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Retirement plans (Tables)
12 Months Ended
Jan. 29, 2022
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 29, 2022 and January 30, 2021:
(in millions)Fiscal 2022Fiscal 2021
Change in UK Plan assets:
Fair value at beginning of year
$299.2 $281.9 
Actual return on UK Plan assets
(0.3)11.9 
Employer contributions
12.4 4.4 
Benefits paid
(8.9)(9.8)
Foreign currency translation
(6.8)10.8 
Fair value at end of year
$295.6 $299.2 
Schedule of Changes in Projected Benefit Obligations
(in millions)Fiscal 2022Fiscal 2021
Change in benefit obligation:
Benefit obligation at beginning of year
$247.6 $243.4 
Interest cost
3.3 4.0 
Actuarial loss
67.4 1.4 
Benefits paid
(8.9)(9.8)
Foreign currency translation
(6.1)8.6 
Benefit obligation at end of year
$303.3 $247.6 
Funded status at end of year
$(7.7)$51.6 
Schedule of Amounts Recognized in Balance Sheet
(in millions)January 29, 2022January 30, 2021
Amounts recognized in the balance sheet consist of:
Other assets (non current)
$ $51.6 
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 29, 2022January 30, 2021February 1, 2020
Net actuarial losses
$(103.3)$(47.2)$(52.4)
Net prior service costs
(3.9)(4.0)(4.1)
Components of Net Benefit Costs
The components of net periodic pension benefit cost and other amounts recognized in OCI for the UK Plan are as follows:
(in millions)Fiscal 2022Fiscal 2021Fiscal 2020
Components of net periodic benefit (cost) income:
Service cost
$ $— $(0.7)
Interest cost
(3.3)(4.0)(5.5)
Expected return on UK Plan assets
3.0 5.5 7.8 
Amortization of unrecognized actuarial losses
(2.1)(0.9)(1.2)
Amortization of unrecognized net prior service costs
(0.1)(0.1)— 
Total net periodic benefit (cost) income
$(2.5)$0.5 $0.4 
Other changes in assets and benefit obligations recognized in OCI
(69.2)6.5 1.7 
Total recognized in net periodic pension benefit (cost) and OCI
$(71.7)$7.0 $2.1 
Schedule of Assumptions Used
January 29, 2022January 30, 2021
Assumptions used to determine benefit obligations (at the end of the year):
Discount rate
1.25 %1.60 %
Salary increases
N/AN/A
Assumptions used to determine net periodic pension costs (at the start of the year):
Discount rate
0.80 %1.70 %
Expected return on UK Plan assets
0.80 %2.20 %
Salary increases
NAN/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 29, 2022As of January 30, 2021
(in millions)Total
Level 1

Level 2
 
Level 3
TotalLevel 1Level 2
Investments measured at fair value:
Diversified equity securities
$ $ $ $ $13.0 $— $13.0 
Diversified growth funds
    44.4 44.4 — 
Fixed income – government bonds
    161.4 161.4 — 
Fixed income – corporate bonds
    56.2 — 56.2 
Insurance contracts
291.6   291.6 — — — 
Cash
4.0 4.0   3.7 3.7 — 
295.6 4.0  291.6 278.7 209.5 69.2 
Investments measured at NAV (1):
Fixed income
 18.0 
Property
 2.5 
Total assets$295.6 $4.0 $ $291.6 $299.2 $209.5 $69.2 
(1)    Certain assets that are measured using the net asset value (“NAV”) practical expedient have not been classified in the fair value hierarchy.
The value and classification of these assets are as follows:
As of January 29, 2022As of January 30, 2021
(in millions)Total 
Level 1
TotalLevel 1
Investments measured at fair value:
Mutual funds
$12.4 $12.4 $5.0 $5.0 
Investments measured at NAV:
Money market mutual funds
10.3 16.7 
Total assets
$22.7 $12.4 $21.7 $5.0 
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The following represents a summary of changes in fair value of UK Plan assets classified as Level 3:
(in millions)Fiscal 2022
Beginning of year balance$— 
Purchases, sales, and settlements, net318.3 
Actual return on assets, assets still held at reporting date(16.8)
Foreign currency translation(9.9)
End of year balance$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 2023$9.4 
Fiscal 20249.4 
Fiscal 20259.3 
Fiscal 20269.5 
Fiscal 20279.4 
Next five fiscal years$48.2