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Dollar Tree Inc. (NASDAQ:DLTR)

This company has been moved to the archive! The financial data has not been updated since November 22, 2022.

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Dollar Tree Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Jan 29, 2022 Jan 30, 2021 Feb 1, 2020 Feb 2, 2019 Feb 3, 2018 Jan 28, 2017
Current portion of long-term debt 0.00 0.00 1.28 0.00 5.61 0.97
Current portion of operating lease liabilities 6.48 6.51 6.54 0.00 0.00 0.00
Accounts payable 8.67 7.15 6.83 10.49 7.19 7.13
Income taxes payable 0.38 0.42 0.32 0.44 0.19 0.57
Taxes, other than income taxes 1.44 1.47 0.94 1.18 1.08 1.04
Compensation and benefits 0.57 0.79 0.53 0.90 0.95 1.24
Insurance 0.56 0.56 0.57 0.79 0.65 0.65
Accrued construction costs 0.31 0.22 0.26 0.32 0.28 0.19
Accrued supplies 0.13 0.12 0.00 0.00 0.00 0.00
Other 0.68 0.78 0.86 1.40 1.56 1.62
Other current liabilities 3.69% 3.94% 3.16% 4.59% 4.51% 4.74%
Current liabilities 19.23% 18.02% 18.12% 15.52% 17.51% 13.41%
Long-term debt, net, excluding current portion 15.73 15.59 17.99 31.59 29.16 39.29
Operating lease liabilities, long-term 23.69 24.48 25.44 0.00 0.00 0.00
Unfavorable lease rights, net of accumulated amortization 0.00 0.00 0.00 0.58 0.61 0.79
Deferred income taxes, net 4.54 4.90 5.03 7.21 6.03 9.29
Income taxes payable, long-term 0.10 0.11 0.15 0.26 0.27 0.45
Other liabilities 1.18 1.70 1.32 3.04 2.45 2.44
Noncurrent liabilities 45.24% 46.77% 49.93% 42.68% 38.52% 52.26%
Total liabilities 64.47% 64.80% 68.05% 58.20% 56.03% 65.68%
Common stock, par value $0.01 0.01 0.01 0.01 0.02 0.01 0.02
Additional paid-in capital 5.73 10.33 12.54 19.28 15.58 15.74
Accumulated other comprehensive loss -0.16 -0.17 -0.20 -0.28 -0.20 -0.24
Retained earnings 29.96 25.03 19.61 22.78 28.57 18.80
Shareholders’ equity 35.53% 35.20% 31.95% 41.80% 43.97% 34.32%
Total liabilities and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2022-01-29), 10-K (reporting date: 2021-01-30), 10-K (reporting date: 2020-02-01), 10-K (reporting date: 2019-02-02), 10-K (reporting date: 2018-02-03), 10-K (reporting date: 2017-01-28).

An analysis of the common-size balance sheet reveals a capital structure characterized by a significant reliance on liabilities, which consistently represent between 56% and 68% of total liabilities and shareholders' equity from 2017 to 2022. While total liabilities experienced a dip in 2018 and 2019, they rose sharply in 2020 before stabilizing around 64.5% in the subsequent two years.

Debt and Lease Obligations
A notable transition in the composition of noncurrent liabilities is observed. Long-term debt, net of current portions, declined substantially from 39.29% of the total balance sheet in 2017 to 15.73% by 2022. This reduction coincides with the introduction of operating lease liabilities starting in 2020, which immediately accounted for 25.44% of noncurrent liabilities and 6.54% of current liabilities. By 2022, long-term operating lease liabilities remained a primary component of the capital structure at 23.69%.
Current Liability Trends
Current liabilities have shown a gradual upward trend, increasing from 13.41% in 2017 to 19.23% in 2022. Accounts payable remained a significant driver of this segment, fluctuating between 6.83% and 10.49% over the period. Other current liabilities and tax-related payables remained relatively stable, though there is a visible increase in the relative weight of accounts payable toward the end of the analyzed period.
Shareholders' Equity Evolution
The composition of shareholders' equity reflects a shift from contributed capital to earned capital. Additional paid-in capital saw a marked decline, falling from 15.74% in 2017 to 5.73% in 2022. Conversely, retained earnings exhibited a general growth trajectory, rising from 18.80% in 2017 to 29.96% in 2022, despite a temporary contraction in 2020. This indicates that a larger portion of the company's equity is being funded through accumulated earnings rather than external equity infusions.
Other Noncurrent Liabilities
Deferred income taxes, net, showed a steady downward trend, decreasing from 9.29% in 2017 to 4.54% in 2022. Other noncurrent liabilities also decreased over the long term, moving from 2.44% in 2017 to 1.18% in 2022, contributing to the overall realignment of the noncurrent liability profile.

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