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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, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 29, 2007
chart Short-term debt
chart Current portion of long-term debt
chart Long-term debt, excluding current portion
chart Total debt

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

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 2009 to 2010 and from 2010 to 2011.

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Interest Costs Incurred

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CVS Caremark Corp.

USD $ in millions

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  12 months ended Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 29, 2007
chart Interest expense, net of capitalized interest
chart Capitalized interest
chart 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. CVS Caremark Corp.'s interest expense, net of capitalized interest increased from 2009 to 2010 and from 2010 to 2011.
Capitalized interest The amount of interest that was capitalized during the period. CVS Caremark Corp.'s capitalized interest increased from 2009 to 2010 but then declined significantly from 2010 to 2011.
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 2009 to 2010 and from 2010 to 2011.

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Adjusted Interest Coverage Ratio

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 29, 2007
  Selected Financial Data (USD $ in millions)
chart Net income attributable to CVS Caremark
chart Add: Net loss attributable to noncontrolling interest
chart Add: Interest expense
chart Add: Income tax expense (benefit)
chart Earnings before interest and tax (EBIT)
   
chart Interest costs incurred
  Ratio With and Without Capitalized Interest
chart Interest coverage ratio (excluding capitalized interest)1
chart Adjusted interest coverage ratio (including capitalized interest)2

2011 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 deteriorated from 2009 to 2010 and from 2010 to 2011.

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