Stock Analysis on Net
Stock Analysis on Net

Air Products & Chemicals Inc. (NYSE:APD)

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Analysis of Debt

Advanced level


Total Debt (Carrying Amount)

Air Products & Chemicals Inc., balance sheet: debt

US$ in thousands

Microsoft Excel LibreOffice Calc
Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015 Sep 30, 2014
Short-term borrowings
Current portion of long-term debt
Long-term debt, excluding current portion
Long-term debt, related party
Total debt (carrying amount)

Based on: 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-20), 10-K (filing date: 2017-11-16), 10-K (filing date: 2016-11-21), 10-K (filing date: 2015-11-24), 10-K (filing date: 2014-11-24).

Debt item Description The company
Total debt (carrying amount) Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. Air Products & Chemicals Inc.’s total debt decreased from 2017 to 2018 and from 2018 to 2019.

Total Debt (Fair Value)

Microsoft Excel LibreOffice Calc
Sep 30, 2019
Selected Financial Data (US$ in thousands)
Short-term borrowings
Long-term debt, including current portion and related party
Total debt (fair value)
Financial Ratio
Debt, fair value to carrying amount ratio

Based on: 10-K (filing date: 2019-11-26).


Weighted-average Interest Rate on Debt

Weighted average interest rate of debt:

Interest Rate Debt Amount1 Interest Rate × Debt Amount Weighted-average Interest Rate2
Total

Based on: 10-K (filing date: 2019-11-26).

1 US$ in thousands

2 Weighted-average interest rate = 100 × ÷ =


Interest Costs Incurred

Air Products & Chemicals Inc., interest costs incurred

US$ in thousands

Microsoft Excel LibreOffice Calc
12 months ended: Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015 Sep 30, 2014
Interest expense
Capitalized interest
Interest costs incurred

Based on: 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-20), 10-K (filing date: 2017-11-16), 10-K (filing date: 2016-11-21), 10-K (filing date: 2015-11-24), 10-K (filing date: 2014-11-24).

Debt item Description The company
Interest expense Amount of the cost of borrowed funds accounted for as interest expense for debt. Air Products & Chemicals Inc.’s interest expense increased from 2017 to 2018 and from 2018 to 2019.
Capitalized interest Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. Air Products & Chemicals Inc.’s capitalized interest increased from 2017 to 2018 but then decreased significantly from 2018 to 2019.
Interest costs incurred Total interest costs incurred during the period and either capitalized or charged against earnings. Air Products & Chemicals Inc.’s interest costs incurred increased from 2017 to 2018 and from 2018 to 2019.

Adjusted Interest Coverage Ratio

Microsoft Excel LibreOffice Calc
Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015 Sep 30, 2014
Selected Financial Data (US$ in thousands)
Net income attributable to Air Products
Add: Net income attributable to noncontrolling interest
Less: Income (loss) from discontinued operations, net of tax
Add: Income tax expense
Add: Interest expense
Earnings before interest and tax (EBIT)
 
Interest costs incurred
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)1
Adjusted interest coverage ratio (with capitalized interest)2

Based on: 10-K (filing date: 2019-11-26), 10-K (filing date: 2018-11-20), 10-K (filing date: 2017-11-16), 10-K (filing date: 2016-11-21), 10-K (filing date: 2015-11-24), 10-K (filing date: 2014-11-24).

2019 Calculations

1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= ÷ =

2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest costs incurred
= ÷ =


Solvency ratio Description The company
Adjusted interest coverage ratio A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). Air Products & Chemicals Inc.’s adjusted interest coverage ratio improved from 2017 to 2018 and from 2018 to 2019.