Where it fits among liabilities
A company's liabilities include items such as accounts payable and accrued expenses, which carry no interest, as well as items such as bank borrowings and corporate bonds, which do. The latter are grouped together as interest-bearing debt, calculated by summing short-term borrowings, long-term borrowings, corporate bonds, and similar items on the balance sheet.
What to keep in mind
Rather than looking at the amount of interest-bearing debt alone, checking it alongside the equity ratio, or ratios comparing interest-bearing debt to operating cash flow or EBITDA, makes it easier to assess a company's financial condition from multiple angles.