Quarterly report pursuant to Section 13 or 15(d)

Other Current Assets, Accrued Expenses and Other Current Liabilities and Deferred Taxes, net and Other Liabilities

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Other Current Assets, Accrued Expenses and Other Current Liabilities and Deferred Taxes, net and Other Liabilities
9 Months Ended
Nov. 02, 2019
Other Current Assets, Accrued Expenses and Other Current Liabilities and Deferred Taxes, net and Other Liabilities  
Other Current Assets, Accrued Expenses and Other Current Liabilities and Deferred Taxes, net and Other Liabilities

10. Other Current Assets, Accrued Expenses and Other Current Liabilities and Deferred Taxes, net and Other Liabilities

The following table provides details on our other current assets as of November 2, 2019, November 3, 2018 and February 2, 2019 (in thousands):

November 2,

November 3,

February 2,

    

2019

    

2018

    

2019

 

Prepaid expenses

$

42,175

$

53,176

$

53,455

Tax receivable

5,111

457

Assets held for sale

4,949

Other

 

8,543

 

12,430

 

13,368

Total other current assets

$

60,778

$

66,063

$

66,823

The decrease in prepaid expenses as of November 2, 2019, is primarily due to the impact on prepaid rent resulting from the adoption of Accounting Standards Codification 842, Leases (“ASC 842”), effective February 3, 2019.  Please see Note 14 for additional information.

During the third quarter of 2019, we reclassified property and equipment, primarily related to recently closed distribution centers, as assets held for sale.  Assets held for sale are measured at the lower of their carrying amount or fair value less costs to sell.  As we believe the fair value less costs to sell of these assets exceeds their carrying amount, no adjustment to their carrying value was recorded in the third quarter of 2019.  

The following table provides details on our accrued expenses and other current liabilities as of November 2, 2019, November 3, 2018 and February 2, 2019 (in thousands):

    

November 2,

    

November 3,

    

February 2,

 

2019

2018

2019

Accrued salary, bonus, sabbatical, vacation and other benefits

$

52,247

$

67,360

$

78,297

Loyalty program liabilities

46,781

64,944

44,434

Customer deposits, prepayments and refunds payable

 

38,248

 

42,520

 

38,436

Sales, value added, payroll, property and other taxes payable

30,000

27,094

20,930

Unredeemed gift cards

24,389

26,279

32,178

Accrued workers compensation and medical costs

 

22,442

 

25,601

 

23,893

Unrealized loss on interest rate swaps

 

6,998

 

797

 

1,625

Accrued interest

4,557

6,055

1,828

Accrued royalties

 

3,651

 

3,287

 

1,286

Accrued dividends

889

10,320

10,480

Other

 

20,504

 

16,165

 

15,311

Total accrued expenses and other current liabilities

$

250,706

$

290,422

$

268,698

The following table provides details on our deferred taxes, net and other liabilities as of November 2, 2019, November 3, 2018 and February 2, 2019 (in thousands):

November 2,

    

November 3,

February 2,

    

2019

    

2018

    

2019

 

Deferred and other income tax liabilities, net

$

45,223

$

78,930

$

48,199

Unrealized loss on interest rate swaps

25,245

7,605

Deferred rent and landlord incentives

58,297

57,351

Unfavorable lease liabilities

2,085

1,797

Other

 

3,500

 

4,826

 

4,593

Total deferred taxes, net and other liabilities

$

73,968

$

144,138

$

119,545

The elimination of deferred rent and landlord incentives and unfavorable lease liabilities is due to the adoption of ASC 842, effective February 3, 2019. Please see Note 14 for additional information.