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v3.19.1

Pension Plans (Tables) | 12 Months Ended
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Feb. 02, 2019
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 2, 2019 and February 3, 2018:
(in millions) | Fiscal 2019 |  | Fiscal 2018
Change in UK Plan assets: |  |  |
Fair value at beginning of year | $ | 272.2 |  |  | $ | 247.6 |
Actual return on UK Plan assets | 2.1 |  |  | 11.0 |
Employer contributions | 4.4 |  |  | 3.2 |
Members’ contributions | 0.3 |  |  | 0.4 |
Benefits paid | (13.5 | ) |  | (8.7 | )
Plan settlements | — |  |  | (10.8 | )
Foreign currency translation | (20.0 | ) |  | 29.5 |
Fair value at end of year | $ | 245.5 |  |  | $ | 272.2 |
Schedule of Changes in Projected Benefit Obligations |
(in millions) | Fiscal 2019 |  | Fiscal 2018
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 232.4 |  |  | $ | 215.7 |
Service cost | 0.9 |  |  | 2.1 |
Interest cost | 5.8 |  |  | 6.1 |
Members’ contributions | 0.3 |  |  | 0.4 |
Actuarial (gain) loss | (2.1 | ) |  | 2.3 |
Benefits paid | (13.5 | ) |  | (8.7 | )
Plan settlements | 8.3 |  |  | (10.8 | )
Foreign currency translation | (17.2 | ) |  | 25.3 |
Benefit obligation at end of year | $ | 214.9 |  |  | $ | 232.4 |
Funded status at end of year | $ | 30.6 |  |  | $ | 39.8 |
Schedule of Amounts Recognized in Balance Sheet |
(in millions) | February 2, 2019 |  | February 3, 2018
Amounts recognized in the balance sheet consist of: |  |  |
Non-current assets | $ | 30.6 |  |  | $ | 39.8 |
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 2, 2019 |  | February 3, 2018 |  | January 28, 2017
Net actuarial losses | $ | (53.8 | ) |  | $ | (51.1 | ) |  | $ | (55.5 | )
Net prior service (costs) credits | (4.1 | ) |  | 2.4 |  |  | 9.2 |
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 2019 |  | Fiscal 2018 |  | Fiscal 2017
Components of net periodic pension benefit (cost): |  |  |  |  |
Service cost | $ | (0.9 | ) |  | $ | (2.1 | ) |  | $ | (2.0 | )
Interest cost | (5.8 | ) |  | (6.1 | ) |  | (7.2 | )
Expected return on UK Plan assets | 8.4 |  |  | 9.4 |  |  | 10.4 |
Amortization of unrecognized actuarial losses | (0.9 | ) |  | (2.8 | ) |  | (1.5 | )
Amortization of unrecognized net prior service credits | — |  |  | 1.4 |  |  | 1.9 |
Net curtailment gain and settlement loss | — |  |  | 3.7 |  |  | — |
Net periodic pension benefit | $ | 0.8 |  |  | $ | 3.5 |  |  | $ | 1.6 |
Other changes in assets and benefit obligations recognized in OCI | (11.3 | ) |  | (2.9 | ) |  | (17.8 | )
Total recognized in net periodic pension benefit (cost) and OCI | $ | (10.5 | ) |  | $ | 0.6 |  |  | $ | (16.2 | )
Schedule of Assumptions Used |
| February 2, 2019 |  | February 3, 2018
Assumptions used to determine benefit obligations (at the end of the year): |  |  |
Discount rate | 2.70 | % |  | 2.60 | %
Salary increases | 1.50 | % |  | 2.50 | %
Assumptions used to determine net periodic pension costs (at the start of the year): |  |  |
Discount rate | 2.60 | % |  | 2.90 | %
Expected return on UK Plan assets | 3.60 | % |  | 3.80 | %
Salary increases | 2.50 | % |  | 2.00 | %
Schedule of Allocation of Plan Assets | The methods Signet uses to determine fair value on an instrument-specific basis are detailed below:
| Fair value measurements as of February 2, 2019 |  | Fair value measurements as of February 3, 2018
(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 | $ | 19.4 |  |  | $ | — |  |  | $ | 19.4 |  |  | $ | — |  |  | $ | 24.0 |  |  | $ | — |  |  | $ | 24.0 |  |  | $ | — |
Diversified growth funds | 66.4 |  |  | 43.6 |  |  | 22.8 |  |  | — |  |  | 96.3 |  |  | 49.4 |  |  | 46.9 |  |  | — |
Fixed income – government bonds | 80.6 |  |  | — |  |  | 80.6 |  |  | — |  |  | 83.9 |  |  | — |  |  | 83.9 |  |  | — |
Fixed income – corporate bonds | 46.2 |  |  | — |  |  | 46.2 |  |  | — |  |  | 52.6 |  |  | — |  |  | 52.6 |  |  | — |
Property | — |  |  | — |  |  | — |  |  | — |  |  | 14.3 |  |  | — |  |  | — |  |  | 14.3 |
Cash | 1.9 |  |  | 1.9 |  |  | — |  |  | — |  |  | 1.1 |  |  | 1.1 |  |  | — |  |  | — |
Investments measured at NAV(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diversified growth funds | 17.4 |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |
Property | 13.6 |  |  |  |  |  |  |  |  | — |  |  |  |  |  |  |
Total | $ | 245.5 |  |  | $ | 45.5 |  |  | $ | 169.0 |  |  | $ | — |  |  | $ | 272.2 |  |  | $ | 50.5 |  |  | $ | 207.4 |  |  | $ | 14.3 |
The value and classification of these assets are as follows:
| Fair value measurements as of February 2, 2019 |  | Fair value measurements as of February 3, 2018
(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 | $ | 7.0 |  |  | $ | — |  |  | $ | 7.0 |  |  | $ | 7.3 |  |  | $ | — |  |  | $ | 7.3 |
Money market funds | 26.9 |  |  | 26.9 |  |  | — |  |  | 30.2 |  |  | 30.2 |  |  | — |
Total assets | $ | 33.9 |  |  | $ | 26.9 |  |  | $ | 7.0 |  |  | $ | 37.5 |  |  | $ | 30.2 |  |  | $ | 7.3 |
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 2020 | $ | 9.2 |
Fiscal 2021 | 9.5 |
Fiscal 2022 | 9.5 |
Fiscal 2023 | 9.6 |
Fiscal 2024 | 9.5 |
Thereafter | $ | 49.4 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=108410482&loc=d3e1928-114920 + Details
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