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Income Taxes (Tables)
 12 Months Ended
Jan. 28, 2017
Income Tax Disclosure [Abstract]  
Summary of Tax Expense by Jurisdiction
(in millions)
Fiscal 2017
 
Fiscal 2016
 
Fiscal 2015
Income before income taxes:
 
 
 
 
 
– US
$
424.0

 
$
426.1

 
$
380.8

– Foreign
289.8

 
231.7

 
159.8

Total income before income taxes
$
713.8

 
$
657.8

 
$
540.6

 
 
 
 
 
 
Current taxation:
 
 
 
 
 
– US
$
137.6

 
$
161.7

 
$
199.5

– Foreign
3.9

 
3.5

 
7.8

Deferred taxation:
 
 
 
 
 
– US
28.1

 
22.3

 
(47.9
)
– Foreign
1.0

 
2.4

 
(0.1
)
Total income taxes
$
170.6

 
$
189.9

 
$
159.3
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 2017
 
Fiscal 2016
 
Fiscal 2015
US federal income tax rates
35.0
 %
 
35.0
 %
 
35.0
 %
US state income taxes
1.9
 %
 
2.7
 %
 
2.1
 %
Differences between US federal and foreign statutory income tax rates
(0.2
)%
 
(0.5
)%
 
(0.8
)%
Expenditures permanently disallowable for tax purposes, net of permanent tax benefits
0.4
 %
 
0.5
 %
 
0.8
 %
Disallowable transaction costs
0.1
 %
 
2.1
 %
 
0.7
 %
Impact of global reinsurance arrangements
(5.4
)%
 
(2.4
)%
 
(1.5
)%
Impact of global financing arrangements
(8.2
)%
 
(8.7
)%
 
(7.2
)%
Other items
0.3
 %
 
0.2
 %
 
0.4
 %
Effective tax rate
23.9
 %
 
28.9
 %
 
29.5
 %
Schedule of Deferred Tax Assets and Liabilities
Deferred tax assets (liabilities) consisted of the following:
 
January 28, 2017
 
January 30, 2016
(in millions)
Assets
 
(Liabilities)
 
Total
 
Assets
 
(Liabilities)
 
Total
Intangible assets
$
—

 
$
(160.1
)
 
$
(160.1
)
 
$
—

 
$
(156.2
)
 
$
(156.2
)
US property, plant and equipment
—

 
(86.2
)
 
(86.2
)
 
—

 
(73.6
)
 
(73.6
)
Foreign property, plant and equipment
5.0

 
—

 
5.0

 
5.4

 
—

 
5.4

Inventory valuation
—

 
(289.4
)
 
(289.4
)
 
—

 
(252.8
)
 
(252.8
)
Allowances for doubtful accounts
60.4

 
—

 
60.4

 
54.1

 
—

 
54.1

Revenue deferral
216.0

 
—

 
216.0

 
188.5

 
—

 
188.5

Derivative instruments
—

 
—

 
—

 
1.6

 
—

 
1.6

Straight-line lease payments
37.5

 
—

 
37.5

 
35.0

 
—

 
35.0

Deferred compensation
16.5

 
—

 
16.5

 
13.9

 
—

 
13.9

Retirement benefit obligations
—

 
(6.1
)
 
(6.1
)
 
—

 
(10.3
)
 
(10.3
)
Share-based compensation
5.7

 
—

 
5.7

 
7.4

 
—

 
7.4

Other temporary differences
51.0

 
—

 
51.0

 
52.4

 
—

 
52.4

Net operating losses and foreign tax credits
69.2

 
—

 
69.2

 
80.6

 
—

 
80.6

Value of foreign capital losses
11.3

 
—

 
11.3

 
13.4

 
—

 
13.4

Total gross deferred tax assets (liabilities)
$
472.6

 
$
(541.8
)
 
$
(69.2
)
 
$
452.3

 
$
(492.9
)
 
$
(40.6
)
Valuation allowance
(31.5
)
 
—

 
(31.5
)
 
(31.9
)
 
—

 
(31.9
)
Deferred tax assets (liabilities)
$
441.1

 
$
(541.8
)
 
$
(100.7
)
 
$
420.4

 
$
(492.9
)
 
$
(72.5
)
 
 
 
 
 
 
 
 
 
 
 
 
Disclosed as:
 
 
 
 
 
 
 
 
 
 
 
Non-current assets
 
 
 
 
$
0.7

 
 
 
 
 
$
—

Non-current liabilities
 
 
 
 
(101.4
)
 
 
 
 
 
(72.5
)
Deferred tax assets (liabilities)
 
 
 
 
$
(100.7
)
 
 
 
 
 
$
(72.5
)
Summary of Activity Related to Unrecognized Tax Benefits
The following table summarizes the activity related to the Company’s unrecognized tax benefits for US federal, US state and non-US tax jurisdictions:
(in millions)
Fiscal 2017
 
Fiscal 2016
 
Fiscal 2015
Unrecognized tax benefits, beginning of period
$
11.4

 
$
11.4

 
$
4.6

Acquired existing unrecognized tax benefits
—

 
—

 
4.3

Increases related to current year tax positions
2.4

 
2.0

 
3.5

Prior year tax positions:
 
 
 
 
 
Increases
—

 
—

 
—

Decreases
—

 
—

 
(0.1
)
Cash settlements
—

 
—

 
—

Lapse of statute of limitations
(1.9
)
 
(1.9
)
 
(0.4
)
Difference on foreign currency translation
0.1

 
(0.1
)
 
(0.5
)
Unrecognized tax benefits, end of period
$
12.0

 
$
11.4

 
$
11.4