Analysis of Debt
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International Business Machines Corp. pages available for free this week:
- Statement of Comprehensive Income
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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Total Debt (Carrying Amount)
International Business Machines Corp., balance sheet: debt
US$ in millions
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||
|---|---|---|---|---|---|---|
| Short-term debt | ||||||
| Long-term debt, excluding current maturities | ||||||
| Total debt (carrying amount) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
| 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. | International Business Machines Corp. total debt decreased from 2019 to 2020 and from 2020 to 2021. |
Total Debt (Fair Value)
| Dec 31, 2021 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Short-term debt | |
| Long-term debt, excluding current maturities | |
| Total debt (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2021-12-31).
Weighted-average Interest Rate on Debt
Post-swap weighted-average interest rate on debt:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2021-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =
Interest Costs Incurred
International Business Machines Corp., interest costs incurred
US$ in millions
| 12 months ended: | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cost of financing | |||||||||||
| Interest expense | |||||||||||
| Interest capitalized | |||||||||||
| Total interest paid and accrued |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
| Debt item | Description | The company |
|---|---|---|
| Interest expense | Amount of the cost of borrowed funds accounted for as interest expense for debt. | International Business Machines Corp. interest expense decreased from 2019 to 2020 and from 2020 to 2021. |
| Interest capitalized | Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. | International Business Machines Corp. interest capitalized increased from 2019 to 2020 but then decreased significantly from 2020 to 2021. |
| Total interest paid and accrued | Total interest costs incurred during the period and either capitalized or charged against earnings. | International Business Machines Corp. total interest paid and accrued decreased from 2019 to 2020 and from 2020 to 2021. |
Adjusted Interest Coverage Ratio
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).
2021 Calculations
1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest expense
= ÷ =
2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Total interest paid and accrued
= ÷ =
| Solvency ratio | Description | The company |
|---|---|---|
| Adjusted interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). | International Business Machines Corp. adjusted interest coverage ratio deteriorated from 2019 to 2020 but then slightly improved from 2020 to 2021. |