Analysis of Debt
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- Common-Size Balance Sheet: Assets
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
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Total Debt (Carrying Amount)
Edwards Lifesciences Corp., balance sheet: debt
US$ in thousands
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Short-term debt | ||||||
| Long-term debt | ||||||
| Total debt (carrying amount) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
The analysis of the debt data over the five-year period reveals several noteworthy trends and observations regarding the company's leverage position.
- Short-term Debt
- The reported short-term debt is only present for the year ending December 31, 2017, amounting to 598,000 thousand US dollars. For all subsequent years (2018 through 2021), no short-term debt data is recorded, indicating either the absence of short-term borrowings or that such obligations were not reported.
- Long-term Debt
- Long-term debt shows a marked increase from 438,400 thousand US dollars in 2017 to 593,800 thousand US dollars in 2018, reflecting a rise of approximately 35%. From 2018 to 2019, the long-term debt remains relatively stable, increasing marginally to 594,400 thousand. This stability continues through 2020 and 2021, with values of 595,000 thousand and 595,700 thousand, respectively, indicating a plateau in the accumulation of long-term debt during these years.
- Total Debt (Carrying Amount)
- Total debt starts at 1,036,400 thousand US dollars in 2017 but drops sharply to 593,800 thousand in 2018. This large decline corresponds directly to the disappearance of short-term debt from the reported figures, as the long-term debt for 2018 matches the total debt amount exactly. The total debt then remains fairly constant through to 2021, closely following the long-term debt figures and showing minor incremental increases each year.
- Overall Trends and Insights
-
Initially, the total debt includes a significant short-term debt portion in 2017, but from 2018 onwards, the company appears to have focused primarily on long-term borrowings, resulting in a streamlined debt profile centered around long-term obligations.
This shift may suggest a strategic move towards managing debt maturity profiles possibly to reduce refinancing risk associated with short-term debt. The relative stability of long-term debt from 2018 onwards indicates controlled borrowing, with minimal new long-term debt issuance or repayment during those years.
The absence of short-term debt data in later years prevents assessment of short-term borrowing activity and liquidity pressures. However, the overall flattening trend in total debt signals a conservative leverage approach after the initial reduction in 2018.
Total Debt (Fair Value)
| Dec 31, 2021 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| Notes | |
| Credit Agreement | |
| Total debt (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2021-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate under all debt obligations:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2021-12-31).
1 US$ in thousands
2 Weighted-average interest rate = 100 × ÷ =