Note 14 – Debt

On August 1, 2011, BCC issued notes totaling $750, which included $500 bearing an interest rate of 2.125% due August 15, 2016 and $250 bearing an interest rate of 2.90% due August 15, 2018. The net proceeds after deducting the discount, underwriting fees and issuance costs were $745. The notes are unsecured senior obligations and rank equally in right of payment with all of BCC's existing and future unsecured and unsubordinated indebtedness.

Total debt interest incurred, including amounts capitalized, was $683, $729 and $610 for the years ended December 31, 2011, 2010 and 2009, respectively. Interest expense recorded by BCC is reflected as a separate line item on our Consolidated Statements of Operations, and is included in Earnings from operations. Total Company interest payments were $626, $670 and $502 for the years ended December 31, 2011, 2010 and 2009, respectively.

We have $4,600 currently available under credit line agreements, of which $2,300 is a 364-day revolving credit facility expiring in November 2012 and $ 2,300 is a five-year credit facility expiring in November 2016. 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 have given BCC exclusive access to $750 under the 364-day facility and $750 under the five-year facility. We continue to be in full compliance with all covenants contained in our debt or credit facility agreements, including those at BCC.

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


	2011				2010
	Consolidated Total		BCC Only		Consolidated Total		BCC Only
Unsecured debt securities	$	2,186	$	837	$	785	$	785
Non-recourse debt and notes		45		32		79		6
Capital lease obligations		97		10		62		10
Other notes		25				22
Total	$	2,353	$	879	$	948	$	801

Debt at December 31 consisted of the following:


	2011		2010
Boeing Capital Corporation debt:
Unsecured debt securities
1.78% – 7.58% due through 2023	$	3,308	$	3,339
Non-recourse debt and notes
1.37% – 5.79% notes due through 2013		49		55
Capital lease obligations
1.14% due through 2015		43		52
Boeing Capital Corporation debt subtotal	$	3,400	$	3,446

Other Boeing debt:
Unsecured debt securities
1.88% – 5.00% due through 2020	$	3,381	$	3,376
5.13% – 6.88% due through 2043		2,990		2,988
7.25% – 9.75% due through 2043		1,991		1,991
Non-recourse debt and notes
Enhanced equipment trust		269		342
Capital lease obligations due through 2017		192		135
Other notes		148		143
Other Boeing debt subtotal	$	8,971	$	8,975
Total debt	$	12,371	$	12,421

Other Boeing debt includes $300 bearing an interest rate of 7.95% due August 15, 2024 that may be redeemed at the holder's option on August 15, 2012 and is classified in Current liabilities.

At December 31, 2011, $361 of debt (non-recourse debt and notes and capital lease obligations) was collateralized by customer financing assets $592.

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


	2012		2013		2014		2015		2016
Boeing Capital Corporation	$	878	$	653	$	526	$	16	$	505
Other Boeing		1,478		705		798		824		536
Total	$	2,356	$	1,358	$	1,324	$	840	$	1,041