EXHIBIT (12) - Computation of Ratio of Earnings to Fixed Charges
The Boeing Company and Subsidiaries
(Dollars in millions)

Year ended December 31,		2002		2001		2000		1999		1998
Earnings before federal taxes on income	$	3,180	$	3,564	$	2,999	$	3,324	$	1,397
Fixed charges excluding capitalized interest		795		698		481		483		507
Amortization of previously capitalized interest		55		65		71		80		75
Net adjustment for earnings of affiliates		8		11		(44)		(8)		(18)
Earnings available for fixed charges	$	4,038	$	4,338	$	3,507	$	3,879	$	1,961
Fixed charges:
Interest expense	$	730	$	650	$	445	$	431	$	453
Interest capitalized during the period		80		80		82		81		65
Rentals deemed representative of an interest factor		65		48		36		52		54
Total fixed charges	$	875	$	778	$	563	$	564	$	572
Ratio of earnings to fixed charges		4.6		5.6		6.2		6.9		3.4