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Dow Chemical Co. (DOW) | Analysis of Debt

Total Debt Disclosure

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Dow Chemical Co., Statement of Financial Position, Debt

USD $ in millions

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    Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
Notes payable
Long-term debt due within one year
Long-term debt
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. Dow Chemical Co.'s total debt increased from 2008 to 2009 and from 2009 to 2010.

Interest Costs Incurred

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Dow Chemical Co.

USD $ in millions

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  12 months ended Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
Interest expense and amortization of debt discount
Capitalized interest
Interest costs incurred

Source: Based on data from Dow Chemical Co., Annual Reports

Item Description The company
Interest expense and amortization of debt discount Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings. Dow Chemical Co.'s interest expense and amortization of debt discount increased from 2008 to 2009 but then slightly declined from 2009 to 2010.
Capitalized interest The amount of interest that was capitalized during the period. Dow Chemical Co.'s capitalized interest declined from 2008 to 2009 but then slightly increased from 2009 to 2010.
Interest costs incurred Total interest costs incurred during the period and either capitalized or charged against earnings. Dow Chemical Co.'s interest costs incurred increased from 2008 to 2009 but then slightly declined from 2009 to 2010.

Adjusted Interest Coverage Ratio

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    Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007 Dec 31, 2006
  Selected Financial Data (USD $ in millions)
Net income attributable to The Dow Chemical Company
Add: Net income attributable to noncontrolling interests
Add: Interest expense and amortization of debt discount
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 and amortization of debt discount
= ÷ =

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). Dow Chemical Co.'s adjusted interest coverage ratio deteriorated from 2008 to 2009 but then improved from 2009 to 2010 exceeding 2008 level.

February 7, 2012

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