Investments

12 Months Ended

Feb. 03, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

Investments

Investments in debt securities

Investments in debt securities are held by certain insurance subsidiaries and are reported at fair value as other assets in the accompanying consolidated balance sheets. All investments are classified as available-for-sale and include the following:

	February 3, 2024						January 28, 2023
(in millions)	Cost		Unrealized Gain (Loss)		Fair Value		Cost		Unrealized Gain (Loss)		Fair Value
US Treasury securities	$	5.5	$	(0.2)	$	5.3	$	5.8	$	(0.1)	$	5.7
US government agency securities	0.5		—		0.5		0.5		—		0.5
Corporate bonds and notes	2.0		—		2.0		3.5		(0.1)		3.4
Total investments	$	8.0	$	(0.2)	$	7.8	$	9.8	$	(0.2)	$	9.6

Realized gains and losses on investments are determined on a specific identification basis. There were no material net realized gains or losses during Fiscal 2024, Fiscal 2023 or Fiscal 2022. Investments with a carrying value of $3.6 million and $3.8 million were on deposit with various state insurance departments at February 3, 2024 and January 28, 2023, respectively, as required by law.

Investments in debt securities outstanding as of February 3, 2024 mature as follows:

(in millions)	Cost		Fair Value
Less than one year	$	3.1	$	3.0
Year two through year five	1.0		0.9
Year six through year ten	3.9		3.9
Total investment in debt securities	$	8.0	$	7.8

Investment in Sasmat

During Fiscal 2023, the Company acquired a 25% interest in Sasmat Retail, S.L (“Sasmat”) for $17.1 million in cash. Sasmat is a Spanish jewelry retailer specializing in online selling, with fourteen brick and mortar locations. Under the terms of the agreement, the Company has the option to acquire the remaining 75% of Sasmat exercisable at the earlier of three years or upon Sasmat reaching certain revenue targets as defined in the agreement. The Company is applying the equity method of accounting to the Sasmat investment. The Sasmat investment is recorded within other non-current assets in the consolidated balance sheets. The Sasmat investment did not have a material impact on the Company’s consolidated statements of operations during the periods presented.