Accrued expenses and other current liabilities

12 Months Ended

Feb. 01, 2025

Payables and Accruals [Abstract]

Accrued expenses and other current liabilities

Accrued expenses and other current liabilities

The following table provides the components of the Company’s accrued expenses and other current liabilities as of February 1, 2025 and February 3, 2024:

(in millions)	February 1, 2025		February 3, 2024
Accrued compensation and benefits	$	82.8	$	80.6
Accrued advertising	42.4		67.3
Payroll and other taxes	60.7		63.0
Other accrued expenses	180.9		189.3
Total accrued expenses and other current liabilities	$	366.8	$	400.2

Certain brands within the North America reportable segment provide a product lifetime diamond guarantee as long as six-month inspections are performed and certified by an authorized store representative. Provided the customer has complied with the six-month inspection policy, the Company will replace, at no cost to the customer, any stone that chips, breaks or is lost from its original setting during normal wear. The Company estimates the warranty accrual based on the lag of actual claims experience and the costs of such claims, inclusive of labor and material. A similar product lifetime guarantee is also provided on color gemstones. The warranty reserve for diamond and gemstone guarantees, included in accrued expenses and other current liabilities and other liabilities - non-current, is as follows:

(in millions)	Fiscal 2025		Fiscal 2024		Fiscal 2023
Warranty reserve, beginning of period	$	43.7	$	40.8	$	36.0
Warranty expense	5.8		14.9		16.2
Utilized (1)	(10.5)		(12.0)		(11.4)
Warranty reserve, end of period	$	39.0	$	43.7	$	40.8

(1)    Includes impact of foreign exchange translation.

(in millions)	February 1, 2025		February 3, 2024
Disclosed as:
Accrued expenses and other current liabilities	$	10.3	$	11.8
Other liabilities - non-current (see Note 23)	28.7		31.9
Total warranty reserve	$	39.0	$	43.7