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Analysis of Debt
Difficulty: Advanced
Total Debt (Carrying Amount)
General Motors Co., Statement of Financial Position, Debt
USD $ in millions
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
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| Short-term debt and current portion of long-term debt | |
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| Long-term debt, excluding current portion | |
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| Total debt (carrying amount) | |
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Based on: 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-07), 10-K (filing date: 2016-02-03), 10-K (filing date: 2015-02-04).
| 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. | General Motors Co.’s total debt increased from 2016 to 2017 and from 2017 to 2018. |
Total Debt (Fair Value)
| Dec 31, 2018 | |
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| Selected Financial Data (USD $ in millions) | |
| Automotive debt | |
| GM Financial debt | |
| Total debt (fair value) | |
| Ratio | |
| Debt, fair value to carrying amount | |
Based on: 10-K (filing date: 2019-02-06).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on outstanding debt:
| Interest Rate | Debt Amount1 | Interest Rate × Debt Amount | Weighted-average Interest Rate2 | |
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Based on: 10-K (filing date: 2019-02-06).
1 USD $ in millions
2 Weighted-average interest rate = 100 × ÷ =
Interest Costs Incurred
General Motors Co.
USD $ in millions
| 12 months ended | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||||||
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| Automotive interest expense | |
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| Interest capitalized | |
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| Interest costs incurred | |
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Based on: 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-07), 10-K (filing date: 2016-02-03), 10-K (filing date: 2015-02-04).
| Item | Description | The company |
|---|---|---|
| Automotive interest expense | Amount of the cost of borrowed funds accounted for as interest expense for debt. | General Motors Co.’s automotive interest expense increased from 2016 to 2017 and from 2017 to 2018. |
| Interest capitalized | Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. | |
| Interest costs incurred | Total interest costs incurred during the period and either capitalized or charged against earnings. | General Motors Co.’s interest costs incurred increased from 2016 to 2017 and from 2017 to 2018. |
Adjusted Interest Coverage Ratio
Based on: 10-K (filing date: 2019-02-06), 10-K (filing date: 2018-02-06), 10-K (filing date: 2017-02-07), 10-K (filing date: 2016-02-03), 10-K (filing date: 2015-02-04).
2018 Calculations
1 Interest coverage ratio (excluding capitalized interest) = EBIT ÷ Automotive interest expense
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2 Adjusted interest coverage ratio (including capitalized interest) = EBIT ÷ Interest costs incurred
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| Ratio | Description | The company |
|---|---|---|
| Adjusted interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). | General Motors Co.’s adjusted interest coverage ratio improved from 2016 to 2017 but then deteriorated significantly from 2017 to 2018. |