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McDonald's Corp. (MCD) | Analysis of Debt

Total Debt Disclosure

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McDonald's Corp., Statement of Financial Position, Debt

USD $ in thousands

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    Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
chart Notes payable
chart Current maturities of long-term debt
chart Long-term debt
chart Total debt

Source: Based on data from McDonald's 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. McDonald's Corp.'s total debt increased from 2009 to 2010 and from 2010 to 2011.

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Interest Costs Incurred

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McDonald's Corp.

USD $ in thousands

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  12 months ended Dec 31, 2011 Dec 31, 2010 Dec 31, 2009 Dec 31, 2008 Dec 31, 2007
chart Interest expense
chart Capitalized interest
chart Interest costs incurred

Source: Based on data from McDonald's Corp., Annual Reports

Item Description The company
Interest expense Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings. McDonald's Corp.'s interest expense declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.
Capitalized interest The amount of interest that was capitalized during the period. McDonald's Corp.'s capitalized interest increased from 2009 to 2010 and from 2010 to 2011.
Interest costs incurred Total interest costs incurred during the period and either capitalized or charged against earnings. McDonald's Corp.'s interest costs incurred declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.

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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 31, 2007
  Selected Financial Data (USD $ in thousands)
chart Net income
chart Add: Interest expense, net of capitalized interest
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, net of capitalized interest
= ÷ =

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). McDonald's Corp.'s adjusted interest coverage ratio improved from 2009 to 2010 and from 2010 to 2011.

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