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Microsoft Excel LibreOffice Calc

Chevron Corp. (CVX)

Analysis of Debt

Advanced level

Total Debt (Carrying Amount)

Chevron Corp., balance sheet: debt

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Short-term debt
Long-term debt, excluding debt due within one year
Total debt (carrying amount)

Based on: 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-25).

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. Chevron Corp.’s total debt decreased from 2017 to 2018 and from 2018 to 2019.

Total Debt (Fair Value)

Microsoft Excel LibreOffice Calc
Dec 31, 2019
Selected Financial Data (US$ in millions)
Short-term debt, excluding finance lease liabilities
Long-term debt, excluding due within one year and finance lease liabilities
Finance lease liabilities
Total debt (fair value)
Financial Ratio
Debt, fair value to carrying amount ratio

Based on: 10-K (filing date: 2020-02-21).

Weighted-average Interest Rate on Debt

Weighted-average interest rate on debt:

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

Based on: 10-K (filing date: 2020-02-21).

1 US$ in millions

2 Weighted-average interest rate = 100 × ÷ =

Interest Costs Incurred

Chevron Corp., interest costs incurred

US$ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Interest and debt expense
Capitalized interest
Financing interest and debt costs

Based on: 10-K (filing date: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-25).

Debt item Description The company
Interest and debt expense Amount of the cost of borrowed funds accounted for as interest expense for debt. Chevron Corp.’s interest and debt 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. Chevron Corp.’s capitalized interest decreased from 2017 to 2018 and from 2018 to 2019.
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 2017 to 2018 but then decreased significantly from 2018 to 2019.

Adjusted Interest Coverage Ratio

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Net income (loss) attributable to Chevron Corporation
Add: Net income attributable to noncontrolling interest
Add: Income tax expense
Add: Interest and debt expense
Earnings before interest and tax (EBIT)
 
Financing interest and debt costs
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: 2020-02-21), 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-25).

2019 Calculations

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

2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Financing interest and debt costs
= ÷ =

Solvency 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 improved from 2017 to 2018 but then deteriorated significantly from 2018 to 2019.