Quarterly Financial Data

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (unaudited)

Note 23 – Quarterly Financial Data (Unaudited)

	2020				2019
	4th	3rd	2nd	1st	4th	3rd	2nd	1st
Total revenues	$15,304	$14,139	$11,807	$16,908	$17,911	$19,980	$15,751	$22,917
Total costs and expenses	(20,992)	(13,105)	(12,978)	(16,768)	(18,708)	(16,930)	(17,810)	(18,645)
(Loss)/earnings from operations	(8,049)	(401)	(2,964)	(1,353)	(2,204)	1,259	(3,380)	2,350
Net (loss)/earnings attributable to Boeing Shareholders	(8,420)	(449)	(2,376)	(628)	(1,010)	1,167	(2,942)	2,149
Basic (loss)/earnings per share	(14.65)	(0.79)	(4.20)	(1.11)	(1.79)	2.07	(5.21)	3.79
Diluted (loss)/earnings per share	(14.65)	(0.79)	(4.20)	(1.11)	(1.79)	2.05	(5.21)	3.75

Gross profit is calculated as Total revenues minus Total costs and expenses. Total costs and expenses includes Cost of products, Cost of services and Boeing Capital interest expense.

During the first quarter of 2020, we recorded $797 of abnormal production costs related to 737 MAX, $336 related to 737NG frame fitting component repair costs, $137 of abnormal production costs from the temporary suspension of Puget Sound production in response to COVID-19, and a $168 reach-forward loss on VC-25B. During the first quarter of 2019, we concluded that lease incentives granted to a customer that experienced liquidity issues were impaired and recorded a charge of $250.

During the second quarter of 2020, we recorded $859 of charges at BGS related to asset impairments, $712 of abnormal production costs related to the 737 MAX, $652 of severance costs, and $133 of abnormal production costs from the temporary suspension of Puget Sound production in response to COVID-19. During the second quarter of 2019, we recorded a charge of $109 related to ongoing litigation associated with recoverable costs on U.S. government contracts.

During the third quarter of 2020, we recorded $590 of abnormal production costs related to the 737 MAX and $328 of severance costs.

During the fourth quarter of 2020, we recorded a reach-forward loss on the 777X program of $6,493, abnormal production costs related to the 737 MAX of $468 and asset impairments of $290 at BGS. Additionally, we recorded an increase to our valuation allowances and a tax benefit of $587 related to the settlement of the 2015-2017 federal tax audit. See Note 4. During the fourth quarter of 2019, we recorded a divestiture gain of $395 and a tax benefit of $371 related to the settlement of state tax audits spanning 15 tax years. Additionally, we recorded an impairment of $293 as a result of our decision to retire the Aviall brand and trade name, and an increase to the reach-forward loss on Commercial Crew of $410.

We recorded a reduction to revenue in the second and fourth quarters of 2020 of $551 and $128 for 737 MAX customer considerations. In the third quarter of 2020, we recorded an increase to revenue of $151 for 737 MAX customer considerations. During the second and fourth quarters of 2019, we recorded a reduction to revenue of $5,610 and $2,619 for 737 MAX customer considerations, net of insurance recoveries.

We recorded an increase to the reach-forward loss on KC-46A Tanker in the first, second, third, and fourth quarters of 2020 of $827, $151, $67 and $275, respectively. In the fourth quarter of 2019, we recorded an increase to the reach-forward loss on KC-46A Tanker of $108.