax Provision | Accordingly, our income tax provision as of February 3, 2018, reflects the current year impacts of the TCJ Act on the effective tax rate, and the following provisional estimates of the adjustments resulting directly from the enactment of the TCJ Act based on information available, prepared, or analyzed as of February 3, 2018 in reasonable detail:
| Fiscal 2018
(in millions) | Income tax benefit (expense)
Net impact on remeasurement of US deferred tax assets and liabilities | $ | 64.7 |
Net impact of reduce US tax rate on income from October 29, 2017 through February 3, 2018 | 21.5 |
Net benefit of the TCJ Act | $ | 86.2 |
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets (liabilities) consisted of the following:
| February 3, 2018 |  | January 28, 2017
(in millions) | Assets |  | (Liabilities) |  | Total |  | Assets |  | (Liabilities) |  | Total
Intangible assets | $ | — |  |  | $ | (130.9 | ) |  | $ | (130.9 | ) |  | $ | — |  |  | $ | (160.1 | ) |  | $ | (160.1 | )
US property, plant and equipment | — |  |  | (65.2 | ) |  | (65.2 | ) |  | — |  |  | (86.2 | ) |  | (86.2 | )
Foreign property, plant and equipment | 6.2 |  |  | — |  |  | 6.2 |  |  | 5.0 |  |  | — |  |  | 5.0 |
Inventory valuation | — |  |  | (193.7 | ) |  | (193.7 | ) |  | — |  |  | (289.4 | ) |  | (289.4 | )
Allowances for doubtful accounts | 34.4 |  |  | — |  |  | 34.4 |  |  | 60.4 |  |  | — |  |  | 60.4 |
Revenue deferral | 147.1 |  |  | — |  |  | 147.1 |  |  | 216.0 |  |  | — |  |  | 216.0 |
Derivative instruments | — |  |  | (0.3 | ) |  | (0.3 | ) |  | — |  |  | — |  |  | — |
Straight-line lease payments | 26.5 |  |  | — |  |  | 26.5 |  |  | 37.5 |  |  | — |  |  | 37.5 |
Deferred compensation | 9.2 |  |  | — |  |  | 9.2 |  |  | 16.5 |  |  | — |  |  | 16.5 |
Retirement benefit obligations | — |  |  | (7.6 | ) |  | (7.6 | ) |  | — |  |  | (6.1 | ) |  | (6.1 | )
Share-based compensation | 4.4 |  |  | — |  |  | 4.4 |  |  | 5.7 |  |  | — |  |  | 5.7 |
Other temporary differences | 47.1 |  |  | — |  |  | 47.1 |  |  | 51.0 |  |  | — |  |  | 51.0 |
Net operating losses and foreign tax credits | 56.9 |  |  | — |  |  | 56.9 |  |  | 69.2 |  |  | — |  |  | 69.2 |
Value of foreign capital losses | 12.0 |  |  | — |  |  | 12.0 |  |  | 11.3 |  |  | — |  |  | 11.3 |
Total gross deferred tax assets (liabilities) | $ | 343.8 |  |  | $ | (397.7 | ) |  | $ | (53.9 | ) |  | $ | 472.6 |  |  | $ | (541.8 | ) |  | $ | (69.2 | )
Valuation allowance | (37.0 | ) |  | — |  |  | (37.0 | ) |  | (31.5 | ) |  | — |  |  | (31.5 | )
Deferred tax assets (liabilities) | $ | 306.8 |  |  | $ | (397.7 | ) |  | $ | (90.9 | ) |  | $ | 441.1 |  |  | $ | (541.8 | ) |  | $ | (100.7 | )
Disclosed as: |  |  |  |  |  |  |  |  |  |  |
Non-current assets |  |  |  |  | $ | 1.4 |  |  |  |  |  |  | $ | 0.7 |
Non-current liabilities |  |  |  |  | (92.3 | ) |  |  |  |  |  | (101.4 | )
Deferred tax assets (liabilities) |  |  |  |  | $ | (90.9 | ) |  |  |  |  |  | $ | (100.7 | )
Summary of Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits for US federal, US state and non-US tax jurisdictions:
(in millions) | Fiscal 2018 |  | Fiscal 2017 |  | Fiscal 2016
Unrecognized tax benefits, beginning of period | $ | 12.0 |  |  | $ | 11.4 |  |  | $ | 11.4 |
Increases related to current year tax positions | 2.3 |  |  | 2.4 |  |  | 2.0 |
Lapse of statute of limitations | (2.4 | ) |  | (1.9 | ) |  | (1.9 | )
Difference on foreign currency translation | 0.1 |  |  | 0.1 |  |  | (0.1 | )
Unrecognized tax benefits, end of period | $ | 12.0 |  |  | $ | 12.0 |  |  | $ | 11.4 |

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