Common-Size Balance Sheet: Assets
Quarterly Data
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Dollar General Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2024-08-02), 10-Q (reporting date: 2024-05-03), 10-K (reporting date: 2024-02-02), 10-Q (reporting date: 2023-11-03), 10-Q (reporting date: 2023-08-04), 10-Q (reporting date: 2023-05-05), 10-K (reporting date: 2023-02-03), 10-Q (reporting date: 2022-10-28), 10-Q (reporting date: 2022-07-29), 10-Q (reporting date: 2022-04-29), 10-K (reporting date: 2022-01-28), 10-Q (reporting date: 2021-10-29), 10-Q (reporting date: 2021-07-30), 10-Q (reporting date: 2021-04-30), 10-K (reporting date: 2021-01-29), 10-Q (reporting date: 2020-10-30), 10-Q (reporting date: 2020-07-31), 10-Q (reporting date: 2020-05-01), 10-K (reporting date: 2020-01-31), 10-Q (reporting date: 2019-11-01), 10-Q (reporting date: 2019-08-02), 10-Q (reporting date: 2019-05-03), 10-K (reporting date: 2019-02-01), 10-Q (reporting date: 2018-11-02), 10-Q (reporting date: 2018-08-03), 10-Q (reporting date: 2018-05-04).
- Cash and Cash Equivalents
- Cash and cash equivalents as a percentage of total assets exhibited a generally low trend from 2018 through early 2020, remaining mostly below 2.5%. There was, however, a substantial spike in mid-2020, reaching above 11%, likely reflecting increased cash holdings during the early pandemic period. Subsequent quarters show a noticeable decline back to near baseline levels between 1% and 2.5%, with a slight upward movement again in mid-2024.
- Merchandise Inventories
- Inventory levels as a proportion of total assets started around 28-31% in 2018 and then sharply decreased to below 21% by mid-2019. A further decline occurred around early 2020, dropping to approximately 16-17%, coinciding with the cash increase period. From that point onward, inventories steadily increased through 2022, reaching levels over 24%, then slightly decreased but remained stable near 22% toward mid-2024. This suggests adjustments in inventory management possibly in response to market conditions and supply chain considerations.
- Income Taxes Receivable
- This item fluctuated at relatively low values, generally well below 1% of total assets throughout the examined periods. Peaks occurred sporadically, such as in late 2018 and late 2022, but no sustained trend is readily observable. The overall pattern indicates minor impact on asset composition.
- Prepaid Expenses and Other Current Assets
- These assets reduced sharply from above 2% in early 2018 to below 1% by mid-2019, then maintained a relatively consistent level just under or around 1% for most periods. A gradual upward trend is observable from early 2021 onwards, reaching nearly 1.4% by mid-2024, suggesting increasing prepayments or other current asset components over time.
- Current Assets
- Current assets as a share of total assets experienced a significant drop from approximately 33-35% in early 2018 down to low 20% range starting mid-2019. Exceptionally, during the mid-2020 period associated with elevated cash levels, current assets rose sharply to about 29%, then stabilized mostly in the mid to high 20% range through to mid-2024. This pattern may reflect shifts in liquidity management and working capital policies.
- Net Property and Equipment
- This category consistently decreased from roughly 22% of total assets in 2018 to about 14% by mid-2019, then showed a sustained upward trend from 2020 onwards, culminating near 19.7% in mid-2024. This may indicate capital investment or asset base expansion after a contraction period.
- Operating Lease Assets
- Not reported prior to mid-2019, operating lease assets began to represent a significant portion of total assets, stabilizing around 35-38% thereafter. The slight decline since mid-2021 to near 35% suggests some decrease or amortization of leased assets but overall they remain a substantial component of total assets.
- Goodwill
- Goodwill decreased materially from near 35% of total assets in 2018 to approximately 14% by 2024, displaying a consistent downtrend. This reduction likely stems from amortization or impairment of intangible acquisition-related assets over time, indicating a changing asset composition from purchase-based goodwill to more tangible or operating lease assets.
- Other Intangible Assets, Net
- Other intangible assets also followed a declining trend, from over 9% in 2018 to below 4% by mid-2024. The gradual decline reflects systematic amortization and reduction of intangible value outside goodwill, adding to the narrative of decreasing intangible asset weight in total assets.
- Other Assets, Net
- Other net assets remained minor and stable throughout the period, roughly 0.15% to 0.2% of total assets. This steadiness indicates limited fluctuations or reclassifications in other asset types.
- Noncurrent Assets
- Noncurrent assets made up about two-thirds of total assets in early 2018, dipped in mid-2019 due to major increases in operating lease assets and changes elsewhere, then recovered to approximately 73-76% in 2021-2024. This steady predominance reflects a long-term asset base, with slight cyclicality but overall stable significant presence.
- Total Assets
- All percentages are relative to total assets, consistently summing to 100%. This confirms the internal consistency of the components' trends and shifts over time.