Analysis of Debt
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- Balance Sheet: Assets
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Total Debt (Carrying Amount)
RTX Corp., balance sheet: debt
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Short-term borrowings | ||||||
| Long-term debt currently due | ||||||
| Long-term debt, excluding currently due | ||||||
| Total debt (carrying amount) |
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
- The short-term borrowings exhibit significant volatility over the five-year period. Beginning at 247 million US dollars in 2020, the amount sharply decreased to 134 million in 2021, followed by a notable increase to 625 million in 2022. Subsequently, the short-term borrowings declined again to 189 million in 2023 and remained relatively stable at 183 million in 2024. This pattern suggests episodic fluctuations in short-term financing needs.
- Long-term Debt Currently Due
- The portion of long-term debt currently due shows considerable variability and an overall increasing trend. Starting at 550 million in 2020, it dropped significantly to 24 million in 2021, then surged to 595 million in 2022. A sharp increase occurred in 2023, rising to 1,283 million, followed by an even more pronounced rise to 2,352 million in 2024. This trajectory indicates rising obligations coming due in the near term, peaking markedly in the latest reported periods.
- Long-term Debt, Excluding Currently Due
- The long-term debt excluding the current portion remained relatively stable between 2020 and 2022, fluctuating narrowly between approximately 30,694 million and 31,327 million US dollars. However, a marked increase occurred in 2023, reaching 42,355 million, before declining to 38,726 million in 2024. This suggests a substantial refinancing or new issuance in 2023, with partial reduction or reclassification in the following year.
- Total Debt (Carrying Amount)
- The total debt carrying amount reflects the combined effects of the short-term borrowings and both components of long-term debt. It remained largely stable around the 31,000-32,000 million range from 2020 through 2022, then exhibited a sharp increase to 43,827 million in 2023, followed by a slight decline to 41,261 million in 2024. These changes closely mirror those observed in the long-term debt excluding currently due, indicating its dominant influence on the total debt balance.
- Overall Analysis
- Over the five years, the company’s debt profile demonstrates significant fluctuations in both short-term borrowings and the current portion of long-term debt, reflecting variable immediate liquidity requirements or debt maturities. The substantial rise in long-term debt excluding the current portion in 2023 suggests major financing activity during that year. The overall total debt increased notably in 2023, indicating an expansion in leverage or capital raising efforts, followed by a moderate decrease in 2024. These trends warrant attention to debt maturity schedules, refinancing strategies, and potential impacts on liquidity and financial risk.
Total Debt (Fair Value)
| Dec 31, 2024 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Short-term borrowings | |
| Long-term debt, including currently due, excluding finance leases | |
| Finance leases | |
| Total debt (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2024-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate related to total debt:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2024-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =