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Retirement plans (Tables)
12 Months Ended
Feb. 01, 2020
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 1, 2020 and February 2, 2019:
(in millions)
Fiscal 2020
 
Fiscal 2019
Change in UK Plan assets:
 
 
 
Fair value at beginning of year
$
245.5

 
$
272.2

Actual return on UK Plan assets
36.8

 
2.1

Employer contributions
5.3

 
4.4

Members’ contributions
0.2

 
0.3

Benefits paid
(9.4
)
 
(13.5
)
Foreign currency translation
3.5

 
(20.0
)
Fair value at end of year
$
281.9

 
$
245.5


Schedule of Changes in Projected Benefit Obligations
(in millions)
Fiscal 2020
 
Fiscal 2019
Change in benefit obligation:
 
 
 
Benefit obligation at beginning of year
$
214.9

 
$
232.4

Service cost
0.7

 
0.9

Interest cost
5.5

 
5.8

Members’ contributions
0.2

 
0.3

Actuarial (gain) loss
29.2

 
(2.1
)
Benefits paid
(9.4
)
 
(13.5
)
Plan settlements

 
8.3

Foreign currency translation
2.3

 
(17.2
)
Benefit obligation at end of year
$
243.4

 
$
214.9

Funded status at end of year
$
38.5

 
$
30.6


Schedule of Amounts Recognized in Balance Sheet
(in millions)
February 1, 2020
 
February 2, 2019
Amounts recognized in the balance sheet consist of:
 
 
 
Non-current assets
$
38.5

 
$
30.6


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 1, 2020
 
February 2, 2019
 
February 3, 2018
Net actuarial losses
$
(52.4
)
 
$
(53.8
)
 
$
(51.1
)
Net prior service (costs) credits
(4.1
)
 
(4.1
)
 
2.4


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 2020
 
Fiscal 2019
 
Fiscal 2018
Components of net periodic benefit (cost) income:
 
 
 
 
 
Service cost
$
(0.7
)
 
$
(0.9
)
 
$
(2.1
)
Interest cost
(5.5
)
 
(5.8
)
 
(6.1
)
Expected return on UK Plan assets
7.8

 
8.4

 
9.4

Amortization of unrecognized actuarial losses
(1.2
)
 
(0.9
)
 
(2.8
)
Amortization of unrecognized net prior service credits

 

 
1.4

Net curtailment gain and settlement loss

 

 
3.7

Total net periodic benefit (cost) income
$
0.4

 
$
0.8

 
$
3.5

Other changes in assets and benefit obligations recognized in OCI
1.7

 
(11.3
)
 
(2.9
)
Total recognized in net periodic pension benefit (cost) and OCI
$
2.1

 
$
(10.5
)
 
$
0.6


Schedule of Assumptions Used
 
February 1, 2020
 
February 2, 2019
Assumptions used to determine benefit obligations (at the end of the year):
 
 
 
Discount rate
1.70
%
 
2.70
%
Salary increases
N/A

 
1.50
%
Assumptions used to determine net periodic pension costs (at the start of the year):
 
 
 
Discount rate
2.70
%
 
2.60
%
Expected return on UK Plan assets
3.50
%
 
3.60
%
Salary increases
1.50
%
 
2.50
%

Schedule of Allocation of Plan Assets
The methods Signet uses to determine fair value on an instrument-specific basis are detailed below:
 
Fair value measurements as of February 1, 2020
 
Fair value measurements as of February 2, 2019
(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
$
15.1

 
$

 
$
15.1

 
$

 
$
19.4

 
$

 
$
19.4

 
$

Diversified growth funds
49.8

 
49.8

 

 

 
66.4

 
43.6

 
22.8

 

Fixed income – government bonds
139.7

 
139.7

 

 

 
80.6

 

 
80.6

 

Fixed income – corporate bonds
48.8

 

 
48.8

 

 
46.2

 

 
46.2

 

Cash
4.3

 
4.3

 

 

 
1.9

 
1.9

 

 

Investments measured at NAV(1):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diversified growth funds
17.8

 
 
 
 
 
 
 
17.4

 
 
 
 
 
 
Property
6.4

 
 
 
 
 
 
 
13.6

 
 
 
 
 
 
Total
$
281.9

 
$
193.8

 
$
63.9

 
$

 
$
245.5

 
$
45.5

 
$
169.0

 
$


(1) 
Certain assets that are measured at fair value 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:
 
Fair value measurements as of February 1, 2020
 
Fair value measurements as of February 2, 2019
(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
$
6.5

 
$

 
$
6.5

 
$
7.0

 
$

 
$
7.0

Money market funds
21.0

 
21.0

 

 
26.9

 
26.9

 

Total assets
$
27.5

 
$
21.0

 
$
6.5

 
$
33.9

 
$
26.9

 
$
7.0


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 2021
$
9.5

Fiscal 2022
9.6

Fiscal 2023
9.7

Fiscal 2024
9.6

Fiscal 2025
9.9

Thereafter
$
50.6