Analysis of Debt
Total Debt (Carrying Amount)
National Oilwell Varco Inc., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31).
- Current Portion of Long-Term Debt and Short-Term Borrowings
- The current portion of long-term debt and short-term borrowings exhibited a significant decrease from 351 million USD in 2011 to 1 million USD in 2012 and 2013. However, there was a notable increase in 2014 to 152 million USD, followed by a sharp decline to 2 million USD in 2015. This pattern indicates fluctuations in short-term debt obligations, with a temporary spike in 2014.
- Long-Term Debt, Excluding Current Portion
- Long-term debt, excluding the current portion, experienced a substantial rise from 159 million USD in 2011 to 3,148 million USD in 2012. This elevated level remained relatively stable in 2013 at 3,149 million USD and slightly decreased to 3,014 million USD in 2014. In 2015, the long-term debt increased again to 3,928 million USD. Overall, there is a clear trend of high and increasing long-term debt after 2011, indicating significant borrowings or refinancing activities in this period.
- Total Debt (Carrying Amount)
- Total debt closely mirrors the trend in long-term debt, starting at 510 million USD in 2011 and rising sharply to 3,149 million USD in 2012. It remained mostly stable through 2013 (3,150 million USD) and 2014 (3,166 million USD), before increasing further to 3,930 million USD in 2015. The total debt increase aligns with the growth in long-term debt, with current portions contributing minor fluctuations. The data suggests an overall substantial increase in the company's leverage over the five-year period.
Total Debt (Fair Value)
| Dec 31, 2015 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Senior Notes | 2,551) |
| Commercial paper | 893) |
| Other | 45) |
| Total debt (fair value) | 3,489) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.89 |
Based on: 10-K (reporting date: 2015-12-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt: 2.89%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 1.35% | 500) | 7) | |
| 2.60% | 1,396) | 36) | |
| 3.95% | 1,096) | 43) | |
| Total | 2,992) | 86) | |
| 2.89% | |||
Based on: 10-K (reporting date: 2015-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × 86 ÷ 2,992 = 2.89%