Stock Analysis on Net
Stock Analysis on Net
Microsoft Excel LibreOffice Calc

Boeing Co. (NYSE:BA)

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Analysis of Debt

Advanced level

Total Debt (Carrying Amount)

Boeing Co., balance sheet: debt

US$ in millions

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
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 (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)

Microsoft Excel LibreOffice Calc
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

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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

Microsoft Excel LibreOffice Calc
Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015
Selected Financial Data (US$ in millions)
Net earnings (loss) related to parent
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 (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.