The balance sheet shows the amount owed, not what the debt trades at. A company whose bonds trade at 70 cents still reports the full face value, so a distressed balance sheet can look unchanged while the market has already repriced the risk.
What matters is the maturity ladder in the footnotes, the coupon, whether it is fixed or floating, and the covenant package. Cheap fixed debt locked in for a decade is an asset in a high-rate world.
Example: Northwind Tools owes $430M long-term: a $180M term loan at SOFR plus 200bp maturing in 2029 and $250M of 4.1% fixed notes maturing in 2032.
Related: total-debt, net-debt, interest-expense, covenant, refinancing-risk