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Microsoft Excel LibreOffice Calc

General Motors Co. (GM)


Analysis of Debt

Difficulty: Advanced


Total Debt (Carrying Amount)

General Motors Co., Statement of Financial Position, Debt

USD $ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Short-term debt and current portion of long-term debt hidden hidden hidden hidden hidden
Long-term debt, excluding current portion hidden hidden hidden hidden hidden
Total debt (carrying amount) hidden hidden hidden hidden hidden

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)

Microsoft Excel LibreOffice Calc
Dec 31, 2018
Selected Financial Data (USD $ in millions)
Automotive debt hidden
GM Financial debt hidden
Total debt (fair value) hidden
Ratio
Debt, fair value to carrying amount hidden

Based on: 10-K (filing date: 2019-02-06).


Weighted-average Interest Rate on Debt

Weighted-average interest rate on outstanding debt: hidden

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

Based on: 10-K (filing date: 2019-02-06).

1 USD $ in millions

2 Weighted-average interest rate = 100 × hidden ÷ hidden = hidden


Interest Costs Incurred

General Motors Co.

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Automotive interest expense hidden hidden hidden hidden hidden
Interest capitalized hidden hidden hidden hidden hidden
Interest costs incurred hidden hidden hidden hidden hidden

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

Microsoft Excel LibreOffice Calc
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Selected Financial Data (USD $ in millions)
Net income (loss) attributable to stockholders hidden hidden hidden hidden hidden
Add: Net income attributable to noncontrolling interest hidden hidden hidden hidden hidden
Less: Loss from discontinued operations, net of tax hidden hidden hidden hidden hidden
Add: Income tax expense hidden hidden hidden hidden hidden
Add: Automotive interest expense hidden hidden hidden hidden hidden
Earnings before interest and tax (EBIT) hidden hidden hidden hidden hidden
 
Interest costs incurred hidden hidden hidden hidden hidden
Ratio With and Without Capitalized Interest
Interest coverage ratio (excluding capitalized interest)1 hidden hidden hidden hidden hidden
Adjusted interest coverage ratio (including capitalized interest)2 hidden hidden hidden hidden hidden

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
= hidden ÷ hidden = hidden

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


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.