T-Mobile US Inc., balance sheet: debt

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Short-term debt	3,619)	5,164)	3,378)	4,579)	25)
Short-term debt to affiliates	—)	—)	2,245)	—)	—)
Short-term financing lease liabilities	1,260)	1,161)	1,120)	1,063)	957)
Long-term debt	69,903)	65,301)	67,076)	61,830)	10,958)
Long-term debt to affiliates	1,496)	1,495)	1,494)	4,716)	13,986)
Long-term financing lease liabilities	1,236)	1,370)	1,455)	1,444)	1,346)
Total short-term and long-term debt, including financing lease liabilities (carrying amount)	77,514)	74,491)	76,768)	73,632)	27,272)

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Debt item	Description	The company
Total short-term and long-term debt, including financing lease liabilities (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	T-Mobile US Inc. total debt decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

	Dec 31, 2023
Selected Financial Data (US$ in millions)
Senior Notes to third parties	65,962)
Senior Notes to affiliates	1,499)
Senior Secured Notes to third parties	2,207)
ABS Notes to third parties	748)
Incremental Term Loan Facility to affiliates	—)
Other debt	—)
Financing lease liabilities	2,496)
Total short-term and long-term debt, including financing lease liabilities (fair value)	72,912)
Financial Ratio
Debt, fair value to carrying amount ratio	0.94

Weighted-average effective interest rate on debt and financing lease liabilities: 4.02%

Interest rate	Debt amount¹	Interest rate × Debt amount
4.00%	75,400)	3,016)
4.60%	2,496)	115)
Total	77,896)	3,131)
4.02%

¹ US$ in millions

² Weighted-average interest rate = 100 × 3,131 ÷ 77,896 = 4.02%

T-Mobile US Inc., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest expense, net	3,335)	3,364)	3,342)	2,701)	1,111)
Capitalized interest	104)	61)	210)	440)	473)
Interest costs incurred	3,439)	3,425)	3,552)	3,141)	1,584)

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Debt item	Description	The company
Interest expense, net	Amount of the cost of borrowed funds accounted for as interest expense for debt.	T-Mobile US Inc. interest expense, net increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Capitalized interest	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	T-Mobile US Inc. capitalized interest decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	T-Mobile US Inc. interest costs incurred decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income	8,317)	2,590)	3,024)	3,064)	3,468)
Less: Income from discontinued operations, net of tax	—)	—)	—)	320)	—)
Add: Income tax expense	2,682)	556)	327)	786)	1,135)
Add: Interest expense, net	3,335)	3,364)	3,342)	2,701)	1,111)
Earnings before interest and tax (EBIT)	14,334)	6,510)	6,693)	6,231)	5,714)

Interest costs incurred	3,439)	3,425)	3,552)	3,141)	1,584)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	4.30	1.94	2.00	2.31	5.14
Adjusted interest coverage ratio (with capitalized interest)²	4.17	1.90	1.88	1.98	3.61

2023 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense, net
= 14,334 ÷ 3,335 = 4.30

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 14,334 ÷ 3,439 = 4.17

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	T-Mobile US Inc. adjusted interest coverage ratio improved from 2021 to 2022 and from 2022 to 2023.

T-Mobile US Inc. (NASDAQ:TMUS)

Analysis of Debt