Analysis of Debt
Total Debt (Carrying Amount)
Moderna Inc., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Total financing lease liabilities exhibited a period of rapid expansion between 2019 and 2022, followed by a substantial contraction in 2023. The carrying amount increased from US$ 39 million in 2019 to a peak of US$ 1,073 million in 2022, representing a significant scaling of lease-based obligations over a four-year window.
- Growth Phase and Peak Valuation
- A steep upward trajectory is observed from 2019 through 2022. The most aggressive increase occurred between 2020 and 2021, where liabilities rose from US$ 134 million to US$ 764 million. This expansion culminated in December 2022, with total carrying amounts reaching their maximum at US$ 1,073 million.
- Composition of Lease Obligations
- The debt load is heavily concentrated in non-current financing lease liabilities. Non-current obligations rose from US$ 39 million in 2019 to US$ 912 million in 2022. In contrast, current lease liabilities remained relatively low, peaking at US$ 165 million in 2021 and US$ 161 million in 2022, before no balance was recorded for the 2023 period.
- 2023 Reduction Trend
- A significant reversal in the liability trend occurred in 2023. Total financing lease liabilities decreased to US$ 575 million, reflecting a reduction of approximately 46% from the 2022 peak. This decline is driven entirely by the reduction in non-current liabilities, which fell from US$ 912 million to US$ 575 million.
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Total Debt (Fair Value)
| Dec 31, 2023 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Total financing lease liabilities (fair value) | 575) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 1.00 |
Based on: 10-K (reporting date: 2023-12-31).
Weighted-average Interest Rate on Debt
Weighted average discount rate, finance leases: 4.20%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 4.20% | 575) | 24) | |
| Total | 575) | 24) | |
| 4.20% | |||
Based on: 10-K (reporting date: 2023-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × 24 ÷ 575 = 4.20%