Las Vegas Sands Corp., balance sheet: debt

US$ in millions

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Current maturities of long-term debt	2,031)	74)	76)	70)	111)
Long-term debt, excluding current maturities	13,947)	14,721)	13,931)	12,422)	11,874)
Total long-term debt, including current maturities (carrying amount)	15,978)	14,795)	14,007)	12,492)	11,985)

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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.	Las Vegas Sands Corp. total debt increased from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022
Selected Financial Data (US$ in millions)
Total long-term debt, including current maturities (fair value)	15,140)
Financial Ratio
Debt, fair value to carrying amount ratio	0.95

Weighted-average interest rate on Senior Notes and finance lease liabilities: 3.99%

Interest rate	Debt amount¹	Interest rate × Debt amount
3.20%	1,745)	56)
2.90%	498)	14)
3.50%	993)	35)
3.90%	744)	29)
5.13%	1,793)	92)
3.80%	795)	30)
2.30%	694)	16)
5.40%	1,887)	102)
2.85%	644)	18)
4.38%	692)	30)
3.25%	595)	19)
4.90%	21)	1)
Total	11,101)	443)
3.99%

¹ US$ in millions

² Weighted-average interest rate = 100 × 443 ÷ 11,101 = 3.99%

Las Vegas Sands Corp., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Interest expense, net of amounts capitalized	702)	621)	536)	555)	446)
Capitalized Interest	4)	15)	21)	9)	3)
Interest costs incurred	706)	636)	557)	564)	449)

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Debt item	Description	The company
Interest expense, net of amounts capitalized	Amount of the cost of borrowed funds accounted for as interest expense for debt.	Las Vegas Sands Corp. interest expense, net of amounts capitalized increased 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.	Las Vegas Sands Corp. capitalized Interest decreased 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.	Las Vegas Sands Corp. interest costs incurred increased from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Las Vegas Sands Corp.	1,832)	(961)	(1,685)	2,698)	2,413)
Add: Net income attributable to noncontrolling interest	(475)	(315)	(458)	606)	538)
Less: Income from discontinued operations, net of tax	2,898)	193)	—)	—)	—)
Add: Income tax expense	154)	(5)	(38)	468)	375)
Add: Interest expense, net of amounts capitalized	702)	621)	536)	555)	446)
Earnings before interest and tax (EBIT)	(685)	(853)	(1,645)	4,327)	3,772)

Interest costs incurred	706)	636)	557)	564)	449)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	-0.98	-1.37	-3.07	7.80	8.46
Adjusted interest coverage ratio (with capitalized interest)²	-0.97	-1.34	-2.95	7.67	8.40

2022 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense, net of amounts capitalized
= -685 ÷ 702 = -0.98

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= -685 ÷ 706 = -0.97

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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).	Las Vegas Sands Corp. adjusted interest coverage ratio improved from 2020 to 2021 and from 2021 to 2022.

Las Vegas Sands Corp. (NYSE:LVS)

Analysis of Debt