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v3.24.1

Retirement plans (Tables) | 12 Months Ended
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Feb. 03, 2024
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 February 3, 2024 and January 28, 2023:
(in millions) | Fiscal 2024 |  | Fiscal 2023
Change in UK Plan assets: |  |  |
Fair value at beginning of year | $ | 2.7 |  |  | $ | 295.6 |
Actual return on UK Plan assets | (2.5) |  |  | (28.4) |
Employer contributions | 1.4 |  |  | 10.4 |
Benefits paid | — |  |  | (2.7) |
Plan settlements | (1.6) |  |  | (260.0) |
Foreign currency translation | — |  |  | (12.2) |
Fair value at end of year | $ | — |  |  | $ | 2.7 |
Schedule of Changes in Projected Benefit Obligations |
(in millions) | Fiscal 2024 |  | Fiscal 2023
Change in benefit obligation: |  |  |
Benefit obligation at beginning of year | $ | 1.6 |  |  | $ | 303.3 |
Interest cost | — |  |  | 1.0 |
Actuarial gain | — |  |  | (29.5) |
Benefits paid | — |  |  | (2.7) |
Plan settlements | (1.6) |  |  | (260.0) |
Foreign currency translation | — |  |  | (10.5) |
Benefit obligation at end of year | $ | — |  |  | $ | 1.6 |
Funded status at end of year | $ | — |  |  | $ | 1.1 |
As a result of the wind-up of the Pension Scheme in the fourth quarter of Fiscal 2024, the UK Plan is not expected to have any future benefit payments.
Schedule of Amounts Recognized in Balance Sheet |
(in millions) | February 3, 2024 |  | January 28, 2023
Amounts recognized in the consolidated balance sheets consist of: |  |  |
Other assets (non-current) | $ | — |  |  | $ | 1.1 |
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) | February 3, 2024 |  | January 28, 2023 |  | January 29, 2022
Net actuarial gains (losses) | $ | — |  |  | $ | 3.9 |  |  | $ | (103.3) |
Net prior service costs | — |  |  | — |  |  | (3.9) |
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 2024 |  | Fiscal 2023 |  | Fiscal 2022
Components of net periodic benefit cost: |  |  |  |  |
Interest cost | $ | — |  |  | $ | (1.0) |  |  | $ | (3.3) |
Expected return on UK Plan assets | (2.5) |  |  | (0.3) |  |  | 3.0 |
Amortization of unrecognized actuarial losses | — |  |  | (3.5) |  |  | (2.1) |
Amortization of unrecognized net prior service costs | — |  |  | (0.3) |  |  | (0.1) |
Pension settlement loss | (0.2) |  |  | (133.7) |  |  | — |
Total net periodic benefit cost | $ | (2.7) |  |  | $ | (138.8) |  |  | $ | (2.5) |
Other changes in assets and benefit obligations recognized in OCI | 0.2 |  |  | 137.0 |  |  | (69.2) |
Total recognized in net periodic pension benefit cost and OCI | $ | (2.5) |  |  | $ | (1.8) |  |  | $ | (71.7) |
Schedule of Allocation of Plan Assets | Signet measured the value of the assets on an instrument-specific basis as detailed below:
|  |  | As of January 28, 2023
(in millions) |  |  |  |  |  |  |  |  | Total |  | Level 1 |  | Level 2 |  | Level 3
Investments measured at fair value: |  |  |  |  |  |  |  |  |  |  |
Insurance contracts |  |  |  |  |  |  |  |  | $ | 1.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 1.6 |
Cash |  |  |  |  |  |  |  |  | 1.1 |  |  | 1.1 |  |  | — |  |  | — |
Total assets |  |  |  |  |  |  |  |  | $ | 2.7 |  |  | $ | 1.1 |  |  | $ | — |  |  | $ | 1.6 |
The value and classification of these assets are as follows:
| As of February 3, 2024 |  | As of January 28, 2023
(in millions) | Total |  | Level 1 |  |  |  | Total |  | Level 1 |  |
Investments measured at fair value: |  |  |  |  |  |  |  |  |  |  |
Mutual funds | $ | 22.4 |  |  | $ | 22.4 |  |  |  |  | $ | 16.6 |  |  | $ | 16.6 |  |  |
Investments measured at NAV: |  |  |  |  |  |  |  |  |  |  |
Money market mutual funds | 2.8 |  |  |  |  |  |  | 5.7 |  |  |  |  |
Total assets | $ | 25.2 |  |  | $ | 22.4 |  |  |  |  | $ | 22.3 |  |  | $ | 16.6 |  |  |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following represents a summary of changes in fair value of UK Plan assets classified as Level 3:
(in millions) | Fiscal 2024 |  | Fiscal 2023
Beginning of year balance | $ | 1.6 |  |  | $ | 291.6 |
Purchases, sales, and settlements, net | (1.6) |  |  | (262.7) |
Actual return on assets, assets still held at reporting date | — |  |  | (16.1) |
Foreign currency translation | — |  |  | (11.2) |
End of year balance | $ | — |  |  | $ | 1.6 |

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- Definition Tabular disclosure of the change in the benefit obligation of pension plans and/or other employee benefit plans from the beginning to the end of the period, showing separately, if applicable, the effects of the following: service cost, interest cost, contributions by plan participants, actuarial gains and losses, foreign currency exchange rate changes, benefits paid, plan amendments, business combinations, divestitures, curtailments, settlements, and special and contractual termination benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (a) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1 + Details
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