Boeing 2014 Annual Report Download - page 95

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83
The capital lease obligation and IRB asset are recorded net in the Consolidated Statements of Financial
Position. As of December 31, 2014 and 2013, the assets and liabilities associated with the City of Wichita
IRBs were $638 and $690.
Note 13 – Debt
On October 31, 2014, we issued $300 of fixed rate senior notes due October 30, 2021 with an annual
interest rate of 2.35%, $300 of fixed rate senior notes due October 30, 2024 with an annual interest rate
of 2.85%, and $250 of floating rate senior notes due October 30, 2017. Each series of fixed rate senior
notes may be redeemed at our option at any time for a redemption price equal to the full principal amount
plus any accrued and unpaid interest and a make-whole premium. The floating rate senior notes bear
interest at an annual rate equal to three-month LIBOR plus 12.5 basis points, and are not redeemable
prior to maturity. The notes are unsecured senior obligations and rank equally in right of payment with our
existing and future unsecured and unsubordinated indebtedness. The net proceeds of the issuance, after
deducting underwriting discounts, commissions and offering expenses, totaled $838, of which $544 were
used to fund BCC.
Interest incurred, including amounts capitalized, was $504, $548 and $625 for the years ended December
31, 2014, 2013 and 2012, respectively. Interest expense recorded by BCC is reflected as Boeing Capital
interest expense on our Consolidated Statements of Operations. Total Company interest payments were
$511, $551 and $614 for the years ended December 31, 2014, 2013 and 2012, respectively.
We have $5,005 currently available under credit line agreements, of which $2,473 is a 364-day revolving
credit facility expiring in November 2015 and $2,472 expires in November 2019 and $60 in November
2017. The 364-day credit facility has a one-year term out option which allows us to extend the maturity of
any borrowings one year beyond the aforementioned expiration date. We continue to be in full compliance
with all covenants contained in our debt or credit facility agreements.
Short-term debt and current portion of long-term debt at December 31 consisted of the following:
2014 2013
Unsecured debt securities $755 $1,370
Non-recourse debt and notes 38 32
Capital lease obligations 64 68
Other notes 72 93
Total $929 $1,563