Boeing 2009 Annual Report Download - page 96

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$1,000, which included $500 bearing an interest rate of 3.25% due October 27, 2014 and $500 bearing
an interest rate of 4.70% due October 27, 2019. The net proceeds after deducting the discount,
underwriting fees and issuance costs were $994. The remaining $4,000 remains available for potential
debt issuance. The availability of funding under BCC’s shelf registration is dependent on investor
demand and market conditions.
Total debt interest incurred, including amounts capitalized, was $610, $520, and $591 for the years
ended December 31, 2009, 2008, and 2007, 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 $502, $493, and $616 for the years
ended December 31, 2009, 2008, and 2007, respectively.
We have $3,525 currently available under credit line agreements, of which $2,000 is a 5-year credit
facility expiring in November 2012 and $1,525 is a 364-day revolving credit facility expiring in November
2010. Both the 5-year and 364-day credit facilities have a one-year term out option which allows us to
extend the maturity of any borrowings one year beyond the aforementioned expiration dates. We have
given BCC exclusive access to $1,500 under these arrangements. 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:
2009 2008
Consolidated
Total
BCC
Only
Consolidated
Total
BCC
Only
Unsecured debt securities $644 $644 $514 $514
Non-recourse debt and notes 24 6 24 5
Capital lease obligations 14 9 99
Other notes 25 13
$707 $659 $560 $528
Debt at December 31 consisted of the following:
2009 2008
Boeing Capital Corporation debt:
Unsecured debt securities
1.480% – 7.580% due through 2023 $ 3,952 $3,516
Non-recourse debt and notes
1.330% – 5.790% notes due through 2013 61 66
Capital lease obligations
0.870% due through 2015 62 70
Subtotal Boeing Capital Corporation debt $ 4,075 $3,652
Other Boeing debt:
Unsecured debentures and notes
1.875% – 9.750% due through 2043 $ 8,349 $3,406
Non-recourse debt and notes
Enhanced equipment trust 360 380
Capital lease obligations due through 2017 14 1
Other notes 126 73
Subtotal other Boeing debt $ 8,849 $3,860
Total debt $12,924 $7,512
At December 31, 2009, $123 of BCC debt was collateralized by portfolio assets and underlying
equipment totaling $209. The debt consists of the 0.87% to 5.79% notes due through 2015.
84