Other Current and Deferred Liabilities

12 Months Ended

Feb. 01, 2020

Other Liabilities, Current [Abstract]

OTHER CURRENT AND DEFERRED LIABILITIES:

Other current and deferred liabilities consisted of the following:



	February 1, 2020		February 2, 2019

	(in thousands)
Allowance for customer returns, gift cards and store credits outstanding	$	56,150	$	57,827
Accrued payroll, benefits, bonuses and severance costs and termination benefits	28,955		24,391
Current portion of deferred rent and lease credits ⁽¹⁾	—		19,397
Other	29,393		30,205
Other current and deferred liabilities	$	114,498	$	131,820

⁽¹⁾ In August 2018, the FASB issued ASU 2018-11, Targeted Improvements, to ASC 842, which included a provision to apply ASC 842 at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. The Company has elected to use the initial application date as the effective date of ASC 842. Consequently, the comparative periods are presented in accordance with ASC 840, Leases, and are not restated in accordance with ASC 842.

OTHER NONCURRENT AND DEFERRED LIABILITIES:

Other Noncurrent and Deferred liabilities consisted of the following:



	February 1, 2020		February 2, 2019

	(in thousands)
Deferred rent ⁽¹⁾	$	—	$	46,228
Deferred lease credits, net ⁽¹⁾	—		50,336
Other noncurrent and deferred liabilities	8,188		10,570
Noncurrent and deferred liabilities	8,188		107,134
Less: current portion of deferred rent and lease credits ⁽¹⁾	—		(18,025		)
Other noncurrent and deferred liabilities	$	8,188	$	89,109

Deferred rent represents the difference between operating lease obligations currently due and operating lease expense, which is recorded on a straight-line basis over the appropriate respective terms of the leases. In fiscal 2019, deferred rent is presented within right of use assets.

Deferred lease credits represent construction allowances received from landlords and are amortized as a reduction of rent expense over the appropriate respective terms of the related leases. In fiscal 2019, deferred lease credits are presented within right of use assets.