Learning Objectives LO14-1Identify the underlying characteristics of debt instruments and describe...

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The Nature of Long-Term Debt

Liabilities signify creditors’ interest in a company’s assets.

Liabilities signify creditors’ interest in a company’s assets.

A note payable and note receivable are

two sides of the same coin.

A note payable and note receivable are

two sides of the same coin.

A bond payable divides a large liability

into many smaller liabilities.

A bond payable divides a large liability

into many smaller liabilities.

Corporations issuing bonds are obligated to repay a

stated amount at a specified maturity date and

period interest between the issue date.

Corporations issuing bonds are obligated to repay a

stated amount at a specified maturity date and

period interest between the issue date.

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The Bond Indenture (SELF-STUDY)

The specific promises made to bondholders are described in a document called a bond

indenture.

The specific promises made to bondholders are described in a document called a bond

indenture.

Mortgage Bond secured by lien on specific real estate

owned by the issuer.

Mortgage Bond secured by lien on specific real estate

owned by the issuer.

Callable Bond allows company to

buy back outstanding bonds prior to maturity.

Callable Bond allows company to

buy back outstanding bonds prior to maturity.

Coupon Bond pays interest when

investor submits attached coupon.

Coupon Bond pays interest when

investor submits attached coupon.

Debenture Bondsecured by the “full faith and

credit” of company.

Debenture Bondsecured by the “full faith and

credit” of company.

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Secured and Secured and Unsecured Unsecured

Secured and Secured and Unsecured Unsecured

Term and Term and Serial Serial

Term and Term and Serial Serial

Registered Registered and Bearerand BearerRegistered Registered and Bearerand Bearer

Convertible Convertible and Callableand CallableConvertible Convertible and Callableand Callable

Types of BondsA2

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Bonds do not affect Bonds do not affect stockholder control.stockholder control.Bonds do not affect Bonds do not affect stockholder control.stockholder control.

Interest on bonds is Interest on bonds is tax deductible.tax deductible.

Interest on bonds is Interest on bonds is tax deductible.tax deductible.

Bonds can increase Bonds can increase return on equity.return on equity.

Bonds can increase Bonds can increase return on equity.return on equity.

Advantages of BondsA1

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Bonds require payment of both Bonds require payment of both periodic interest and par value at periodic interest and par value at

maturity.maturity.

Bonds require payment of both Bonds require payment of both periodic interest and par value at periodic interest and par value at

maturity.maturity.

Bonds can decrease return on Bonds can decrease return on equity when the company pays equity when the company pays more in interest than it earns on more in interest than it earns on

the borrowed funds.the borrowed funds.

Bonds can decrease return on Bonds can decrease return on equity when the company pays equity when the company pays more in interest than it earns on more in interest than it earns on

the borrowed funds.the borrowed funds.

Disadvantages of BondsA1

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BOND PAYABLEBOND PAYABLE

Face Value $1,000Face Value $1,000 Interest 10%

6/30 & 12/316/30 & 12/31

Maturity Date 12/31/09Maturity Date 12/31/09Bond Date 1/1/05Bond Date 1/1/05

A. Divide a large liability into many smaller liabilities (usually $1,000 per bond).

B.Obligate a company to repay a stated amount at a specified maturity date and periodic interest between the issue date and maturity.

C. Require periodic interest as a stated percentage of the face amount.

D.Pay interest semiannually (usually) on designated interest dates beginning six months after the day the bonds are “dated”.

E.Make specific promises to bondholders who are described in a document called a bond indenture.

F.Represent a liability to the corporation that issues the bonds and an asset to a company that buys the bonds as an investment.

Issuer:Cash xxx Bonds payable (face amount) xxx

Investor:Investment in bonds (face amount) xxx

Cash xxx

Bonds

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Bonds

Bond Selling PriceBond Selling Price

Bond CertificateBond Certificate

Interest PaymentsInterest Payments

Face Value Payment Face Value Payment at End of Bond Termat End of Bond Term

At Bond Issuance DateAt Bond Issuance Date

Company Company Issuing Issuing BondsBonds


Subsequent PeriodsSubsequent Periods

Investor Investor Buying Buying BondsBonds






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Bond Issue Date

Bond Interest Payments

Bond Interest PaymentsCorporation Investors

Interest Payment =

Bond Par Value Stated Interest Rate

Interest Payment =

Bond Par Value Stated Interest Rate

Basics of BondsA1

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14-11

. . .an investment firm called an underwriter. The underwriter sells the bonds to. . .

A trustee monitors the bond issue.

A company sells the bonds to. . . =>

. . . investors

Bond Issuing ProceduresA1

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Pricing of Bonds

A.Supply and demand cause a bond to be priced to yield the market rate of interest for securities of similar risk and maturity.

1.Price can be calculated as the present value of all the cash flows required (principal and interest).

2.The discount rate is the market interest rate.

B.Other things being equal, the lower the perceived riskiness of the corporation issuing bonds, the higher the price those bonds will command.

C.When bond prices are quoted in financial media, they typically are stated in terms of a percentage of face amount.

So, a price quote of 97 means a $1,000 bond will sell for $970; a bond priced at 102 will sell for $1,020.

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Determining the Selling Price

Stated interest rate is: The bonds sells:

Below market rateAt a discount

(Cash received is less than face amount)

Equal to market rateAt face amount

(Cash received is equal to face amount)

Above market rateAt a premium

(Cash received is greater than face amount)

Stated interest rate is: The bonds sells:







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BOND PAYABLEBOND PAYABLE

Face Value $1,000Face Value $1,000 Interest 10%

6/30 & 12/316/30 & 12/31

Maturity Date 12/31/09Maturity Date 12/31/09Bond Date 1/1/05Bond Date 1/1/05

1. 1. Face value (maturity or par value)Face value (maturity or par value)2. 2. Maturity DateMaturity Date3. 3. Stated Interest Rate Stated Interest Rate (Contract Rate)(Contract Rate) 4.4. Interest Payment DatesInterest Payment Dates5. Bond Date5. Bond Date

Other Factors:Other Factors:6. Market Interest Rate6. Market Interest Rate

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Bond Discount or Premium

Contract rate is: Bond sells:Above market rate At a premiumEqual to market rate At par valueBelow market rate At a discount

Contract rate is: Bond sells:Above market rate At a premiumEqual to market rate At par valueBelow market rate At a discount

P1

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King Co. issues the following bonds on January 1, 2009

Par Value = $1,000,000Stated Interest Rate = 10%; Mkt. Rate = 10%

Interest Dates = 6/30 and 12/31Bond Date = Jan. 1, 2009Maturity Date = Dec. 31, 2028 (20 years)

King Co. issues the following bonds on January 1, 2009

Par Value = $1,000,000Stated Interest Rate = 10%; Mkt. Rate = 10%

Interest Dates = 6/30 and 12/31Bond Date = Jan. 1, 2009Maturity Date = Dec. 31, 2028 (20 years)

Issuing Bonds at Par

DR CRJan. 1 Cash 1,000,000

Bonds payable 1,000,000 Issued bonds at par

P1

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$1,000,000 × 10% × ½ year = $50,000$1,000,000 × 10% × ½ year = $50,000This entry is made every six months until

the bonds mature.

$1,000,000 × 10% × ½ year = $50,000$1,000,000 × 10% × ½ year = $50,000This entry is made every six months until

the bonds mature.

Interest Expense on Bonds at Par

The entry on June 30, 2009, to record the first semiannual interest payment is . . .The entry on June 30, 2009, to record the first semiannual interest payment is . . .

DR CRJune 30 Bond interest expense 50,000

Cash 50,000 Paid semi-annual interest

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On Dec. 31, 2028, the bonds mature, On Dec. 31, 2028, the bonds mature, King Co. makes the following entriesKing Co. makes the following entriesOn Dec. 31, 2028, the bonds mature, On Dec. 31, 2028, the bonds mature, King Co. makes the following entriesKing Co. makes the following entries

Issuing Bonds at Par

The debt has now been extinguished.

DR CRBonds payable 1,000,000

Cash 1,000,000 Paid bond principal at maturity

P1

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DR CRDec. 31 Bond interest expense 50,000

Cash 50,000 Paid semi-annual interest

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Determining the Selling Price

Contract rate is The bonds sells:







Contract rate is The bonds sells:







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Prepare the entry for Jan. 1, 2009, to record the Prepare the entry for Jan. 1, 2009, to record the following bond issue by Rose Co. following bond issue by Rose Co. Par Value = $1,000,000Par Value = $1,000,000Stated Interest Rate = 10%Stated Interest Rate = 10%Market Interest Rate = 12%Market Interest Rate = 12%

Issue Price = Issue Price = Interest Dates = 6/30 and 12/31Interest Dates = 6/30 and 12/31Bond Date = Jan. 1, 2009 Bond Date = Jan. 1, 2009

Maturity Date = Dec. 31, 2013 (5 years)Maturity Date = Dec. 31, 2013 (5 years)

Prepare the entry for Jan. 1, 2009, to record the Prepare the entry for Jan. 1, 2009, to record the following bond issue by Rose Co. following bond issue by Rose Co. Par Value = $1,000,000Par Value = $1,000,000Stated Interest Rate = 10%Stated Interest Rate = 10%Market Interest Rate = 12%Market Interest Rate = 12%

Issue Price = Issue Price = Interest Dates = 6/30 and 12/31Interest Dates = 6/30 and 12/31Bond Date = Jan. 1, 2009 Bond Date = Jan. 1, 2009


Issuing Bonds at a Discount

} .

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Calculating Bond issue Price (Discount Bond)

Face value = $1,000,000Interest Payment= $50,000 = 1,000,000 * 10%/2n= 10 = 5 years * 2i= 6% = 12% /2

PVOA (n=10, i= 6%) = 7.36009PV$ (n=10, i= 6%) = 0.55839

PV of Coupon payments = $50,000 * 7.36009= $368,005PV of Principal payment = $1,000,000 * 0.55839 = $558,390Total Issue Price = $926,395

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1,000,000$ - 926,395$ = 73,605$ 1,000,000$ - 926,395$ = 73,605$

Amortizing the discount increases Amortizing the discount increases interest expense over the outstanding life interest expense over the outstanding life

of the bond.of the bond.

Amortizing the discount increases Amortizing the discount increases interest expense over the outstanding life interest expense over the outstanding life

of the bond.of the bond.

$1,000,000 92.6395%$1,000,000 92.6395%

Issuing Bonds at a DiscountP2

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DR CR Jan. 1 Cash 926,395

Discount on bonds payable 73,605 Bonds payable 1,000,000

Sold bonds at a discount on issue date

Contra-LiabilityContra-LiabilityAccountAccount

Contra-LiabilityContra-LiabilityAccountAccount

On Jan. 1, 2009, Rose Co. would record the On Jan. 1, 2009, Rose Co. would record the bond issue as follows. bond issue as follows. On Jan. 1, 2009, Rose Co. would record the On Jan. 1, 2009, Rose Co. would record the bond issue as follows. bond issue as follows.


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Partial Balance Sheet as of Jan. 1, 2009

Long-term Liabilities: DR CR Bonds Payable 1,000,000$ Less: Discount on Bonds Payable 73,605 926,395$


Long-term Liabilities: DR CR Bonds Payable 1,000,000$ Less: Discount on Bonds Payable 73,605 926,395$

Maturity ValueMaturity ValueMaturity ValueMaturity Value

Carrying ValueCarrying ValueCarrying ValueCarrying Value


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Bond Amortization TableInterest Interest Discount Unamortized Carrying

Date Payment Expense Amortization* Discount Value1/1/2009 10% 12% 73,605$ 926,395$

6/30/2009 50,000$ 55,584$ 5,584$ 68,021 931,979 12/31/2009 50,000 55,919$ 5,919$ 62,103 937,897 6/30/2010 50,000 56,274$ 6,274$ 55,829 944,171

12/31/2010 50,000 56,650$ 6,650$ 49,178 950,822 6/30/2011 50,000 57,049$ 7,049$ 42,129 957,871

12/31/2011 50,000 57,472$ 7,472$ 34,657 965,343 6/30/2012 50,000 57,921$ 7,921$ 26,736 973,264

12/31/2012 50,000 58,396$ 8,396$ 18,341 981,659 6/30/2013 50,000 58,900$ 8,900$ 9,441 990,559

12/31/2013 50,000 59,434$ 9,441$ 0 1,000,000 500,000$ 573,598$ 73,605$

* Rounded.

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DR CR June 30 Bond interest expense 55,584

Discount on bonds payable 5,584 Cash 50,000

Paid semi-annual interest and amortized discount


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Prepare the entry for Jan. 1, 2009, to record Prepare the entry for Jan. 1, 2009, to record the following bond issue by Rose Co. the following bond issue by Rose Co. Par Value = $1,000,000Par Value = $1,000,000Issue Price = ????????Issue Price = ????????Stated Interest Rate = 10%Stated Interest Rate = 10%Market Interest Rate = 8%Market Interest Rate = 8%Interest Dates = 6/30 and 12/31Interest Dates = 6/30 and 12/31Bond Date = Jan. 1, 2009Bond Date = Jan. 1, 2009


Prepare the entry for Jan. 1, 2009, to record Prepare the entry for Jan. 1, 2009, to record the following bond issue by Rose Co. the following bond issue by Rose Co. Par Value = $1,000,000Par Value = $1,000,000Issue Price = ????????Issue Price = ????????Stated Interest Rate = 10%Stated Interest Rate = 10%Market Interest Rate = 8%Market Interest Rate = 8%Interest Dates = 6/30 and 12/31Interest Dates = 6/30 and 12/31Bond Date = Jan. 1, 2009Bond Date = Jan. 1, 2009


Issuing Bonds at a Premium

} Bond will sell at a premium.

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10-27

Calculating Bond issue Price (Premium Bond)

Face value = $1,000,000Interest Payment= $50,000n= 10i= 4%

PVoA (n=10, i= 4%) = 8.11090PV$ (n=10, i= 4%) = 0.67556

PV of Coupon payments = $50,000 * 8.11090= $405,545PV of Principal payment = $1,000,000 * 0.67556 = $675,560

Total Price = $1,081,105

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Cash Proceeds Par Value Premium

1,081,105$ - 1,000,000$ = 81,105$

Cash Proceeds Par Value Premium

1,081,105$ - 1,000,000$ = 81,105$

Amortizing the premium Amortizing the premium decreasesdecreases interest interest expense over the life of the bond.expense over the life of the bond.

Amortizing the premium Amortizing the premium decreasesdecreases interest interest expense over the life of the bond.expense over the life of the bond.

$1,000,000$1,000,000 108.1105%108.1105%

$1,000,000$1,000,000 108.1105%108.1105%

Issuing Bonds at a PremiumP3

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DR CRJan. 1 Cash 1,081,105

Premium on bonds payable 81,105 Bonds payable 1,000,000

Issued bonds at a premium on issue date

Adjunct-LiabilityAdjunct-Liability(or accretion)(or accretion)

AccountAccount

Adjunct-LiabilityAdjunct-Liability(or accretion)(or accretion)

AccountAccount

On Jan. 1, 2009, Rose Co. would record the On Jan. 1, 2009, Rose Co. would record the bond issue as follows. bond issue as follows. On Jan. 1, 2009, Rose Co. would record the On Jan. 1, 2009, Rose Co. would record the bond issue as follows. bond issue as follows.


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Long-term Liabilities: DR CR Bonds Payable 1,000,000$ Add: Premium on Bonds Payable 81,105 1,081,105$


Long-term Liabilities: DR CR Bonds Payable 1,000,000$ Add: Premium on Bonds Payable 81,105 1,081,105$


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Straight-Line Amortization TableInterest Interest Premium Unamortized Carrying

Date Payment Expense Amortization* Premium Value1/1/2009 4% 81,105$ 1,081,105$

6/30/2009 50,000$ 43,244$ 6,756$ 74,349 1,074,349 12/31/2009 50,000 42,974$ 7,026$ 67,323 1,067,323 6/30/2010 50,000 42,693$ 7,307$ 60,016 1,060,016

12/31/2010 50,000 42,401$ 7,599$ 52,417 1,052,417 6/30/2011 50,000 42,097$ 7,903$ 44,513 1,044,513

12/31/2011 50,000 41,781$ 8,219$ 36,294 1,036,294 6/30/2012 50,000 41,452$ 8,548$ 27,746 1,027,746

12/31/2012 50,000 41,110$ 8,890$ 18,856 1,018,856 6/30/2013 50,000 40,754$ 9,246$ 9,610 1,009,610

12/31/2013 50,000 40,384$ 9,610$ 0 1,000,000 500,000$ 418,889$ 81,105$

* Rounded.

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June 30 Bond interest expense 43,244 Premium on bonds payable 6,756

Cash 50,000 Paid semi-annual interest and

amortized premium

This entry is made every six months to This entry is made every six months to record the cash interest payment and the record the cash interest payment and the amortization of the premium.amortization of the premium.

This entry is made every six months to This entry is made every six months to record the cash interest payment and the record the cash interest payment and the amortization of the premium.amortization of the premium.


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Premium and Discount Amortization Compared

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Jan. 1 Apr. 1 Dec. 31

End of accounting

periodOct. 1

Interest Payment Dates

At year-end, an At year-end, an adjusting entryadjusting entry is necessary to is necessary to recognize bond interest expense accrued since recognize bond interest expense accrued since

the most recent interest payment.the most recent interest payment.

At year-end, an At year-end, an adjusting entryadjusting entry is necessary to is necessary to recognize bond interest expense accrued since recognize bond interest expense accrued since

the most recent interest payment.the most recent interest payment.

3 months’ accrued interest

Accruing Bond Interest Expense

C3

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U. S. GAAP vs. IFRS

The fair value option may be elected by the firm.

Although U.S. GAAP guidance indicates that the intent of the fair value option under U.S. GAAP is to address these sorts of circumstances, it does not require that those circumstances exist.

International accounting standards are more restrictive than U.S. standards for determining when firms are

allowed to elect the fair value option.

Companies may only elect the fair value option when

1. When a group of financial assets or liabilities is managed and its performance is evaluated on a fair value basis, or

2. If the fair value option reduces “accounting mismatch.”

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U. S. GAAP vs. IFRS

Unless the recorded amount of the debt is reduced by the transaction costs, the higher effective interest rate is not

reflected in a higher recorded interest expense.

Debt issue costs (called transaction costs under IFRS) are accounted for differently by U.S. GAAP and IFRS.

• Debt issue costs are recorded separately as an asset.

• Amortized over the term to maturity.

“Transaction costs” reduce the recorded amount of the debt.

The cost of these services reduces the net cash the issuing company receives and the amount recorded for the debt.

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Zero-Coupon Bonds (NOT CEVERED)

These bonds do not pay interest. These bonds do not pay interest. Instead, they offer a return in Instead, they offer a return in the form of a deep discount the form of a deep discount

from the face amount. from the face amount.

These bonds do not pay interest. These bonds do not pay interest. Instead, they offer a return in Instead, they offer a return in the form of a deep discount the form of a deep discount

from the face amount. from the face amount.

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Debt Issue Costs

LegalLegal AccountingAccounting UnderwritingUnderwriting CommissionCommission EngravingEngraving PrintingPrinting RegistrationRegistration Promotion Promotion

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Long-Term Notes

BankBank

Promissory

Note(Note

Payable)

Promissory

Note(Note

Payable)

Company(Borrower)Company(Borrower)

Property, goods, or services.

Property, goods, or services.

The liability, note payable, is reported at its present value, similar to the accounting for bonds payable.

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Installment Notes

o To compute cash payment use present To compute cash payment use present value tables.value tables.

o Each payment includes both an interest Each payment includes both an interest amount and a principal amount.amount and a principal amount.

o Interest expense or revenue:Interest expense or revenue: Effective interest rate× Outstanding balance of debt Interest expense or revenue

o Principal reduction:Principal reduction: Cash amount– Interest component Principal reduction per period

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Times interest earned ratio

= Net income + interest + taxesInterest

Decision Makers’ Perspective

Debt toequity ratio

Total liabilitiesShareholders’ equity

=

Rate of return on shareholders’ equity

Net incomeShareholders’ equity==

Rate of return on assets

Net incomeTotal assets

=

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Early Extinguishment of Debt

Debt retired at maturity results Debt retired at maturity results in no gains or losses. in no gains or losses.

Debt retired at maturity results Debt retired at maturity results in no gains or losses. in no gains or losses.

Debt retired Debt retired beforebefore maturity may result in an maturity may result in an gain or loss gain or loss on extinguishment.on extinguishment.

Cash Proceeds – Book Value = Gain or LossCash Proceeds – Book Value = Gain or Loss

Debt retired Debt retired beforebefore maturity may result in an maturity may result in an gain or loss gain or loss on extinguishment.on extinguishment.

Cash Proceeds – Book Value = Gain or LossCash Proceeds – Book Value = Gain or Loss

BUTBUT

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Convertible Bonds

Some bonds may be converted into common Some bonds may be converted into common stock at the option of the holder. When stock at the option of the holder. When

bonds are converted the issuer (1) updates bonds are converted the issuer (1) updates interest expense and (2) amortization of interest expense and (2) amortization of

discount or premium to the date of discount or premium to the date of conversion. The bonds are reduced and conversion. The bonds are reduced and shares of common stock are increased.shares of common stock are increased.

Bonds into Stock

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Induced Conversion

Companies sometimes try to induce conversion. The

motivation might be to reduce debt and become a better risk to potential lenders or achieve a lower debt-to-equity ratio.

Companies sometimes try to induce conversion. The

motivation might be to reduce debt and become a better risk to potential lenders or achieve a lower debt-to-equity ratio.

When the specified call price is less than the conversion value of the bonds (the market value

of the shares), calling the convertible bonds provides bondholders with incentive to convert.

When the specified call price is less than the conversion value of the bonds (the market value

of the shares), calling the convertible bonds provides bondholders with incentive to convert.

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Bonds With Detachable Warrants

Stock warrants provide the option to purchase a specified number of shares of common stock at a specified option price per share within a stated period.

A portion of the selling price of the bonds is allocated to the detachable stock warrants.

Stock warrants provide the option to purchase a specified number of shares of common stock at a specified option price per share within a stated period.

A portion of the selling price of the bonds is allocated to the detachable stock warrants.

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Option to Report Liabilities at Fair Value

Companies have the option to value some or all of their financial assets and liabilities at fair value.

Companies have the option to value some or all of their financial assets and liabilities at fair value.

The same market forces that influence the fair

value of an investment in debt securities

(interest rates, economic conditions,

risk, etc.) influence the fair value of liabilities.

The same market forces that influence the fair

value of an investment in debt securities

(interest rates, economic conditions,

risk, etc.) influence the fair value of liabilities.

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Where We’re HeadedUnder a proposed change in the way we account for financial assets and liabilities, financial assets would be measured at (a) fair value with changes reported in net income (FV-NI), (b) at fair value through Other Comprehensive Income (FV-OCI), or (c) at amortized cost, the classification depending on the assets’ characteristics and the company’s business strategy for holding the assets.

Most liabilities would be accounted for at amortized cost as described in this chapter. The fair value option, though, would no longer be permitted except in unique circumstances. The proposed change is a result of a joint project on financial instruments by the International Accounting Standards Board (IASB) and the FASB as part of a broader goal of achieving a single set of high quality global accounting standards. At the time this text is being written, a final standard is expected to be issued in 2012.

Under a proposed change in the way we account for financial assets and liabilities, financial assets would be measured at (a) fair value with changes reported in net income (FV-NI), (b) at fair value through Other Comprehensive Income (FV-OCI), or (c) at amortized cost, the classification depending on the assets’ characteristics and the company’s business strategy for holding the assets.

Most liabilities would be accounted for at amortized cost as described in this chapter. The fair value option, though, would no longer be permitted except in unique circumstances. The proposed change is a result of a joint project on financial instruments by the International Accounting Standards Board (IASB) and the FASB as part of a broader goal of achieving a single set of high quality global accounting standards. At the time this text is being written, a final standard is expected to be issued in 2012.

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Appendix 14BTroubled Debt Restructuring

When changing the original terms of a debt agreement is motivated by financial difficulties experienced by the debtor (borrower), the new arrangement is referred to as a troubled debt restructuring.

A troubled debt restructuring may be achieved in either of two ways:1.The debt may be settled at the time of the restructuring.2.The debt may be continued, but with modified terms.

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End of Chapter 14

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Learning Objectives LO14-1Identify the underlying characteristics of debt instruments and describe...

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