Boeing Co., balance sheet: debt

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Short-term debt and current portion of long-term debt	5,204)	5,190)	1,296)	1,693)	7,340)
Long-term debt, excluding current portion	47,103)	51,811)	56,806)	61,890)	19,962)
Total debt, including finance lease obligations and commercial paper (carrying amount)	52,307)	57,001)	58,102)	63,583)	27,302)

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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 decreased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023
Selected Financial Data (US$ in millions)
Debt, excluding finance lease obligations and commercial paper	51,039)
Finance lease obligations	253)
Commercial paper	—)
Total debt, including finance lease obligations and commercial paper (fair value)	51,292)
Financial Ratio
Debt, fair value to carrying amount ratio	0.98

Weighted-average interest rate on debt: 4.67%

Interest rate	Debt amount¹	Interest rate × Debt amount
2.50%	10,135)	253)
3.20%	6,071)	194)
3.90%	9,584)	374)
5.15%	11,024)	568)
6.63%	13,015)	863)
8.75%	1,855)	162)
Total	51,684)	2,414)
4.67%

¹ US$ in millions

² Weighted-average interest rate = 100 × 2,414 ÷ 51,684 = 4.67%

Boeing Co., interest costs incurred

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Interest expense, including Boeing Capital	2,459)	2,561)	2,714)	2,199)	784)
Interest capitalized	101)	89)	76)	81)	83)
Interest incurred, including amounts capitalized	2,560)	2,650)	2,790)	2,280)	867)

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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 decreased from 2021 to 2022 and from 2022 to 2023.
Interest capitalized	Amount of interest costs capitalized disclosed as an adjusting item to interest costs incurred.	Boeing Co. interest capitalized increased from 2021 to 2022 and from 2022 to 2023.
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 decreased from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Selected Financial Data (US$ in millions)
Net loss attributable to Boeing Shareholders	(2,222)	(4,935)	(4,202)	(11,873)	(636)
Add: Net income attributable to noncontrolling interest	(20)	(118)	(88)	(68)	(41)
Add: Income tax expense	237)	31)	(743)	(2,535)	(1,623)
Add: Interest and debt expense	2,459)	2,533)	2,682)	2,156)	722)
Earnings before interest and tax (EBIT)	454)	(2,489)	(2,351)	(12,320)	(1,578)

Interest incurred, including amounts capitalized	2,560)	2,650)	2,790)	2,280)	867)
Financial Ratio With and Without Capitalized Interest
Interest coverage ratio (without capitalized interest)¹	0.18	-0.98	-0.88	-5.71	-2.19
Adjusted interest coverage ratio (with capitalized interest)²	0.18	-0.94	-0.84	-5.40	-1.82

2023 Calculations

¹ Interest coverage ratio (without capitalized interest) = EBIT ÷ Interest and debt expense
= 454 ÷ 2,459 = 0.18

² Adjusted interest coverage ratio (with capitalized interest) = EBIT ÷ Interest incurred, including amounts capitalized
= 454 ÷ 2,560 = 0.18

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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 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Boeing Co. (NYSE:BA)

Analysis of Debt