Tesla Inc., balance sheet: debt

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Current portion of debt and finance leases	2,373)	1,502)	1,589)	2,132)	1,785)
Debt and finance leases, net of current portion	2,857)	1,597)	5,245)	9,556)	11,634)
Total debt and finance leases (carrying amount)	5,230)	3,099)	6,834)	11,688)	13,419)

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Debt item	Description	The company
Total debt and finance leases (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Tesla Inc. total debt decreased from 2021 to 2022 but then increased from 2022 to 2023 not reaching 2021 level.

	Dec 31, 2023
Selected Financial Data (US$ in millions)
Convertible Senior Notes	443)
Other debt	4,620)
Finance lease liabilities	573)
Total debt and finance leases (fair value)	5,636)
Financial Ratio
Debt, fair value to carrying amount ratio	1.08

Weighted-average interest rate on debt and finance leases: 6.41%

Interest rate	Debt amount¹	Interest rate × Debt amount
8.68%	37)	3)
5.75%	7)	—)
6.57%	4,259)	280)
4.80%	13)	1)
5.81%	367)	21)
5.50%	573)	32)
Total	5,256)	337)
6.41%

¹ US$ in millions

² Weighted-average interest rate = 100 × 337 ÷ 5,256 = 6.41%

Tesla 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	—)	191)	371)	748)	685)
Capitalized interest	—)	—)	53)	48)	31)
Interest costs incurred	—)	191)	424)	796)	716)

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Debt item	Description	The company
Interest expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Tesla Inc. interest expense decreased from 2021 to 2022 and from 2022 to 2023.
Capitalized interest	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	Tesla Inc. interest costs incurred decreased from 2021 to 2022 and 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 (loss) attributable to common stockholders	14,997)	12,556)	5,519)	721)	(862)
Add: Net income attributable to noncontrolling interest	(23)	31)	125)	141)	87)
Add: Income tax expense	(5,001)	1,132)	699)	292)	110)
Add: Interest expense	156)	191)	371)	748)	685)
Earnings before interest and tax (EBIT)	10,129)	13,910)	6,714)	1,902)	20)

Interest costs incurred	—)	191)	424)	796)	716)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	64.93	72.83	18.10	2.54	0.03
Adjusted interest coverage ratio (with capitalized interest)²	—	72.83	15.83	2.39	0.03

2023 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= 10,129 ÷ 156 = 64.93

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 10,129 ÷ 0 = —

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Tesla Inc. (NASDAQ:TSLA)

Analysis of Debt