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v3.25.1

Income taxes (Tables) | 12 Months Ended
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Feb. 01, 2025
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign |
(in millions) | Fiscal 2025 |  | Fiscal 2024 |  | Fiscal 2023
Income before income taxes: |  |  |  |  |
– US | $ | (165.9) |  |  | $ | 320.5 |  |  | $ | 281.2 |
– Foreign | 290.1 |  |  | 319.3 |  |  | 170.0 |
Total income before income taxes | $ | 124.2 |  |  | $ | 639.8 |  |  | $ | 451.2 |
Current taxation: |  |  |  |  |
– US | $ | 64.1 |  |  | $ | (14.8) |  |  | $ | 157.1 |
– Foreign | 29.6 |  |  | 24.5 |  |  | 16.7 |
Deferred taxation: |  |  |  |  |
– US | (28.4) |  |  | 82.0 |  |  | (70.4) |
– Foreign | (2.3) |  |  | (262.3) |  |  | (28.9) |
Total income tax expense (benefit) | $ | 63.0 |  |  | $ | (170.6) |  |  | $ | 74.5 |
Schedule of Effective Income Tax Rate Reconciliation | As the statutory rate of corporation tax in Bermuda is 0%, the differences between the US federal income tax rate and the effective tax rates for Signet for Fiscal 2025, Fiscal 2024 and Fiscal 2023 have been presented below:
| Fiscal 2025 |  | Fiscal 2024 |  | Fiscal 2023
US federal income tax rates | 21.0 | % |  | 21.0 | % |  | 21.0 | %
US state income taxes | 7.1 | % |  | 2.7 | % |  | 2.9 | %
Differences between US federal and foreign statutory income tax rates | 1.1 | % |  | 0.4 | % |  | 0.8 | %
Expenditures permanently disallowable for tax purposes, net of permanent tax benefits | 0.3 | % |  | (0.4) | % |  | (1.4) | %
Impact of global reinsurance arrangements | (32.3) | % |  | (5.8) | % |  | (8.7) | %
Impact of global financing arrangements | (4.7) | % |  | (1.5) | % |  | (2.2) | %
Impairment of goodwill | 45.7 | % |  | — | % |  | — | %
Base Erosion and Anti-Abuse Tax | 7.7 | % |  | 1.5 | % |  | — | %
Uncertain tax positions | 5.7 | % |  | (2.4) | % |  | 4.7 | %
Bermuda ETA | — | % |  | (41.1) | % |  | — | %
Valuation allowance | (1.8) | % |  | (0.3) | % |  | — | %
Other items | 0.9 | % |  | (0.8) | % |  | (0.6) | %
Effective tax rate | 50.7 | % |  | (26.7) | % |  | 16.5 | %
Schedule of Deferred Tax Assets and Liabilities | The effect of temporary differences and carryforwards giving rise to deferred tax assets (liabilities) as of February 1, 2025 and February 3, 2024 consisted of the following:
| February 1, 2025 |  | February 3, 2024
(in millions) | Assets |  | (Liabilities) |  | Total |  | Assets |  | (Liabilities) |  | Total
Intangible assets | $ | — |  |  | $ | (76.0) |  |  | $ | (76.0) |  |  | $ | — |  |  | $ | (99.6) |  |  | $ | (99.6) |
US property, plant and equipment | — |  |  | (12.4) |  |  | (12.4) |  |  | — |  |  | (37.2) |  |  | (37.2) |
Foreign property, plant and equipment | — |  |  | (0.1) |  |  | (0.1) |  |  | — |  |  | (1.4) |  |  | (1.4) |
Inventory valuation | — |  |  | (228.3) |  |  | (228.3) |  |  | — |  |  | (243.7) |  |  | (243.7) |
Revenue deferral | 62.7 |  |  | — |  |  | 62.7 |  |  | 69.0 |  |  | — |  |  | 69.0 |
Lease assets | — |  |  | (250.3) |  |  | (250.3) |  |  | — |  |  | (225.6) |  |  | (225.6) |
Lease liabilities | 270.3 |  |  | — |  |  | 270.3 |  |  | 249.0 |  |  | — |  |  | 249.0 |
Deferred compensation | 9.8 |  |  | — |  |  | 9.8 |  |  | 9.1 |  |  | — |  |  | 9.1 |
Share-based compensation | 6.6 |  |  | — |  |  | 6.6 |  |  | 11.0 |  |  | — |  |  | 11.0 |
Other temporary differences | 28.3 |  |  | — |  |  | 28.3 |  |  | 33.4 |  |  | — |  |  | 33.4 |
Bermuda economic transition adjustment | 263.3 |  |  | — |  |  | 263.3 |  |  | 263.3 |  |  | — |  |  | 263.3 |
163(j) interest carryforward | — |  |  | — |  |  | — |  |  | 12.3 |  |  | — |  |  | 12.3 |
Net operating loss carryforwards | 58.1 |  |  | — |  |  | 58.1 |  |  | 66.0 |  |  | — |  |  | 66.0 |
Capital loss carryforwards | 11.3 |  |  | — |  |  | 11.3 |  |  | 11.5 |  |  | — |  |  | 11.5 |
Total gross deferred tax assets (liabilities) | $ | 710.4 |  |  | $ | (567.1) |  |  | $ | 143.3 |  |  | $ | 724.6 |  |  | $ | (607.5) |  |  | $ | 117.1 |
Valuation allowance | (14.9) |  |  | — |  |  | (14.9) |  |  | (18.3) |  |  | — |  |  | (18.3) |
Deferred tax assets (liabilities) | $ | 695.5 |  |  | $ | (567.1) |  |  | $ | 128.4 |  |  | $ | 706.3 |  |  | $ | (607.5) |  |  | $ | 98.8 |
Disclosed as: |  |  |  |  |  |  |  |  |  |  |
Non-current assets |  |  |  |  | $ | 301.5 |  |  |  |  |  |  | $ | 300.5 |
Non-current liabilities |  |  |  |  | (173.1) |  |  |  |  |  |  | (201.7) |
Deferred tax assets, net |  |  |  |  | $ | 128.4 |  |  |  |  |  |  | $ | 98.8 |
Summary of Valuation Allowance | The following table is a rollforward of the Company’s deferred tax asset valuation allowance for Fiscal 2025, Fiscal 2024 and Fiscal 2023:
(in millions) | Fiscal 2025 |  | Fiscal 2024 |  | Fiscal 2023
Beginning balance | $ | 18.3 |  |  | $ | 19.0 |  |  | $ | 27.9 |
Credited to income tax expense | (2.2) |  |  | (2.0) |  |  | — |
Increases from acquisitions | — |  |  | 1.4 |  |  | 1.9 |
Lapsed due to expiration of benefit | (1.0) |  |  | (0.3) |  |  | (9.7) |
Foreign currency translation | (0.2) |  |  | 0.2 |  |  | (1.1) |
Ending balance | $ | 14.9 |  |  | $ | 18.3 |  |  | $ | 19.0 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the activity related to the Company’s unrecognized tax benefits for US federal, US state and non-US tax jurisdictions for Fiscal 2025, Fiscal 2024 and Fiscal 2023:
(in millions) | Fiscal 2025 |  | Fiscal 2024 |  | Fiscal 2023
Unrecognized tax benefits, beginning of period | $ | 26.0 |  |  | $ | 85.9 |  |  | $ | 24.9 |
Increases related to current year tax positions | 1.4 |  |  | 1.5 |  |  | 1.6 |
Increases from acquisitions | — |  |  | — |  |  | 2.3 |
Increases related to prior year tax positions | 1.9 |  |  | — |  |  | 59.6 |
Settlements with tax authorities | — |  |  | (59.6) |  |  | — |
Lapse of statute of limitations | (1.2) |  |  | (1.8) |  |  | (2.4) |
Foreign currency translation | — |  |  | — |  |  | (0.1) |
Unrecognized tax benefits, end of period | $ | 28.1 |  |  | $ | 26.0 |  |  | $ | 85.9 |

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