Long-term debt and interest and other costs

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-term debt and interest and other costs

Accounting Policy

Long-term debt represents debt issued privately without registration with a government authority and is payable to

others under the terms of a signed agreement. Long-term debt is initially recognized at fair value and subsequently

measured at amortized cost. Debt is qualified as long-term debt as long as the group has an unconditional right to

defer settlement of the liability for at least 12 months after the reporting period.

Interest accruals and payments relating to long-term debt are accounted for as part of Accrued and other liabilities.

Interest and other costs should be accrued and recorded with the passage of time over the agreed term, regardless

of when the interest receipt or payment has taken place.

Long-term debt consists of the following (amounts for bonds represent carrying amount, not the principle amount):


Year ended December 31 (€, in millions)	2022	2023
€750 million 3.375% senior notes issued September 2013 and principal due September 19th 2023 interest annually payable on September 19th	744.6	—
€1,000 million 1.375% senior notes issued July 2016 and principal due July 7th 2026 interest annually payable on July 7th	893.9	936.8
€750 million 1.625% senior notes issued November 2016 and principal due May 28th 2027 interest annually payable on May 28th	666.8	701.3
€750 million 0.250% senior notes issued February 2020 and principal due February 25th 2030 interest annually payable on February 25th	742.7	743.7
€750 million 0.625% senior notes issued May 2020 and principal due May 7th 2029 interest annually payable on May 7th	747.5	747.9
€500 million 2.250% senior notes issued May 2022 and principal due May 17th 2032 interest annually payable on May 17th	440.3	472.1
€1,000 million 3.500% senior notes issued June 2023 and principal due December 6th 2025 interest annually payable on December 6th	—	1,008.6
Debt acquired from Berliner Glas (ASML Berlin GmbH)	22.3	20.5
Other	2.3	0.7
Long-term debt	4,260.4	4,631.6
Less: current portion of long-term debt	746.2	0.1
Non-current portion of long-term debt	3,514.2	4,631.5

All senior notes are redeemable at the option of ASML, in whole or in part, at any time by paying a make whole

premium, and unless previously redeemed, will be redeemed at 100% of their principal amount on the maturity date.

Our obligations to make principal repayments under our senior notes and other borrowing arrangements excluding

interest expense as of December 31, 2023 are as follows:


€, in millions	Amount
2024	0.1
2025	1,004.2
2026	1,002.0
2027	752.0
2028	2.0
Thereafter	2,011.0
Total debt maturities	4,771.3

Eurobonds

The following table summarizes the carrying amount of our outstanding Eurobonds, including the fair value of interest

rate swaps used to hedge the change in the fair value of the Eurobonds:


Year ended December 31 (€, in millions)	2022	2023
Amortized cost amount	4,479.0	4,731.7
Fair value interest rate swaps1	(243.2)	(121.3)
Carrying amount	4,235.8	4,610.4

1.The fair value of the interest rate swaps excludes accrued interest.

We use interest rate swaps to minimize the net interest exposure for the group by aligning the interest terms of the

available cash and the interest-bearing debt. The fair value changes of these interest rate swaps are recorded on the

Consolidated Balance Sheets under current and non-current accrued and other liabilities, as well as current and non-

current other assets, and the carrying amount of the Eurobonds is adjusted for these fair value changes. We did not

enter into interest rate swaps in connection with the Eurobonds issued in 2020.

The following table summarizes the estimated fair value of our Eurobonds:


Year ended December 31 (€, in millions)	2022	2023
Principal amount	4,500.0	4,750.0
Carrying amount	4,235.8	4,610.4
Fair value1	4,072.8	4,496.2

1.Source: Bloomberg Finance LP.

The fair value of our Eurobonds is estimated based on quoted market prices as of December 31, 2023. The fair value

deviates from the principal amount, due to changes in market interest rates and credit spreads since the issue of our

Eurobonds which carry a fixed coupon interest rate.

Debt acquired from Berliner Glas (ASML Berlin GmbH)

The loan of Berliner Glas (ASML Berlin GmbH) is a mortgage loan of €20.5 million with an annual interest rate of

0.5%, repayable in 2034. Debt decreased compared to 2022, due to repayments made in 2023.

Lines of credit

We maintain an available committed credit facility maturing in July 2026, with a group of banks, of €700.0 million as

of December 31, 2023 and as of December 31, 2022. No amounts were outstanding under the committed credit

facility at the end of 2023 and 2022. Outstanding amounts under this credit facility will bear an interest of Euribor

plus a margin. The margin depends on our credit rating and ESG score.

We have a non-committed guarantee facility of €85.0 million under which guarantees in the ordinary course of

business, such as customs or rental guarantees, can be provided to third parties. As of December 31, 2023, an

amount of €46.8 million has been provided as guarantee. In addition, ASML has a non-committed credit facility for

our Chinese subsidiary of €130.0 million. This non-committed credit facility covers bank guarantees, standby letters

of credit, as well as advances up to €130.0 million. No amounts were outstanding under this facility. ASML also has

non-committed lines of credit available. These facilities provide ASML with the ability to request short-term unsecured

loans from time to time for an aggregate amount not exceeding €1.25 billion. No amounts have been drawn under

these lines of credit. Outstanding amounts under the non-committed facility will bear interest based on market

conditions at the moment of draw down.

Interest and other, net

Interest and other, net consist mainly of interest income and interest expenses. In 2023, the interest income

component is €193.9 million (2022: €16.2 million; 2021: €10.0 million). Income mainly relates to interest income on

cash and cash equivalents. In 2023, the interest expense component is €152.7 million (2022: €60.8 million; 2021:

€54.6 million). The expenses mainly relate to interest expense on our Eurobonds and interest rate swaps.