Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Debt

Debt

In the first quarter of 2021, we issued $9,825 of fixed rate senior notes consisting of $1,325 due February 4, 2023 that bear an annual interest rate of 1.167%, $3,000 due February 4, 2024 that bear an annual interest rate of 1.433%, and $5,500 due February 4, 2026 that bear an annual interest rate of 2.196%. 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 totaled $9,780, after deducting underwriting discounts, commissions and offering expenses. We used the net proceeds of these note issuances to repay $9,825 outstanding under our two-year delayed draw term loan credit agreement in the first quarter of 2021, and we repaid the remaining $4,000 in the fourth quarter of 2021.

Interest incurred, including amounts capitalized, was $2,790, $2,280 and $867 for the years ended December 31, 2021, 2020 and 2019, respectively. Interest expense recorded by BCC is reflected as Boeing Capital interest expense on our Consolidated Statements of Operations. Total Company interest payments were $2,583, $1,925 and $973 for the years ended December 31, 2021, 2020 and 2019, respectively.

In the first quarter of 2021, we entered into a $5,280 two-year revolving credit agreement. As of December 31, 2021, we had $14,740 currently available under credit line agreements, of which $3,060 is a 364-day revolving credit facility expiring in October 2022, $3,200 expires in October 2022, $5,280 expires in March 2023 and $3,200 expires in October 2024. 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:

	2021	2020
Unsecured debt	$1,155	$1,448
Finance lease obligations	61	65
Other notes	80	180
Total	$1,296	$1,693

Debt at December 31 consisted of the following:

	2021	2020
Unsecured debt
Variable rate: Eurodollar plus 0.75% - 1.25% due 2022		$13,819
1.17% - 2.50% due through 2026	$12,404	3,656
2.60% - 3.20% due through 2030	7,001	6,989
3.25% - 3.90% due through 2059	9,570	9,555
3.95% - 5.15% due through 2059	13,993	13,917
5.71% - 6.63% due through 2060	13,008	13,005
6.88% - 8.75% due through 2043	1,853	2,252
Other debt and notes
Finance lease obligations due through 2044	180	203
Other notes	93	187
Total debt	$58,102	$63,583

Total debt at December 31 is attributable to:

	2021	2020
BCC	$1,525	$1,640
Other Boeing	56,577	61,943
Total debt	$58,102	$63,583

Scheduled principal payments for debt and minimum finance lease obligations for the next five years are as follows:

	2022	2023	2024	2025	2026
Debt	$1,236	$5,101	$5,066	$4,302	$7,952
Minimum finance lease obligations	$64	$43	$25	$14	$6