Analysis of Debt
Total Debt (Carrying Amount)
AmerisourceBergen Corp., balance sheet: debt
US$ in thousands
Based on: 10-K (reporting date: 2022-09-30), 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30).
Total debt exhibited significant volatility between 2017 and 2022, characterized by a substantial peak in 2021. The carrying amount of total debt rose from $3,442,055 thousand in 2017 to a maximum of $6,683,924 thousand in 2021, before declining to $5,702,833 thousand by the end of the 2022 period. The overall debt profile shifted from a nearly exclusive reliance on long-term financing to a more diversified but volatile mix of short- and long-term obligations.
- Total Debt Trajectory
- A period of moderate growth occurred between 2017 and 2018, followed by a phase of relative stability from 2018 through 2020, where total debt remained within the $4.1 billion to $4.3 billion range. A sharp escalation is observed in 2021, where total liabilities increased by approximately 62% in a single year, followed by a partial correction in 2022.
- Long-term Debt Analysis
- Long-term debt, net of current portions, remained the primary component of the company's leverage. After oscillating between $3.6 billion and $4.2 billion from 2017 to 2020, long-term debt spiked to $6,383,711 thousand in 2021. This peak was followed by a significant reduction to $4,632,360 thousand in 2022, indicating a substantial repayment or refinancing of long-term obligations.
- Short-term Debt Evolution
- Short-term debt demonstrated the most aggressive growth rate in relative terms. Starting at a negligible $12,121 thousand in 2017, short-term obligations increased intermittently, reaching a peak of $1,070,473 thousand in 2022. The surge in short-term debt during 2022 is particularly notable as it occurred simultaneously with the reduction in long-term debt, suggesting a shift in the maturity profile of the company's liabilities.
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Total Debt (Fair Value)
| Sep 30, 2022 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| Short-term debt | 1,070,473) |
| Long-term debt | 4,130,300) |
| Total debt (fair value) | 5,200,773) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.91 |
Based on: 10-K (reporting date: 2022-09-30).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt: 3.00%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 0.74% | 672,736) | 4,958) | |
| 3.40% | 499,195) | 16,973) | |
| 3.25% | 498,347) | 16,196) | |
| 3.45% | 745,622) | 25,724) | |
| 2.80% | 495,348) | 13,870) | |
| 2.70% | 990,480) | 26,743) | |
| 4.25% | 495,162) | 21,044) | |
| 4.30% | 493,288) | 21,211) | |
| Total | 4,890,178) | 146,719) | |
| 3.00% | |||
Based on: 10-K (reporting date: 2022-09-30).
1 US$ in thousands
2 Weighted-average interest rate = 100 × 146,719 ÷ 4,890,178 = 3.00%