Analysis of Debt
Total Debt (Carrying Amount)
Fortinet Inc., balance sheet: debt
US$ in thousands
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | ||
|---|---|---|---|---|---|---|
| Long-term debt | 990,400) | 988,400) | —) | —) | —) | |
| Total long-term debt (carrying amount) | 990,400) | 988,400) | —) | —) | —) |
Based on: 10-K (reporting date: 2022-12-31), 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).
The data presents information on the long-term debt of the company over a five-year period from 2018 to 2022, with figures reported in thousands of US dollars. Notably, there are no recorded values for long-term debt or total long-term debt (carrying amount) for the years 2018 through 2020.
Beginning in 2021, the company reported a long-term debt amounting to $988,400 thousand. This figure shows a slight increase in 2022 to $990,400 thousand. The data indicates the company initiated or began reporting long-term debt starting from 2021, maintaining a relatively stable level into the following year with only a marginal increase.
Given the absence of debt values in the initial years, it is evident that the company either did not have long-term debt or did not disclose such liabilities prior to 2021. The consistency in the reported long-term debt values over the two most recent years suggests a period of financial stability regarding this aspect of the company's capital structure.
Total Debt (Fair Value)
| Dec 31, 2022 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| Total long-term debt (fair value) | 829,500) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.84 |
Based on: 10-K (reporting date: 2022-12-31).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on debt: 1.80%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 1.30% | 500,000) | 6,500) | |
| 2.30% | 500,000) | 11,500) | |
| Total | 1,000,000) | 18,000) | |
| 1.80% | |||
Based on: 10-K (reporting date: 2022-12-31).
1 US$ in thousands
2 Weighted-average interest rate = 100 × 18,000 ÷ 1,000,000 = 1.80%