Old Dominion Freight Line Inc., balance sheet: debt

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Current maturities of long-term debt	20,000)	—)	—)	—)	—)
Long-term debt, excluding current maturities	79,963)	99,947)	99,931)	45,000)	45,000)
Total long-term debt, including current maturities (carrying amount)	99,963)	99,947)	99,931)	45,000)	45,000)

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Debt item	Description	The company
Total long-term debt, including current maturities (carrying amount)	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Old Dominion Freight Line Inc. total debt increased from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022
Selected Financial Data (US$ in thousands)
Total long-term debt, including current maturities (fair value)	92,600)
Financial Ratio
Debt, fair value to carrying amount ratio	0.93

Weighted-average interest rate on senior notes: 3.62%

Interest rate	Debt amount¹	Interest rate × Debt amount
4.79%	45,000)	2,156)
3.10%	100,000)	3,100)
Total	145,000)	5,256)
3.62%

¹ US$ in thousands

² Weighted-average interest rate = 100 × 5,256 ÷ 145,000 = 3.62%

Old Dominion Freight Line Inc., interest costs incurred

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Interest expense	1,563)	1,727)	2,782)	377)	189)
Capitalized interest	3,260)	2,655)	2,473)	3,128)	3,237)
Interest costs incurred	4,823)	4,382)	5,255)	3,505)	3,426)

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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.	Old Dominion Freight Line Inc. interest expense decreased from 2020 to 2021 and from 2021 to 2022.
Capitalized interest	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Old Dominion Freight Line Inc. capitalized interest increased from 2020 to 2021 and from 2021 to 2022.
Interest costs incurred	Total interest costs incurred during the period and either capitalized or charged against earnings.	Old Dominion Freight Line Inc. interest costs incurred decreased from 2020 to 2021 but then increased from 2021 to 2022 not reaching 2020 level.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in thousands)
Net income	1,377,159)	1,034,375)	672,682)	615,518)	605,668)
Add: Income tax expense	464,190)	354,048)	228,682)	208,431)	209,845)
Add: Interest expense	1,563)	1,727)	2,782)	377)	189)
Earnings before interest and tax (EBIT)	1,842,912)	1,390,150)	904,146)	824,326)	815,702)

Interest costs incurred	4,823)	4,382)	5,255)	3,505)	3,426)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	1,179.09	804.95	325.00	2,186.54	4,315.88
Adjusted interest coverage ratio (with capitalized interest)²	382.11	317.24	172.05	235.19	238.09

2022 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= 1,842,912 ÷ 1,563 = 1,179.09

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= 1,842,912 ÷ 4,823 = 382.11

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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).	Old Dominion Freight Line Inc. adjusted interest coverage ratio improved from 2020 to 2021 and from 2021 to 2022.

Old Dominion Freight Line Inc. (NASDAQ:ODFL)

Analysis of Debt