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Retirement plans (Tables)
12 Months Ended
Jan. 28, 2023
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 28, 2023 and January 29, 2022:
(in millions)Fiscal 2023Fiscal 2022
Change in UK Plan assets:
Fair value at beginning of year
$295.6 $299.2 
Actual return on UK Plan assets
(28.4)(0.3)
Employer contributions
10.4 12.4 
Benefits paid
(2.7)(8.9)
Plan settlements
(260.0)— 
Foreign currency translation
(12.2)(6.8)
Fair value at end of year
$2.7 $295.6 
Schedule of Changes in Projected Benefit Obligations
(in millions)Fiscal 2023Fiscal 2022
Change in benefit obligation:
Benefit obligation at beginning of year
$303.3 $247.6 
Interest cost
1.0 3.3 
Actuarial (gain) loss
(29.5)67.4 
Benefits paid
(2.7)(8.9)
Plan settlements
(260.0)— 
Foreign currency translation
(10.5)(6.1)
Benefit obligation at end of year
$1.6 $303.3 
Funded status at end of year
$1.1 $(7.7)
Schedule of Amounts Recognized in Balance Sheet
(in millions)January 28, 2023January 29, 2022
Amounts recognized in the consolidated balance sheets consist of:
Other assets (non-current)
$1.1 $— 
Other liabilities (non-current)
 (7.7)
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 28, 2023January 29, 2022January 30, 2021
Net actuarial gains (losses)
$3.9 $(103.3)$(47.2)
Net prior service costs
— (3.9)(4.0)
Schedule of Components of Net Benefit Costs
The components of pre-tax net periodic pension benefit cost and other amounts recognized in OCI for the UK Plan are as follows:
(in millions)Fiscal 2023Fiscal 2022Fiscal 2021
Components of net periodic benefit (cost) income:
Interest cost
$(1.0)$(3.3)$(4.0)
Expected return on UK Plan assets
(0.3)3.0 5.5 
Amortization of unrecognized actuarial losses
(3.5)(2.1)(0.9)
Amortization of unrecognized net prior service costs
(0.3)(0.1)(0.1)
Pension settlement loss
(133.7)— — 
Total net periodic benefit (cost) income
$(138.8)$(2.5)$0.5 
Other changes in assets and benefit obligations recognized in OCI
137.0 (69.2)6.5 
Total recognized in net periodic pension benefit (cost) income and OCI
$(1.8)$(71.7)$7.0 
Schedule of Assumptions Used
January 28, 2023January 29, 2022
Assumptions used to determine benefit obligations (at the end of the year):
Discount rate
N/A1.25 %
Salary increases
N/AN/A
Assumptions used to determine net periodic pension costs (at the start of the year):
Discount rate
N/A0.80 %
Expected return on UK Plan assets
N/A0.80 %
Salary increases
N/AN/A
Schedule of Allocation of Plan Assets
Signet measures the value of the assets on an instrument-specific basis are detailed below:
As of January 28, 2023As of January 29, 2022
(in millions)Total
Level 1

Level 2
 
Level 3
TotalLevel 1Level 2Level 3
Investments measured at fair value:
Insurance contracts
$1.6 $ $ $1.6 $291.6 $— $— $291.6 
Cash
1.1 1.1   4.0 4.0 — — 
Total assets$2.7 $1.1 $ $1.6 $295.6 $4.0 $— $291.6 
The value and classification of these assets are as follows:
As of January 28, 2023As of January 29, 2022
(in millions)Total 
Level 1
TotalLevel 1
Investments measured at fair value:
Mutual funds
$16.6 $16.6 $12.4 $12.4 
Investments measured at NAV:
Money market mutual funds
5.7 10.3 
Total assets
$22.3 $16.6 $22.7 $12.4 
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The following represents a summary of changes in fair value of UK Plan assets classified as Level 3:
(in millions)Fiscal 2023Fiscal 2022
Beginning of year balance$291.6 $— 
Purchases, sales, and settlements, net(262.7)318.3 
Actual return on assets, assets still held at reporting date(16.1)(16.8)
Foreign currency translation(11.2)(9.9)
End of year balance$1.6 $291.6 
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 2024$0.6 
Fiscal 2025— 
Fiscal 2026— 
Fiscal 2027— 
Fiscal 2028— 
Next five fiscal years$—