Debt

12 Months Ended

Dec. 31, 2020

In the first quarter of 2020, we entered into a $13,825, two-year delayed draw term loan facility, which includes additional commitments made subsequent to the initial closing date. As of December 31, 2020, we have fully drawn on the 13,825 delayed draw term loan facility, with February 6, 2022 as the final maturity date. Borrowings outstanding bear interest at the Eurodollar rate (determined in accordance with the delayed draw term loan facility agreement) plus between 0.75% and 1.25%, depending on our credit rating.

In the second quarter of 2020, we issued $25,000 of fixed rate senior notes consisting of $3,000 due May 1, 2023 that bear an annual interest rate of 4.508%, $3,500 due May 1, 2025 that bear an annual interest rate of 4.875%, $2,000 due May 1, 2027 that bear an annual interest rate of 5.04%, $4,500 due May 1, 2030 that bear an annual interest rate of 5.15%, $3,000 due May 1, 2040 that bear an annual interest rate of 5.705%, $5,500 due May 1, 2050 that bear an annual interest rate of 5.805%, and $3,500 due May 1, 2060 that bear an annual interest rate of 5.93%. 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 $24,802, after deducting underwriting discounts, commissions, and offering expenses.

In the fourth quarter of 2020, we issued $4,900 of fixed rate senior notes consisting of $1,000 due February 1, 2024 that bear an annual interest rate of 1.95%, $1,400 due February 1, 2026 that bear an annual interest rate of 2.75%, $1,100 due February 1, 2028 that bear an annual interest rate of 3.25%, and $1,400 due February 1, 2031 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 $4,870, after deducting underwriting discounts, commissions, and offering expenses.

Interest incurred, including amounts capitalized, was $2,280, $867 and $624 for the years ended December 31, 2020, 2019 and 2018, respectively. Interest expense recorded by BCC is reflected as Boeing Capital interest expense on our Consolidated Statements of Operations. Total Company interest payments were $1,925, $973 and $616 for the years ended December 31, 2020, 2019 and 2018, respectively.

We have $9,473 currently available under credit line agreements, of which $3,073 is a 364-day revolving credit facility expiring in October 2021, $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:


	2020	2019
Unsecured debt	$1,448	$1,099
Non-recourse debt and notes	15	21
Finance lease obligations	65	71
Commercial paper		6,109
Other notes	165	40
Total	$1,693	$7,340

Debt at December 31 consisted of the following:


	2020	2019
Unsecured debt
Variable rate: Eurodollar plus 0.75% - 1.25% due 2022	$13,819
1.45% - 3.20% due through 2030	10,645	$8,600
3.25% - 3.90% due through 2059	9,555	7,073
3.95% - 5.15% due through 2059	13,917	1,731
5.71% - 6.63% due through 2060	13,005	1,129
6.88% - 8.75% due through 2043	2,252	2,250
Commercial paper		6,109


Non-recourse debt and notes
6.98% notes due through 2021	15	37
Finance lease obligations due through 2044	203	229
Other notes	172	144
Total debt	$63,583	$27,302

At December 31, 2020, we had no commercial paper borrowings. At December 31, 2019, commercial paper borrowings totaling $6,109, with a weighted-average interest rate of 2.2%, were supported by unused commitments under the revolving credit agreement.

Total debt at December 31 is attributable to:


	2020	2019
BCC	$1,640	$1,960
Other Boeing	61,943	25,342
Total debt	$63,583	$27,302

At December 31, 2020, $15 of debt (non-recourse debt) was collateralized by customer financing assets totaling $167.

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


	2021	2022	2023	2024	2025


Debt	$1,630	$14,976	$3,776	$2,001	$4,301
Minimum finance lease obligations	$68	$53	$31	$14	$6