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Pension Plans (Tables)
 12 Months Ended
Feb. 03, 2018
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, 2018 and January 28, 2017:
(in millions)
Fiscal 2018
 
Fiscal 2017
Change in UK Plan assets:
 
 
 
Fair value at beginning of year
$
247.6

 
$
266.2

Actual return on UK Plan assets
11.0

 
18.2

Employer contributions
3.2

 
3.3

Members’ contributions
0.4

 
0.6

Benefits paid
(8.7
)
 
(9.9
)
Plan settlements
(10.8
)
 
—

Foreign currency translation
29.5

 
(30.8
)
Fair value at end of year
$
272.2

 
$
247.6
Schedule of Changes in Projected Benefit Obligations
(in millions)
Fiscal 2018
 
Fiscal 2017
Change in benefit obligation:
 
 
 
Benefit obligation at beginning of year
$
215.7

 
$
214.9

Service cost
2.1

 
2.0

Past service cost
—

 
0.5

Interest cost
6.1

 
7.2

Members’ contributions
0.4

 
0.6

Actuarial (gain) loss
2.3

 
24.1

Benefits paid
(8.7
)
 
(9.9
)
Plan settlements
(10.8
)
 
0.0

Foreign currency translation
25.3

 
(23.7
)
Benefit obligation at end of year
$
232.4

 
$
215.7

Funded status at end of year
$
39.8

 
$
31.9
Schedule of Amounts Recognized in Balance Sheet
(in millions)
February 3, 2018
 
January 28, 2017
Amounts recognized in the balance sheet consist of:
 
 
 
Non-current assets
$
39.8

 
$
31.9
Schedule of Net Periodic Benefit Cost Not yet Recognized
Items in AOCI not yet recognized as income (expense) in the income statement:
(in millions)
February 3, 2018
 
January 28, 2017
 
January 30, 2016
Net actuarial losses
$
(51.1
)
 
$
(55.5
)
 
$
(43.1
)
Net prior service credits
2.4

 
9.2

 
11.1
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 2018
 
Fiscal 2017
 
Fiscal 2016
Components of net periodic pension benefit (cost):
 
 
 
 
 
Service cost
$
(2.1
)
 
$
(2.0
)
 
$
(2.6
)
Interest cost
(6.1
)
 
(7.2
)
 
(7.7
)
Expected return on UK Plan assets
9.4

 
10.4

 
11.5

Amortization of unrecognized actuarial losses
(2.8
)
 
(1.5
)
 
(3.4
)
Amortization of unrecognized net prior service credits
1.4

 
1.9

 
2.2

Net curtailment gain and settlement loss
3.7

 
—

 
—

Net periodic pension benefit
$
3.5

 
$
1.6

 
$
—

Other changes in assets and benefit obligations recognized in OCI
(2.9
)
 
(17.8
)
 
14.4

Total recognized in net periodic pension benefit (cost) and OCI
$
0.6

 
$
(16.2
)
 
$
14.4
Schedule of Assumptions Used
 
February 3, 2018
 
January 28, 2017
Assumptions used to determine benefit obligations (at the end of the year):
 
 
 
Discount rate
2.60
%
 
2.90
%
Salary increases
2.50
%
 
2.00
%
Assumptions used to determine net periodic pension costs (at the start of the year):
 
 
 
Discount rate
2.90
%
 
3.60
%
Expected return on UK Plan assets
3.80
%
 
4.20
%
Salary increases
2.00
%
 
2.50
%
Schedule of Allocation of Plan Assets
The value and classification of these assets are as follows:
 
Fair value measurements as of February 3, 2018
 
Fair value measurements as of January 28, 2017
(in millions)
Total
 
Quoted prices in
active markets for
identical assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Total
 
Quoted prices in
active markets for
identical assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
Assets:
 
 
 
 
 
 
 
 
 
 
 
Corporate-owned life insurance plans
$
7.3

 
$
—

 
$
7.3

 
$
7.5

 
$
—

 
$
7.5

Money market funds
30.2

 
30.2

 
—

 
29.6

 
29.6

 
—

Total assets
$
37.5

 
$
30.2

 
$
7.3

 
$
37.1

 
$
29.6

 
$
7.5

The methods Signet uses to determine fair value on an instrument-specific basis are detailed below:
 
Fair value measurements as of February 3, 2018
 
Fair value measurements as of January 28, 2017
(in millions)
Total
 
Quoted prices in
active
markets for
identical assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Significant
Unobservable
inputs
(Level 3)
 
Total
 
Quoted prices in
active
markets for
identical assets
(Level 1)
 
Significant
other
observable
inputs
(Level 2)
 
Significant
unobservable
inputs
(Level 3)
Asset category:
 
 
 
 
 
 
 
 
 
 
 
Diversified equity securities
$
24.0

 
$
—

 
$
24.0

 
$
—

 
$
22.3

 
$
—

 
$
22.3

 
$
—

Diversified growth funds
96.3

 
49.4

 
46.9

 
—

 
80.9

 
40.7

 
40.2

 
—

Fixed income – government bonds
83.9

 
—

 
83.9

 
—

 
81.0

 
—

 
81.0

 
—

Fixed income – corporate bonds
52.6

 
—

 
52.6

 
—

 
48.1

 
—

 
48.1

 
—

Property
14.3

 
—

 
—

 
14.3

 
11.8

 
—

 
—

 
11.8

Cash
1.1

 
1.1

 
—

 
—

 
3.5

 
3.5

 
—

 
—

Total
$
272.2

 
$
50.5

 
$
207.4

 
$
14.3

 
$
247.6

 
$
44.2

 
$
191.6

 
$
11.8
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The table below sets forth changes in the fair value of the Level 3 investment assets in Fiscal 2018 and Fiscal 2017:
(in millions)
Significant
unobservable
inputs
(Level 3)
Balance as of January 30, 2016
$
13.0

Actual return on assets
(1.2
)
Balance as of January 28, 2017
$
11.8

Actual return on assets
2.5

Balance as of February 3, 2018
$
14.3
Schedule of Expected Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are estimated to be paid by the UK Plan:
(in millions)
Expected benefit payments
Fiscal 2019
$
9.6

Fiscal 2020
9.5

Fiscal 2021
10.0

Fiscal 2022
10.3

Fiscal 2023
10.3

Thereafter
$
53.4