The Company classifies the cash flows associated with the operating results of its discontinued operations through the date of sale, as "net cash provided by (used in) discontinued operations." The following is a reconciliation of the "income from discontinued operations, net of income taxes" to the "net cash provided by (used in) discontinued operations."
|
Fiscal Year Ended |
 |
 |
|
January 31, |
January 25, |
January 27, |
|
1998 |
1997 |
1996 |
 |
|
(53 weeks) |
|
|
| Income from discontinued operations, net of income taxes |
$ - |
$ 29,361 |
$ 9,710 |
 |
| (Increase) decrease in net assets of discontinued |
|
|
|
| operations during the period: |
|
|
|
| Net assets of discontinued operations - beginning of period |
54,451 |
128,586 |
93,397 |
| Less: |
|
|
|
| Net assets of discontinued operations - sold during period |
- |
54,083 |
44,789 |
| Net assets of discontinued operations - end of period |
- |
54,451 |
128,586 |
 |
| (Increase) decrease in net assets of discontinued operations |
54,451 |
20,052 |
(79,978) |
 |
| Net cash provided by (used in) discontinued operations |
$54,451 |
$ 49,413 |
$(70,268) |
 |
The Company is also responsible for certain leases related to, and other obligations arising from, the sale of these operations, for which reserves have been provided in its reserve for discontinued operations, and is included in accrued expenses. The cash flow impact of these obligations is reflected as a component of cash provided by operating activities in the statements of cash flows.
The Company's cash payments for interest expense and income taxes, including discontinued operations, and its non-cash investing and financing activities are as follows:
|
Fiscal Year Ended |
 |
 |
|
January 31, |
January 25, |
January 27, |
| In Thousands |
1998 |
1997 |
1996 |
 |
|
(53 weeks) |
|
|
| Cash paid for: |
|
|
|
| Interest |
$ 26,359 |
$ 44,288 |
$ 41,924 |
| Income taxes |
199,025 |
159,245 |
17,275 |
| Non-cash investing and financing activities: |
|
|
|
| Conversion of cumulative convertible preferred |
|
|
|
| stock into common stock |
|
|
|
| Series A |
$ - |
$ 25,000 |
$ - |
| Series C |
- |
82,500 |
- |
| Series D |
- |
25,000 |
- |
| Series E |
77,020 |
- |
- |
| Distribution of two-for-one stock split |
79,823 |
- |
- |
| Note receivable from sale of Chadwick's of Boston |
- |
20,000 |
- |
| Issuance of preferred stock for acquisition of Marshalls |
- |
- |
175,000 |
| Note receivable from sale of Hit or Miss |
- |
- |
10,000 |