Debt

12 Months Ended

Dec. 31, 2019

In the first quarter of 2019, we issued $1,500 of fixed rate senior notes consisting of $400 due March 1, 2024 that bear an annual interest rate of 2.8%, $400 due March 1, 2029 that bear an annual interest rate of 3.2%, $400 due March 1, 2039 that bear an annual interest rate of 3.5%, and $300 due March 1, 2059 that bear an annual interest rate of 3.825%. 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 $1,451, after deducting underwriting discounts, commissions and offering expenses.

In the second quarter of 2019, we issued $3,500 of fixed rate senior notes consisting of $600 due May 1, 2022 that bear an annual interest rate of 2.7%, $650 due May 1, 2026 that bear an annual interest rate of 3.1%, $600 due March 1, 2029 that bear an annual interest rate of 3.2%, $850 due May 1, 2034 that bear an annual interest rate of 3.6%, and $800 due May 1, 2049 that bear an annual interest rate of 3.9%. 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 $3,454, after deducting underwriting discounts, commissions and offering expenses.

In the third quarter of 2019, we issued $5,500 of fixed rate senior notes consisting of $750 due August 1, 2021 that bear an annual interest rate of 2.3%, $1,000 due February 1, 2027 that bear an annual interest rate of 2.7%, $750 due February 1, 2030 that bear an annual interest rate of 2.95%, $750 due February 1, 2035 that bear an annual interest rate of 3.25%, $1,250 due February 1, 2050 that bear an annual interest rate of 3.75%, and $1,000 due August 1, 2059 that bear an annual interest rate of 3.95%. 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 $5,442, after deducting underwriting discounts, commissions and offering expenses.

Interest incurred, including amounts capitalized, was $867, $624 and $541 for the years ended December 31, 2019, 2018 and 2017, respectively. Interest expense recorded by BCC is reflected as Boeing Capital interest expense on our Consolidated Statements of Operations. Total Company interest payments were $973, $616 and $527 for the years ended December 31, 2019, 2018 and 2017, respectively.

We have $9,600 currently available under credit line agreements, of which $3,200 is a 364-day revolving credit facility expiring in October 2020, $3,200 expires in October 2022, and $3,200 expires in October 2024. 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:



	2019		2018
Unsecured debt securities		$1,099		$1,151
Non-recourse debt and notes	21		25
Finance lease obligations	71		57
Commercial paper	6,109		1,895
Other notes	40		62
Total		$7,340		$3,190

Debt at December 31 consisted of the following:



	2019		2018
Unsecured debt securities
1.65% - 4.88% due through 2059		$17,404		$7,538
5.80% - 6.88% due through 2043	1,740		2,388
7.25% - 8.75% due through 2043	1,639		1,638
Commercial paper	6,109		1,895

Non-recourse debt and notes
6.98% notes due through 2021	37		62
Finance lease obligations due through 2044	229		156
Other notes	144		170
Total debt		$27,302		$13,847

At December 31, 2019 and 2018, commercial paper borrowings totaling $6,109 and $1,895, with a weighted-average interest rate of 2.2% and 2.5%, were supported by unused commitments under the revolving credit agreement.

Total debt at December 31 is attributable to:



	2019		2018
BCC		$1,960		$2,487
Other Boeing	25,342		11,360
Total debt		$27,302		$13,847

At December 31, 2019, $37 of debt (non-recourse debt) was collateralized by customer financing assets totaling $186.

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



	2020		2021		2022		2023		2024
Debt		$7,306		$1,484		$1,214		$780		$1,000
Minimum finance lease obligations		$71		$56		$42		$20		$6