Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Dollar General Corp., income tax expense (benefit), continuing operations

US$ in thousands

12 months ended:	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
Federal	400,752)	472,913)	614,207)	368,451)	320,361)	426,933)
Foreign	279)	384)	127)	102)	159)	105)
State	63,562)	76,261)	100,002)	65,215)	53,091)	79,011)
Current	464,593)	549,558)	714,336)	433,768)	373,611)	506,049)
Federal	195,529)	93,114)	32,433)	45,966)	48,262)	(159,728)
Foreign	(24)	(38)	(104)	(15)	(38)	(22)
State	40,527)	21,283)	2,665)	9,456)	4,109)	22,021)
Deferred	236,032)	114,359)	34,994)	55,407)	52,333)	(137,729)
Provision for income taxes	700,625)	663,917)	749,330)	489,175)	425,944)	368,320)

Based on: 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01), 10-K (reporting date: 2018-02-02).

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Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Dollar General Corp. current decreased from 2021 to 2022 and from 2022 to 2023.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Dollar General Corp. deferred increased from 2021 to 2022 and from 2022 to 2023.
Provision for income taxes	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Dollar General Corp. provision for income taxes decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Dollar General Corp., effective income tax rate (EITR) reconciliation

	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
U.S. federal statutory tax rate	21.00%	21.00%	21.00%	21.00%	21.00%	33.70%
State income taxes, net of federal income tax benefit	2.60%	2.50%	2.40%	2.80%	2.20%	3.20%
Jobs credits, net of federal income taxes	-1.20%	-1.30%	-0.80%	-1.30%	-1.40%	-1.40%
Increase (decrease) in valuation allowances, net of federal taxes	0.00%	0.00%	0.00%	0.00%	0.00%	0.20%
Other, net	0.10%	-0.50%	-0.60%	-0.30%	-0.10%	-0.10%
Effective income tax rate, before impact of federal tax rate changes	22.50%	21.70%	22.00%	22.20%	21.70%	35.60%
Impact of federal tax rate changes	0.00%	0.00%	0.00%	0.00%	-0.60%	-16.30%
Effective income tax rate	22.50%	21.70%	22.00%	22.20%	21.10%	19.30%

Based on: 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01), 10-K (reporting date: 2018-02-02).

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Item	Description	The company
Effective income tax rate, before impact of federal tax rate changes	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Dollar General Corp. effective income tax rate, before impact of federal tax rate changes decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Dollar General Corp., components of deferred tax assets and liabilities

US$ in thousands

	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
Deferred compensation expense	12,029)	11,563)	9,161)	7,556)	6,490)	6,522)
Accrued expenses	7,274)	26,984)	52,195)	16,788)	3,278)	3,324)
Accrued rent	473)	552)	650)	401)	22,668)	23,418)
Lease liabilities	2,760,588)	2,617,954)	2,459,976)	2,167,780)	—)	—)
Accrued insurance	7,514)	6,971)	6,550)	5,895)	6,869)	8,630)
Accrued incentive compensation	26,534)	30,716)	46,083)	16,721)	15,219)	6,394)
Share based compensation	15,309)	16,605)	19,495)	16,321)	15,713)	13,442)
Interest rate hedges	31)	383)	730)	1,076)	1,421)	1,765)
Tax benefit of income tax and interest reserves related to uncertain tax positions	77)	79)	189)	164)	472)	365)
Deferred gain on sale-leaseback	—)	—)	—)	—)	11,649)	12,847)
State and foreign tax net operating loss carry forwards, net of federal tax	4,279)	903)	804)	555)	598)	602)
State tax credit carry forwards, net of federal tax	7,812)	6,973)	6,619)	7,534)	8,245)	8,350)
Other	22,756)	16,715)	6,823)	3,702)	3,942)	3,900)
Deferred tax assets, before valuation allowances	2,864,676)	2,736,398)	2,609,275)	2,244,493)	96,564)	89,559)
Valuation allowances, net of federal income taxes	(9,001)	(5,235)	(4,077)	(4,077)	(4,433)	(4,435)
Deferred tax assets	2,855,675)	2,731,163)	2,605,198)	2,240,416)	92,131)	85,124)
Property and equipment	(684,468)	(572,286)	(481,279)	(389,080)	(322,575)	(255,215)
Lease assets	(2,728,507)	(2,588,709)	(2,433,195)	(2,143,996)	—)	—)
Inventories	(176,798)	(68,780)	(74,985)	(59,075)	(56,221)	(46,244)
Trademarks	(307,734)	(310,011)	(312,258)	(310,862)	(308,793)	(269,820)
Prepaid insurance	(17,870)	(15,278)	(13,532)	(11,933)	(12,639)	(22,875)
Other	(1,204)	(1,353)	(498)	(697)	(1,590)	(6,672)
Deferred tax liabilities	(3,916,581)	(3,556,417)	(3,315,747)	(2,915,643)	(701,818)	(600,826)
Net deferred tax assets (liabilities)	(1,060,906)	(825,254)	(710,549)	(675,227)	(609,687)	(515,702)

Based on: 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01), 10-K (reporting date: 2018-02-02).

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Item	Description	The company
Deferred tax assets, before valuation allowances	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Dollar General Corp. deferred tax assets, before valuation allowances increased from 2021 to 2022 and from 2022 to 2023.
Deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Dollar General Corp. deferred tax assets increased from 2021 to 2022 and from 2022 to 2023.
Net deferred tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Dollar General Corp. net deferred tax assets (liabilities) decreased from 2021 to 2022 and from 2022 to 2023.

Dollar General Corp., deferred tax assets and liabilities, classification

US$ in thousands

		Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
	Deferred tax liabilities	1,060,906)	825,254)	710,549)	675,227)	609,687)	515,702)

Based on: 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01), 10-K (reporting date: 2018-02-02).

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Item	Description	The company
Deferred tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Dollar General Corp. deferred tax liabilities increased from 2021 to 2022 and from 2022 to 2023.

Dollar General Corp., adjustments to financial statements

US$ in thousands

	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
Adjustment to Total Liabilities
Total liabilities (as reported)	23,541,595)	20,065,385)	19,201,386)	16,122,584)	6,786,645)	6,391,137)
Less: Noncurrent deferred tax liabilities, net	1,060,906)	825,254)	710,549)	675,227)	609,687)	515,702)
Total liabilities (adjusted)	22,480,689)	19,240,131)	18,490,837)	15,447,357)	6,176,958)	5,875,435)
Adjustment to Shareholders’ Equity
Shareholders’ equity (as reported)	5,541,772)	6,261,986)	6,661,238)	6,702,500)	6,417,393)	6,125,774)
Less: Net deferred tax assets (liabilities)	(1,060,906)	(825,254)	(710,549)	(675,227)	(609,687)	(515,702)
Shareholders’ equity (adjusted)	6,602,678)	7,087,240)	7,371,787)	7,377,727)	7,027,080)	6,641,476)
Adjustment to Net Income
Net income (as reported)	2,415,989)	2,399,232)	2,655,050)	1,712,555)	1,589,472)	1,538,960)
Add: Deferred income tax expense (benefit)	236,032)	114,359)	34,994)	55,407)	52,333)	(137,729)
Net income (adjusted)	2,652,021)	2,513,591)	2,690,044)	1,767,962)	1,641,805)	1,401,231)

Based on: 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01), 10-K (reporting date: 2018-02-02).

Dollar General Corp., Financial Data: Reported vs. Adjusted

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Dollar General Corp., adjusted financial ratios

	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
Net Profit Margin
Reported net profit margin	6.38%	7.01%	7.87%	6.17%	6.20%	6.56%
Adjusted net profit margin	7.01%	7.35%	7.97%	6.37%	6.41%	5.97%
Financial Leverage
Reported financial leverage	5.25	4.20	3.88	3.41	2.06	2.04
Adjusted financial leverage	4.40	3.71	3.51	3.09	1.88	1.88
Return on Equity (ROE)
Reported ROE	43.60%	38.31%	39.86%	25.55%	24.77%	25.12%
Adjusted ROE	40.17%	35.47%	36.49%	23.96%	23.36%	21.10%
Return on Assets (ROA)
Reported ROA	8.31%	9.11%	10.27%	7.50%	12.04%	12.30%
Adjusted ROA	9.12%	9.55%	10.40%	7.75%	12.43%	11.19%

Based on: 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01), 10-K (reporting date: 2018-02-02).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Dollar General Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Dollar General Corp. adjusted financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Dollar General Corp. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Dollar General Corp. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Dollar General Corp., Financial Ratios: Reported vs. Adjusted

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	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
As Reported
Selected Financial Data (US$ in thousands)
Net income	2,415,989)	2,399,232)	2,655,050)	1,712,555)	1,589,472)	1,538,960)
Net sales	37,844,863)	34,220,449)	33,746,839)	27,753,973)	25,625,043)	23,470,967)
Profitability Ratio
Net profit margin¹	6.38%	7.01%	7.87%	6.17%	6.20%	6.56%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income	2,652,021)	2,513,591)	2,690,044)	1,767,962)	1,641,805)	1,401,231)
Net sales	37,844,863)	34,220,449)	33,746,839)	27,753,973)	25,625,043)	23,470,967)
Profitability Ratio
Adjusted net profit margin²	7.01%	7.35%	7.97%	6.37%	6.41%	5.97%

Based on: 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01), 10-K (reporting date: 2018-02-02).

2023 Calculations

¹ Net profit margin = 100 × Net income ÷ Net sales
= 100 × 2,415,989 ÷ 37,844,863 = 6.38%

² Adjusted net profit margin = 100 × Adjusted net income ÷ Net sales
= 100 × 2,652,021 ÷ 37,844,863 = 7.01%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Dollar General Corp. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
As Reported
Selected Financial Data (US$ in thousands)
Total assets	29,083,367)	26,327,371)	25,862,624)	22,825,084)	13,204,038)	12,516,911)
Shareholders’ equity	5,541,772)	6,261,986)	6,661,238)	6,702,500)	6,417,393)	6,125,774)
Solvency Ratio
Financial leverage¹	5.25	4.20	3.88	3.41	2.06	2.04
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Total assets	29,083,367)	26,327,371)	25,862,624)	22,825,084)	13,204,038)	12,516,911)
Adjusted shareholders’ equity	6,602,678)	7,087,240)	7,371,787)	7,377,727)	7,027,080)	6,641,476)
Solvency Ratio
Adjusted financial leverage²	4.40	3.71	3.51	3.09	1.88	1.88

Based on: 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01), 10-K (reporting date: 2018-02-02).

2023 Calculations

¹ Financial leverage = Total assets ÷ Shareholders’ equity
= 29,083,367 ÷ 5,541,772 = 5.25

² Adjusted financial leverage = Total assets ÷ Adjusted shareholders’ equity
= 29,083,367 ÷ 6,602,678 = 4.40

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Dollar General Corp. adjusted financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.

	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
As Reported
Selected Financial Data (US$ in thousands)
Net income	2,415,989)	2,399,232)	2,655,050)	1,712,555)	1,589,472)	1,538,960)
Shareholders’ equity	5,541,772)	6,261,986)	6,661,238)	6,702,500)	6,417,393)	6,125,774)
Profitability Ratio
ROE¹	43.60%	38.31%	39.86%	25.55%	24.77%	25.12%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income	2,652,021)	2,513,591)	2,690,044)	1,767,962)	1,641,805)	1,401,231)
Adjusted shareholders’ equity	6,602,678)	7,087,240)	7,371,787)	7,377,727)	7,027,080)	6,641,476)
Profitability Ratio
Adjusted ROE²	40.17%	35.47%	36.49%	23.96%	23.36%	21.10%

Based on: 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01), 10-K (reporting date: 2018-02-02).

2023 Calculations

¹ ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 2,415,989 ÷ 5,541,772 = 43.60%

² Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity
= 100 × 2,652,021 ÷ 6,602,678 = 40.17%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Dollar General Corp. adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019	Feb 2, 2018
As Reported
Selected Financial Data (US$ in thousands)
Net income	2,415,989)	2,399,232)	2,655,050)	1,712,555)	1,589,472)	1,538,960)
Total assets	29,083,367)	26,327,371)	25,862,624)	22,825,084)	13,204,038)	12,516,911)
Profitability Ratio
ROA¹	8.31%	9.11%	10.27%	7.50%	12.04%	12.30%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income	2,652,021)	2,513,591)	2,690,044)	1,767,962)	1,641,805)	1,401,231)
Total assets	29,083,367)	26,327,371)	25,862,624)	22,825,084)	13,204,038)	12,516,911)
Profitability Ratio
Adjusted ROA²	9.12%	9.55%	10.40%	7.75%	12.43%	11.19%

Based on: 10-K (reporting date: 2023-02-03), 10-K (reporting date: 2022-01-28), 10-K (reporting date: 2021-01-29), 10-K (reporting date: 2020-01-31), 10-K (reporting date: 2019-02-01), 10-K (reporting date: 2018-02-02).

2023 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 2,415,989 ÷ 29,083,367 = 8.31%

² Adjusted ROA = 100 × Adjusted net income ÷ Total assets
= 100 × 2,652,021 ÷ 29,083,367 = 9.12%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Dollar General Corp. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Dollar General Corp. (NYSE:DG)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Dollar General Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Dollar General Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)