Analysis of Debt
Total Debt (Carrying Amount)
Express Scripts Holding Co., balance sheet: debt
US$ in thousands
Based on: 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31).
The total debt carrying amount exhibited a general upward trajectory between 2013 and 2017, despite periodic fluctuations. After a marginal decline in 2014, total obligations increased substantially in 2015 and maintained a steady climb through 2017, rising from 13.95 billion to 16.01 billion over the five-year period.
- Long-term Debt Trends
- Long-term debt, excluding current maturities, serves as the primary driver of the company's total leverage. Following a decrease to 11.01 billion in 2014, long-term obligations grew consistently for three consecutive years, reaching 14.98 billion by December 31, 2017. This represents a sustained increase in long-term borrowing after 2014.
- Short-term Obligations and Current Maturities
- Short-term debt and current maturities of long-term debt demonstrated significant volatility. A peak was observed in 2014 at 2.56 billion, which was followed by a downward trend that reached a minimum of 722 million in 2016. By 2017, these obligations increased slightly to 1.03 billion, though they remained well below the 2014 peak.
- Debt Composition and Structural Shift
- The overall debt structure is heavily weighted toward long-term liabilities. The proportion of long-term debt relative to total debt increased from approximately 88.6% in 2013 to approximately 93.5% in 2017. This shift indicates a strategic transition toward a longer-term maturity profile, reducing the relative impact of short-term liquidity pressures on the balance sheet.
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Total Debt (Fair Value)
| Dec 31, 2017 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| Commercial paper program | 194,800) |
| Senior notes | 14,215,700) |
| Term loan | 2,145,500) |
| Term facility | —) |
| Other | —) |
| Total debt (fair value) | 16,361,200) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 1.02 |
Based on: 10-K (reporting date: 2017-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt: 3.81%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 1.49% | 194,800) | 2,903) | |
| 7.12% | 838,100) | 59,715) | |
| 2.25% | 997,100) | 22,435) | |
| 7.25% | 336,700) | 24,411) | |
| 4.13% | 502,900) | 20,745) | |
| 2.60% | 496,900) | 12,919) | |
| 2.23% | 397,600) | 8,866) | |
| 3.30% | 496,900) | 16,398) | |
| 4.75% | 1,241,600) | 58,976) | |
| 3.90% | 987,000) | 38,493) | |
| 3.05% | 495,200) | 15,104) | |
| 3.00% | 993,600) | 29,808) | |
| 3.50% | 989,800) | 34,643) | |
| 4.50% | 1,483,100) | 66,740) | |
| 3.40% | 1,489,800) | 50,653) | |
| 6.13% | 444,200) | 27,207) | |
| 4.80% | 1,483,600) | 71,213) | |
| 2.30% | 2,145,500) | 49,347) | |
| Total | 16,014,400) | 610,574) | |
| 3.81% | |||
Based on: 10-K (reporting date: 2017-12-31).
1 US$ in thousands
2 Weighted-average interest rate = 100 × 610,574 ÷ 16,014,400 = 3.81%