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While there is nothing inherently that makes one measure superior to the other, it is important to remember that grossdebt can never be less than zero, but net debt can, for firms that have cash balances that exceed their debt.
Using this distinction, all interest-bearing debt, short term and long term, clears meets the criteria for debt, but for almost a century, leases, which also clearly meet the criteria (contractually set, limited role in management) of debt, were left off the books by accountants.
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