Praxair Inc. (PX) | Debt and Solvency

Ratios (Summary)

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Praxair Inc., debt and solvency ratios

Source: Based on data from Praxair Inc. Annual Reports

Ratio	Description	The company
Debt-to-equity ratio	A solvency ratio calculated as total debt divided by total shareholders' equity.	Praxair Inc.'s debt-to-equity ratio improved from 2008 to 2009 but then slightly deteriorated from 2009 to 2010.
Debt-to-capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders' equity.	Praxair Inc.'s debt-to-capital ratio improved from 2008 to 2009 but then slightly deteriorated from 2009 to 2010.
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	Praxair Inc.'s interest coverage ratio improved 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)
	Short-term debt
	Current portion of long-term debt
	Long-term debt, excluding current portion
	Total debt
	Praxair, Inc. shareholders’ equity
	Debt to Equity, Comparison to Industry
	Praxair Inc.¹
	Industry, Basic Materials

Source: Based on data from Praxair Inc. Annual Reports

2010 Calculations

¹ Debt to equity = Total debt ÷ Praxair, Inc. shareholders’ equity
= ÷ =

Ratio	Description	The company
Debt-to-equity ratio	A solvency ratio calculated as total debt divided by total shareholders' equity.	Praxair Inc.'s debt-to-equity ratio improved from 2008 to 2009 but then slightly deteriorated 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)
	Short-term debt
	Current portion of long-term debt
	Long-term debt, excluding current portion
	Total debt
	Praxair, Inc. shareholders’ equity
	Total capital
	Debt to Capital, Comparison to Industry
	Praxair Inc.¹
	Industry, Basic Materials

Source: Based on data from Praxair Inc. Annual Reports

2010 Calculations

¹ Debt to capital = Total debt ÷ Total capital
= ÷ =

Ratio	Description	The company
Debt-to-capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders' equity.	Praxair Inc.'s debt-to-capital ratio improved from 2008 to 2009 but then slightly deteriorated 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 Coverage, Comparison to Industry
	Praxair Inc.¹
	Industry, Basic Materials

Source: Based on data from Praxair Inc. Annual Reports

2010 Calculations

¹ Interest coverage = EBIT ÷ Interest expense
= ÷ =

Ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	Praxair Inc.'s interest coverage ratio improved from 2008 to 2009 and from 2009 to 2010.