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.

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).

Current liabilities: Current liabilities increased substantially from approximately $3.0 billion in early 2019 to $6.7 billion by early 2024, reflecting a more than twofold rise. This growth is particularly notable in the current portion of operating lease liabilities, which showed a consistent upward trajectory from approximately $964.8 million in 2020 to nearly $1.39 billion in 2024. Conversely, the current portion of long-term obligations appears irregular, with a significant jump to $768.6 million in 2024 after several years of missing data.
Accounts payable and accrued expenses: Accounts payable grew steadily from about $2.39 billion in 2019 to $3.59 billion by 2024, indicating expanded purchasing activity or timing differences in payments. Accrued expenses and other liabilities followed a similar upward trend, rising from $618 million in 2019 to just under $972 million in 2024, although the peak was observed in 2022.
Compensation and benefits: Compensation and benefits expenses more than doubled from $121 million in 2019 to peak at $269 million in 2021, before declining significantly to $146 million by 2024. This volatility could indicate operational changes or reclassifications in expense reporting.
Self-insurance reserves: Both current and noncurrent self-insurance reserves showed a steady increase over the period. Combined reserves increased from approximately $237 million in 2019 to over $308 million by 2024, reflecting a cautious stance towards insurance liabilities and risk management.
Taxes: Taxes other than income taxes rose sharply from $184 million in 2019 to a peak of $324 million in 2022, then declined to $276 million in 2024. Meanwhile, income taxes payable fluctuated modestly around $8 million to $16 million, suggesting relatively stable current income tax obligations year to year.
Long-term obligations: Long-term obligations, excluding current portions, increased significantly from $2.86 billion in 2019 to a peak of about $7 billion in 2023 before receding to $6.23 billion in 2024. Long-term operating lease liabilities also increased steadily from around $7.82 billion in 2020 to $9.7 billion in 2024, indicating a growing lease commitment over time.
Deferred taxes and other noncurrent liabilities: Deferred income taxes demonstrated a consistent upward trend from $610 million in 2019 to over $1.13 billion by 2024. Other noncurrent liabilities fluctuated but generally increased, despite some volatility, ending at $252 million in 2024 compared to $298 million in 2019.
Total liabilities: Total liabilities surged from $6.79 billion in 2019 to $24.05 billion in early 2024, more than tripling during this timeframe. This growth reflects increases across both current and noncurrent liabilities, driven largely by rising lease liabilities and long-term debt.
Shareholders’ equity: Equity showed moderate volatility over the period. It increased from $6.42 billion in 2019 to peak at $6.70 billion in 2020, then declined to $5.54 billion in 2023 before recovering to $6.75 billion in 2024. The fluctuations appear linked chiefly to changes in retained earnings, which dropped sharply from $3.16 billion in 2020 to $1.66 billion in 2023, before rebounding to nearly $2.80 billion in 2024.
Capital stock and paid-in capital: Common stock par value steadily declined from $227 million in 2019 to about $192 million in 2023, showing a slight rise in 2024. Meanwhile, additional paid-in capital demonstrated a consistent increase from $3.25 billion in 2019 to $3.76 billion in 2024, indicating ongoing capital contributions or equity transactions.
Overall financial structure: The company exhibits a considerable rise in liabilities, particularly lease-related and long-term debt obligations, which has driven total liabilities to roughly 78% of the combined liabilities and equity base by 2024. Despite the growth in liabilities, shareholders' equity remains relatively stable, with resilience shown in the latest period after earlier declines. The increasing deferred tax liabilities and self-insurance reserves indicate careful tax planning and risk provisioning approaches.

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Dollar General Corp. (NYSE:DG)

Balance Sheet: Liabilities and Stockholders’ Equity