Meta Platforms Inc., balance sheet: debt

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Finance lease liabilities, current	90)	129)	75)	54)	55)
Long-term debt	18,385)	9,923)	—)	—)	—)
Finance lease liabilities, non-current	600)	558)	506)	469)	418)
Total long-term debt and finance lease liabilities (carrying amount)	19,075)	10,610)	581)	523)	473)

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Debt item	Description	The company
Total long-term debt and finance lease liabilities (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Meta Platforms Inc. total debt increased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023
Selected Financial Data (US$ in millions)
Long-term debt	18,480)
Finance lease liabilities	690)
Total long-term debt and finance lease liabilities (fair value)	19,170)
Financial Ratio
Debt, fair value to carrying amount ratio	1.00

Weighted-average effective interest rate on long-term debt and finance leases: 4.61%

Interest rate	Debt amount¹	Interest rate × Debt amount
3.63%	2,750)	100)
3.92%	3,000)	118)
4.51%	2,750)	124)
4.71%	1,500)	71)
4.68%	1,500)	70)
4.90%	1,000)	49)
5.00%	1,750)	88)
5.64%	2,500)	141)
5.79%	1,750)	101)
3.40%	690)	23)
Total	19,190)	885)
4.61%

¹ US$ in millions

² Weighted-average interest rate = 100 × 885 ÷ 19,190 = 4.61%

Meta Platforms Inc., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest expense	446)	176)	15)	14)	20)
Capitalized interest	283)	—)	—)	—)	—)
Interest costs incurred	729)	176)	15)	14)	20)

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Debt item	Description	The company
Interest expense	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Meta Platforms Inc. interest expense increased from 2021 to 2022 and from 2022 to 2023.
Capitalized interest	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	Meta Platforms Inc. interest costs incurred increased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Net income	39,098)	23,200)	39,370)	29,146)	18,485)
Add: Income tax expense	8,330)	5,619)	7,914)	4,034)	6,327)
Add: Interest expense	446)	176)	15)	14)	20)
Earnings before interest and tax (EBIT)	47,874)	28,995)	47,299)	33,194)	24,832)

Interest costs incurred	729)	176)	15)	14)	20)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	107.34	164.74	3,153.27	2,371.00	1,241.60
Adjusted interest coverage ratio (with capitalized interest)²	65.67	164.74	3,153.27	2,371.00	1,241.60

2023 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= 47,874 ÷ 446 = 107.34

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 47,874 ÷ 729 = 65.67

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Solvency ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Meta Platforms Inc. adjusted interest coverage ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Meta Platforms Inc. (NASDAQ:META)

Analysis of Debt