Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Dollar General Corp. (NYSE:DG)

Analysis of Debt

Advanced level

Total Debt (Carrying Amount)

Dollar General Corp., balance sheet: debt

US$ in thousands

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016 Jan 30, 2015
Current portion of long-term obligations 555  1,950  401,345  500,950  1,379  101,158 
Long-term obligations, excluding current portion 2,911,438  2,862,740  2,604,613  2,710,576  2,969,175  2,639,427 
Total long-term obligations, including current portion (carrying amount) 2,911,993  2,864,690  3,005,958  3,211,526  2,970,554  2,740,585 

Based on: 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-22), 10-K (filing date: 2018-03-23), 10-K (filing date: 2017-03-24), 10-K (filing date: 2016-03-22), 10-K (filing date: 2015-03-20).

Debt item Description The company
Total long-term obligations, including current portion (carrying amount) Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. Dollar General Corp.’s total debt decreased from 2018 to 2019 but then slightly increased from 2019 to 2020.

Total Debt (Fair Value)

Microsoft Excel LibreOffice Calc
Jan 31, 2020
Selected Financial Data (US$ in thousands)
Total long-term obligations, including current portion (fair value) 3,142,019 
Financial Ratio
Debt, fair value to carrying amount ratio 1.08

Based on: 10-K (filing date: 2020-03-19).


Weighted-average Interest Rate on Debt

Weighted average borrowing rate: 3.46%

Interest Rate Debt Amount1 Interest Rate × Debt Amount Weighted-average Interest Rate2
3.25% 899,163  29,223 
4.15% 499,511  20,730 
3.88% 599,664  23,237 
4.13% 499,572  20,607 
1.70% 425,200  7,228 
Total 2,923,110  101,025 
3.46%

Based on: 10-K (filing date: 2020-03-19).

1 US$ in thousands

2 Weighted-average interest rate = 100 × 101,025 ÷ 2,923,110 = 3.46%


Interest Costs Incurred

Dollar General Corp., interest costs incurred

US$ in thousands

Microsoft Excel LibreOffice Calc
12 months ended: Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016 Jan 30, 2015
Interest expense 100,574  99,871  97,036  97,821  86,944  88,232 
Interest costs capitalized 2,700  3,700  2,000  1,400  1,400  200 
Interest costs incurred 103,274  103,571  99,036  99,221  88,344  88,432 

Based on: 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-22), 10-K (filing date: 2018-03-23), 10-K (filing date: 2017-03-24), 10-K (filing date: 2016-03-22), 10-K (filing date: 2015-03-20).

Debt item Description The company
Interest expense Amount of the cost of borrowed funds accounted for as interest expense for debt. Dollar General Corp.’s interest expense increased from 2018 to 2019 and from 2019 to 2020.
Interest costs capitalized Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. Dollar General Corp.’s interest costs capitalized increased from 2018 to 2019 but then slightly decreased from 2019 to 2020 not reaching 2018 level.
Interest costs incurred Total interest costs incurred during the period and either capitalized or charged against earnings. Dollar General Corp.’s interest costs incurred increased from 2018 to 2019 but then slightly decreased from 2019 to 2020.

Adjusted Interest Coverage Ratio

Microsoft Excel LibreOffice Calc
Jan 31, 2020 Feb 1, 2019 Feb 2, 2018 Feb 3, 2017 Jan 29, 2016 Jan 30, 2015
Selected Financial Data (US$ in thousands)
Net income 1,712,555  1,589,472  1,538,960  1,251,133  1,165,080  1,065,345 
Add: Income tax expense 489,175  425,944  368,320  714,495  687,944  615,516 
Add: Interest expense 100,574  99,871  97,036  97,821  86,944  88,232 
Earnings before interest and tax (EBIT) 2,302,304  2,115,287  2,004,316  2,063,449  1,939,968  1,769,093 
 
Interest costs incurred 103,274  103,571  99,036  99,221  88,344  88,432 
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)1 22.89 21.18 20.66 21.09 22.31 20.05
Adjusted interest coverage ratio (with capitalized interest)2 22.29 20.42 20.24 20.80 21.96 20.01

Based on: 10-K (filing date: 2020-03-19), 10-K (filing date: 2019-03-22), 10-K (filing date: 2018-03-23), 10-K (filing date: 2017-03-24), 10-K (filing date: 2016-03-22), 10-K (filing date: 2015-03-20).

2020 Calculations

1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= 2,302,304 ÷ 100,574 = 22.89

2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 2,302,304 ÷ 103,274 = 22.29


Solvency ratio Description The company
Adjusted interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). Dollar General Corp.’s adjusted interest coverage ratio improved from 2018 to 2019 and from 2019 to 2020.