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Income taxes (Tables)
 12 Months Ended
Feb. 01, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
(in millions)Fiscal 2025Fiscal 2024Fiscal 2023
Income before income taxes:
– US
$(165.9)$320.5 $281.2 
– Foreign
290.1 319.3 170.0 
Total income before income taxes
$124.2 $639.8 $451.2 
Current taxation:
– US
$64.1 $(14.8)$157.1 
– Foreign
29.6 24.5 16.7 
Deferred taxation:
– US
(28.4)82.0 (70.4)
– Foreign
(2.3)(262.3)(28.9)
Total income tax expense (benefit)
$63.0 $(170.6)$74.5 
Schedule of Effective Income Tax Rate Reconciliation
As the statutory rate of corporation tax in Bermuda is 0%, the differences between the US federal income tax rate and the effective tax rates for Signet for Fiscal 2025, Fiscal 2024 and Fiscal 2023 have been presented below:
Fiscal 2025Fiscal 2024Fiscal 2023
US federal income tax rates
21.0 %21.0 %21.0 %
US state income taxes
7.1 %2.7 %2.9 %
Differences between US federal and foreign statutory income tax rates
1.1 %0.4 %0.8 %
Expenditures permanently disallowable for tax purposes, net of permanent tax benefits
0.3 %(0.4)%(1.4)%
Impact of global reinsurance arrangements
(32.3)%(5.8)%(8.7)%
Impact of global financing arrangements
(4.7)%(1.5)%(2.2)%
Impairment of goodwill45.7 %— %— %
Base Erosion and Anti-Abuse Tax7.7 %1.5 %— %
Uncertain tax positions5.7 %(2.4)%4.7 %
Bermuda ETA— %(41.1)%— %
Valuation allowance(1.8)%(0.3)%— %
Other items
0.9 %(0.8)%(0.6)%
Effective tax rate
50.7 %(26.7)%16.5 %
Schedule of Deferred Tax Assets and Liabilities
The effect of temporary differences and carryforwards giving rise to deferred tax assets (liabilities) as of February 1, 2025 and February 3, 2024 consisted of the following:
February 1, 2025February 3, 2024
(in millions)Assets(Liabilities)TotalAssets(Liabilities)Total
Intangible assets$— $(76.0)$(76.0)$— $(99.6)$(99.6)
US property, plant and equipment— (12.4)(12.4)— (37.2)(37.2)
Foreign property, plant and equipment— (0.1)(0.1)— (1.4)(1.4)
Inventory valuation— (228.3)(228.3)— (243.7)(243.7)
Revenue deferral62.7 — 62.7 69.0 — 69.0 
Lease assets— (250.3)(250.3)— (225.6)(225.6)
Lease liabilities270.3 — 270.3 249.0 — 249.0 
Deferred compensation9.8 — 9.8 9.1 — 9.1 
Share-based compensation6.6 — 6.6 11.0 — 11.0 
Other temporary differences28.3 — 28.3 33.4 — 33.4 
Bermuda economic transition adjustment263.3 — 263.3 263.3 — 263.3 
163(j) interest carryforward— — — 12.3 — 12.3 
Net operating loss carryforwards58.1 — 58.1 66.0 — 66.0 
Capital loss carryforwards11.3 — 11.3 11.5 — 11.5 
Total gross deferred tax assets (liabilities)$710.4 $(567.1)$143.3 $724.6 $(607.5)$117.1 
Valuation allowance(14.9)— (14.9)(18.3)— (18.3)
Deferred tax assets (liabilities)$695.5 $(567.1)$128.4 $706.3 $(607.5)$98.8 
Disclosed as:
Non-current assets$301.5 $300.5 
Non-current liabilities(173.1)(201.7)
Deferred tax assets, net$128.4 $98.8 
Summary of Valuation Allowance
The following table is a rollforward of the Company’s deferred tax asset valuation allowance for Fiscal 2025, Fiscal 2024 and Fiscal 2023:
(in millions)Fiscal 2025Fiscal 2024Fiscal 2023
Beginning balance$18.3 $19.0 $27.9 
Credited to income tax expense(2.2)(2.0)— 
Increases from acquisitions— 1.4 1.9 
Lapsed due to expiration of benefit(1.0)(0.3)(9.7)
Foreign currency translation(0.2)0.2 (1.1)
Ending balance$14.9 $18.3 $19.0 
Schedule of Unrecognized Tax Benefits Roll Forward
The following table summarizes the activity related to the Company’s unrecognized tax benefits for US federal, US state and non-US tax jurisdictions for Fiscal 2025, Fiscal 2024 and Fiscal 2023:
(in millions)Fiscal 2025Fiscal 2024Fiscal 2023
Unrecognized tax benefits, beginning of period
$26.0 $85.9 $24.9 
Increases related to current year tax positions1.4 1.5 1.6 
Increases from acquisitions— — 2.3 
Increases related to prior year tax positions1.9 — 59.6 
Settlements with tax authorities
— (59.6)— 
Lapse of statute of limitations(1.2)(1.8)(2.4)
Foreign currency translation— — (0.1)
Unrecognized tax benefits, end of period
$28.1 $26.0 $85.9