Praxair Inc. (PX) | Analysis of Debt

Total Debt Disclosure

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Praxair Inc., Statement of Financial Position, Debt

USD $ in millions

		Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007	Dec 31, 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.	Praxair Inc.'s total debt increased from 2008 to 2009 and from 2009 to 2010.

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Praxair Inc.

USD $ in millions

	12 months ended	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007	Dec 31, 2006
	Interest expense, net
	Interest capitalized
	Amortization of swap termination costs
	Interest incurred on debt

Source: Based on data from Praxair Inc., Annual Reports

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

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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, Praxair, Inc.
	Add: Noncontrolling interests
	Add: Interest expense, net
	Add: Income tax expense (benefit)
	Earnings before interest and tax (EBIT)

	Interest incurred on debt
	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, net
= ÷ =

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

Ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Praxair Inc.'s adjusted interest coverage ratio improved from 2008 to 2009 and from 2009 to 2010.