EXHIBIT (12) - Computation of Ratio of Earnings to Fixed Charges

The Boeing Company and Subsidiaries

(Dollars in millions)

Year ended December 31,	2003			2002		2001		2000			1999
Earnings before federal taxes on income	$	550		$	3,180	$	3,564	$	2,999		$	3,324
Fixed charges excluding capitalized interest	$	861			795		698		481			483
Amortization of previously capitalized interest		53			55		65		71			80
Net adjustment for earnings from affiliates		(261	)		8		11		(44	)		(8	)
Earnings available for fixed charges	$	1,203		$	4,038	$	4,338	$	3,507		$	3,879
Fixed charges:
Interest expense	$	800		$	730	$	650	$	445		$	431
Interest capitalized during the period		72			80		80		82			81
Rentals deemed representative of an interest factor		61			65		48		36			52
Total fixed charges	$	933		$	875	$	778	$	563		$	564
Ratio of earnings to fixed charges		1.3			4.6		5.6		6.2			6.9