Debt

12 Months Ended

Dec. 31, 2018

On February 23, 2018, we issued $1,400 of fixed rate senior notes consisting of $350 due March 1, 2023 that bear an annual interest rate of 2.8%, $350 due March 1, 2028 that bear an annual interest rate of 3.25%, $350 due March 1, 2038 that bear an annual interest rate of 3.55%, and $350 due March 1, 2048 that bear an annual interest rate of 3.625%. The notes are unsecured senior obligations and rank equally in right of payment with our existing and future unsecured and unsubordinated indebtedness. The net proceeds of the issuance totaled $1,338, after deducting underwriting discounts, commissions and offering expenses.

On October 31, 2018, we issued $700 of fixed rate senior notes consisting of $350 due November 1, 2028 that bear an annual interest rate of 3.45%, and $350 due November 1, 2048 that bear an annual interest rate of 3.85%. The notes are unsecured senior obligations and rank equally in right of payment with our existing and future unsecured and unsubordinated indebtedness. The net proceeds of the issuance totaled $663, after deducting underwriting discounts, commissions and offering expenses.

Interest incurred, including amounts capitalized, was $624, $541 and $535 for the years ended December 31, 2018, 2017 and 2016, respectively. Interest expense recorded by BCC is reflected as Boeing Capital interest expense on our Consolidated Statements of Operations. Total Company interest payments were $616, $527 and $523 for the years ended December 31, 2018, 2017 and 2016, respectively.

We have $5,120 currently available under credit line agreements, of which $2,610 is a 364-day revolving credit facility expiring in October, 2019 and $2,510 expires in October, 2023. The 364-day credit facility has a one-year term out option which allows us to extend the maturity of any borrowings one year beyond the aforementioned expiration date. We continue to be in full compliance with all covenants contained in our debt or credit facility agreements.

Short-term debt and current portion of long-term debt at December 31 consisted of the following:



	2018		2017
Unsecured debt securities		$1,151		$599
Non-recourse debt and notes	25		33
Capital lease obligations	57		52
Commercial paper	1,895		600
Other notes	62		51
Total		$3,190		$1,335

Debt at December 31 consisted of the following:



	2018		2017
Unsecured debt securities
0.95% - 4.88% due through 2048		$7,538	6,127
5.80% - 6.88% due through 2043	2,388		2,386
7.25% - 8.75% due through 2043	1,638		1,637
Commercial paper	1,895		600

Non-recourse debt and notes
6.98% - 7.38% notes due through 2021	62		94
Capital lease obligations due through 2034	156		138
Other notes	170		135
Total debt		$13,847		$11,117

At December 31, 2018 and 2017, commercial paper borrowings totaling $1,895 and $600, with a weighted-average interest rate of 2.5% and 1.4%, were supported by unused commitments under the revolving credit agreement.

Total debt at December 31 is attributable to:



	2018		2017
BCC		$2,487		$2,523
Other Boeing	11,360		8,594
Total debt		$13,847		$11,117

At December 31, 2018, $62 of debt (non-recourse debt and notes) was collateralized by customer financing assets totaling $204.

Scheduled principal payments for debt and minimum capital lease obligations for the next five years are as follows:



	2019		2020		2021		2022		2023
Scheduled principal payments		$3,195		$1,186		$816		$567		$779