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Income Taxes (Tables)
 12 Months Ended
Jan. 30, 2016
Income Tax Disclosure [Abstract]  
Summary of Tax Expense by Jurisdiction
(in millions)
Fiscal 2016
 
Fiscal 2015
 
Fiscal 2014
Income before income taxes:
 
 
 
 
 
– US
$
426.1

 
$
380.8

 
$
493.7

– Foreign
231.7

 
159.8

 
72.8

Total income before income taxes
$
657.8

 
$
540.6

 
$
566.5

 
 
 
 
 
 
Current taxation:
 
 
 
 
 
– US
$
161.7

 
$
199.5

 
$
211.8

– Foreign
3.5

 
7.8

 
7.1

Deferred taxation:
 
 
 
 
 
– US
22.3

 
(47.9
)
 
(22.8
)
– Foreign
2.4

 
(0.1
)
 
2.4

Total income taxes
$
189.9

 
$
159.3

 
$
198.5
Reconciliation of Effective Tax Rate
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 have been presented below:
 
Fiscal 2016
 
Fiscal 2015
 
Fiscal 2014
US federal income tax rates
35.0
 %
 
35.0
 %
 
35.0
 %
US state income taxes
2.7
 %
 
2.1
 %
 
2.5
 %
Differences between US federal and foreign statutory income tax rates
(0.5
)%
 
(0.8
)%
 
(0.9
)%
Expenditures permanently disallowable for tax purposes, net of permanent tax benefits
0.5
 %
 
0.8
 %
 
0.6
 %
Disallowable transaction costs
2.1
 %
 
0.7
 %
 
—
 %
Impact of global reinsurance arrangements
(2.4
)%
 
(1.5
)%
 
(0.2
)%
Impact of global financing arrangements
(8.7
)%
 
(7.2
)%
 
(1.9
)%
Other items
0.2
 %
 
0.4
 %
 
(0.1
)%
Effective tax rate
28.9
 %
 
29.5
 %
 
35.0
 %
Schedule of Deferred Tax Assets and Liabilities
Deferred tax assets (liabilities) consisted of the following:
 
January 30, 2016
 
January 31, 2015
(in millions)
Assets
 
(Liabilities)
 
Total
 
Assets
 
(Liabilities)
 
Total
Intangible assets
$
—

 
$
(156.2
)
 
$
(156.2
)
 
$
—

 
$
(133.0
)
 
$
(133.0
)
US property, plant and equipment
—

 
(73.6
)
 
(73.6
)
 
—

 
(50.7
)
 
(50.7
)
Foreign property, plant and equipment
5.4

 
—

 
5.4

 
7.0

 
—

 
7.0

Inventory valuation
—

 
(252.8
)
 
(252.8
)
 
—

 
(256.4
)
 
(256.4
)
Allowances for doubtful accounts
54.1

 
—

 
54.1

 
46.0

 
—

 
46.0

Revenue deferral
188.5

 
—

 
188.5

 
172.7

 
—

 
172.7

Derivative instruments
1.6

 
—

 
1.6

 
—

 
(2.2
)
 
(2.2
)
Straight-line lease payments
35.0

 
—

 
35.0

 
31.8

 
—

 
31.8

Deferred compensation
13.9

 
—

 
13.9

 
11.1

 
—

 
11.1

Retirement benefit obligations
—

 
(10.3
)
 
(10.3
)
 
—

 
(7.5
)
 
(7.5
)
Share-based compensation
7.4

 
—

 
7.4

 
5.8

 
—

 
5.8

Other temporary differences
52.4

 
—

 
52.4

 
49.8

 
—

 
49.8

Net operating losses and foreign tax credits
80.6

 
—

 
80.6

 
91.8

 
—

 
91.8

Value of foreign capital losses
13.4

 
—

 
13.4

 
15.0

 
—

 
15.0

Total gross deferred tax assets (liabilities)
$
452.3

 
$
(492.9
)
 
$
(40.6
)
 
$
431.0

 
$
(449.8
)
 
$
(18.8
)
Valuation allowance
(31.9
)
 
—

 
(31.9
)
 
(32.4
)
 
—

 
(32.4
)
Deferred tax assets (liabilities)
$
420.4

 
$
(492.9
)
 
$
(72.5
)
 
$
398.6

 
$
(449.8
)
 
$
(51.2
)
 
 
 
 
 
 
 
 
 
 
 
 
Disclosed as:
 
 
 
 
 
 
 
 
 
 
 
Non-current assets
 
 
 
 
$
—

 
 
 
 
 
$
2.3

Non-current liabilities
 
 
 
 
(72.5
)
 
 
 
 
 
(53.5
)
Deferred tax assets (liabilities)
 
 
 
 
$
(72.5
)
 
 
 
 
 
$
(51.2
)
Summary of Activity Related to Unrecognized Tax Benefits
The following table summarizes the activity related to unrecognized tax benefits:
(in millions)
Fiscal 2016
 
Fiscal 2015
 
Fiscal 2014
Unrecognized tax benefits, beginning of period
$
11.4

 
$
4.6

 
$
4.5

Acquired existing unrecognized tax benefits
—

 
4.3

 
—

Increases related to current year tax positions
2.0

 
3.5

 
0.4

Prior year tax positions:
 
 
 
 
 
Increases
—

 
—

 
0.2

Decreases
—

 
(0.1
)
 
—

Cash settlements
—

 
—

 
(0.5
)
Lapse of statute of limitations
(1.9
)
 
(0.4
)
 
—

Difference on foreign currency translation
(0.1
)
 
(0.5
)
 
—

Unrecognized tax benefits, end of period
$
11.4

 
$
11.4

 
$
4.6