QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
THE BOEING COMPANY |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Part I. Financial Information (Unaudited) | Page | |||||||
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Part II. Other Information | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
(Dollars in millions, except per share data) | Six months ended June 30 | Three months ended June 30 | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Sales of products | $ | $ | $ | $ | |||||||||||||||||||
Sales of services | |||||||||||||||||||||||
Total revenues | |||||||||||||||||||||||
Cost of products | ( | ( | ( | ( | |||||||||||||||||||
Cost of services | ( | ( | ( | ( | |||||||||||||||||||
Boeing Capital interest expense | ( | ( | ( | ( | |||||||||||||||||||
Total costs and expenses | ( | ( | ( | ( | |||||||||||||||||||
(Loss)/income from operating investments, net | ( | ||||||||||||||||||||||
General and administrative expense | ( | ( | ( | ( | |||||||||||||||||||
Research and development expense, net | ( | ( | ( | ( | |||||||||||||||||||
Gain on dispositions, net | |||||||||||||||||||||||
(Loss)/earnings from operations | ( | ||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||
Interest and debt expense | ( | ( | ( | ( | |||||||||||||||||||
(Loss)/earnings before income taxes | ( | ( | |||||||||||||||||||||
Income tax benefit/(expense) | ( | ||||||||||||||||||||||
Net (loss)/earnings | ( | ||||||||||||||||||||||
Less: net loss attributable to noncontrolling interest | ( | ( | ( | ( | |||||||||||||||||||
Net (loss)/earnings attributable to Boeing Shareholders | ($ | $ | $ | $ | |||||||||||||||||||
Basic (loss)/earnings per share | ($ | $ | $ | $ | |||||||||||||||||||
Diluted (loss)/earnings per share | ($ | $ | $ | $ | |||||||||||||||||||
Weighted average diluted shares (millions) |
(Dollars in millions) | Six months ended June 30 | Three months ended June 30 | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net (loss)/earnings | ($ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income/(loss), net of tax: | |||||||||||||||||||||||
Currency translation adjustments | ( | ( | ( | ||||||||||||||||||||
Unrealized (loss)/gain on derivative instruments: | |||||||||||||||||||||||
Unrealized (loss)/gain arising during period, net of tax of $ | ( | ( | |||||||||||||||||||||
Reclassification adjustment for losses/(gains) included in net loss, net of tax of ($ | ( | ( | |||||||||||||||||||||
Total unrealized (loss)/gain on derivative instruments, net of tax | ( | ( | |||||||||||||||||||||
Defined benefit pension plans and other postretirement benefits: | |||||||||||||||||||||||
Amortization of prior service credits included in net periodic pension cost, net of tax of $ | ( | ( | ( | ( | |||||||||||||||||||
Net actuarial gain arising during the period, net of tax of $ | |||||||||||||||||||||||
Amortization of actuarial losses included in net periodic pension cost, net of tax of ($ | |||||||||||||||||||||||
Settlements included in net (loss)/earnings, net of tax of $ | |||||||||||||||||||||||
Pension and postretirement cost related to our equity method investments, net of tax of $ | |||||||||||||||||||||||
Total defined benefit pension plans and other postretirement benefits, net of tax | |||||||||||||||||||||||
Other comprehensive income/(loss), net of tax | ( | ||||||||||||||||||||||
Comprehensive (loss)/income, net of tax | ( | ||||||||||||||||||||||
Less: Comprehensive loss related to noncontrolling interest | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive (loss)/income attributable to Boeing Shareholders, net of tax | ($ | $ | $ | $ |
(Dollars in millions, except per share data) | June 30 2022 | December 31 2021 | |||||||||
Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Short-term and other investments | |||||||||||
Accounts receivable, net | |||||||||||
Unbilled receivables, net | |||||||||||
Current portion of customer financing, net | |||||||||||
Inventories | |||||||||||
Other current assets, net | |||||||||||
Total current assets | |||||||||||
Customer financing, net | |||||||||||
Property, plant and equipment, net of accumulated depreciation of $ | |||||||||||
Goodwill | |||||||||||
Acquired intangible assets, net | |||||||||||
Deferred income taxes | |||||||||||
Investments | |||||||||||
Other assets, net of accumulated amortization of $ | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and equity | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued liabilities | |||||||||||
Advances and progress billings | |||||||||||
Short-term debt and current portion of long-term debt | |||||||||||
Total current liabilities | |||||||||||
Deferred income taxes | |||||||||||
Accrued retiree health care | |||||||||||
Accrued pension plan liability, net | |||||||||||
Other long-term liabilities | |||||||||||
Long-term debt | |||||||||||
Total liabilities | |||||||||||
Shareholders’ equity: | |||||||||||
Common stock, par value $ | |||||||||||
Additional paid-in capital | |||||||||||
Treasury stock, at cost - | ( | ( | |||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total shareholders’ deficit | ( | ( | |||||||||
Noncontrolling interests | |||||||||||
Total equity | ( | ( | |||||||||
Total liabilities and equity | $ | $ |
(Dollars in millions) | Six months ended June 30 | ||||||||||
2022 | 2021 | ||||||||||
Cash flows – operating activities: | |||||||||||
Net (loss)/earnings | ($ | $ | |||||||||
Adjustments to reconcile net (loss)/earnings to net cash used by operating activities: | |||||||||||
Non-cash items – | |||||||||||
Share-based plans expense | |||||||||||
Treasury shares issued for 401(k) contribution | |||||||||||
Depreciation and amortization | |||||||||||
Investment/asset impairment charges, net | |||||||||||
Customer financing valuation adjustments | ( | ||||||||||
Gain on dispositions, net | ( | ( | |||||||||
Other charges and credits, net | ( | ||||||||||
Changes in assets and liabilities – | |||||||||||
Accounts receivable | ( | ( | |||||||||
Unbilled receivables | ( | ( | |||||||||
Advances and progress billings | ( | ||||||||||
Inventories | ( | ||||||||||
Other current assets | |||||||||||
Accounts payable | ( | ||||||||||
Accrued liabilities | ( | ( | |||||||||
Income taxes receivable, payable and deferred | ( | ( | |||||||||
Other long-term liabilities | ( | ( | |||||||||
Pension and other postretirement plans | ( | ( | |||||||||
Customer financing, net | |||||||||||
Other | |||||||||||
Net cash used by operating activities | ( | ( | |||||||||
Cash flows – investing activities: | |||||||||||
Payments to acquire property, plant and equipment | ( | ( | |||||||||
Proceeds from disposals of property, plant and equipment | |||||||||||
Contributions to investments | ( | ( | |||||||||
Proceeds from investments | |||||||||||
Other | |||||||||||
Net cash provided by investing activities | |||||||||||
Cash flows – financing activities: | |||||||||||
New borrowings | |||||||||||
Debt repayments | ( | ( | |||||||||
Stock options exercised | |||||||||||
Employee taxes on certain share-based payment arrangements | ( | ( | |||||||||
Net cash used by financing activities | ( | ( | |||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | ( | |||||||||
Net increase in cash & cash equivalents, including restricted | |||||||||||
Cash & cash equivalents, including restricted, at beginning of year | |||||||||||
Cash & cash equivalents, including restricted, at end of period | |||||||||||
Less restricted cash & cash equivalents, included in Investments | |||||||||||
Cash and cash equivalents at end of period | $ | $ |
Boeing shareholders | |||||||||||||||||||||||
(Dollars in millions) | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Non- controlling Interests | Total | ||||||||||||||||
Balance at January 1, 2021 | $ | $ | ($ | $ | ($ | $ | ($ | ||||||||||||||||
Net earnings | ( | ||||||||||||||||||||||
Other comprehensive income, net of tax of ($ | |||||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||||
Treasury shares issued for stock options exercised, net | ( | ||||||||||||||||||||||
Treasury shares issued for other share-based plans, net | ( | ( | |||||||||||||||||||||
Treasury shares issued for 401(k) contribution | |||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | ($ | $ | ($ | $ | ($ | ||||||||||||||||
Balance at January 1, 2022 | $ | $ | ($ | $ | ($ | $ | ($ | ||||||||||||||||
Net loss | ( | ( | ( | ||||||||||||||||||||
Other comprehensive income, net of tax of ($ | |||||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||||
Treasury shares issued for stock options exercised, net | ( | ||||||||||||||||||||||
Treasury shares issued for other share-based plans, net | ( | ( | |||||||||||||||||||||
Treasury shares issued for 401(k) contribution | |||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | ($ | $ | ($ | $ | ($ |
Boeing shareholders | |||||||||||||||||||||||
(Dollars in millions, except per share data) | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Non- controlling Interests | Total | ||||||||||||||||
Balance at April 1, 2021 | $ | $ | ($ | $ | ($ | $ | ($ | ||||||||||||||||
Net earnings | ( | ||||||||||||||||||||||
Other comprehensive income, net of tax of ($ | |||||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||||
Treasury shares issued for stock options exercised, net | ( | ||||||||||||||||||||||
Treasury shares issued for other share-based plans, net | ( | ( | |||||||||||||||||||||
Treasury shares issued for 401(k) contribution | |||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | ($ | $ | ($ | $ | ($ | ||||||||||||||||
Balance at April 1, 2022 | $ | $ | ($ | $ | ($ | $ | ($ | ||||||||||||||||
Net earnings | ( | ||||||||||||||||||||||
Other comprehensive loss, net of tax of $ | ( | ( | |||||||||||||||||||||
Share-based compensation | |||||||||||||||||||||||
Treasury shares issued for stock options exercised, net | ( | ||||||||||||||||||||||
Treasury shares issued for other share-based plans, net | ( | ( | |||||||||||||||||||||
Treasury shares issued for 401(k) contribution | |||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | ($ | $ | ($ | $ | ($ |
(Dollars in millions) | Six months ended June 30 | Three months ended June 30 | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues: | |||||||||||||||||||||||
Commercial Airplanes | $ | $ | $ | $ | |||||||||||||||||||
Defense, Space & Security | |||||||||||||||||||||||
Global Services | |||||||||||||||||||||||
Boeing Capital | |||||||||||||||||||||||
Unallocated items, eliminations and other | ( | ( | ( | ( | |||||||||||||||||||
Total revenues | $ | $ | $ | $ | |||||||||||||||||||
Earnings/(loss) from operations: | |||||||||||||||||||||||
Commercial Airplanes | ($ | ($ | ($ | ($ | |||||||||||||||||||
Defense, Space & Security | ( | ||||||||||||||||||||||
Global Services | |||||||||||||||||||||||
Boeing Capital | ( | ||||||||||||||||||||||
Segment operating (loss)/earnings | ( | ||||||||||||||||||||||
Unallocated items, eliminations and other | ( | ( | ( | ( | |||||||||||||||||||
FAS/CAS service cost adjustment | |||||||||||||||||||||||
(Loss)/earnings from operations | ( | ||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||
Interest and debt expense | ( | ( | ( | ( | |||||||||||||||||||
(Loss)/earnings before income taxes | ( | ( | |||||||||||||||||||||
Income tax benefit/(expense) | ( | ||||||||||||||||||||||
Net (loss)/earnings | ( | ||||||||||||||||||||||
Less: Net loss attributable to noncontrolling interest | ( | ( | ( | ( | |||||||||||||||||||
Net (loss)/earnings attributable to Boeing Shareholders | ($ | $ | $ | $ |
(In millions - except per share amounts) | Six months ended June 30 | Three months ended June 30 | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Decrease)/increase to Revenue | ($ | $ | ($ | $ | |||||||||||||||||||
(Decrease)/increase to (Loss)/earnings from operations | ($ | $ | ($ | $ | |||||||||||||||||||
(Decrease)/increase to Diluted EPS | ($ | ($ | ($ | $ |
(In millions - except per share amounts) | Six months ended June 30 | Three months ended June 30 | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Net (loss)/earnings attributable to Boeing Shareholders | ($ | $ | $ | $ | |||||||||||||||||||
Less: earnings available to participating securities | |||||||||||||||||||||||
Net (loss)/earnings available to common shareholders | ($ | $ | $ | $ | |||||||||||||||||||
Basic | |||||||||||||||||||||||
Basic weighted average shares outstanding | |||||||||||||||||||||||
Less: participating securities(1) | |||||||||||||||||||||||
Basic weighted average common shares outstanding | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
Basic weighted average shares outstanding | |||||||||||||||||||||||
Dilutive potential common shares(2) | |||||||||||||||||||||||
Diluted weighted average shares outstanding | |||||||||||||||||||||||
Less: participating securities(1) | |||||||||||||||||||||||
Diluted weighted average common shares outstanding | |||||||||||||||||||||||
Net (loss)/earnings per share: | |||||||||||||||||||||||
Basic | ($ | $ | $ | $ | |||||||||||||||||||
Diluted | ( |
(Shares in millions) | Six months ended June 30 | Three months ended June 30 | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Performance awards | |||||||||||||||||||||||
Performance-based restricted stock units | |||||||||||||||||||||||
Restricted stock units | |||||||||||||||||||||||
Stock options |
Accounts receivable | Unbilled receivables | Other current assets | Customer financing | Other assets | Total | |||||||||||||||
Balance at January 1, 2021 | ($ | ($ | ($ | ($ | ($ | ($ | ||||||||||||||
Changes in estimates | ( | ( | ( | |||||||||||||||||
Write-offs | ||||||||||||||||||||
Balance at June 30, 2021 | ($ | ($ | ($ | ($ | ($ | ($ | ||||||||||||||
Balance at January 1, 2022 | ($ | ($ | ($ | ($ | ($ | ($ | ||||||||||||||
Changes in estimates | ( | ( | ( | ( | ||||||||||||||||
Write-offs | ||||||||||||||||||||
Recoveries | ||||||||||||||||||||
Balance at June 30, 2022 | ($ | ($ | ($ | ($ | ($ | ($ |
June 30 2022 | December 31 2021 | ||||||||||
Long-term contracts in progress | $ | $ | |||||||||
Commercial aircraft programs | |||||||||||
Commercial spare parts, used aircraft, general stock materials and other | |||||||||||
Total | $ | $ |
June 30 2022 | December 31 2021 | ||||||||||
Financing receivables: | |||||||||||
Investment in sales-type/finance leases | $ | $ | |||||||||
Notes | |||||||||||
Total financing receivables | |||||||||||
Less allowance for losses on receivables | ( | ( | |||||||||
Financing receivables, net | |||||||||||
Operating lease equipment, at cost, less accumulated depreciation of $ | |||||||||||
Total | $ | $ |
Rating categories | Current | 2021 | 2020 | 2019 | 2018 | Prior | Total | ||||||||||||||||
BBB | $ | $ | |||||||||||||||||||||
BB | $ | $ | $ | $ | $ | ||||||||||||||||||
B | |||||||||||||||||||||||
CCC | |||||||||||||||||||||||
Total carrying value of financing receivables | $ | $ | $ | $ | $ | $ | $ |
June 30 2022 | December 31 2021 | ||||||||||
717 Aircraft ($ | $ | $ | |||||||||
747-8 Aircraft (accounted for as sales-type finance leases) | |||||||||||
737 Aircraft ($ | |||||||||||
777 Aircraft ($ | |||||||||||
MD-80 Aircraft (accounted for as sales-type finance leases) | |||||||||||
757 Aircraft (accounted for as sales-type finance leases) | |||||||||||
747-400 Aircraft ($ | |||||||||||
June 30 2022 | December 31 2021 | ||||||||||
Equity method investments (1) | $ | $ | |||||||||
Time deposits | |||||||||||
Available for sale debt instruments | |||||||||||
Equity and other investments | |||||||||||
Restricted cash & cash equivalents(2) | |||||||||||
Total | $ | $ |
2022 | 2021 | ||||||||||
Beginning balance – January 1 | $ | $ | |||||||||
Reductions for payments made | ( | ( | |||||||||
Reductions for concessions and other in-kind considerations | ( | ( | |||||||||
Changes in estimates | ( | ||||||||||
Ending balance – June 30 | $ | $ |
2022 | 2021 | ||||||||||
Beginning balance – January 1 | $ | $ | |||||||||
Reductions for payments made, net of recoveries | ( | ( | |||||||||
Changes in estimates | |||||||||||
Ending balance – June 30 | $ | $ |
2022 | 2021 | ||||||||||
Beginning balance – January 1 | $ | $ | |||||||||
Additions for current year deliveries | |||||||||||
Reductions for payments made | ( | ( | |||||||||
Changes in estimates | |||||||||||
Ending balance – June 30 | $ | $ |
Total | |||||
July through December 2022 | $ | ||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 | |||||
Thereafter | |||||
$ |
Maximum Potential Payments | Estimated Proceeds from Collateral/Recourse | Carrying Amount of Liabilities | ||||||||||||||||||||||||
June 30 2022 | December 31 2021 | June 30 2022 | December 31 2021 | June 30 2022 | December 31 2021 | |||||||||||||||||||||
Contingent repurchase commitments | $ | $ | $ | $ | ||||||||||||||||||||||
Credit guarantees | $ | $ | ||||||||||||||||||||||||
Six months ended June 30 | Three months ended June 30 | ||||||||||||||||||||||
Pension Plans | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of prior service credits | ( | ( | ( | ( | |||||||||||||||||||
Recognized net actuarial loss | |||||||||||||||||||||||
Settlement/curtailment loss | |||||||||||||||||||||||
Net periodic benefit income | ($ | ($ | ($ | ($ | |||||||||||||||||||
Net periodic benefit cost included in (Loss)/earnings from operations | $ | $ | $ | $ | |||||||||||||||||||
Net periodic benefit income included in Other income, net | ( | ( | ( | ( | |||||||||||||||||||
Net periodic benefit income included in (Loss)/earnings before income taxes | ($ | ($ | ($ | ($ |
Six months ended June 30 | Three months ended June 30 | ||||||||||||||||||||||
Other Postretirement Plans | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of prior service credits | ( | ( | ( | ( | |||||||||||||||||||
Recognized net actuarial gain | ( | ( | ( | ( | |||||||||||||||||||
Net periodic benefit cost | $ | $ | $ | $ | |||||||||||||||||||
Net periodic benefit cost included in (Loss)/earnings from operations | $ | $ | $ | $ | |||||||||||||||||||
Net periodic benefit cost included in Other income, net | ( | ( | ( | ( | |||||||||||||||||||
Net periodic benefit cost included in (Loss)/earnings before income taxes | $ | $ | $ | $ |
Currency Translation Adjustments | Unrealized Gains and Losses on Certain Investments | Unrealized Gains and Losses on Derivative Instruments | Defined Benefit Pension Plans & Other Postretirement Benefits | Total (1) | |||||||||||||||||||||||||
Balance at January 1, 2021 | ($ | $ | ($ | ($ | ($ | ||||||||||||||||||||||||
Other comprehensive (loss)/income before reclassifications | ( | ||||||||||||||||||||||||||||
Amounts reclassified from AOCI | ( | (2) | |||||||||||||||||||||||||||
Net current period Other comprehensive (loss)/income | ( | ||||||||||||||||||||||||||||
Balance at June 30, 2021 | ($ | $ | $ | ($ | ($ | ||||||||||||||||||||||||
Balance at January 1, 2022 | ($ | $ | $ | ($ | ($ | ||||||||||||||||||||||||
Other comprehensive loss before reclassifications | ( | ( | ( | ||||||||||||||||||||||||||
Amounts reclassified from AOCI | (3) | (2) | |||||||||||||||||||||||||||
Net current period Other comprehensive (loss)/income | ( | ( | |||||||||||||||||||||||||||
Balance at June 30, 2022 | ($ | $ | ($ | ($ | ($ | ||||||||||||||||||||||||
Balance at March 31, 2021 | ($ | $ | ($ | ($ | ($ | ||||||||||||||||||||||||
Other comprehensive income before reclassifications | |||||||||||||||||||||||||||||
Amounts reclassified from AOCI | (2) | ||||||||||||||||||||||||||||
Net current period Other comprehensive income | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | ($ | $ | $ | ($ | ($ | ||||||||||||||||||||||||
Balance at March 31, 2022 | ($ | $ | $ | ($ | ($ | ||||||||||||||||||||||||
Other comprehensive loss before reclassifications | ( | ( | ( | ||||||||||||||||||||||||||
Amounts reclassified from AOCI | ( | (2) | |||||||||||||||||||||||||||
Net current period Other comprehensive (loss)/income | ( | ( | ( | ||||||||||||||||||||||||||
Balance at June 30, 2022 | ($ | $ | ($ | ($ | ($ |
Notional amounts (1) | Other assets | Accrued liabilities | ||||||||||||||||||
June 30 2022 | December 31 2021 | June 30 2022 | December 31 2021 | June 30 2022 | December 31 2021 | |||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||
Foreign exchange contracts | $ | $ | $ | $ | ($ | ($ | ||||||||||||||
Commodity contracts | ( | ( | ||||||||||||||||||
Derivatives not receiving hedge accounting treatment: | ||||||||||||||||||||
Foreign exchange contracts | ( | ( | ||||||||||||||||||
Commodity contracts | ( | ( | ||||||||||||||||||
Total derivatives | $ | $ | $ | $ | ($ | ($ | ||||||||||||||
Netting arrangements | ( | ( | ||||||||||||||||||
Net recorded balance | $ | $ | ($ | ($ |
Six months ended June 30 | Three months ended June 30 | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Recognized in Other comprehensive income, net of taxes: | |||||||||||||||||||||||
Foreign exchange contracts | ($ | ($ | ($ | $ | |||||||||||||||||||
Commodity contracts | ( |
Six months ended June 30 | Three months ended June 30 | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Foreign exchange contracts | |||||||||||||||||||||||
Costs and expenses | $ | $ | $ | $ | |||||||||||||||||||
General and administrative expense | ( | ( | |||||||||||||||||||||
Commodity contracts | |||||||||||||||||||||||
Costs and expenses | ( | ( | |||||||||||||||||||||
General and administrative expense |
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | ||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Available-for-sale debt investments: | |||||||||||||||||||||||||||||||||||
Commercial paper | $ | $ | |||||||||||||||||||||||||||||||||
Corporate notes | |||||||||||||||||||||||||||||||||||
U.S. government agencies | |||||||||||||||||||||||||||||||||||
Other equity investments | |||||||||||||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||||||||||||
Total assets | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||
Derivatives | ($ | ($ | ($ | ($ | |||||||||||||||||||||||||||||||
Total liabilities | ($ | ($ | ($ | ($ |
2022 | 2021 | ||||||||||||||||||||||
Total | Total Losses | Total | Total Losses | ||||||||||||||||||||
Investments | ($ | ($ | |||||||||||||||||||||
Customer financing assets | $ | ( | $ | ( | |||||||||||||||||||
Property, plant and equipment | ( | ( | |||||||||||||||||||||
Other Assets and Acquired intangible assets | ( | ||||||||||||||||||||||
Total | $ | ($ | $ | ($ |
Fair Value | Valuation Technique(s) | Unobservable Input | Range Median or Average | ||||||||||||||||||||
Customer financing assets | $ | Market approach | Aircraft value publications | $ Median $ | |||||||||||||||||||
Aircraft condition adjustments | $ Net $ |
June 30, 2022 | |||||||||||||||||
Carrying Amount | Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets | |||||||||||||||||
Notes receivable, net | $ | $ | $ | ||||||||||||||
Liabilities | |||||||||||||||||
Debt, excluding finance lease obligations | ( | ( | ( |
December 31, 2021 | |||||||||||||||||
Carrying Amount | Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||
Assets | |||||||||||||||||
Notes receivable, net | $ | $ | $ | ||||||||||||||
Liabilities | |||||||||||||||||
Debt, excluding finance lease obligations | ( | ( | ( |
(Dollars in millions) | Six months ended June 30 | Three months ended June 30 | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue from contracts with customers: | |||||||||||||||||||||||
Europe | $ | $ | $ | $ | |||||||||||||||||||
Latin America and Caribbean | |||||||||||||||||||||||
Asia | |||||||||||||||||||||||
Middle East | |||||||||||||||||||||||
Other non-U.S. | |||||||||||||||||||||||
Total non-U.S. revenues | |||||||||||||||||||||||
United States | |||||||||||||||||||||||
Estimated potential concessions and other considerations to 737 MAX customers, net | ( | ||||||||||||||||||||||
Total revenues from contracts with customers | |||||||||||||||||||||||
Intersegment revenues eliminated on consolidation | |||||||||||||||||||||||
Total segment revenues | $ | $ | $ | $ | |||||||||||||||||||
Revenue recognized on fixed-price contracts | % | % | % | % | |||||||||||||||||||
Revenue recognized at a point in time | % | % | % | % |
(Dollars in millions) | Six months ended June 30 | Three months ended June 30 | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue from contracts with customers: | |||||||||||||||||||||||
U.S. customers | $ | $ | $ | $ | |||||||||||||||||||
Non-U.S. customers(1) | |||||||||||||||||||||||
Total segment revenue from contracts with customers | $ | $ | $ | $ | |||||||||||||||||||
Revenue recognized over time | % | % | % | % | |||||||||||||||||||
Revenue recognized on fixed-price contracts | % | % | % | % | |||||||||||||||||||
Revenue from the U.S. government(1) | % | % | % | % |
(Dollars in millions) | Six months ended June 30 | Three months ended June 30 | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenue from contracts with customers: | |||||||||||||||||||||||
Commercial | $ | $ | $ | $ | |||||||||||||||||||
Government | |||||||||||||||||||||||
Total revenues from contracts with customers | |||||||||||||||||||||||
Intersegment revenues eliminated on consolidation | |||||||||||||||||||||||
Total segment revenues | $ | $ | $ | $ | |||||||||||||||||||
Revenue recognized at a point in time | % | % | % | % | |||||||||||||||||||
Revenue recognized on fixed-price contracts | % | % | % | % | |||||||||||||||||||
Revenue from the U.S. government(1) | % | % | % | % |
Six months ended June 30 | Three months ended June 30 | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Share-based plans | ($ | ($ | ($ | ($ | |||||||||||||||||||
Deferred compensation | ( | ( | |||||||||||||||||||||
Amortization of previously capitalized interest | ( | ( | ( | ( | |||||||||||||||||||
Research and development expense, net | ( | ( | ( | ( | |||||||||||||||||||
Eliminations and other unallocated items | ( | ( | ( | ( | |||||||||||||||||||
Unallocated items, eliminations and other | ($ | ($ | ($ | ($ | |||||||||||||||||||
Pension FAS/CAS service cost adjustment | $ | $ | $ | $ | |||||||||||||||||||
Postretirement FAS/CAS service cost adjustment | |||||||||||||||||||||||
FAS/CAS service cost adjustment | $ | $ | $ | $ | |||||||||||||||||||
June 30 2022 | December 31 2021 | ||||||||||
Commercial Airplanes | $ | $ | |||||||||
Defense, Space & Security | |||||||||||
Global Services | |||||||||||
Boeing Capital | |||||||||||
Unallocated items, eliminations and other | |||||||||||
Total | $ | $ |
FORWARD-LOOKING STATEMENTS | |||||
This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “should,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates” and similar expressions generally identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact. | |||||
Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to: | |||||
(1) | the COVID-19 pandemic and related industry impacts, including with respect to our operations and access to suppliers, our liquidity, the health of our customers and suppliers, and future demand for our products and services; | ||||
(2) | the 737 MAX, including the timing and conditions of remaining 737 MAX regulatory approvals, lower than planned production rates and/or delivery rates, and additional considerations to customers and suppliers; | ||||
(3) | general conditions in the economy and our industry, including those due to regulatory changes; | ||||
(4) | our reliance on our commercial airline customers; | ||||
(5) | the overall health of our aircraft production system, planned commercial aircraft production rate changes, our commercial development and derivative aircraft programs, and our aircraft being subject to stringent performance and reliability standards; | ||||
(6) | changing budget and appropriation levels and acquisition priorities of the U.S. government; | ||||
(7) | our dependence on U.S. government contracts; | ||||
(8) | our reliance on fixed-price contracts; | ||||
(9) | our reliance on cost-type contracts; | ||||
(10) | uncertainties concerning contracts that include in-orbit incentive payments; | ||||
(11) | our dependence on our subcontractors and suppliers as well as the availability of raw materials; | ||||
(12) | changes in accounting estimates; | ||||
(13) | changes in the competitive landscape in our markets; | ||||
(14) | our non-U.S. operations, including sales to non-U.S. customers; | ||||
(15) | threats to the security of our, our customers' and/or our suppliers' information; | ||||
(16) | potential adverse developments in new or pending litigation and/or government investigations; | ||||
(17) | customer and aircraft concentration in our customer financing portfolio; | ||||
(18) | changes in our ability to obtain debt financing on commercially reasonable terms and at competitive rates; | ||||
(19) | realizing the anticipated benefits of mergers, acquisitions, joint ventures, strategic alliances or divestitures; | ||||
(20) | the adequacy of our insurance coverage to cover significant risk exposures; | ||||
(21) | potential business disruptions, including those related to physical security threats, information technology or cyber attacks, epidemics, sanctions or natural disasters; | ||||
(22) | work stoppages or other labor disruptions; | ||||
(23) | substantial pension and other postretirement benefit obligations; | ||||
(24) | potential environmental liabilities; and | ||||
(25) | effects of climate change and legal, regulatory or market responses to such change. | ||||
Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking information speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. | |||||
(Dollars in millions, except per share data) | Six months ended June 30 | Three months ended June 30 | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues | $30,672 | $32,215 | $16,681 | $16,998 | |||||||||||||||||||
GAAP | |||||||||||||||||||||||
(Loss)/earnings from operations | ($395) | $940 | $774 | $1,023 | |||||||||||||||||||
Operating margins | (1.3) | % | 2.9 | % | 4.6 | % | 6.0 | % | |||||||||||||||
Effective income tax rate | 12.8 | % | 126.1 | % | 57.6 | % | (3.3) | % | |||||||||||||||
Net (loss)/earnings attributable to Boeing Shareholders | ($1,026) | $50 | $193 | $587 | |||||||||||||||||||
Diluted (loss)/earnings per share | ($1.73) | $0.09 | $0.32 | $1.00 | |||||||||||||||||||
Non-GAAP (1) | |||||||||||||||||||||||
Core operating (loss)/earnings | ($962) | $402 | $490 | $755 | |||||||||||||||||||
Core operating margins | (3.1) | % | 1.2 | % | 2.9 | % | 4.4 | % | |||||||||||||||
Core (loss)/earnings per share | ($3.11) | ($1.12) | ($0.37) | $0.40 |
(Dollars in millions) | Six months ended June 30 | Three months ended June 30 | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Commercial Airplanes | $10,380 | $10,284 | $6,219 | $6,015 | |||||||||||||||||||
Defense, Space & Security | 11,674 | 14,061 | 6,191 | 6,876 | |||||||||||||||||||
Global Services | 8,612 | 7,816 | 4,298 | 4,067 | |||||||||||||||||||
Boeing Capital | 98 | 138 | 52 | 78 | |||||||||||||||||||
Unallocated items, eliminations and other | (92) | (84) | (79) | (38) | |||||||||||||||||||
Total | $30,672 | $32,215 | $16,681 | $16,998 |
(Dollars in millions) | Six months ended June 30 | Three months ended June 30 | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Commercial Airplanes | ($1,101) | ($1,328) | ($242) | ($472) | |||||||||||||||||||
Defense, Space & Security | (858) | 1,363 | 71 | 958 | |||||||||||||||||||
Global Services | 1,360 | 972 | 728 | 531 | |||||||||||||||||||
Boeing Capital | (9) | 57 | 27 | 36 | |||||||||||||||||||
Segment operating (loss)/earnings | (608) | 1,064 | 584 | 1,053 | |||||||||||||||||||
Pension FAS/CAS service cost adjustment | 413 | 384 | 205 | 191 | |||||||||||||||||||
Postretirement FAS/CAS service cost adjustment | 154 | 154 | 79 | 77 | |||||||||||||||||||
Unallocated items, eliminations and other | (354) | (662) | (94) | (298) | |||||||||||||||||||
(Loss)/earnings from operations (GAAP) | ($395) | $940 | $774 | $1,023 | |||||||||||||||||||
FAS/CAS service cost adjustment * | (567) | (538) | (284) | (268) | |||||||||||||||||||
Core operating (loss)/earnings (Non-GAAP) ** | ($962) | $402 | $490 | $755 |
(Dollars in millions) | Six months ended June 30 | Three months ended June 30 | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Share-based plans | ($108) | ($142) | ($25) | ($14) | |||||||||||||||||||
Deferred compensation | 166 | (94) | 124 | (42) | |||||||||||||||||||
Amortization of previously capitalized interest | (47) | (44) | (24) | (22) | |||||||||||||||||||
Research and development expense, net | (118) | (85) | (66) | (43) | |||||||||||||||||||
Eliminations and other unallocated items | (247) | (297) | (103) | (177) | |||||||||||||||||||
Unallocated items, eliminations and other | ($354) | ($662) | ($94) | ($298) |
(Dollars in millions) | Six months ended June 30 | Three months ended June 30 | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(Loss)/earnings from operations | ($395) | $940 | $774 | $1,023 | |||||||||||||||||||
Other income, net | 434 | 389 | 253 | 199 | |||||||||||||||||||
Interest and debt expense | (1,280) | (1,352) | (650) | (673) | |||||||||||||||||||
(Loss)/earnings before income taxes | (1,241) | (23) | 377 | 549 | |||||||||||||||||||
Income tax benefit/(expense) | 159 | 29 | (217) | 18 | |||||||||||||||||||
Net (loss)/earnings from continuing operations | (1,082) | 6 | 160 | 567 | |||||||||||||||||||
Less: Net loss attributable to noncontrolling interest | (56) | (44) | (33) | (20) | |||||||||||||||||||
Net (loss)/earnings attributable to Boeing Shareholders | ($1,026) | $50 | $193 | $587 |
(Dollars in millions) | Six months ended June 30 | Three months ended June 30 | ||||||||||||||||||||||||
2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||
Cost of sales | $28,204 | $28,396 | ($192) | $14,559 | $14,588 | ($29) | ||||||||||||||||||||
Cost of sales as a % of Revenues | 92.0 | % | 88.1 | % | 3.9 | % | 87.3 | % | 85.8 | % | 1.5 | % |
(Dollars in millions) | Six months ended June 30 | Three months ended June 30 | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Commercial Airplanes | $693 | $524 | $372 | $255 | |||||||||||||||||||
Defense, Space & Security | 466 | 337 | 233 | 174 | |||||||||||||||||||
Global Services | 54 | 50 | 27 | 25 | |||||||||||||||||||
Other | 118 | 85 | 66 | 43 | |||||||||||||||||||
Total | $1,331 | $996 | $698 | $497 |
(Dollars in millions) | June 30 2022 | December 31 2021 | |||||||||
Commercial Airplanes | $297,044 | $296,882 | |||||||||
Defense, Space & Security | 55,401 | 59,828 | |||||||||
Global Services | 18,960 | 20,496 | |||||||||
Unallocated items, eliminations and other | 325 | 293 | |||||||||
Total Backlog | $371,730 | $377,499 | |||||||||
Contractual backlog | $351,242 | $356,362 | |||||||||
Unobligated backlog | 20,488 | 21,137 | |||||||||
Total Backlog | $371,730 | $377,499 |
(Dollars in millions) | Six months ended June 30 | Three months ended June 30 | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues | $10,380 | $10,284 | $6,219 | $6,015 | |||||||||||||||||||
Loss from operations | ($1,101) | ($1,328) | ($242) | ($472) | |||||||||||||||||||
Operating margins | (10.6) | % | (12.9) | % | (3.9) | % | (7.8) | % |
737 | * | 747 | 767 | * | 777 | 787 | Total | ||||||||||||||||||||||||||||
Deliveries during the first six months of 2022 | 189 | (8) | 3 | 12 | (7) | 12 | 216 | ||||||||||||||||||||||||||||
Deliveries during the first six months of 2021 | 113 | (8) | 2 | 13 | (4) | 14 | 14 | 156 | |||||||||||||||||||||||||||
Deliveries during the second quarter of 2022 | 103 | (3) | 2 | 7 | (4) | 9 | 121 | ||||||||||||||||||||||||||||
Deliveries during the second quarter of 2021 | 50 | (3) | 1 | 8 | (3) | 8 | 12 | 79 | |||||||||||||||||||||||||||
Cumulative deliveries as of 6/30/2022 | 7,934 | 1,570 | 1,250 | 1,689 | 1,006 | ||||||||||||||||||||||||||||||
Cumulative deliveries as of 12/31/2021 | 7,745 | 1,567 | 1,238 | 1,677 | 1,006 |
Program | ||||||||||||||||||||||||||||||||||||||
As of 6/30/2022 | 737 | 747 | 767 | 777 | 777X | 787 | † | |||||||||||||||||||||||||||||||
Program accounting quantities | 10,800 | 1,574 | 1,255 | 1,790 | 400 | 1,500 | ||||||||||||||||||||||||||||||||
Undelivered units under firm orders | 3,431 | 3 | 96 | 71 | 231 | 407 | (11) | |||||||||||||||||||||||||||||||
Cumulative firm orders | 11,365 | 1,573 | 1,346 | 1,760 | 231 | 1,413 | ||||||||||||||||||||||||||||||||
As of 12/31/2021 | 737 | 747 | 767 | 777 | 777X | 787 | † | |||||||||||||||||||||||||||||||
Program accounting quantities | 10,400 | 1,574 | 1,243 | 1,750 | 350 | 1,500 | ||||||||||||||||||||||||||||||||
Undelivered units under firm orders | 3,414 | 6 | 108 | 58 | 253 | 411 | (14) | |||||||||||||||||||||||||||||||
Cumulative firm orders | 11,159 | 1,573 | 1,346 | 1,735 | 253 | 1,417 |
(Dollars in millions) | Six months ended June 30 | Three months ended June 30 | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues | $11,674 | $14,061 | $6,191 | $6,876 | |||||||||||||||||||
(Loss)/earnings from operations | ($858) | $1,363 | $71 | $958 | |||||||||||||||||||
Operating margins | (7.3 | %) | 9.7 | % | 1.1 | % | 13.9 | % |
Six months ended June 30 | Three months ended June 30 | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
F/A-18 Models | 8 | 11 | 4 | 7 | |||||||||||||||||||
F-15 Models | 5 | 8 | 4 | 5 | |||||||||||||||||||
CH-47 Chinook (New) | 9 | 6 | 5 | 3 | |||||||||||||||||||
CH-47 Chinook (Renewed) | 4 | 4 | 1 | 1 | |||||||||||||||||||
AH-64 Apache (New) | 13 | 15 | 6 | 6 | |||||||||||||||||||
AH-64 Apache (Remanufactured) | 28 | 31 | 13 | 16 | |||||||||||||||||||
P-8 Models | 6 | 6 | 3 | 3 | |||||||||||||||||||
KC-46 Tanker | 8 | 4 | 4 | 2 | |||||||||||||||||||
Total | 81 | 85 | 40 | 43 |
(Dollars in millions) | Six months ended June 30 | Three months ended June 30 | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues | $8,612 | $7,816 | $4,298 | $4,067 | |||||||||||||||||||
Earnings from operations | $1,360 | $972 | $728 | $531 | |||||||||||||||||||
Operating margins | 15.8 | % | 12.4 | % | 16.9 | % | 13.1 | % |
(Dollars in millions) | Six months ended June 30 | Three months ended June 30 | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues | $98 | $138 | $52 | $78 | |||||||||||||||||||
(Loss)/earnings from operations | ($9) | $57 | $27 | $36 | |||||||||||||||||||
Operating margins | (9.2) | % | 41.3 | % | 51.9 | % | 46.2 | % |
(Dollars in millions) | June 30 2022 | December 31 2021 | |||||||||
Customer financing and investment portfolio, net | $1,613 | $1,720 | |||||||||
Other assets, primarily cash and short-term investments | 418 | 462 | |||||||||
Total assets | $2,031 | $2,182 | |||||||||
Other liabilities, primarily deferred income taxes | $203 | $347 | |||||||||
Debt, including intercompany loans | 1,525 | 1,525 | |||||||||
Equity | 303 | 310 | |||||||||
Total liabilities and equity | $2,031 | $2,182 | |||||||||
Debt-to-equity ratio | 5-to-1 | 4.9-to-1 |
(Dollars in millions) | Six months ended June 30 | ||||||||||
2022 | 2021 | ||||||||||
Net (loss)/earnings | ($1,082) | $6 | |||||||||
Non-cash items | 2,320 | 2,130 | |||||||||
Changes in assets and liabilities | (4,373) | (6,006) | |||||||||
Net cash used by operating activities | (3,135) | (3,870) | |||||||||
Net cash provided by investing activities | 6,231 | 4,423 | |||||||||
Net cash used by financing activities | (998) | (67) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (71) | (14) | |||||||||
Net increase in cash & cash equivalents, including restricted | 2,027 | 472 | |||||||||
Cash & cash equivalents, including restricted, at beginning of year | 8,104 | 7,835 | |||||||||
Cash & cash equivalents, including restricted, at end of period | $10,131 | $8,307 |
(Dollars in millions, except per share data) | Six months ended June 30 | Three months ended June 30 | |||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues | $30,672 | $32,215 | $16,681 | $16,998 | |||||||||||||||||||
(Loss)/earnings from operations, as reported | ($395) | $940 | $774 | $1,023 | |||||||||||||||||||
Operating margins | (1.3) | % | 2.9 | % | 4.6 | % | 6.0 | % | |||||||||||||||
Pension FAS/CAS service cost adjustment (1) | ($413) | ($384) | ($205) | ($191) | |||||||||||||||||||
Postretirement FAS/CAS service cost adjustment (1) | (154) | (154) | (79) | (77) | |||||||||||||||||||
FAS/CAS service cost adjustment (1) | ($567) | ($538) | ($284) | ($268) | |||||||||||||||||||
Core operating (loss)/earnings (non-GAAP) | ($962) | $402 | $490 | $755 | |||||||||||||||||||
Core operating margins (non-GAAP) | (3.1) | % | 1.2 | % | 2.9 | % | 4.4 | % | |||||||||||||||
Diluted (loss)/earnings per share, as reported | ($1.73) | $0.09 | $0.32 | $1.00 | |||||||||||||||||||
Pension FAS/CAS service cost adjustment (1) | (0.70) | (0.65) | (0.35) | (0.32) | |||||||||||||||||||
Postretirement FAS/CAS service cost adjustment (1) | (0.26) | (0.26) | (0.13) | (0.13) | |||||||||||||||||||
Non-operating pension expense (2) | (0.74) | (0.60) | (0.37) | (0.30) | |||||||||||||||||||
Non-operating postretirement expense (2) | (0.05) | (0.02) | (0.02) | (0.01) | |||||||||||||||||||
Provision for deferred income taxes on adjustments (3) | 0.37 | 0.32 | 0.18 | 0.16 | |||||||||||||||||||
Core (loss)/earnings per share (non-GAAP) | ($3.11) | ($1.12) | ($0.37) | $0.40 | |||||||||||||||||||
Weighted average diluted shares (in millions) | 592.8 | 588.6 | 596.4 | 590.2 |
(Dollars in millions, except per share data) | |||||||||||||||||||||||
(a) | (b) | (c) | (d) | ||||||||||||||||||||
Total Number of Shares Purchased (1) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs | ||||||||||||||||||||
4/1/2022 thru 4/30/2022 | 7,197 | $197.00 | |||||||||||||||||||||
5/1/2022 thru 5/31/2022 | 2,068 | 146.60 | |||||||||||||||||||||
6/1/2022 thru 6/30/2022 | 1,285 | 136.28 | |||||||||||||||||||||
Total | 10,550 | $179.72 |
3.2 | |||||
15 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101.INS | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | The cover page for the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, has been formatted in Inline XBRL. |
THE BOEING COMPANY | ||||||||
(Registrant) | ||||||||
July 27, 2022 | /s/ Carol J. Hibbard | |||||||
(Date) | Carol J. Hibbard | |||||||
Senior Vice President and Controller |
ARTICLE I Stockholders’ Meetings | 1 | ||||||||||
SECTION 1. Annual Meetings. | 1 | ||||||||||
SECTION 2. Special Meetings. | 1 | ||||||||||
SECTION 3. Place of Meetings. | 1 | ||||||||||
SECTION 4. Notice of Meetings. | 1 | ||||||||||
SECTION 5. Waivers of Notice. | 2 | ||||||||||
SECTION 6. Quorum; Required Vote. | 2 | ||||||||||
SECTION 7. Proxies. | 2 | ||||||||||
7.1 Appointment. | 2 | ||||||||||
7.2 Delivery to Corporation; Duration. | 2 | ||||||||||
SECTION 8. Inspectors of Election. | 2 | ||||||||||
8.1 Appointment. | 2 | ||||||||||
8.2 Duties. | 3 | ||||||||||
8.3 Determination of Proxy Validity. | 3 | ||||||||||
SECTION 9. Fixing the Record Date. | 3 | ||||||||||
9.1 Meetings. | 3 | ||||||||||
9.2 Consent to Corporate Action Without a Meeting. | 3 | ||||||||||
9.3 Dividends, Distributions, and Other Rights. | 3 | ||||||||||
9.4 Voting List. | 4 | ||||||||||
SECTION 10. Action by Stockholders Without a Meeting. | 4 | ||||||||||
SECTION 11. Notice of Nominations and Other Stockholder Business; Required Vote for Directors; Director Qualification; Inclusion of Stockholder Director Nominations in the Corporation’s Proxy Materials. | 5 | ||||||||||
11.1 Notice of Nominations and Other Stockholder Business. | 5 | ||||||||||
11.2 Required Vote for Directors. | 8 | ||||||||||
11.3 Director Qualification: Submission of Questionnaire, Representation, and Agreement. | 8 | ||||||||||
11.4 Inclusion of Stockholder Director Nominations in the Corporation’s Proxy Materials. | 9 | ||||||||||
SECTION 12. Notice to Corporation. | 14 | ||||||||||
SECTION 13. Organization and Conduct of Meetings. | 14 | ||||||||||
ARTICLE II Board of Directors | 14 | ||||||||||
SECTION 1. Number and Term of Office. | 14 | ||||||||||
SECTION 2. Nomination and Election. | 14 | ||||||||||
2.1 Nomination. | 14 | ||||||||||
2.2 Election. | 14 | ||||||||||
SECTION 3. Place of Meeting. | 14 | ||||||||||
SECTION 4. Annual Meeting. | 15 | ||||||||||
SECTION 5. Stated Meetings. | 15 | ||||||||||
SECTION 6. Special Meetings. | 15 | ||||||||||
6.1 Convenors and Notice. | 15 | ||||||||||
6.2 Waiver of Notice. | 15 | ||||||||||
SECTION 7. Quorum and Manner of Acting. | 15 | ||||||||||
SECTION 8. Chair of the Board. | 15 | ||||||||||
SECTION 9. Resignations. | 15 | ||||||||||
SECTION 10. Removal of Directors. | 16 | ||||||||||
SECTION 11. Filling of Vacancies Not Caused by Removal. | 16 | ||||||||||
SECTION 12. Director Compensation. | 16 | ||||||||||
SECTION 13. Action Without a Meeting. | 16 | ||||||||||
SECTION 14. Telephonic Meetings. | 16 | ||||||||||
ARTICLE III Board of Directors Committees | 16 | ||||||||||
SECTION 1. Audit Committee. | 16 |
SECTION 2. Other Committees. | 16 | ||||||||||
2.1 Committee Powers. | 16 | ||||||||||
2.2 Committee Members. | 17 | ||||||||||
SECTION 3. Quorum and Manner of Acting. | 17 | ||||||||||
ARTICLE IV Officers and Agents: Terms, Compensation, Removal, Vacancies | 17 | ||||||||||
SECTION 1. Officers. | 17 | ||||||||||
SECTION 2. Term of Office. | 17 | ||||||||||
SECTION 3. Salaries of Elected Officers. | 17 | ||||||||||
SECTION 4. Bonuses. | 17 | ||||||||||
SECTION 5. Removal or Resignation of Elected and Appointed Officers. | 17 | ||||||||||
SECTION 6. Vacancies. | 18 | ||||||||||
ARTICLE V Officers’ Duties and Powers | 18 | ||||||||||
SECTION 1. Chair of the Board. | 18 | ||||||||||
SECTION 2. President. | 18 | ||||||||||
SECTION 3. Chief Executive Officer. | 18 | ||||||||||
SECTION 4. Vice Chairs, Vice Presidents and Controller. | 18 | ||||||||||
SECTION 5. Secretary. | 18 | ||||||||||
SECTION 6. Treasurer. | 18 | ||||||||||
SECTION 7. Additional Powers and Duties. | 19 | ||||||||||
SECTION 8. Emergency Powers of Acting Officers. | 19 | ||||||||||
ARTICLE VI Stock and Transfers of Stock | 19 | ||||||||||
SECTION 1. Stock Certificates; Uncertificated Shares. | 19 | ||||||||||
SECTION 2. Transfer Agents and Registrars. | 19 | ||||||||||
SECTION 3. Transfers of Stock. | 20 | ||||||||||
SECTION 4. Lost Certificates. | 20 | ||||||||||
ARTICLE VII Miscellaneous | 20 | ||||||||||
SECTION 1. Fiscal Year. | 20 | ||||||||||
SECTION 2. Signing of Negotiable Instruments. | 20 | ||||||||||
SECTION 3. Indemnification. | 20 | ||||||||||
3.1 Right to Indemnification. | 20 | ||||||||||
3.2 Right of Indemnitee to Bring Suit. | 21 | ||||||||||
3.3 Nonexclusivity of Rights. | 21 | ||||||||||
3.4 Insurance, Contracts, and Funding. | 21 | ||||||||||
3.5 Indemnification of Employees and Agents. | 21 | ||||||||||
3.6 Procedures for the Submission of Claims. | 22 | ||||||||||
3.7 Other Sources of Indemnification or Advancement of Expenses. | 22 | ||||||||||
SECTION 4. Forum for Adjudication of Disputes. | 22 | ||||||||||
ARTICLE VIII Amendments | 22 | ||||||||||
SECTION 1. Amendment of the By-Laws: General. | 22 | ||||||||||
SECTION 2. Amendments as to Compensation and Removal of Officers. | 22 | ||||||||||
ARTICLE IX Emergency By-Laws | 23 | ||||||||||
SECTION 1. Emergency By-Laws. | 23 |
/s/ David L. Calhoun |
/s/ Brian J. West |
/s/ David L. Calhoun |
/s/ Brian J. West |
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end
Condensed Consolidated Statement of Cash Flows Consolidated Statements of Cash Flows - USD ($) $ in Millions |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
||||
Cash flows - operation activities: | |||||
Net (loss)/earnings | $ (1,082) | $ 6 | |||
Non-cash items - | |||||
Share-based plans expense | 352 | 493 | |||
Treasury shares issued for 401(k) contribution | 612 | 628 | |||
Depreciation and amortization | 984 | 1,087 | |||
Investment/asset impairment charges, net | 72 | 38 | |||
Customer financing valuation adjustments | 42 | (1) | |||
Gain on dispositions, net | (2) | (114) | |||
Other charges and credits, net | 260 | (1) | |||
Changes in assets and liabilities - | |||||
Accounts receivable | (350) | (523) | |||
Unbilled receivables | (758) | (1,207) | |||
Advances and progress billings | (907) | 251 | |||
Inventories | 1,260 | (413) | |||
Other current assets | 144 | 324 | |||
Accounts payable | 395 | (2,035) | |||
Accrued liabilities | (835) | (2,613) | |||
Income taxes receivable, payable and deferred | (238) | (130) | |||
Other long-term liabilities | (64) | (127) | |||
Pension and other postretirement plans | (695) | (576) | |||
Customer financing, net | 50 | 83 | |||
Other | 145 | 134 | |||
Net cash used by operating activities | (3,135) | (3,870) | |||
Cash flows - investing activities: | |||||
Payments to acquire property, plant and equipment | (612) | (513) | |||
Proceeds from disposals of property, plant and equipment | 16 | 51 | |||
Contributions to investments | (2,471) | (20,108) | |||
Proceeds from investments | 9,296 | 24,989 | |||
Other | 2 | 4 | |||
Net cash provided by investing activities | 6,231 | 4,423 | |||
Cash flows - financing activities: | |||||
New borrowings | 15 | 9,826 | |||
Debt repayments | (1,013) | (9,882) | |||
Stock options exercised | 34 | 29 | |||
Employee taxes on certain share-based payment arrangements | (34) | (40) | |||
Net cash used by financing activities | (998) | (67) | |||
Effect of exchange rate changes on cash and cash equivalents | (71) | (14) | |||
Net increase in cash & cash equivalents, including restricted | 2,027 | 472 | |||
Cash & cash equivalents, including restricted, at beginning of year | 8,104 | 7,835 | |||
Cash & cash equivalents, including restricted, at end of period | 10,131 | 8,307 | |||
Restricted Cash and Cash Equivalents | (41) | [1] | (36) | ||
Cash and cash equivalents at end of period | $ 10,090 | $ 8,271 | |||
|
Condensed Consolidated Statements Of Equity - USD ($) $ in Millions |
Total |
Common Stock |
Additional Paid-In Capital |
Treasury Stock |
Retained Earnings |
Accumulated Other Comprehensive Loss |
Non-Controlling Interest |
---|---|---|---|---|---|---|---|
Balance at Dec. 31, 2020 | $ (18,075) | $ 5,061 | $ 7,787 | $ (52,641) | $ 38,610 | $ (17,133) | $ 241 |
Net loss attributable to Boeing Shareholders | 50 | 50 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | (44) | (44) | |||||
Net (loss)/earnings | 6 | ||||||
Other Comprehensive Income (Loss), Tax | (131) | ||||||
Other comprehensive income, net of tax | 472 | 472 | |||||
Share-based compensation and related dividend equivalents | 493 | 493 | |||||
Treasury shares issued for stock options exercised, net | (29) | (19) | (48) | ||||
Treasury shares issued for other share-based plans, net | (38) | (76) | 38 | ||||
Treasury shares issued for 401(k) contribution | 628 | 296 | 332 | ||||
Balance at Jun. 30, 2021 | (16,485) | 5,061 | 8,481 | (52,223) | 38,660 | (16,661) | 197 |
Balance at Mar. 31, 2021 | (17,841) | 5,061 | 8,155 | (52,395) | 38,073 | (16,952) | 217 |
Net loss attributable to Boeing Shareholders | 587 | 587 | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | (20) | (20) | |||||
Net (loss)/earnings | 567 | ||||||
Other Comprehensive Income (Loss), Tax | (68) | ||||||
Other comprehensive income, net of tax | 291 | 291 | |||||
Share-based compensation and related dividend equivalents | 172 | 172 | |||||
Treasury shares issued for stock options exercised, net | (6) | (3) | (9) | ||||
Treasury shares issued for other share-based plans, net | (2) | (3) | 1 | ||||
Treasury shares issued for 401(k) contribution | 322 | 160 | 162 | ||||
Balance at Jun. 30, 2021 | (16,485) | 5,061 | 8,481 | (52,223) | 38,660 | (16,661) | 197 |
Balance at Dec. 31, 2021 | (14,846) | 5,061 | 9,052 | (51,861) | 34,408 | (11,659) | 153 |
Net loss attributable to Boeing Shareholders | (1,026) | (1,026) | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | (56) | (56) | |||||
Net (loss)/earnings | (1,082) | ||||||
Other Comprehensive Income (Loss), Tax | (59) | ||||||
Other comprehensive income, net of tax | 172 | 172 | |||||
Share-based compensation and related dividend equivalents | 352 | 352 | |||||
Treasury shares issued for stock options exercised, net | (35) | (21) | (56) | ||||
Treasury shares issued for other share-based plans, net | (34) | (72) | 38 | ||||
Treasury shares issued for 401(k) contribution | 612 | 164 | 448 | ||||
Balance at Jun. 30, 2022 | (14,791) | 5,061 | 9,475 | (51,319) | 33,382 | (11,487) | 97 |
Balance at Mar. 31, 2022 | (15,268) | 5,061 | 9,295 | (51,573) | 33,189 | (11,370) | 130 |
Net loss attributable to Boeing Shareholders | 193 | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (33) | (33) | |||||
Net (loss)/earnings | 160 | ||||||
Other Comprehensive Income (Loss), Tax | 12 | ||||||
Other comprehensive income, net of tax | (117) | (117) | |||||
Share-based compensation and related dividend equivalents | 149 | 149 | |||||
Treasury shares issued for stock options exercised, net | (5) | (2) | (7) | ||||
Treasury shares issued for other share-based plans, net | (3) | (5) | 2 | ||||
Treasury shares issued for 401(k) contribution | 283 | 38 | 245 | ||||
Balance at Jun. 30, 2022 | $ (14,791) | $ 5,061 | $ 9,475 | $ (51,319) | $ 33,382 | $ (11,487) | $ 97 |
Summary Of Business Segment Data Summary of Business Segment Data (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Business Segment Data | The Boeing Company and Subsidiaries Notes to Condensed Consolidated Financial Statements Summary of Business Segment Data (Unaudited)
This information is an integral part of the Notes to the Condensed Consolidated Financial Statements. See Note 17 for further segment results.
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Basis Of Presentation |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis Of Presentation | Basis of Presentation The condensed consolidated interim financial statements included in this report have been prepared by management of The Boeing Company (herein referred to as “Boeing”, the “Company”, “we”, “us”, or “our”). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation are reflected in the interim financial statements. The results of operations for the period ended June 30, 2022 are not necessarily indicative of the operating results for the full year. The interim financial statements should be read in conjunction with the audited Consolidated Financial Statements, including the notes thereto, included in our 2021 Annual Report on Form 10-K. Liquidity Matters During the first six months of 2022, net cash used by operating activities was $3.1 billion. Our operating cash flows continue to be impacted by lower commercial airplane deliveries and concessions paid to 737 MAX customers. We expect a negative impact on our operating cash flows until commercial deliveries ramp up. As a result, our cash and short-term investment balance was $11.4 billion at June 30, 2022, down from $16.2 billion at December 31, 2021. Our debt balance of $57.2 billion at June 30, 2022 is down from $58.1 billion at December 31, 2021. Short-term debt and the current portion of long-term debt increased to $5.4 billion at June 30, 2022 from $1.3 billion at December 31, 2021. The current portion of long-term debt includes term notes of $0.3 billion maturing in the fourth quarter of 2022, $1.7 billion maturing in the first quarter of 2023, and $3.4 billion maturing in the second quarter of 2023. As of June 30, 2022, our unused borrowing capacity on revolving credit agreements is $14.7 billion, unchanged from December 31, 2021. We anticipate that these credit lines will remain undrawn and primarily serve as back-up liquidity to support our general corporate borrowing needs. Our borrowing capacity includes $6.3 billion scheduled to expire in October 2022, of which $3.1 billion has a one-year term out option that allows us to extend the maturity of any borrowings one additional year. Our short-term and long-term credit ratings remained unchanged during the first half of 2022. There is risk for future downgrades. At June 30, 2022 and December 31, 2021, trade payables included $2.4 billion and $2.3 billion payable to suppliers who have elected to participate in supply chain financing programs. We do not believe that future changes in the availability of supply chain financing will have a significant impact on our liquidity. Based on our current best estimates of market demand, planned production rates, timing of cash receipts and expenditures, our ability to successfully implement further actions to improve liquidity, as well as our ability to access additional liquidity, if needed, we believe it is probable that we will be able to fund our operations for the foreseeable future. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We believe that the accounting estimates and assumptions are appropriate, however, given the increased uncertainties surrounding the severity and duration of the impacts of the COVID-19 pandemic actual results could differ from those estimates. Long-term Contracts Changes in estimated revenues, cost of sales, and the related effect on operating income are recognized using a cumulative catch-up adjustment which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a long-term contract’s percentage-of-completion. When the current estimates of total sales and costs for a long-term contract, and/or contractual options that are probable of exercise, indicate a loss, a provision for the entire loss is recognized. Net cumulative catch-up adjustments to prior periods' revenue and earnings, including certain losses, across all long-term contracts were as follows:
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | Earnings Per Share Basic and diluted earnings per share are computed using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Basic earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the basic weighted average common shares outstanding. Diluted earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the diluted weighted average common shares outstanding. The elements used in the computation of basic and diluted earnings per share were as follows:
(1)Participating securities include certain instruments in our deferred compensation plan. (2)Diluted earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards. As a result of incurring a net loss for the six months ended June 30, 2022, 3.0 million potential common shares were excluded from diluted loss per share because the effect would have been antidilutive. In addition, the following table includes the number of shares that may be dilutive potential common shares in the future. These shares were not included in the computation of diluted loss per share because the effect was either antidilutive or the performance condition was not met.
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Income Taxes |
6 Months Ended |
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Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesOur income tax expense or benefit for interim periods is normally determined using an estimate of our annual effective tax rate, adjusted for discrete items. In the second quarter of 2022, we determined that we could not make a reliable estimate of the annual effective tax rate primarily due to the sensitivity of the estimated annual tax rate to changes in forecasted pre-tax earnings in relation to significant permanent differences. As a result, the effective tax rate for the six months ended June 30, 2022 was calculated based on 2022 year-to-date results. We recorded a tax benefit of $159 for the six months ended June 30, 2022 primarily reflecting the 2022 operating losses. The difference between the 2022 year-to-date effective tax rate of 12.8% and the current federal tax rate of 21% is primarily driven by increases to the valuation allowance in 2022, which reduced our recorded income tax benefit. As of December 31, 2021, the Company had recorded valuation allowances of $2,423 primarily for certain federal deferred tax assets, as well as for certain federal and state net operating loss and tax credit carryforwards. To measure the valuation allowance, the Company estimated in what year each of its deferred tax assets and liabilities would reverse using systematic and logical methods to estimate the reversal patterns. Based on these methods, deferred tax liabilities are assumed to reverse and generate taxable income over the next 5 to 10 years while deferred tax assets related to pension and other postretirement benefit obligations are assumed to reverse and generate tax deductions over the next 15 to 20 years. The valuation allowance primarily results from not having sufficient income from deferred tax liability reversals in the appropriate future periods to support the realization of deferred tax assets. Federal income tax audits have been settled for all years prior to 2018. The Internal Revenue Service (IRS) began the 2018-2019 federal tax audit in the first quarter of 2021 and added tax year 2020 to the audit in the fourth quarter of 2021. We are also subject to examination in major state and international jurisdictions for the 2008-2020 tax years. We believe appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years.
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Allowance for Losses on Financial Assets Allowance for Losses on Financial Assets |
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Allowance for Losses on Financial Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Loss, Financial Instrument | Allowances for Losses on Financial Assets The changes in allowances for expected credit losses for the six months ended June 30, 2022 and 2021 consisted of the following:
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Inventories |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories consisted of the following:
Commercial spare parts, used aircraft, general stock materials and other includes capitalized precontract costs of $763 at June 30, 2022 and $648 at December 31, 2021 primarily related to KC-46A Tanker and Commercial Crew. See Note 9. Commercial Aircraft Programs The increase in commercial aircraft programs inventory during 2022 reflects a continued buildup of 787 aircraft, as well as growth in 777X inventory. Commercial aircraft programs inventory includes approximately 290 737 MAX aircraft and 120 787 aircraft at June 30, 2022 as compared with 335 737 MAX aircraft and 110 787 aircraft at December 31, 2021. A number of customers have requested to defer deliveries or to cancel orders. We are currently remarketing certain aircraft and may have to remarket additional aircraft in future periods. If we are unable to successfully remarket the aircraft, determine further production rate reductions are necessary, and/or contract the program accounting quantities, future earnings may be reduced and/or additional reach-forward losses may have to be recorded. At June 30, 2022 and December 31, 2021, commercial aircraft programs inventory included the following amounts related to the 737 program: deferred production costs of $1,594 and $1,296 and unamortized tooling and other non-recurring costs of $649 and $617. At June 30, 2022, $2,230 of 737 deferred production costs, unamortized tooling and other non-recurring costs are expected to be recovered from units included in the program accounting quantity that have firm orders and $13 is expected to be recovered from units included in the program accounting quantity that represent expected future orders. At June 30, 2022 and December 31, 2021, commercial aircraft programs inventory included the following amounts related to the 777X program: deferred production costs of $1,194 and $652 and $3,625 and $3,521 of unamortized tooling and other non-recurring costs. In April 2022, we decided to pause production of the 777X-9 during 2022 and 2023. The production pause is resulting in abnormal production costs that are being expensed as incurred until 777X-9 production resumes. We expensed abnormal production costs of $102 during the three months ended June 30, 2022. The 777X program has near break-even margins at June 30, 2022. The level of profitability on the 777X program will be subject to a number of factors. These factors include continued market uncertainty, the impacts of COVID-19 on our production system as well as impacts on our supply chain and customers, further production rate adjustments for the 777X or other commercial aircraft programs, any contraction of the accounting quantity and potential risks associated with the testing program and the timing of aircraft certification. One or more of these factors could result in additional reach-forward losses on the 777X program in future periods. During the fourth quarter of 2021, we determined that estimated costs to complete the 787 program plus costs already included in 787 inventory exceeded estimated revenues from the program. The resulting reach-forward loss of $3,460 was recorded as a reduction to deferred production costs. At June 30, 2022 and December 31, 2021, commercial aircraft programs inventory included the following amounts related to the 787 program: deferred production costs of $12,056 and $11,693, $1,931 and $1,907 of supplier advances, and $1,822 and $1,815 of unamortized tooling and other non-recurring costs. At June 30, 2022, $9,018 of 787 deferred production costs, unamortized tooling and other non-recurring costs are expected to be recovered from units included in the program accounting quantity that have firm orders and $4,860 is expected to be recovered from units included in the program accounting quantity that represent expected future orders. We expensed abnormal production costs of $595 during the six months ended June 30, 2022. Commercial aircraft programs inventory included amounts credited in cash or other consideration (early issue sales consideration) to airline customers totaling $3,354 and $3,290 at June 30, 2022 and December 31, 2021.
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Contracts with Customers Contracts with Customers |
6 Months Ended |
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Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Long-term Contracts or Programs Disclosure | Contracts with Customers Unbilled receivables increased from $8,620 at December 31, 2021 to $9,394 at June 30, 2022, primarily driven by revenue recognized at Defense, Space & Security (BDS) and Global Services (BGS) in excess of billings. Advances and progress billings decreased from $52,980 at December 31, 2021 to $52,066 at June 30, 2022, primarily driven by revenue recognized at BDS, Commercial Airplanes (BCA), and BGS and the return of BCA customer advances, partially offset by advances on orders received. Revenues recognized during the six months ended June 30, 2022 and 2021 from amounts recorded as Advances and progress billings at the beginning of each year were $6,814 and $7,315. Revenues recognized during the three months ended June 30, 2022 and 2021 from amounts recorded as Advances and progress billings at the beginning of each year were $3,413 and $2,597.
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Customer Financing |
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Customer Financing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer Financing | Customer Financing Customer financing primarily relates to the Boeing Capital (BCC) segment. Financing arrangements typically range in terms from 1 to 12 years and may include options to extend or terminate leases. Certain leases include provisions to allow the lessee to purchase the underlying aircraft at a specified price. Customer financing consisted of the following:
At June 30, 2022 and December 31, 2021, $406 and $378 were determined to be uncollectible financing receivables and placed on non-accrual status. The increase in the allowance for losses on receivables during the six months ended June 30, 2022 was primarily due to impacts of the war in Ukraine. Customer financing interest income received was $6 and $3 for the six and three months ended June 30, 2022 and $11 and $5 for the six and three months ended June 30, 2021. Our financing receivable balances at June 30, 2022 by internal credit rating category and year of origination consisted of the following:
At June 30, 2022, our allowance for losses related to receivables with ratings of CCC, B, BB, and BBB. We applied default rates that averaged 90.9%, 25.8%, 3.0%, and 0.1%, respectively, to the exposure associated with those receivables. Customer Financing Exposure The majority of our customer financing portfolio is concentrated in the following aircraft models:
Operating lease equipment primarily includes large commercial jet aircraft. Lease income recorded in revenue on the Condensed Consolidated Statements of Operations for the six months ended June 30, 2022 and 2021 included $36 and $25 from sales-type/finance leases, and $32 and $37 from operating leases, of which $5 and $5 related to variable operating lease payments. Lease income recorded in revenue on the Condensed Consolidated Statements of Operations for the three months ended June 30, 2022 and 2021 included $18 and $12 from sales-type/finance leases, and $17 and $19 from operating leases, of which $1 and $3 related to variable operating lease payments. Profit at the commencement of sales-type leases was recorded in revenue for the six months ended June 30, 2022 and 2021 in the amount of $12 and $36. Profit at the commencement of sales-type leases was recorded in revenue for the three months ended June 30, 2022 and 2021 in the amount of $8 and $20.
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Investments |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following:
(1)Dividends received were $43 and $16 during the six and three months ended June 30, 2022 and $43 and $38 during the same periods in the prior year. (2)Reflects amounts restricted in support of our property sales, workers’ compensation programs, and insurance premiums. Allowance for losses on available for sale debt instruments are assessed quarterly. All instruments are considered investment grade and, as such, we have not recognized an allowance for credit losses as of June 30, 2022.
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Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments And Contingencies | Commitments and Contingencies 737 MAX Grounding Over 190 countries have approved the resumption of 737 MAX operations. The 737 MAX has yet to return to service in China and a small number of other countries. The Civil Aviation Administration of China issued an airworthiness directive in the fourth quarter of 2021 outlining actions required for airlines to return to service. While we expect 737 MAX deliveries to our customers in China to resume in 2022, subject to final regulatory approvals, risk remains around the timing and rate of those deliveries. We increased the production rate to 31 per month in 2022, and expect to implement further gradual production rate increases based on market demand and supply chain capacity. We expensed abnormal production costs of $188 during the three months ended March 31, 2022. We have approximately 290 airplanes in inventory as of June 30, 2022 and we anticipate delivering most of these aircraft by the end of 2023. We continue to work with a small number of customers who have requested to defer deliveries or to cancel orders for 737 MAX aircraft, and we are remarketing and/or delaying deliveries of certain aircraft included within inventory. Approximately half the aircraft in inventory are designated for customers in China. In the event that we are unable to resume aircraft deliveries in China and/or ramp up deliveries consistent with our assumptions, our expectation of delivery timing and our expectation regarding future gradual production rate increases could be impacted. The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during the six months ended June 30, 2022 and 2021.
The liability balance of $2.1 billion at June 30, 2022 includes $1.7 billion of contracted customer concessions and other liabilities and $0.4 billion that remains subject to negotiation with customers. The contracted amount includes $0.9 billion expected to be liquidated by lower customer delivery payments, $0.6 billion expected to be paid in cash and $0.2 billion in other concessions. Of the cash payments to customers, we expect to pay $0.5 billion in 2022. The type of consideration to be provided for the remaining $0.4 billion will depend on the outcomes of negotiations with customers. Environmental The following table summarizes environmental remediation activity during the six months ended June 30, 2022 and 2021.
The liabilities recorded represent our best estimate or the low end of a range of reasonably possible costs expected to be incurred to remediate sites, including operation and maintenance over periods of up to 30 years. It is reasonably possible that we may incur charges that exceed these recorded amounts because of regulatory agency orders and directives, changes in laws and/or regulations, higher than expected costs and/or the discovery of new or additional contamination. As part of our estimating process, we develop a range of reasonably possible alternate scenarios that includes the high end of a range of reasonably possible cost estimates for all remediation sites for which we have sufficient information based on our experience and existing laws and regulations. There are some potential remediation obligations where the costs of remediation cannot be reasonably estimated. At June 30, 2022 and December 31, 2021, the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $1,015 and $1,094. Product Warranties The following table summarizes product warranty activity recorded during the six months ended June 30, 2022 and 2021.
Commercial Aircraft Commitments In conjunction with signing definitive agreements for the sale of new aircraft, we have entered into trade-in commitments with certain customers that give them the right to trade in used aircraft at a specified price. The probability that trade-in commitments will be exercised is determined by using both quantitative information from valuation sources and qualitative information from other sources. The probability of exercise is assessed quarterly, or as events trigger a change, and takes into consideration the current economic and airline industry environments. Trade-in commitments, which can be terminated by mutual consent with the customer, may be exercised only during the period specified in the agreement, and require advance notice by the customer. Trade-in commitment agreements at June 30, 2022 have expiration dates from 2022 through 2029. At June 30, 2022 and December 31, 2021 total contractual trade-in commitments were $1,270 and $612. As of June 30, 2022 and December 31, 2021, we estimated that it was probable we would be obligated to perform on certain of these commitments with net amounts payable to customers totaling $349 and $283 and the fair value of the related trade-in aircraft was $346 and $283. Financing Commitments Financing commitments related to aircraft on order, including options and those proposed in sales campaigns, and refinancing of delivered aircraft, totaled $13,081 and $12,905 as of June 30, 2022 and December 31, 2021. The estimated earliest potential funding dates for these commitments as of June 30, 2022 are as follows:
As of June 30, 2022, all of these financing commitments relate to customers we believe have less than investment-grade credit. We have concluded that no reserve for future potential losses is required for these financing commitments based upon the terms, such as collateralization and interest rates, under which funding would be provided. Funding Commitments We have commitments to make additional capital contributions of $243 to joint ventures over the next five years. Standby Letters of Credit and Surety Bonds We have entered into standby letters of credit and surety bonds with financial institutions primarily relating to the guarantee of our future performance on certain contracts. Contingent liabilities on outstanding letters of credit agreements and surety bonds aggregated approximately $3,410 and $3,634 as of June 30, 2022 and December 31, 2021. Recoverable Costs on Government Contracts Our final incurred costs for each year are subject to audit and review for allowability by the U.S. government, which can result in payment demands related to costs they believe should be disallowed. We work with the U.S. government to assess the merits of claims and where appropriate reserve for amounts disputed. If we are unable to satisfactorily resolve disputed costs, we could be required to record an earnings charge and/or provide refunds to the U.S. government. Fixed-Price Contracts Substantially all contracts at BDS and the majority of contracts at BGS Government are long-term contracts. Long-term contracts that are contracted on a fixed-price basis could result in losses in future periods. Certain of the fixed-price contracts are for the development of new products, services and related technologies. This development work scope is inherently uncertain and subject to significant variability in estimates of the cost and time required to complete the work by us and our suppliers. The operational and technical complexities of fixed-price development contracts create financial risk, which could trigger additional earnings charges, termination provisions, order cancellations, or other financially significant exposure. VC-25B Presidential Aircraft The Company’s firm fixed-price contract for the Engineering, Manufacturing, and Development (EMD) effort on the U.S. Air Force’s (USAF) VC-25B Presidential Aircraft, commonly known as Air Force One, is a $4.3 billion program to develop and modify two 747-8 commercial aircraft. During the first half of 2022, the reach-forward loss on the contract increased by $686 driven by higher supplier costs, higher costs to finalize certain technical requirements and schedule delays. Risk remains that we may be required to record additional losses in future periods. T-7A Red Hawk EMD Contract & Production Options In 2018, we were awarded the T-7A Red Hawk program. The EMD portion of the contract is a $860 fixed-price contract and includes five aircraft and seven simulators. In the first half of 2022, we recorded earnings charges of $103 related to the T-7A Red Hawk fixed-price EMD contract, which has a reach-forward loss at June 30, 2022, primarily due to customer testing requirements, supply chain delays and hardware qualification issues. The production portion of the contract includes 11 production lots for aircraft and related services. In 2018, we recorded a loss of $400 associated with the 11 production lots and associated support options for 346 T-7A Red Hawk aircraft that we believe are probable of being exercised. The first production and support contract option is expected to be exercised in 2023. The estimated loss increased by $351 during the first half of 2022 primarily driven by ongoing supply chain negotiations which are impacted by supply chain constraints, COVID-19, and inflationary pressures. Risk remains that we may be required to record additional losses in future periods. MQ-25 In the third quarter of 2018, we were awarded the MQ-25 EMD contract by the U.S. Navy. The contract is a fixed-price contract that now includes development and delivery of seven aircraft and test articles at a contract price of $890. In connection with winning the competition, we recognized a reach-forward loss of $291 in the third quarter of 2018. The period of performance runs from 2018 through 2024. During the first half of 2022, we increased the MQ-25 reach-forward loss by $225 primarily driven by additional testing and certification activities, supplier quality, and engineering design challenges. Risk remains that we may be required to record additional losses in future periods. KC-46A Tanker In 2011, we were awarded a contract from the USAF to design, develop, manufacture, and deliver four next generation aerial refueling tankers. This EMD contract is a fixed-price incentive fee contract and involves highly complex designs and systems integration. Since 2016, the USAF has authorized seven low rate initial production (LRIP) lots for a total of 94 aircraft. The EMD contract and authorized LRIP lots total approximately $19 billion as of June 30, 2022. As of June 30, 2022, we had approximately $295 of capitalized precontract costs and $866 of potential termination liabilities to suppliers. During the first half of 2022, we increased the reach-forward loss on the KC-46A Tanker program by $209 primarily reflecting higher supply chain and production disruption costs. Risk remains that we may be required to record additional losses in future periods.
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Arrangements With Off-Balance Sheet Risk |
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Arrangements With Off-Balance Sheet Risk | Arrangements with Off-Balance Sheet Risk We enter into arrangements with off-balance sheet risk in the normal course of business, primarily in the form of guarantees. The following table provides quantitative data regarding our third party guarantees. The maximum potential payments represent a “worst-case scenario,” and do not necessarily reflect amounts that we expect to pay. Estimated proceeds from collateral and recourse represent the anticipated values of assets we could liquidate or receive from other parties to offset our payments under guarantees. The carrying amount of liabilities represents the amount included in Accrued liabilities.
Contingent Repurchase Commitments The commercial aircraft repurchase price specified in contingent repurchase commitments is generally lower than the expected fair value at the specified repurchase date. Estimated proceeds from collateral/recourse in the table above represent the lower of the contracted repurchase price or the expected fair value of each aircraft at the specified repurchase date. Credit Guarantees We have issued credit guarantees where we are obligated to make payments to a guaranteed party in the event that the original lessee or debtor does not make payments or perform certain specified services. Generally, these guarantees have been extended on behalf of guaranteed parties with less than investment-grade credit and are collateralized by certain assets. We record a liability for the fair value of guarantees and the expected contingent loss amount, which is reviewed quarterly. Current outstanding credit guarantees expire through 2036. Other Indemnifications In conjunction with our sales of Electron Dynamic Devices, Inc. and Rocketdyne Propulsion and Power businesses and our BCA facilities in Wichita, Kansas and Tulsa and McAlester, Oklahoma, we agreed to indemnify, for an indefinite period, the buyers for costs relating to pre-closing environmental conditions and certain other items. We are unable to assess the potential number of future claims that may be asserted under these indemnifications, nor the amounts thereof (if any). As a result, we cannot estimate the maximum potential amount of future payments under these indemnities and therefore, no liability has been recorded. To the extent that claims have been made under these indemnities and/or are probable and reasonably estimable, liabilities associated with these indemnities are included in the environmental liability disclosure in Note 9.
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Postretirement Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Postretirement Plans | Postretirement Plans The components of net periodic benefit (income)/cost were as follows:
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Share-Based Compensation And Other Compensation Arrangements |
Feb. 16, 2022 |
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Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation And Other Compensation Arrangements | Share-Based Compensation and Other Compensation Arrangements Stock Options On February 16, 2022, we granted 348,769 premium-priced stock options to our executive officers as part of our long-term incentive program. These stock options have an exercise price equal to 120% of the fair market value of our stock on the date of grant. If certain performance measures are met, the exercise price is reduced to 110% of the grant date fair market value of our stock. The stock options are scheduled to vest and become exercisable three years after the grant date and expire ten years after the grant date. If an executive terminates employment because of retirement, layoff, disability, or death, the executive (or beneficiary) may receive some or all of their stock options depending on certain age and service conditions. The fair value of the stock options granted was $83.04 per unit and was estimated using a Monte-Carlo simulation model using the following assumptions: expected life 6.76 years, expected volatility 36.6%, risk free interest rate 2.0% and no expected dividend yield. Restricted Stock Units On February 16, 2022, we granted 1,804,541 restricted stock units (RSU) to our executives as part of our long-term incentive program. The RSUs granted under this program have a grant date fair value of $217.48 per unit. The RSUs granted under this program will generally vest and settle in common stock (on a one-for-one basis) on the third anniversary of the grant date. If an executive terminates employment because of retirement, layoff, disability, or death, the executive (or beneficiary) may receive some or all of their stock units depending on certain age and service conditions. In all other cases, the RSUs will not vest and all rights to the stock units will terminate.
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Shareholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Shareholders' Equity Accumulated Other Comprehensive Loss Changes in Accumulated other comprehensive loss (AOCI) by component for the six and three months ended June 30, 2022 and 2021 were as follows:
(1) Net of tax. (2) Primarily relates to amortization of actuarial losses for the six and three months ended June 30, 2022 of $314 and $155 (net of tax of ($84) and ($44)) and the six and three months ended June 30, 2021 totaling $463 and $235 (net of tax of ($122) and ($57)). These are included in the net periodic pension cost. (3) Includes losses of $39 (net of tax of ($11)) from cash flow hedges reclassified to Other income, net because the forecasted transactions are no longer probable of occurring.
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Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | Derivative Financial Instruments Cash Flow Hedges Our cash flow hedges include foreign currency forward contracts, commodity swaps and commodity purchase contracts. We use foreign currency forward contracts to manage currency risk associated with certain transactions, specifically forecasted sales and purchases made in foreign currencies. Our foreign currency contracts hedge forecasted transactions through 2031. We use commodity derivatives, such as fixed-price purchase commitments and swaps to hedge against potentially unfavorable price changes for commodities used in production. Our commodity contracts hedge forecasted transactions through 2029. Derivative Instruments Not Receiving Hedge Accounting Treatment We have entered into agreements to purchase and sell aluminum to address long-term strategic sourcing objectives and non-U.S. business requirements. These agreements are derivative instruments for accounting purposes. The quantities of aluminum in these agreements offset and are priced at prevailing market prices. We also hold certain foreign currency forward contracts and commodity swaps which do not qualify for hedge accounting treatment. Notional Amounts and Fair Values The notional amounts and fair values of derivative instruments in the Condensed Consolidated Statements of Financial Position were as follows:
(1)Notional amounts represent the gross contract/notional amount of the derivatives outstanding. Gains/(losses) associated with our hedging transactions and forward points recognized in Other comprehensive income are presented in the following table:
Gains/(losses) associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table:
Losses from cash flow hedges reclassified from AOCI to Other income, net because it is probable the forecasted transactions will not occur were $50 and $0 for the six months ended June 30, 2022 and 2021. Losses related to undesignated derivatives on foreign exchange and commodity cash flow hedging transactions recognized in Other income, net were insignificant for the six and three months ended June 30, 2022 and 2021. Based on our portfolio of cash flow hedges, we expect to reclassify gains of $25 (pre-tax) out of Accumulated other comprehensive loss into earnings during the next 12 months. We have derivative instruments with credit-risk-related contingent features. For foreign exchange contracts with original maturities of at least five years, our derivative counterparties could require settlement if we default on our five-year credit facility. For certain commodity contracts, our counterparties could require collateral posted in an amount determined by our credit ratings. The fair value of foreign exchange and commodity contracts that have credit-risk-related contingent features that are in a net liability position at June 30, 2022 was $25. At June 30, 2022, there was no collateral posted related to our derivatives.
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Fair Value Measurements |
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Fair Value Measurements | Fair Value Measurements The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs. The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.
Money market funds, available-for-sale debt investments and equity securities are valued using a market approach based on the quoted market prices or broker/dealer quotes of identical or comparable instruments. Derivatives include foreign currency and commodity contracts. Our foreign currency forward contracts are valued using an income approach based on the present value of the forward rate less the contract rate multiplied by the notional amount. Commodity derivatives are valued using an income approach based on the present value of the commodity index prices less the contract rate multiplied by the notional amount. Certain assets have been measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3). The following table presents the nonrecurring losses recognized for the six months ended June 30 due to long-lived asset impairment and the fair value and asset classification of the related assets as of the impairment date:
Investments, Property, plant and equipment, Other assets and Acquired intangible assets were primarily valued using an income approach based on the discounted cash flows associated with the underlying assets. The fair value of the impaired customer financing assets includes operating lease equipment and investments in sales type-leases/finance leases and is derived by calculating a median collateral value from a consistent group of third party aircraft value publications. The values provided by the third party aircraft publications are derived from their knowledge of market trades and other market factors. Management reviews the publications quarterly to assess the continued appropriateness and consistency with market trends. Under certain circumstances, we adjust values based on the attributes and condition of the specific aircraft or equipment, usually when the features or use of the aircraft vary significantly from the more generic aircraft attributes covered by third party publications, or on the expected net sales price for the aircraft. For Level 3 assets that were measured at fair value on a nonrecurring basis during the period ended June 30, 2022, the following table presents the fair value of those assets as of the measurement date, valuation techniques and related unobservable inputs of those assets.
(1)The range represents the sum of the highest and lowest values for all aircraft subject to fair value measurement, according to the third party aircraft valuation publications that we use in our valuation process. (2)The negative amount represents the sum, for all aircraft subject to fair value measurement, of all downward adjustments based on consideration of individual aircraft attributes and condition. The positive amount represents the sum of all such upward adjustments. Fair Value Disclosures The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Condensed Consolidated Statements of Financial Position were as follows:
The fair values of notes receivable are estimated with discounted cash flow analysis using interest rates currently offered on loans with similar terms to borrowers of similar credit quality. The fair value of our debt that is traded in the secondary market is classified as Level 2 and is based on current market yields. For our debt that is not traded in the secondary market, the fair value is classified as Level 2 and is based on our indicative borrowing cost derived from dealer quotes or discounted cash flows. The fair values of our debt classified as Level 3 are based on discounted cash flow models using the implied yield from similar securities. With regard to other financial instruments with off-balance sheet risk, it is not practicable to estimate the fair value of our indemnifications and financing commitments because the amount and timing of those arrangements are uncertain. Items not included in the above disclosures include cash, restricted cash, time deposits and other deposits, commercial paper, money market funds, Accounts receivable, Unbilled receivables, Other current assets, Accounts payable and long-term payables. The carrying values of those items, as reflected in the Condensed Consolidated Statements of Financial Position, approximate their fair value at June 30, 2022 and December 31, 2021. The fair value of assets and liabilities whose carrying value approximates fair value is determined using Level 2 inputs, with the exception of cash (Level 1).
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Legal Proceedings |
6 Months Ended |
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Jun. 30, 2022 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | Legal Proceedings Various legal proceedings, claims and investigations related to products, contracts, employment and other matters are pending against us. In addition, we are subject to various U.S. government inquiries and investigations from which civil, criminal or administrative proceedings could result or have resulted in the past. Such proceedings involve or could involve claims by the government for fines, penalties, compensatory and treble damages, restitution and/or forfeitures. Under government regulations, a company, or one or more of its operating divisions or subdivisions, can also be suspended or debarred from government contracts, or lose its export privileges, based on the results of investigations. Except as described below, we believe, based upon current information, that the outcome of any such legal proceeding, claim, or government dispute and investigation will not have a material effect on our financial position, results of operations, or cash flows. Where it is reasonably possible that we will incur losses in excess of recorded amounts in connection with any of the matters set forth below, we will disclose either the amount or range of reasonably possible losses in excess of such amounts or, where no such amount or range can be reasonably estimated, the reasons why no such estimate can be made. Multiple legal actions have been filed against us as a result of the October 29, 2018 accident of Lion Air Flight 610 and the March 10, 2019 accident of Ethiopian Airlines Flight 302. During the fourth quarter of 2021, we entered into a proposed settlement with plaintiffs in a shareholder derivative lawsuit. In March 2022, the court entered an order approving the proposed settlement and the Company committed to making certain governance changes. As a result of the settlement, the Company received $219 in the second quarter of 2022. Further, we are subject to, and cooperating with ongoing governmental and regulatory investigations and inquiries relating to the accidents and the 737 MAX. Among these is an ongoing investigation by the Securities and Exchange Commission, the outcome of which may be material. We cannot reasonably estimate a range of loss, if any, not covered by available insurance that may result given the current status of the pending lawsuits, investigations, and inquiries related to the 737 MAX. During 2019, we entered into agreements with Embraer S.A. (Embraer) to establish joint ventures that included the commercial aircraft and services operations of Embraer, of which we were expected to acquire an 80 percent ownership stake for $4,200, as well as a joint venture to promote and develop new markets for the C-390 Millennium. In 2020, we exercised our contractual right to terminate these agreements based on Embraer’s failure to meet certain required closing conditions. Embraer has disputed our right to terminate the agreements, and the dispute is currently in arbitration. We cannot reasonably estimate a range of loss, if any, that may result from the arbitration.
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Segment and Revenue Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Revenue Information | Segment and Revenue Information Our primary profitability measurements to review a segment’s operating results are Earnings/(loss) from operations and operating margins. We operate in four reportable segments: BCA, BDS, BGS, and BCC. All other activities fall within Unallocated items, eliminations and other. See page 7 for the Summary of Business Segment Data, which is an integral part of this note. BCA develops, produces and markets commercial jet aircraft principally to the commercial airline industry worldwide. Revenue on commercial aircraft contracts is recognized at the point in time when an aircraft is completed and accepted by the customer. BDS engages in the research, development, production and modification of the following products and related services: manned and unmanned military aircraft and weapons systems, surveillance and engagement, strategic defense and intelligence systems, satellite systems and space exploration. BDS revenue is generally recognized over the contract term (over time) as costs are incurred. BGS provides parts, maintenance, modifications, logistics support, training, data analytics and information-based services to commercial and government customers worldwide. BGS segment revenue and costs include certain services provided to other segments. Revenue on commercial spare parts contracts is recognized at the point in time when a spare part is delivered to the customer. Revenue on other contracts is generally recognized over the contract term (over time) as costs are incurred. BCC facilitates, arranges, structures and provides selective financing solutions for our customers. The following tables present BCA, BDS and BGS revenues from contracts with customers disaggregated in a number of ways, such as geographic location, contract type and the method of revenue recognition. We believe these best depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. BCA revenues by customer location consist of the following:
BDS revenues on contracts with customers, based on the customer's location, consist of the following:
(1)Includes revenues earned from foreign military sales through the U.S. government. BGS revenues consist of the following:
(1)Includes revenues earned from foreign military sales through the U.S. government. Backlog Our total backlog includes contracts that we and our customers are committed to perform. The value in backlog represents the estimated transaction prices on performance obligations to our customers for which work remains to be performed. Backlog is converted into revenue, primarily based on the cost incurred or at delivery and acceptance of products, depending on the applicable revenue recognition model. Our backlog at June 30, 2022 was $371,730. We expect approximately 29% to be converted to revenue through 2023 and approximately 81% through 2026, with the remainder thereafter. There is significant uncertainty regarding the timing of when backlog will convert into revenue due to 787 production issues and associated rework, timing of 737 MAX delivery resumption in China, timing of entry into service of the 777X, 737 MAX 7 and/or 737 MAX 10, and the lingering effects of the COVID-19 pandemic. Unallocated Items, Eliminations and other Unallocated items, eliminations and other include common internal services that support Boeing’s global business operations, intercompany guarantees provided to BCC and eliminations of certain sales between segments. Such sales include airplanes sold to our BCC segment that are leased by BCC to customers under operating leases and considered transferred to the BCC segment. We generally allocate costs to business segments based on the U.S. federal cost accounting standards (CAS). Components of Unallocated items, eliminations and other (expense)/income are shown in the following table.
Pension and Other Postretirement Benefit Expense Pension costs, comprising GAAP service and prior service costs, are allocated to BCA and the commercial operations at BGS. Pension costs are allocated to BDS and BGS businesses supporting government customers using CAS, which employ different actuarial assumptions and accounting conventions than GAAP. These costs are allocable to government contracts. Other postretirement benefit costs are allocated to business segments based on CAS, which is generally based on benefits paid. FAS/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. These expenses are included in Other income, net. Assets Segment assets are summarized in the table below:
Assets included in Unallocated items, eliminations and other primarily consist of Cash and cash equivalents, Short-term and other investments, tax assets, capitalized interest and assets managed centrally on behalf of the four principal business segments and intercompany eliminations.
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Basis Of Presentation (Policy) |
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Use of Estimates, Policy | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We believe that the accounting estimates and assumptions are appropriate, however, given the increased uncertainties surrounding the severity and duration of the impacts of the COVID-19 pandemic actual results could differ from those estimates. Long-term Contracts Changes in estimated revenues, cost of sales, and the related effect on operating income are recognized using a cumulative catch-up adjustment which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a long-term contract’s percentage-of-completion. When the current estimates of total sales and costs for a long-term contract, and/or contractual options that are probable of exercise, indicate a loss, a provision for the entire loss is recognized. Net cumulative catch-up adjustments to prior periods' revenue and earnings, including certain losses, across all long-term contracts were as follows:
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Earnings Per Share (Policies) |
6 Months Ended |
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Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy | Basic and diluted earnings per share are computed using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Basic earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the basic weighted average common shares outstanding. Diluted earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the diluted weighted average common shares outstanding.
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Commitments and Contingencies Commitments and Contingencies (Policies) |
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Commitments and Contingencies Disclosure [Abstract] | |
Environmental | The liabilities recorded represent our best estimate or the low end of a range of reasonably possible costs expected to be incurred to remediate sites, including operation and maintenance over periods of up to 30 years. It is reasonably possible that we may incur charges that exceed these recorded amounts because of regulatory agency orders and directives, changes in laws and/or regulations, higher than expected costs and/or the discovery of new or additional contamination. As part of our estimating process, we develop a range of reasonably possible alternate scenarios that includes the high end of a range of reasonably possible cost estimates for all remediation sites for which we have sufficient information based on our experience and existing laws and regulations. There are some potential remediation obligations where the costs of remediation cannot be reasonably estimated. |
Commitments and Contingencies, Policy | In conjunction with signing definitive agreements for the sale of new aircraft, we have entered into trade-in commitments with certain customers that give them the right to trade in used aircraft at a specified price. The probability that trade-in commitments will be exercised is determined by using both quantitative information from valuation sources and qualitative information from other sources. The probability of exercise is assessed quarterly, or as events trigger a change, and takes into consideration the current economic and airline industry environments. Trade-in commitments, which can be terminated by mutual consent with the customer, may be exercised only during the period specified in the agreement, and require advance notice by the customer. |
Segment Reporting (Policies) |
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Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
Backlog Policy | The value in backlog represents the estimated transaction prices on performance obligations to our customers for which work remains to be performed. Backlog is converted into revenue, primarily based on the cost incurred or at delivery and acceptance of products, depending on the applicable revenue recognition model. |
Summary Of Business Segment Data Summary of Business Segment Data (Tables) |
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Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
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Basis Of Presentation (Tables) |
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Net cumulative catch-up adjustments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Use of Estimates, Policy | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We believe that the accounting estimates and assumptions are appropriate, however, given the increased uncertainties surrounding the severity and duration of the impacts of the COVID-19 pandemic actual results could differ from those estimates. Long-term Contracts Changes in estimated revenues, cost of sales, and the related effect on operating income are recognized using a cumulative catch-up adjustment which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a long-term contract’s percentage-of-completion. When the current estimates of total sales and costs for a long-term contract, and/or contractual options that are probable of exercise, indicate a loss, a provision for the entire loss is recognized. Net cumulative catch-up adjustments to prior periods' revenue and earnings, including certain losses, across all long-term contracts were as follows:
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Earnings Per Share (Tables) |
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | Earnings Per Share Basic and diluted earnings per share are computed using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Basic earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the basic weighted average common shares outstanding. Diluted earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the diluted weighted average common shares outstanding. The elements used in the computation of basic and diluted earnings per share were as follows:
(1)Participating securities include certain instruments in our deferred compensation plan. (2)Diluted earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards. As a result of incurring a net loss for the six months ended June 30, 2022, 3.0 million potential common shares were excluded from diluted loss per share because the effect would have been antidilutive. In addition, the following table includes the number of shares that may be dilutive potential common shares in the future. These shares were not included in the computation of diluted loss per share because the effect was either antidilutive or the performance condition was not met.
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Schedule Of Weighted-Average Number Of Shares | The elements used in the computation of basic and diluted earnings per share were as follows:
(1)Participating securities include certain instruments in our deferred compensation plan. (2)Diluted earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards.
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Schedule Of Weighted Average Number Of Shares Outstanding Excluded From The Computation Of Diluted Earnings Per Share |
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Allowance for Losses on Financial Assets Allowance for Losses on Financial Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Losses on Financial Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Assets, Allowance for Credit Loss | The changes in allowances for expected credit losses for the six months ended June 30, 2022 and 2021 consisted of the following:
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current | Inventories consisted of the following:
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Customer Financing (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer Financing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Customer Financing | Customer financing consisted of the following:
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Financing Receivable Credit Quality Indicators | Our financing receivable balances at June 30, 2022 by internal credit rating category and year of origination consisted of the following:
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Schedule Of Customer Financing Carrying Values Related To Major Aircraft Concentrations | The majority of our customer financing portfolio is concentrated in the following aircraft models:
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Investments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investments | Investments Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following:
(1)Dividends received were $43 and $16 during the six and three months ended June 30, 2022 and $43 and $38 during the same periods in the prior year. (2)Reflects amounts restricted in support of our property sales, workers’ compensation programs, and insurance premiums.
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Commitments and Contingencies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
737 MAX Customer Concessions and Other Considerations Liability | The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during the six months ended June 30, 2022 and 2021.
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Environmental | The following table summarizes environmental remediation activity during the six months ended June 30, 2022 and 2021.
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Product Warranties | The following table summarizes product warranty activity recorded during the six months ended June 30, 2022 and 2021.
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Financing Commitments | The estimated earliest potential funding dates for these commitments as of June 30, 2022 are as follows:
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Arrangements With Off-Balance Sheet Risk (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Guarantees [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Guarantor Obligations [Table Text Block] | The following table provides quantitative data regarding our third party guarantees. The maximum potential payments represent a “worst-case scenario,” and do not necessarily reflect amounts that we expect to pay. Estimated proceeds from collateral and recourse represent the anticipated values of assets we could liquidate or receive from other parties to offset our payments under guarantees. The carrying amount of liabilities represents the amount included in Accrued liabilities.
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Postretirement Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost | The components of net periodic benefit (income)/cost were as follows:
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Other Postretirement Benefits Plan | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Benefit Cost |
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Shareholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated other comprehensive income | Changes in Accumulated other comprehensive loss (AOCI) by component for the six and three months ended June 30, 2022 and 2021 were as follows:
(1) Net of tax. (2) Primarily relates to amortization of actuarial losses for the six and three months ended June 30, 2022 of $314 and $155 (net of tax of ($84) and ($44)) and the six and three months ended June 30, 2021 totaling $463 and $235 (net of tax of ($122) and ($57)). These are included in the net periodic pension cost. (3) Includes losses of $39 (net of tax of ($11)) from cash flow hedges reclassified to Other income, net because the forecasted transactions are no longer probable of occurring.
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Derivative Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments, Notional Amounts and Fair Values | The notional amounts and fair values of derivative instruments in the Condensed Consolidated Statements of Financial Position were as follows:
(1)Notional amounts represent the gross contract/notional amount of the derivatives outstanding.
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Schedule Of Derivative Instruments, Gains/(Losses) | Gains/(losses) associated with our hedging transactions and forward points recognized in Other comprehensive income are presented in the following table:
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Reclassification out of Accumulated Other Comprehensive Income | Gains/(losses) associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table:
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets And Liabilities Measured On Recurring Basis | The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs. The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.
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Fair Value, Assets Measured On Nonrecurring Basis Using Unobservable Inputs | Certain assets have been measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3). The following table presents the nonrecurring losses recognized for the six months ended June 30 due to long-lived asset impairment and the fair value and asset classification of the related assets as of the impairment date:
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Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | For Level 3 assets that were measured at fair value on a nonrecurring basis during the period ended June 30, 2022, the following table presents the fair value of those assets as of the measurement date, valuation techniques and related unobservable inputs of those assets.
(1)The range represents the sum of the highest and lowest values for all aircraft subject to fair value measurement, according to the third party aircraft valuation publications that we use in our valuation process. (2)The negative amount represents the sum, for all aircraft subject to fair value measurement, of all downward adjustments based on consideration of individual aircraft attributes and condition. The positive amount represents the sum of all such upward adjustments.
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Fair Values And Related Carrying Values Of Financial Instruments | The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Condensed Consolidated Statements of Financial Position were as follows:
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Segment and Revenue Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Unallocated Items and Eliminations | Components of Unallocated items, eliminations and other (expense)/income are shown in the following table.
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Reconciliation of Assets from Segment to Consolidated | Segment assets are summarized in the table below:
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Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | BCA revenues by customer location consist of the following:
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Defense, Space & Security | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | BDS revenues on contracts with customers, based on the customer's location, consist of the following:
(1)Includes revenues earned from foreign military sales through the U.S. government.
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Global Services | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | BGS revenues consist of the following:
(1)Includes revenues earned from foreign military sales through the U.S. government.
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Summary Of Business Segment Data (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Segment Reporting Information [Line Items] | ||||
Revenues | $ 16,681 | $ 16,998 | $ 30,672 | $ 32,215 |
(Loss)/earnings from operations | 774 | 1,023 | (395) | 940 |
Other income, net | 253 | 199 | 434 | 389 |
Interest and debt expense | (650) | (673) | (1,280) | (1,352) |
(Loss)/earnings before income taxes | 377 | 549 | (1,241) | (23) |
Income tax benefit/(expense) | (217) | 18 | 159 | 29 |
Net (loss)/earnings | 160 | 567 | (1,082) | 6 |
Less: net loss attributable to noncontrolling interest | (33) | (20) | (56) | (44) |
Net loss attributable to Boeing Shareholders | 193 | 587 | (1,026) | 50 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
(Loss)/earnings from operations | 584 | 1,053 | (608) | 1,064 |
Operating Segments | Commercial Airplanes | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 6,219 | 6,015 | 10,380 | 10,284 |
(Loss)/earnings from operations | (242) | (472) | (1,101) | (1,328) |
Operating Segments | Defense, Space & Security | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 6,191 | 6,876 | 11,674 | 14,061 |
(Loss)/earnings from operations | 71 | 958 | (858) | 1,363 |
Operating Segments | Global Services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 4,298 | 4,067 | 8,612 | 7,816 |
(Loss)/earnings from operations | 728 | 531 | 1,360 | 972 |
Operating Segments | Boeing Capital | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 52 | 78 | 98 | 138 |
(Loss)/earnings from operations | 27 | 36 | (9) | 57 |
Corporate Reconciling Items And Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (79) | (38) | (92) | (84) |
Unallocated items, eliminations and other | (94) | (298) | (354) | (662) |
FAS/CAS service cost adjustment | $ 284 | $ 268 | $ 567 | $ 538 |
Basis Of Presentation (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Basis of Presentation [Line Items] | |||||
Net Cash Provided by (Used in) Operating Activities | $ (3,135) | $ (3,870) | |||
Cash, Cash Equivalents, and Short-term Investments | $ 11,400 | 11,400 | $ 16,200 | ||
Debt and Lease Obligation | 57,200 | 57,200 | 58,100 | ||
Debt, Current | 5,406 | 5,406 | 1,296 | ||
Line of Credit Facility, Maximum Borrowing Capacity | 6,300 | 6,300 | |||
Increase/(Decrease) in revenue due to change in accounting estimate | (273) | $ 223 | (885) | 230 | |
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | $ (411) | $ 234 | $ (1,541) | $ 58 | |
Change in Earnings Per Share Due to Change in Accounting Estimate | $ (0.29) | $ 0.41 | $ (2.27) | $ (0.03) | |
Three Hundred And Sixty Four Day Revolving Credit Facility | |||||
Basis of Presentation [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,100 | $ 3,100 | |||
Senior Notes [Member] | 2022 | |||||
Basis of Presentation [Line Items] | |||||
Long-term Debt, Current Maturities | 300 | 300 | |||
Senior Notes [Member] | 2023 | First Quarter | |||||
Basis of Presentation [Line Items] | |||||
Long-term Debt, Current Maturities | 1,700 | 1,700 | |||
Senior Notes [Member] | 2023 | Second Quarter | |||||
Basis of Presentation [Line Items] | |||||
Long-term Debt, Current Maturities | 3,400 | 3,400 | |||
Supply Chain Financing [Member] | |||||
Basis of Presentation [Line Items] | |||||
Accounts Payable, Trade | 2,400 | 2,400 | $ 2,300 | ||
Revolving Credit Facility | |||||
Basis of Presentation [Line Items] | |||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 14,700 | $ 14,700 |
Earnings Per Share (Schedule Of Weighted-Average Number Of Shares Outstanding Used To Compute Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|||||||
Earnings Per Share [Abstract] | ||||||||||
Net loss attributable to Boeing Shareholders | $ 193 | $ 587 | $ (1,026) | $ 50 | ||||||
Undistributed Earnings Allocated to Participating Securities, Basic | ||||||||||
Net (loss)/earnings available to common shareholders | $ 193 | $ 587 | $ (1,026) | $ 50 | ||||||
Participating securities | 0.3 | [1] | 0.4 | [1] | 0.3 | 0.4 | ||||
Dilutive potential common shares | 2.4 | [2] | 2.7 | [2] | 2.2 | |||||
Weighted average diluted shares (millions) | 596.4 | 590.2 | 592.8 | 588.6 | ||||||
Participating securities | 0.3 | [1] | 0.4 | [1] | 0.3 | 0.4 | ||||
Diluted weighted average common shares outstanding | 596.1 | 589.8 | 592.5 | 588.2 | ||||||
Earnings Per Share, Basic | $ 0.32 | $ 1.00 | $ (1.73) | $ 0.09 | ||||||
Earnings Per Share, Diluted | $ 0.32 | $ 1.00 | $ (1.73) | $ 0.09 | ||||||
Weighted Average Number of Shares Outstanding, Basic | 594.0 | 587.5 | 592.8 | 586.4 | ||||||
Weighted Average Number of Common Shares Outstanding, Basic | 593.7 | 587.1 | 592.5 | 586.0 | ||||||
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Earnings Per Share (Schedule Of Weighted Average Number Of Shares Outstanding Excluded From The Computation Of Diluted Earnings Per Share) (Details) - shares shares in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
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Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computation of diluted earnings | 3.0 | |||
Performance Awards | Antidilutive or Performance Condition not met | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computation of diluted earnings | 2.3 | 2.8 | 1.9 | 2.7 |
Performance-Based Restricted Stock Units (PBRSUs) | Antidilutive or Performance Condition not met | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computation of diluted earnings | 0.4 | 0.8 | 0.4 | 0.8 |
Restricted Stock Units (RSUs) | Antidilutive or Performance Condition not met | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computation of diluted earnings | 2.0 | 1.2 | 0.7 | |
Share-based Payment Arrangement, Option | Antidilutive or Performance Condition not met | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computation of diluted earnings | 0.8 | 0.3 | 0.7 | 0.3 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Income Tax Disclosure [Abstract] | |||||
Effective income tax rate | 12.80% | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||||
Deferred Tax Assets, Valuation Allowance | $ (2,423) | ||||
Income Tax Expense (Benefit) | $ 217 | $ (18) | $ (159) | $ (29) |
Allowance for Losses on Financial Assets Allowance for Losses on Financial Assets (Allowance Disclosure) (Details) - USD ($) $ in Millions |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Allowance for Losses on Financial Assets [Line Items] | ||||
Allowance for Credit Loss | $ (375) | $ (808) | $ (747) | $ (802) |
Credit Loss Expense, Reversal | 55 | 22 | ||
Allowance for Credit Loss, Writeoff | 422 | 16 | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Accounts Receivable, Allowance for Credit Loss | (148) | (413) | (390) | (444) |
Accounts Receivable, Credit Loss Expense (Reversal) | (5) | (16) | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 242 | 15 | ||
Credit Loss, Recoveries | 5 | |||
Accounts Receivable, Allowance for Credit Loss, Recovery | 5 | |||
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward] | ||||
Contract with Customer, Asset, Allowance for Credit Loss | (26) | (129) | (91) | (129) |
Contract with Customer, Asset, Credit Loss Expense (Reversal) | 18 | |||
Contract with Customer, Asset, Allowance for Credit Loss, Writeoff | 47 | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss | (60) | (16) | (18) | (17) |
Financing Receivable, Credit Loss, Expense (Reversal) | 42 | 1 | ||
Other Current Assets | ||||
Allowance for Losses on Financial Assets [Line Items] | ||||
Allowance for Credit Loss | (61) | (74) | (62) | (72) |
Credit Loss Expense, Reversal | 1 | 3 | ||
Allowance for Credit Loss, Writeoff | 1 | |||
Other Noncurrent Assets | ||||
Allowance for Losses on Financial Assets [Line Items] | ||||
Allowance for Credit Loss | (80) | (176) | $ (186) | $ (140) |
Credit Loss Expense, Reversal | 27 | $ 36 | ||
Allowance for Credit Loss, Writeoff | $ 133 |
Inventories (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Inventory [Line Items] | |||||
Long-term contracts in progress | $ 637 | $ 872 | $ 637 | ||
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | 411 | $ (234) | 1,541 | $ (58) | |
Airplane Program 787 [Member] | |||||
Inventory [Line Items] | |||||
Amount of Deferred Costs Related to Long-term Contracts | 12,056 | 11,693 | 12,056 | ||
Advances on Inventory Purchases | 1,931 | 1,907 | 1,931 | ||
Unamortized Tooling | 1,822 | 1,815 | 1,822 | ||
Recovered Production Costs Excess Recoverable Under Existing Firm Orders | 9,018 | 9,018 | |||
Unrecovered Production Costs, Excess Unrecoverable under Existing Firm Orders | 4,860 | 4,860 | |||
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | (3,460) | ||||
Abnormal Production cost. | 595 | ||||
Airplane Program 737 [Member] | |||||
Inventory [Line Items] | |||||
Amount of Deferred Costs Related to Long-term Contracts | 1,594 | 1,296 | 1,594 | ||
Unamortized Tooling | 649 | 617 | 649 | ||
Recovered Production Costs Excess Recoverable Under Existing Firm Orders | 2,230 | 2,230 | |||
Unrecovered Production Costs, Excess Unrecoverable under Existing Firm Orders | 13 | 13 | |||
Airplane Program 777x [Member] | |||||
Inventory [Line Items] | |||||
Amount of Deferred Costs Related to Long-term Contracts | 1,194 | 652 | 1,194 | ||
Unamortized Tooling | 3,625 | 3,521 | 3,625 | ||
Abnormal Production cost. | 102 | ||||
Capitalized Precontract Costs | |||||
Inventory [Line Items] | |||||
Inventory Amount, Unpriced Change Orders for Long-term Contracts or Programs | 763 | 648 | 763 | ||
Early Issue Sales Consideration [Member] | |||||
Inventory [Line Items] | |||||
Inventory Amount, Unpriced Change Orders for Long-term Contracts or Programs | $ 3,354 | $ 3,290 | $ 3,354 |
Inventories (Inventory Disclosure Table) (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Long-term contracts in progress | $ 637 | $ 872 |
Commercial aircraft programs | 69,481 | 68,106 |
Commercial spare parts, used aircraft, general stock materials and other | 9,799 | 9,845 |
Total | $ 79,917 | $ 78,823 |
Contracts with Customers Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Revenue from Contract with Customer [Abstract] | |||||
Unbilled receivables, net | $ 9,394 | $ 9,394 | $ 8,620 | ||
Contract with Customer, Asset, Explanation of Change | primarily driven by revenue recognized at Defense, Space & Security (BDS) and Global Services (BGS) in excess of billings. | ||||
Advances and progress billings | 52,066 | $ 52,066 | $ 52,980 | ||
Contract with Customer, Liability, Explanation of Change | primarily driven by revenue recognized at BDS, Commercial Airplanes (BCA), and BGS and the return of BCA customer advances, partially offset by advances on orders received. | ||||
Contract with Customer, Liability, Revenue Recognized | $ 3,413 | $ 2,597 | $ 6,814 | $ 7,315 |
Customer Financing (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Customer Financing [Line Items] | |||||
Financing Receivable, Nonaccrual | $ 406 | $ 406 | |||
Financing Receivable, Nonaccrual, No Allowance | $ 378 | ||||
Financing Receivable, Nonaccrual, Interest Income | 3 | $ 5 | 6 | $ 11 | |
Financing Receivable, before Allowance for Credit Loss | 403 | 403 | $ 412 | ||
Sales-Type and Direct Financing Leases, Lease Income | 18 | 12 | 36 | 25 | |
Operating Lease, Lease Income | 17 | 19 | 32 | 37 | |
Operating Lease, Variable Lease Income | 1 | 3 | 5 | 5 | |
Sales-type and Direct Financing Leases, Profit (Loss) | $ 8 | $ 20 | $ 12 | $ 36 | |
CCC Credit Rating | |||||
Customer Financing [Line Items] | |||||
Percentage of Credit Default Rates Applied to Customers | 90.90% | 90.90% | |||
B Credit Rating | |||||
Customer Financing [Line Items] | |||||
Percentage of Credit Default Rates Applied to Customers | 25.80% | 25.80% | |||
BB Credit Rating | |||||
Customer Financing [Line Items] | |||||
Percentage of Credit Default Rates Applied to Customers | 3.00% | 3.00% | |||
BBB Credit Rating | |||||
Customer Financing [Line Items] | |||||
Percentage of Credit Default Rates Applied to Customers | 0.10% | 0.10% |
Customer Financing (Schedule Of Customer Financing) (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|---|---|
Customer Financing [Abstract] | ||||
Investment in sales-type/finance leases | $ 875 | $ 944 | ||
Notes | 403 | 412 | ||
Total financing receivables | 1,278 | 1,356 | ||
Less allowance for losses on receivables | (60) | (18) | $ (16) | $ (17) |
Total Financing Receivables, Net | 1,218 | 1,338 | ||
Operating lease equipment, at cost, less accumulated depreciation of $72 and $58 | 483 | 474 | ||
Operating Lease, Accumulated Depreciation | 72 | 58 | ||
Total | $ 1,701 | $ 1,812 |
Customer Financing (Financing Receivable Credit Quality Indicators) (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 26 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 262 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 123 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 63 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 13 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 791 | |
Carrying value of financing receivables | 1,278 | $ 1,356 |
CCC Credit Rating | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 7 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 22 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 404 | |
Carrying value of financing receivables | 433 | |
B Credit Rating | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 35 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 187 | |
Carrying value of financing receivables | 222 | |
BB Credit Rating | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 26 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 227 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 116 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 41 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 13 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 118 | |
Carrying value of financing receivables | 541 | |
BBB Credit Rating | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 82 | |
Carrying value of financing receivables | $ 82 |
Customer Financing (Carrying Values Related to Major Aircraft Concentrations) (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Customer Financing [Line Items] | ||
Operating leases | $ 483 | $ 474 |
B-717 | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 580 | 603 |
Operating leases | 55 | 62 |
B747-8 | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 394 | 435 |
B-737 | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 196 | 163 |
Operating leases | 184 | 145 |
B-777 | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 218 | 233 |
Operating leases | 211 | 225 |
MD 80 Aircraft | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 139 | 142 |
B-757 | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 118 | 126 |
B747-400 | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 48 | 50 |
Operating leases | $ 0 | $ 1 |
Investments (Schedule Of Investments) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|||||||
Investments [Abstract] | |||||||||||
Equity Method Investments | [1] | $ 942 | $ 942 | $ 930 | |||||||
Time deposits | 869 | 869 | 7,676 | ||||||||
Available for sale debt instruments | 447 | 447 | 464 | ||||||||
Equity and other investments | 40 | 40 | 45 | ||||||||
Restricted Cash and Cash Equivalents | 41 | [2] | $ 36 | 41 | [2] | $ 36 | 52 | ||||
Total | 2,339 | 2,339 | $ 9,167 | ||||||||
Dividends received | $ 16 | $ 38 | $ 43 | $ 43 | |||||||
|
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2021 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Commitments And Contingencies [Line Items] | |||||||||
737 MAX customer concessions and other considerations liability | $ 2,100 | $ 2,100 | |||||||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 1,015 | 1,015 | $ 1,094 | ||||||
Letters of Credit Outstanding, Amount | 3,410 | 3,410 | 3,634 | ||||||
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | (411) | $ 234 | (1,541) | $ 58 | |||||
Financing Commitment | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Other Commitment | 13,081 | 13,081 | 12,905 | ||||||
Joint venture | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Other Commitment | 243 | 243 | |||||||
Total Contractual Trade-In Commitment | Commercial Aircraft Commitments | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Other Commitment | 1,270 | 1,270 | 612 | ||||||
Net Amounts Payable to Customers Related to Probable Contractual Trade-In Commitments | Commercial Aircraft Commitments | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Other Commitment | 349 | 349 | 283 | ||||||
Fair Value of Trade In Value of Aircraft | Commercial Aircraft Commitments | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Other Commitment | 346 | 346 | 283 | ||||||
VC-25B | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Contract Value | 4,300 | 4,300 | |||||||
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | 686 | ||||||||
T-7A EMD | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Contract Value | 860 | 860 | |||||||
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | 103 | ||||||||
T-7A Production | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | $ 400 | 351 | |||||||
MQ-25 | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Contract Value | 890 | 890 | |||||||
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | $ 291 | 225 | |||||||
KC-46A Tanker | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Contract Value | 19,000 | 19,000 | |||||||
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | 209 | ||||||||
KC-46A Tanker | Capitalized Precontract Costs | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Loss Contingency, Estimate of Possible Loss | 295 | 295 | |||||||
KC-46A Tanker | Potential Termination Liabilities | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Loss Contingency, Estimate of Possible Loss | 866 | 866 | |||||||
Lower Customer Delivery Payments | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
737 MAX customer concessions and other considerations liability | 900 | 900 | |||||||
Cash Payments To Customers | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
737 MAX customer concessions and other considerations liability | 600 | 600 | |||||||
Customer Concessions | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
737 MAX customer concessions and other considerations liability | 200 | 200 | |||||||
Contingent On Customer Negotiations | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
737 MAX customer concessions and other considerations liability | 400 | 400 | |||||||
Contracted Customer Concessions & Other Considerations Liability [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
737 MAX customer concessions and other considerations liability | 1,700 | 1,700 | |||||||
Within Current fiscal Year [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
737 MAX customer concessions and other considerations liability | 500 | 500 | |||||||
B-737 | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Abnormal Production cost. | $ 188 | ||||||||
737 MAX customer concessions and other considerations liability | $ 2,108 | $ 3,964 | $ 2,108 | $ 3,964 | $ 2,940 | $ 5,537 |
Commitments and Contingencies Commitments and Contingencies (Schedule of 737 Max Liability) (Details) - USD ($) $ in Millions |
6 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Commitments And Contingencies [Line Items] | ||||
737 MAX customer concessions and other considerations liability | $ 2,100 | |||
KC-46A Tanker | ||||
Commitments And Contingencies [Line Items] | ||||
Contract Value | 19,000 | |||
B-737 | ||||
Commitments And Contingencies [Line Items] | ||||
737 MAX customer concessions and other considerations liability | 2,108 | $ 3,964 | $ 2,940 | $ 5,537 |
Payments made to customers | (844) | (1,538) | ||
Concessions and other in-kind consideration to customers | (5) | (27) | ||
Accrual for 737 MAX customer concessions and other considerations liability | $ 17 | $ (8) |
Commitments and Contingencies (Environmental) (Details) - USD ($) $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
|
Environmental [Roll Forward] | |||
Beginning balance – January 1 | $ 605 | $ 565 | |
Reductions for payments made, net of recoveries | (11) | (24) | |
Changes in estimates | 131 | 41 | |
Ending balance – June 30 | 725 | $ 582 | |
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 1,015 | $ 1,094 |
Commitments and Contingencies (Product Warranties) (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Product Warranties [Roll Forward] | ||
Beginning balance – January 1 | $ 1,900 | $ 1,527 |
Additions for current year deliveries | 89 | 48 |
Reductions for payments made | (220) | (100) |
Changes in estimates | 261 | 293 |
Ending balance – June 30 | $ 2,030 | $ 1,768 |
Commitments and Contingencies (Financing Commitments) (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Financing Commitment | ||
Financing Commitments [Line Items] | ||
July through December 2022 | $ 1,209 | |
2023 | 3,700 | |
2024 | 2,277 | |
2025 | 2,666 | |
2026 | 1,327 | |
Thereafter | 1,902 | |
Total | 13,081 | $ 12,905 |
Commercial Aircraft Commitments | Total Contractual Trade-In Commitment | ||
Financing Commitments [Line Items] | ||
Total | $ 1,270 | $ 612 |
Arrangements With Off-Balance Sheet Risk (Third Party Guarantees) (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Contingent Repurchase Commitments | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | $ 545 | $ 548 |
Estimated Proceeds from Collateral or Recourse | 545 | 548 |
Carrying Amount of Liabilities | ||
Credit Guarantee | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 90 | 90 |
Estimated Proceeds from Collateral or Recourse | 28 | |
Carrying Amount of Liabilities | $ 46 | $ 24 |
Postretirement Plans (Net Periodic Benefit Cost Tables) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 1 | $ 1 | $ 2 | $ 2 |
Interest cost | 521 | 497 | 1,041 | 995 |
Expected return on plan assets | (948) | (965) | (1,895) | (1,931) |
Amortization of prior service credits | (21) | (20) | (41) | (40) |
Recognized net actuarial loss | 227 | 310 | 454 | 620 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 3 | 4 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (220) | (174) | (439) | (350) |
Other Postretirement Benefits Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 18 | 22 | 36 | 44 |
Interest cost | 25 | 22 | 49 | 45 |
Expected return on plan assets | (3) | (1) | (5) | (3) |
Amortization of prior service credits | (8) | (8) | (17) | (17) |
Recognized net actuarial loss | (28) | (18) | (56) | (35) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 4 | 17 | 7 | 34 |
Operating Income (Loss) | Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | (1) | (1) | (2) | (2) |
Operating Income (Loss) | Other Postretirement Benefits Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | (20) | (22) | (39) | (44) |
Other Income | Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | (221) | (175) | (441) | (352) |
Other Income | Other Postretirement Benefits Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | (14) | (5) | (29) | (10) |
Operating Income (Loss) Before Taxes | Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | (220) | (174) | (439) | (350) |
Operating Income (Loss) Before Taxes | Other Postretirement Benefits Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | $ (6) | $ (17) | $ (10) | $ (34) |
Share-Based Compensation And Other Compensation Arrangements (Narrative) (Details) |
Feb. 16, 2022
$ / shares
shares
|
---|---|
2022 Stock Options [Member] | Share-based Payment Arrangement, Option | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 348,769 |
Share-based payment award vesting period (in years) | 3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 83.04 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 9 months 3 days |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 36.60% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 120.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent (reduced) | 110.00% |
2022 RSUs [Member] | Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock units (RSUs) granted to executives | shares | 1,804,541 |
Restricted stock units (RSUs) granted to executives (fair value per share) | $ / shares | $ 217.48 |
Shareholders' Equity (Accumulated other comprehensive income) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Beginning Balance | [1] | $ (11,370) | $ (16,952) | $ (11,659) | $ (17,133) | |||||
OCI before reclassifications | [1] | (244) | 76 | (126) | 53 | |||||
Amounts reclassified from AOCI | [1] | 127 | 215 | 298 | 419 | |||||
Net current period Other comprehensive income/(loss) | [1] | (117) | 291 | 172 | 472 | |||||
Ending Balance | [1] | (11,487) | (16,661) | (11,487) | (16,661) | |||||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 155 | 235 | 314 | 463 | ||||||
Amortization of actuarial losses included in net periodic pension cost, tax | (44) | (57) | (84) | (122) | ||||||
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | 39 | |||||||||
Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Tax | 11 | |||||||||
Currency Translation Adjustments [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Beginning Balance | (81) | (66) | (105) | (30) | ||||||
OCI before reclassifications | (76) | 14 | (52) | (22) | ||||||
Net current period Other comprehensive income/(loss) | (76) | 14 | (52) | (22) | ||||||
Ending Balance | (157) | (52) | (157) | (52) | ||||||
Unrealized Gains and Losses on Certain Investments [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Beginning Balance | 1 | 1 | 1 | 1 | ||||||
Ending Balance | 1 | 1 | 1 | 1 | ||||||
Unrealized Gains and Losses on Derivative Instruments [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Beginning Balance | 135 | (34) | 6 | (43) | ||||||
OCI before reclassifications | (168) | 54 | (74) | 65 | ||||||
Amounts reclassified from AOCI | (5) | 30 | (2) | |||||||
Net current period Other comprehensive income/(loss) | (173) | 54 | (44) | 63 | ||||||
Ending Balance | (38) | 20 | (38) | 20 | ||||||
Defined Benefit Pension Plans and Other Postretirement Benefits [Member] | ||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||
Beginning Balance | (11,425) | (16,853) | (11,561) | (17,061) | ||||||
OCI before reclassifications | 8 | 10 | ||||||||
Amounts reclassified from AOCI | 132 | [2] | 215 | [2] | 268 | 421 | ||||
Net current period Other comprehensive income/(loss) | 132 | 223 | 268 | 431 | ||||||
Ending Balance | $ (11,293) | $ (16,630) | $ (11,293) | $ (16,630) | ||||||
|
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
|
Derivative [Line Items] | |||
Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | $ (50) | $ 0 | |
Cash flow hedge gain/(loss) to be reclassified during the next 12 months, pre-tax | $ (25) | ||
Fair value of foreign exchange and commodity contracts that have credit-risk-related contingent features that are in a net liability position | $ 25 | $ 25 |
Derivative Financial Instruments (Schedule of Derivative Instruments, Notional Amounts and Fair Values) (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
||
---|---|---|---|---|
Derivative [Line Items] | ||||
Derivative, Notional Amount | [1] | $ 4,296 | $ 4,251 | |
Other Assets | 110 | 128 | ||
Accrued Liabilities | (173) | (80) | ||
Netting Arrangements, Other Assets | (31) | (30) | ||
Netting Arrangements, Accrued Liabilities | 31 | 30 | ||
Net Recorded balance, Other Assets | 79 | 98 | ||
Net Recorded balance, Accrued Liabilities | (142) | (50) | ||
Designated as Hedging Instrument | Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 2,550 | 2,630 | ||
Other Assets | 14 | 30 | ||
Accrued Liabilities | (112) | (52) | ||
Designated as Hedging Instrument | Commodity Contract | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 388 | 500 | ||
Other Assets | 75 | 88 | ||
Accrued Liabilities | (9) | (18) | ||
Not Designated as Hedging Instrument | Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 688 | 361 | ||
Other Assets | 12 | 2 | ||
Accrued Liabilities | (50) | (3) | ||
Not Designated as Hedging Instrument | Commodity Contract | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 670 | 760 | ||
Other Assets | 9 | 8 | ||
Accrued Liabilities | $ (2) | $ (7) | ||
|
Derivative Financial Instruments (Schedule Of Derivative Instruments, Gains/(Losses)) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ (96) | $ 13 | $ (104) | $ (6) |
Commodity Contract | ||||
Derivative [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ (72) | $ 41 | $ 30 | $ 71 |
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Gains/(losses) reclassified from AOCI to Earnings) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Operating Expense | ||||
Derivative [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ 6 | $ (10) | $ 7 | $ (13) |
General and Administrative Expense | ||||
Derivative [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 1 | 1 | 2 | 3 |
Operating Expense | ||||
Derivative [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 5 | 3 | 10 | 3 |
General and Administrative Expense | ||||
Derivative [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ (6) | $ 6 | $ (7) | $ 9 |
Fair Value Measurements Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt instruments | $ 447 | $ 464 |
Derivatives, Assets | 79 | 98 |
Derivatives, Liabilities | (142) | (50) |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 1,573 | 1,370 |
Commercial Paper, at Carrying Value | 301 | 225 |
Available for sale debt instruments | 178 | 262 |
Available for Sale Securities, Government Agencies | 20 | 1 |
Investments, Fair Value Disclosure | 13 | 20 |
Derivatives, Assets | 79 | 98 |
Total assets | 2,164 | 1,976 |
Derivatives, Liabilities | (142) | (50) |
Total liabilities | (142) | (50) |
Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 1,573 | 1,370 |
Investments, Fair Value Disclosure | 13 | 20 |
Total assets | 1,586 | 1,390 |
Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial Paper, at Carrying Value | 301 | 225 |
Available for sale debt instruments | 178 | 262 |
Available for Sale Securities, Government Agencies | 20 | 1 |
Investments, Fair Value Disclosure | ||
Derivatives, Assets | 79 | 98 |
Total assets | 578 | 586 |
Derivatives, Liabilities | (142) | (50) |
Total liabilities | $ (142) | $ (50) |
Fair Value Measurements Fair Value, Assets Measured on Nonrecurring Basis Using Unobservable Inputs (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | $ (72) | $ (38) |
Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (72) | (38) |
Level 3 | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 45 | 43 |
Investments | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (31) | (7) |
Customer Financing Assets | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (2) | (12) |
Customer Financing Assets | Valuation, Market Approach | Level 3 | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 44 | 15 |
Property, Plant and Equipment | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (19) | (19) |
Property, Plant and Equipment | Valuation, Market Approach | Level 3 | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 28 | |
Other asset sand Acquired intangible assets Member | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (20) | |
Other asset sand Acquired intangible assets Member | Valuation, Income Approach | Level 3 | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 1 |
Fair Value Measurements Fair Value, Assets Measured On Nonrecurring Basis, Valuation Techniques (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Jun. 30, 2021 |
---|---|---|
Aircraft Value Publications | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value of assets and liabilities measured on nonrecurring basis valuation techniques, median | $ 39 | |
Aircraft Value Publications | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range of fair value of assets measured on nonrecurring basis valuation techniques | 34 | |
Aircraft Value Publications | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range of fair value of assets measured on nonrecurring basis valuation techniques | 43 | |
Aircraft Condition Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net fair value of assets measured on nonrecurring basis valuation techniques | 5 | |
Aircraft Condition Adjustments | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range of fair value of assets measured on nonrecurring basis valuation techniques | 0 | |
Aircraft Condition Adjustments | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range of fair value of assets measured on nonrecurring basis valuation techniques | 5 | |
Level 3 | Fair Value, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | 45 | $ 43 |
Valuation, Market Approach | Level 3 | Fair Value, Nonrecurring | Customer Financing Assets | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 44 | $ 15 |
Fair Value Measurements Fair Values And Related Carrying Values of Financial Instruments (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, net Carrying amount | $ 403 | $ 412 |
Notes receivable, Fair value | 420 | 485 |
Debt, excluding commercial paper and capital lease obligations, Carrying amount | (57,009) | (57,921) |
Debt, excluding commercial airplanes and capital lease obligations, Fair value | (52,730) | (65,724) |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, Fair value | 420 | 485 |
Debt, excluding commercial airplanes and capital lease obligations, Fair value | $ (52,730) | $ (65,724) |
Legal Proceedings Legal Proceedings (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2022 |
Dec. 31, 2019 |
|
Legal Proceedings [Abstract] | ||
Proceeds from Legal Settlements | $ 219 | |
Controlling Interest Ownership Percentage After Acquisition | 80.00% | |
Payments to Acquire Interest in Joint Venture | $ 4,200 |
Segment and Revenue Information Segment and Revenue Information (Narrative) (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2022
USD ($)
segments
| |
Segment Reporting Information [Line Items] | |
Number of Reportable Segments | segments | 4 |
Revenue, Remaining Performance Obligation, Amount | $ | $ 371,730 |
Within Next Two Fiscal Years | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Percent Recognized | 29.00% |
Within Next 5 Fiscal Years | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Percent Recognized | 81.00% |
Segment and Revenue Information Segment and Revenue Information (Schedule of Revenue Disaggregation) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 16,681 | $ 16,998 | $ 30,672 | $ 32,215 |
Commercial Airplanes | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 6,219 | 6,015 | 10,380 | 10,284 |
Commercial Airplanes | Operating Segments | External Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 6,199 | $ 5,999 | $ 10,347 | $ 10,263 |
Commercial Airplanes | Operating Segments | Fixed-price Contract | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Commercial Airplanes | Operating Segments | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Commercial Airplanes | Operating Segments | Non-US [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 3,970 | $ 2,896 | $ 7,050 | $ 4,837 |
Commercial Airplanes | Operating Segments | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,208 | 680 | 2,233 | 1,553 |
Commercial Airplanes | Operating Segments | Latin America and Carribean | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 308 | 337 | 1,136 | 868 |
Commercial Airplanes | Operating Segments | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,297 | 1,409 | 2,025 | 1,772 |
Commercial Airplanes | Operating Segments | Middle East | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 770 | 384 | 1,088 | 513 |
Commercial Airplanes | Operating Segments | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 387 | 86 | 568 | 131 |
Commercial Airplanes | Operating Segments | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,212 | 3,065 | 3,314 | 5,418 |
Commercial Airplanes | Intersegment Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 20 | 16 | 33 | 21 |
Defense, Space & Security | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 6,191 | $ 6,876 | $ 11,674 | $ 14,061 |
Defense, Space & Security | Operating Segments | U S Government Contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 89.00% | 89.00% | 89.00% | 89.00% |
Defense, Space & Security | Operating Segments | Fixed-price Contract | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 61.00% | 68.00% | 62.00% | 69.00% |
Defense, Space & Security | Operating Segments | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 99.00% | 99.00% | 99.00% | 99.00% |
Defense, Space & Security | Operating Segments | Non-US [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,557 | $ 1,765 | $ 2,892 | $ 3,430 |
Defense, Space & Security | Operating Segments | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,634 | 5,111 | 8,782 | 10,631 |
Global Services | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 4,298 | 4,067 | 8,612 | 7,816 |
Global Services | Operating Segments | Commercial Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,361 | 1,806 | 4,637 | 3,431 |
Global Services | Operating Segments | Government Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,842 | 2,202 | 3,810 | 4,272 |
Global Services | Operating Segments | External Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 4,203 | $ 4,008 | $ 8,447 | $ 7,703 |
Global Services | Operating Segments | U S Government Contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 33.00% | 41.00% | 34.00% | 42.00% |
Global Services | Operating Segments | Fixed-price Contract | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 88.00% | 86.00% | 88.00% | 87.00% |
Global Services | Operating Segments | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 49.00% | 45.00% | 49.00% | 44.00% |
Global Services | Intersegment Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 95 | $ 59 | $ 165 | $ 113 |
B-737-Max | Customer Concessions | Commercial Airplanes | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 17 | $ 38 | $ (17) | $ 8 |
Schedule Of Unallocated Items and Eliminations (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Segment Reporting Information [Line Items] | ||||
Share-based plans | $ (352) | $ (493) | ||
Research and Development Expense | $ (698) | $ (497) | (1,331) | (996) |
Corporate Reconciling Items And Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Share-based plans | (25) | (14) | (108) | (142) |
Deferred compensation | 124 | (42) | 166 | (94) |
Amortization of previously capitalized interest | (24) | (22) | (47) | (44) |
Research and Development Expense | (66) | (43) | (118) | (85) |
Eliminations and other unallocated items | (103) | (177) | (247) | (297) |
Unallocated items, eliminations and other | (94) | (298) | (354) | (662) |
FAS/CAS service cost adjustment | 284 | 268 | 567 | 538 |
Corporate Reconciling Items And Eliminations | Pension Plans, Defined Benefit | ||||
Segment Reporting Information [Line Items] | ||||
FAS/CAS service cost adjustment | 205 | 191 | 413 | 384 |
Corporate Reconciling Items And Eliminations | Other Postretirement Benefit Plan, Defined Benefit | ||||
Segment Reporting Information [Line Items] | ||||
FAS/CAS service cost adjustment | $ 79 | $ 77 | $ 154 | $ 154 |
Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Segment Reporting Information [Line Items] | ||
Assets | $ 135,479 | $ 138,552 |
Operating Segments | Commercial Airplanes | ||
Segment Reporting Information [Line Items] | ||
Assets | 76,860 | 75,863 |
Operating Segments | Defense, Space & Security | ||
Segment Reporting Information [Line Items] | ||
Assets | 15,491 | 14,974 |
Operating Segments | Global Services | ||
Segment Reporting Information [Line Items] | ||
Assets | 16,347 | 16,397 |
Operating Segments | Boeing Capital | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,628 | 1,735 |
Corporate Reconciling Items And Eliminations | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 25,153 | $ 29,583 |