Dollar General 2010 Annual Report Download - page 151
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10-K
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
6. Income taxes (Continued)
The consolidated statements of income for the respective years reflected below include the
following amounts:
(In thousands) 2010 2009 2008
Income tax expense (benefit) ................... $(12,000) $11,900 $ 800
Income tax related interest expense (benefit) ....... (5,800) 2,300 (1,000)
Income tax related penalty expense (benefit) ....... (700) 400 300
A reconciliation of the uncertain income tax positions from February 1, 2008 through January 28,
2011 is as follows:
(In thousands) 2010 2009 2008
Beginning balance .......................... $67,636 $59,057 $ 96,600
Increases—tax positions taken in the current year . . . 125 13,701 25,977
Decreases—tax positions taken in the current year . . — — (2,250)
Increases—tax positions taken in prior years ....... — 4,039 3,271
Decreases—tax positions taken in prior years ...... (36,973) (1,111) (58,607)
Statute expirations ......................... (1,570) — (1,955)
Settlements ............................... (2,789) (8,050) (3,979)
Ending balance ............................ $26,429 $67,636 $ 59,057
7. Current and long-term obligations
Current and long-term obligations consist of the following:
(In thousands) January 28, 2011 January 29, 2010
Senior secured term loan facility ............... $1,963,500 $1,963,500
ABL Facility ............................. — —
105⁄8% Senior Notes due July 15, 2015, net of
discount of $11,161 and $14,788, respectively .... 853,172 964,545
117⁄8/125⁄8% Senior Subordinated Notes due July 15,
2017 .................................. 450,697 450,697
85⁄8% Notes due June 15, 2010 ................ — 1,822
Capital lease obligations ..................... 6,363 8,327
Tax increment financing due February 1, 2035 ..... 14,495 14,495
3,288,227 3,403,386
Less: current portion ....................... (1,157) (3,671)
Long-term portion ......................... $3,287,070 $3,399,715
The Company entered into two senior secured credit agreements (the ‘‘Credit Facilities’’) at the
time of the Merger. As of January 28, 2011, the Credit Facilities provide total financing of
$2.995 billion, consisting of $1.964 billion in a senior secured term loan facility (‘‘Term Loan Facility’’)
which matures on July 6, 2014, and a senior secured asset-based revolving credit facility (‘‘ABL
Facility’’) of up to $1.031 billion, subject to borrowing base availability, which matures on July 6, 2013.
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