v3.26.1
Income taxes (Tables)
 12 Months Ended
Jan. 31, 2026
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
(in millions)Fiscal 2026
Income before income taxes:
– Domestic (Bermuda)$197.7 
– Foreign200.4 
Total income before income taxes
$398.1 
Current taxation:
– Domestic (Bermuda)$5.9 
– Foreign77.2 
Deferred taxation:
– Domestic (Bermuda)23.7 
– Foreign(3.1)
Total income tax expense$103.7 
(in millions)Fiscal 2025Fiscal 2024
Income before income taxes:
– Domestic (US)$(165.9)$320.5 
– Foreign290.1 319.3 
Total income before income taxes
$124.2 $639.8 
Current taxation:
– Domestic (US)$64.1 $(14.8)
– Foreign29.6 24.5 
Deferred taxation:
– Domestic (US)(28.4)82.0 
– Foreign(2.3)(262.3)
Total income tax expense (benefit)
$63.0 $(170.6)
Schedule of Effective Income Tax Rate Reconciliation
As described above, the Company is subject to a 15% Bermuda corporate income tax beginning with Fiscal 2026. The differences between the Bermuda federal income tax rate and the effective tax rates for Signet for Fiscal 2026 have been presented below:
(amounts in millions)Fiscal 2026
Bermuda statutory tax rate$59.7 15.0 %
Foreign tax effects:
US
Statutory income tax rate differential3.0 0.8 %
Impairment of goodwill11.0 2.8 %
Base Erosion and Anti-Abuse Tax7.2 1.8 %
US state income tax, net of federal effect9.1 2.3 %
Limitation on executive compensation3.8 0.9 %
Other items0.7 0.1 %
Canada
Canadian provincial income tax3.9 1.0 %
Other items0.3 0.1 %
Other foreign jurisdictions1.7 0.4 %
Worldwide changes in unrecognized tax benefits3.3 0.8 %
Effective tax rate
$103.7 26.0 %
The statutory corporate income tax rate in Bermuda was 0% prior to Fiscal 2026. As such, the differences between the US federal income tax rate and the effective tax rates for Signet for Fiscal 2025 and Fiscal 2024 have been presented below:
Fiscal 2025Fiscal 2024
US federal income tax rates
21.0 %21.0 %
US state income taxes
7.1 %2.7 %
Differences between US federal and foreign statutory income tax rates
1.1 %0.4 %
Expenditures permanently disallowable for tax purposes, net of permanent tax benefits
0.3 %(0.4)%
Impact of global reinsurance arrangements
(32.3)%(5.8)%
Impact of global financing arrangements
(4.7)%(1.5)%
Impairment of goodwill45.7 %— %
Base Erosion and Anti-Abuse Tax7.7 %1.5 %
Unrecognized tax benefits5.7 %(2.4)%
Bermuda ETA— %(41.1)%
Valuation allowance(1.8)%(0.3)%
Other items
0.9 %(0.8)%
Effective tax rate
50.7 %(26.7)%
Schedule of Income Taxes Paid, Net of Refunds
The Company’s supplemental cash flow information for Fiscal 2026, Fiscal 2025 and Fiscal 2024 was as follows:
(in millions)Fiscal 2026Fiscal 2025Fiscal 2024
Non-cash investing activities:
Capital expenditures in accounts payable
$18.0 $27.9 $13.4 
Supplemental cash flow information:
Interest paid
7.6 13.8 15.9 
Income tax paid, net (1)
77.8 115.5 13.0 
(1)    Fiscal 2024 includes $42.6 million refunded under the CARES Act. See Note 10 for additional information.
The following table provides the components of cash paid for income taxes, net of refunds for Fiscal 2026:
(in millions)Fiscal 2026
Bermuda$5.3 
Foreign:
US35.4 
Ireland14.9 
Botswana5.3 
Other foreign jurisdictions16.9 
Total cash paid for income taxes, net$77.8 
Schedule of Deferred Tax Assets and Liabilities
The effect of temporary differences and carryforwards giving rise to deferred tax assets (liabilities) as of January 31, 2026 and February 1, 2025 consisted of the following:
January 31, 2026February 1, 2025
(in millions)Assets(Liabilities)TotalAssets(Liabilities)Total
Intangible assets$— $(71.0)$(71.0)$— $(76.0)$(76.0)
US property, plant and equipment5.5 — 5.5 — (12.4)(12.4)
Foreign property, plant and equipment— (0.4)(0.4)— (0.1)(0.1)
Inventory valuation— (231.6)(231.6)— (228.3)(228.3)
Revenue deferral59.2 — 59.2 62.7 — 62.7 
Lease assets— (257.1)(257.1)— (250.3)(250.3)
Lease liabilities275.7 — 275.7 270.3 — 270.3 
Deferred compensation9.3 — 9.3 9.8 — 9.8 
Share-based compensation6.8 — 6.8 6.6 — 6.6 
Other temporary differences18.8 — 18.8 28.3 — 28.3 
Bermuda ETA239.5 — 239.5 263.3 — 263.3 
Net operating loss carryforwards49.0 — 49.0 58.1 — 58.1 
Capital loss carryforwards12.5 — 12.5 11.3 — 11.3 
Total gross deferred tax assets (liabilities)$676.3 $(560.1)$116.2 $710.4 $(567.1)$143.3 
Valuation allowance(14.1)— (14.1)(14.9)— (14.9)
Deferred tax assets (liabilities)$662.2 $(560.1)$102.1 $695.5 $(567.1)$128.4 
Disclosed as:
Non-current assets$277.4 $301.5 
Non-current liabilities(175.3)(173.1)
Deferred tax assets, net$102.1 $128.4 
Summary of Valuation Allowance
The following table is a rollforward of the Company’s deferred tax asset valuation allowance for Fiscal 2026, Fiscal 2025 and Fiscal 2024:
(in millions)Fiscal 2026Fiscal 2025Fiscal 2024
Beginning balance$14.9 $18.3 $19.0 
Credited to income tax expense(0.6)(2.2)(2.0)
Increases from acquisitions— — 1.4 
Lapsed due to expiration of benefit(1.5)(1.0)(0.3)
Foreign currency translation1.3 (0.2)0.2 
Ending balance$14.1 $14.9 $18.3 
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 2026, Fiscal 2025 and Fiscal 2024:
(in millions)Fiscal 2026Fiscal 2025Fiscal 2024
Unrecognized tax benefits, beginning of period
$28.1 $26.0 $85.9 
Increases related to current year tax positions0.5 1.4 1.5 
Increases related to prior year tax positions1.6 1.9 — 
Settlements with tax authorities
— — (59.6)
Lapse of statute of limitations(1.7)(1.2)(1.8)
Foreign currency translation0.1 — — 
Unrecognized tax benefits, end of period
$28.6 $28.1 $26.0