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Analysis of Debt
Difficulty: Advanced
Total Debt (Carrying Amount)
Chevron Corp., Statement of Financial Position, Debt
USD $ in millions
Based on: 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-20), 10-K (filing date: 2014-02-21).
| 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. | Chevron Corp.'s total debt increased from 2015 to 2016 but then slightly declined from 2016 to 2017 not reaching 2015 level. |
Total Debt (Fair Value)
| Dec 31, 2017 | |
|---|---|
| Selected Financial Data (USD $ in millions) | |
| Short-term debt, excluding capital lease obligations | |
| Long-term debt, excluding due within one year | |
| Capital lease obligations | |
| Total debt (fair value) | |
| Ratio | |
| Debt, fair value to carrying amount | |
Based on: 10-K (filing date: 2018-02-22).
Weighted-average Interest Rate on Debt
Weighted-average 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: 2018-02-22).
1 USD $ in millions
2 Weighted-average interest rate = 100 × ÷ =
Interest Costs Incurred
Chevron Corp.
USD $ in millions
| 12 months ended | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
|---|---|---|---|---|---|---|
| Interest and debt expense | |
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| Capitalized interest | |
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| Financing interest and debt costs | |
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Based on: 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-20), 10-K (filing date: 2014-02-21).
| Item | Description | The company |
|---|---|---|
| Interest and debt expense | Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings. | Chevron Corp.'s interest and debt expense increased from 2015 to 2016 and from 2016 to 2017. |
| Capitalized interest | The amount of interest that was capitalized during the period. | Chevron Corp.'s capitalized interest increased from 2015 to 2016 and from 2016 to 2017. |
| Financing interest and debt costs | Total interest costs incurred during the period and either capitalized or charged against earnings. | Chevron Corp.'s financing interest and debt costs increased from 2015 to 2016 and from 2016 to 2017. |
Adjusted Interest Coverage Ratio
Based on: 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-25), 10-K (filing date: 2015-02-20), 10-K (filing date: 2014-02-21).
2017 Calculations
1 Interest coverage ratio (excluding capitalized interest) = EBIT ÷ Interest and debt expense
= ÷ =
2 Adjusted interest coverage ratio (including capitalized interest) = EBIT ÷ Financing interest and debt costs
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| Adjusted interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). | Chevron Corp.'s adjusted interest coverage ratio deteriorated from 2015 to 2016 but then improved from 2016 to 2017 exceeding 2015 level. |
