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onbalancesheetdebt
On Balance Sheet Debt
Short and long-term
Introduction: Important issue in analysis of debt is to realize that not all items classified as debt are debt. Some items represent equity (raised from shareholders); others are equity by virtue of being unrecognized income (revenue).
At the same time, (certain) items classified as equity are perhaps better treated as debt.
Most importantly there exist numerous items not reported anywhere on the financial statements which should be reported as debt (off balance sheet debt).
Current liabilities: three classifications that should be treated differently:
Trade debt (A/P, accrued liabilities etc) – normal operating debt within firms operating cycle
Short-term debt ( current portion of Long-term debt) – loans , commercial paper – outside financing – care should be taken to ensure that firm is not shifting from trade to bank financing
Advance from customers – not a liability! (at least not in the amount listed). Unrecognized revenue – as advance from customer goes up, it is good sign---future income increases.
Long-term debt and equity
Nature of debt should be analyzed:
Convertible bonds Debt or equity? – portion debt and portion equity; one should examine strike price to assess this question (option pricing models may be appropriate.
Redeemable preferred shares: Equity or debt? Given its provisions, more than likely its debt and should be so treated. [SEC requires that it be reported above (but not as part of) equity.]
Market or Cost: (Carrying Value)
Difference between two affected by a function of three factors:
Terms of debt – fixed or variable (swaps)
Horizon – long or short
“Imbedded” rate versus change in interest rates
Debt denominated in foreign currency is adjusted for changes in exchange rates (not changes in interest rate)
Effect on Cash Flow Statement:
Per GAAP, coupon payments (“interest”) are treated as CFO; whereas Face Value (“principal”) is treated as CFF.
Distortion/Inconsistency
When bonds i
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