Analysis of Debt
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- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Capital Asset Pricing Model (CAPM)
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- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
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Total Debt (Carrying Amount)
Apple Inc., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2024-09-28), 10-K (reporting date: 2023-09-30), 10-K (reporting date: 2022-09-24), 10-K (reporting date: 2021-09-25), 10-K (reporting date: 2020-09-26), 10-K (reporting date: 2019-09-28).
The analyzed debt data over the assessed periods reveals several noteworthy trends and shifts in the composition and magnitude of liabilities.
- Current Portion of Finance Leases
- This item demonstrated continuous growth from 2019 to 2022, rising from an unreported value to 129 million USD, peaking in 2023 at 165 million USD, before experiencing a slight decline to 144 million USD in 2024. The increasing trend through most years suggests expanding short-term lease obligations, with a modest reduction in the latest period.
- Commercial Paper
- Commercial paper liabilities fluctuated during the timeframe. Starting at 5,980 million USD in 2019, the amount decreased to 4,996 million USD in 2020, then increased back to 6,000 million USD in 2021. A sharp rise was observed in 2022, reaching 9,982 million USD, followed by a significant decrease to 5,985 million USD in 2023, and then rebounding to 9,967 million USD in 2024. These variations suggest a strategy of opportunistic short-term borrowing possibly aligned with market conditions or cash flow needs.
- Current Portion of Term Debt
- This category showed volatility but remained comparatively stable around the 9,000 to 11,000 million USD range throughout the observed years. It started at 10,260 million USD in 2019, dipped to 8,773 million USD in 2020, increased to 11,128 million USD in 2022, declined again in 2023, and rose to 10,912 million USD in 2024. The fluctuations indicate adjustments in short-term obligations possibly reflecting refinancing or repayment activities.
- Non-Current Portion of Term Debt
- This item exhibited a decreasing trend after peaking in 2021 at 109,106 million USD. From 91,807 million USD in 2019, it increased steadily to its peak and subsequently declined over the next two years, reaching the lowest point in 2024 at 85,750 million USD. The trend suggests a gradual reduction in long-term debt commitments or possible conversion into current liabilities or repayments.
- Non-Current Portion of Finance Leases
- Non-current finance leases increased from 2019 levels, which were not reported, to 637 million USD in 2020, then continued growing modestly to 859 million USD in 2023 before decreasing slightly to 752 million USD in 2024. The general upward trend with a recent decline might indicate an increase in long-term lease obligations followed by partial repayments or lease terminations.
- Total Commercial Paper, Term Debt, and Finance Leases (Carrying Amount)
- The aggregate carrying amount of commercial paper, term debt, and finance leases generally rose from 108,047 million USD in 2019 to a peak of 125,567 million USD in 2021. Subsequently, total debt decreased to 121,010 million USD in 2022, with a continued decline to 107,525 million USD in 2024. This pattern indicates an overall expansion of debt obligations until 2021, followed by a period of deleveraging or repayment over the next two years.
Total Debt (Fair Value)
| Sep 28, 2024 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Commercial paper | |
| Notes | |
| Finance lease liabilities | |
| Total commercial paper, term debt, and finance leases (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2024-09-28).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on debt:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2024-09-28).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =