The question this worksheet answers
What remains after the selected maturity principal is compared with specifically identified liquidity? This is a funding bridge, not a forecast of cash balances. It excludes restricted cash and does not assume new borrowing, renewed facilities, asset sales or future operating cash flow. Its purpose is to make those assumptions visible before an analyst discusses a refinancing requirement. A negative arithmetic residual is not a default probability, a dividend-cut forecast or a legal insolvency conclusion.
Formula and synthetic worked example
Available liquidity equals unrestricted cash plus confirmed usable undrawn capacity. Residual after maturities equals that liquidity minus selected-period principal. Subtract separately entered mandatory spending for a second residual. In this synthetic fixture, commitment 100 less draws 60 and letters of credit 10 leaves headroom 30, and confirmed availability is also 30. Cash 40 + availability 30 gives liquidity 70. Restricted cash 15 is excluded. Principal 90 leaves −20; mandatory spending 10 leaves −30. Commitment 100 is not added again.
Locate each input in the filing
Start with the debt maturity note, balance-sheet cash notes and MD&A liquidity discussion. Check whether disclosed maturities are principal or carrying amounts and whether the table includes leases, JV borrowings or interest. Look for restricted balances, letters of credit, borrowing-base limits, covenants and facility expiration dates. An undrawn commitment does not prove that the issuer can borrow the same amount under current conditions. Confirm the usable amount independently rather than treating commitment minus draws as automatic availability.
Choose dates before interpreting a ladder
Exact dated mode includes maturities after the as-of date through the horizon end, inclusive. Fiscal mode instead includes every supplied fiscal-year bucket and labels the result as fiscal-bucket analysis. It cannot turn year-end totals into exact rolling-next-12-month maturities. In dated mode, the cutoff also tests facility expiry. Fiscal mode instead asks for an explicit resource / facility eligibility date: capacity must remain available through that date, but it does not filter any supplied fiscal-year bucket. This date does not establish that liquidity is available across all supplied years. Fiscal mode therefore withholds complete liquidity and both residuals, even when a facility passes that single-date check. Known debt totals, cash and informational facility amounts remain visible. Reconcile actual dates and use dated mode before calculating a funding bridge. Choose and document it for the source scenario; this is an aggregate comparison, not a cash-timing model. A facility expiring earlier is excluded from confirmed resources even if it could fund some earlier maturities. A more detailed cash-timing model would need individual draw and repayment dates, interest and restrictions; that is outside this page.
Local CSV input and export
The editable rows use date,amount,scope,asOf with no header. Import files use that exact header, with YYYY-MM-DD dates in dated mode or four-digit years in fiscal mode. Every row must share the chosen currency, scale, principal basis and source date. The scope text is a label, not a consolidation adjustment: enter final deduplicated principal amounts and reconcile JV shares separately. CSV is limited to 100 KB and 100 maturities. No spreadsheet formulas are executed, no remote URLs are fetched and uploaded files stay inside this browser tab. Export includes your assumptions and full-precision results. Verified decimal maturity amounts are serialized canonically (for example +90 becomes 90), so a valid numeric input can be imported again. Text fields retain spreadsheet-formula escaping.
Questions readers ask
Why is availability shown as incomplete? A missing confirmation, an unknown amount or an early facility expiry prevents the tool from claiming a complete funding source. Cash alone remains visible. Why can a fiscal-year view differ from a next-12-month view? The intervals overlap differently, and a year bucket lacks individual dates. Does an unused facility eliminate refinancing risk? No: drawing increases debt and leaves interest, covenants and final maturity to be addressed. The worksheet also ignores intraperiod cash timing and cash that may be needed for normal operations.
Primary sources, scope and corrections
These sources explain filing structure and security claims; they are not sources for the synthetic numbers above. DFB wrote the example and formulas for education. No issuer dataset or current market data is loaded.
- SEC: How to Read a 10-K — financial statements, notes and liquidity discussion
- Investor.gov: Stocks — common and preferred shareholder claims
Related reading: JV ownership and valuation · Debt maturity analysis · Refinancing modeling · Distribution denominators.
Educational scenarios, not forecasts or personalized investment advice. Editorial standards · Report an error with its page and source. Formula version capital-1.0.3. No rating or safety threshold is assigned.