Dollar General Corp., balance sheet: debt

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)
Long-term obligations, excluding current portion	6,231,539)	7,009,399)	4,172,068)	4,130,975)	2,911,438)	2,862,740)
Total long-term obligations, including current portion (carrying amount)	7,000,184)	7,009,399)	4,172,068)	4,130,975)	2,911,993)	2,864,690)

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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. total debt increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

	Feb 2, 2024
Selected Financial Data (US$ in thousands)
Total long-term obligations, including current portion (fair value)	6,856,163)
Financial Ratio
Debt, fair value to carrying amount ratio	0.98

Weighted average borrowing rate: 4.49%

Interest rate	Debt amount¹	Interest rate × Debt amount
4.25%	749,770)	31,865)
4.15%	499,838)	20,743)
3.88%	599,840)	23,244)
4.63%	549,600)	25,419)
4.13%	499,763)	20,615)
5.20%	499,876)	25,994)
3.50%	951,240)	33,293)
5.00%	697,845)	34,892)
5.45%	998,479)	54,417)
4.13%	495,330)	20,432)
5.50%	299,712)	16,484)
Total	6,841,293)	307,399)
4.49%

¹ US$ in thousands

² Weighted-average interest rate = 100 × 307,399 ÷ 6,841,293 = 4.49%

Dollar General Corp., interest costs incurred

US$ in thousands

12 months ended:	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Interest expense	326,781)	211,273)	157,526)	150,385)	100,574)	99,871)
Interest costs capitalized	12,500)	4,800)	1,200)	100)	2,700)	3,700)
Interest costs incurred	339,281)	216,073)	158,726)	150,485)	103,274)	103,571)

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Debt item	Description	The company
Interest expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Dollar General Corp. interest expense increased from 2022 to 2023 and from 2023 to 2024.
Interest costs capitalized	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Dollar General Corp. interest costs capitalized increased from 2022 to 2023 and from 2023 to 2024.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	Dollar General Corp. interest costs incurred increased from 2022 to 2023 and from 2023 to 2024.

	Feb 2, 2024	Feb 3, 2023	Jan 28, 2022	Jan 29, 2021	Jan 31, 2020	Feb 1, 2019
Selected Financial Data (US$ in thousands)
Net income	1,661,274)	2,415,989)	2,399,232)	2,655,050)	1,712,555)	1,589,472)
Add: Income tax expense	458,245)	700,625)	663,917)	749,330)	489,175)	425,944)
Add: Interest expense	326,781)	211,273)	157,526)	150,385)	100,574)	99,871)
Earnings before interest and tax (EBIT)	2,446,300)	3,327,887)	3,220,675)	3,554,765)	2,302,304)	2,115,287)

Interest costs incurred	339,281)	216,073)	158,726)	150,485)	103,274)	103,571)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	7.49	15.75	20.45	23.64	22.89	21.18
Adjusted interest coverage ratio (with capitalized interest)²	7.21	15.40	20.29	23.62	22.29	20.42

2024 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= 2,446,300 ÷ 326,781 = 7.49

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 2,446,300 ÷ 339,281 = 7.21

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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. adjusted interest coverage ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Dollar General Corp. (NYSE:DG)

Analysis of Debt