DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
January 29,
2021
ASSETS
Current assets:
Cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Merchandise inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income taxes receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prepaid expenses and other current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total current assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net property and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Operating lease assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other intangible assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other assets, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of operating lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued expenses and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total current liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term obligations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Long-term operating lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Commitments and contingencies
Shareholders’ equity:
Preferred stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Common stock; $0.875 par value, 1,000,000 shares authorized, 240,785 and
251,936 shares issued and outstanding at January 29, 2021 and January 31,
2020, respectively . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Additional paid-in capital . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Retained earnings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accumulated other comprehensive loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total shareholders’ equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Total liabilities and shareholders' equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
$ 1,376,577
5,247,477
90,760
199,405
6,914,219
3,899,997
9,473,330
4,338,589
1,199,870
36,619
$ 25,862,624
240,320
4,676,848
76,537
184,163
5,177,868
3,278,359
8,796,183
4,338,589
1,200,006
34,079
$ 22,825,084
$ 1,074,079
3,614,089
1,006,552
16,063
5,710,783
4,130,975
8,385,388
710,549
263,691
$
2020 Form 10-K
$
—
210,687
3,446,612
3,006,102
(2,163)
6,661,238
$ 25,862,624 $
The accompanying notes are an integral part of the consolidated financial statements.
44
January 31,
2020
964,805
2,860,682
709,156
8,362
4,543,005
2,911,993
7,819,683
675,227
172,676
—
220,444
3,322,531
3,162,660
(3,135)
6,702,500
22,825,084
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Selling, general and administrative expenses . . . . . . . . . . . . . . . . . . .
Operating profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Interest expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other (income) expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income before income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Earnings per share:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Weighted average shares outstanding:
Basic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Diluted . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividends per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
January 29,
2021
For the Year Ended
January 31,
2020
February 1,
2019
$ 33,746,839
23,027,977
10,718,862
7,164,097
3,554,765
150,385
—
3,404,380
749,330
$ 2,655,050
$ 27,753,973
19,264,912
8,489,061
6,186,757
2,302,304
100,574
—
2,201,730
489,175
$ 1,712,555
$ 25,625,043
17,821,173
7,803,870
5,687,564
2,116,306
99,871
1,019
2,015,416
425,944
$ 1,589,472
$
$
$
$
$
$
10.70
10.62
248,171
250,076
$
1.44
6.68
6.64
256,553
258,053
$
1.28
5.99
5.97
265,155
266,105
$
1.16
The accompanying notes are an integral part of the consolidated financial statements.
2020 Form 10-K
45
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
January 29,
2021
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Unrealized net gain (loss) on hedged transactions, net of related income
tax expense (benefit) of $346, $345 and $344, respectively . . . . . . . . .
Comprehensive income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
For the Year Ended
January 31,
February 1,
2020
2019
$ 2,655,050
$ 1,712,555
$ 1,589,472
972
$ 2,656,022
973
$ 1,713,528
974
$ 1,590,446
The accompanying notes are an integral part of the consolidated financial statements.
46
2020 Form 10-K
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(In thousands except per share amounts)
Balances, February 2, 2018 . . . . . . . . . . . . . . . . . . . .
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividends paid, $1.16 per common share . . . . . . . . . .
Unrealized net gain (loss) on hedged transactions . . . .
Share-based compensation expense . . . . . . . . . . . . . .
Repurchases of common stock . . . . . . . . . . . . . . . . . .
Transition adjustment upon adoption of accounting
standard (see Note 1) . . . . . . . . . . . . . . . . . . . . . . .
Other equity and related transactions . . . . . . . . . . . . .
Balances, February 1, 2019 . . . . . . . . . . . . . . . . . . . .
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividends paid, $1.28 per common share . . . . . . . . . .
Unrealized net gain (loss) on hedged transactions . . . .
Share-based compensation expense . . . . . . . . . . . . . .
Repurchases of common stock . . . . . . . . . . . . . . . . . .
Transition adjustment upon adoption of accounting
standard (see Note 1) . . . . . . . . . . . . . . . . . . . . . . .
Other equity and related transactions . . . . . . . . . . . . .
Balances, January 31, 2020 . . . . . . . . . . . . . . . . . . . .
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Dividends paid, $1.44 per common share . . . . . . . . . .
Unrealized net gain (loss) on hedged transactions . . . .
Share-based compensation expense . . . . . . . . . . . . . .
Repurchases of common stock . . . . . . . . . . . . . . . . . .
Other equity and related transactions . . . . . . . . . . . . .
Balances, January 29, 2021 . . . . . . . . . . . . . . . . . . . .
Common
Additional
Stock
Common
Paid-in
Shares
Stock
Capital
268,733 $ 235,141 $ 3,196,462
—
—
—
—
—
—
—
—
—
—
—
40,879
(9,891)
(8,655)
—
Accumulated
Other
Retained
Comprehensive
Earnings
Loss
Total
$ 2,698,352 $
(4,181) $ 6,125,774
1,589,472
—
1,589,472
(306,562)
—
(306,562)
—
974
974
—
—
40,879
(998,839)
—
(1,007,494)
—
—
—
669
586
15,080
259,511 $ 227,072 $ 3,252,421
—
—
—
—
—
—
—
—
—
—
—
48,589
—
(8,252)
(7,221)
(41,316)
—
$ 2,941,107 $
1,712,555
(327,578)
—
—
(1,193,155)
—
(41,316)
—
15,666
(3,207) $ 6,417,393
—
1,712,555
—
(327,578)
973
973
—
48,589
—
(1,200,376)
—
—
—
677
593
21,521
251,936 $ 220,444 $ 3,322,531
—
—
—
—
—
—
—
—
—
—
—
68,609
—
(12,297)
(10,760)
1,146
1,003
55,472
240,785 $ 210,687 $ 3,446,612
28,830
901
$ 3,162,660 $
2,655,050
(355,934)
—
—
(2,455,674)
—
$ 3,006,102 $
—
28,830
(901)
22,114
(3,135) $ 6,702,500
—
2,655,050
—
(355,934)
972
972
—
68,609
—
(2,466,434)
—
56,475
(2,163) $ 6,661,238
The accompanying notes are an integral part of the consolidated financial statements.
2020 Form 10-K
47
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
January 29,
2021
Cash flows from operating activities:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Adjustments to reconcile net income to net cash from operating
activities:
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Noncash share-based compensation . . . . . . . . . . . . . . . . . . . . . . . .
Other noncash (gains) and losses . . . . . . . . . . . . . . . . . . . . . . . . . . .
Change in operating assets and liabilities:
Merchandise inventories . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Prepaid expenses and other current assets . . . . . . . . . . . . . . . . . .
Accounts payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Accrued expenses and other liabilities . . . . . . . . . . . . . . . . . . . . .
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash provided by (used in) operating activities . . . . . . . . . . . . . .
Cash flows from investing activities:
Purchases of property and equipment . . . . . . . . . . . . . . . . . . . . . . . . .
Proceeds from sales of property and equipment . . . . . . . . . . . . . . . . .
Net cash provided by (used in) investing activities . . . . . . . . . . . . . . .
Cash flows from financing activities:
Issuance of long-term obligations. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Repayments of long-term obligations . . . . . . . . . . . . . . . . . . . . . . . . .
Net increase (decrease) in commercial paper outstanding . . . . . . . . .
Borrowings under revolving credit facilities . . . . . . . . . . . . . . . . . . . .
Repayments of borrowings under revolving credit facilities . . . . . . .
Costs associated with issuance of debt . . . . . . . . . . . . . . . . . . . . . . . . .
Repurchases of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Payments of cash dividends . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Other equity and related transactions . . . . . . . . . . . . . . . . . . . . . . . . . .
Net cash provided by (used in) financing activities . . . . . . . . . . . . . .
Net increase (decrease) in cash and cash equivalents . . . . . . . . . . . . .
Cash and cash equivalents, beginning of period . . . . . . . . . . . . . . . . .
Cash and cash equivalents, end of period . . . . . . . . . . . . . . . . . . . . . .
Supplemental cash flow information:
Cash paid for:
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Supplemental noncash investing and financing activities:
Right of use assets obtained in exchange for new operating lease
liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Purchases of property and equipment awaiting processing for
payment, included in Accounts payable . . . . . . . . . . . . . . . . . . . . . .
For the Year Ended
January 31,
February 1,
2020
2019
$ 2,655,050
$ 1,712,555
$ 1,589,472
574,237
34,976
68,609
11,570
504,804
55,407
48,589
8,293
454,134
52,325
40,879
42,870
(575,827)
(16,516)
745,596
388,597
(6,522)
(3,611)
3,876,159
(578,783)
(14,453)
428,627
100,322
(20,404)
(6,959)
2,237,998
(521,342)
(12,097)
375,214
65,857
56,390
(152)
2,143,550
(1,027,963)
3,053
(1,024,910)
(784,843)
2,358
(782,485)
(734,380)
2,777
(731,603)
1,494,315
—
499,495
(4,640)
(1,465)
(577,321)
(425,200)
58,300
(63,300)
300,000
—
—
(300,000)
—
—
(13,574)
(1,675)
(4,384)
(2,466,434)
(1,200,376)
(1,007,494)
(355,926)
(327,568)
(306,523)
56,467
22,104
15,626
(1,714,992)
(1,450,680)
(1,443,901)
1,136,257
4,833
(31,954)
240,320
235,487
267,441
$ 1,376,577 $ 240,320 $ 235,487
$
$
128,211
721,570
$
$
100,033
457,119
$ 1,721,530
$ 1,705,988
$
$
118,059
110,248
The accompanying notes are an integral part of the consolidated financial statements.
48
2020 Form 10-K
$
$
98,012
313,457
$
63,662