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CVS Caremark Corp. (CVS) | Analysis of Debt

Total Debt Disclosure

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CVS Caremark Corp., Statement of Financial Position, Debt

USD $ in millions

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    Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 29, 2007 Dec 30, 2006
Short-term debt
Current portion of long-term debt
Long-term debt, excluding current portion
Total debt
Item Description The company
Total debt Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. CVS Caremark Corp.'s total debt declined from 2008 to 2009 and from 2009 to 2010.

Interest Costs Incurred

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CVS Caremark Corp.

USD $ in millions

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  12 months ended Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 29, 2007 Dec 30, 2006
Interest expense, net of capitalized interest
Capitalized interest
Interest costs incurred

Source: Based on data from CVS Caremark Corp., Annual Reports

Item Description The company
Interest expense, net of capitalized interest Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings.
Capitalized interest The amount of interest that was capitalized during the period. CVS Caremark Corp.'s capitalized interest increased from 2008 to 2009 and from 2009 to 2010.
Interest costs incurred Total interest costs incurred during the period and either capitalized or charged against earnings. CVS Caremark Corp.'s interest costs incurred increased from 2008 to 2009 and from 2009 to 2010.

Adjusted Interest Coverage Ratio

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    Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 29, 2007 Dec 30, 2006
  Selected Financial Data (USD $ in millions)
Net income attributable to CVS Caremark
Add: Net loss attributable to noncontrolling interest
Add: Interest expense
Add: Income tax expense (benefit)
Earnings before interest and tax (EBIT)
   
Interest costs incurred
  Ratio With and Without Capitalized Interest
Interest coverage ratio (excluding capitalized interest)1
Adjusted interest coverage ratio (including capitalized interest)2

2010 Calculations

1 Interest coverage ratio (excluding capitalized interest) = EBIT ÷ Interest expense
= ÷ =

2 Adjusted interest coverage ratio (including capitalized interest) = EBIT ÷ Interest costs incurred
= ÷ =

Ratio Description The company
Adjusted interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). CVS Caremark Corp.'s adjusted interest coverage ratio improved from 2008 to 2009 but then deteriorated significantly from 2009 to 2010.

February 7, 2012

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