Dollar General 2014 Annual Report Download - page 142

10-K
DOLLAR GENERAL CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
4. Income taxes (Continued)
A reconciliation of the uncertain income tax positions from February 3, 2012 through January 30,
2015 is as follows:
(In thousands) 2014 2013 2012
Beginning balance .......................... $19,583 $22,237 $ 42,018
Increases—tax positions taken in the current year . . . 198 3,484 2,114
Increases—tax positions taken in prior years ....... 62 3,000 1,144
Decreases—tax positions taken in prior years ....... (8,636) (608) (22,669)
Statute expirations .......................... (1,121) (7,622) (166)
Settlements ............................... (743) (908) (204)
Ending balance ............................ $ 9,343 $19,583 $ 22,237
5. Current and long-term obligations
Current and long-term obligations consist of the following:
January 30, January 31,
(In thousands) 2015 2014
Senior unsecured credit facilities, maturity April 11, 2018:
Term Facility .............................................. $ 925,000 $1,000,000
Revolving Facility .......................................... — —
41⁄8% Senior Notes due July 15, 2017 .............................. 500,000 500,000
17⁄8% Senior Notes due April 15, 2018 (net of discount of $294 and $383) . . . 399,706 399,617
31⁄4% Senior Notes due April 15, 2023 (net of discount of $1,991 and $2,199) . 898,009 897,801
Capital lease obligations ....................................... 5,875 6,841
Tax increment financing due February 1, 2035 ....................... 11,995 14,495
2,740,585 2,818,754
Less: current portion ......................................... (101,158) (75,966)
Long-term portion ........................................... $2,639,427 $2,742,788
On April 11, 2013, the Company consummated a refinancing pursuant to which it terminated its
then-existing senior secured credit agreements, entered into a new five-year unsecured credit
agreement, and issued senior notes due in 2018 and 2023 as discussed in greater detail below. The
Company’s senior unsecured credit facilities (the ‘‘Facilities’’) consist of a senior unsecured term loan
facility (the ‘‘Term Facility’’), which had an initial balance of $1.0 billion, and an $850.0 million senior
unsecured revolving credit facility (the ‘‘Revolving Facility’’), which provides for the issuance of letters
of credit up to $250.0 million. The Term Facility amortizes in quarterly installments of $25.0 million,
which commenced August 1, 2014. The final quarterly payment of the then-remaining balance will be
due at maturity on April 11, 2018.
The Company capitalized $5.9 million of debt issuance costs associated with the Facilities, the
amortized balance of which is included in long-term Other assets, net in the consolidated balance
sheets. The Company incurred a pretax loss of $18.9 million for the write off of debt issuance costs
associated with the termination of its previous senior secured credit facilities, which is reflected in
Other (income) expense in the consolidated statement of income for the year ended January 31, 2014.
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