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Praxair Inc. (PX) | Analysis of Debt

Total Debt Disclosure

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Praxair Inc., 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 31, 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 Praxair Inc., 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. Praxair Inc.'s total debt increased from 2009 to 2010 and from 2010 to 2011.

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Interest Costs Incurred

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Praxair Inc.

USD $ in millions

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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, net
chart Interest capitalized
chart Amortization of swap termination costs
chart 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 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level.
Interest capitalized The amount of interest that was capitalized during the period.
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 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 millions)
chart Net Income, Praxair, Inc.
chart Add: Noncontrolling interests
chart Add: Interest expense, net
chart Add: Income tax expense (benefit)
chart Earnings before interest and tax (EBIT)
   
chart Interest incurred on debt
  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
= ÷ =

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 2009 to 2010 but then slightly deteriorated from 2010 to 2011.

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