The debt section. we want to get all the financing related items here. Now some of them should be fairly straightforward because we're just going to go to the balance sheet and get them. So the short-term debt current returns are long-term debt and the long-term debt due after more than one year.

So I'm gonna go to my sections, I'll go to my balance sheets and at the top I've got the short-term borrowings there and current portion of long-term obligations. And we have one, so I'm just going to include that which includes both the short-term debt and the current portion of long-term debt. And I'm just going to put it into that line item. So I'm gonna put the current maturities of long-term debt as zero, even though it's baked into the short-term debt. That doesn't really matter because our overall aim here is just to get the total debt number and I'm going to get long-term debt and they don't call it long-term debt. They call it long-term obligations, which is a little confusing but you have to kind of get comfortable with some of this terminology.

And we also have structured payables, which we noted before. So I'm gonna come up to here the 117 and I'm putting the structure payables in here too.

Now you can see in the 2022 year we have the finance lease liability, both the current and the non-current item. And if I go back my balance sheet, there is nothing that says the finance lease liability. So let's find out where they were finding this from last year. I'll click on the number and it will open the filing. And you can see here we have some additional information about the balance sheet a greater breakdown, and this is where we have these other items and we've got the finance lease liability and the operating lease liability. Now all this is in a note to the accounts and it's other financial information. Rather than take these numbers, I'm going to go back to the 10 K and go and find other financial information. And you can see here we've got the breakdown because I want to do this from scratch.

And what I want to do is I want to find the financial items that are broken down here. So we want the current finance lease liability and lease liability is 106. So let me just create that and I'm gonna paste the 106 there. Then I want the long-term financiability, which is the 620. Yeah, and this is problematic and you often find this for US companies is that they're embedding these items in the financial statements in line items. So they're kind of collapsing the financial lease liabilities probably in other liabilities. So we are trying to strip them out for our debt calculation because they're really structured as debt.

And that's it for our adjustments. So I'm going to not have anything in other. And then we get our total debt number there. So we've included the debt lines and also the finance lease liability and that will make the numbers consistent with IFRS companies because IFRS companies will always split out The finance lease liability is its only under US GAAP because of the approach to leasing that they sometimes collapse them into line items. So it's much easier for us to make these adjustments to make these companies comparable. Now in addition to that, we need to get net debt. So we're going to subtract financial assets, but only short term financial assets. So I'm gonna go to the balance sheet and I want to go and get the cash line here, that 267 because it's current, I also want to see if there are any short-term financial investments. No, there's none. So I'm gonna make that zero. So this means the only item that I'm going to make an adjustment for to calculate net debt is the cash and cash equivalence. Now you may sometimes see long-term financial investments, but from a credit perspective we would not adjust for them because they are not liquid. They're not going to be expected to be sold within one year. We'll only take cash and other short-term investments for our net debt calculation because that's a credit metric. That's not true necessarily for valuation. For valuation, we will adjust for long-term investments because that's not a credit metric, it's a valuation metric, but in credit only use short term items to get your net debt number. We've also got one more item to pull in, which is the shareholders' equity. But note it says, excluding non-controlling interests. So you only want the shareholders' equity for the parent company shareholders.

Now if I come down to my equity, you can see we've got total equity, but that would include non-controlling and interest. And although it's zero, you can see last year it was a negative one. So I'm gonna take this line item, the total stockholders equity of the parent company shareholders. And then let me me go to my annotations and just clean up the labels.

The first one here was the short-term debt, And then we had the 2023 long-term debt. And this is really good to do if you are handing it over to somebody else. And this is the structure payables.

And then we have the 106, which is the current financing liability or current finance leases, and then the 2023 noncurrent finance leases and then the 2023 cash. The reason I'm putting the year down is that often you have multiple years and then the 2023 shareholders equity and I'm not allowed to use the apostrophe. So there's a bit of bad grammar going to creep in there. So we've done the balance sheet items for Keurig Dr. Pepper in 2023.