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Shareholders' Equity | 9 Months Ended
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Oct. 29, 2022
Equity [Abstract] |
Shareholders' Equity | Shareholders’ equity Dividends on Common Shares As a result of COVID-19, Signet’s Board of Directors (the “Board”) elected to temporarily suspend the dividend program on common shares, effective in the first quarter of Fiscal 2021. The Board elected to reinstate the dividend program on common shares beginning in second quarter of Fiscal 2022. Dividends declared on the common shares during the 39 weeks ended October 29, 2022 and October 30, 2021 were as follows:
| Fiscal 2023 |  | Fiscal 2022
(in millions, except per share amounts) | Dividends per share |  | Total dividends |  | Dividends per share |  | Total dividends
First quarter | $ | 0.20 |  |  | $ | 9.3 |  |  | $ | — |  |  | $ | — |
Second quarter | 0.20 |  |  | 9.2 |  |  | 0.18 |  |  | 9.5 |
Third quarter (1) | 0.20 |  |  | 9.2 |  |  | 0.18 |  |  | 9.5 |
Total | $ | 0.60 |  |  | $ | 27.7 |  |  | $ | 0.36 |  |  | $ | 19.0 |
(1) Signet’s dividend policy results in the common share dividend payment date being a quarter in arrears from the declaration date. As a result, as of October 29, 2022 and October 30, 2021, $9.2 million and $9.5 million, respectively, has been recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends on common shares declared for the third quarter of Fiscal 2023 and Fiscal 2022, respectively. Dividends on Preferred Shares Dividends declared on the Preferred Shares during the 39 weeks ended October 29, 2022 and October 30, 2021 were as follows:
| Fiscal 2023 |  | Fiscal 2022
(in millions, except per share amounts) | Dividends per share |  | Total dividends |  | Dividends per share |  | Total dividends
First quarter | $ | 13.14 |  |  | $ | 8.2 |  |  | $ | 13.14 |  |  | $ | 8.2 |
Second quarter | 13.14 |  |  | 8.2 |  |  | 13.14 |  |  | 8.2 |
Third quarter (1) | 13.14 |  |  | 8.2 |  |  | 13.14 |  |  | 8.2 |
Total | $ | 39.42 |  |  | $ | 24.6 |  |  | $ | 39.42 |  |  | $ | 24.6 |
(1) Signet’s dividend policy results in the preferred share dividend payment date being a quarter in arrears from the declaration date. As a result, as of October 29, 2022 and October 30, 2021, $8.2 million and $8.2 million, respectively, has been recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the dividends on the Preferred Shares declared for the third quarter of Fiscal 2023 and Fiscal 2022, respectively. There were no cumulative undeclared dividends on the Preferred Shares that reduced net income attributable to common shareholders during the 13 and 39 weeks ended October 29, 2022 or October 30, 2021. See Note 6 for additional discussion of the Company’s Preferred Shares. Share repurchases On August 23, 2021, the Board authorized a reinstatement of repurchases under the 2017 Share Repurchase Program (the “2017 Program”). During Fiscal 2022, the Board also authorized an increase in the remaining amount of shares authorized for repurchase under the 2017 Program by $559.4 million, bringing the total authorization to $1.2 billion as of January 29, 2022. In June 2022, the Board authorized an additional increase of the 2017 Program by $500 million, bringing the total authorization to $1.7 billion. Since inception of the 2017 Program, the Company has repurchased approximately $1.1 billion of shares, with an additional $602.2 million of shares authorized for repurchase remaining as of October 29, 2022. On January 21, 2022, the Company entered into an accelerated share repurchase agreement (“ASR”) with a large financial institution to repurchase the Company’s common shares for an aggregate amount of $250 million. On January 24, 2022, the Company made a prepayment of $250 million and took delivery of 2.5 million shares based on a price of $80 per share, which is 80% of the total prepayment amount. On March 14, 2022, the Company received an additional 0.8 million shares, representing the remaining 20% of the total prepayment and final settlement of the ASR. The number of shares received at final settlement was based on the average of the daily volume-weighted average prices of the Company’s common stock during the term of the ASR. The ASR was accounted for as a purchase of common shares and a forward purchase contract. The share repurchase activity during the 39 weeks ended October 29, 2022 and October 30, 2021 was as follows:
|  |  | 39 weeks ended October 29, 2022 |  | 39 weeks ended October 30, 2021
(in millions, except per share amounts |  |  | Shares repurchased |  | Amount repurchased (1)(2) |  | Average repurchase price per share (2) |  | Shares repurchased |  | Amount repurchased(2) |  | Average repurchase price per share(2)
2017 Program |  |  | 5.1 |  | $ | 361.2 |  |  | $ | 70.98 |  |  | 0.5 |  | $ | 41.1 |  |  | $ | 88.04 |
(1) The amount repurchased in Fiscal 2023 includes $50 million related to the forward purchase contract in the ASR. (2) Includes amounts paid for commissions.

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