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Analysis of Debt
Difficulty: Advanced
Total Debt (Carrying Amount)
Amgen Inc., Statement of Financial Position, Debt
USD $ in millions
Based on: 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-19), 10-K (filing date: 2014-02-24).
| Item | Description | The company |
|---|---|---|
| Total borrowings (carrying amount) | Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. | Amgen Inc.’s total debt increased from 2015 to 2016 and from 2016 to 2017. |
Total Debt (Fair Value)
| Dec 31, 2017 | |
|---|---|
| Selected Financial Data (USD $ in millions) | |
| Total borrowings (fair value) | |
| Ratio | |
| Debt, fair value to carrying amount | |
Based on: 10-K (filing date: 2018-02-13).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on debt:
| Interest Rate | Debt Amount1 | Interest Rate × Debt Amount | Weighted-average Interest Rate2 | |
|---|---|---|---|---|
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| Total | |
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Based on: 10-K (filing date: 2018-02-13).
1 USD $ in millions
2 Weighted-average interest rate = 100 × ÷ =
Interest Costs Incurred
Amgen Inc.
USD $ in millions
| 12 months ended | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest expenses, net | |
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| Interest costs capitalized | |
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| Interest costs | |
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Based on: 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-19), 10-K (filing date: 2014-02-24).
| Item | Description | The company |
|---|---|---|
| Interest expenses, net | Amount of the cost of borrowed funds accounted for as interest expense for debt. | Amgen Inc.’s interest expenses, net increased from 2015 to 2016 and from 2016 to 2017. |
| Interest costs capitalized | Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. | |
| Interest costs | Total interest costs incurred during the period and either capitalized or charged against earnings. | Amgen Inc.’s interest costs increased from 2015 to 2016 and from 2016 to 2017. |
Adjusted Interest Coverage Ratio
Based on: 10-K (filing date: 2018-02-13), 10-K (filing date: 2017-02-14), 10-K (filing date: 2016-02-16), 10-K (filing date: 2015-02-19), 10-K (filing date: 2014-02-24).
2017 Calculations
1 Interest coverage ratio (excluding capitalized interest) = EBIT ÷ Interest expense, net
= ÷ =
2 Adjusted interest coverage ratio (including capitalized interest) = EBIT ÷ Interest costs
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| Adjusted interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). | Amgen Inc.’s adjusted interest coverage ratio deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level. |
