Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Oct. 28, 2022 | Nov. 25, 2022 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Oct. 28, 2022 | |
Entity File Number | 001-11421 | |
Entity Registrant Name | DOLLAR GENERAL CORPORATION | |
Entity Incorporation, State or Country Code | TN | |
Entity Tax Identification Number | 61-0502302 | |
Entity Address, Address Line One | 100 MISSION RIDGE | |
Entity Address, City or Town | GOODLETTSVILLE | |
Entity Address, State or Province | TN | |
Entity Address, Postal Zip Code | 37072 | |
City Area Code | 615 | |
Local Phone Number | 855-4000 | |
Title of 12(b) Security | Common Stock, par value $0.875 per share | |
Trading Symbol | DG | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 223,574,799 | |
Current Fiscal Year End Date | --02-03 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000029534 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Oct. 28, 2022 | Jan. 28, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 362,731 | $ 344,829 |
Merchandise inventories | 7,144,722 | 5,614,325 |
Income taxes receivable | 188,082 | 97,394 |
Prepaid expenses and other current assets | 321,481 | 247,295 |
Total current assets | 8,017,016 | 6,303,843 |
Net property and equipment | 4,927,450 | 4,346,127 |
Operating lease assets | 10,469,374 | 10,092,930 |
Goodwill | 4,338,589 | 4,338,589 |
Other intangible assets, net | 1,199,700 | 1,199,750 |
Other assets, net | 55,029 | 46,132 |
Total assets | 29,007,158 | 26,327,371 |
Current liabilities: | ||
Current portion of operating lease liabilities | 1,257,060 | 1,183,559 |
Accounts payable | 4,127,076 | 3,738,604 |
Accrued expenses and other | 1,110,505 | 1,049,139 |
Income taxes payable | 8,006 | 8,055 |
Total current liabilities | 6,502,647 | 5,979,357 |
Long-term obligations | 5,985,728 | 4,172,068 |
Long-term operating lease liabilities | 9,195,042 | 8,890,709 |
Deferred income taxes | 992,479 | 825,254 |
Other liabilities | 237,456 | 197,997 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock | ||
Common stock | 195,629 | 201,265 |
Additional paid-in capital | 3,676,077 | 3,587,914 |
Retained earnings | 2,222,823 | 2,473,999 |
Accumulated other comprehensive loss | (723) | (1,192) |
Total shareholders' equity | 6,093,806 | 6,261,986 |
Total liabilities and shareholders' equity | $ 29,007,158 | $ 26,327,371 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2022 | Oct. 29, 2021 | Oct. 28, 2022 | Oct. 29, 2021 | |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||
Net sales | $ 9,464,891 | $ 8,517,839 | $ 27,641,956 | $ 25,569,001 |
Cost of goods sold | 6,579,696 | 5,898,400 | 18,970,175 | 17,456,235 |
Gross profit | 2,885,195 | 2,619,439 | 8,671,781 | 8,112,766 |
Selling, general and administrative expenses | 2,149,650 | 1,953,851 | 6,276,653 | 5,688,760 |
Operating profit | 735,545 | 665,588 | 2,395,128 | 2,424,006 |
Interest expense | 53,681 | 39,198 | 136,455 | 119,020 |
Other (income) expense | 415 | 415 | ||
Income before income taxes | 681,449 | 626,390 | 2,258,258 | 2,304,986 |
Income tax expense | 155,282 | 139,359 | 501,404 | 503,187 |
Net income | $ 526,167 | $ 487,031 | $ 1,756,854 | $ 1,801,799 |
Earnings per share | ||||
Basic (in dollars per share) | $ 2.34 | $ 2.09 | $ 7.76 | $ 7.66 |
Diluted (in dollars per share) | $ 2.33 | $ 2.08 | $ 7.72 | $ 7.61 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 224,527 | 232,491 | 226,434 | 235,321 |
Diluted (in shares) | 225,697 | 234,026 | 227,587 | 236,911 |
Dividends per share | $ 0.55 | $ 0.42 | $ 1.65 | $ 1.26 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2022 | Oct. 29, 2021 | Oct. 28, 2022 | Oct. 29, 2021 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net income | $ 526,167 | $ 487,031 | $ 1,756,854 | $ 1,801,799 |
Unrealized net gain (loss) on hedged transactions and currency translation, net of related income tax expense (benefit) of $87, $87, $260 and $260 respectively | 243 | 243 | 469 | 728 |
Comprehensive income | $ 526,410 | $ 487,274 | $ 1,757,323 | $ 1,802,527 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2022 | Oct. 29, 2021 | Oct. 28, 2022 | Oct. 29, 2021 | |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
Unrealized net gain (loss) on hedged transactions, income tax expense (benefit) | $ 87 | $ 87 | $ 260 | $ 260 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total |
Balances at Jan. 29, 2021 | $ 210,687 | $ 3,446,612 | $ 3,006,102 | $ (2,163) | $ 6,661,238 |
Balances (in shares) at Jan. 29, 2021 | 240,785 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income | 1,801,799 | 1,801,799 | |||
Dividends per common share | (295,449) | (295,449) | |||
Unrealized net gain (loss) on hedged transactions and currency translation | 728 | 728 | |||
Share-based compensation expense | 59,518 | 59,518 | |||
Repurchases of common stock | $ (8,663) | (2,051,244) | (2,059,907) | ||
Repurchases of common stock (in shares) | (9,901) | ||||
Other equity and related transactions | $ 719 | 21,155 | 21,874 | ||
Other equity and related transactions (in shares) | 822 | ||||
Balances at Oct. 29, 2021 | $ 202,743 | 3,527,285 | 2,461,208 | (1,435) | 6,189,801 |
Balances (in shares) at Oct. 29, 2021 | 231,706 | ||||
Balances at Jul. 30, 2021 | $ 204,142 | 3,504,850 | 2,429,821 | (1,678) | 6,137,135 |
Balances (in shares) at Jul. 30, 2021 | 233,305 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income | 487,031 | 487,031 | |||
Dividends per common share | (97,313) | (97,313) | |||
Unrealized net gain (loss) on hedged transactions and currency translation | 243 | 243 | |||
Share-based compensation expense | 19,615 | 19,615 | |||
Repurchases of common stock | $ (1,428) | (358,331) | (359,759) | ||
Repurchases of common stock (in shares) | (1,633) | ||||
Other equity and related transactions | $ 29 | 2,820 | 2,849 | ||
Other equity and related transactions (in shares) | 34 | ||||
Balances at Oct. 29, 2021 | $ 202,743 | 3,527,285 | 2,461,208 | (1,435) | 6,189,801 |
Balances (in shares) at Oct. 29, 2021 | 231,706 | ||||
Balances at Jan. 28, 2022 | $ 201,265 | 3,587,914 | 2,473,999 | (1,192) | 6,261,986 |
Balances (in shares) at Jan. 28, 2022 | 230,016 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income | 1,756,854 | 1,756,854 | |||
Dividends per common share | (372,428) | (372,428) | |||
Unrealized net gain (loss) on hedged transactions and currency translation | 469 | 469 | |||
Share-based compensation expense | 57,562 | 57,562 | |||
Repurchases of common stock | $ (6,249) | (1,635,602) | (1,641,851) | ||
Repurchases of common stock (in shares) | (7,142) | ||||
Other equity and related transactions | $ 613 | 30,601 | 31,214 | ||
Other equity and related transactions (in shares) | 701 | ||||
Balances at Oct. 28, 2022 | $ 195,629 | 3,676,077 | 2,222,823 | (723) | 6,093,806 |
Balances (in shares) at Oct. 28, 2022 | 223,575 | ||||
Balances at Jul. 29, 2022 | $ 197,372 | 3,627,987 | 2,364,098 | (966) | 6,188,491 |
Balances (in shares) at Jul. 29, 2022 | 225,567 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income | 526,167 | 526,167 | |||
Dividends per common share | (122,960) | (122,960) | |||
Unrealized net gain (loss) on hedged transactions and currency translation | 243 | 243 | |||
Share-based compensation expense | 15,469 | 15,469 | |||
Repurchases of common stock | $ (1,973) | (544,482) | (546,455) | ||
Repurchases of common stock (in shares) | (2,256) | ||||
Other equity and related transactions | $ 230 | 32,621 | 32,851 | ||
Other equity and related transactions (in shares) | 264 | ||||
Balances at Oct. 28, 2022 | $ 195,629 | $ 3,676,077 | $ 2,222,823 | $ (723) | $ 6,093,806 |
Balances (in shares) at Oct. 28, 2022 | 223,575 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||||
Oct. 28, 2022 | Jul. 29, 2022 | Apr. 29, 2022 | Oct. 29, 2021 | Oct. 28, 2022 | Oct. 29, 2021 | |
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY | ||||||
Dividends per share | $ 0.55 | $ 0.55 | $ 0.55 | $ 0.42 | $ 1.65 | $ 1.26 |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Oct. 28, 2022 | Oct. 29, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 1,756,854 | $ 1,801,799 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 532,514 | 474,945 |
Deferred income taxes | 166,965 | 70,422 |
Noncash share-based compensation | 57,562 | 59,518 |
Other noncash (gains) and losses | 365,500 | 114,922 |
Change in operating assets and liabilities: | ||
Merchandise inventories | (1,885,434) | (160,097) |
Prepaid expenses and other current assets | (81,836) | (70,038) |
Accounts payable | 377,478 | (61,756) |
Accrued expenses and other liabilities | 54,134 | 36,910 |
Income taxes | (90,737) | (34,284) |
Other | (4,813) | (5,625) |
Net cash provided by (used in) operating activities | 1,248,187 | 2,226,716 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (1,078,208) | (779,406) |
Proceeds from sales of property and equipment | 2,388 | 3,968 |
Net cash provided by (used in) investing activities | (1,075,820) | (775,438) |
Cash flows from financing activities: | ||
Issuance of long-term obligations | 2,296,053 | |
Repayments of long-term obligations | (907,731) | (5,712) |
Net increase (decrease) in commercial paper outstanding | 456,800 | |
Costs associated with issuance of debt | (16,521) | |
Repurchases of common stock | (1,641,851) | (2,059,907) |
Payments of cash dividends | (372,423) | (295,420) |
Other equity and related transactions | 31,208 | 21,846 |
Net cash provided by (used in) financing activities | (154,465) | (2,339,193) |
Net increase (decrease) in cash and cash equivalents | 17,902 | (887,915) |
Cash and cash equivalents, beginning of period | 344,829 | 1,376,577 |
Cash and cash equivalents, end of period | 362,731 | 488,662 |
Supplemental noncash investing and financing activities: | ||
Right of use assets obtained in exchange for new operating lease liabilities | 1,314,045 | 1,373,392 |
Purchases of property and equipment awaiting processing for payment, included in Accounts payable | $ 152,579 | $ 98,421 |
Basis of presentation
Basis of presentation | 9 Months Ended |
Oct. 28, 2022 | |
Basis of presentation | |
Basis of presentation | 1. Basis of presentation The accompanying unaudited condensed consolidated financial statements of Dollar General Corporation (which individually or together with its subsidiaries, as the context requires, is referred to as the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and are presented in accordance with the requirements of Form 10-Q and Rule 10-01 of Regulation S-X. Such financial statements consequently do not include all of the disclosures normally required by U.S. GAAP for annual financial statements or those normally made in the Company’s Annual Report on Form 10-K, including the condensed consolidated balance sheet as of January 28, 2022 which was derived from the audited consolidated financial statements at that date. Accordingly, readers of this Quarterly Report on Form 10-Q should refer to the Company’s Annual Report on Form 10-K for the fiscal year ended January 28, 2022 for additional information. The Company’s fiscal year ends on the Friday closest to January 31. Unless the context requires otherwise, references to years contained herein pertain to the Company’s fiscal year. The Company’s 2022 fiscal year is scheduled to be a 53-week accounting period ending on February 3, 2023, and the 2021 fiscal year was a 52-week accounting period that ended on January 28, 2022. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the Company’s customary accounting practices. In management’s opinion, all adjustments (which are of a normal recurring nature) necessary for a fair presentation of the consolidated financial position as of October 28, 2022 and results of operations for the 13-week and 39-week accounting periods ended October 28, 2022 and October 29, 2021 have been made. The preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Because the Company’s business is moderately seasonal, the results for interim periods are not necessarily indicative of the results to be expected for the entire year. In addition, the effect of the COVID-19 pandemic and the governmental response thereto on consumer behavior beginning in the first quarter of 2020 resulted in a departure from seasonal norms experienced in recent years and may continue to disrupt the historical quarterly cadence of the Company’s results of operations for an unknown period of time. The Company uses the last-in, first-out (“LIFO”) method of valuing inventory. An actual valuation of inventory under the LIFO method is made at the end of each year based on the inventory levels and costs at that time. Accordingly, interim LIFO calculations are based on management’s estimates of expected year-end inventory levels, sales for the year and the expected rate of inflation or deflation for the year. The interim LIFO calculations are subject to adjustment in the final year-end LIFO inventory valuation. The Company recorded a LIFO provision of $147.8 million and $60.5 million in the respective 13-week periods, and $353.6 million and $108.7 million in the respective 39-week periods, ended October 28, 2022 and October 29, 2021. In addition, ongoing estimates of inventory shrinkage and initial markups and markdowns are included in the interim cost of goods sold calculation. In March 2020 and January 2021, the Financial Accounting Standards Board (“FASB”) issued accounting standards updates pertaining to reference rate reform. This collective guidance is in response to accounting concerns regarding contract modifications and hedge accounting because of impending rate reform associated with structural risks of interbank offered rates (IBORs), and, particularly, the risk of cessation of LIBOR, related to regulators in several jurisdictions around the world having undertaken reference rate reform initiatives to identify alternative reference rates. The guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. This guidance is effective for all entities as of March 12, 2020 and must be adopted by December 31, 2022. The Company does not expect the adoption of this guidance to have a material impact on its consolidated results of operations, financial position or cash flows. |
Earnings per share
Earnings per share | 9 Months Ended |
Oct. 28, 2022 | |
Earnings per share | |
Earnings per share | 2. Earnings per share Earnings per share is computed as follows (in thousands, except per share data): 13 Weeks Ended October 28, 2022 13 Weeks Ended October 29, 2021 Weighted Weighted Net Average Per Share Net Average Per Share Income Shares Amount Income Shares Amount Basic earnings per share $ 526,167 224,527 $ 2.34 $ 487,031 232,491 $ 2.09 Effect of dilutive share-based awards 1,170 1,535 Diluted earnings per share $ 526,167 225,697 $ 2.33 $ 487,031 234,026 $ 2.08 39 Weeks Ended October 28, 2022 39 Weeks Ended October 29, 2021 Weighted Weighted Net Average Per Share Net Average Per Share Income Shares Amount Income Shares Amount Basic earnings per share $ 1,756,854 226,434 $ 7.76 $ 1,801,799 235,321 $ 7.66 Effect of dilutive share-based awards 1,153 1,590 Diluted earnings per share $ 1,756,854 227,587 $ 7.72 $ 1,801,799 236,911 $ 7.61 Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is determined based on the dilutive effect of share-based awards using the treasury stock method. Share-based awards that were outstanding at the end of the respective periods but were not included in the computation of diluted earnings per share because the effect of exercising such awards would be antidilutive, were approximately 0.1 million in each of the respective 13-week periods and 39-week periods, ended October 28, 2022 and October 29, 2021. |
Income taxes
Income taxes | 9 Months Ended |
Oct. 28, 2022 | |
Income taxes | |
Income taxes | 3. Income taxes Under the accounting standards for income taxes, the asset and liability method is used for computing the future income tax consequences of events that have been recognized in the Company’s consolidated financial statements or income tax returns. Income tax reserves are determined using the methodology established by accounting standards for income taxes which require companies to assess each income tax position taken using the following two-step approach. A determination is first made as to whether it is more likely than not that the position will be sustained, based upon the technical merits, upon examination by the taxing authorities. If the tax position is expected to meet the more likely than not criteria, the benefit recorded for the tax position equals the largest amount that is greater than 50% likely to be realized upon ultimate settlement of the respective tax position. The Company’s 2018 and earlier tax years are not open for further examination by the Internal Revenue Service (“IRS”). The IRS, at its discretion, may choose to examine the Company’s 2019 through 2021 fiscal year income tax filings. The Company has various state income tax examinations that are currently in progress. Generally, with few exceptions, the Company’s 2018 and later tax years remain open for examination by the various state taxing authorities. As of October 28, 2022, the total reserves for uncertain tax benefits, interest expense related to income taxes and potential income tax penalties were $9.7 million, $0.4 million and $0.0 million, respectively, for a total of $10.1 million. This total amount is reflected in noncurrent other liabilities in the condensed consolidated balance sheet. The Company’s reserve for uncertain tax positions is expected to be reduced by $1.7 million in the coming twelve months as a result of expiring statutes of limitations. As of October 28, 2022, approximately The effective income tax rates for the 13-week and 39-week periods ended October 28, 2022 were 22.8% and 22.2% respectively, compared to rates of 22.2% and 21.8% for the 13-week and 39-week periods ended October 29, 2021. The income tax rate for the 13-week period in 2022 was higher than the comparable 13-week period in 2021 primarily due to reduced tax benefits from federal tax credits. The income tax rate for the 39-week period in 2022 was higher than the comparable 39-week period in 2021 primarily due to a reduced tax benefit from stock-based compensation. |
Leases
Leases | 9 Months Ended |
Oct. 28, 2022 | |
Leases | |
Leases | 4. Leases As of October 28, 2022, the Company’s primary leasing activities were real estate leases for most of its retail store locations and certain of its distribution facilities. Substantially all of the Company’s leases are classified as operating leases and the associated assets and liabilities are presented as separate captions in the condensed consolidated balance sheets. Finance lease assets are included in net property and equipment, and finance lease liabilities are included in long-term obligations, in the condensed consolidated balance sheets. At October 28, 2022, the weighted-average remaining lease term for the Company’s operating leases was 9.6 years, and the weighted average discount rate for such leases was 3.9%. Operating lease costs are reflected as selling, general and administrative costs in the condensed consolidated statements of income. For the 39-week periods ended October 28, 2022 and October 29, 2021, such costs were $1.19 billion and $1.11 billion, respectively. Cash paid for amounts included in the measurement of operating lease liabilities of $1.20 billion and $1.11 billion, respectively, were reflected in cash flows from operating activities in the condensed consolidated statements of cash flows for the 39-week periods ended October 28, 2022 and October 29, 2021. |
Current and long-term obligatio
Current and long-term obligations | 9 Months Ended |
Oct. 28, 2022 | |
Current and long-term obligations | |
Current and long-term obligations | 5. Current and long-term obligations Current and long-term obligations consist of the following: October 28, January 28, (In thousands) 2022 2022 Revolving Facility $ — $ — 3.250% Senior Notes due April 15, 2023 (net of discount of $0 and $319) — 899,681 4.250% Senior Notes due September 20, 2024 (net of discount of $644 and $0) 749,356 — 4.150% Senior Notes due November 1, 2025 (net of discount of $270 and $332) 499,730 499,668 3.875% Senior Notes due April 15, 2027 (net of discount of $218 and $251) 599,782 599,749 4.625% Senior Notes due November 1, 2027 (net of discount of $518 and $0) 549,482 — 4.125% Senior Notes due May 1, 2028 (net of discount of $300 and $336) 499,700 499,664 3.500% Senior Notes due April 3, 2030 (net of discount of $519 and $564) 941,565 988,990 5.000% Senior Notes due November 1, 2032 (net of discount of $2,392 and $0) 697,608 — 4.125% Senior Notes due April 3, 2050 (net of discount of $4,789 and $4,857) 495,211 495,143 5.500% Senior Notes due November 1, 2052 (net of discount of $293 and $0) 299,707 — Unsecured commercial paper notes 511,100 54,300 Other 179,964 159,525 Debt issuance costs, net (37,477) (24,652) Long-term obligations $ 5,985,728 $ 4,172,068 The Company’s credit agreement provides for a $2.0 billion senior unsecured revolving credit facility (the “Revolving Facility”) of which up to $100.0 million is available for letters of credit and is scheduled to mature on December 2, 2026. Borrowings under the Revolving Facility bear interest at a rate equal to an applicable interest rate margin plus, at the Company’s option, either (a) LIBOR or (b) a base rate (which is usually equal to the prime rate). The credit agreement governing the Revolving Facility includes customary LIBOR replacement provisions. The applicable interest rate margin for borrowings as of October 28, 2022 was 1.015% for LIBOR borrowings and 0.015% for base-rate borrowings. The Company is also required to pay a facility fee, payable on any used and unused commitment amounts of the Revolving Facility, and customary fees on letters of credit issued under the Revolving Facility. As of October 28, 2022, the facility fee rate was 0.11%. The applicable interest rate margins for borrowings, the facility fees and the letter of credit fees under the Revolving Facility are subject to adjustment from time to time based on the Company’s long-term senior unsecured debt ratings. The Revolving Facility contains a number of customary affirmative and negative covenants that, among other things, restrict, subject to certain exceptions, the Company’s ability to: incur additional liens; sell all or substantially all of the Company’s assets; consummate certain fundamental changes or change in the Company’s lines of business; and incur additional subsidiary indebtedness. The Revolving Facility also contains financial covenants which require the maintenance of a minimum fixed charge coverage ratio and a maximum leverage ratio. As of October 28, 2022, the Company was in compliance with all such covenants. The Revolving Facility also contains customary events of default. As of October 28, 2022, the Company had no outstanding borrowings, $0.3 million of outstanding letters of credit, and approximately $2.0 billion of borrowing availability under the Revolving Facility that, due to the Company’s intention to maintain borrowing availability related to the commercial paper program described below, could contribute incremental liquidity of $1.3 billion. In addition, as of October 28, 2022, the Company had outstanding letters of credit of $43.2 million which were issued pursuant to separate agreements. As of October 28, 2022, the Company had a commercial paper program under which the Company may issue unsecured commercial paper notes (the “CP Notes”) from time to time in an aggregate amount not to exceed $2.0 billion outstanding at any time. The CP Notes may have maturities of up to 364 days from the date of issue and rank equal in right of payment with all of the Company’s other unsecured and unsubordinated indebtedness. The Company intends to maintain available commitments under the Revolving Facility in an amount at least equal to the amount of CP Notes outstanding at any time. As of October 28, 2022, the Company’s condensed consolidated balance sheet reflected outstanding unsecured CP Notes of $0.5 billion, which had a weighted average borrowing rate of 3.6%. CP Notes totaling $194.0 million and $181.0 million at July 29, 2022 and January 28, 2022, respectively, were held by a wholly-owned subsidiary of the Company and are therefore not reflected in the condensed consolidated balance sheets. On September 20, 2022, the Company issued $750.0 million aggregate principal amount of 4.25% senior notes due 2024 (the “2024 Senior Notes”), net of discount of $0.7 million, $550.0 million aggregate principal amount of 4.625% senior notes due 2027 (the “November 2027 Senior Notes”), net of discount of $0.5 million, $700.0 million aggregate principal amount of 5.0% senior notes due 2032 (the “2032 Senior Notes”), net of discount of $2.4 million, and $300.0 million aggregate principal amount of 5.50% senior notes due 2052 (the “2052 Senior Notes”), net of discount of $0.3 million. The 2024 Senior Notes are scheduled to mature on September 20, 2024, the November 2027 Senior Notes are scheduled to mature on November 1, 2027, the 2032 Senior Notes are scheduled to mature on November 1, 2032 and the 2052 Senior Notes are scheduled to mature on November 1, 2052. Interest on the 2024 Senior Notes is payable in cash on March 20 and September 20 of each year, commencing on March 20, 2023. Interest on the November 2027 Senior Notes, the 2032 Senior Notes and the 2052 Senior Notes is payable in cash on May 1 and November 1 of each year, commencing on May 1, 2023. The Company incurred Effective October 6, 2022, the Company redeemed $900.0 million aggregate principal amount of outstanding 3.25% senior notes due 2023 (the “2023 Senior Notes”), and incurred a loss of $0.4 million associated with the redemption. The Company funded the redemption price for the 2023 Senior Notes with proceeds from the issuance of the Senior Notes issued on September 20, 2022 as discussed above. |
Assets and liabilities measured
Assets and liabilities measured at fair value | 9 Months Ended |
Oct. 28, 2022 | |
Assets and liabilities measured at fair value | |
Assets and liabilities measured at fair value | 6. Assets and liabilities measured at fair value Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, fair value accounting standards establish a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). The Company does not have any fair value measurements categorized within Level 3 as of October 28, 2022. The following table presents the Company’s liabilities required to be measured at fair value as of October 28, 2022, aggregated by the level in the fair value hierarchy within which those measurements are classified. Quoted Prices in Active Markets Significant for Identical Other Significant Total Fair Assets and Observable Unobservable Value at Liabilities Inputs Inputs October 28, (In thousands) (Level 1) (Level 2) (Level 3) 2022 Liabilities: Long-term obligations (a) $ 4,984,181 $ 691,064 $ — $ 5,675,245 Deferred compensation (b) 42,887 — — 42,887 (a) Included in the condensed consolidated balance sheet at book value as long-term obligations of $5,985,728 . (b) Reflected at fair value in the condensed consolidated balance sheet as accrued expenses and other current liabilities of $3,553 and noncurrent Other liabilities of $39,334 . |
Commitments and contingencies
Commitments and contingencies | 9 Months Ended |
Oct. 28, 2022 | |
Commitments and contingencies | |
Commitments and contingencies | 7. Commitments and contingencies Legal proceedings From time to time, the Company is a party to various legal matters in the ordinary course of its business, including actions by employees, consumers, suppliers, government agencies, or others. The Company has recorded accruals with respect to these matters, where appropriate, which are reflected in the Company’s condensed consolidated financial statements. For some matters, a liability is not probable or the amount cannot be reasonably estimated and therefore an accrual has not been made. Based on information currently available, the Company believes that its pending legal matters, both individually and in the aggregate, will be resolved without a material adverse effect on the Company’s consolidated financial statements as a whole. However, litigation and other legal matters involve an element of uncertainty. Adverse decisions and settlements, including any required changes to the Company’s business, or other developments in such matters could affect the consolidated operating results in future periods or result in liability or other amounts material to the Company’s annual consolidated financial statements. |
Segment reporting
Segment reporting | 9 Months Ended |
Oct. 28, 2022 | |
Segment reporting | |
Segment reporting | 8. Segment reporting The Company manages its business on the basis of one reportable operating segment. As of October 28, 2022, all of the Company’s retail store operations were located within the United States. Certain product sourcing and other operations are located outside the United States, which collectively are not material with regard to assets, results of operations or otherwise to the consolidated financial statements. The following net sales data is presented in accordance with accounting standards related to disclosures about segments of an enterprise. 13 Weeks Ended 39 Weeks Ended October 28, October 29, October 28, October 29, (in thousands) 2022 2021 2022 2021 Classes of similar products: Consumables $ 7,664,806 $ 6,704,750 $ 22,101,146 $ 19,695,835 Seasonal 942,831 913,872 2,991,113 3,054,565 Home products 574,425 551,109 1,674,013 1,683,614 Apparel 282,829 348,108 875,684 1,134,987 Net sales $ 9,464,891 $ 8,517,839 $ 27,641,956 $ 25,569,001 |
Common stock transactions
Common stock transactions | 9 Months Ended |
Oct. 28, 2022 | |
Common stock transactions | |
Common stock transactions | 9. Common stock transactions On August 29, 2012, the Company’s Board of Directors (the “Board”) authorized a common stock repurchase program, which the Board has since increased on several occasions. On August 24, 2022, the Board authorized a $2.0 billion increase to the existing common stock repurchase program, bringing the cumulative total to $16.0 billion authorized under the program since its inception in 2012. The repurchase authorization has no expiration date and allows repurchases from time to time in open market transactions, including pursuant to trading plans adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, or in privately negotiated transactions. The timing, manner and number of shares repurchased will depend on a variety of factors, including price, market conditions, compliance with the covenants and restrictions under any applicable debt agreements and other factors. Repurchases under the program may be funded from available cash or borrowings, including under the Revolving Facility and issuance of CP Notes discussed in further detail in Note 5, or otherwise. Pursuant to its common stock repurchase program, during the 39-week periods ended October 28, 2022 and October 29, 2021, the Company repurchased in the open market approximately 7.1 million shares of its common stock at a total cost of $1.6 billion and approximately 9.9 million shares of its common stock at a total cost of $2.1 billion, respectively. The Company paid a cash dividend of $0.55 per share during each of the first three quarters of 2022. In November 2022, the Board declared a quarterly cash dividend of $0.55 per share, which is payable on or before January 17, 2023 to shareholders of record on January 3, 2023. The amount and declaration of future cash dividends is subject to the sole discretion of the Board and will depend upon, among other things, the Company’s results of operations, cash requirements, financial condition, contractual restrictions and other factors that the Board may deem relevant in its sole discretion. |
Earnings per share (Tables)
Earnings per share (Tables) | 9 Months Ended |
Oct. 28, 2022 | |
Earnings per share | |
Schedule of computation of earnings per share | Earnings per share is computed as follows (in thousands, except per share data): 13 Weeks Ended October 28, 2022 13 Weeks Ended October 29, 2021 Weighted Weighted Net Average Per Share Net Average Per Share Income Shares Amount Income Shares Amount Basic earnings per share $ 526,167 224,527 $ 2.34 $ 487,031 232,491 $ 2.09 Effect of dilutive share-based awards 1,170 1,535 Diluted earnings per share $ 526,167 225,697 $ 2.33 $ 487,031 234,026 $ 2.08 39 Weeks Ended October 28, 2022 39 Weeks Ended October 29, 2021 Weighted Weighted Net Average Per Share Net Average Per Share Income Shares Amount Income Shares Amount Basic earnings per share $ 1,756,854 226,434 $ 7.76 $ 1,801,799 235,321 $ 7.66 Effect of dilutive share-based awards 1,153 1,590 Diluted earnings per share $ 1,756,854 227,587 $ 7.72 $ 1,801,799 236,911 $ 7.61 |
Current and long-term obligat_2
Current and long-term obligations (Tables) | 9 Months Ended |
Oct. 28, 2022 | |
Current and long-term obligations | |
Schedule of current and long-term debt obligations | October 28, January 28, (In thousands) 2022 2022 Revolving Facility $ — $ — 3.250% Senior Notes due April 15, 2023 (net of discount of $0 and $319) — 899,681 4.250% Senior Notes due September 20, 2024 (net of discount of $644 and $0) 749,356 — 4.150% Senior Notes due November 1, 2025 (net of discount of $270 and $332) 499,730 499,668 3.875% Senior Notes due April 15, 2027 (net of discount of $218 and $251) 599,782 599,749 4.625% Senior Notes due November 1, 2027 (net of discount of $518 and $0) 549,482 — 4.125% Senior Notes due May 1, 2028 (net of discount of $300 and $336) 499,700 499,664 3.500% Senior Notes due April 3, 2030 (net of discount of $519 and $564) 941,565 988,990 5.000% Senior Notes due November 1, 2032 (net of discount of $2,392 and $0) 697,608 — 4.125% Senior Notes due April 3, 2050 (net of discount of $4,789 and $4,857) 495,211 495,143 5.500% Senior Notes due November 1, 2052 (net of discount of $293 and $0) 299,707 — Unsecured commercial paper notes 511,100 54,300 Other 179,964 159,525 Debt issuance costs, net (37,477) (24,652) Long-term obligations $ 5,985,728 $ 4,172,068 |
Assets and liabilities measur_2
Assets and liabilities measured at fair value (Tables) | 9 Months Ended |
Oct. 28, 2022 | |
Assets and liabilities measured at fair value | |
Schedule of assets and liabilities measured at fair value | Quoted Prices in Active Markets Significant for Identical Other Significant Total Fair Assets and Observable Unobservable Value at Liabilities Inputs Inputs October 28, (In thousands) (Level 1) (Level 2) (Level 3) 2022 Liabilities: Long-term obligations (a) $ 4,984,181 $ 691,064 $ — $ 5,675,245 Deferred compensation (b) 42,887 — — 42,887 (a) Included in the condensed consolidated balance sheet at book value as long-term obligations of $5,985,728 . (b) Reflected at fair value in the condensed consolidated balance sheet as accrued expenses and other current liabilities of $3,553 and noncurrent Other liabilities of $39,334 . |
Segment reporting (Tables)
Segment reporting (Tables) | 9 Months Ended |
Oct. 28, 2022 | |
Segment reporting | |
Schedule of net sales grouped by classes of similar products | 13 Weeks Ended 39 Weeks Ended October 28, October 29, October 28, October 29, (in thousands) 2022 2021 2022 2021 Classes of similar products: Consumables $ 7,664,806 $ 6,704,750 $ 22,101,146 $ 19,695,835 Seasonal 942,831 913,872 2,991,113 3,054,565 Home products 574,425 551,109 1,674,013 1,683,614 Apparel 282,829 348,108 875,684 1,134,987 Net sales $ 9,464,891 $ 8,517,839 $ 27,641,956 $ 25,569,001 |
Basis of presentation (Details)
Basis of presentation (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Oct. 28, 2022 USD ($) | Oct. 29, 2021 USD ($) | Oct. 28, 2022 USD ($) | Oct. 29, 2021 USD ($) | Feb. 03, 2023 period | Jan. 28, 2022 period | |
Basis of presentation | ||||||
Fiscal year, number of weeks | period | 53 | 52 | ||||
Merchandise inventories | ||||||
LIFO provision | $ | $ 147.8 | $ 60.5 | $ 353.6 | $ 108.7 |
Earnings per share (Details)
Earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2022 | Oct. 29, 2021 | Oct. 28, 2022 | Oct. 29, 2021 | |
Net Income | ||||
Basic Earnings | $ 526,167 | $ 487,031 | $ 1,756,854 | $ 1,801,799 |
Diluted Earnings | $ 526,167 | $ 487,031 | $ 1,756,854 | $ 1,801,799 |
Shares | ||||
Shares outstanding, basic | 224,527 | 232,491 | 226,434 | 235,321 |
Effect of dilutive share-based awards | 1,170 | 1,535 | 1,153 | 1,590 |
Shares outstanding, diluted | 225,697 | 234,026 | 227,587 | 236,911 |
Per Share Amount | ||||
Basic earnings per share (in dollars per share) | $ 2.34 | $ 2.09 | $ 7.76 | $ 7.66 |
Diluted earnings per share (in dollars per share) | $ 2.33 | $ 2.08 | $ 7.72 | $ 7.61 |
Share-based awards outstanding excluded from computation of diluted earnings per share | 100 | 100 | 100 | 100 |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2022 | Oct. 29, 2021 | Oct. 28, 2022 | Oct. 29, 2021 | |
Income taxes | ||||
Reserves for uncertain tax benefits | $ 9.7 | $ 9.7 | ||
Interest accrued related to uncertain tax benefits | 0.4 | 0.4 | ||
Potential penalties accrued related to uncertain tax benefits | 0 | 0 | ||
Reserves for uncertain tax benefits included in noncurrent Other liabilities | 10.1 | 10.1 | ||
Reserve for uncertain tax positions for which a reduction is reasonably possible in the next twelve months | 1.7 | 1.7 | ||
Reserve for uncertain tax positions that would impact effective tax rate if recognized | $ 8.8 | $ 8.8 | ||
Effective income tax rates (as a percent) | 22.80% | 22.20% | 22.20% | 21.80% |
Leases (Details)
Leases (Details) - USD ($) $ in Millions | 9 Months Ended | |
Oct. 28, 2022 | Oct. 29, 2021 | |
Leases | ||
Weighted-average remaining lease term | 9 years 7 months 6 days | |
Weighed average discount rate | 3.90% | |
Cash paid for operating leases | $ 1,200 | $ 1,110 |
Operating lease cost | $ 1,190 | $ 1,110 |
Current and long-term obligat_3
Current and long-term obligations (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Oct. 06, 2022 | Oct. 28, 2022 | Sep. 20, 2022 | Jan. 28, 2022 | |
Current and long-term obligations | ||||
Debt issuance costs, net | $ (37,477) | $ (24,652) | ||
Long-term obligations | 5,985,728 | 4,172,068 | ||
Senior unsecured credit facility, Revolving Facility | ||||
Current and long-term obligations | ||||
Current and long-term obligations | 0 | |||
Maximum financing under credit agreements | $ 2,000,000 | |||
Facility fee rate | 0.11% | |||
Borrowing availability under credit facility | $ 2,000,000 | |||
Borrowing availability except for amount reserved for commercial paper program | $ 1,300,000 | |||
Senior unsecured credit facility, Revolving Facility | LIBOR loans | ||||
Current and long-term obligations | ||||
Variable rate basis | LIBOR | |||
Spread on variable rate (as a percent) | 1.015% | |||
Senior unsecured credit facility, Revolving Facility | Base-rate loans | ||||
Current and long-term obligations | ||||
Variable rate basis | base rate | |||
Spread on variable rate (as a percent) | 0.015% | |||
Senior unsecured credit facility, Revolving Facility | Letters of credit | ||||
Current and long-term obligations | ||||
Maximum financing under credit agreements | $ 100,000 | |||
Letters of credit outstanding | 300 | |||
3.25% Senior Notes due April 15, 2023 | ||||
Current and long-term obligations | ||||
Current and long-term obligations | 899,681 | |||
Discount on debt issuance | $ 0 | $ 319 | ||
Amount borrowed | $ 900,000 | |||
Stated interest rate (as a percent) | 3.25% | 3.25% | 3.25% | |
Loss on debt retirement | $ 400 | |||
4.150% Senior Notes due Nov 1, 2025 | ||||
Current and long-term obligations | ||||
Current and long-term obligations | $ 499,730 | $ 499,668 | ||
Discount on debt issuance | $ 270 | $ 332 | ||
Stated interest rate (as a percent) | 4.15% | 4.15% | ||
3.875% Senior Notes due April 15. 2027 | ||||
Current and long-term obligations | ||||
Current and long-term obligations | $ 599,782 | $ 599,749 | ||
Discount on debt issuance | $ 218 | $ 251 | ||
Stated interest rate (as a percent) | 3.875% | 3.875% | ||
4.125% Senior Notes due May 1, 2028 | ||||
Current and long-term obligations | ||||
Current and long-term obligations | $ 499,700 | $ 499,664 | ||
Discount on debt issuance | $ 300 | $ 336 | ||
Stated interest rate (as a percent) | 4.125% | 4.125% | ||
3.500% Senior Notes due April 3, 2030 | ||||
Current and long-term obligations | ||||
Current and long-term obligations | $ 941,565 | $ 988,990 | ||
Discount on debt issuance | $ 519 | $ 564 | ||
Stated interest rate (as a percent) | 3.50% | 3.50% | ||
4.125% Senior Notes due April 3, 2050 | ||||
Current and long-term obligations | ||||
Current and long-term obligations | $ 495,211 | $ 495,143 | ||
Discount on debt issuance | $ 4,789 | $ 4,857 | ||
Stated interest rate (as a percent) | 4.125% | 4.125% | ||
Senior Notes Due 2024, 2027, 2023 And 2052 | ||||
Current and long-term obligations | ||||
Debt issue costs | $ 16,500 | |||
4.250% Senior Notes due September 20, 2024 | ||||
Current and long-term obligations | ||||
Current and long-term obligations | $ 749,356 | |||
Discount on debt issuance | $ 644 | 700 | $ 0 | |
Amount borrowed | $ 750,000 | |||
Stated interest rate (as a percent) | 4.25% | 4.25% | 4.25% | |
4.625% Senior Notes Due Nov 1, 2027 | ||||
Current and long-term obligations | ||||
Current and long-term obligations | $ 549,482 | |||
Discount on debt issuance | $ 518 | $ 500 | $ 0 | |
Amount borrowed | $ 550,000 | |||
Stated interest rate (as a percent) | 4.625% | 4.625% | 4.625% | |
5.000% Senior Notes due Nov 1, 2032 | ||||
Current and long-term obligations | ||||
Current and long-term obligations | $ 697,608 | |||
Discount on debt issuance | $ 2,392 | $ 2,400 | $ 0 | |
Amount borrowed | $ 700,000 | |||
Stated interest rate (as a percent) | 5% | 5% | 5% | |
5.500% Senior Notes due Nov 1, 2052 | ||||
Current and long-term obligations | ||||
Current and long-term obligations | $ 299,707 | |||
Discount on debt issuance | $ 293 | $ 300 | $ 0 | |
Amount borrowed | $ 300,000 | |||
Stated interest rate (as a percent) | 5.50% | 5.50% | 5.50% | |
Unsecured commercial paper notes | ||||
Current and long-term obligations | ||||
Current and long-term obligations | $ 511,100 | $ 54,300 | ||
Maximum maturity | 364 days | |||
Maximum aggregate borrowing amount | $ 2,000,000 | |||
Weighted average interest rate (as a percent) | 3.60% | |||
Unsecured commercial paper notes | Wholly-owned subsidiary | ||||
Current and long-term obligations | ||||
Current and long-term obligations | $ 194,000 | 181,000 | ||
Other | ||||
Current and long-term obligations | ||||
Current and long-term obligations | 179,964 | $ 159,525 | ||
Letter Of Credit Outside Of Revolving Facility | ||||
Current and long-term obligations | ||||
Letters of credit outstanding | $ 43,200 |
Assets and liabilities measur_3
Assets and liabilities measured at fair value (Details) - USD ($) $ in Thousands | Oct. 28, 2022 | Jan. 28, 2022 |
Liabilities: | ||
Long-term obligations | $ 5,985,728 | $ 4,172,068 |
Reported amount | Long-term obligations | ||
Liabilities: | ||
Long-term obligations | 5,985,728 | |
Reported amount | Accrued expenses and other current liabilities | ||
Liabilities: | ||
Deferred compensation | 3,553 | |
Reported amount | Noncurrent Other liabilities | ||
Liabilities: | ||
Deferred compensation | 39,334 | |
Fair value measurements on recurring basis | Balance at the end of the period | ||
Liabilities: | ||
Long-term obligations | 5,675,245 | |
Deferred compensation | 42,887 | |
Fair value measurements on recurring basis | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) | ||
Liabilities: | ||
Long-term obligations | 4,984,181 | |
Deferred compensation | 42,887 | |
Fair value measurements on recurring basis | Significant Other Observable Inputs (Level 2) | ||
Liabilities: | ||
Long-term obligations | $ 691,064 |
Segment reporting (Details)
Segment reporting (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Oct. 28, 2022 USD ($) segment | Oct. 29, 2021 USD ($) segment | Oct. 28, 2022 USD ($) segment | Oct. 29, 2021 USD ($) segment | |
Net sales data for classes of similar products | ||||
Net sales | $ 9,464,891 | $ 8,517,839 | $ 27,641,956 | $ 25,569,001 |
Number of reportable segments | ||||
Number of reportable operating segments | segment | 1 | 1 | 1 | 1 |
Consumables | ||||
Net sales data for classes of similar products | ||||
Net sales | $ 7,664,806 | $ 6,704,750 | $ 22,101,146 | $ 19,695,835 |
Seasonal | ||||
Net sales data for classes of similar products | ||||
Net sales | 942,831 | 913,872 | 2,991,113 | 3,054,565 |
Home products | ||||
Net sales data for classes of similar products | ||||
Net sales | 574,425 | 551,109 | 1,674,013 | 1,683,614 |
Apparel | ||||
Net sales data for classes of similar products | ||||
Net sales | $ 282,829 | $ 348,108 | $ 875,684 | $ 1,134,987 |
Common stock transactions (Deta
Common stock transactions (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Aug. 24, 2022 | Nov. 25, 2022 | Oct. 28, 2022 | Jul. 29, 2022 | Apr. 29, 2022 | Oct. 29, 2021 | Oct. 28, 2022 | Oct. 29, 2021 | |
Common stock transactions | ||||||||
Aggregate purchase price | $ 546,455 | $ 359,759 | $ 1,641,851 | $ 2,059,907 | ||||
Cash dividend paid (in dollars per share) | $ 0.55 | $ 0.55 | $ 0.55 | $ 0.42 | $ 1.65 | $ 1.26 | ||
Subsequent event | ||||||||
Common stock transactions | ||||||||
Cash dividend declared (in dollars per share) | $ 0.55 | |||||||
Common Stock | ||||||||
Common stock transactions | ||||||||
Shares acquired under share repurchase program | 2,256 | 1,633 | 7,142 | 9,901 | ||||
Aggregate purchase price | $ 1,973 | $ 1,428 | $ 6,249 | $ 8,663 | ||||
Common Stock | Pursuant to Authorized Repurchase Program | ||||||||
Common stock transactions | ||||||||
Common stock repurchase program, increase in the authorized amount | $ 2,000,000 | |||||||
Common stock repurchase authorization | $ 16,000,000 | |||||||
Shares acquired under share repurchase program | 7,100 | 9,900 | ||||||
Aggregate purchase price | $ 1,600,000 | $ 2,100,000 |