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Analysis of Debt
Total Debt (Carrying Amount)
Boeing Co., balance sheet: debt
US$ in millions
Based on: 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-10).
Debt item | Description | The company |
---|---|---|
Total debt, including finance lease obligations and commercial paper (carrying amount) | Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. | Boeing Co.’s total debt increased from 2017 to 2018 and from 2018 to 2019. |
Total Debt (Fair Value)
Dec 31, 2019 | |
---|---|
Selected Financial Data (US$ in millions) | |
Debt, excluding finance lease obligations and commercial paper | |
Finance lease obligations | |
Commercial paper | |
Total debt, including finance lease obligations and commercial paper (fair value) | |
Financial Ratio | |
Debt, fair value to carrying amount ratio |
Based on: 10-K (filing date: 2020-01-31).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt:
Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
---|---|---|---|
Total | |||
Based on: 10-K (filing date: 2020-01-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =
Interest Costs Incurred
Boeing Co., interest costs incurred
US$ in millions
12 months ended: | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | ||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Interest expense, including Boeing Capital | |||||||||||
Interest capitalized | |||||||||||
Interest incurred, including amounts capitalized |
Based on: 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-10).
Debt item | Description | The company |
---|---|---|
Interest expense, including Boeing Capital | Amount of the cost of borrowed funds accounted for as interest expense for debt. | Boeing Co.’s interest expense, including Boeing Capital increased from 2017 to 2018 and from 2018 to 2019. |
Interest capitalized | Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. | Boeing Co.’s interest capitalized decreased from 2017 to 2018 but then slightly increased from 2018 to 2019. |
Interest incurred, including amounts capitalized | Total interest costs incurred during the period and either capitalized or charged against earnings. | Boeing Co.’s interest incurred, including amounts capitalized increased from 2017 to 2018 and from 2018 to 2019. |
Adjusted Interest Coverage Ratio
Based on: 10-K (filing date: 2020-01-31), 10-K (filing date: 2019-02-08), 10-K (filing date: 2018-02-12), 10-K (filing date: 2017-02-08), 10-K (filing date: 2016-02-10).
2019 Calculations
1 Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest and debt expense
= ÷ =
2 Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest incurred, including amounts capitalized
= ÷ =
Solvency 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 2017 to 2018 but then deteriorated significantly from 2018 to 2019. |