Analysis of Debt
Total Debt (Carrying Amount)
Eli Lilly & Co., balance sheet: debt
US$ in thousands
Based on: 10-K (reporting date: 2024-12-31), 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).
- Short-term borrowings and current maturities of long-term debt
- Over the observed periods, short-term borrowings and current maturities of long-term debt exhibit significant fluctuations. From a relatively low level of 8,700 thousand US dollars at the end of 2020, there is a sharp increase to 1,538,300 thousand US dollars by the end of 2021. This elevated level is relatively stable through 2022, followed by a substantial rise to 6,904,500 thousand US dollars at the end of 2023. By the end of 2024, this figure declines to 5,117,100 thousand US dollars, still remaining markedly higher than in the earlier years.
- Long-term debt, excluding current maturities
- Long-term debt, excluding current maturities, displays a more gradual but notable overall increase across the periods. Starting from 16,586,600 thousand US dollars at the end of 2020, the amount decreases slightly to 15,346,400 thousand US dollars in 2021 and further to 14,737,500 thousand US dollars in 2022. However, there is a marked upward reversal in 2023, climbing to 18,320,800 thousand US dollars, and a further substantial increase to 28,527,100 thousand US dollars by the end of 2024.
- Total debt (carrying amount)
- The total debt mirrors the combined behavior of the short-term and long-term components, reflecting significant growth especially in the later years. Initially, total debt increases moderately from 16,595,300 thousand US dollars at the end of 2020 to 16,884,700 thousand US dollars in 2021, then slightly declines to 16,238,600 thousand US dollars in 2022. This is followed by a sharp increase to 25,225,300 thousand US dollars at the end of 2023, and a further rise to 33,644,200 thousand US dollars by the end of 2024. The data indicates that the substantial growth in total debt in the last two years is mainly driven by increases in both short-term borrowings and long-term debt.
- Overall Observations
- The debt profile reveals a pattern of relatively moderate or declining debt levels in the initial years, followed by significant increases in both short-term and long-term debt starting in 2023 and continuing through 2024. The sharp rise in short-term borrowings and current maturities in 2023 and 2024 could indicate increased refinancing activities or higher liquidity needs in those years. The simultaneous rise in long-term debt suggests strategic borrowing, possibly for investment or expansion purposes. The overall trend points to a considerable increase in leverage over the latest reported periods.
Total Debt (Fair Value)
| Dec 31, 2024 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| Short-term commercial paper borrowings | 4,319,400) |
| Long-term debt, including current portion | 26,249,000) |
| Total debt (fair value) | 30,568,400) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.91 |
Based on: 10-K (reporting date: 2024-12-31).
Weighted-average Interest Rate on Debt
Weighted-average effective borrowing rate: 3.87%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 4.61% | 4,337,600) | 199,963) | |
| 7.13% | 217,500) | 15,497) | |
| 2.75% | 560,600) | 15,417) | |
| 5.00% | 750,000) | 37,500) | |
| 1.63% | 779,100) | 12,660) | |
| 4.50% | 1,000,000) | 45,000) | |
| 5.50% | 364,300) | 20,037) | |
| 3.10% | 401,500) | 12,447) | |
| 4.15% | 750,000) | 31,125) | |
| 0.45% | 441,600) | 1,987) | |
| 4.50% | 1,000,000) | 45,000) | |
| 3.38% | 930,600) | 31,408) | |
| 4.20% | 1,000,000) | 42,000) | |
| 0.42% | 145,600) | 612) | |
| 2.13% | 779,100) | 16,556) | |
| 0.63% | 623,200) | 3,895) | |
| 4.70% | 1,000,000) | 47,000) | |
| 0.50% | 623,200) | 3,116) | |
| 4.70% | 1,500,000) | 70,500) | |
| 4.60% | 1,250,000) | 57,500) | |
| 0.56% | 58,900) | 330) | |
| 6.77% | 158,600) | 10,737) | |
| 5.55% | 444,700) | 24,681) | |
| 5.95% | 266,800) | 15,875) | |
| 3.88% | 240,300) | 9,312) | |
| 1.63% | 313,800) | 5,099) | |
| 4.65% | 38,300) | 1,781) | |
| 3.70% | 386,800) | 14,312) | |
| 3.95% | 347,000) | 13,707) | |
| 3.95% | 958,200) | 37,849) | |
| 1.70% | 1,038,700) | 17,658) | |
| 0.97% | 48,500) | 470) | |
| 2.25% | 1,250,000) | 28,125) | |
| 1.13% | 519,400) | 5,843) | |
| 4.88% | 1,250,000) | 60,938) | |
| 5.00% | 1,500,000) | 75,000) | |
| 5.05% | 1,250,000) | 63,125) | |
| 4.15% | 591,300) | 24,539) | |
| 2.50% | 850,000) | 21,250) | |
| 1.38% | 727,100) | 9,998) | |
| 4.95% | 1,000,000) | 49,500) | |
| 5.10% | 1,500,000) | 76,500) | |
| 5.20% | 750,000) | 39,000) | |
| Total | 33,942,300) | 1,314,845) | |
| 3.87% | |||
Based on: 10-K (reporting date: 2024-12-31).
1 US$ in thousands
2 Weighted-average interest rate = 100 × 1,314,845 ÷ 33,942,300 = 3.87%