Name: Dollar General Corp. (NYSE:DG) | Liabilities and Stockholders’ Equity
Creator: Stock Analysis on Net

Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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Dollar General Corp., consolidated balance sheet: liabilities and stockholders’ equity

US$ in thousands

	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Current portion of long-term obligations	768,645)	—)	—)	—)	555)	1,950)
Current portion of operating lease liabilities	1,387,083)	1,288,939)	1,183,559)	1,074,079)	964,805)	—)
Accounts payable	3,587,374)	3,552,991)	3,738,604)	3,614,089)	2,860,682)	2,385,469)
Compensation and benefits	145,665)	214,472)	215,355)	269,032)	135,492)	121,375)
Self-insurance reserves	151,317)	136,911)	127,719)	110,321)	109,291)	107,380)
Taxes, other than taxes on income	275,636)	296,343)	324,438)	318,552)	192,656)	183,941)
Other	399,272)	389,193)	381,627)	308,647)	271,717)	205,709)
Accrued expenses and other	971,890)	1,036,919)	1,049,139)	1,006,552)	709,156)	618,405)
Income taxes payable	10,709)	8,919)	8,055)	16,063)	8,362)	10,033)
Current liabilities	6,725,701)	5,887,768)	5,979,357)	5,710,783)	4,543,560)	3,015,857)
Long-term obligations, excluding current portion	6,231,539)	7,009,399)	4,172,068)	4,130,975)	2,911,438)	2,862,740)
Long-term operating lease liabilities, excluding current portion	9,703,499)	9,362,761)	8,890,709)	8,385,388)	7,819,683)	—)
Deferred income taxes	1,133,784)	1,060,906)	825,254)	710,549)	675,227)	609,687)
Self-insurance reserves	156,600)	137,800)	129,692)	134,765)	131,281)	130,022)
Payroll tax liabilities	—)	—)	—)	81,488)	—)	—)
Deferred rent	—)	—)	—)	—)	—)	70,139)
Deferred gain on sale leaseback	—)	—)	—)	—)	—)	40,303)
Other	95,349)	82,961)	68,305)	47,438)	41,395)	57,897)
Other liabilities	251,949)	220,761)	197,997)	263,691)	172,676)	298,361)
Noncurrent liabilities	17,320,771)	17,653,827)	14,086,028)	13,490,603)	11,579,024)	3,770,788)
Total liabilities	24,046,472)	23,541,595)	20,065,385)	19,201,386)	16,122,584)	6,786,645)
Preferred stock	—)	—)	—)	—)	—)	—)
Common stock; $0.875 par value	192,206)	191,718)	201,265)	210,687)	220,444)	227,072)
Additional paid-in capital	3,757,005)	3,693,871)	3,587,914)	3,446,612)	3,322,531)	3,252,421)
Retained earnings	2,799,415)	1,656,140)	2,473,999)	3,006,102)	3,162,660)	2,941,107)
Accumulated other comprehensive income (loss)	493)	43)	(1,192)	(2,163)	(3,135)	(3,207)
Shareholders’ equity	6,749,119)	5,541,772)	6,261,986)	6,661,238)	6,702,500)	6,417,393)
Total liabilities and shareholders’ equity	30,795,591)	29,083,367)	26,327,371)	25,862,624)	22,825,084)	13,204,038)

Based on: 10-K (reporting date: 2024-02-02), 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).

Total liabilities experienced a substantial increase over the analyzed period, rising from $6.79 billion in 2019 to $24.05 billion by 2024. A significant escalation occurred between 2019 and 2020, where total liabilities more than doubled, primarily due to the introduction and growth of lease-related obligations on the balance sheet. Total shareholders' equity remained relatively stable in comparison, fluctuating between a low of $5.54 billion in 2023 and a high of $6.75 billion in 2024.

Current Liabilities Trends: Current liabilities grew from $3.02 billion in 2019 to $6.73 billion in 2024. Accounts payable showed a consistent upward trajectory for most of the period, increasing from $2.39 billion in 2019 to $3.59 billion in 2024. Current operating lease liabilities grew steadily from $964.8 million in 2020 to $1.39 billion in 2024. Notably, the current portion of long-term obligations remained negligible until 2024, when it spiked to $768.6 million.
Noncurrent Liabilities and Long-Term Debt: Noncurrent liabilities rose from $3.77 billion in 2019 to $17.32 billion in 2024. Long-term operating lease liabilities represent the largest component of this growth, increasing from $7.82 billion in 2020 to $9.70 billion in 2024. Long-term obligations, excluding the current portion, saw a significant increase from $2.86 billion in 2019, peaking at $7.01 billion in 2023 before moderating to $6.23 billion in 2024. Deferred income taxes also trended upward, rising from $609.7 million in 2019 to $1.13 billion in 2024.
Stockholders' Equity and Retained Earnings: Shareholders' equity exhibited volatility, ending the period at $6.75 billion, slightly above the 2019 level of $6.42 billion. Retained earnings showed a marked decline from a peak of $3.16 billion in 2020 to a low of $1.66 billion in 2023, followed by a sharp recovery to $2.80 billion in 2024. Additional paid-in capital saw a gradual and steady increase from $3.25 billion in 2019 to $3.76 billion in 2024.
Overall Leverage and Capital Structure: The capital structure shifted toward significantly higher leverage. The ratio of total liabilities to shareholders' equity expanded from approximately 1.06 in 2019 to 3.56 in 2024. This shift is predominantly attributed to the accumulation of long-term lease liabilities and an increase in long-term debt obligations, while the equity base remained relatively stagnant.

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