Stock Analysis on Net

Boeing Co. (NYSE:BA)

$19.99

Analysis of Debt

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Total Debt (Carrying Amount)

Boeing Co., balance sheet: debt

US$ in millions

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Short-term debt and current portion of long-term debt
Long-term debt, excluding current portion
Total debt, including finance lease obligations and commercial paper (carrying amount)

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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. total debt increased from 2019 to 2020 but then slightly decreased from 2020 to 2021.

Total Debt (Fair Value)

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Dec 31, 2021
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 (reporting date: 2021-12-31).


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 (reporting date: 2021-12-31).

1 US$ in millions

2 Weighted-average interest rate = 100 × ÷ =


Interest Costs Incurred

Boeing Co., interest costs incurred

US$ in millions

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12 months ended: Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Interest expense, including Boeing Capital
Interest capitalized
Interest incurred, including amounts capitalized

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

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. interest expense, including Boeing Capital increased from 2019 to 2020 and from 2020 to 2021.
Interest capitalized Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred. Boeing Co. interest capitalized decreased from 2019 to 2020 and from 2020 to 2021.
Interest incurred, including amounts capitalized Total interest costs incurred during the period and either capitalized or charged against earnings. Boeing Co. interest incurred, including amounts capitalized increased from 2019 to 2020 and from 2020 to 2021.

Adjusted Interest Coverage Ratio

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Dec 31, 2021 Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017
Selected Financial Data (US$ in millions)
Net earnings (loss) attributable to Boeing Shareholders
Add: Net income attributable to noncontrolling interest
Add: Income tax expense
Add: Interest and debt expense
Earnings before interest and tax (EBIT)
 
Interest incurred, including amounts capitalized
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)1
Adjusted interest coverage ratio (with capitalized interest)2

Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31).

2021 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. adjusted interest coverage ratio deteriorated from 2019 to 2020 but then improved from 2020 to 2021 exceeding 2019 level.