EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

The Boeing Company and Subsidiaries

(Dollars in millions)

	Three months ended		Years ended December 31,
	March 31, 2017		2016		2015			2014		2013
Earnings before income taxes		$1,959		$5,568		$7,155			$7,137		$6,232
Fixed charges excluding capitalized interest	113		422		391			455		514
Amortization of previously capitalized interest	31		94		90			72		74
Net adjustment for earnings from affiliates	6		11		(34		)	7		13
Earnings available for fixed charges		$2,109		$6,095		$7,602			$7,671		$6,833
Fixed charges:
Interest and debt expense(1)		$100		$365		$339			$402		$461
Interest capitalized during the period	33		170		158			102		87
Rentals deemed representative of an interest factor	13		57		52			53		53
Total fixed charges		$146		$592		$549			$557		$601
Ratio of earnings to fixed charges	14.4		10.3		13.8			13.8		11.4

⁽¹⁾  Amount does not include tax-related interest expense which is reported as a component of Income tax expense in our Condensed Consolidated Statements of Operations.