In this model, we want to try and remove debt tranche two. We realize it's an old item and it's redundant now. If we go to the info tab, we've turned our circular switch to zero and iterations are turned off.

In model one, I'm very tempted to just go down to my net debt and interest calculations, find the long-term debt two section and just remove those rows. So I'm just gonna delete those rows, but I know this is gonna be very dangerous because there were lots of formulas linking to those cells. Now that those cells don't exist anymore, all of a sudden those formulas just return equals #REF. So Control+Z to undo that. What I need to do instead is go into one of them, do trace dependents, which is Alt+M+D and I see the other cells this is linking to. I now need to change or edit those cells. So let's scroll up, let's find where this is going. It's my balance sheet's long-term debts. I don't need what's in F107 anymore and that cell is looking a lot better. I'll correct column E as well and I'll make sure that I copy column F to the right. Let's go back down and find more cells that were dependent on that debt tranche. Alt+M+D again, and let's find these other connections. It's linking down to Interests. I can see that interest on long-term debt two. We're not gonna want that anymore so I'm just gonna delete out the numbers for now. I'm not gonna delete the row, but now that link is gone. I see where else it's going and it's going down to some of the statistics further down. So I'll delete that out of there. I'll do the same in column A and copy that to the right.

Was it linking anywhere else? It was linking to the top of next year. So I'll just delete the numbers. Again, I won't delete the row 'cause that might lead to #REFS.

And when I now do Alt+M+D, it says "The Trace Dependents command found no formulas that refer to the active cell." So there are now no connections to this cell at all.

I'll just get rid of that cell in F105 it's the same as G105. What I can do now, I should be able to select the whole row, delete it away and there are no #REFS throughout my model. Now it's very tempting to think, "Oh I could probably do that for the cells above as well." But if I do that, again, more #REFS so we have to go through the same process again. So Alt+M+D, find where that's linking to, and edit that formula to get rid of that.

Let's go back down again.

Alt+M+D, no link, and I can get rid of that. The beginning long-term debt. Again, Alt+M+D, not linking anywhere. I can get rid of that. Very good. To get rid of debt two and interest two in its entirety would require quite a lot of work here. So I'm just showing you some examples but if I now look at interest on long-term debt, again, very tempting to think I can get rid of this. In fact, if I do delete it, it looks okay. However, if I undo that and do Alt+M+D, there is a link. If we go up to the income statement we find that it's the interest expense. At the moment it's saying if switch equals one, give me these figures including F107. That's your interest. So we need to get rid of that. The reason it didn't say #REF is because I haven't got the circular switch turned on. So I'll copy that to the right, and I should now be able to go back down to my net debt and interest calculations and delete out that interest line.

And the model is now good. What you should really do before you delete the line though, is go even further and check if there are any precedent cells that I can now get rid of. For instance, let's say I wanted to get rid of interest on long-term debt one. I can see that's linking to F20 and that's the interest rates. If we go up to F20, there's the interest rate. If I deleted out interest then this assumption would be redundant and we might note that long-term debt two, which we have gotten rid of and long-term debt two's interest which we have gotten rid of. If we've gotten rid of them, that means we can get rid of this redundant precedent cell as well. So I'll do Alt+M+D just to make sure it's not linking anywhere else. It's not. I can get rid of that line. And the long-term debt two issuance. Let's just check it's not leaving anywhere else. It's not. I can get rid of that line as well.