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Shareholders' equity | 6 Months Ended
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Jul. 29, 2023
Equity [Abstract] |
Shareholders' equity | Shareholders’ equity Dividends on Common Shares Dividends declared on the common shares during the 26 weeks ended July 29, 2023 and July 30, 2022 were as follows:
| Fiscal 2024 |  | Fiscal 2023
(in millions, except per share amounts) | Dividends per share |  | Total dividends |  | Dividends per share |  | Total dividends
First quarter | $ | 0.23 |  |  | $ | 10.4 |  |  | $ | 0.20 |  |  | $ | 9.3 |
Second quarter (1) | 0.23 |  |  | 10.3 |  |  | 0.20 |  |  | 9.2 |
Total | $ | 0.46 |  |  | $ | 20.7 |  |  | $ | 0.40 |  |  | $ | 18.5 |
(1) Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As of July 29, 2023 and July 30, 2022, there was $10.3 million and $9.2 million recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends declared for the second quarter of Fiscal 2024 and Fiscal 2023, respectively. Dividends on Preferred Shares Dividends declared on the Preferred Shares during the 26 weeks ended July 29, 2023 and July 30, 2022 were as follows:
| Fiscal 2024 |  | Fiscal 2023
(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 (1) | 13.14 |  |  | 8.2 |  |  | 13.14 |  |  | 8.2 |
Total | $ | 26.28 |  |  | $ | 16.4 |  |  | $ | 26.28 |  |  | $ | 16.4 |
(1) Signet’s dividend policy results in the dividend payment date being a quarter in arrears from the declaration date. As of July 29, 2023 and July 30, 2022, there was $8.2 million and $8.2 million recorded in accrued expenses and other current liabilities in the condensed consolidated balance sheets reflecting the cash dividends on the Preferred Shares declared for the second quarter of Fiscal 2024 and Fiscal 2023, respectively. There were no cumulative undeclared dividends on the Preferred Shares that reduced net income attributable to common shareholders during the 13 and 26 weeks ended July 29, 2023 or July 30, 2022. See Note 6 for additional discussion of the Company’s Preferred Shares. Share repurchases Signet may from time to time repurchase common shares under various share repurchase programs authorized by Signet’s Board of Directors (the “Board”). Repurchases may be made in the open market, through block trades, through accelerated share repurchase agreements or otherwise. The timing, manner, price and amount of any repurchases will be determined by the Company at its discretion and will be subject to economic and market conditions, stock prices, applicable legal requirements and other factors. The repurchase programs are funded through Signet’s existing cash reserves and liquidity sources. Repurchased shares are held as treasury shares and used by Signet primarily for issuance of share-based compensation awards, or for general corporate purposes. The Board authorized repurchases to be made under the 2017 Share Repurchase Program (the “2017 Program”). Through the end of Fiscal 2023, the total authorization under the 2017 Program had been increased to $1.7 billion, with $537.3 million remaining as of January 28, 2023. In March 2023, the Board approved a further increase to the multi-year authorization under the 2017 Program bringing the total remaining authorization to approximately $775 million. Since inception of the 2017 Program, the Company has repurchased approximately $1.2 billion of shares, with $717.9 million of shares authorized for repurchase remaining as of July 29, 2023. The share repurchase activity during the 26 weeks ended July 29, 2023 and July 30, 2022 was as follows:
|  |  | 26 weeks ended July 29, 2023 |  | 26 weeks ended July 30, 2022
(in millions, except per share amounts |  |  | Shares repurchased |  | Amount repurchased (2) |  | Average repurchase price per share (2) |  | Shares repurchased |  | Amount repurchased (1)(2) |  | Average repurchase price per share (2)
2017 Program |  |  | 1.2 |  | $ | 82.4 |  |  | $ | 69.88 |  |  | 4.7 |  | $ | 341.0 |  |  | $ | 72.14 |
(1) The amount repurchased in Fiscal 2023 includes $50 million related to the forward purchase contract as part of the previously disclosed accelerated share repurchase agreement. (2) Includes amounts paid for commissions.

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