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Analysis of Debt

Difficulty: Advanced


Total Debt (Carrying Amount)

International Business Machines Corp., Statement of Financial Position, Debt

USD $ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Short-term debt hidden hidden hidden hidden hidden
Long-term debt hidden hidden hidden hidden hidden
Total debt (carrying amount) hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-23), 10-K (filing date: 2015-02-24), 10-K (filing date: 2014-02-25).

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.'s total debt increased from 2015 to 2016 and from 2016 to 2017.

Total Debt (Fair Value)

Microsoft Excel LibreOffice Calc
Dec 31, 2017
Selected Financial Data (USD $ in millions)
Short-term debt hidden
Long-term debt hidden
Total debt (fair value) hidden
Ratio
Debt, fair value to carrying amount hidden

Based on: 10-K (filing date: 2018-02-27).


Weighted-average Interest Rate on Debt

Post-swap weighted-average interest rate on debt: hidden

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

Based on: 10-K (filing date: 2018-02-27).

1 USD $ in millions

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


Interest Costs Incurred

International Business Machines Corp.

USD $ in millions

Microsoft Excel LibreOffice Calc
12 months ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Cost of financing hidden hidden hidden hidden hidden
Interest expense hidden hidden hidden hidden hidden
Interest capitalized hidden hidden hidden hidden hidden
Total interest paid and accrued hidden hidden hidden hidden hidden

Based on: 10-K (filing date: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-23), 10-K (filing date: 2015-02-24), 10-K (filing date: 2014-02-25).

Item Description The company
Interest expense Amount of the cost of borrowed funds accounted for as interest expense for debt. International Business Machines Corp.'s interest expense increased from 2015 to 2016 but then slightly declined from 2016 to 2017.
Interest capitalized Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. International Business Machines Corp.'s interest capitalized increased from 2015 to 2016 and from 2016 to 2017.
Total interest paid and accrued Total interest costs incurred during the period and either capitalized or charged against earnings. International Business Machines Corp.'s total interest paid and accrued increased from 2015 to 2016 and from 2016 to 2017.

Adjusted Interest Coverage Ratio

Microsoft Excel LibreOffice Calc
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Selected Financial Data (USD $ in millions)
Net income attributable to IBM 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: Interest expense hidden hidden hidden hidden hidden
Earnings before interest and tax (EBIT) hidden hidden hidden hidden hidden
 
Total interest paid and accrued 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: 2018-02-27), 10-K (filing date: 2017-02-28), 10-K (filing date: 2016-02-23), 10-K (filing date: 2015-02-24), 10-K (filing date: 2014-02-25).

2017 Calculations

1 Interest coverage ratio (excluding capitalized interest) = EBIT ÷ Interest expense
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2 Adjusted interest coverage ratio (including capitalized interest) = EBIT ÷ Total interest paid and accrued
= hidden ÷ hidden = hidden


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.'s adjusted interest coverage ratio deteriorated from 2015 to 2016 and from 2016 to 2017.