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Boeing Co. (BA) | Analysis of Debt

Total Debt Disclosure

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Boeing Co., Statement of Financial Position, Debt

USD $ in millions

		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Short-term debt and current portion of long-term debt
	Long-term debt, excluding current portion
	Total debt

Source: Based on data from Boeing Co., Annual Reports

Item	Description	The company
Total debt	Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations.	Boeing Co.'s total debt declined from 2009 to 2010 and from 2010 to 2011.

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Boeing Co.

USD $ in millions

	12 months ended	Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Interest expense
	Interest capitalized
	Debt interest incurred, including amounts capitalized

Source: Based on data from Boeing Co., Annual Reports

Item	Description	The company
Interest expense	Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings.	Boeing Co.'s interest expense increased from 2009 to 2010 but then declined significantly from 2010 to 2011.
Interest capitalized	The amount of interest that was capitalized during the period.	Boeing Co.'s interest capitalized declined from 2009 to 2010 but then slightly increased from 2010 to 2011.
Debt interest incurred, including amounts capitalized	Total interest costs incurred during the period and either capitalized or charged against earnings.	Boeing Co.'s debt interest incurred, including amounts capitalized increased from 2009 to 2010 but then declined significantly from 2010 to 2011.

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		Dec 31, 2011	Dec 31, 2010	Dec 31, 2009	Dec 31, 2008	Dec 31, 2007
	Selected Financial Data (USD $ in millions)
	Net earnings attributable to parent
	Add: Noncontrolling interest
	Add: Interest and debt expense
	Add: Income tax expense (benefit)
	Earnings before interest and tax (EBIT)

	Debt interest incurred, including amounts capitalized
	Ratio With and Without Capitalized Interest
	Interest coverage ratio (excluding capitalized interest)¹
	Adjusted interest coverage ratio (including capitalized interest)²

2011 Calculations

¹ Interest coverage ratio (excluding capitalized interest) = EBIT ÷ Interest and debt expense
= ÷ =

² Adjusted interest coverage ratio (including capitalized interest) = EBIT ÷ Debt interest incurred, including amounts capitalized
= ÷ =

Ratio	Description	The company
Adjusted interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest).	Boeing Co.'s adjusted interest coverage ratio improved from 2009 to 2010 and from 2010 to 2011.