XML 43 R28.htm IDEA: XBRL DOCUMENT v3.22.4
Investments
 12 Months Ended
Jan. 28, 2023
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Investments in debt securities
Investments in debt securities are held by certain insurance subsidiaries and are reported at fair value as other assets in the accompanying consolidated balance sheets. All investments are classified as available-for-sale and include the following:
January 28, 2023January 29, 2022
(in millions)CostUnrealized Gain (Loss)Fair ValueCostUnrealized Gain (Loss)Fair Value
US Treasury securities
$5.8 $(0.1)$5.7 $4.5 $— $4.5 
US government agency securities
0.5 — 0.5 2.0 — 2.0 
Corporate bonds and notes
3.5 (0.1)3.4 5.6 0.2 5.8 
Total investments
$9.8 $(0.2)$9.6 $12.1 $0.2 $12.3 
Realized gains and losses on investments are determined on a specific identification basis. There were no material net realized gains or losses during Fiscal 2023, Fiscal 2022 or Fiscal 2021. Investments with a carrying value of $3.8 million and $3.3 million were on deposit with various state insurance departments at January 28, 2023 and January 29, 2022, respectively, as required by law.
Investments in debt securities outstanding as of January 28, 2023 mature as follows:
(in millions)CostFair Value
Less than one year
$2.9 $2.9 
Year two through year five
3.0 2.9 
Year six through year ten
3.9 3.8 
Total investment in debt securities
$9.8 $9.6 
Investment in Sasmat
During Fiscal 2023, the Company acquired a 25% interest in Sasmat Retail, S.L (“Sasmat”) for $17.1 million in cash. Sasmat is a Spanish jewelry retailer specializing in online selling, with five brick and mortar locations. Under the terms of the agreement, the Company has the option to acquire the remaining 75% of Sasmat exercisable at the earlier of three years or upon Sasmat reaching certain revenue targets as defined in the agreement. The Company is applying the equity method of accounting to the Sasmat investment. The Sasmat investment is recorded within other non-current assets in the consolidated balance sheet. The Sasmat investment did not have a material impact on Signet’s consolidated statements of operations during Fiscal 2023.