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Retirement plans (Tables) | 12 Months Ended
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Jan. 30, 2021
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 January 30, 2021 and February 1, 2020:
(in millions) | Fiscal 2021 |  | Fiscal 2020
Change in UK Plan assets: |  |  |
Fair value at beginning of year | $ | 281.9 |  |  | $ | 245.5 |
Actual return on UK Plan assets | 11.9 |  |  | 36.8 |
Employer contributions | 4.4 |  |  | 5.3 |
Members’ contributions | — |  |  | 0.2 |
Benefits paid | (9.8) |  |  | (9.4) |
Foreign currency translation | 10.8 |  |  | 3.5 |
Fair value at end of year | $ | 299.2 |  |  | $ | 281.9 |
Schedule of Changes in Projected Benefit Obligations |
(in millions) | Fiscal 2021 |  | Fiscal 2020
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 243.4 |  |  | $ | 214.9 |
Service cost | — |  |  | 0.7 |
Interest cost | 4.0 |  |  | 5.5 |
Members’ contributions | — |  |  | 0.2 |
Actuarial loss | 1.4 |  |  | 29.2 |
Benefits paid | (9.8) |  |  | (9.4) |
Foreign currency translation | 8.6 |  |  | 2.3 |
Benefit obligation at end of year | $ | 247.6 |  |  | $ | 243.4 |
Funded status at end of year | $ | 51.6 |  |  | $ | 38.5 |
Schedule of Amounts Recognized in Balance Sheet |
(in millions) | January 30, 2021 |  | February 1, 2020
Amounts recognized in the balance sheet consist of: |  |  |
Other assets (non current) | $ | 51.6 |  |  | $ | 38.5 |
Schedule of Net Periodic Benefit Cost Not yet Recognized | Items in AOCI not yet recognized in net income in the consolidated statements of operations:
(in millions) | January 30, 2021 |  | February 1, 2020 |  | February 2, 2019
Net actuarial losses | $ | (47.2) |  |  | $ | (52.4) |  |  | $ | (53.8) |
Net prior service costs | (4.0) |  |  | (4.1) |  |  | (4.1) |
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 2021 |  | Fiscal 2020 |  | Fiscal 2019
Components of net periodic benefit (cost) income: |  |  |  |  |
Service cost | $ | — |  |  | $ | (0.7) |  |  | $ | (0.9) |
Interest cost | (4.0) |  |  | (5.5) |  |  | (5.8) |
Expected return on UK Plan assets | 5.5 |  |  | 7.8 |  |  | 8.4 |
Amortization of unrecognized actuarial losses | (0.9) |  |  | (1.2) |  |  | (0.9) |
Amortization of unrecognized net prior service costs | (0.1) |  |  | — |  |  | — |
Total net periodic benefit (cost) income | $ | 0.5 |  |  | $ | 0.4 |  |  | $ | 0.8 |
Other changes in assets and benefit obligations recognized in OCI | 6.5 |  |  | 1.7 |  |  | (11.3) |
Total recognized in net periodic pension benefit (cost) and OCI | $ | 7.0 |  |  | $ | 2.1 |  |  | $ | (10.5) |
Schedule of Assumptions Used |
| January 30, 2021 |  | February 1, 2020
Assumptions used to determine benefit obligations (at the end of the year): |  |  |
Discount rate | 1.60 | % |  | 1.70 | %
Salary increases | N/A |  | N/A
Assumptions used to determine net periodic pension costs (at the start of the year): |  |  |
Discount rate | 1.70 | % |  | 2.70 | %
Expected return on UK Plan assets | 2.20 | % |  | 3.50 | %
Salary increases | N/A |  | 1.50 | %
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 January 30, 2021 |  | Fair value measurements as of February 1, 2020
(in millions) | Total |  | Level 1 |  | Level 2 |  |  |  | Total |  | Level 1 |  | Level 2 |  |
Asset category: |  |  |  |  |  |  |  |  |  |  |
Diversified equity securities | $ | 13.0 |  |  | $ | — |  |  | $ | 13.0 |  |  |  |  | $ | 15.1 |  |  | $ | — |  |  | $ | 15.1 |  |  |
Diversified growth funds | 44.4 |  |  | 44.4 |  |  | — |  |  |  |  | 49.8 |  |  | 49.8 |  |  | — |  |  |
Fixed income – government bonds | 161.4 |  |  | 161.4 |  |  | — |  |  |  |  | 139.7 |  |  | 139.7 |  |  | — |  |  |
Fixed income – corporate bonds | 56.2 |  |  | — |  |  | 56.2 |  |  |  |  | 48.8 |  |  | — |  |  | 48.8 |  |  |
Cash | 3.7 |  |  | 3.7 |  |  | — |  |  |  |  | 4.3 |  |  | 4.3 |  |  | — |  |  |
Investments measured at NAV(1): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Diversified growth funds | 18.0 |  |  |  |  |  |  |  |  | 17.8 |  |  |  |  |  |  |
Property | 2.5 |  |  |  |  |  |  |  |  | 6.4 |  |  |  |  |  |  |
Total | $ | 299.2 |  |  | $ | 209.5 |  |  | $ | 69.2 |  |  |  |  | $ | 281.9 |  |  | $ | 193.8 |  |  | $ | 63.9 |  |  |
(1) Certain assets that are measured at fair value using the net asset value (“NAV”) practical expedient have not been classified in the fair value hierarchy. The value and classification of these assets are as follows:
| Fair value measurements as of January 30, 2021 |  | Fair value measurements as of February 1, 2020
(in millions) | Total |  | Level 1 |  | Level 2 |  | Total |  | Level 1 |  | Level 2
Assets: |  |  |  |  |  |  |  |  |  |  |
Corporate-owned life insurance plans | $ | 6.3 |  |  | $ | — |  |  | $ | 6.3 |  |  | $ | 6.5 |  |  | $ | — |  |  | $ | 6.5 |
Money market funds | 21.7 |  |  | 21.7 |  |  | — |  |  | 21.0 |  |  | 21.0 |  |  | — |
Total assets | $ | 28.0 |  |  | $ | 21.7 |  |  | $ | 6.3 |  |  | $ | 27.5 |  |  | $ | 21.0 |  |  | $ | 6.5 |
Schedule of Expected Benefit Payments | The following benefit payments are currently estimated to be paid by the UK Plan:
(in millions) | Expected benefit payments
Fiscal 2022 | $ | 9.7 |
Fiscal 2023 | 9.6 |
Fiscal 2024 | 9.6 |
Fiscal 2025 | 9.5 |
Fiscal 2026 | 9.7 |
Next five fiscal years | $ | 49.3 |

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