Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | |
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 05, 2015 |
Document And Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | BOEING CO | |
Entity Central Index Key | 12927 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding | 704,387,613 | |
Entity Public Float | $91.80 |
Consolidated_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Sales of products | $80,688 | $76,792 | $71,234 |
Sales of services | 10,074 | 9,831 | 10,464 |
Total revenues | 90,762 | 86,623 | 81,698 |
Cost of products | -68,551 | -65,640 | -60,309 |
Cost of services | -8,132 | -7,553 | -8,247 |
Boeing Capital interest expense | -69 | -75 | -109 |
Total costs and expenses | -76,752 | -73,268 | -68,665 |
Gross profit | 14,010 | 13,355 | 13,033 |
Income from operating investments, net | 287 | 214 | 268 |
General and administrative expense | -3,767 | -3,956 | -3,717 |
Research and development expense, net | -3,047 | -3,071 | -3,298 |
(Loss)/gain on dispositions, net | -10 | 20 | 4 |
Earnings from operations | 7,473 | 6,562 | 6,290 |
Other (loss)/income, net | -3 | 56 | 62 |
Interest and debt expense | -333 | -386 | -442 |
Earnings before income taxes | 7,137 | 6,232 | 5,910 |
Income tax expense | -1,691 | -1,646 | -2,007 |
Net earnings from continuing operations | 5,446 | 4,586 | 3,903 |
Net loss on disposal of discontinued operations, net of taxes of $0, $0, and $2 | -1 | -3 | |
Net earnings | $5,446 | $4,585 | $3,900 |
Basic earnings per share from continuing operations | $7.47 | $6.03 | $5.15 |
Net loss on disposal of discontinued operations, net of taxes | |||
Basic earnings per share | $7.47 | $6.03 | $5.15 |
Diluted earnings per share from continuing operations | $7.38 | $5.96 | $5.11 |
Net loss on disposal of discontinued operations, net of taxes | |||
Diluted earnings per share | $7.38 | $5.96 | $5.11 |
Consolidated_Statements_Of_Ope1
Consolidated Statements Of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Net loss on disposal of discontinued operations, taxes | $0 | $0 | $2 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net earnings | $5,446 | $4,585 | $3,900 |
Currency translation adjustments | -97 | -64 | 17 |
Unrealized (loss)/gain on derivative instruments: | |||
Unrealized (loss)/gain arising during period, net of tax of $77, $42, and ($13) | -137 | -75 | 25 |
Reclassification adjustment for loss/(gain) included in net earnings, net of tax of ($4), $9, and $3 | 7 | -17 | -5 |
Total unrealized (loss)/gain on derivative instruments, net of tax | -130 | -92 | 20 |
Defined benefit pension plans & other postretirement benefits: | |||
Net actuarial (loss)/gain arising during the period, net of tax of $2,588, ($3,437), and $1,382 | -4,612 | 6,143 | -2,401 |
Amortization of actuarial losses included in net periodic pension cost, net of tax of ($367), ($849), and ($752) | 661 | 1,516 | 1,304 |
Settlements and curtailments included in net income, net of tax of ($101), ($33), and ($9) | 180 | 59 | 15 |
Pension and postretirement (cost)/benefit related to our equity method investments, net of tax $15, ($13), and ($74) | -27 | 24 | 127 |
Amortization of prior service cost included in net periodic pension cost, net of tax of ($12), ($6), and ($10) | 21 | 10 | 18 |
Prior service cost arising during the period, net of tax of $3, $41, and $9 | -5 | -74 | -16 |
Total defined benefit pension plans & other postretirement benefits, net of tax | -3,782 | 7,678 | -953 |
Other comprehensive (loss)/income, net of tax | -4,009 | 7,522 | -916 |
Comprehensive income related to noncontrolling interests | 10 | 9 | 3 |
Comprehensive income, net of tax | $1,447 | $12,116 | $2,987 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Unrealized (loss)/gain on derivative instruments: | |||
Unrealized gain/(loss) arising during period, tax | $77 | $42 | ($13) |
Reclassification adjustment for loss included in net earnings, tax | -4 | 9 | 3 |
Defined benefit pension plans & other postretirement benefits: | |||
Net actuarial loss arising during the period, tax | 2,588 | -3,437 | 1,382 |
Amortization of actuarial losses included in net periodic pension cost, tax | -367 | -849 | -752 |
Settlements and curtailments included in net income, tax | -101 | -33 | -9 |
Pension and post retirement benefits related to our equity method investments, tax | 15 | -13 | -74 |
Amortization of prior service cost included in net periodic pension cost, tax | -12 | -6 | -10 |
Prior service cost arising during the period, tax | $3 | $41 | $9 |
Consolidated_Statements_Of_Fin
Consolidated Statements Of Financial Position (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Assets | ||||
Cash and cash equivalents | $11,733 | $9,088 | ||
Short-term and other investments | 1,359 | 6,170 | ||
Accounts receivable, net | 7,729 | 6,546 | ||
Current portion of customer financing, net | 190 | 344 | ||
Deferred income taxes | 18 | 14 | ||
Inventories, net of advances and progress billings | 46,756 | 42,912 | ||
Total current assets | 67,785 | 65,074 | ||
Customer financing, net | 3,371 | 3,627 | ||
Property, plant and equipment, net | 11,007 | 10,224 | ||
Goodwill | 5,119 | 5,043 | ||
Acquired intangible assets, net | 2,869 | 3,052 | ||
Deferred income taxes | 6,576 | 2,939 | ||
Investments | 1,154 | 1,204 | ||
Other assets, net of accumulated amortization of $479 and $448 | 1,317 | 1,500 | ||
Total assets | 99,198 | 92,663 | ||
Liabilities and equity | ||||
Accounts payable | 10,667 | 9,498 | ||
Accrued liabilities | 13,343 | 14,131 | ||
Advances and billings in excess of related costs | 23,175 | 20,027 | ||
Deferred income taxes and income taxes payable | 8,603 | 6,267 | ||
Short-term debt and current portion of long-term debt | 929 | 1,563 | ||
Total current liabilities | 56,717 | 51,486 | ||
Accrued retiree health care | 6,802 | 6,528 | ||
Accrued pension plan liability, net | 17,182 | 10,474 | ||
Non-current income taxes payable | 358 | 156 | ||
Other long-term liabilities | 1,208 | 950 | ||
Long-term debt | 8,141 | 8,072 | ||
Shareholders' equity: | ||||
Common stock, par value $5.00 – 1,200,000,000 shares authorized; 1,012,261,159 shares issued | 5,061 | 5,061 | ||
Additional paid-in capital | 4,625 | 4,415 | ||
Treasury stock, at cost | -23,298 | -17,671 | ||
Retained earnings | 36,180 | 32,964 | ||
Accumulated other comprehensive loss | -13,903 | [1] | -9,894 | [1] |
Total shareholders’ equity | 8,665 | 14,875 | ||
Noncontrolling interests | 125 | 122 | ||
Total equity | 8,790 | 14,997 | ||
Total liabilities and equity | $99,198 | $92,663 | ||
[1] | Net of tax. |
Consolidated_Statements_Of_Fin1
Consolidated Statements Of Financial Position (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Other assets, accumulated amortization | $479 | $448 |
Common stock, par value | $5 | $5 |
Common stock, authorized | 1,200,000,000 | 1,200,000,000 |
Common stock, shares issued | 1,012,261,159 | 1,012,261,159 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows - operation activities: | |||
Net earnings | $5,446 | $4,585 | $3,900 |
Non-cash items - | |||
Share-based plans expense | 195 | 206 | 193 |
Depreciation and amortization | 1,906 | 1,844 | 1,811 |
Investment/asset impairment charges, net | 229 | 96 | 84 |
Customer financing valuation benefit | -28 | -11 | -10 |
Loss on disposal of discontinued operations | 1 | 5 | |
Loss/(gain) on dispositions, net | 10 | -20 | -4 |
Other charges and credits, net | 317 | 528 | 694 |
Excess tax benefits from share-based payment arrangements | -114 | -128 | -45 |
Changes in assets and liabilities – | |||
Accounts receivable | -1,328 | -879 | -27 |
Inventories, net of advances and progress billings | -4,330 | -5,562 | -5,681 |
Accounts payable | 1,339 | -298 | 1,199 |
Accrued liabilities | -1,088 | 883 | 801 |
Advances and billings in excess of related costs | 3,145 | 3,353 | 1,177 |
Income taxes receivable, payable and deferred | 1,325 | 1,445 | 1,605 |
Other long-term liabilities | 36 | 2 | 157 |
Pension and other postretirement plans | 1,186 | 1,720 | 1,288 |
Customer financing, net | 578 | 391 | 407 |
Other | 34 | 23 | -46 |
Net cash provided by operating activities | 8,858 | 8,179 | 7,508 |
Cash flows - investing activities: | |||
Property, plant and equipment additions | -2,236 | -2,098 | -1,703 |
Property, plant and equipment reductions | 34 | 51 | 97 |
Acquisitions, net of cash acquired | -163 | -26 | -124 |
Contributions to investments | -8,617 | -15,394 | -12,921 |
Proceeds from investments | 13,416 | 12,453 | 10,901 |
Purchase of distribution rights | -140 | -7 | |
Other | 33 | ||
Net cash provided/(used) by investing activities | 2,467 | -5,154 | -3,757 |
Cash flows - financing activities | |||
New borrowings | 962 | 571 | 60 |
Debt repayments | -1,601 | -1,434 | -2,076 |
Payments to noncontrolling interest | -12 | ||
Repayments of distribution rights and other asset financing | -185 | -280 | -228 |
Stock options exercised | 343 | 1,097 | 120 |
Excess tax benefits from share-based payment arrangements | 114 | 128 | 45 |
Employee taxes on certain share-based payment arrangements | -98 | -63 | -76 |
Common shares repurchased | -6,001 | -2,801 | |
Dividends paid | -2,115 | -1,467 | -1,322 |
Net cash used by financing activities | -8,593 | -4,249 | -3,477 |
Effect of exchange rate changes on cash and cash equivalents | -87 | -29 | 18 |
Net increase/(decrease) in cash and cash equivalents | 2,645 | -1,253 | 292 |
Cash and cash equivalents at beginning of year | 9,088 | 10,341 | 10,049 |
Cash and cash equivalents at end of year | $11,733 | $9,088 | $10,341 |
Consolidated_Statements_Of_Equ
Consolidated Statements Of Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Non-Controlling Interest [Member] |
In Millions, unless otherwise specified | |||||||
Balance at January 1, 2012 at Dec. 31, 2011 | $3,608 | $5,061 | $4,033 | ($16,603) | $27,524 | ($16,500) | $93 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 3,903 | 3,900 | 3 | ||||
Other Comprehensive Income (Loss), Portion Attributable to Parent, net of tax of $536 in 2012, ($4,246) in 2013, and $2,199 in 2014 | -916 | -916 | |||||
Share-based compensation and related dividend equivalents | 188 | 215 | -27 | ||||
Excess tax pools | 45 | 45 | |||||
Treasury shares issued for stock options exercised, net | 120 | -54 | 174 | ||||
Treasury shares issued for other share-based plans, net | -67 | -183 | 116 | ||||
Treasury shares issued for 401(k) contribution | 442 | 66 | 376 | ||||
Cash dividends declared of $1.805 per share in 2012, $2.185 per share in 2013, and $3.100 per share in 2014 | -1,360 | -1,360 | |||||
Changes in noncontrolling interests | 4 | 4 | |||||
Balance at Dec. 31, 2012 | 5,967 | 5,061 | 4,122 | -15,937 | 30,037 | -17,416 | 100 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 4,594 | 4,585 | 9 | ||||
Other Comprehensive Income (Loss), Portion Attributable to Parent, net of tax of $536 in 2012, ($4,246) in 2013, and $2,199 in 2014 | 7,522 | 7,522 | |||||
Share-based compensation and related dividend equivalents | 200 | 216 | -16 | ||||
Excess tax pools | 101 | 101 | |||||
Treasury shares issued for stock options exercised, net | 1,097 | 109 | 988 | ||||
Treasury shares issued for other share-based plans, net | -54 | -133 | 79 | ||||
Common shares repurchased | -2,801 | -2,801 | |||||
Cash dividends declared of $1.805 per share in 2012, $2.185 per share in 2013, and $3.100 per share in 2014 | -1,642 | -1,642 | |||||
Changes in noncontrolling interests | 13 | 13 | |||||
Balance at Dec. 31, 2013 | 14,997 | 5,061 | 4,415 | -17,671 | 32,964 | -9,894 | 122 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 5,456 | 5,446 | 10 | ||||
Other Comprehensive Income (Loss), Portion Attributable to Parent, net of tax of $536 in 2012, ($4,246) in 2013, and $2,199 in 2014 | -4,009 | -4,009 | |||||
Share-based compensation and related dividend equivalents | 188 | 208 | -20 | ||||
Excess tax pools | 114 | 114 | |||||
Treasury shares issued for stock options exercised, net | 343 | 17 | 326 | ||||
Treasury shares issued for other share-based plans, net | -81 | -129 | 48 | ||||
Common shares repurchased | -6,001 | -6,001 | |||||
Cash dividends declared of $1.805 per share in 2012, $2.185 per share in 2013, and $3.100 per share in 2014 | -2,210 | -2,210 | |||||
Changes in noncontrolling interests | -7 | -7 | |||||
Balance at Dec. 31, 2014 | $8,790 | $5,061 | $4,625 | ($23,298) | $36,180 | ($13,903) | $125 |
Consolidated_Statements_Of_Equ1
Consolidated Statements Of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | |||
Other Comprehensive Income (loss), Tax | $2,199 | ($4,246) | $536 |
Cash dividends declared, per share | $3.10 | $2.19 | $1.81 |
Summary_of_Business_Segment_Da
Summary of Business Segment Data (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||||||||||||
Summary Of Business Segment Data | The Boeing Company and Subsidiaries | |||||||||||
Notes to the Consolidated Financial Statements | ||||||||||||
Summary of Business Segment Data | ||||||||||||
(Dollars in millions) | ||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Revenues: | ||||||||||||
Commercial Airplanes | $59,990 | $52,981 | $49,127 | |||||||||
Defense, Space & Security: | ||||||||||||
Boeing Military Aircraft | 13,511 | 15,285 | 15,388 | |||||||||
Network & Space Systems | 8,003 | 8,512 | 7,911 | |||||||||
Global Services & Support | 9,367 | 9,400 | 9,308 | |||||||||
Total Defense, Space & Security | 30,881 | 33,197 | 32,607 | |||||||||
Boeing Capital | 416 | 408 | 468 | |||||||||
Unallocated items, eliminations and other | (525 | ) | 37 | (504 | ) | |||||||
Total revenues | $90,762 | $86,623 | $81,698 | |||||||||
Earnings from operations: | ||||||||||||
Commercial Airplanes | $6,411 | $5,795 | $4,711 | |||||||||
Defense, Space & Security: | ||||||||||||
Boeing Military Aircraft | 1,304 | 1,504 | 1,487 | |||||||||
Network & Space Systems | 698 | 719 | 562 | |||||||||
Global Services & Support | 1,131 | 1,012 | 1,019 | |||||||||
Total Defense, Space & Security | 3,133 | 3,235 | 3,068 | |||||||||
Boeing Capital | 92 | 107 | 88 | |||||||||
Unallocated items, eliminations and other | (2,163 | ) | (2,575 | ) | (1,577 | ) | ||||||
Earnings from operations | $7,473 | $6,562 | $6,290 | |||||||||
Other (loss)/income, net | (3 | ) | 56 | 62 | ||||||||
Interest and debt expense | (333 | ) | (386 | ) | (442 | ) | ||||||
Earnings before income taxes | 7,137 | 6,232 | 5,910 | |||||||||
Income tax expense | (1,691 | ) | (1,646 | ) | (2,007 | ) | ||||||
Net earnings from continuing operations | 5,446 | 4,586 | 3,903 | |||||||||
Net loss on disposal of discontinued operations, net of taxes of $0, $0, $2 | (1 | ) | (3 | ) | ||||||||
Net earnings | $5,446 | $4,585 | $3,900 | |||||||||
This information is an integral part of the Notes to the Consolidated Financial Statements. See Note 21 for further segment results. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies | |
Principles of Consolidation and Basis of Presentation | ||
The Consolidated 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”). These statements include the accounts of all majority-owned subsidiaries and variable interest entities that are required to be consolidated. All significant intercompany accounts and transactions have been eliminated. Segment data for all years have been adjusted to reflect a realignment of certain programs from the Boeing Military Aircraft (BMA) segment to the Global Services & Support (GS&S) segment and the combination of Other segment with Unallocated items and eliminations. See Note 21. | ||
Standards Issued and Not Yet Implemented | ||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. The new standard is effective for reporting periods beginning after December 15, 2016 and early adoption is not permitted. The comprehensive new standard will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. Adoption of the new rules could affect the timing of revenue recognition for certain transactions. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. For Boeing the new standard will be effective January 1, 2017 and the Company is currently evaluating the impacts of adoption and the implementation approach to be used. | ||
Use of Estimates | ||
Management makes assumptions and estimates to prepare financial statements in conformity with accounting principles generally accepted in the United States of America. Those assumptions and estimates directly affect the amounts reported in the Consolidated Financial Statements. Significant estimates for which changes in the near term are considered reasonably possible and that may have a material impact on the financial statements are disclosed in these Notes to the Consolidated Financial Statements. | ||
Operating Cycle | ||
For classification of certain current assets and liabilities, we use the duration of the related contract or program as our operating cycle, which is generally longer than one year. | ||
Revenue and Related Cost Recognition | ||
Contract Accounting Contract accounting is used for development and production activities predominantly by Defense, Space & Security (BDS). The majority of business conducted by BDS is performed under contracts with the U.S. government and other customers that extend over several years. Contract accounting involves a judgmental process of estimating total sales and costs for each contract resulting in the development of estimated cost of sales percentages. For each contract, the amount reported as cost of sales is determined by applying the estimated cost of sales percentage to the amount of revenue recognized. When the current estimates of total sales and costs for a contract indicate a loss, a provision for the entire loss on the contract is recognized. | ||
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 contract’s percent complete. In 2014, 2013 and 2012 net favorable cumulative catch-up adjustments, including reach-forward losses, across all contracts increased Earnings from operations by $100, $242 and $379, respectively and diluted EPS by $0.10, $0.23 and $0.33, respectively. Significant adjustments during the three years ended December 31, 2014 included a reach-forward loss of $425 on the USAF KC-46A Tanker contract recorded during 2014. | ||
We combine contracts for accounting purposes when they are negotiated as a package with an overall profit margin objective. These essentially represent an agreement to do a single project for a single customer, involve interrelated construction activities with substantial common costs, and are performed concurrently or sequentially. When a group of contracts is combined, revenue and profit are earned uniformly over the performance of the combined contracts. Similarly, we may segment a single contract or group of contracts when a clear economic decision has been made during contract negotiations that would produce different rates of profitability for each element or phase of the contract. | ||
Sales related to fixed-price contracts are recognized as deliveries are made, except for certain fixed-price contracts that require substantial performance over an extended period before deliveries begin, for which sales are recorded based on the attainment of performance milestones. Sales related to contracts in which we are reimbursed for costs incurred plus an agreed upon profit are recorded as costs are incurred. The Federal Acquisition Regulations provide guidance on the types of cost that will be reimbursed in establishing contract price. Contracts may contain provisions to earn incentive and award fees if specified targets are achieved. Incentive and award fees that can be reasonably estimated and are probable are recorded over the performance period of the contract. Incentive and award fees that cannot be reasonably estimated are recorded when awarded. | ||
Program Accounting Our Commercial Airplanes segment predominantly uses program accounting to account for cost of sales related to its programs. Program accounting is applicable to products manufactured for delivery under production-type contracts where profitability is realized over multiple contracts and years. Under program accounting, inventoriable production costs, program tooling and other non-recurring costs, and warranty costs are accumulated and charged to cost of sales by program instead of by individual units or contracts. A program consists of the estimated number of units (accounting quantity) of a product to be produced in a continuing, long-term production effort for delivery under existing and anticipated contracts. The determination of the accounting quantity is limited by the ability to make reasonably dependable estimates of the revenue and cost of existing and anticipated contracts. To establish the relationship of sales to cost of sales, program accounting requires estimates of (a) the number of units to be produced and sold in a program, (b) the period over which the units can reasonably be expected to be produced, and (c) the units’ expected sales prices, production costs, program tooling and other non-recurring costs, and routine warranty costs for the total program. | ||
We recognize sales for commercial airplane deliveries as each unit is completed and accepted by the customer. Sales recognized represent the price negotiated with the customer, adjusted by an escalation formula as specified in the customer agreement. The amount reported as cost of sales is determined by applying the estimated cost of sales percentage for the total remaining program to the amount of sales recognized for airplanes delivered and accepted by the customer. Changes in estimated revenues, cost of sales and the related effects on program margins are recognized prospectively except in cases where the program is determined to have a reach-forward loss in which case the loss is recognized in the current period. See Note 11. | ||
Concession Sharing Arrangements We account for sales concessions to our customers in consideration of their purchase of products and services as a reduction to revenue when the related products and services are delivered. The sales concessions incurred may be partially reimbursed by certain suppliers in accordance with concession sharing arrangements. We record these reimbursements, which are presumed to represent reductions in the price of the vendor’s products or services, as a reduction in Cost of products. | ||
Spare Parts Revenue We recognize sales of spare parts upon delivery and the amount reported as cost of sales is recorded at average cost. | ||
Service Revenue Service revenue is recognized when the service is performed with the exception of U.S. government service agreements, which are accounted for using contract accounting. Service activities primarily include: support agreements associated with military aircraft and helicopter contracts, ongoing maintenance of International Space Station, and technical and flight operation services for commercial aircraft. Service revenue and associated cost of sales from pay-in-advance subscription fees are deferred and recognized as services are rendered. | ||
Financial Services Revenue We record financial services revenue associated with sales-type/finance leases, operating leases, and notes receivable. | ||
Lease and financing revenue arrangements are included in Sales of services on the Consolidated Statements of Operations. For sales-type/finance leases, we record an asset at lease inception. This asset is recorded at the aggregate future minimum lease payments, estimated residual value of the leased equipment, and deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. Residual values, which are reviewed periodically, represent the estimated amount we expect to receive at lease termination from the disposition of the leased equipment. Actual residual values realized could differ from these estimates. Declines in estimated residual value that are deemed other-than-temporary are recognized in the period in which the declines occur. | ||
For operating leases, revenue on leased aircraft and equipment is recorded on a straight-line basis over the term of the lease. Operating lease assets, included in Customer financing, are recorded at cost and depreciated over the period that we project we will hold the asset to an estimated residual value, using the straight-line method. We periodically review our estimates of residual value and recognize forecasted changes by prospectively adjusting depreciation expense. | ||
For notes receivable, notes are recorded net of any unamortized discounts and deferred incremental direct costs. Interest income and amortization of any discounts are recorded ratably over the related term of the note. | ||
Reinsurance Revenue Our wholly-owned insurance subsidiary, Astro Ltd., participates in a reinsurance pool for workers’ compensation. The member agreements and practices of the reinsurance pool minimize any participating members’ individual risk. Reinsurance revenues were $135, $160 and $129 during 2014, 2013 and 2012, respectively. Reinsurance costs related to premiums and claims paid to the reinsurance pool were $144, $147 and $128 during 2014, 2013 and 2012, respectively. Revenues and costs are presented net in Cost of sales in the Consolidated Statements of Operations. | ||
Fleet Support | ||
We provide assistance and services to facilitate efficient and safe aircraft operation to the operators of all our commercial airplane models. Collectively known as fleet support services, these activities and services include flight and maintenance training, field service support, engineering services, and technical data and documents. Fleet support activity begins prior to aircraft delivery as the customer receives training, manuals, and technical consulting support. This activity continues throughout the aircraft’s operational life. Services provided after delivery include field service support, consulting on maintenance, repair, and operational issues brought forth by the customer or regulators, updating manuals and engineering data, and the issuance of service bulletins that impact the entire model’s fleet. Field service support involves our personnel located at customer facilities providing and coordinating fleet support activities and requests. The costs for fleet support are expensed as incurred as Cost of services. | ||
Research and Development | ||
Research and development includes costs incurred for experimentation, design, and testing, as well as bid and proposal efforts related to government products and services which are expensed as incurred unless the costs are related to certain contractual arrangements with customers. Costs that are incurred pursuant to such contractual arrangements are recorded over the period that revenue is recognized, consistent with our contract accounting policy. We have certain research and development arrangements that meet the requirement for best efforts research and development accounting. Accordingly, the amounts funded by the customer are recognized as an offset to our research and development expense rather than as contract revenues. Research and development expense included bid and proposal costs of $289, $285 and $326 in 2014, 2013 and 2012, respectively. | ||
We have established cost sharing arrangements with some suppliers for the 787 program. Our cost sharing arrangements state that the supplier contributions are for reimbursements of costs we incur for experimentation, basic design, and testing activities during the 787 development. In each arrangement, we retain substantial rights to the 787 part or component covered by the arrangement. The amounts received from these cost sharing arrangements are recorded as a reduction to research and development expenses since we have no obligation to refund any amounts received per the arrangements regardless of the outcome of the development efforts. Specifically, under the terms of each agreement, payments received from suppliers for their share of the costs are typically based on milestones and are recognized as earned when we achieve the milestone events and no ongoing obligation on our part exists. In the event we receive a milestone payment prior to the completion of the milestone, the amount is classified in Accrued liabilities until earned. | ||
Share-Based Compensation | ||
We provide various forms of share-based compensation to our employees. For awards settled in shares, we measure compensation expense based on the grant-date fair value net of estimated forfeitures. For awards settled in cash, or that may be settled in cash, we measure compensation expense based on the fair value at each reporting date net of estimated forfeitures. The expense is recognized over the requisite service period, which is generally the vesting period of the award. | ||
Income Taxes | ||
Provisions for federal, state, and non-U.S. income taxes are calculated on reported Earnings before income taxes based on current tax law and also include, in the current period, the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provisions differ from the amounts currently receivable or payable because certain items of income and expense are recognized in different time periods for financial reporting purposes than for income tax purposes. Significant judgment is required in determining income tax provisions and evaluating tax positions. | ||
The accounting for uncertainty in income taxes requires a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. We record a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on our tax return. To the extent that our assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. Tax-related interest and penalties are classified as a component of Income tax expense. | ||
Postretirement Plans | ||
The majority of our employees are earning benefits under defined benefit pension plans. In 2014, we announced changes to our retirement plans whereby nonunion and the majority of union employees currently participating in defined benefit pension plans will transition in 2016 to a company-funded defined contribution retirement savings plan. We also provide postretirement benefit plans other than pensions, consisting principally of health care coverage to eligible retirees and qualifying dependents. Benefits under the pension and other postretirement benefit plans are generally based on age at retirement and years of service and, for some pension plans, benefits are also based on the employee’s annual earnings. The net periodic cost of our pension and other postretirement plans is determined using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate, the long-term rate of asset return, and medical trend (rate of growth for medical costs). A portion of net periodic pension and other postretirement income or expense is not recognized in net earnings in the year incurred because it is allocated to production as product costs, and reflected in inventory at the end of a reporting period. Actuarial gains and losses, which occur when actual experience differs from actuarial assumptions, are reflected in Shareholders’ equity (net of taxes). If actuarial gains and losses exceed ten percent of the greater of plan assets or plan liabilities we amortize them over the average future service period of employees. The funded status of our pension and postretirement plans is reflected on the Consolidated Statements of Financial Position. | ||
Postemployment Plans | ||
We record a liability for postemployment benefits, such as severance or job training, when payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have vested or accumulated. | ||
Environmental Remediation | ||
We are subject to federal and state requirements for protection of the environment, including those for discharge of hazardous materials and remediation of contaminated sites. We routinely assess, based on in-depth studies, expert analyses and legal reviews, our contingencies, obligations, and commitments for remediation of contaminated sites, including assessments of ranges and probabilities of recoveries from other responsible parties and/or insurance carriers. Our policy is to accrue and charge to current expense identified exposures related to environmental remediation sites when it is probable that a liability has been incurred and the amount can be reasonably estimated. The amount of the liability is based on our best estimate or the low end of a range of reasonably possible exposure for investigation, cleanup, and monitoring costs to be incurred. Estimated remediation costs are not discounted to present value as the timing of payments cannot be reasonably estimated. We may be able to recover a portion of the remediation costs from insurers or other third parties. Such recoveries are recorded when realization of the claim for recovery is deemed probable. | ||
Cash and Cash Equivalents | ||
Cash and cash equivalents consist of highly liquid instruments, such as commercial paper, time deposits, and other money market instruments, which have original maturities of three months or less. We aggregate our cash balances by bank where conditions for right of set-off are met, and reclassify any negative balances, consisting mainly of uncleared checks, to Accounts payable. Negative balances reclassified to Accounts payable were $241 and $108 at December 31, 2014 and 2013. | ||
Inventories | ||
Inventoried costs on commercial aircraft programs and long-term contracts include direct engineering, production and tooling and other non-recurring costs, and applicable overhead, which includes fringe benefits, production related indirect and plant management salaries and plant services, not in excess of estimated net realizable value. To the extent a material amount of such costs are related to an abnormal event or are fixed costs not appropriately attributable to our programs or contracts, they are expensed in the current period rather than inventoried. Inventoried costs include amounts relating to programs and contracts with long-term production cycles, a portion of which is not expected to be realized within one year. Included in inventory for federal government contracts is an allocation of allowable costs related to manufacturing process reengineering. | ||
Commercial aircraft programs inventory includes deferred production costs and supplier advances. Deferred production costs represent actual costs incurred for production of early units that exceed the estimated average cost of all units in the program accounting quantity. Higher production costs are experienced at the beginning of a new or derivative airplane program. Units produced early in a program require substantially more effort (labor and other resources) than units produced later in a program because of volume efficiencies and the effects of learning. We expect that these deferred costs will be fully recovered when all units included in the accounting quantity are delivered as the expected unit cost for later deliveries is below the estimated average cost of all units in the program. Supplier advances represent payments for parts we have contracted to receive from suppliers in the future. As parts are received, supplier advances are amortized to work in process. | ||
The determination of net realizable value of long-term contract costs is based upon quarterly reviews that estimate costs to be incurred to complete all contract requirements. When actual contract costs and the estimate to complete exceed total estimated contract revenues, a loss provision is recorded. The determination of net realizable value of commercial aircraft program costs is based upon quarterly program reviews that estimate revenue and cost to be incurred to complete the program accounting quantity. When estimated costs to complete exceed estimated program revenues to go, a program loss provision is recorded in the current period for the estimated loss on all undelivered units in the accounting quantity. | ||
Used aircraft purchased by the Commercial Airplanes segment and general stock materials are stated at cost not in excess of net realizable value. See ‘Aircraft Valuation’ within this Note for a discussion of our valuation of used aircraft. Spare parts inventory is stated at lower of average unit cost or market. We review our commercial spare parts and general stock materials quarterly to identify impaired inventory, including excess or obsolete inventory, based on historical sales trends, expected production usage, and the size and age of the aircraft fleet using the part. Impaired inventories are charged to Cost of products in the period the impairment occurs. | ||
Included in inventory for commercial aircraft programs are amounts paid or credited in cash, or other consideration to certain airline customers, that are referred to as early issue sales consideration. Early issue sales consideration is recognized as a reduction to revenue when the delivery of the aircraft under contract occurs. If an airline customer does not perform and take delivery of the contracted aircraft, we believe that we would have the ability to recover amounts paid. However, to the extent early issue sales consideration exceeds advances and is not considered to be otherwise recoverable, it would be written off in the current period. | ||
We net advances and progress billings on long-term contracts against inventory in the Consolidated Statements of Financial Position. Advances and progress billings in excess of related inventory are reported in Advances and billings in excess of related costs. | ||
Precontract Costs | ||
We may, from time to time, incur costs in excess of the amounts required for existing contracts. If we determine the costs are probable of recovery from future orders, then we capitalize the precontract costs we incur, excluding start-up costs which are expensed as incurred. Capitalized precontract costs are included in Inventories, net of advances and progress billings, in the accompanying Consolidated Statements of Financial Position. Should future orders not materialize or we determine the costs are no longer probable of recovery, the capitalized costs would be written off. | ||
Property, Plant and Equipment | ||
Property, plant and equipment are recorded at cost, including applicable construction-period interest, less accumulated depreciation and are depreciated principally over the following estimated useful lives: new buildings and land improvements, from 10 to 40 years; and new machinery and equipment, from 3 to 20 years. The principal methods of depreciation are as follows: buildings and land improvements, 150% declining balance; and machinery and equipment, sum-of-the-years’ digits. Capitalized internal use software is included in Other assets and amortized using the straight line method over 5 years. We periodically evaluate the appropriateness of remaining depreciable lives assigned to long-lived assets, including assets that may be subject to a management plan for disposition. | ||
Long-lived assets held for sale are stated at the lower of cost or fair value less cost to sell. Long-lived assets held for use are subject to an impairment assessment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset. | ||
Asset Retirement Obligations | ||
We record all known asset retirement obligations for which the liability’s fair value can be reasonably estimated, including certain asbestos removal, asset decommissioning and contractual lease restoration obligations. Recorded amounts are not material. | ||
We also have known conditional asset retirement obligations, such as certain asbestos remediation and asset decommissioning activities to be performed in the future, that are not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, these obligations have not been recorded in the Consolidated Financial Statements. A liability for these obligations will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. In addition, there may be conditional asset retirement obligations that we have not yet discovered (e.g. asbestos may exist in certain buildings but we have not become aware of it through the normal course of business), and therefore, these obligations also have not been included in the Consolidated Financial Statements. | ||
Goodwill and Other Acquired Intangibles | ||
Goodwill and other acquired intangible assets with indefinite lives are not amortized, but are tested for impairment annually and when an event occurs or circumstances change such that it is more likely than not that an impairment may exist. Our annual testing date is April 1. | ||
We test goodwill for impairment by performing a qualitative assessment or using a two-step impairment process. If we choose to perform a qualitative assessment and determine it is more likely than not that the carrying value of the net assets is more than the fair value of the related operations, the two-step impairment process is then performed; otherwise, no further testing is required. For operations where the two-step impairment process is used, we first compare the carrying value of net assets to the fair value of the related operations. If the fair value is determined to be less than carrying value, a second step is performed to compute the amount of the impairment. In this process, a fair value for goodwill is estimated, based in part on the fair value of the operations, and is compared to its carrying value. The shortfall of the fair value below carrying value represents the amount of goodwill impairment. | ||
Indefinite-lived intangibles consist of brand and trade names acquired in business combinations. We test these intangibles for impairment by comparing their carrying value to current projections of discounted cash flows attributable to the brand and trade names. Any excess carrying value over the amount of discounted cash flows represents the amount of the impairment. | ||
Our finite-lived acquired intangible assets are amortized on a straight-line basis over their estimated useful lives as follows: developed technology, from 5 to 14 years; product know-how, from 5 to 30 years; customer base, from 3 to 19 years; distribution rights, from 5 to 27 years; and other, from 3 to 32 years. We evaluate the potential impairment of finite-lived acquired intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset. | ||
Investments | ||
Time deposits are held-to-maturity investments that are carried at cost. | ||
The equity method of accounting is used to account for investments for which we have the ability to exercise significant influence, but not control, over an investee. Significant influence is generally deemed to exist if we have an ownership interest in the voting stock of an investee of between 20% and 50%. | ||
We classify investment income and loss on our Consolidated Statements of Operations based on whether the investment is operating or non-operating in nature. Operating investments align strategically and are integrated with our operations. Earnings from operating investments, including our share of income or loss from equity method investments, dividend income from certain cost method investments, and any impairments or gain/loss on the disposition of these investments, are recorded in Income from operating investments, net. Non-operating investments are those we hold for non-strategic purposes. Earnings from non-operating investments, including interest and dividends on marketable securities, and any impairments or gain/loss on the disposition of these investments are recorded in Other income/(expense), net. | ||
Derivatives | ||
All derivative instruments are recognized in the financial statements and measured at fair value regardless of the purpose or intent of holding them. We use derivative instruments to principally manage a variety of market risks. For derivatives designated as hedges of the exposure to changes in fair value of the recognized asset or liability or a firm commitment (referred to as fair value hedges), the gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. The effect of that accounting is to include in earnings the extent to which the hedge is not effective in achieving offsetting changes in fair value. For our cash flow hedges, the effective portion of the derivative’s gain or loss is initially reported in comprehensive income and is subsequently reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The ineffective portion of the gain or loss of a cash flow hedge is reported in earnings immediately. We also hold certain instruments for economic purposes that are not designated for hedge accounting treatment. For these derivative instruments, the changes in their fair value are also recorded in earnings immediately. | ||
Aircraft Valuation | ||
Used aircraft under trade-in commitments and aircraft under repurchase commitments In conjunction with signing a definitive agreement for the sale of new aircraft (Sale 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 upon the purchase of Sale Aircraft. Additionally, we have entered into contingent repurchase commitments with certain customers wherein we agree to repurchase the Sale Aircraft at a specified price, generally 10 to 15 years after delivery of the Sale Aircraft. Our repurchase of the Sale Aircraft is contingent upon a future, mutually acceptable agreement for the sale of additional new aircraft. If we execute an agreement for the sale of additional new aircraft, and if the customer exercises its right to sell the Sale Aircraft to us, a contingent repurchase commitment would become a trade-in commitment. Our historical experience is that contingent repurchase commitments infrequently become trade-in commitments. | ||
Exposure related to trade-in commitments may take the form of: | ||
-1 | adjustments to revenue for the difference between the contractual trade-in price in the definitive agreement and our best estimate of the fair value of the trade-in aircraft as of the date of such agreement, which would be recognized upon delivery of the Sale Aircraft, and/or | |
-2 | charges to cost of products for adverse changes in the fair value of trade-in aircraft that occur subsequent to signing of a definitive agreement for Sale Aircraft but prior to the purchase of the used trade-in aircraft. Estimates based on current aircraft values would be included in Accrued liabilities. | |
The fair value of trade-in aircraft is determined using aircraft-specific data such as model, age and condition, market conditions for specific aircraft and similar models, and multiple valuation sources. This process uses our assessment of the market for each trade-in aircraft, which in most instances begins years before the return of the aircraft. There are several possible markets in which we continually pursue opportunities to place used aircraft. These markets include, but are not limited to, the resale market, which could potentially include the cost of long-term storage; the leasing market, with the potential for refurbishment costs to meet the leasing customer’s requirements; or the scrap market. Trade-in aircraft valuation varies significantly depending on which market we determine is most likely for each aircraft. On a quarterly basis, we update our valuation analysis based on the actual activities associated with placing each aircraft into a market. This quarterly valuation process yields results that are typically lower than residual value estimates by independent sources and tends to more accurately reflect results upon the actual placement of the aircraft. | ||
Used aircraft acquired by the Commercial Airplanes segment are included in Inventories at the lower of cost or market as it is our intent to sell these assets. To mitigate costs and enhance marketability, aircraft may be placed on operating lease. While on operating lease, the assets are included in Customer financing. | ||
Customer financing Customer financing includes operating lease equipment, notes receivable, and sales-type/finance leases. Sales-type/finance leases are treated as receivables, and allowances for losses are established as necessary. | ||
We assess the fair value of the assets we own, including equipment under operating leases, assets held for sale or re-lease, and collateral underlying receivables, to determine if their fair values are less than the related assets’ carrying values. Differences between carrying values and fair values of sales-type/finance leases and notes and other receivables, as determined by collateral value, are considered in determining the allowance for losses on receivables. | ||
We use a median calculated from published collateral values from multiple third-party aircraft value publications based on the type and age of the aircraft to determine the fair value of aircraft. Under certain circumstances, we apply judgment based on the attributes 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 outside publications. | ||
Impairment review for assets under operating leases and held for sale or re-lease We evaluate for impairment assets under operating lease or assets held for sale or re-lease when events or changes in circumstances indicate that the expected undiscounted cash flow from the asset may be less than the carrying value. We use various assumptions when determining the expected undiscounted cash flow, including our intentions for how long we will hold an asset subject to operating lease before it is sold, the expected future lease rates, lease terms, residual value of the asset, periods in which the asset may be held in preparation for a follow-on lease, maintenance costs, remarketing costs and the remaining economic life of the asset. We record assets held for sale at the lower of carrying value or fair value less costs to sell. | ||
When we determine that impairment is indicated for an asset, the amount of impairment expense recorded is the excess of the carrying value over the fair value of the asset. | ||
Allowance for losses on customer financing receivables We record the potential impairment of customer financing receivables in a valuation account, the balance of which is an accounting estimate of probable but unconfirmed losses. The allowance for losses on receivables relates to two components of receivables: (a) receivables that are evaluated individually for impairment and (b) all other receivables. | ||
We determine a receivable is impaired when, based on current information and events, it is probable that we will be unable to collect amounts due according to the original contractual terms of the receivable agreement, without regard to any subsequent restructurings. Factors considered in assessing collectability include, but are not limited to, a customer’s extended delinquency, requests for restructuring and filings for bankruptcy. We determine a specific impairment allowance based on the difference between the carrying value of the receivable and the estimated fair value of the related collateral we would expect to realize. | ||
We review the adequacy of the allowance attributable to the remaining receivables (after excluding receivables subject to a specific impairment allowance) by assessing both the collateral exposure and the applicable cumulative default rate. Collateral exposure for a particular receivable is the excess of the carrying value of the receivable over the fair value of the related collateral. A receivable with an estimated fair value in excess of the carrying value is considered to have no collateral exposure. The applicable cumulative default rate is determined using two components: customer credit ratings and weighted average remaining contract term. Internally assigned credit ratings, our credit quality indicator, are determined for each customer in the portfolio. Those ratings are updated based upon public information and information obtained directly from our customers. | ||
We have entered into agreements with certain customers that would entitle us to look beyond the specific collateral underlying the receivable for purposes of determining the collateral exposure as described above. Should the proceeds from the sale of the underlying collateral asset resulting from a default condition be insufficient to cover the carrying value of our receivable (creating a shortfall condition), these agreements would, for example, permit us to take the actions necessary to sell or retain certain other assets in which the customer has an equity interest and use the proceeds to cover the shortfall. | ||
Each quarter we review customer credit ratings, published historical credit default rates for different rating categories, and multiple third-party aircraft value publications as a basis to validate the reasonableness of the allowance for losses on receivables. There can be no assurance that actual results will not differ from estimates or that the consideration of these factors in the future will not result in an increase or decrease to the allowance for losses on receivables. | ||
Warranties | ||
In conjunction with certain product sales, we provide warranties that cover factors such as non-conformance to specifications and defects in material and design. The majority of our warranties are issued by our Commercial Airplanes segment. Generally, aircraft sales are accompanied by a three to four-year standard warranty for systems, accessories, equipment, parts, and software manufactured by us or manufactured to certain standards under our authorization. These warranties are included in the programs’ estimate at completion. On occasion we have made commitments beyond the standard warranty obligation to correct fleet-wide major issues of a particular model, resulting in additional accrued warranty expense. Warranties issued by our BDS segments principally relate to sales of military aircraft and weapons hardware and are included in the contract cost estimates. These sales are generally accompanied by a six to twelve-month warranty period and cover systems, accessories, equipment, parts, and software manufactured by us to certain contractual specifications. Estimated costs related to standard warranties are recorded in the period in which the related product sales occur. The warranty liability recorded at each balance sheet date reflects the estimated number of months of warranty coverage outstanding for products delivered times the average of historical monthly warranty payments, as well as additional amounts for certain major warranty issues that exceed a normal claims level. Estimated costs of these additional warranty issues are considered changes to the initial liability estimate. | ||
We provide guarantees to certain commercial airplane customers which include compensation provisions for failure to meet specified aircraft performance targets. We account for these performance guarantees as warranties. The estimated liability for these warranties is based on known and anticipated operational characteristics and forecasted customer operation of the aircraft relative to contractually specified performance targets, and anticipated settlements when contractual remedies are not specified. Estimated payments are recorded as a reduction of revenue at delivery of the related aircraft. We have agreements that require certain suppliers to compensate us for amounts paid to customers for failure of supplied equipment to meet specified performance targets. Claims against suppliers under these agreements are included in Inventories and recorded as a reduction in Cost of products at delivery of the related aircraft. These performance warranties and claims against suppliers are included in the programs’ estimate at completion. | ||
Supplier Penalties | ||
We record an accrual for supplier penalties when an event occurs that makes it probable that a supplier penalty will be incurred and the amount is reasonably estimable. Until an event occurs, we fully anticipate accepting all products procured under production-related contracts. | ||
Guarantees | ||
We record a liability in Accrued liabilities for the fair value of guarantees that are issued or modified after December 31, 2002. For a residual value guarantee where we received a cash premium, the liability is equal to the cash premium received at the guarantee’s inception. For credit guarantees, the liability is equal to the present value of the expected loss. We determine the expected loss by multiplying the creditor’s default rate by the guarantee amount reduced by the expected recovery, if applicable, for each future period the credit guarantee will be outstanding. If at inception of a guarantee, we determine there is a probable related contingent loss, we will recognize a liability for the greater of (a) the fair value of the guarantee as described above or (b) the probable contingent loss amount. |
Goodwill_And_Acquired_Intangib
Goodwill And Acquired Intangibles | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Goodwill and Acquired Intangibles | Goodwill and Acquired Intangibles | |||||||||||||||||||
Changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2014 and 2013 were as follows: | ||||||||||||||||||||
Commercial | Boeing | Network | Global | Total | ||||||||||||||||
Airplanes | Military | & Space | Services | |||||||||||||||||
Aircraft | Systems | & Support | ||||||||||||||||||
Balance at January 1, 2013 | $2,125 | $946 | $1,513 | $451 | $5,035 | |||||||||||||||
Acquisitions | 18 | 7 | 25 | |||||||||||||||||
Goodwill adjustments | (17 | ) | (17 | ) | ||||||||||||||||
Balance at December 31, 2013 | $2,108 | $964 | $1,513 | $458 | $5,043 | |||||||||||||||
Acquisitions | 45 | 57 | 102 | |||||||||||||||||
Goodwill adjustments | (22 | ) | (4 | ) | (26 | ) | ||||||||||||||
Balance at December 31, 2014 | $2,131 | $964 | $1,566 | $458 | $5,119 | |||||||||||||||
As of December 31, 2014 and 2013, we had indefinite-lived intangible assets with carrying amounts of $490 and $497 relating to trade names. | ||||||||||||||||||||
The gross carrying amounts and accumulated amortization of our acquired finite-lived intangible assets were as follows at December 31: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||
Amount | Amount | |||||||||||||||||||
Distribution rights | $2,245 | $550 | $2,275 | $483 | ||||||||||||||||
Product know-how | 494 | 216 | 507 | 199 | ||||||||||||||||
Customer base | 619 | 381 | 615 | 347 | ||||||||||||||||
Developed technology | 500 | 386 | 853 | 742 | ||||||||||||||||
Other | 202 | 148 | 233 | 157 | ||||||||||||||||
Total | $4,060 | $1,681 | $4,483 | $1,928 | ||||||||||||||||
Amortization expense for acquired finite-lived intangible assets for the years ended December 31, 2014 and 2013 was $227 and $205. Estimated amortization expense for the five succeeding years is as follows: | ||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
Estimated amortization expense | $215 | $210 | $201 | $190 | $182 | |||||||||||||||
During 2014 and 2013 we acquired $87 and $144 of finite-lived intangible assets, of which $24 and $0 related to non-cash investing and financing transactions. Total acquired finite-lived intangibles of $24 and $182 remain unpaid as of December 31, 2014 and 2013. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share | 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: | ||||||||||||
(In millions - except per share amounts) | ||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Net earnings | $5,446 | $4,585 | $3,900 | |||||||||
Less: earnings available to participating securities | 6 | 7 | 8 | |||||||||
Net earnings available to common shareholders | $5,440 | $4,578 | $3,892 | |||||||||
Basic | ||||||||||||
Basic weighted average shares outstanding | 728.9 | 760.8 | 758 | |||||||||
Less: participating securities | 1.3 | 1.9 | 2.3 | |||||||||
Basic weighted average common shares outstanding | 727.6 | 758.9 | 755.7 | |||||||||
Diluted | ||||||||||||
Basic weighted average shares outstanding | 728.9 | 760.8 | 758 | |||||||||
Dilutive potential common shares(1) | 9.1 | 8.7 | 5.8 | |||||||||
Diluted weighted average shares outstanding | 738 | 769.5 | 763.8 | |||||||||
Less: participating securities | 1.3 | 1.9 | 2.3 | |||||||||
Diluted weighted average common shares outstanding | 736.7 | 767.6 | 761.5 | |||||||||
Net earnings per share: | ||||||||||||
Basic | $7.47 | $6.03 | $5.15 | |||||||||
Diluted | 7.38 | 5.96 | 5.11 | |||||||||
(1) | Diluted earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards. | |||||||||||
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 earnings per share because the effect was either antidilutive or the performance condition was not met. | ||||||||||||
(Shares in millions) | ||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Stock options | 4.8 | 23.6 | ||||||||||
Performance awards | 5.1 | 4.2 | 4.9 | |||||||||
Performance-based restricted stock units | 1.3 | |||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
The components of earnings before income taxes were: | ||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
U.S. | $6,829 | $5,946 | $5,647 | |||||||||
Non-U.S. | 308 | 286 | 263 | |||||||||
Total | $7,137 | $6,232 | $5,910 | |||||||||
Income tax expense/(benefit) consisted of the following: | ||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Current tax expense | ||||||||||||
U.S. federal | $676 | ($82 | ) | $657 | ||||||||
Non-U.S. | 91 | 76 | 52 | |||||||||
U.S. state | 69 | 11 | 19 | |||||||||
Total current | 836 | 5 | 728 | |||||||||
Deferred tax expense | ||||||||||||
U.S. federal | 828 | 1,531 | 1,209 | |||||||||
Non-U.S. | 34 | 41 | (13 | ) | ||||||||
U.S. state | (7 | ) | 69 | 83 | ||||||||
Total deferred | 855 | 1,641 | 1,279 | |||||||||
Total income tax expense | $1,691 | $1,646 | $2,007 | |||||||||
Net income tax payments were $355, $209 and $410 in 2014, 2013 and 2012, respectively. | ||||||||||||
The following is a reconciliation of the U.S. federal statutory tax rate of 35% to our effective income tax rates: | ||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
U.S. federal statutory tax | 35 | % | 35 | % | 35 | % | ||||||
Research and development credits (1) | (2.9 | ) | (4.9 | ) | 0.8 | |||||||
Amendments to the R&E regulations (2) | (3.4 | ) | ||||||||||
Tax basis adjustment (3) | (3.6 | ) | ||||||||||
Tax on international activities | (0.2 | ) | (0.1 | ) | (1.2 | ) | ||||||
Tax deductible dividends | (0.7 | ) | (0.6 | ) | (0.7 | ) | ||||||
State income tax provision, net of effect on U.S. federal tax | 0.7 | 0.4 | 0.8 | |||||||||
Federal audit settlements (4) | (3.6 | ) | ||||||||||
Other provision adjustments | (1.0 | ) | (0.7 | ) | ||||||||
Effective income tax rate | 23.7 | % | 26.4 | % | 34 | % | ||||||
(1) | In the fourth quarter of 2014, we recorded tax benefits of $188 related to the reinstatement of the research tax credit for 2014. Research tax credits for the 2013 and 2012 tax years were both recorded in 2013. | |||||||||||
(2) | In 2013, we recorded $212 for the issuance of favorable regulations related to research and experimental (R&E) expenditures. | |||||||||||
(3) | In the second quarter of 2014 we recorded an incremental tax benefit of $265 related to the application of a 2012 Federal Court of Claims decision which held that the tax basis in certain assets could be increased and realized upon the assets' disposition (tax basis adjustment). | |||||||||||
(4) | In the second quarter of 2014, tax benefits of $116 and $143 were recorded as a result of the 2007-2008 and 2009-2010 federal tax audit settlements. | |||||||||||
The research tax credit expired on December 31, 2014. If the research tax credit is not extended there would be an unfavorable impact to our 2015 effective income tax rate. | ||||||||||||
Federal income tax audits have been settled for all years prior to 2011. The years 2011-2012 are currently being examined by the IRS. We are also subject to examination in major state and international jurisdictions for the 2001-2014 tax years. We believe appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years. | ||||||||||||
Significant components of our deferred tax (liabilities)/assets at December 31 were as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Inventory and long-term contract methods of income recognition, fixed assets and other (net of valuation allowance of $18 and $20) | ($11,589 | ) | ($9,948 | ) | ||||||||
Pension benefits | 6,145 | 3,099 | ||||||||||
Retiree health care benefits | 2,572 | 2,458 | ||||||||||
Other employee benefits | 1,477 | 1,773 | ||||||||||
Customer and commercial financing | (853 | ) | (990 | ) | ||||||||
Net operating loss, credit and capital loss carryovers (net of valuation allowance of $63 and $105)(1) | 266 | 362 | ||||||||||
Other net unrealized losses | 110 | 26 | ||||||||||
Unremitted earnings of non-U.S. subsidiaries | (37 | ) | (44 | ) | ||||||||
In-process research and development related to acquisitions | 10 | 23 | ||||||||||
Partnerships and joint ventures | 9 | (62 | ) | |||||||||
Net deferred tax (liabilities)/assets(2) | ($1,890 | ) | ($3,303 | ) | ||||||||
(1) | Of the deferred tax asset for net operating loss and credit carryovers, $252 expires in years ending from December 31, 2015 through December 31, 2034 and $14 may be carried over indefinitely. | |||||||||||
(2) | Included in the net deferred tax (liabilities)/assets as of December 31, 2014 and 2013 are deferred tax assets in the amounts of $8,007 and $5,818 related to Accumulated other comprehensive loss. | |||||||||||
Net deferred tax (liabilities)/assets at December 31 were as follows: | ||||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets | $14,219 | $12,486 | ||||||||||
Deferred tax liabilities | (16,028 | ) | (15,664 | ) | ||||||||
Valuation allowance | (81 | ) | (125 | ) | ||||||||
Net deferred tax (liabilities)/assets | ($1,890 | ) | ($3,303 | ) | ||||||||
The measurement of deferred tax assets is reduced by a valuation allowance if, based upon available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. | ||||||||||||
We have provided for U.S. deferred income taxes and foreign withholding tax in the amount of $37 on undistributed earnings not considered indefinitely reinvested in our non-U.S. subsidiaries. We have not provided for U.S. deferred income taxes or foreign withholding tax on the remainder of undistributed earnings from our non-U.S. subsidiaries of approximately $800 because such earnings are considered to be indefinitely reinvested and it is not practicable to estimate the amount of tax that may be payable upon distribution. | ||||||||||||
As of December 31, 2014 and 2013, the amounts accrued for the payment of income tax-related interest and penalties included in the Consolidated Statements of Financial Position were as follows: interest of $17 and $12 and penalties of $5 and $8. The amounts of interest benefit included in the Consolidated Statements of Operations were $17, $4, and $43 for the years ended December 31, 2014, 2013 and 2012, respectively. The interest benefit recorded during 2012 was primarily related to the settlement of non-US audits. | ||||||||||||
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Unrecognized tax benefits – January 1 | $1,141 | $1,055 | $939 | |||||||||
Gross increases – tax positions in prior periods | 403 | 10 | 55 | |||||||||
Gross decreases – tax positions in prior periods | (251 | ) | (125 | ) | (20 | ) | ||||||
Gross increases – current-period tax positions | 217 | 202 | 83 | |||||||||
Gross decreases – current-period tax positions | (1 | ) | (1 | ) | ||||||||
Settlements | (197 | ) | (1 | ) | ||||||||
Lapse of statute of limitations | (1 | ) | ||||||||||
Unrecognized tax benefits – December 31 | $1,312 | $1,141 | $1,055 | |||||||||
As of December 31, 2014, 2013 and 2012, the total amount of unrecognized tax benefits was $1,312, $1,141 and $1,055, respectively, of which $1,180, $1,018 and $945 would affect the effective tax rate, if recognized. As of December 31, 2014, these amounts are primarily associated with U.S. federal tax issues such as the amount of research tax credits claimed, the domestic production activities deductions claimed, tax basis adjustments and U.S. taxation of foreign earnings. Also included in these amounts are accruals for domestic state tax issues such as the allocation of income among various state tax jurisdictions and the amount of state tax credits claimed. |
Accounts_Receivable
Accounts Receivable | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Accounts Receivable, Net [Abstract] | ||||||||||||||||
Accounts Receivable | Accounts Receivable, net | |||||||||||||||
Accounts receivable at December 31 consisted of the following: | ||||||||||||||||
2014 | 2013 | |||||||||||||||
U.S. government contracts | $4,281 | $3,604 | ||||||||||||||
Defense, Space & Security customers (1) | 1,018 | 1,073 | ||||||||||||||
Commercial Airplanes customers | 1,749 | 1,072 | ||||||||||||||
Reinsurance receivables | 512 | 525 | ||||||||||||||
Other | 296 | 376 | ||||||||||||||
Less valuation allowance | (127 | ) | (104 | ) | ||||||||||||
Total | $7,729 | $6,546 | ||||||||||||||
(1) | Excludes U.S. government contracts | |||||||||||||||
The following table summarizes our accounts receivable under long-term contracts that were unbillable or related to outstanding claims as of December 31: | ||||||||||||||||
Unbillable | Claims | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Current | $2,306 | $1,550 | $29 | $3 | ||||||||||||
Expected to be collected after one year | 1,408 | 1,020 | 73 | 61 | ||||||||||||
Total | $3,714 | $2,570 | $102 | $64 | ||||||||||||
Under contract accounting unbillable receivables on long-term contracts arise when the sales or revenues based on performance attainment, though appropriately recognized, cannot be billed yet under terms of the contract as of the balance sheet date. Any adjustment for the credit quality of unbillable receivables, if required, would be recorded as a direct reduction of revenue. Factors considered in assessing the collectability of unbillable receivables include, but are not limited to, a customer’s extended delinquency, requests for restructuring and filings for bankruptcy. Unbillable receivables related to commercial customers expected to be collected after one year were $172 and $179 at December 31, 2014 and 2013. Accounts receivable related to claims are items that we believe are earned, but are subject to uncertainty concerning their determination or ultimate realization. | ||||||||||||||||
Accounts receivable as of December 31, 2014, includes $112 of unbillable receivables on a long-term contract with LightSquared, LP (LightSquared) related to the construction of two commercial satellites. One of the satellites has been delivered, and the other is substantially complete but remains in Boeing’s possession. On May 14, 2012, LightSquared filed for Chapter 11 bankruptcy protection. We believe that our rights in the second satellite and related ground-segment assets are sufficient to protect the value of our receivables in the event LightSquared fails to make payments as contractually required or rejects its contract with us. Given the uncertainties inherent in bankruptcy proceedings, it is reasonably possible that we could incur losses related to these receivables in connection with the LightSquared bankruptcy. | ||||||||||||||||
Accounts receivable, other than those described above, expected to be collected after one year are not material. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventories | Inventories | |||||||
Inventories at December 31 consisted of the following: | ||||||||
2014 | 2013 | |||||||
Long-term contracts in progress | $13,381 | $12,608 | ||||||
Commercial aircraft programs | 55,220 | 48,065 | ||||||
Commercial spare parts, used aircraft, general stock materials and other | 7,421 | 7,793 | ||||||
Inventory before advances and progress billings | 76,022 | 68,466 | ||||||
Less advances and progress billings | (29,266 | ) | (25,554 | ) | ||||
Total | $46,756 | $42,912 | ||||||
Long-Term Contracts in Progress | ||||||||
Long-term contracts in progress includes Delta launch program inventory that is being sold at cost to United Launch Alliance (ULA) under an inventory supply agreement that terminates on March 31, 2021. At December 31, 2014 and 2013, the inventory balance was $154 (net of advances of $322) and $425 (net of advances of $331). At December 31, 2014, $292 of this inventory related to unsold launches. See Note 12. | ||||||||
Capitalized precontract costs of $1,281 and $520 at December 31, 2014 and 2013 are included in inventories. See C-17 in Note 11. | ||||||||
Commercial Aircraft Programs | ||||||||
At December 31, 2014 and 2013, commercial aircraft programs inventory included the following amounts related to the 787 program: $33,163 and $27,576 of work in process (including deferred production costs of $26,149 and $21,620), $2,257 and $2,189 of supplier advances, and $3,801 and $3,377 of unamortized tooling and other non-recurring costs. At December 31, 2014, $20,982 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 $8,968 is expected to be recovered from units included in the program accounting quantity that represent expected future orders. | ||||||||
At December 31, 2014 and 2013, commercial aircraft programs inventory included the following amounts related to the 747 program: $1,741 and $1,554 of deferred production costs, net of previously recorded reach-forward losses, and $476 and $563 of unamortized tooling costs. At December 31, 2014, $1,047 of 747 deferred production and unamortized tooling costs are expected to be recovered from units included in the program accounting quantity that have firm orders and $1,170 is expected to be recovered from units included in the program accounting quantity that represent expected future orders. | ||||||||
Commercial aircraft programs inventory included amounts credited in cash or other consideration (early issue sales consideration) to airline customers totaling $3,341 and $3,465 at December 31, 2014 and 2013. |
Customer_Financing
Customer Financing | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Customer Financing [Abstract] | ||||||||||||||||||||||||
Customer Financing | Customer Financing | |||||||||||||||||||||||
Customer financing primarily relates to the Boeing Capital (BCC) segment and consisted of the following at December 31: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Financing receivables: | ||||||||||||||||||||||||
Investment in sales-type/finance leases | $1,535 | $1,699 | ||||||||||||||||||||||
Notes | 370 | 587 | ||||||||||||||||||||||
Total financing receivables | 1,905 | 2,286 | ||||||||||||||||||||||
Operating lease equipment, at cost, less accumulated depreciation of $571 and $564 | 1,677 | 1,734 | ||||||||||||||||||||||
Gross customer financing | 3,582 | 4,020 | ||||||||||||||||||||||
Less allowance for losses on receivables | (21 | ) | (49 | ) | ||||||||||||||||||||
Total | $3,561 | $3,971 | ||||||||||||||||||||||
The components of investment in sales-type/finance leases at December 31 were as follows: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Minimum lease payments receivable | $1,475 | $1,731 | ||||||||||||||||||||||
Estimated residual value of leased assets | 521 | 543 | ||||||||||||||||||||||
Unearned income | (461 | ) | (575 | ) | ||||||||||||||||||||
Total | $1,535 | $1,699 | ||||||||||||||||||||||
Operating lease equipment primarily includes large commercial jet aircraft and regional jet aircraft. At December 31, 2014 and 2013, operating lease equipment included $48 and $83 of BCC equipment available for sale or re-lease. At December 31, 2014 and 2013, we had firm lease commitments for $0 and $57 of this equipment. | ||||||||||||||||||||||||
Financing receivable balances evaluated for impairment at December 31 were as follows: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Individually evaluated for impairment | $86 | $95 | ||||||||||||||||||||||
Collectively evaluated for impairment | 1,819 | 2,191 | ||||||||||||||||||||||
Total financing receivables | $1,905 | $2,286 | ||||||||||||||||||||||
We determine a receivable is impaired when, based on current information and events, it is probable that we will be unable to collect amounts due according to the original contractual terms. At December 31, 2014 and 2013, we individually evaluated for impairment customer financing receivables of $86 and $95 and determined that none of these were impaired. As of December 31, 2014 and 2013, we had no material receivables that were greater than 30 days past due and we had no impaired customer financing receivables during 2014. | ||||||||||||||||||||||||
Income recognition is generally suspended for financing receivables at the date full recovery of income and principal becomes not probable. Income is recognized when financing receivables become contractually current and performance is demonstrated by the customer. For the years ended December 31, 2013 and 2012, interest income recognized on such receivables was $30 and $6, and the average recorded investment in impaired financing receivables was $376 and $466. | ||||||||||||||||||||||||
The change in the allowance for losses on financing receivables for the years ended December 31, 2014, 2013 and 2012, consisted of the following: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Beginning balance - January 1 | ($49 | ) | ($60 | ) | ($70 | ) | ||||||||||||||||||
Customer financing valuation benefit | 28 | 11 | 10 | |||||||||||||||||||||
Ending balance - December 31 | ($21 | ) | ($49 | ) | ($60 | ) | ||||||||||||||||||
Collectively evaluated for impairment | ($21 | ) | ($49 | ) | ($60 | ) | ||||||||||||||||||
The adequacy of the allowance for losses is assessed quarterly. Three primary factors influencing the level of our allowance for losses on customer financing receivables are customer credit ratings, default rates and collateral values. We assign internal credit ratings for all customers and determine the creditworthiness of each customer based upon publicly available information and information obtained directly from our customers. Our rating categories are comparable to those used by the major credit rating agencies. | ||||||||||||||||||||||||
Our financing receivable balances at December 31 by internal credit rating category are shown below: | ||||||||||||||||||||||||
Rating categories | 2014 | 2013 | ||||||||||||||||||||||
BBB | $1,055 | $1,091 | ||||||||||||||||||||||
BB | 58 | |||||||||||||||||||||||
B | 633 | 585 | ||||||||||||||||||||||
CCC | 131 | 457 | ||||||||||||||||||||||
Other | 86 | 95 | ||||||||||||||||||||||
Total carrying value of financing receivables | $1,905 | $2,286 | ||||||||||||||||||||||
At December 31, 2014, our allowance related to receivables with ratings of B and BBB. We applied default rates that averaged 16% and 2% to the exposure associated with those receivables. | ||||||||||||||||||||||||
Customer Financing Exposure | ||||||||||||||||||||||||
Customer financing is collateralized by security in the related asset. The value of the collateral is closely tied to commercial airline performance and overall market conditions and may be subject to reduced valuation with market decline. Declines in collateral values are also a significant driver of our allowance for losses. Generally, out-of-production aircraft have experienced greater collateral value declines than in-production aircraft. | ||||||||||||||||||||||||
Our customer financing portfolio is primarily collateralized by out-of-production 717, 757 and MD-80 aircraft. The majority of customer financing carrying values are concentrated in the following aircraft models at December 31: | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
717 Aircraft ($421 and $444 accounted for as operating leases) | $1,562 | $1,674 | ||||||||||||||||||||||
747 Aircraft ($601 and $183 accounted for as operating leases) | 601 | 286 | ||||||||||||||||||||||
757 Aircraft ($349 and $402 accounted for as operating leases) | 370 | 453 | ||||||||||||||||||||||
MD-80 Aircraft (Accounted for as sales-type finance leases) | 358 | 411 | ||||||||||||||||||||||
767 Aircraft ($47 and $60 accounted for as operating leases) | 158 | 207 | ||||||||||||||||||||||
737 Aircraft ($127 and $138 accounted for as operating leases) | 156 | 210 | ||||||||||||||||||||||
MD-11 Aircraft (Accounted for as operating leases) | 114 | 220 | ||||||||||||||||||||||
787 Aircraft (Accounted for as operating leases) | 273 | |||||||||||||||||||||||
Charges related to customer financing asset impairment for the years ended December 31 were as follows: | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Boeing Capital | $139 | $67 | $73 | |||||||||||||||||||||
Other Boeing | 45 | 14 | (15 | ) | ||||||||||||||||||||
Total | $184 | $81 | $58 | |||||||||||||||||||||
Scheduled receipts on customer financing are as follows: | ||||||||||||||||||||||||
Year | 2015 | 2016 | 2017 | 2018 | 2019 | Beyond 2019 | ||||||||||||||||||
Principal payments on notes receivable | $55 | $41 | $42 | $120 | $69 | $43 | ||||||||||||||||||
Sales-type/finance lease payments receivable | 228 | 225 | 206 | 195 | 182 | 439 | ||||||||||||||||||
Operating lease equipment payments receivable | 505 | 130 | 92 | 70 | 54 | 143 | ||||||||||||||||||
Property_Plant_And_Equipment
Property, Plant And Equipment | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||
Property, Plant And Equipment | Property, Plant and Equipment | |||||||||||||||||||
Property, plant and equipment at December 31 consisted of the following: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Land | $560 | $562 | ||||||||||||||||||
Buildings and land improvements | 11,767 | 11,068 | ||||||||||||||||||
Machinery and equipment | 12,867 | 12,376 | ||||||||||||||||||
Construction in progress | 1,502 | 1,288 | ||||||||||||||||||
Gross property, plant and equipment | 26,696 | 25,294 | ||||||||||||||||||
Less accumulated depreciation | (15,689 | ) | (15,070 | ) | ||||||||||||||||
Total | $11,007 | $10,224 | ||||||||||||||||||
Depreciation expense was $1,414, $1,338 and $1,248 for the years ended December 31, 2014, 2013 and 2012, respectively. Interest capitalized during the years ended December 31, 2014, 2013 and 2012 totaled $102, $87 and $74, respectively. | ||||||||||||||||||||
Rental expense for leased properties was $277, $287 and $276, for the years ended December 31, 2014, 2013 and 2012, respectively. At December 31, 2014, minimum rental payments under capital leases aggregated $158. Minimum rental payments under operating leases with initial or remaining terms of one year or more aggregated $1,486, net of sublease payments of $17 at December 31, 2014. Payments due under operating and capital leases net of sublease amounts and non-cancellable future rentals during the next five years are as follows: | ||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
Minimum operating lease payments, net of sublease amounts | $221 | $203 | $175 | $146 | $123 | |||||||||||||||
Minimum capital lease payments, net of sublease amounts | 56 | 40 | 33 | 14 | 3 | |||||||||||||||
Accounts payable related to purchases of property, plant and equipment were $299 and $213 for the years ended December 31, 2014 and 2013. |
Investments
Investments | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Investments [Abstract] | |||||||||||
Investments | Investments | ||||||||||
Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following at December 31: | |||||||||||
2014 | 2013 | ||||||||||
Time deposits | $1,295 | $6,090 | |||||||||
Pledged money market funds(1) | 38 | 46 | |||||||||
Available-for-sale investments | 7 | 8 | |||||||||
Equity method investments (2) | 1,114 | 1,164 | |||||||||
Restricted cash(3) | 26 | 33 | |||||||||
Other investments | 33 | 33 | |||||||||
Total | $2,513 | $7,374 | |||||||||
(1) | Reflects amounts pledged in lieu of letters of credit as collateral in support of our workers’ compensation programs. These funds can become available within 30 days notice upon issuance of letters of credit. | ||||||||||
(2) | Dividends received were $293 and $226 during 2014 and 2013. Retained earnings at December 31, 2014 include undistributed earnings from our equity method investments of $158. | ||||||||||
(3) | Restricted to pay certain claims related to workers’ compensation and life insurance premiums for certain employees. | ||||||||||
Equity Method Investments | |||||||||||
Our equity method investments consisted of the following as of December 31: | |||||||||||
Segment | Ownership Percentages | Investment Balance | |||||||||
2014 | 2013 | ||||||||||
United Launch Alliance | Network & Space Systems (N&SS) | 50% | $916 | $970 | |||||||
Other | Commercial Airplanes, N&SS and Global Services & Support (GS&S) | 198 | 194 | ||||||||
Total equity method investments | $1,114 | $1,164 | |||||||||
Other_Assets
Other Assets | 12 Months Ended |
Dec. 31, 2014 | |
Other Assets [Abstract] | |
Other Assets | Other Assets |
Sea Launch | |
At December 31, 2014 and 2013, Other assets included $356 of receivables related to our former investment in the Sea Launch venture which became payable by certain Sea Launch partners following Sea Launch’s bankruptcy filing in June 2009. The $356 includes $147 related to a payment made by us under a bank guarantee on behalf of Sea Launch and $209 related to loans (partner loans) we made to Sea Launch. The net amounts owed to Boeing by each of the partners are as follows: S.P. Koroley Rocket and Space Corporation Energia of Russia – $223, PO Yuzhnoye Mashinostroitelny Zavod of Ukraine – $89 and KB Yuzhnoye of Ukraine – $44. | |
Although each partner is contractually obligated to reimburse us for its share of the bank guarantee, the Russian and Ukrainian partners have raised defenses to enforcement and contested our claims. On October 19, 2009, we filed a Notice of Arbitration with the Stockholm Chamber of Commerce seeking reimbursement from the other Sea Launch partners of the $147 bank guarantee payment. On October 7, 2010, the arbitrator ruled that the Stockholm Chamber of Commerce lacked jurisdiction to hear the matter but did not resolve the merits of our claim. We filed a notice appealing the arbitrator’s ruling on January 11, 2011. On April 11, 2014, the appellate court entered a ruling that the decision of the arbitrator is not appealable. On May 9, 2014, we filed a brief with the Supreme Court of Sweden appealing the appellate court's April 11, 2014 ruling. On February 1, 2013, we filed an action in the United States District Court for the Central District of California seeking reimbursement from the other Sea Launch partners of the $147 bank guarantee payment and the $209 partner loan obligations. A trial in the United States District Court for the Central District of California is scheduled to commence July 14, 2015. We believe the partners have the financial wherewithal to pay and intend to pursue vigorously all of our rights and remedies. In the event we are unable to secure reimbursement of $147 related to our payment under the bank guarantee and $209 related to partner loans made to Sea Launch, we could incur additional charges. Our current assessment as to the collectability of these receivables takes into account the current economic conditions in Russia and Ukraine, although we will continue to monitor the situation. |
Liabilities_Commitments_And_Co
Liabilities, Commitments And Contingencies | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Liabilities, Commitments And Contingencies | Liabilities, Commitments and Contingencies | |||||||
Accrued Liabilities | ||||||||
Accrued liabilities at December 31 consisted of the following: | ||||||||
2014 | 2013 | |||||||
Accrued compensation and employee benefit costs | $5,868 | $6,158 | ||||||
Environmental | 601 | 649 | ||||||
Product warranties | 1,504 | 1,570 | ||||||
Forward loss recognition | 414 | 360 | ||||||
Dividends payable | 637 | 542 | ||||||
Other | 4,319 | 4,852 | ||||||
Total | $13,343 | $14,131 | ||||||
Environmental | ||||||||
The following table summarizes environmental remediation activity during the years ended December 31, 2014 and 2013. | ||||||||
2014 | 2013 | |||||||
Beginning balance – January 1 | $649 | $710 | ||||||
Reductions for payments made | (89 | ) | (120 | ) | ||||
Changes in estimates | 41 | 59 | ||||||
Ending balance – December 31 | $601 | $649 | ||||||
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 December 31, 2014 and 2013, the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $874 and $928. | ||||||||
Product Warranties | ||||||||
The following table summarizes product warranty activity recorded during the years ended December 31, 2014 and 2013. | ||||||||
2014 | 2013 | |||||||
Beginning balance – January 1 | $1,570 | $1,572 | ||||||
Additions for current year deliveries | 566 | 595 | ||||||
Reductions for payments made | (432 | ) | (419 | ) | ||||
Changes in estimates | (200 | ) | (178 | ) | ||||
Ending balance - December 31 | $1,504 | $1,570 | ||||||
Commercial Aircraft Commitments | ||||||||
In conjunction with signing definitive agreements for the sale of new aircraft (Sale 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 upon the purchase of Sale Aircraft. 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 December 31, 2014 have expiration dates from 2015 through 2026. At December 31, 2014 and 2013, total contractual trade-in commitments were $2,392 and $1,605. As of December 31, 2014 and 2013, we estimated that it was probable we would be obligated to perform on certain of these commitments with net amounts payable to customers totaling $446 and $325 and the fair value of the related trade-in aircraft was $446 and $325. | ||||||||
Financing Commitments | ||||||||
Financing commitments related to aircraft on order, including options and those proposed in sales campaigns, totaled $16,723 and $17,987 as of December 31, 2014 and 2013. The estimated earliest potential funding dates for these commitments as of December 31, 2014 are as follows: | ||||||||
Total | ||||||||
2015 | $2,552 | |||||||
2016 | 3,710 | |||||||
2017 | 3,497 | |||||||
2018 | 2,305 | |||||||
2019 | 1,738 | |||||||
Thereafter | 2,921 | |||||||
$16,723 | ||||||||
As of December 31, 2014 all of these financing commitments related 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. | ||||||||
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 $3,985 and $4,376 as of December 31, 2014 and 2013. | ||||||||
Commitments to ULA | ||||||||
We and Lockheed Martin Corporation have each committed to provide ULA with up to $527 of additional capital contributions in the event ULA does not have sufficient funds to make a required payment to us under an inventory supply agreement. See Note 6. | ||||||||
C-17 | ||||||||
In September 2013, we decided to end production of C-17 aircraft in late 2015. In April 2014, we announced that we anticipate ending production approximately three months earlier based on our decision to produce three fewer aircraft in 2015 than previously planned. As a result, during the first quarter of 2014, BDS recorded $48 to write off inventory and accrue termination liabilities to suppliers. At December 31, 2014, our backlog included international orders for three C-17 aircraft that are scheduled for delivery in 2015 and we have active sales campaigns for the remaining seven unsold aircraft. We are currently incurring costs and have made commitments to suppliers related to these aircraft. We believe it is probable that we will recover costs related to the unsold aircraft from international customer orders. Should orders for the seven unsold aircraft not materialize or should we decide to discontinue production of unsold aircraft, we could incur further charges to write-down inventory and/or record termination liabilities. At December 31, 2014, we had approximately $1,091 of capitalized precontract costs and $385 of potential termination liabilities to suppliers associated with unsold aircraft. | ||||||||
F/A-18 | ||||||||
At December 31, 2014, our backlog included 68 F/A-18 aircraft under contract with the U.S. Navy. The Consolidated and Further Continuing Appropriations Act, 2015, funds 15 additional F/A-18 aircraft. The orders in backlog, combined with anticipated orders for the 15 aircraft currently funded, would complete production in 2017. The President’s Fiscal Year 2016 budget request submitted in February 2015 did not include funding for additional F/A-18 aircraft. We are continuing to work with our U.S. customer as well as international customers to secure additional orders. Should additional orders not materialize, it is reasonably possible that we will decide in the next twelve months to end production of the F/A-18 at a future date. We are still evaluating the full financial impact of a potential production shutdown, including any recovery that may be available from the U.S. government. | ||||||||
Company Owned Life Insurance | ||||||||
McDonnell Douglas Corporation insured its executives with Company Owned Life Insurance (COLI), which are life insurance policies with a cash surrender value. Although we do not use COLI currently, these obligations from the merger with McDonnell Douglas are still a commitment at this time. We have loans in place to cover costs paid or incurred to carry the underlying life insurance policies. As of December 31, 2014 and 2013, the cash surrender value was $466 and $451 and the total loans were $439 and $425. As we have the right to offset the loans against the cash surrender value of the policies, we present the net asset in Other assets on the Consolidated Statements of Financial Position as of December 31, 2014 and 2013. | ||||||||
United States Government Defense Environment Overview | ||||||||
U.S. government appropriation levels remain subject to significant uncertainty. In August 2011, the Budget Control Act (The Act) established limits on U.S. government discretionary spending, including a reduction of defense spending by approximately $490 billion between the 2012 and 2021 U.S. government fiscal years. The Act also provided that the defense budget would face “sequestration” cuts of up to an additional $500 billion during that same period to the extent that discretionary spending limits are exceeded. While the impact of sequestration cuts was reduced with respect to FY2014 and FY2015 following the enactment of The Bipartisan Budget Act in December 2013, significant uncertainty remains with respect to overall levels of defense spending. It is likely that U.S. government discretionary spending levels for FY2016 and beyond will continue to be subject to significant pressure, including risk of future sequestration cuts. | ||||||||
Significant uncertainty also continues with respect to program-level appropriations for the U.S. Department of Defense (U.S. DoD) and other government agencies, including the National Aeronautics and Space Administration, within the overall budgetary framework described above. Future budget cuts, including cuts mandated by sequestration, or future procurement decisions associated with the authorization and appropriations process could result in reductions, cancellations and/or delays of existing contracts or programs. Any of these impacts could have a material effect on the results of the Company’s operations, financial position and/or cash flows. | ||||||||
In addition to the risks described above, if Congress is unable to pass appropriations bills in a timely manner, a government shutdown could result which could have impacts above and beyond those resulting from budget cuts or sequestration impacts. For example, requirements to furlough employees in the U.S. DoD or other government agencies could result in payment delays, impair our ability to perform work on existing contracts, and/or negatively impact future orders. | ||||||||
BDS Fixed-Price Development Contracts | ||||||||
Fixed-price development work is inherently uncertain and subject to significant variability in estimates of the cost and time required to complete the work. BDS fixed-price contracts with significant development work include Airborne Early Warning and Control, Commercial Crew, India P-8I, Saudi F-15, USAF KC-46A Tanker and commercial and military satellites. The operational and technical complexities of these contracts create financial risk, which could trigger termination provisions, order cancellations or other financially significant exposure. Changes to cost and revenue estimates could result in lower margins or material charges for reach-forward losses. For example, during the second quarter of 2014, higher estimated costs to complete the KC-46A Tanker contract for the U.S. Air Force resulted in a reach-forward loss of $425 of which the Commercial Airplanes segment recorded $238 and the BMA segment recorded $187. | ||||||||
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. | ||||||||
Russia/Ukraine | ||||||||
We continue to monitor political unrest involving Russia and Ukraine, where we and some of our suppliers source titanium products and/or have operations. A number of our commercial customers also have operations in Russia and Ukraine. To date, we have not experienced any significant disruptions to production or deliveries. Should suppliers or customers experience disruption, our production and/or deliveries could be materially impacted. | ||||||||
747 and 787 Commercial Airplane Programs | ||||||||
The development and initial production of new commercial airplanes and new commercial airplane derivatives, which include the 747 and 787, entail significant commitments to customers and suppliers as well as substantial investments in working capital, infrastructure and research and development. The 747 and 787 programs had gross margins that were breakeven or near breakeven during 2014. | ||||||||
Lower-than-expected demand for large commercial passenger and freighter aircraft have resulted in ongoing pricing pressures and fewer 747 orders than anticipated. We continue to have a number of unsold 747 production positions. If market, production and other risks cannot be mitigated, the program could face a reach-forward loss that may be material. | ||||||||
The combination of production challenges, change incorporation, schedule delays and customer and supplier impacts has created significant pressure on 787 program profitability. If risks related to this program, including risks associated with planned production rate increases or introducing and manufacturing the 787-10 derivative as scheduled cannot be mitigated, the program could face additional customer claims and/or supplier assertions, as well as a reach-forward loss that may be material. |
Arrangements_With_OffBalance_S
Arrangements With Off-Balance Sheet Risk | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||||||
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. | |||||||||||||||||||||
Maximum | Estimated | Carrying | |||||||||||||||||||
Potential | Proceeds from | Amount of | |||||||||||||||||||
Payments | Collateral/ | Liabilities | |||||||||||||||||||
Recourse | |||||||||||||||||||||
December 31, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Contingent repurchase commitments | $1,375 | $1,872 | $1,364 | $1,871 | $5 | $5 | |||||||||||||||
Indemnifications to ULA: | |||||||||||||||||||||
Contributed Delta program launch inventory | 114 | 127 | |||||||||||||||||||
Contract pricing | 261 | 261 | 7 | 7 | |||||||||||||||||
Other Delta contracts | 150 | 227 | 8 | ||||||||||||||||||
Other indemnifications | 63 | 106 | 20 | 28 | |||||||||||||||||
Credit guarantees | 30 | 35 | 27 | 27 | 2 | 2 | |||||||||||||||
Contingent Repurchase Commitments The 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. | |||||||||||||||||||||
Indemnifications to ULA In 2006, we agreed to indemnify ULA through December 31, 2020 against potential non-recoverability and non-allowability of $1,360 of Boeing Delta launch program inventory included in contributed assets plus $1,860 of inventory subject to an inventory supply agreement which ends on March 31, 2021. Since inception, ULA has consumed $1,246 of the $1,360 of inventory that was contributed by us and has yet to consume $114. ULA has made advance payments of $1,609 to us and we have recorded revenues and cost of sales of $1,287 under the inventory supply agreement through December 31, 2014. | |||||||||||||||||||||
We agreed to indemnify ULA against potential losses that ULA may incur in the event ULA is unable to obtain certain additional contract pricing from the U.S. Air Force (USAF) for four satellite missions. We believe ULA is entitled to additional contract pricing. In December 2008, ULA submitted a claim to the USAF to re-price the contract value for two satellite missions. In March 2009, the USAF issued a denial of that claim. In June 2009, ULA filed a notice of appeal, and in October 2009, ULA filed a complaint before the Armed Services Board of Contract Appeals (ASBCA) for a contract adjustment for the price of the two satellite missions. In September 2009, the USAF exercised its option for a third satellite mission. During the third quarter of 2010, ULA submitted a claim to the USAF to re-price the contract value of the third mission. The USAF did not exercise an option for a fourth mission prior to the expiration of the contract. In March 2011, ULA filed a notice of appeal before the ASBCA, seeking to re-price the third mission. On November 20, 2013, the ASBCA denied USAF motions for summary judgment against ULA in large part, leaving ULA’s claims against the USAF substantially intact. The hearing before the ASBCA concluded on December 20, 2013. The parties filed their final post-hearing briefs in May 2014. The ASBCA may now issue a decision at any time. If ULA is ultimately unsuccessful in obtaining additional pricing, we may be responsible for an indemnification payment up to $261 and may record up to $278 in pre-tax losses associated with the three missions. | |||||||||||||||||||||
Potential payments for Other Delta contracts include $85 related to deferred support costs. In June 2011, the Defense Contract Management Agency (DCMA) notified ULA that it had determined that $271 of deferred support costs are not recoverable under government contracts. In December 2011, the DCMA notified ULA of the potential non-recoverability of an additional $114 of deferred production costs. ULA and Boeing believe that all costs are recoverable and in November 2011, ULA filed a certified claim with the USAF for collection of deferred support and production costs. The USAF issued a final decision denying ULA’s certified claim in May 2012. On June 14, 2012, Boeing and ULA filed a suit in the Court of Federal Claims seeking recovery of the deferred support and production costs from the U.S. government. On November 9, 2012, the U.S. government filed an answer to our claim and asserted a counterclaim for credits that it alleges were offset by deferred support cost invoices. We believe that the U.S. government’s counterclaim is without merit, and have filed an answer challenging it on multiple grounds. The litigation is in the discovery phase and the Court has not yet set a trial date. If, contrary to our belief, it is determined that some or all of the deferred support or production costs are not recoverable, we could be required to record pre-tax losses and make indemnification payments to ULA for up to $317 of the costs questioned by the DCMA. | |||||||||||||||||||||
Other Indemnifications As part of the 2004 sale agreement with General Electric Capital Corporation related to the sale of BCC’s Commercial Financial Services business, BCC is involved in a loss sharing arrangement for losses on transferred portfolio assets, such as asset sales, provisions for loss or asset impairment charges offset by gains from asset sales. At December 31, 2014 and 2013, our maximum future cash exposure to losses associated with the loss sharing arrangement was $63 and $106 and our accrued liability under the loss sharing arrangement was $20 and $28. | |||||||||||||||||||||
In conjunction with our sales of Electron Dynamic Devices, Inc. and Rocketdyne Propulsion and Power businesses and our Commercial Airplanes 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. It is impossible 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 11. | |||||||||||||||||||||
Credit Guarantees We have issued credit guarantees, principally to facilitate the sale and/or financing of commercial aircraft. Under these arrangements, we are obligated to make payments to a guaranteed party in the event that lease or loan payments are not made by the original lessee or debtor or certain specified services are not performed. A substantial portion of these guarantees has been extended on behalf of original lessees or debtors with less than investment-grade credit. Our commercial aircraft credit guarantees are collateralized by the underlying commercial aircraft and certain other assets. Current outstanding credit guarantees expire within the next six years. | |||||||||||||||||||||
Industrial Revenue Bonds | |||||||||||||||||||||
Industrial Revenue Bonds (IRB) issued by the City of Wichita were used to finance the purchase and/or construction of real and personal property at our Wichita site. Tax benefits associated with IRBs include a ten-year property tax abatement and a sales tax exemption from the Kansas Department of Revenue. We record the property on our Consolidated Statements of Financial Position, along with a capital lease obligation to repay the proceeds of the IRB. We have also purchased the IRBs and therefore are the bondholders as well as the borrower/lessee of the property purchased with the IRB proceeds. | |||||||||||||||||||||
The capital lease obligation and IRB asset are recorded net in the Consolidated Statements of Financial Position. As of December 31, 2014 and 2013, the assets and liabilities associated with the City of Wichita IRBs were $638 and $690. |
Debt
Debt | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||
Debt | Debt | |||||||||||||||||||
On October 31, 2014, we issued $300 of fixed rate senior notes due October 30, 2021 with an annual interest rate of 2.35%, $300 of fixed rate senior notes due October 30, 2024 with an annual interest rate of 2.85%, and $250 of floating rate senior notes due October 30, 2017. Each series of fixed rate senior notes may be redeemed at our option at any time for a redemption price equal to the full principal amount plus any accrued and unpaid interest and a make-whole premium. The floating rate senior notes bear interest at an annual rate equal to three-month LIBOR plus 12.5 basis points, and are not redeemable prior to maturity. The notes are unsecured senior obligations and rank equally in right of payment with our existing and future unsecured and unsubordinated indebtedness. The net proceeds of the issuance, after deducting underwriting discounts, commissions and offering expenses, totaled $838, of which $544 were used to fund BCC. | ||||||||||||||||||||
Interest incurred, including amounts capitalized, was $504, $548 and $625 for the years ended December 31, 2014, 2013 and 2012, respectively. Interest expense recorded by BCC is reflected as Boeing Capital interest expense on our Consolidated Statements of Operations. Total Company interest payments were $511, $551 and $614 for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||||||||||
We have $5,005 currently available under credit line agreements, of which $2,473 is a 364-day revolving credit facility expiring in November 2015 and $2,472 expires in November 2019 and $60 in November 2017. The 364-day credit facility has a one-year term out option which allows us to extend the maturity of any borrowings one year beyond the aforementioned expiration date. We continue to be in full compliance with all covenants contained in our debt or credit facility agreements. | ||||||||||||||||||||
Short-term debt and current portion of long-term debt at December 31 consisted of the following: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Unsecured debt securities | $755 | $1,370 | ||||||||||||||||||
Non-recourse debt and notes | 38 | 32 | ||||||||||||||||||
Capital lease obligations | 64 | 68 | ||||||||||||||||||
Other notes | 72 | 93 | ||||||||||||||||||
Total | $929 | $1,563 | ||||||||||||||||||
Debt at December 31 consisted of the following: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Unsecured debt securities | ||||||||||||||||||||
Variable rate: 3-month USD LIBOR plus 1 basis point due 2014 | $150 | |||||||||||||||||||
Variable rate: 3-month USD LIBOR plus 12.5 basis points due 2017 | $250 | |||||||||||||||||||
0.95% - 5.00% due through 2024 | 4,223 | 4,832 | ||||||||||||||||||
5.88% - 6.88% due through 2043 | 2,394 | 2,392 | ||||||||||||||||||
7.25% - 8.75% due through 2043 | 1,657 | 1,672 | ||||||||||||||||||
Non-recourse debt and notes | ||||||||||||||||||||
6.98% - 7.38% notes due through 2021 | 201 | 233 | ||||||||||||||||||
Capital lease obligations due through 2024 | 161 | 151 | ||||||||||||||||||
Other notes | 184 | 205 | ||||||||||||||||||
Total debt | $9,070 | $9,635 | ||||||||||||||||||
Total debt is attributable to: | ||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
BCC | $2,412 | $2,577 | ||||||||||||||||||
Other Boeing | 6,658 | 7,058 | ||||||||||||||||||
Total debt | $9,070 | $9,635 | ||||||||||||||||||
At December 31, 2014, $213 of debt (non-recourse debt, notes and capital lease obligations) was collateralized by customer financing assets totaling $362. | ||||||||||||||||||||
Scheduled principal payments for debt and minimum capital lease obligations for the next five years are as follows: | ||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
Scheduled principal payments | $937 | $1,098 | $331 | $653 | $1,235 | |||||||||||||||
Postretirement_Plans
Postretirement Plans | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |||||||||||||||||||||||||
Postretirement Plans | Postretirement Plans | ||||||||||||||||||||||||
The majority of our employees are earning benefits under defined benefit pension plans. In 2014, we announced changes to our retirement plans whereby nonunion and the majority of union employees currently participating in defined benefit pension plans will transition in 2016 to a company-funded defined contribution retirement savings plan. | |||||||||||||||||||||||||
We fund our major pension plans through trusts. Pension assets are placed in trust solely for the benefit of the plans’ participants, and are structured to maintain liquidity that is sufficient to pay benefit obligations as well as to keep pace over the long-term with the growth of obligations for future benefit payments. | |||||||||||||||||||||||||
We also have other postretirement benefits (OPB) other than pensions which consist principally of health care coverage for eligible retirees and qualifying dependents, and to a lesser extent, life insurance to certain groups of retirees. Retiree health care is provided principally until age 65 for approximately half those retirees who are eligible for health care coverage. Certain employee groups, including employees covered by most United Auto Workers bargaining agreements, are provided lifetime health care coverage. | |||||||||||||||||||||||||
The funded status of the plans is measured as the difference between the plan assets at fair value and the projected benefit obligation (PBO). We have recognized the aggregate of all overfunded plans in Other assets, and the aggregate of all underfunded plans in either Accrued retiree health care or Accrued pension plan liability, net. The portion of the amount by which the actuarial present value of benefits included in the PBO exceeds the fair value of plan assets, payable in the next 12 months, is reflected in Accrued liabilities. The components of net periodic benefit cost were as follows: | |||||||||||||||||||||||||
Pension | Other Postretirement Benefits | ||||||||||||||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Service cost | $1,661 | $1,886 | $1,649 | $129 | $148 | $146 | |||||||||||||||||||
Interest cost | 3,058 | 2,906 | 3,005 | 289 | 263 | 313 | |||||||||||||||||||
Expected return on plan assets | (4,169 | ) | (3,874 | ) | (3,831 | ) | (8 | ) | (6 | ) | (7 | ) | |||||||||||||
Amortization of prior service costs | 177 | 196 | 225 | (144 | ) | (180 | ) | (197 | ) | ||||||||||||||||
Recognized net actuarial loss | 1,020 | 2,231 | 1,937 | 8 | 95 | 119 | |||||||||||||||||||
Settlement/curtailment/other losses | 461 | 104 | 25 | 1 | (1 | ) | |||||||||||||||||||
Net periodic benefit cost | $2,208 | $3,449 | $3,010 | $275 | $320 | $373 | |||||||||||||||||||
Net periodic benefit cost included in Earnings from operations | $3,215 | $3,036 | $2,407 | $287 | $353 | $543 | |||||||||||||||||||
The following tables show changes in the benefit obligation, plan assets and funded status of both pensions and OPB for the years ended December 31, 2014 and 2013. Benefit obligation balances presented below reflect the PBO for our pension plans, and accumulated postretirement benefit obligations (APBO) for our OPB plans. | |||||||||||||||||||||||||
Pension | Other Postretirement Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||
Beginning balance | $68,625 | $75,895 | $7,008 | $7,981 | |||||||||||||||||||||
Service cost | 1,661 | 1,886 | 129 | 148 | |||||||||||||||||||||
Interest cost | 3,058 | 2,906 | 289 | 263 | |||||||||||||||||||||
Plan participants’ contributions | 6 | 8 | |||||||||||||||||||||||
Amendments | 51 | 111 | (43 | ) | 4 | ||||||||||||||||||||
Actuarial (gain)/loss | 10,655 | (9,205 | ) | 334 | (905 | ) | |||||||||||||||||||
Settlement/curtailment/other | (2,518 | ) | (81 | ) | 7 | (57 | ) | ||||||||||||||||||
Gross benefits paid | (3,126 | ) | (2,874 | ) | (449 | ) | (451 | ) | |||||||||||||||||
Subsidies | 39 | 32 | |||||||||||||||||||||||
Exchange rate adjustment | (21 | ) | (21 | ) | (8 | ) | (7 | ) | |||||||||||||||||
Ending balance | $78,391 | $68,625 | $7,306 | $7,008 | |||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||
Beginning balance at fair value | $58,131 | $56,178 | $140 | $110 | |||||||||||||||||||||
Actual return on plan assets | 5,893 | 3,316 | 10 | 23 | |||||||||||||||||||||
Company contribution | 784 | 1,542 | 8 | 14 | |||||||||||||||||||||
Plan participants’ contributions | 6 | 8 | 2 | 3 | |||||||||||||||||||||
Settlement/curtailment/other | (640 | ) | (103 | ) | 11 | ||||||||||||||||||||
Benefits paid | (3,039 | ) | (2,792 | ) | (19 | ) | (21 | ) | |||||||||||||||||
Exchange rate adjustment | (16 | ) | (18 | ) | |||||||||||||||||||||
Ending balance at fair value | $61,119 | $58,131 | $141 | $140 | |||||||||||||||||||||
Amounts recognized in statement of financial position at December 31 consist of: | |||||||||||||||||||||||||
Other assets | $3 | $60 | |||||||||||||||||||||||
Other accrued liabilities | (93 | ) | (80 | ) | ($363 | ) | ($340 | ) | |||||||||||||||||
Accrued retiree health care | (6,802 | ) | (6,528 | ) | |||||||||||||||||||||
Accrued pension plan liability, net | (17,182 | ) | (10,474 | ) | |||||||||||||||||||||
Net amount recognized | ($17,272 | ) | ($10,494 | ) | ($7,165 | ) | ($6,868 | ) | |||||||||||||||||
Amounts recognized in Accumulated other comprehensive loss at December 31 were as follows: | |||||||||||||||||||||||||
Pension | Other Postretirement Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Net actuarial loss | $21,321 | $15,460 | $877 | $561 | |||||||||||||||||||||
Prior service costs/(credits) | 385 | 788 | (512 | ) | (614 | ) | |||||||||||||||||||
Total recognized in Accumulated other comprehensive loss | $21,706 | $16,248 | $365 | ($53 | ) | ||||||||||||||||||||
The estimated amount that will be amortized from Accumulated other comprehensive loss into net periodic benefit cost during the year ended December 31, 2015 is as follows: | |||||||||||||||||||||||||
Pension | Other Postretirement Benefits | ||||||||||||||||||||||||
Recognized net actuarial loss | $1,581 | $27 | |||||||||||||||||||||||
Amortization of prior service costs/(credits) | 193 | (134 | ) | ||||||||||||||||||||||
Total | $1,774 | ($107 | ) | ||||||||||||||||||||||
The ABO for all pension plans was $75,655 and $63,491 at December 31, 2014 and 2013. Key information for our plans with ABO in excess of plan assets as of December 31 was as follows: | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Projected benefit obligation | $78,358 | $63,445 | |||||||||||||||||||||||
Accumulated benefit obligation | 75,622 | 58,334 | |||||||||||||||||||||||
Fair value of plan assets | 61,082 | 52,905 | |||||||||||||||||||||||
Assumptions | |||||||||||||||||||||||||
The following assumptions, which are the weighted average for all plans, are used to calculate the benefit obligation at December 31 of each year and the net periodic benefit cost for the subsequent year. | |||||||||||||||||||||||||
December 31, | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Discount rate: | |||||||||||||||||||||||||
Pension | 3.9 | % | 4.8 | % | 3.8 | % | |||||||||||||||||||
Other postretirement benefits | 3.5 | % | 4.2 | % | 3.3 | % | |||||||||||||||||||
Expected return on plan assets | 7 | % | 7.5 | % | 7.5 | % | |||||||||||||||||||
Rate of compensation increase | 3.8 | % | 4 | % | 4 | % | |||||||||||||||||||
The discount rate for each plan is determined based on the plans’ expected future benefit payments using a yield curve developed from high quality bonds that are rated as Aa or better by at least half of the four rating agencies utilized as of the measurement date. The yield curve is fitted to yields developed from bonds at various maturity points. Bonds with the ten percent highest and the ten percent lowest yields are omitted. A portfolio of about 400 bonds is used to construct the yield curve. Since corporate bond yields are generally not available at maturities beyond 30 years, it is assumed that spot rates will remain level beyond that 30-year point. The present value of each plan’s benefits is calculated by applying the spot/discount rates to projected benefit cash flows. All bonds are U.S. issues, with a minimum outstanding of $50. | |||||||||||||||||||||||||
The pension fund’s expected return on plan assets assumption is derived from a review of actual historical returns achieved by the pension trust and anticipated future long-term performance of individual asset classes. While consideration is given to recent trust performance and historical returns, the assumption represents a long-term, prospective return. The expected return on plan assets component of the net periodic benefit cost for the upcoming plan year is determined based on the expected return on plan assets assumption and the market-related value of plan assets (MRVA). Since our adoption of the accounting standard for pensions in 1987, we have determined the MRVA based on a five-year moving average of plan assets. As of December 31, 2014, the MRVA was approximately $1,813 less than the fair market value of assets. | |||||||||||||||||||||||||
Assumed health care cost trend rates were as follows: | |||||||||||||||||||||||||
December 31, | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Health care cost trend rate assumed next year | 7 | % | 7 | % | 7.5 | % | |||||||||||||||||||
Ultimate trend rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||
Year that trend reached ultimate rate | 2018 | 2018 | 2018 | ||||||||||||||||||||||
Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. To determine the health care cost trend rates we look at a combination of information including ongoing claims cost monitoring, annual statistical analyses of claims data, reconciliation of forecast claims against actual claims, review of trend assumptions of other plan sponsors and national health trends, and adjustments for plan design changes, workforce changes, and changes in plan participant behavior. A one-percentage-point change in assumed health care cost trend rates would have the following effect: | |||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost | $54 | ($45 | ) | ||||||||||||||||||||||
Effect on postretirement benefit obligation | 736 | (613 | ) | ||||||||||||||||||||||
During 2014 the Company conducted a mortality experience study and adopted new company specific tables for purposes of determining the Company’s mortality assumption used in the defined benefit plan liability calculation. The new tables resulted in an increase of $2,500 and $200 to the projected benefit obligation for pension and other postretirement benefits, respectively as of December 31, 2014. | |||||||||||||||||||||||||
Plan Assets | |||||||||||||||||||||||||
Investment Strategy The overall objective of our pension assets is to earn a rate of return over time to satisfy the benefit obligations of the pension plans and to maintain sufficient liquidity to pay benefits and address other cash requirements of the pension fund. Specific investment objectives for our long-term investment strategy include reducing the volatility of pension assets relative to pension liabilities, achieving a competitive, total investment return, achieving diversification between and within asset classes and managing other risks. Investment objectives for each asset class are determined based on specific risks and investment opportunities identified. | |||||||||||||||||||||||||
We periodically update our long-term, strategic asset allocations. We use various analytics to determine the optimal asset mix and consider plan liability characteristics, liquidity characteristics, funding requirements, expected rates of return and the distribution of returns. We identify investment benchmarks for the asset classes in the strategic asset allocation that are market-based and investable where possible. | |||||||||||||||||||||||||
Actual allocations to each asset class vary from target allocations due to periodic investment strategy changes, market value fluctuations, the length of time it takes to fully implement investment allocation positions (such as private equity and real estate), and the timing of benefit payments and contributions. Short-term investments and exchange-traded derivatives are used to rebalance the actual asset allocation to the target asset allocation. The asset allocation is monitored and rebalanced on a monthly basis. | |||||||||||||||||||||||||
The actual and target allocations by asset class for the pension assets at December 31 were as follows: | |||||||||||||||||||||||||
Actual Allocations | Target Allocations | ||||||||||||||||||||||||
Asset Class | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Fixed income | 48 | % | 49 | % | 47 | % | 47 | % | |||||||||||||||||
Global equity | 29 | 29 | 26 | 26 | |||||||||||||||||||||
Private equity | 5 | 5 | 6 | 6 | |||||||||||||||||||||
Real estate and real assets | 9 | 8 | 11 | 11 | |||||||||||||||||||||
Global strategies | 4 | 4 | 4 | 4 | |||||||||||||||||||||
Hedge funds | 5 | 5 | 6 | 6 | |||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||
Fixed income securities are invested broadly and primarily in long duration instruments. Global equity securities are invested broadly in U.S. and non-U.S. companies, across various industries and market capitalizations. | |||||||||||||||||||||||||
Real estate and real assets include global private investments that may be held through an investment in a limited partnership (LP) or other fund structures and publicly traded investments (such as Real Estate Investment Trusts (REIT) in the case of real estate). Real estate includes, but is not limited to, investments in office, retail, apartment and industrial properties. Real assets include, but are not limited to, investments in natural resources (such as energy, farmland and timber), commodities and infrastructure. Private equity investment vehicles are primarily limited partnerships (LPs) and fund-of-funds that mainly invest in U.S. and non-U.S. leveraged buyout, venture capital and special situation strategies. | |||||||||||||||||||||||||
Global strategies investments seek to capitalize on inefficiencies identified across different asset classes or markets, primarily using long-short positions in derivatives and physical securities. Hedge fund strategy types include, but are not limited to, event driven, relative value, long-short and multi-strategy. | |||||||||||||||||||||||||
Investment managers are retained for explicit investment roles specified by contractual investment guidelines. Certain investment managers are authorized to invest in derivatives, such as equity or bond futures, swaps, options and currency futures or forwards. Derivatives are used to achieve the desired market exposure of a security or an index, transfer value-added performance between asset classes, achieve the desired currency exposure, adjust portfolio duration or rebalance the total portfolio to the target asset allocation. | |||||||||||||||||||||||||
As a percentage of total pension plan assets, derivative net notional amounts were 3.5% and 18.3% for fixed income, including to-be-announced mortgage-backed securities and treasury forwards, and 2.0% and (2.2)% for global equity and commodities at December 31, 2014 and 2013. | |||||||||||||||||||||||||
Risk Management In managing the plan assets, we review and manage risk associated with funded status risk, interest rate risk, market risk, counterparty risk, liquidity risk and operational risk. Liability matching and asset class diversification are central to our risk management approach and are integral to the overall investment strategy. Further, asset classes are constructed to achieve diversification by investment strategy, by investment manager, by industry or sector and by holding. Investment manager guidelines for publicly traded assets are specified and are monitored regularly through the custodian. Credit parameters for counterparties have been established for managers permitted to trade over-the-counter derivatives. Valuation is governed through several types of procedures, including reviews of manager valuation policies, custodian valuation processes, pricing vendor practices, pricing reconciliation, and periodic, security-specific valuation testing. | |||||||||||||||||||||||||
Fair Value Measurements The following table presents our plan assets using the fair value hierarchy as of December 31, 2014 and 2013. 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. | |||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate | $17,488 | $17,486 | $2 | $15,262 | $15,238 | $24 | |||||||||||||||||||
U.S. government and agencies | 5,224 | 5,224 | 4,537 | 4,537 | |||||||||||||||||||||
Mortgage backed and asset backed | 1,207 | 596 | 611 | 1,040 | 491 | 549 | |||||||||||||||||||
Municipal | 1,636 | 1,636 | 1,722 | 1,722 | |||||||||||||||||||||
Sovereign | 1,073 | 1,073 | 1,018 | 1,018 | |||||||||||||||||||||
Common/collective/pooled funds | 2,127 | $18 | 2,109 | 2,538 | $16 | 2,522 | |||||||||||||||||||
Other | 498 | 9 | 237 | 252 | 484 | 229 | 255 | ||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Assets | 49 | 49 | 55 | 55 | |||||||||||||||||||||
Liabilities | (66 | ) | (66 | ) | (10 | ) | (10 | ) | |||||||||||||||||
Cash equivalents and other short-term investments | 792 | 792 | 801 | 801 | |||||||||||||||||||||
Currency overlay derivatives: | |||||||||||||||||||||||||
Assets | 2 | 2 | |||||||||||||||||||||||
Liabilities | (3 | ) | (3 | ) | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. common and preferred stock | 7,577 | 7,577 | 6,919 | 6,919 | |||||||||||||||||||||
Non-U.S. common and preferred stock | 7,151 | 7,139 | 11 | 1 | 7,722 | 7,721 | 1 | ||||||||||||||||||
Common/collective/pooled funds | 2,658 | 46 | 2,443 | 169 | 3,239 | 564 | 2,675 | ||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Assets | 9 | 9 | 4 | 4 | |||||||||||||||||||||
Liabilities | (5 | ) | (5 | ) | (6 | ) | (6 | ) | |||||||||||||||||
Private equity | 2,955 | 28 | 2,927 | 2,968 | 10 | 2,958 | |||||||||||||||||||
Real estate and real assets: | |||||||||||||||||||||||||
Real estate | 3,199 | 505 | 41 | 2,653 | 2,865 | 425 | 16 | 2,424 | |||||||||||||||||
Real assets | 1,567 | 370 | 433 | 764 | 1,506 | 336 | 464 | 706 | |||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Assets | 2 | 2 | 1 | 1 | |||||||||||||||||||||
Liabilities | (11 | ) | (11 | ) | (1 | ) | (1 | ) | |||||||||||||||||
Global strategies | 2,248 | 2,248 | 2,355 | 2,355 | |||||||||||||||||||||
Hedge funds | 3,372 | 2,411 | 961 | 2,776 | 1,667 | 1,109 | |||||||||||||||||||
Total | $60,750 | $15,692 | $36,718 | $8,340 | $57,794 | $15,991 | $33,777 | $8,026 | |||||||||||||||||
Cash | $115 | $87 | |||||||||||||||||||||||
Receivables | 447 | 458 | |||||||||||||||||||||||
Payables | (193 | ) | (208 | ) | |||||||||||||||||||||
Total | $61,119 | $58,131 | |||||||||||||||||||||||
Fixed income securities are primarily valued upon a market approach, using matrix pricing and considering a security’s relationship to other securities for which quoted prices in an active market may be available, or an income approach, converting future cash flows to a single present value amount. Inputs used in developing fair value estimates include reported trades, broker quotes, benchmark yields, and base spreads. | |||||||||||||||||||||||||
Common/collective/pooled funds are typically common or collective trusts valued at their net asset values (NAVs) that are calculated by the investment manager or sponsor of the fund and have daily or monthly liquidity. Derivatives included in the table above are over-the-counter and are primarily valued using an income approach with inputs that include benchmark yields, swap curves, cash flow analysis, rating agency data and interdealer broker rates. Exchange-traded derivative positions are reported in accordance with changes in daily variation margin which is settled daily and therefore reflected in the payables and receivables portion of the table. | |||||||||||||||||||||||||
Cash equivalents and other short-term investments (which are used to pay benefits) are held in a separate account which consists of a commingled fund (with daily liquidity) and separately held short-term securities and cash equivalents. All of the investments in this cash vehicle are valued daily using a market approach with inputs that include quoted market prices for similar instruments. In the event a market price is not available for instruments with an original maturity of one year or less, amortized cost is used as a proxy for fair value. Common and preferred stock equity securities are primarily valued using a market approach based on the quoted market prices of identical instruments. | |||||||||||||||||||||||||
Private equity and private debt NAV valuations are based on the valuation of the underlying investments, which include inputs such as cost, operating results, discounted future cash flows and market based comparable data. For those investments reported on a one-quarter lagged basis (primarily LPs) we use NAVs, adjusted for subsequent cash flows and significant events. | |||||||||||||||||||||||||
Real estate and real asset NAV valuations are based on valuation of the underlying investments, which include inputs such as cost, discounted future cash flows, independent appraisals and market based comparable data. For those investments reported on a one-quarter lagged basis (primarily LPs) NAVs are adjusted for subsequent cash flows and significant events. Publicly traded REITs and infrastructure stocks are valued using a market approach based on quoted market prices of identical instruments. Exchange-traded commodities futures positions are reported in accordance with changes in daily variation margin which is settled daily and therefore reflected in the payables and receivables portion of the table. | |||||||||||||||||||||||||
Global strategies investments are primarily limited liability company (LLC) or mutual fund structures. The NAVs are based on valuation of the underlying investments, which are primarily valued using a market approach. The funds generally have monthly liquidity. | |||||||||||||||||||||||||
Hedge funds consist of fund-of-fund LLC structures and direct hedge funds. The NAVs of the fund-of-funds are based on the NAVs of the underlying hedge funds as well as any cash and accruals held at the fund-of-fund level. For direct hedge funds the NAVs are primarily based on valuation of the underlying investments. This is primarily done by applying a market or income valuation methodology depending on the specific type of security or instrument held. Redemptions in hedge funds are based on specific terms and conditions of the individual funds. | |||||||||||||||||||||||||
Investments in private equity, private debt, real estate, real assets, global strategies, and hedge funds are primarily calculated and reported by the General Partner (GP), fund manager or third party administrator. Pension assets invested in these structures rely on the NAV of these investments as the practical expedient for the valuations. | |||||||||||||||||||||||||
The following tables present a reconciliation of Level 3 assets held during the year ended December 31, 2014 and 2013. Transfers into and out of Level 3 are reported at the beginning-of-year values. | |||||||||||||||||||||||||
January 1 | Net Realized and Unrealized Gains/(Losses) | Net Purchases, Issuances and Settlements | Net Transfers Into/(Out of) Level 3 | December 31 | |||||||||||||||||||||
2014 Balance | 2014 Balance | ||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate (1) | $19 | ($7 | ) | ($10 | ) | $2 | |||||||||||||||||||
Mortgage backed and asset | 554 | 14 | 10 | 33 | 611 | ||||||||||||||||||||
backed(1) | |||||||||||||||||||||||||
Other | 255 | 24 | (27 | ) | 252 | ||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Non-U.S. common and preferred stock | 1 | (1 | ) | 1 | 1 | ||||||||||||||||||||
Common/collective/ | (24 | ) | 193 | 169 | |||||||||||||||||||||
pooled funds | |||||||||||||||||||||||||
Private equity | 2,958 | 415 | (446 | ) | 2,927 | ||||||||||||||||||||
Real estate and real assets: | |||||||||||||||||||||||||
Real estate | 2,424 | 336 | (107 | ) | 2,653 | ||||||||||||||||||||
Real assets | 706 | 32 | 26 | 764 | |||||||||||||||||||||
Hedge funds | 1,109 | (36 | ) | 61 | (173 | ) | 961 | ||||||||||||||||||
Total | $8,026 | $761 | ($298 | ) | ($149 | ) | $8,340 | ||||||||||||||||||
(1) Certain fixed income securities were reclassified from corporate to mortgage backed and asset backed on January 1, 2014. | |||||||||||||||||||||||||
For the year ended December 31, 2014, the change in unrealized gain for Level 3 assets still held at December 31, 2014 were $8 for mortgage and asset backed fixed income, $7 for other fixed income, ($24) for common/collective/pooled funds, ($3) for private equity, $198 for real estate, ($38) for real assets and ($48) for hedge funds. | |||||||||||||||||||||||||
January 1 | Net Realized and Unrealized Gains | Net Purchases, Issuances and Settlements | Net Transfers Into/(Out of) Level 3 | December 31 | |||||||||||||||||||||
2013 Balance | 2013 Balance | ||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate | $3 | $16 | $5 | $24 | |||||||||||||||||||||
Mortgage backed and asset backed | 561 | (11 | ) | (1 | ) | 549 | |||||||||||||||||||
Other (2) | 245 | 37 | (27 | ) | 255 | ||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Non-U.S. common and preferred stock | 1 | 1 | |||||||||||||||||||||||
Private equity (2) | 2,671 | 536 | (249 | ) | 2,958 | ||||||||||||||||||||
Real estate and real assets: | |||||||||||||||||||||||||
Real estate | 2,128 | 232 | 64 | 2,424 | |||||||||||||||||||||
Real assets | 664 | 78 | (36 | ) | 706 | ||||||||||||||||||||
Hedge funds | 1,473 | 183 | (627 | ) | 80 | 1,109 | |||||||||||||||||||
Total | $7,745 | $1,066 | ($870 | ) | $85 | $8,026 | |||||||||||||||||||
(2) Certain private funds with a fixed income strategy were reclassified from private equity to other fixed income on January 1, 2013. | |||||||||||||||||||||||||
For the year ended December 31, 2013, the change in unrealized gain for Level 3 assets still held at December 31, 2013 were $21 for other fixed income, $422 for private equity, $243 for real estate, $71 for real assets and $283 for hedge funds. | |||||||||||||||||||||||||
OPB Plan Assets The majority of OPB plan assets are invested in a balanced index fund which is comprised of approximately 60% equities and 40% debt securities. The index fund is valued using a market approach based on the quoted market price of an identical instrument (Level 1). The expected rate of return on these assets does not have a material effect on the net periodic benefit cost. | |||||||||||||||||||||||||
Cash Flows | |||||||||||||||||||||||||
Contributions Required pension contributions under the Employee Retirement Income Security Act (ERISA), as well as rules governing funding of our non-U.S. pension plans, are expected to be minimal in 2015. We do not expect contributions to our pension and OPB plans to be significant in 2015. | |||||||||||||||||||||||||
Estimated Future Benefit Payments The table below reflects the total pension benefits expected to be paid from the plans or from our assets, including both our share of the benefit cost and the participants’ share of the cost, which is funded by participant contributions. OPB payments reflect our portion only. | |||||||||||||||||||||||||
Year(s) | 2015 | 2016 | 2017 | 2018 | 2019 | 2020-2024 | |||||||||||||||||||
Pensions | $3,448 | $3,657 | $3,828 | $3,960 | $3,977 | $21,515 | |||||||||||||||||||
Other postretirement benefits: | |||||||||||||||||||||||||
Gross benefits paid | 465 | 495 | 518 | 558 | 578 | 2,974 | |||||||||||||||||||
Subsidies | (38 | ) | (38 | ) | (40 | ) | (41 | ) | (42 | ) | (211 | ) | |||||||||||||
Net other postretirement benefits | $427 | $457 | $478 | $517 | $536 | $2,763 | |||||||||||||||||||
Termination Provisions | |||||||||||||||||||||||||
Certain of the pension plans provide that, in the event there is a change in control of the Company which is not approved by the Board of Directors and the plans are terminated within five years thereafter, the assets in the plan first will be used to provide the level of retirement benefits required by ERISA, and then any surplus will be used to fund a trust to continue present and future payments under the postretirement medical and life insurance benefits in our group insurance benefit programs. | |||||||||||||||||||||||||
We have an agreement with the U.S. government with respect to certain pension plans. Under the agreement, should we terminate any of the plans under conditions in which the plan’s assets exceed that plan’s obligations, the U.S. government will be entitled to a fair allocation of any of the plan’s assets based on plan contributions that were reimbursed under U.S. government contracts. | |||||||||||||||||||||||||
Defined Contribution Plans | |||||||||||||||||||||||||
We provide certain defined contribution plans to all eligible employees. The principal plans are the Company-sponsored 401(k) plans. The expense for these defined contribution plans was $764, $742 and $708 in 2014, 2013 and 2012, respectively. |
ShareBased_Compensation_And_Ot
Share-Based Compensation And Other Compensation Arrangements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Share-Based Compensation And Other Compensation Arrangements | Share-Based Compensation and Other Compensation Arrangements | ||||||||||||||||
Share-Based Compensation | |||||||||||||||||
Our 2003 Incentive Stock Plan, as amended and restated, permits awards of incentive and non-qualified stock options, stock appreciation rights, restricted stock or units, performance shares, performance restricted stock or units, performance units and other stock and cash-based awards to our employees, officers, directors, consultants, and independent contractors. The aggregate number of shares of our stock authorized for issuance under the plan is 87,000,000. | |||||||||||||||||
Shares issued as a result of stock option exercises or conversion of stock unit awards will be funded out of treasury shares, except to the extent there are insufficient treasury shares, in which case new shares will be issued. We believe we currently have adequate treasury shares to satisfy these issuances during 2015. | |||||||||||||||||
Share-based plans expense is primarily included in General and administrative expense since it is incentive compensation issued primarily to our executives. The share-based plans expense and related income tax benefit were as follows: | |||||||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | ||||||||||||||
Stock options | $62 | $93 | $85 | ||||||||||||||
Restricted stock units and other awards | 133 | 113 | 108 | ||||||||||||||
Share-based plans expense | $195 | $206 | $193 | ||||||||||||||
Income tax benefit | $70 | $76 | $75 | ||||||||||||||
Stock Options | |||||||||||||||||
In February 2013 and 2012, we granted to our executives 6,591,968 and 6,114,922 options, respectively. The options have been granted with an exercise price equal to the fair market value of our stock on the date of grant and expire ten years after the date of grant. The stock options vest over a period of three years, with 34% vesting after the first year, 33% vesting after the second year and the remaining 33% vesting after the third year. If an executive terminates employment for any reason, the non-vested portion of the stock option will not vest and all rights to the non-vested portion will terminate. We discontinued granting options in 2014, replacing them with performance-based restricted stock units. | |||||||||||||||||
Stock option activity for the year ended December 31, 2014 is as follows: | |||||||||||||||||
Shares | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||||||
Number of shares under option: | |||||||||||||||||
Outstanding at beginning of year | 23,767,743 | $73.97 | |||||||||||||||
Granted | 20,008 | 124.98 | |||||||||||||||
Exercised | -4,584,615 | 74.82 | |||||||||||||||
Forfeited | -697,891 | 75.7 | |||||||||||||||
Expired | -600 | 50.57 | |||||||||||||||
Outstanding at end of year | 18,504,645 | $73.75 | 5.93 | $1,041 | |||||||||||||
Exercisable at end of year | 13,215,966 | $72.74 | 5.1 | $757 | |||||||||||||
The total intrinsic value of options exercised during the years ended December 31, 2014, 2013 and 2012 was $250, $546 and $89, respectively. Cash received from options exercised during the years ended December 31, 2014, 2013 and 2012 was $343, $1,097 and $120 with a related tax benefit of $87, $190 and $29, respectively, derived from the compensation deductions resulting from these option exercises. At December 31, 2014, there was $34 of total unrecognized compensation cost related to our stock option plan which is expected to be recognized over a weighted average period of one year. The grant date fair value of stock options vested during the years ended December 31, 2014, 2013 and 2012 was $87, $89 and $83, respectively. | |||||||||||||||||
The fair values of options were estimated using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||
Grant Year | Grant Date | Expected Life | Expected Volatility | Expected Dividend Yield | Risk Free Interest Rate | Weighted-Average Grant Date Fair Value Per Share | |||||||||||
2013 | 2/25/13 | 6 years | 29 | % | 2.6 | % | 1 | % | $15.85 | ||||||||
2012 | 2/27/12 | 6 years | 29.9 | % | 2.4 | % | 1.1 | % | $16.89 | ||||||||
The expected volatility of the stock options is based on a combination of our historical stock volatility and the volatility levels implied on the grant date by actively traded option contracts on our common stock. We determined the expected term of the stock option grants to be six years, calculated using the “simplified” method in accordance with the SEC Staff Accounting Bulletin 110. We use the “simplified” method since we changed the vesting terms, tax treatment and the recipients of our stock options beginning in 2006 such that we believe our historical data prior to 2006 does not provide a reasonable basis upon which to estimate expected term and we do not have enough option exercise data from our grants issued subsequent to 2006 to support our own estimate as a result of vesting terms and changes in the stock price. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
In February 2014, 2013 and 2012, we granted to our executives 695,651, 1,375,414 and 1,369,810 restricted stock units (RSUs) as part of our long-term incentive program with grant date fair values of $129.58, $75.97 and $75.40 per unit, respectively. The RSUs granted under this program will 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, involuntary layoff, disability, or death, the employee (or beneficiary) will receive a proration of stock units based on active employment during the three-year service period. In all other cases, the RSUs will not vest and all rights to the stock units will terminate. In addition to RSUs awarded under our long-term incentive program, we grant RSUs to certain executives and employees to encourage retention or to reward various achievements. These RSUs are labeled other RSUs in the table below. The fair values of all RSUs are estimated using the average of the high and low stock prices on the date of grant. | |||||||||||||||||
RSU activity for the year ended December 31, 2014 was as follows: | |||||||||||||||||
Long-Term Incentive Program | Other | ||||||||||||||||
Number of units: | |||||||||||||||||
Outstanding at beginning of year | 3,722,317 | 1,132,930 | |||||||||||||||
Granted | 729,603 | 288,600 | |||||||||||||||
Dividends | 72,387 | 25,833 | |||||||||||||||
Forfeited | (177,986 | ) | (13,962 | ) | |||||||||||||
Distributed | (1,313,782 | ) | (286,303 | ) | |||||||||||||
Outstanding at end of year | 3,032,539 | 1,147,098 | |||||||||||||||
Unrecognized compensation cost | $94 | $41 | |||||||||||||||
Weighted average remaining contractual life (years) | 1.7 | 2.3 | |||||||||||||||
The number of vested but undistributed RSUs at December 31, 2014 was not significant. | |||||||||||||||||
Performance-Based Restricted Stock Units | |||||||||||||||||
Performance-Based Restricted Stock Units (PBRSUs) are stock units that pay out based on the Company’s total shareholder return as compared to a group of peer companies over a three-year period. The award payout can range from 0% to 200% of the initial PBRSU grant, but will not exceed 400% of the initial value (excluding dividend equivalent credits). The PBRSUs granted under this program will vest at the payout amount 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, involuntary layoff, disability, or death, the employee (or beneficiary) remains eligible under the award and, if the award is earned, will receive a proration of stock units based on active employment during the three-year service period. In all other cases, the PBRSUs will not vest and all rights to the stock units will terminate. | |||||||||||||||||
In February 2014, we granted to our executives 662,215 initial PBRSUs as part of our long-term incentive program with a grant date fair value of $136.12 per unit. Compensation expense for the award is recognized over the three-year performance period based upon the grant date fair value estimated using a Monte-Carlo simulation model. The model used the following assumptions: expected volatility of 24.2% based upon our historical stock volatility, a risk-free interest rate of 0.72%, and no expected dividend yield because the units earn dividend equivalents. | |||||||||||||||||
PBRSU activity for the year ended December 31, 2014 was as follows: | |||||||||||||||||
Long-Term Incentive Program | |||||||||||||||||
Number of units: | |||||||||||||||||
Outstanding at beginning of year | |||||||||||||||||
Granted | 662,215 | ||||||||||||||||
Dividends | 10,497 | ||||||||||||||||
Forfeited | (49,610 | ) | |||||||||||||||
Distributed | 0 | ||||||||||||||||
Outstanding at end of year | 623,102 | ||||||||||||||||
Unrecognized compensation cost | $53 | ||||||||||||||||
Weighted average remaining contractual life (years) | 2.1 | ||||||||||||||||
Other Compensation Arrangements | |||||||||||||||||
Performance Awards | |||||||||||||||||
Performance Awards are cash units that pay out based on the achievement of long-term financial goals at the end of a three-year period. Each unit has an initial value of $100 dollars. The amount payable at the end of the three-year performance period may be anywhere from $0 to $200 dollars per unit, depending on the Company’s performance against plan for a three-year period. The Compensation Committee has the discretion to pay these awards in cash, stock, or a combination of both after the three-year performance period. Compensation expense, based on the estimated performance payout, is recognized ratably over the performance period. | |||||||||||||||||
During 2014, 2013 and 2012, we granted Performance Awards to our executives with the payout based on the achievement of financial goals for each three-year period following the grant date. The minimum payout amount is $0 and the maximum amount we could be required to pay out for the 2014, 2013 and 2012 Performance Awards is $343, $261 and $251, respectively. The 2012 grant is expected to be paid out in cash in March 2015. | |||||||||||||||||
Deferred Compensation | |||||||||||||||||
The Company has a deferred compensation plan which permits executives to defer receipt of a portion of their salary, bonus, and certain other incentive awards. Participants can diversify deferred compensation among 23 investment funds including a Boeing stock unit account. | |||||||||||||||||
Total expense related to deferred compensation was $44, $238 and $75 in 2014, 2013 and 2012, respectively. As of December 31, 2014 and 2013, the deferred compensation liability which is being marked to market was $1,234 and $1,258. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||
Shareholders' Equity | Shareholders’ Equity | |||||||||||||||||||
On December 15, 2014, the Board approved a new repurchase plan for up to $12,000 of common stock, replacing the previously authorized program. The program will expire when we have used all authorized funds or is otherwise terminated. | ||||||||||||||||||||
As of December 31, 2014 and 2013, there were 1,200,000,000 shares of common stock and 20,000,000 shares of preferred stock authorized. No preferred stock has been issued. | ||||||||||||||||||||
Changes in Share Balances | ||||||||||||||||||||
The following table shows changes in each class of shares: | ||||||||||||||||||||
Common | Treasury | |||||||||||||||||||
Stock | Stock | |||||||||||||||||||
Balance at January 1, 2012 | 1,012,261,159 | 267,556,388 | ||||||||||||||||||
Issued | (11,935,423 | ) | ||||||||||||||||||
Acquired | 1,009,663 | |||||||||||||||||||
Balance at December 31, 2012 | 1,012,261,159 | 256,630,628 | ||||||||||||||||||
Issued | (17,903,704 | ) | ||||||||||||||||||
Acquired | 26,155,537 | |||||||||||||||||||
Balance at December 31, 2013 | 1,012,261,159 | 264,882,461 | ||||||||||||||||||
Issued | (6,719,270 | ) | ||||||||||||||||||
Acquired | 47,370,415 | |||||||||||||||||||
Balance at December 31, 2014 | 1,012,261,159 | 305,533,606 | ||||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||||||
Changes in Accumulated other comprehensive income/(loss) (AOCI) by component for the years ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||||||||||||
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, 2012 | $197 | ($8 | ) | $66 | ($16,755 | ) | ($16,500 | ) | ||||||||||||
Other comprehensive income/(loss) before reclassifications | 17 | 25 | (2,290 | ) | (2,248 | ) | ||||||||||||||
Amounts reclassified from AOCI | (5 | ) | 1,337 | (2) | 1,332 | |||||||||||||||
Net current period Other comprehensive loss | 17 | 20 | (953 | ) | (916 | ) | ||||||||||||||
Balance at December 31, 2012 | $214 | ($8 | ) | $86 | ($17,708 | ) | ($17,416 | ) | ||||||||||||
Other comprehensive income/(loss) before reclassifications | (64 | ) | (75 | ) | 6,093 | 5,954 | ||||||||||||||
Amounts reclassified from AOCI | (17 | ) | 1,585 | (2) | 1,568 | |||||||||||||||
Net current period Other comprehensive income/(loss) | (64 | ) | (92 | ) | 7,678 | 7,522 | ||||||||||||||
Balance at December 31, 2013 | $150 | ($8 | ) | ($6 | ) | ($10,030 | ) | ($9,894 | ) | |||||||||||
Other comprehensive income/(loss) before reclassifications | (97 | ) | (137 | ) | (4,644 | ) | (4,878 | ) | ||||||||||||
Amounts reclassified from AOCI | 7 | 862 | (2) | 869 | ||||||||||||||||
Net current period Other comprehensive income/(loss) | (97 | ) | (130 | ) | (3,782 | ) | (4,009 | ) | ||||||||||||
Balance at December 31, 2014 | $53 | ($8 | ) | ($136 | ) | ($13,812 | ) | ($13,903 | ) | |||||||||||
(1) | Net of tax. | |||||||||||||||||||
(2) | Primarily relates to amortization of actuarial losses for the years ended December 31, 2014, 2013, and 2012 totaling $661, $1,516, and $1,304 (net of tax of ($367), ($849), and ($752)), respectively. These are included in the net periodic pension cost of which a portion is allocated to production as inventoried costs. See Note 14. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Summary of Derivative Instruments [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 2019. We use commodity derivatives, such as swaps and fixed-price purchase commitments to hedge against potentially unfavorable price changes for items used in production. Our commodity contracts hedge forecasted transactions through 2017. | ||||||||||||||||||||||
Fair Value Hedges | ||||||||||||||||||||||
Interest rate swaps under which we agree to pay variable rates of interest are designated as fair value hedges of fixed-rate debt. The net change in fair value of the derivatives and the hedged items is reported in Boeing Capital interest expense. | ||||||||||||||||||||||
Derivative Instruments Not Receiving Hedge Accounting Treatment | ||||||||||||||||||||||
We also hold certain derivative instruments, primarily foreign currency forward contracts, for risk management purposes that are not receiving hedge accounting treatment. | ||||||||||||||||||||||
Notional Amounts and Fair Values | ||||||||||||||||||||||
The notional amounts and fair values of derivative instruments in the Consolidated Statements of Financial Position as of December 31 were as follows: | ||||||||||||||||||||||
Notional | Other assets | Accrued | ||||||||||||||||||||
amounts(1) | liabilities | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||
Foreign exchange contracts | $2,586 | $2,524 | $9 | $122 | ($204 | ) | ($64 | ) | ||||||||||||||
Interest rate contracts | 125 | 313 | 10 | 13 | ||||||||||||||||||
Commodity contracts | 31 | 72 | 1 | 2 | (24 | ) | (39 | ) | ||||||||||||||
Derivatives not receiving hedge accounting treatment: | ||||||||||||||||||||||
Foreign exchange contracts | 319 | 259 | 21 | 12 | (5 | ) | (35 | ) | ||||||||||||||
Commodity contracts | 3 | 9 | (4 | ) | ||||||||||||||||||
Total derivatives | $3,064 | $3,177 | 41 | 149 | (233 | ) | (142 | ) | ||||||||||||||
Netting arrangements | (16 | ) | (63 | ) | 16 | 63 | ||||||||||||||||
Net recorded balance | $25 | $86 | ($217 | ) | ($79 | ) | ||||||||||||||||
(1) | Notional amounts represent the gross contract/notional amount of the derivatives outstanding. | |||||||||||||||||||||
Gains/(losses) associated with our cash flow and undesignated hedging transactions and their effect on Other comprehensive income/(loss) and Net earnings were as follows: | ||||||||||||||||||||||
Years ended December 31, | 2014 | 2013 | ||||||||||||||||||||
Effective portion recognized in Other comprehensive income/(loss), net of taxes: | ||||||||||||||||||||||
Foreign exchange contracts | ($135 | ) | ($76 | ) | ||||||||||||||||||
Commodity contracts | (2 | ) | 1 | |||||||||||||||||||
Effective portion reclassified out of Accumulated other comprehensive loss into earnings, net of taxes: | ||||||||||||||||||||||
Foreign exchange contracts | 6 | 37 | ||||||||||||||||||||
Commodity contracts | (13 | ) | (20 | ) | ||||||||||||||||||
Forward points recognized in Other income, net: | ||||||||||||||||||||||
Foreign exchange contracts | 28 | 34 | ||||||||||||||||||||
Undesignated derivatives recognized in Other income, net: | ||||||||||||||||||||||
Foreign exchange contracts | (7 | ) | 17 | |||||||||||||||||||
Based on our portfolio of cash flow hedges, we expect to reclassify losses of $98 (pre-tax) out of Accumulated other comprehensive loss into earnings during the next 12 months. Ineffectiveness related to our hedges recognized in Other income was insignificant for the years ended December 31, 2014 and 2013. | ||||||||||||||||||||||
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 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 December 31, 2014 was $20. At December 31, 2014, there was no collateral posted related to our derivatives. |
Significant_Group_Concentratio
Significant Group Concentrations Of Risk | 12 Months Ended |
Dec. 31, 2014 | |
Risks and Uncertainties [Abstract] | |
Significant Group Concentrations Of Risk | Significant Group Concentrations of Risk |
Credit Risk | |
Financial instruments involving potential credit risk are predominantly with commercial aircraft customers and the U.S. government. Of the $11,438 in gross accounts receivable and gross customer financing included in the Consolidated Statements of Financial Position as of December 31, 2014, $5,246 related predominantly to commercial aircraft customers ($1,664 of accounts receivable and $3,582 of customer financing) and $4,281 related to the U.S. government. | |
Of the $3,582 in gross customer financing, $2,429 related to customers we believe have less than investment-grade credit including American Airlines, Hawaiian Airlines, and United/Continental Airlines who were associated with 11%, 9% and 8%, respectively, of our financing portfolio. Financing for aircraft is collateralized by security in the related asset and in some instances security in other assets as well. | |
Other Risk | |
As of December 31, 2014, approximately 39% of our total workforce was represented by collective bargaining agreements, the majority of which expire after 2015. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||||||||
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. 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. | |||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets | |||||||||||||||||||||||
Money market funds | $3,826 | $3,826 | $3,783 | $3,783 | |||||||||||||||||||
Available-for-sale investments | 7 | 7 | 8 | 6 | $2 | ||||||||||||||||||
Derivatives | 25 | $25 | 86 | $86 | |||||||||||||||||||
Total assets | $3,858 | $3,833 | $25 | $3,877 | $3,789 | $86 | $2 | ||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivatives | ($217 | ) | ($217 | ) | ($79 | ) | ($79 | ) | |||||||||||||||
Total liabilities | ($217 | ) | ($217 | ) | ($79 | ) | ($79 | ) | |||||||||||||||
Money market funds and available-for-sale equity securities are valued using a market approach based on the quoted market prices of identical instruments. Available-for-sale debt investments are primarily valued using an income approach based on benchmark yields, reported trades and broker/dealer quotes. | |||||||||||||||||||||||
Derivatives include foreign currency, commodity and interest rate 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. The fair value of our interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve. | |||||||||||||||||||||||
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 years ended December 31 due to long-lived asset impairment, and the fair value and asset classification of the related assets as of the impairment date: | |||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Fair Value | Total Losses | Fair Value | Total Losses | ||||||||||||||||||||
Operating lease equipment | $187 | ($170 | ) | $216 | ($81 | ) | |||||||||||||||||
Property, plant and equipment | 19 | (15 | ) | 40 | (15 | ) | |||||||||||||||||
Other assets and Acquired intangible assets | (17 | ) | |||||||||||||||||||||
Total | $206 | ($202 | ) | $256 | ($96 | ) | |||||||||||||||||
The fair value of the impaired operating lease equipment 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. | |||||||||||||||||||||||
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. | |||||||||||||||||||||||
For Level 3 assets that were measured at fair value on a nonrecurring basis during the year ended December 31, 2014, the following table presents the fair value of those assets as of the measurement date, valuation techniques and related unobservable inputs of those assets. | |||||||||||||||||||||||
Fair | Valuation | Unobservable Input | Range | ||||||||||||||||||||
Value | Technique(s) | Median or Average | |||||||||||||||||||||
Operating lease equipment | $187 | Market approach | Aircraft value publications | $158 - $268(1) | |||||||||||||||||||
Median $238 | |||||||||||||||||||||||
Aircraft condition adjustments | ($58) - $7(2) | ||||||||||||||||||||||
Net ($51) | |||||||||||||||||||||||
(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 Consolidated Statements of Financial Position at December 31 were as follows: | |||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||
Carrying Amount | Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Accounts receivable, net | $7,729 | $7,845 | $7,845 | ||||||||||||||||||||
Notes receivable, net | 366 | 395 | 395 | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Debt, excluding capital lease obligations | (8,909 | ) | (10,686 | ) | (10,480 | ) | ($206 | ) | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
Carrying Amount | Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Accounts receivable, net | $6,546 | $6,525 | $6,525 | ||||||||||||||||||||
Notes receivable, net | 572 | 622 | 622 | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Debt, excluding capital lease obligations | (9,483 | ) | (10,897 | ) | (10,897 | ) | |||||||||||||||||
The fair value of Accounts receivable is based on current market rates for loans of the same risk and maturities. The fair values of our variable rate notes receivable that reprice frequently approximate their carrying amounts. The fair values of fixed rate 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 payable and long-term payables. The carrying values of those items, as reflected in the Consolidated Statements of Financial Position, approximate their fair value at December 31, 2014 and 2013. 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). |
Legal_Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2014 | |
Loss Contingency, Information about Litigation Matters [Abstract] | |
Legal Proceedings | Legal Proceedings |
Various legal proceedings, claims and investigations related to products, contracts, employment and other matters are pending against us. Potentially material contingencies are discussed below. | |
We are subject to various U.S. government 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. We believe, based upon current information, that the outcome of any such government disputes and investigations will not have a material effect on our financial position, results of operations, or cash flows, except as set forth below. 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. | |
Employment, Labor and Benefits Litigation | |
In connection with the 2005 sale of the former Wichita facility to Spirit AeroSystems, Inc. (Spirit), on February 16, 2007, an action entitled Harkness et al. v. The Boeing Company et al. was filed in the U.S. District Court for the District of Kansas, alleging collective bargaining agreement breaches and ERISA violations in connection with alleged failures to provide benefits to certain former employees of the Wichita facility. During the second quarter of 2014, the plaintiffs and Boeing agreed to settle the matter, subject to a fairness hearing, which has not been scheduled. The settlement would apply to approximately 2,000 employees who were subsequently employed by Spirit. Spirit is obligated to indemnify Boeing for settlement of this matter, and we intend to pursue full indemnification from Spirit. During the fourth quarter of 2014, Boeing filed a complaint against Spirit in Delaware Superior Court seeking to enforce our rights to indemnification and to recover from Spirit amounts incurred by Boeing for pension and retiree medical obligations. We cannot reasonably estimate the range of loss, if any, that may result from this matter pending the outcome of the fairness hearing. | |
On October 13, 2006, we were named as a defendant in a lawsuit filed in the U.S. District Court for the Southern District of Illinois. Plaintiffs, seeking to represent a class of similarly situated participants and beneficiaries in The Boeing Company Voluntary Investment Plan (the VIP), alleged that fees and expenses incurred by the VIP were and are unreasonable and excessive, not incurred solely for the benefit of the VIP and its participants, and were undisclosed to participants. The plaintiffs further alleged that defendants breached their fiduciary duties in violation of §502(a)(2) of ERISA, and sought injunctive and equitable relief pursuant to §502(a)(3) of ERISA. Our motion for summary judgment was denied on December 30, 2014. We expect trial in this matter to begin during the second quarter of 2015. We cannot reasonably estimate the range of loss, if any, that may result from this matter given the current procedural status of the litigation. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Segment Information | Segment Information | |||||||||||
We operate in five principal segments: Commercial Airplanes; Boeing Military Aircraft (BMA), Network & Space Systems (N&SS), and Global Services & Support (GS&S), collectively Defense, Space & Security; and Boeing Capital. All other activities fall within Unallocated items, eliminations and other. See page 53 for the Summary of Business Segment Data, which is an integral part of this note. | ||||||||||||
Effective during the first quarter of 2014, certain programs and contracts were realigned among BDS segments. The BMA Airborne Warning and Control Systems program, F-22 Modernization program and the Airborne Early Warning and Control Peace Eagle contract were realigned from BMA to GS&S. Beginning in the third quarter of 2014, amounts previously reported separately as Other segment and Unallocated items and eliminations are now presented on a combined basis to provide a more meaningful presentation. Segment data for 2013 and 2012 have been adjusted to reflect the changes. | ||||||||||||
The Commercial Airplanes segment develops, produces and markets commercial jet aircraft and provides related support services, principally to the commercial airline industry worldwide. | ||||||||||||
Our BMA segment is engaged in the research, development, production and modification of manned and unmanned military aircraft and weapons systems for global strike, including fighter aircraft and missile systems; vertical lift including rotorcraft and tilt-rotor aircraft; mobility, surveillance and engagement, including battle management, airborne, anti-submarine, transport and tanker aircraft. | ||||||||||||
Our N&SS segment is engaged in the research, development, production and modification of the following products and related services: electronics and information solutions, including command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR), cyber and information solutions, and intelligence systems; strategic missile and defense systems; space and intelligence systems, including satellites and commercial satellite launch vehicles; and space exploration. | ||||||||||||
Our GS&S segment provides customers with mission readiness through total support solutions. Our global services business sustains aircraft and systems with a full spectrum of products and services through integrated logistics, including supply chain management and engineering support; maintenance, modification and upgrades for aircraft; and training systems and government services, including pilot and maintenance training. In addition, our GS&S segment is engaged in the research, development, production and modification of airborne surveillance command and control aircraft. GS&S international operations include Boeing Defence U.K. Ltd., Boeing Defence Australia, and Alsalam Aircraft Company, a joint venture. | ||||||||||||
Our BCC segment facilitates, arranges, structures and provides selective financing solutions for our Boeing customers. | ||||||||||||
The unallocated activities of Engineering, Operations & Technology (EO&T) and Shared Services Group (SSG), Corporate and intercompany guarantees provided to BCC are included in Unallocated items, eliminations and other. EO&T provides Boeing with technical and functional capabilities, including information technology, research and development, test and evaluation, technology strategy development, environmental remediation management and intellectual property management. | ||||||||||||
While our principal operations are in the United States, Canada and Australia, some key suppliers and subcontractors are located in Europe and Japan. Revenues, including foreign military sales, are reported by customer location and consisted of the following: | ||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Asia, other than China | $11,900 | $12,200 | $10,390 | |||||||||
Europe | 11,898 | 10,622 | 10,269 | |||||||||
China | 11,029 | 10,555 | 6,086 | |||||||||
Middle East | 9,243 | 9,165 | 10,285 | |||||||||
Canada | 1,901 | 1,486 | 586 | |||||||||
Africa | 2,596 | 621 | 1,282 | |||||||||
Oceania | 1,757 | 1,657 | 2,043 | |||||||||
Latin America, Caribbean and other | 2,596 | 2,725 | 3,555 | |||||||||
Total non-U.S. revenues | 52,920 | 49,031 | 44,496 | |||||||||
United States | 37,842 | 37,592 | 37,202 | |||||||||
Total revenues | $90,762 | $86,623 | $81,698 | |||||||||
Revenues from the U.S. government (including foreign military sales through the U.S. government), primarily recorded at BDS, represented 30%, 34% and 33% of consolidated revenues for 2014, 2013 and 2012, respectively. Approximately 3% of operating assets were located outside the United States as of December 31, 2014 and 2013. The information in the following tables is derived directly from the segments’ internal financial reporting used for corporate management purposes. | ||||||||||||
Depreciation and Amortization | ||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Commercial Airplanes | $674 | $632 | $614 | |||||||||
Defense, Space & Security: | ||||||||||||
Boeing Military Aircraft | 164 | 131 | 120 | |||||||||
Network & Space Systems | 114 | 120 | 123 | |||||||||
Global Services & Support | 75 | 69 | 67 | |||||||||
Total Defense, Space & Security | 353 | 320 | 310 | |||||||||
Boeing Capital Corporation | 97 | 110 | 150 | |||||||||
Unallocated items, eliminations and other | 782 | 782 | 737 | |||||||||
Total | $1,906 | $1,844 | $1,811 | |||||||||
Capital Expenditures | ||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Commercial Airplanes | $698 | $694 | $665 | |||||||||
Defense, Space & Security: | ||||||||||||
Boeing Military Aircraft | 175 | 186 | 153 | |||||||||
Network & Space Systems | 93 | 96 | 115 | |||||||||
Global Services & Support | 68 | 48 | 57 | |||||||||
Total Defense, Space & Security | 336 | 330 | 325 | |||||||||
Unallocated items, eliminations and other | 1,202 | 1,074 | 713 | |||||||||
Total | $2,236 | $2,098 | $1,703 | |||||||||
Unallocated capital expenditures relate primarily to assets managed by SSG on behalf of the five principal segments. | ||||||||||||
We recorded Earnings from operations associated with our cost and equity method investments of $58, $25 and $77 in our Commercial Airplanes segment and $229, $203 and $196 in BDS, primarily in our N&SS segment, for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||||||||
For segment reporting purposes, we record Commercial Airplanes segment revenues and cost of sales for airplanes transferred to other segments. Such transfers may include airplanes accounted for as operating leases and considered transferred to the BCC segment and airplanes transferred to the BDS segment for further modification prior to delivery to the customer. The revenues and cost of sales for these transfers are eliminated in the Unallocated items and eliminations caption. For segment reporting purposes, we record BDS revenues and cost of sales for the modification performed on airplanes received from Commercial Airplanes when the airplane is delivered to the customer or at the attainment of performance milestones. | ||||||||||||
Intersegment revenues, eliminated in Unallocated items, eliminations and other, are shown in the following table. | ||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Commercial Airplanes | $1,822 | $879 | $1,215 | |||||||||
Boeing Capital | 19 | 29 | 49 | |||||||||
Total | $1,841 | $908 | $1,264 | |||||||||
Unallocated Items, Eliminations and other | ||||||||||||
Unallocated items, eliminations and other includes costs not attributable to business segments as well as intercompany profit eliminations. We generally allocate costs to business segments based on the U.S. federal cost accounting standards. Components of Unallocated items, eliminations and other are shown in the following table. | ||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Share-based plans | ($67 | ) | ($95 | ) | ($81 | ) | ||||||
Deferred compensation | (44 | ) | (238 | ) | (75 | ) | ||||||
Amortization of previously capitalized interest | (72 | ) | (69 | ) | (70 | ) | ||||||
Eliminations and other unallocated items | (593 | ) | (859 | ) | (452 | ) | ||||||
Sub-total | (776 | ) | (1,261 | ) | (678 | ) | ||||||
Pension | (1,469 | ) | (1,374 | ) | (787 | ) | ||||||
Postretirement | 82 | 60 | (112 | ) | ||||||||
Pension and Postretirement | (1,387 | ) | (1,314 | ) | (899 | ) | ||||||
Total | ($2,163 | ) | ($2,575 | ) | ($1,577 | ) | ||||||
Unallocated Pension and Other Postretirement Benefit Expense | ||||||||||||
Unallocated pension and other postretirement benefit expense represents the portion of pension and other postretirement benefit costs that are not recognized by business segments for segment reporting purposes. Through 2012, the business segments have been allocated pension and other postretirement benefit costs using U.S. Government Cost Accounting Standards (CAS), which employ different actuarial assumptions and accounting conventions than Generally Accepted Accounting Principles in the United States of America (GAAP). Beginning in 2013, pension costs, comprising GAAP service and prior service costs, are allocated to Commercial Airplanes. BDS continues to be allocated CAS pension costs which are allocable to government contracts. Other postretirement benefit costs will continue to be allocated to business segments based on CAS, which is generally based on benefits paid. Prior year allocations have not been adjusted. | ||||||||||||
Assets | ||||||||||||
Segment assets are summarized in the table below. | ||||||||||||
December 31, | 2014 | 2013 | ||||||||||
Commercial Airplanes | $55,149 | $49,520 | ||||||||||
Defense, Space & Security: | ||||||||||||
Boeing Military Aircraft | 7,232 | 5,872 | ||||||||||
Network & Space Systems | 5,895 | 6,450 | ||||||||||
Global Services & Support | 4,586 | 5,040 | ||||||||||
Total Defense, Space & Security | 17,713 | 17,362 | ||||||||||
Boeing Capital | 3,525 | 3,914 | ||||||||||
Unallocated items, eliminations and other | 22,811 | 21,867 | ||||||||||
Total | $99,198 | $92,663 | ||||||||||
Assets included in Unallocated items, eliminations and other primarily consist of Cash and cash equivalents, Short-term and other investments, Deferred tax assets, capitalized interest and assets held by SSG as well as intercompany eliminations. |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||
Quarterly Financial Data (unaudited) | Quarterly Financial Data (Unaudited) | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
4th | 3rd | 2nd | 1st | 4th | 3rd | 2nd | 1st | ||||||||||||||||||
Total revenues | $24,468 | $23,784 | $22,045 | $20,465 | $23,785 | $22,130 | $21,815 | $18,893 | |||||||||||||||||
Total costs and expenses | (20,711 | ) | (20,075 | ) | (18,670 | ) | (17,296 | ) | (20,388 | ) | (18,674 | ) | (18,450 | ) | (15,756 | ) | |||||||||
Earnings from operations | 2,025 | 2,119 | 1,787 | 1,542 | 1,515 | 1,803 | 1,716 | 1,528 | |||||||||||||||||
Net earnings from continuing operations | 1,466 | 1,362 | 1,653 | 965 | 1,233 | 1,160 | 1,087 | 1,106 | |||||||||||||||||
Net (loss)/gain from disposal of discontinued operations | (2 | ) | 1 | ||||||||||||||||||||||
Net earnings | 1,466 | 1,362 | 1,653 | 965 | 1,233 | 1,158 | 1,088 | 1,106 | |||||||||||||||||
Basic earnings per share from continuing operations | 2.05 | 1.88 | 2.26 | 1.3 | 1.63 | 1.53 | 1.43 | 1.45 | |||||||||||||||||
Basic earnings per share | 2.05 | 1.88 | 2.26 | 1.3 | 1.63 | 1.53 | 1.43 | 1.45 | |||||||||||||||||
Diluted earnings per share from continuing operations | 2.02 | 1.86 | 2.24 | 1.28 | 1.61 | 1.51 | 1.41 | 1.44 | |||||||||||||||||
Diluted earnings per share | 2.02 | 1.86 | 2.24 | 1.28 | 1.61 | 1.51 | 1.41 | 1.44 | |||||||||||||||||
Cash dividends declared per share | 1.64 | 1.46 | 1.215 | 0.97 | |||||||||||||||||||||
Common stock sales price per share: | |||||||||||||||||||||||||
High | 135.78 | 130.58 | 138.39 | 144.57 | 142 | 120.38 | 104.15 | 86.84 | |||||||||||||||||
Low | 116.32 | 117.87 | 121.92 | 118.77 | 113.34 | 98.99 | 83.8 | 72.68 | |||||||||||||||||
Quarter end | 129.98 | 127.38 | 127.23 | 125.49 | 136.49 | 117.5 | 102.44 | 85.85 | |||||||||||||||||
Gross profit is calculated as Total revenues minus Total costs and expenses. Total costs and expenses includes Cost of products, Cost of services and Boeing Capital interest expense. | |||||||||||||||||||||||||
In the fourth quarter of 2014, we recorded income tax benefits of $188 related to the reinstatement of the research tax credit for 2014. In the first quarter of 2013, we recorded tax benefits of $145 related to the retroactive reinstatement of the research tax credit for 2012. | |||||||||||||||||||||||||
During the second quarter of 2014, we recorded an incremental tax benefit of $265 that related to the application of a 2012 Federal Court of Claims decision. We also recorded tax benefits of $116 and $143 as a result of the 2007-2008 and 2009-2010 federal tax audit settlements. See Note 4. | |||||||||||||||||||||||||
During the second quarter of 2014, higher estimated costs to complete the KC-46A Tanker contract for the U.S. Air Force resulted in a reach-forward loss of $425. | |||||||||||||||||||||||||
We recorded charges related to defined benefit pension plan changes of $334 in the first quarter of 2014. | |||||||||||||||||||||||||
During the fourth quarter of 2013, we recorded a charge of $406 related to the A-12 aircraft litigation settlement. | |||||||||||||||||||||||||
We increased our quarterly dividend from $0.485 to $0.73 in December 2013 and to $0.91 in December 2014. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Description of New Accounting Pronouncements Not yet Adopted | Standards Issued and Not Yet Implemented | |
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers. The new standard is effective for reporting periods beginning after December 15, 2016 and early adoption is not permitted. The comprehensive new standard will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. Adoption of the new rules could affect the timing of revenue recognition for certain transactions. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. For Boeing the new standard will be effective January 1, 2017 and the Company is currently evaluating the impacts of adoption and the implementation approach to be used. | ||
Principles Of Consolidation And Basis Of Presentation | Principles of Consolidation and Basis of Presentation | |
The Consolidated 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”). These statements include the accounts of all majority-owned subsidiaries and variable interest entities that are required to be consolidated. All significant intercompany accounts and transactions have been eliminated. Segment data for all years have been adjusted to reflect a realignment of certain programs from the Boeing Military Aircraft (BMA) segment to the Global Services & Support (GS&S) segment and the combination of Other segment with Unallocated items and eliminations. See Note 21. | ||
Use Of Estimates | Use of Estimates | |
Management makes assumptions and estimates to prepare financial statements in conformity with accounting principles generally accepted in the United States of America. Those assumptions and estimates directly affect the amounts reported in the Consolidated Financial Statements. Significant estimates for which changes in the near term are considered reasonably possible and that may have a material impact on the financial statements are disclosed in these Notes to the Consolidated Financial Statements. | ||
Operating Cycle | Operating Cycle | |
For classification of certain current assets and liabilities, we use the duration of the related contract or program as our operating cycle, which is generally longer than one year. | ||
Revenue And Related Cost Recognition | Revenue and Related Cost Recognition | |
Contract Accounting Contract accounting is used for development and production activities predominantly by Defense, Space & Security (BDS). The majority of business conducted by BDS is performed under contracts with the U.S. government and other customers that extend over several years. Contract accounting involves a judgmental process of estimating total sales and costs for each contract resulting in the development of estimated cost of sales percentages. For each contract, the amount reported as cost of sales is determined by applying the estimated cost of sales percentage to the amount of revenue recognized. When the current estimates of total sales and costs for a contract indicate a loss, a provision for the entire loss on the contract is recognized. | ||
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 contract’s percent complete. In 2014, 2013 and 2012 net favorable cumulative catch-up adjustments, including reach-forward losses, across all contracts increased Earnings from operations by $100, $242 and $379, respectively and diluted EPS by $0.10, $0.23 and $0.33, respectively. Significant adjustments during the three years ended December 31, 2014 included a reach-forward loss of $425 on the USAF KC-46A Tanker contract recorded during 2014. | ||
We combine contracts for accounting purposes when they are negotiated as a package with an overall profit margin objective. These essentially represent an agreement to do a single project for a single customer, involve interrelated construction activities with substantial common costs, and are performed concurrently or sequentially. When a group of contracts is combined, revenue and profit are earned uniformly over the performance of the combined contracts. Similarly, we may segment a single contract or group of contracts when a clear economic decision has been made during contract negotiations that would produce different rates of profitability for each element or phase of the contract. | ||
Sales related to fixed-price contracts are recognized as deliveries are made, except for certain fixed-price contracts that require substantial performance over an extended period before deliveries begin, for which sales are recorded based on the attainment of performance milestones. Sales related to contracts in which we are reimbursed for costs incurred plus an agreed upon profit are recorded as costs are incurred. The Federal Acquisition Regulations provide guidance on the types of cost that will be reimbursed in establishing contract price. Contracts may contain provisions to earn incentive and award fees if specified targets are achieved. Incentive and award fees that can be reasonably estimated and are probable are recorded over the performance period of the contract. Incentive and award fees that cannot be reasonably estimated are recorded when awarded. | ||
Program Accounting Our Commercial Airplanes segment predominantly uses program accounting to account for cost of sales related to its programs. Program accounting is applicable to products manufactured for delivery under production-type contracts where profitability is realized over multiple contracts and years. Under program accounting, inventoriable production costs, program tooling and other non-recurring costs, and warranty costs are accumulated and charged to cost of sales by program instead of by individual units or contracts. A program consists of the estimated number of units (accounting quantity) of a product to be produced in a continuing, long-term production effort for delivery under existing and anticipated contracts. The determination of the accounting quantity is limited by the ability to make reasonably dependable estimates of the revenue and cost of existing and anticipated contracts. To establish the relationship of sales to cost of sales, program accounting requires estimates of (a) the number of units to be produced and sold in a program, (b) the period over which the units can reasonably be expected to be produced, and (c) the units’ expected sales prices, production costs, program tooling and other non-recurring costs, and routine warranty costs for the total program. | ||
We recognize sales for commercial airplane deliveries as each unit is completed and accepted by the customer. Sales recognized represent the price negotiated with the customer, adjusted by an escalation formula as specified in the customer agreement. The amount reported as cost of sales is determined by applying the estimated cost of sales percentage for the total remaining program to the amount of sales recognized for airplanes delivered and accepted by the customer. Changes in estimated revenues, cost of sales and the related effects on program margins are recognized prospectively except in cases where the program is determined to have a reach-forward loss in which case the loss is recognized in the current period. See Note 11. | ||
Concession Sharing Arrangements We account for sales concessions to our customers in consideration of their purchase of products and services as a reduction to revenue when the related products and services are delivered. The sales concessions incurred may be partially reimbursed by certain suppliers in accordance with concession sharing arrangements. We record these reimbursements, which are presumed to represent reductions in the price of the vendor’s products or services, as a reduction in Cost of products. | ||
Spare Parts Revenue We recognize sales of spare parts upon delivery and the amount reported as cost of sales is recorded at average cost. | ||
Service Revenue Service revenue is recognized when the service is performed with the exception of U.S. government service agreements, which are accounted for using contract accounting. Service activities primarily include: support agreements associated with military aircraft and helicopter contracts, ongoing maintenance of International Space Station, and technical and flight operation services for commercial aircraft. Service revenue and associated cost of sales from pay-in-advance subscription fees are deferred and recognized as services are rendered. | ||
Financial Services Revenue We record financial services revenue associated with sales-type/finance leases, operating leases, and notes receivable. | ||
Lease and financing revenue arrangements are included in Sales of services on the Consolidated Statements of Operations. For sales-type/finance leases, we record an asset at lease inception. This asset is recorded at the aggregate future minimum lease payments, estimated residual value of the leased equipment, and deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. Residual values, which are reviewed periodically, represent the estimated amount we expect to receive at lease termination from the disposition of the leased equipment. Actual residual values realized could differ from these estimates. Declines in estimated residual value that are deemed other-than-temporary are recognized in the period in which the declines occur. | ||
For operating leases, revenue on leased aircraft and equipment is recorded on a straight-line basis over the term of the lease. Operating lease assets, included in Customer financing, are recorded at cost and depreciated over the period that we project we will hold the asset to an estimated residual value, using the straight-line method. We periodically review our estimates of residual value and recognize forecasted changes by prospectively adjusting depreciation expense. | ||
For notes receivable, notes are recorded net of any unamortized discounts and deferred incremental direct costs. Interest income and amortization of any discounts are recorded ratably over the related term of the note. | ||
Reinsurance Revenue Our wholly-owned insurance subsidiary, Astro Ltd., participates in a reinsurance pool for workers’ compensation. The member agreements and practices of the reinsurance pool minimize any participating members’ individual risk. Reinsurance revenues were $135, $160 and $129 during 2014, 2013 and 2012, respectively. Reinsurance costs related to premiums and claims paid to the reinsurance pool were $144, $147 and $128 during 2014, 2013 and 2012, respectively. Revenues and costs are presented net in Cost of sales in the Consolidated Statements of Operations. | ||
Fleet Support | Fleet Support | |
We provide assistance and services to facilitate efficient and safe aircraft operation to the operators of all our commercial airplane models. Collectively known as fleet support services, these activities and services include flight and maintenance training, field service support, engineering services, and technical data and documents. Fleet support activity begins prior to aircraft delivery as the customer receives training, manuals, and technical consulting support. This activity continues throughout the aircraft’s operational life. Services provided after delivery include field service support, consulting on maintenance, repair, and operational issues brought forth by the customer or regulators, updating manuals and engineering data, and the issuance of service bulletins that impact the entire model’s fleet. Field service support involves our personnel located at customer facilities providing and coordinating fleet support activities and requests. The costs for fleet support are expensed as incurred as Cost of services. | ||
Research And Development | Research and Development | |
Research and development includes costs incurred for experimentation, design, and testing, as well as bid and proposal efforts related to government products and services which are expensed as incurred unless the costs are related to certain contractual arrangements with customers. Costs that are incurred pursuant to such contractual arrangements are recorded over the period that revenue is recognized, consistent with our contract accounting policy. We have certain research and development arrangements that meet the requirement for best efforts research and development accounting. Accordingly, the amounts funded by the customer are recognized as an offset to our research and development expense rather than as contract revenues. Research and development expense included bid and proposal costs of $289, $285 and $326 in 2014, 2013 and 2012, respectively. | ||
Share-Based Compensation | Share-Based Compensation | |
We provide various forms of share-based compensation to our employees. For awards settled in shares, we measure compensation expense based on the grant-date fair value net of estimated forfeitures. For awards settled in cash, or that may be settled in cash, we measure compensation expense based on the fair value at each reporting date net of estimated forfeitures. The expense is recognized over the requisite service period, which is generally the vesting period of the award. | ||
Income Taxes | Income Taxes | |
Provisions for federal, state, and non-U.S. income taxes are calculated on reported Earnings before income taxes based on current tax law and also include, in the current period, the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provisions differ from the amounts currently receivable or payable because certain items of income and expense are recognized in different time periods for financial reporting purposes than for income tax purposes. Significant judgment is required in determining income tax provisions and evaluating tax positions. | ||
The accounting for uncertainty in income taxes requires a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. We record a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on our tax return. To the extent that our assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. Tax-related interest and penalties are classified as a component of Income tax expense. | ||
Postretirement Plans | Postretirement Plans | |
The majority of our employees are earning benefits under defined benefit pension plans. In 2014, we announced changes to our retirement plans whereby nonunion and the majority of union employees currently participating in defined benefit pension plans will transition in 2016 to a company-funded defined contribution retirement savings plan. We also provide postretirement benefit plans other than pensions, consisting principally of health care coverage to eligible retirees and qualifying dependents. Benefits under the pension and other postretirement benefit plans are generally based on age at retirement and years of service and, for some pension plans, benefits are also based on the employee’s annual earnings. The net periodic cost of our pension and other postretirement plans is determined using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate, the long-term rate of asset return, and medical trend (rate of growth for medical costs). A portion of net periodic pension and other postretirement income or expense is not recognized in net earnings in the year incurred because it is allocated to production as product costs, and reflected in inventory at the end of a reporting period. Actuarial gains and losses, which occur when actual experience differs from actuarial assumptions, are reflected in Shareholders’ equity (net of taxes). If actuarial gains and losses exceed ten percent of the greater of plan assets or plan liabilities we amortize them over the average future service period of employees. The funded status of our pension and postretirement plans is reflected on the Consolidated Statements of Financial Position. | ||
Postemployment Plans | Postemployment Plans | |
We record a liability for postemployment benefits, such as severance or job training, when payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have vested or accumulated. | ||
Environmental Remediation | Environmental Remediation | |
We are subject to federal and state requirements for protection of the environment, including those for discharge of hazardous materials and remediation of contaminated sites. We routinely assess, based on in-depth studies, expert analyses and legal reviews, our contingencies, obligations, and commitments for remediation of contaminated sites, including assessments of ranges and probabilities of recoveries from other responsible parties and/or insurance carriers. Our policy is to accrue and charge to current expense identified exposures related to environmental remediation sites when it is probable that a liability has been incurred and the amount can be reasonably estimated. The amount of the liability is based on our best estimate or the low end of a range of reasonably possible exposure for investigation, cleanup, and monitoring costs to be incurred. Estimated remediation costs are not discounted to present value as the timing of payments cannot be reasonably estimated. We may be able to recover a portion of the remediation costs from insurers or other third parties. Such recoveries are recorded when realization of the claim for recovery is deemed probable. | ||
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. | ||
Cash And Cash Equivalents | Cash and Cash Equivalents | |
Cash and cash equivalents consist of highly liquid instruments, such as commercial paper, time deposits, and other money market instruments, which have original maturities of three months or less. We aggregate our cash balances by bank where conditions for right of set-off are met, and reclassify any negative balances, consisting mainly of uncleared checks, to Accounts payable. Negative balances reclassified to Accounts payable were $241 and $108 at December 31, 2014 and 2013. | ||
Inventories | Inventories | |
Inventoried costs on commercial aircraft programs and long-term contracts include direct engineering, production and tooling and other non-recurring costs, and applicable overhead, which includes fringe benefits, production related indirect and plant management salaries and plant services, not in excess of estimated net realizable value. To the extent a material amount of such costs are related to an abnormal event or are fixed costs not appropriately attributable to our programs or contracts, they are expensed in the current period rather than inventoried. Inventoried costs include amounts relating to programs and contracts with long-term production cycles, a portion of which is not expected to be realized within one year. Included in inventory for federal government contracts is an allocation of allowable costs related to manufacturing process reengineering. | ||
Commercial aircraft programs inventory includes deferred production costs and supplier advances. Deferred production costs represent actual costs incurred for production of early units that exceed the estimated average cost of all units in the program accounting quantity. Higher production costs are experienced at the beginning of a new or derivative airplane program. Units produced early in a program require substantially more effort (labor and other resources) than units produced later in a program because of volume efficiencies and the effects of learning. We expect that these deferred costs will be fully recovered when all units included in the accounting quantity are delivered as the expected unit cost for later deliveries is below the estimated average cost of all units in the program. Supplier advances represent payments for parts we have contracted to receive from suppliers in the future. As parts are received, supplier advances are amortized to work in process. | ||
The determination of net realizable value of long-term contract costs is based upon quarterly reviews that estimate costs to be incurred to complete all contract requirements. When actual contract costs and the estimate to complete exceed total estimated contract revenues, a loss provision is recorded. The determination of net realizable value of commercial aircraft program costs is based upon quarterly program reviews that estimate revenue and cost to be incurred to complete the program accounting quantity. When estimated costs to complete exceed estimated program revenues to go, a program loss provision is recorded in the current period for the estimated loss on all undelivered units in the accounting quantity. | ||
Used aircraft purchased by the Commercial Airplanes segment and general stock materials are stated at cost not in excess of net realizable value. See ‘Aircraft Valuation’ within this Note for a discussion of our valuation of used aircraft. Spare parts inventory is stated at lower of average unit cost or market. We review our commercial spare parts and general stock materials quarterly to identify impaired inventory, including excess or obsolete inventory, based on historical sales trends, expected production usage, and the size and age of the aircraft fleet using the part. Impaired inventories are charged to Cost of products in the period the impairment occurs. | ||
Included in inventory for commercial aircraft programs are amounts paid or credited in cash, or other consideration to certain airline customers, that are referred to as early issue sales consideration. Early issue sales consideration is recognized as a reduction to revenue when the delivery of the aircraft under contract occurs. If an airline customer does not perform and take delivery of the contracted aircraft, we believe that we would have the ability to recover amounts paid. However, to the extent early issue sales consideration exceeds advances and is not considered to be otherwise recoverable, it would be written off in the current period. | ||
We net advances and progress billings on long-term contracts against inventory in the Consolidated Statements of Financial Position. Advances and progress billings in excess of related inventory are reported in Advances and billings in excess of related costs. | ||
Precontract Costs | Precontract Costs | |
We may, from time to time, incur costs in excess of the amounts required for existing contracts. If we determine the costs are probable of recovery from future orders, then we capitalize the precontract costs we incur, excluding start-up costs which are expensed as incurred. Capitalized precontract costs are included in Inventories, net of advances and progress billings, in the accompanying Consolidated Statements of Financial Position. Should future orders not materialize or we determine the costs are no longer probable of recovery, the capitalized costs would be written off. | ||
Property, Plant And Equipment | Property, Plant and Equipment | |
Property, plant and equipment are recorded at cost, including applicable construction-period interest, less accumulated depreciation and are depreciated principally over the following estimated useful lives: new buildings and land improvements, from 10 to 40 years; and new machinery and equipment, from 3 to 20 years. The principal methods of depreciation are as follows: buildings and land improvements, 150% declining balance; and machinery and equipment, sum-of-the-years’ digits. Capitalized internal use software is included in Other assets and amortized using the straight line method over 5 years. We periodically evaluate the appropriateness of remaining depreciable lives assigned to long-lived assets, including assets that may be subject to a management plan for disposition. | ||
Long-lived assets held for sale are stated at the lower of cost or fair value less cost to sell. Long-lived assets held for use are subject to an impairment assessment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset. | ||
Asset Retirement Obligations | Asset Retirement Obligations | |
We record all known asset retirement obligations for which the liability’s fair value can be reasonably estimated, including certain asbestos removal, asset decommissioning and contractual lease restoration obligations. Recorded amounts are not material. | ||
We also have known conditional asset retirement obligations, such as certain asbestos remediation and asset decommissioning activities to be performed in the future, that are not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, these obligations have not been recorded in the Consolidated Financial Statements. A liability for these obligations will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. In addition, there may be conditional asset retirement obligations that we have not yet discovered (e.g. asbestos may exist in certain buildings but we have not become aware of it through the normal course of business), and therefore, these obligations also have not been included in the Consolidated Financial Statements. | ||
Goodwill And Other Acquired Intangibles | Goodwill and Other Acquired Intangibles | |
Goodwill and other acquired intangible assets with indefinite lives are not amortized, but are tested for impairment annually and when an event occurs or circumstances change such that it is more likely than not that an impairment may exist. Our annual testing date is April 1. | ||
We test goodwill for impairment by performing a qualitative assessment or using a two-step impairment process. If we choose to perform a qualitative assessment and determine it is more likely than not that the carrying value of the net assets is more than the fair value of the related operations, the two-step impairment process is then performed; otherwise, no further testing is required. For operations where the two-step impairment process is used, we first compare the carrying value of net assets to the fair value of the related operations. If the fair value is determined to be less than carrying value, a second step is performed to compute the amount of the impairment. In this process, a fair value for goodwill is estimated, based in part on the fair value of the operations, and is compared to its carrying value. The shortfall of the fair value below carrying value represents the amount of goodwill impairment. | ||
Indefinite-lived intangibles consist of brand and trade names acquired in business combinations. We test these intangibles for impairment by comparing their carrying value to current projections of discounted cash flows attributable to the brand and trade names. Any excess carrying value over the amount of discounted cash flows represents the amount of the impairment. | ||
Our finite-lived acquired intangible assets are amortized on a straight-line basis over their estimated useful lives as follows: developed technology, from 5 to 14 years; product know-how, from 5 to 30 years; customer base, from 3 to 19 years; distribution rights, from 5 to 27 years; and other, from 3 to 32 years. We evaluate the potential impairment of finite-lived acquired intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset. | ||
Investments | Investments | |
Time deposits are held-to-maturity investments that are carried at cost. | ||
The equity method of accounting is used to account for investments for which we have the ability to exercise significant influence, but not control, over an investee. Significant influence is generally deemed to exist if we have an ownership interest in the voting stock of an investee of between 20% and 50%. | ||
We classify investment income and loss on our Consolidated Statements of Operations based on whether the investment is operating or non-operating in nature. Operating investments align strategically and are integrated with our operations. Earnings from operating investments, including our share of income or loss from equity method investments, dividend income from certain cost method investments, and any impairments or gain/loss on the disposition of these investments, are recorded in Income from operating investments, net. Non-operating investments are those we hold for non-strategic purposes. Earnings from non-operating investments, including interest and dividends on marketable securities, and any impairments or gain/loss on the disposition of these investments are recorded in Other income/(expense), net. | ||
Derivatives | Derivatives | |
All derivative instruments are recognized in the financial statements and measured at fair value regardless of the purpose or intent of holding them. We use derivative instruments to principally manage a variety of market risks. For derivatives designated as hedges of the exposure to changes in fair value of the recognized asset or liability or a firm commitment (referred to as fair value hedges), the gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. The effect of that accounting is to include in earnings the extent to which the hedge is not effective in achieving offsetting changes in fair value. For our cash flow hedges, the effective portion of the derivative’s gain or loss is initially reported in comprehensive income and is subsequently reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The ineffective portion of the gain or loss of a cash flow hedge is reported in earnings immediately. We also hold certain instruments for economic purposes that are not designated for hedge accounting treatment. For these derivative instruments, the changes in their fair value are also recorded in earnings immediately. | ||
Aircraft Valuation | Aircraft Valuation | |
Used aircraft under trade-in commitments and aircraft under repurchase commitments In conjunction with signing a definitive agreement for the sale of new aircraft (Sale 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 upon the purchase of Sale Aircraft. Additionally, we have entered into contingent repurchase commitments with certain customers wherein we agree to repurchase the Sale Aircraft at a specified price, generally 10 to 15 years after delivery of the Sale Aircraft. Our repurchase of the Sale Aircraft is contingent upon a future, mutually acceptable agreement for the sale of additional new aircraft. If we execute an agreement for the sale of additional new aircraft, and if the customer exercises its right to sell the Sale Aircraft to us, a contingent repurchase commitment would become a trade-in commitment. Our historical experience is that contingent repurchase commitments infrequently become trade-in commitments. | ||
Exposure related to trade-in commitments may take the form of: | ||
-1 | adjustments to revenue for the difference between the contractual trade-in price in the definitive agreement and our best estimate of the fair value of the trade-in aircraft as of the date of such agreement, which would be recognized upon delivery of the Sale Aircraft, and/or | |
-2 | charges to cost of products for adverse changes in the fair value of trade-in aircraft that occur subsequent to signing of a definitive agreement for Sale Aircraft but prior to the purchase of the used trade-in aircraft. Estimates based on current aircraft values would be included in Accrued liabilities. | |
The fair value of trade-in aircraft is determined using aircraft-specific data such as model, age and condition, market conditions for specific aircraft and similar models, and multiple valuation sources. This process uses our assessment of the market for each trade-in aircraft, which in most instances begins years before the return of the aircraft. There are several possible markets in which we continually pursue opportunities to place used aircraft. These markets include, but are not limited to, the resale market, which could potentially include the cost of long-term storage; the leasing market, with the potential for refurbishment costs to meet the leasing customer’s requirements; or the scrap market. Trade-in aircraft valuation varies significantly depending on which market we determine is most likely for each aircraft. On a quarterly basis, we update our valuation analysis based on the actual activities associated with placing each aircraft into a market. This quarterly valuation process yields results that are typically lower than residual value estimates by independent sources and tends to more accurately reflect results upon the actual placement of the aircraft. | ||
Used aircraft acquired by the Commercial Airplanes segment are included in Inventories at the lower of cost or market as it is our intent to sell these assets. To mitigate costs and enhance marketability, aircraft may be placed on operating lease. While on operating lease, the assets are included in Customer financing. | ||
Customer financing Customer financing includes operating lease equipment, notes receivable, and sales-type/finance leases. Sales-type/finance leases are treated as receivables, and allowances for losses are established as necessary. | ||
We assess the fair value of the assets we own, including equipment under operating leases, assets held for sale or re-lease, and collateral underlying receivables, to determine if their fair values are less than the related assets’ carrying values. Differences between carrying values and fair values of sales-type/finance leases and notes and other receivables, as determined by collateral value, are considered in determining the allowance for losses on receivables. | ||
We use a median calculated from published collateral values from multiple third-party aircraft value publications based on the type and age of the aircraft to determine the fair value of aircraft. Under certain circumstances, we apply judgment based on the attributes 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 outside publications. | ||
Impairment review for assets under operating leases and held for sale or re-lease We evaluate for impairment assets under operating lease or assets held for sale or re-lease when events or changes in circumstances indicate that the expected undiscounted cash flow from the asset may be less than the carrying value. We use various assumptions when determining the expected undiscounted cash flow, including our intentions for how long we will hold an asset subject to operating lease before it is sold, the expected future lease rates, lease terms, residual value of the asset, periods in which the asset may be held in preparation for a follow-on lease, maintenance costs, remarketing costs and the remaining economic life of the asset. We record assets held for sale at the lower of carrying value or fair value less costs to sell. | ||
When we determine that impairment is indicated for an asset, the amount of impairment expense recorded is the excess of the carrying value over the fair value of the asset. | ||
Allowance for losses on customer financing receivables We record the potential impairment of customer financing receivables in a valuation account, the balance of which is an accounting estimate of probable but unconfirmed losses. The allowance for losses on receivables relates to two components of receivables: (a) receivables that are evaluated individually for impairment and (b) all other receivables. | ||
We determine a receivable is impaired when, based on current information and events, it is probable that we will be unable to collect amounts due according to the original contractual terms of the receivable agreement, without regard to any subsequent restructurings. Factors considered in assessing collectability include, but are not limited to, a customer’s extended delinquency, requests for restructuring and filings for bankruptcy. We determine a specific impairment allowance based on the difference between the carrying value of the receivable and the estimated fair value of the related collateral we would expect to realize. | ||
We review the adequacy of the allowance attributable to the remaining receivables (after excluding receivables subject to a specific impairment allowance) by assessing both the collateral exposure and the applicable cumulative default rate. Collateral exposure for a particular receivable is the excess of the carrying value of the receivable over the fair value of the related collateral. A receivable with an estimated fair value in excess of the carrying value is considered to have no collateral exposure. The applicable cumulative default rate is determined using two components: customer credit ratings and weighted average remaining contract term. Internally assigned credit ratings, our credit quality indicator, are determined for each customer in the portfolio. Those ratings are updated based upon public information and information obtained directly from our customers. | ||
We have entered into agreements with certain customers that would entitle us to look beyond the specific collateral underlying the receivable for purposes of determining the collateral exposure as described above. Should the proceeds from the sale of the underlying collateral asset resulting from a default condition be insufficient to cover the carrying value of our receivable (creating a shortfall condition), these agreements would, for example, permit us to take the actions necessary to sell or retain certain other assets in which the customer has an equity interest and use the proceeds to cover the shortfall. | ||
Each quarter we review customer credit ratings, published historical credit default rates for different rating categories, and multiple third-party aircraft value publications as a basis to validate the reasonableness of the allowance for losses on receivables. There can be no assurance that actual results will not differ from estimates or that the consideration of these factors in the future will not result in an increase or decrease to the allowance for losses on receivables. | ||
Warranties | Warranties | |
In conjunction with certain product sales, we provide warranties that cover factors such as non-conformance to specifications and defects in material and design. The majority of our warranties are issued by our Commercial Airplanes segment. Generally, aircraft sales are accompanied by a three to four-year standard warranty for systems, accessories, equipment, parts, and software manufactured by us or manufactured to certain standards under our authorization. These warranties are included in the programs’ estimate at completion. On occasion we have made commitments beyond the standard warranty obligation to correct fleet-wide major issues of a particular model, resulting in additional accrued warranty expense. Warranties issued by our BDS segments principally relate to sales of military aircraft and weapons hardware and are included in the contract cost estimates. These sales are generally accompanied by a six to twelve-month warranty period and cover systems, accessories, equipment, parts, and software manufactured by us to certain contractual specifications. Estimated costs related to standard warranties are recorded in the period in which the related product sales occur. The warranty liability recorded at each balance sheet date reflects the estimated number of months of warranty coverage outstanding for products delivered times the average of historical monthly warranty payments, as well as additional amounts for certain major warranty issues that exceed a normal claims level. Estimated costs of these additional warranty issues are considered changes to the initial liability estimate. | ||
We provide guarantees to certain commercial airplane customers which include compensation provisions for failure to meet specified aircraft performance targets. We account for these performance guarantees as warranties. The estimated liability for these warranties is based on known and anticipated operational characteristics and forecasted customer operation of the aircraft relative to contractually specified performance targets, and anticipated settlements when contractual remedies are not specified. Estimated payments are recorded as a reduction of revenue at delivery of the related aircraft. We have agreements that require certain suppliers to compensate us for amounts paid to customers for failure of supplied equipment to meet specified performance targets. Claims against suppliers under these agreements are included in Inventories and recorded as a reduction in Cost of products at delivery of the related aircraft. These performance warranties and claims against suppliers are included in the programs’ estimate at completion. | ||
Supplier Penalties | Supplier Penalties | |
We record an accrual for supplier penalties when an event occurs that makes it probable that a supplier penalty will be incurred and the amount is reasonably estimable. Until an event occurs, we fully anticipate accepting all products procured under production-related contracts. | ||
Guarantees | Guarantees | |
We record a liability in Accrued liabilities for the fair value of guarantees that are issued or modified after December 31, 2002. For a residual value guarantee where we received a cash premium, the liability is equal to the cash premium received at the guarantee’s inception. For credit guarantees, the liability is equal to the present value of the expected loss. We determine the expected loss by multiplying the creditor’s default rate by the guarantee amount reduced by the expected recovery, if applicable, for each future period the credit guarantee will be outstanding. If at inception of a guarantee, we determine there is a probable related contingent loss, we will recognize a liability for the greater of (a) the fair value of the guarantee as described above or (b) the probable contingent loss amount. |
Earnings_Per_Share_Policy
Earnings Per Share (Policy) | 12 Months Ended |
Dec. 31, 2014 | |
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. |
Liabilities_Commitments_And_Co1
Liabilities, Commitments And Contingencies Environmental Remediation (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental Remediation | Environmental Remediation |
We are subject to federal and state requirements for protection of the environment, including those for discharge of hazardous materials and remediation of contaminated sites. We routinely assess, based on in-depth studies, expert analyses and legal reviews, our contingencies, obligations, and commitments for remediation of contaminated sites, including assessments of ranges and probabilities of recoveries from other responsible parties and/or insurance carriers. Our policy is to accrue and charge to current expense identified exposures related to environmental remediation sites when it is probable that a liability has been incurred and the amount can be reasonably estimated. The amount of the liability is based on our best estimate or the low end of a range of reasonably possible exposure for investigation, cleanup, and monitoring costs to be incurred. Estimated remediation costs are not discounted to present value as the timing of payments cannot be reasonably estimated. We may be able to recover a portion of the remediation costs from insurers or other third parties. Such recoveries are recorded when realization of the claim for recovery is deemed probable. | |
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. |
Summary_of_Business_Segment_Da1
Summary of Business Segment Data (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | ||||||||||||
Schedule Of Segment Reporting Information, By Segment | ||||||||||||
(Dollars in millions) | ||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Revenues: | ||||||||||||
Commercial Airplanes | $59,990 | $52,981 | $49,127 | |||||||||
Defense, Space & Security: | ||||||||||||
Boeing Military Aircraft | 13,511 | 15,285 | 15,388 | |||||||||
Network & Space Systems | 8,003 | 8,512 | 7,911 | |||||||||
Global Services & Support | 9,367 | 9,400 | 9,308 | |||||||||
Total Defense, Space & Security | 30,881 | 33,197 | 32,607 | |||||||||
Boeing Capital | 416 | 408 | 468 | |||||||||
Unallocated items, eliminations and other | (525 | ) | 37 | (504 | ) | |||||||
Total revenues | $90,762 | $86,623 | $81,698 | |||||||||
Earnings from operations: | ||||||||||||
Commercial Airplanes | $6,411 | $5,795 | $4,711 | |||||||||
Defense, Space & Security: | ||||||||||||
Boeing Military Aircraft | 1,304 | 1,504 | 1,487 | |||||||||
Network & Space Systems | 698 | 719 | 562 | |||||||||
Global Services & Support | 1,131 | 1,012 | 1,019 | |||||||||
Total Defense, Space & Security | 3,133 | 3,235 | 3,068 | |||||||||
Boeing Capital | 92 | 107 | 88 | |||||||||
Unallocated items, eliminations and other | (2,163 | ) | (2,575 | ) | (1,577 | ) | ||||||
Earnings from operations | $7,473 | $6,562 | $6,290 | |||||||||
Other (loss)/income, net | (3 | ) | 56 | 62 | ||||||||
Interest and debt expense | (333 | ) | (386 | ) | (442 | ) | ||||||
Earnings before income taxes | 7,137 | 6,232 | 5,910 | |||||||||
Income tax expense | (1,691 | ) | (1,646 | ) | (2,007 | ) | ||||||
Net earnings from continuing operations | 5,446 | 4,586 | 3,903 | |||||||||
Net loss on disposal of discontinued operations, net of taxes of $0, $0, $2 | (1 | ) | (3 | ) | ||||||||
Net earnings | $5,446 | $4,585 | $3,900 | |||||||||
Goodwill_And_Acquired_Intangib1
Goodwill And Acquired Intangibles (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||
Schedule Of Goodwill By Reportable Segment | Changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2014 and 2013 were as follows: | |||||||||||||||||||
Commercial | Boeing | Network | Global | Total | ||||||||||||||||
Airplanes | Military | & Space | Services | |||||||||||||||||
Aircraft | Systems | & Support | ||||||||||||||||||
Balance at January 1, 2013 | $2,125 | $946 | $1,513 | $451 | $5,035 | |||||||||||||||
Acquisitions | 18 | 7 | 25 | |||||||||||||||||
Goodwill adjustments | (17 | ) | (17 | ) | ||||||||||||||||
Balance at December 31, 2013 | $2,108 | $964 | $1,513 | $458 | $5,043 | |||||||||||||||
Acquisitions | 45 | 57 | 102 | |||||||||||||||||
Goodwill adjustments | (22 | ) | (4 | ) | (26 | ) | ||||||||||||||
Balance at December 31, 2014 | $2,131 | $964 | $1,566 | $458 | $5,119 | |||||||||||||||
Schedule Of Finite-Lived Intangible Assets | The gross carrying amounts and accumulated amortization of our acquired finite-lived intangible assets were as follows at December 31: | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Gross | Accumulated | Gross | Accumulated | |||||||||||||||||
Carrying | Amortization | Carrying | Amortization | |||||||||||||||||
Amount | Amount | |||||||||||||||||||
Distribution rights | $2,245 | $550 | $2,275 | $483 | ||||||||||||||||
Product know-how | 494 | 216 | 507 | 199 | ||||||||||||||||
Customer base | 619 | 381 | 615 | 347 | ||||||||||||||||
Developed technology | 500 | 386 | 853 | 742 | ||||||||||||||||
Other | 202 | 148 | 233 | 157 | ||||||||||||||||
Total | $4,060 | $1,681 | $4,483 | $1,928 | ||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated amortization expense for the five succeeding years is as follows: | |||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
Estimated amortization expense | $215 | $210 | $201 | $190 | $182 | |||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule of Weighted Average Number of Shares | The elements used in the computation of basic and diluted earnings per share were as follows: | |||||||||||
(In millions - except per share amounts) | ||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Net earnings | $5,446 | $4,585 | $3,900 | |||||||||
Less: earnings available to participating securities | 6 | 7 | 8 | |||||||||
Net earnings available to common shareholders | $5,440 | $4,578 | $3,892 | |||||||||
Basic | ||||||||||||
Basic weighted average shares outstanding | 728.9 | 760.8 | 758 | |||||||||
Less: participating securities | 1.3 | 1.9 | 2.3 | |||||||||
Basic weighted average common shares outstanding | 727.6 | 758.9 | 755.7 | |||||||||
Diluted | ||||||||||||
Basic weighted average shares outstanding | 728.9 | 760.8 | 758 | |||||||||
Dilutive potential common shares(1) | 9.1 | 8.7 | 5.8 | |||||||||
Diluted weighted average shares outstanding | 738 | 769.5 | 763.8 | |||||||||
Less: participating securities | 1.3 | 1.9 | 2.3 | |||||||||
Diluted weighted average common shares outstanding | 736.7 | 767.6 | 761.5 | |||||||||
Net earnings per share: | ||||||||||||
Basic | $7.47 | $6.03 | $5.15 | |||||||||
Diluted | 7.38 | 5.96 | 5.11 | |||||||||
(1) | Diluted earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards. | |||||||||||
Schedule Of Weighted Average Number Of Shares Outstanding Excluded From The Computation Of Diluted Earnings Per Share | 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 earnings per share because the effect was either antidilutive or the performance condition was not met. | |||||||||||
(Shares in millions) | ||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Stock options | 4.8 | 23.6 | ||||||||||
Performance awards | 5.1 | 4.2 | 4.9 | |||||||||
Performance-based restricted stock units | 1.3 | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Components Of Earnings Before Income Taxes Between Domestic and Foreign Jurisdictions | The components of earnings before income taxes were: | |||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
U.S. | $6,829 | $5,946 | $5,647 | |||||||||
Non-U.S. | 308 | 286 | 263 | |||||||||
Total | $7,137 | $6,232 | $5,910 | |||||||||
Schedule Of Income Tax Expense/(Benefit) | Income tax expense/(benefit) consisted of the following: | |||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Current tax expense | ||||||||||||
U.S. federal | $676 | ($82 | ) | $657 | ||||||||
Non-U.S. | 91 | 76 | 52 | |||||||||
U.S. state | 69 | 11 | 19 | |||||||||
Total current | 836 | 5 | 728 | |||||||||
Deferred tax expense | ||||||||||||
U.S. federal | 828 | 1,531 | 1,209 | |||||||||
Non-U.S. | 34 | 41 | (13 | ) | ||||||||
U.S. state | (7 | ) | 69 | 83 | ||||||||
Total deferred | 855 | 1,641 | 1,279 | |||||||||
Total income tax expense | $1,691 | $1,646 | $2,007 | |||||||||
Reconciliation Of U.S. Federal Statutory Tax Rate To Our Effective Income Tax Rate schedule | The following is a reconciliation of the U.S. federal statutory tax rate of 35% to our effective income tax rates: | |||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
U.S. federal statutory tax | 35 | % | 35 | % | 35 | % | ||||||
Research and development credits (1) | (2.9 | ) | (4.9 | ) | 0.8 | |||||||
Amendments to the R&E regulations (2) | (3.4 | ) | ||||||||||
Tax basis adjustment (3) | (3.6 | ) | ||||||||||
Tax on international activities | (0.2 | ) | (0.1 | ) | (1.2 | ) | ||||||
Tax deductible dividends | (0.7 | ) | (0.6 | ) | (0.7 | ) | ||||||
State income tax provision, net of effect on U.S. federal tax | 0.7 | 0.4 | 0.8 | |||||||||
Federal audit settlements (4) | (3.6 | ) | ||||||||||
Other provision adjustments | (1.0 | ) | (0.7 | ) | ||||||||
Effective income tax rate | 23.7 | % | 26.4 | % | 34 | % | ||||||
(1) | In the fourth quarter of 2014, we recorded tax benefits of $188 related to the reinstatement of the research tax credit for 2014. Research tax credits for the 2013 and 2012 tax years were both recorded in 2013. | |||||||||||
(2) | In 2013, we recorded $212 for the issuance of favorable regulations related to research and experimental (R&E) expenditures. | |||||||||||
(3) | In the second quarter of 2014 we recorded an incremental tax benefit of $265 related to the application of a 2012 Federal Court of Claims decision which held that the tax basis in certain assets could be increased and realized upon the assets' disposition (tax basis adjustment). | |||||||||||
(4) | In the second quarter of 2014, tax benefits of $116 and $143 were recorded as a result of the 2007-2008 and 2009-2010 federal tax audit settlements. | |||||||||||
Significant Components Of Deferred Tax Assets Net Of Deferred Tax Liabilities | Significant components of our deferred tax (liabilities)/assets at December 31 were as follows: | |||||||||||
2014 | 2013 | |||||||||||
Inventory and long-term contract methods of income recognition, fixed assets and other (net of valuation allowance of $18 and $20) | ($11,589 | ) | ($9,948 | ) | ||||||||
Pension benefits | 6,145 | 3,099 | ||||||||||
Retiree health care benefits | 2,572 | 2,458 | ||||||||||
Other employee benefits | 1,477 | 1,773 | ||||||||||
Customer and commercial financing | (853 | ) | (990 | ) | ||||||||
Net operating loss, credit and capital loss carryovers (net of valuation allowance of $63 and $105)(1) | 266 | 362 | ||||||||||
Other net unrealized losses | 110 | 26 | ||||||||||
Unremitted earnings of non-U.S. subsidiaries | (37 | ) | (44 | ) | ||||||||
In-process research and development related to acquisitions | 10 | 23 | ||||||||||
Partnerships and joint ventures | 9 | (62 | ) | |||||||||
Net deferred tax (liabilities)/assets(2) | ($1,890 | ) | ($3,303 | ) | ||||||||
(1) | Of the deferred tax asset for net operating loss and credit carryovers, $252 expires in years ending from December 31, 2015 through December 31, 2034 and $14 may be carried over indefinitely. | |||||||||||
(2) | Included in the net deferred tax (liabilities)/assets as of December 31, 2014 and 2013 are deferred tax assets in the amounts of $8,007 and $5,818 related to Accumulated other comprehensive loss. | |||||||||||
Net Deferred Tax Assets and Liabilities | Net deferred tax (liabilities)/assets at December 31 were as follows: | |||||||||||
2014 | 2013 | |||||||||||
Deferred tax assets | $14,219 | $12,486 | ||||||||||
Deferred tax liabilities | (16,028 | ) | (15,664 | ) | ||||||||
Valuation allowance | (81 | ) | (125 | ) | ||||||||
Net deferred tax (liabilities)/assets | ($1,890 | ) | ($3,303 | ) | ||||||||
Schedule Of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Unrecognized tax benefits – January 1 | $1,141 | $1,055 | $939 | |||||||||
Gross increases – tax positions in prior periods | 403 | 10 | 55 | |||||||||
Gross decreases – tax positions in prior periods | (251 | ) | (125 | ) | (20 | ) | ||||||
Gross increases – current-period tax positions | 217 | 202 | 83 | |||||||||
Gross decreases – current-period tax positions | (1 | ) | (1 | ) | ||||||||
Settlements | (197 | ) | (1 | ) | ||||||||
Lapse of statute of limitations | (1 | ) | ||||||||||
Unrecognized tax benefits – December 31 | $1,312 | $1,141 | $1,055 | |||||||||
Accounts_Receivable_Tables
Accounts Receivable (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Accounts Receivable, Net [Abstract] | ||||||||||||||||
Schedule Of Accounts Receivable | Accounts receivable at December 31 consisted of the following: | |||||||||||||||
2014 | 2013 | |||||||||||||||
U.S. government contracts | $4,281 | $3,604 | ||||||||||||||
Defense, Space & Security customers (1) | 1,018 | 1,073 | ||||||||||||||
Commercial Airplanes customers | 1,749 | 1,072 | ||||||||||||||
Reinsurance receivables | 512 | 525 | ||||||||||||||
Other | 296 | 376 | ||||||||||||||
Less valuation allowance | (127 | ) | (104 | ) | ||||||||||||
Total | $7,729 | $6,546 | ||||||||||||||
(1) | Excludes U.S. government contracts | |||||||||||||||
Schedule Of Accounts Receivable Under Long-Term Contracts | The following table summarizes our accounts receivable under long-term contracts that were unbillable or related to outstanding claims as of December 31: | |||||||||||||||
Unbillable | Claims | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Current | $2,306 | $1,550 | $29 | $3 | ||||||||||||
Expected to be collected after one year | 1,408 | 1,020 | 73 | 61 | ||||||||||||
Total | $3,714 | $2,570 | $102 | $64 | ||||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory, Current | Inventories at December 31 consisted of the following: | |||||||
2014 | 2013 | |||||||
Long-term contracts in progress | $13,381 | $12,608 | ||||||
Commercial aircraft programs | 55,220 | 48,065 | ||||||
Commercial spare parts, used aircraft, general stock materials and other | 7,421 | 7,793 | ||||||
Inventory before advances and progress billings | 76,022 | 68,466 | ||||||
Less advances and progress billings | (29,266 | ) | (25,554 | ) | ||||
Total | $46,756 | $42,912 | ||||||
Customer_Financing_Tables
Customer Financing (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Customer Financing [Abstract] | ||||||||||||||||||||||||
Schedule Of Customer Financing | Customer financing primarily relates to the Boeing Capital (BCC) segment and consisted of the following at December 31: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Financing receivables: | ||||||||||||||||||||||||
Investment in sales-type/finance leases | $1,535 | $1,699 | ||||||||||||||||||||||
Notes | 370 | 587 | ||||||||||||||||||||||
Total financing receivables | 1,905 | 2,286 | ||||||||||||||||||||||
Operating lease equipment, at cost, less accumulated depreciation of $571 and $564 | 1,677 | 1,734 | ||||||||||||||||||||||
Gross customer financing | 3,582 | 4,020 | ||||||||||||||||||||||
Less allowance for losses on receivables | (21 | ) | (49 | ) | ||||||||||||||||||||
Total | $3,561 | $3,971 | ||||||||||||||||||||||
Components Of Investment In Sales Type Or Finance Leases | The components of investment in sales-type/finance leases at December 31 were as follows: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Minimum lease payments receivable | $1,475 | $1,731 | ||||||||||||||||||||||
Estimated residual value of leased assets | 521 | 543 | ||||||||||||||||||||||
Unearned income | (461 | ) | (575 | ) | ||||||||||||||||||||
Total | $1,535 | $1,699 | ||||||||||||||||||||||
Financing Receivable Balances Evaluated For Impairment | Financing receivable balances evaluated for impairment at December 31 were as follows: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Individually evaluated for impairment | $86 | $95 | ||||||||||||||||||||||
Collectively evaluated for impairment | 1,819 | 2,191 | ||||||||||||||||||||||
Total financing receivables | $1,905 | $2,286 | ||||||||||||||||||||||
Allowance for Losses on Financing Receivables | The change in the allowance for losses on financing receivables for the years ended December 31, 2014, 2013 and 2012, consisted of the following: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Beginning balance - January 1 | ($49 | ) | ($60 | ) | ($70 | ) | ||||||||||||||||||
Customer financing valuation benefit | 28 | 11 | 10 | |||||||||||||||||||||
Ending balance - December 31 | ($21 | ) | ($49 | ) | ($60 | ) | ||||||||||||||||||
Collectively evaluated for impairment | ($21 | ) | ($49 | ) | ($60 | ) | ||||||||||||||||||
Financing Receivable Credit Quality Indicators | Our financing receivable balances at December 31 by internal credit rating category are shown below: | |||||||||||||||||||||||
Rating categories | 2014 | 2013 | ||||||||||||||||||||||
BBB | $1,055 | $1,091 | ||||||||||||||||||||||
BB | 58 | |||||||||||||||||||||||
B | 633 | 585 | ||||||||||||||||||||||
CCC | 131 | 457 | ||||||||||||||||||||||
Other | 86 | 95 | ||||||||||||||||||||||
Total carrying value of financing receivables | $1,905 | $2,286 | ||||||||||||||||||||||
Schedule Of Customer Financing Carrying Values Related To Major Aircraft Concentrations | The majority of customer financing carrying values are concentrated in the following aircraft models at December 31: | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
717 Aircraft ($421 and $444 accounted for as operating leases) | $1,562 | $1,674 | ||||||||||||||||||||||
747 Aircraft ($601 and $183 accounted for as operating leases) | 601 | 286 | ||||||||||||||||||||||
757 Aircraft ($349 and $402 accounted for as operating leases) | 370 | 453 | ||||||||||||||||||||||
MD-80 Aircraft (Accounted for as sales-type finance leases) | 358 | 411 | ||||||||||||||||||||||
767 Aircraft ($47 and $60 accounted for as operating leases) | 158 | 207 | ||||||||||||||||||||||
737 Aircraft ($127 and $138 accounted for as operating leases) | 156 | 210 | ||||||||||||||||||||||
MD-11 Aircraft (Accounted for as operating leases) | 114 | 220 | ||||||||||||||||||||||
787 Aircraft (Accounted for as operating leases) | 273 | |||||||||||||||||||||||
Customer Financing Asset Impairment Charges | Charges related to customer financing asset impairment for the years ended December 31 were as follows: | |||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Boeing Capital | $139 | $67 | $73 | |||||||||||||||||||||
Other Boeing | 45 | 14 | (15 | ) | ||||||||||||||||||||
Total | $184 | $81 | $58 | |||||||||||||||||||||
Scheduled Receipts On Customer Financing | Scheduled receipts on customer financing are as follows: | |||||||||||||||||||||||
Year | 2015 | 2016 | 2017 | 2018 | 2019 | Beyond 2019 | ||||||||||||||||||
Principal payments on notes receivable | $55 | $41 | $42 | $120 | $69 | $43 | ||||||||||||||||||
Sales-type/finance lease payments receivable | 228 | 225 | 206 | 195 | 182 | 439 | ||||||||||||||||||
Operating lease equipment payments receivable | 505 | 130 | 92 | 70 | 54 | 143 | ||||||||||||||||||
Property_Plant_And_Equipment_T
Property, Plant And Equipment (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||
Schedule Of Property, Plant And Equipment | Property, plant and equipment at December 31 consisted of the following: | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Land | $560 | $562 | ||||||||||||||||||
Buildings and land improvements | 11,767 | 11,068 | ||||||||||||||||||
Machinery and equipment | 12,867 | 12,376 | ||||||||||||||||||
Construction in progress | 1,502 | 1,288 | ||||||||||||||||||
Gross property, plant and equipment | 26,696 | 25,294 | ||||||||||||||||||
Less accumulated depreciation | (15,689 | ) | (15,070 | ) | ||||||||||||||||
Total | $11,007 | $10,224 | ||||||||||||||||||
Payments Due Under Operating And Capital Leases Net Of Sublease Amounts And Non-Cancellable Future Rentals | Payments due under operating and capital leases net of sublease amounts and non-cancellable future rentals during the next five years are as follows: | |||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
Minimum operating lease payments, net of sublease amounts | $221 | $203 | $175 | $146 | $123 | |||||||||||||||
Minimum capital lease payments, net of sublease amounts | 56 | 40 | 33 | 14 | 3 | |||||||||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Investments [Abstract] | |||||||||||
Schedule Of Investments | Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following at December 31: | ||||||||||
2014 | 2013 | ||||||||||
Time deposits | $1,295 | $6,090 | |||||||||
Pledged money market funds(1) | 38 | 46 | |||||||||
Available-for-sale investments | 7 | 8 | |||||||||
Equity method investments (2) | 1,114 | 1,164 | |||||||||
Restricted cash(3) | 26 | 33 | |||||||||
Other investments | 33 | 33 | |||||||||
Total | $2,513 | $7,374 | |||||||||
(1) | Reflects amounts pledged in lieu of letters of credit as collateral in support of our workers’ compensation programs. These funds can become available within 30 days notice upon issuance of letters of credit. | ||||||||||
(2) | Dividends received were $293 and $226 during 2014 and 2013. Retained earnings at December 31, 2014 include undistributed earnings from our equity method investments of $158. | ||||||||||
(3) | Restricted to pay certain claims related to workers’ compensation and life insurance premiums for certain employees. | ||||||||||
Schedule of Equity Method Investments | Our equity method investments consisted of the following as of December 31: | ||||||||||
Segment | Ownership Percentages | Investment Balance | |||||||||
2014 | 2013 | ||||||||||
United Launch Alliance | Network & Space Systems (N&SS) | 50% | $916 | $970 | |||||||
Other | Commercial Airplanes, N&SS and Global Services & Support (GS&S) | 198 | 194 | ||||||||
Total equity method investments | $1,114 | $1,164 | |||||||||
Liabilities_Commitments_And_Co2
Liabilities, Commitments And Contingencies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Schedule of Accrued Liabilities | Accrued liabilities at December 31 consisted of the following: | |||||||
2014 | 2013 | |||||||
Accrued compensation and employee benefit costs | $5,868 | $6,158 | ||||||
Environmental | 601 | 649 | ||||||
Product warranties | 1,504 | 1,570 | ||||||
Forward loss recognition | 414 | 360 | ||||||
Dividends payable | 637 | 542 | ||||||
Other | 4,319 | 4,852 | ||||||
Total | $13,343 | $14,131 | ||||||
Schedule Of Environmental Remediation Activity | The following table summarizes environmental remediation activity during the years ended December 31, 2014 and 2013. | |||||||
2014 | 2013 | |||||||
Beginning balance – January 1 | $649 | $710 | ||||||
Reductions for payments made | (89 | ) | (120 | ) | ||||
Changes in estimates | 41 | 59 | ||||||
Ending balance – December 31 | $601 | $649 | ||||||
Schedule Of Product Warranty Activity | The following table summarizes product warranty activity recorded during the years ended December 31, 2014 and 2013. | |||||||
2014 | 2013 | |||||||
Beginning balance – January 1 | $1,570 | $1,572 | ||||||
Additions for current year deliveries | 566 | 595 | ||||||
Reductions for payments made | (432 | ) | (419 | ) | ||||
Changes in estimates | (200 | ) | (178 | ) | ||||
Ending balance - December 31 | $1,504 | $1,570 | ||||||
Contractual Obligation, Fiscal Year Maturity Schedule | The estimated earliest potential funding dates for these commitments as of December 31, 2014 are as follows: | |||||||
Total | ||||||||
2015 | $2,552 | |||||||
2016 | 3,710 | |||||||
2017 | 3,497 | |||||||
2018 | 2,305 | |||||||
2019 | 1,738 | |||||||
Thereafter | 2,921 | |||||||
$16,723 | ||||||||
Arrangements_With_OffBalance_S1
Arrangements With Off-Balance Sheet Risk (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Guarantees [Abstract] | |||||||||||||||||||||
Schedule Of Guarantor Obligations | 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. | ||||||||||||||||||||
Maximum | Estimated | Carrying | |||||||||||||||||||
Potential | Proceeds from | Amount of | |||||||||||||||||||
Payments | Collateral/ | Liabilities | |||||||||||||||||||
Recourse | |||||||||||||||||||||
December 31, | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
Contingent repurchase commitments | $1,375 | $1,872 | $1,364 | $1,871 | $5 | $5 | |||||||||||||||
Indemnifications to ULA: | |||||||||||||||||||||
Contributed Delta program launch inventory | 114 | 127 | |||||||||||||||||||
Contract pricing | 261 | 261 | 7 | 7 | |||||||||||||||||
Other Delta contracts | 150 | 227 | 8 | ||||||||||||||||||
Other indemnifications | 63 | 106 | 20 | 28 | |||||||||||||||||
Credit guarantees | 30 | 35 | 27 | 27 | 2 | 2 | |||||||||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||
Schedule Of Short-Term Debt And Current Portion Of Long-Term Debt | Short-term debt and current portion of long-term debt at December 31 consisted of the following: | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Unsecured debt securities | $755 | $1,370 | ||||||||||||||||||
Non-recourse debt and notes | 38 | 32 | ||||||||||||||||||
Capital lease obligations | 64 | 68 | ||||||||||||||||||
Other notes | 72 | 93 | ||||||||||||||||||
Total | $929 | $1,563 | ||||||||||||||||||
Schedule Of Debt | Debt at December 31 consisted of the following: | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
Unsecured debt securities | ||||||||||||||||||||
Variable rate: 3-month USD LIBOR plus 1 basis point due 2014 | $150 | |||||||||||||||||||
Variable rate: 3-month USD LIBOR plus 12.5 basis points due 2017 | $250 | |||||||||||||||||||
0.95% - 5.00% due through 2024 | 4,223 | 4,832 | ||||||||||||||||||
5.88% - 6.88% due through 2043 | 2,394 | 2,392 | ||||||||||||||||||
7.25% - 8.75% due through 2043 | 1,657 | 1,672 | ||||||||||||||||||
Non-recourse debt and notes | ||||||||||||||||||||
6.98% - 7.38% notes due through 2021 | 201 | 233 | ||||||||||||||||||
Capital lease obligations due through 2024 | 161 | 151 | ||||||||||||||||||
Other notes | 184 | 205 | ||||||||||||||||||
Total debt | $9,070 | $9,635 | ||||||||||||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | Total debt is attributable to: | |||||||||||||||||||
2014 | 2013 | |||||||||||||||||||
BCC | $2,412 | $2,577 | ||||||||||||||||||
Other Boeing | 6,658 | 7,058 | ||||||||||||||||||
Total debt | $9,070 | $9,635 | ||||||||||||||||||
Scheduled Principal Payments For Debt And Capital Lease Obligations | Scheduled principal payments for debt and minimum capital lease obligations for the next five years are as follows: | |||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||||||
Scheduled principal payments | $937 | $1,098 | $331 | $653 | $1,235 | |||||||||||||||
Postretirement_Plans_Tables
Postretirement Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |||||||||||||||||||||||||
Components Of Net Periodic Benefit Cost | The components of net periodic benefit cost were as follows: | ||||||||||||||||||||||||
Pension | Other Postretirement Benefits | ||||||||||||||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
Service cost | $1,661 | $1,886 | $1,649 | $129 | $148 | $146 | |||||||||||||||||||
Interest cost | 3,058 | 2,906 | 3,005 | 289 | 263 | 313 | |||||||||||||||||||
Expected return on plan assets | (4,169 | ) | (3,874 | ) | (3,831 | ) | (8 | ) | (6 | ) | (7 | ) | |||||||||||||
Amortization of prior service costs | 177 | 196 | 225 | (144 | ) | (180 | ) | (197 | ) | ||||||||||||||||
Recognized net actuarial loss | 1,020 | 2,231 | 1,937 | 8 | 95 | 119 | |||||||||||||||||||
Settlement/curtailment/other losses | 461 | 104 | 25 | 1 | (1 | ) | |||||||||||||||||||
Net periodic benefit cost | $2,208 | $3,449 | $3,010 | $275 | $320 | $373 | |||||||||||||||||||
Net periodic benefit cost included in Earnings from operations | $3,215 | $3,036 | $2,407 | $287 | $353 | $543 | |||||||||||||||||||
Schedule Of Changes In The Benefit Obligation, Plan Assets And Funded Status Of Pensions And OPB | The following tables show changes in the benefit obligation, plan assets and funded status of both pensions and OPB for the years ended December 31, 2014 and 2013. Benefit obligation balances presented below reflect the PBO for our pension plans, and accumulated postretirement benefit obligations (APBO) for our OPB plans. | ||||||||||||||||||||||||
Pension | Other Postretirement Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||
Beginning balance | $68,625 | $75,895 | $7,008 | $7,981 | |||||||||||||||||||||
Service cost | 1,661 | 1,886 | 129 | 148 | |||||||||||||||||||||
Interest cost | 3,058 | 2,906 | 289 | 263 | |||||||||||||||||||||
Plan participants’ contributions | 6 | 8 | |||||||||||||||||||||||
Amendments | 51 | 111 | (43 | ) | 4 | ||||||||||||||||||||
Actuarial (gain)/loss | 10,655 | (9,205 | ) | 334 | (905 | ) | |||||||||||||||||||
Settlement/curtailment/other | (2,518 | ) | (81 | ) | 7 | (57 | ) | ||||||||||||||||||
Gross benefits paid | (3,126 | ) | (2,874 | ) | (449 | ) | (451 | ) | |||||||||||||||||
Subsidies | 39 | 32 | |||||||||||||||||||||||
Exchange rate adjustment | (21 | ) | (21 | ) | (8 | ) | (7 | ) | |||||||||||||||||
Ending balance | $78,391 | $68,625 | $7,306 | $7,008 | |||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||
Beginning balance at fair value | $58,131 | $56,178 | $140 | $110 | |||||||||||||||||||||
Actual return on plan assets | 5,893 | 3,316 | 10 | 23 | |||||||||||||||||||||
Company contribution | 784 | 1,542 | 8 | 14 | |||||||||||||||||||||
Plan participants’ contributions | 6 | 8 | 2 | 3 | |||||||||||||||||||||
Settlement/curtailment/other | (640 | ) | (103 | ) | 11 | ||||||||||||||||||||
Benefits paid | (3,039 | ) | (2,792 | ) | (19 | ) | (21 | ) | |||||||||||||||||
Exchange rate adjustment | (16 | ) | (18 | ) | |||||||||||||||||||||
Ending balance at fair value | $61,119 | $58,131 | $141 | $140 | |||||||||||||||||||||
Amounts recognized in statement of financial position at December 31 consist of: | |||||||||||||||||||||||||
Other assets | $3 | $60 | |||||||||||||||||||||||
Other accrued liabilities | (93 | ) | (80 | ) | ($363 | ) | ($340 | ) | |||||||||||||||||
Accrued retiree health care | (6,802 | ) | (6,528 | ) | |||||||||||||||||||||
Accrued pension plan liability, net | (17,182 | ) | (10,474 | ) | |||||||||||||||||||||
Net amount recognized | ($17,272 | ) | ($10,494 | ) | ($7,165 | ) | ($6,868 | ) | |||||||||||||||||
Schedule Of Amounts Recognized In Accumulated Other Comprehensive Loss | Amounts recognized in Accumulated other comprehensive loss at December 31 were as follows: | ||||||||||||||||||||||||
Pension | Other Postretirement Benefits | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Net actuarial loss | $21,321 | $15,460 | $877 | $561 | |||||||||||||||||||||
Prior service costs/(credits) | 385 | 788 | (512 | ) | (614 | ) | |||||||||||||||||||
Total recognized in Accumulated other comprehensive loss | $21,706 | $16,248 | $365 | ($53 | ) | ||||||||||||||||||||
Schedule Of Estimated Amount That Will Be Amortized From Accumulated Other Comprehensive Loss Into Net Periodic Benefit Cost | The estimated amount that will be amortized from Accumulated other comprehensive loss into net periodic benefit cost during the year ended December 31, 2015 is as follows: | ||||||||||||||||||||||||
Pension | Other Postretirement Benefits | ||||||||||||||||||||||||
Recognized net actuarial loss | $1,581 | $27 | |||||||||||||||||||||||
Amortization of prior service costs/(credits) | 193 | (134 | ) | ||||||||||||||||||||||
Total | $1,774 | ($107 | ) | ||||||||||||||||||||||
Schedule Of Key Information For All Plans With ABO In Excess Of Plan Assets | Key information for our plans with ABO in excess of plan assets as of December 31 was as follows: | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Projected benefit obligation | $78,358 | $63,445 | |||||||||||||||||||||||
Accumulated benefit obligation | 75,622 | 58,334 | |||||||||||||||||||||||
Fair value of plan assets | 61,082 | 52,905 | |||||||||||||||||||||||
Schedule Of Assumptions Used To Calculate The Benefit Obligation and Net Periodic Benefit Costs | The following assumptions, which are the weighted average for all plans, are used to calculate the benefit obligation at December 31 of each year and the net periodic benefit cost for the subsequent year. | ||||||||||||||||||||||||
December 31, | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Discount rate: | |||||||||||||||||||||||||
Pension | 3.9 | % | 4.8 | % | 3.8 | % | |||||||||||||||||||
Other postretirement benefits | 3.5 | % | 4.2 | % | 3.3 | % | |||||||||||||||||||
Expected return on plan assets | 7 | % | 7.5 | % | 7.5 | % | |||||||||||||||||||
Rate of compensation increase | 3.8 | % | 4 | % | 4 | % | |||||||||||||||||||
Schedule Of Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates were as follows: | ||||||||||||||||||||||||
December 31, | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Health care cost trend rate assumed next year | 7 | % | 7 | % | 7.5 | % | |||||||||||||||||||
Ultimate trend rate | 5 | % | 5 | % | 5 | % | |||||||||||||||||||
Year that trend reached ultimate rate | 2018 | 2018 | 2018 | ||||||||||||||||||||||
Schedule Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates | A one-percentage-point change in assumed health care cost trend rates would have the following effect: | ||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost | $54 | ($45 | ) | ||||||||||||||||||||||
Effect on postretirement benefit obligation | 736 | (613 | ) | ||||||||||||||||||||||
Schedule of actual allocations for pension assets and target allocations by asset class [Table Text Block] | The actual and target allocations by asset class for the pension assets at December 31 were as follows: | ||||||||||||||||||||||||
Actual Allocations | Target Allocations | ||||||||||||||||||||||||
Asset Class | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Fixed income | 48 | % | 49 | % | 47 | % | 47 | % | |||||||||||||||||
Global equity | 29 | 29 | 26 | 26 | |||||||||||||||||||||
Private equity | 5 | 5 | 6 | 6 | |||||||||||||||||||||
Real estate and real assets | 9 | 8 | 11 | 11 | |||||||||||||||||||||
Global strategies | 4 | 4 | 4 | 4 | |||||||||||||||||||||
Hedge funds | 5 | 5 | 6 | 6 | |||||||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||
Schedule of Allocation of Plan Assets | The following table presents our plan assets using the fair value hierarchy as of December 31, 2014 and 2013. 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. | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate | $17,488 | $17,486 | $2 | $15,262 | $15,238 | $24 | |||||||||||||||||||
U.S. government and agencies | 5,224 | 5,224 | 4,537 | 4,537 | |||||||||||||||||||||
Mortgage backed and asset backed | 1,207 | 596 | 611 | 1,040 | 491 | 549 | |||||||||||||||||||
Municipal | 1,636 | 1,636 | 1,722 | 1,722 | |||||||||||||||||||||
Sovereign | 1,073 | 1,073 | 1,018 | 1,018 | |||||||||||||||||||||
Common/collective/pooled funds | 2,127 | $18 | 2,109 | 2,538 | $16 | 2,522 | |||||||||||||||||||
Other | 498 | 9 | 237 | 252 | 484 | 229 | 255 | ||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Assets | 49 | 49 | 55 | 55 | |||||||||||||||||||||
Liabilities | (66 | ) | (66 | ) | (10 | ) | (10 | ) | |||||||||||||||||
Cash equivalents and other short-term investments | 792 | 792 | 801 | 801 | |||||||||||||||||||||
Currency overlay derivatives: | |||||||||||||||||||||||||
Assets | 2 | 2 | |||||||||||||||||||||||
Liabilities | (3 | ) | (3 | ) | |||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
U.S. common and preferred stock | 7,577 | 7,577 | 6,919 | 6,919 | |||||||||||||||||||||
Non-U.S. common and preferred stock | 7,151 | 7,139 | 11 | 1 | 7,722 | 7,721 | 1 | ||||||||||||||||||
Common/collective/pooled funds | 2,658 | 46 | 2,443 | 169 | 3,239 | 564 | 2,675 | ||||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Assets | 9 | 9 | 4 | 4 | |||||||||||||||||||||
Liabilities | (5 | ) | (5 | ) | (6 | ) | (6 | ) | |||||||||||||||||
Private equity | 2,955 | 28 | 2,927 | 2,968 | 10 | 2,958 | |||||||||||||||||||
Real estate and real assets: | |||||||||||||||||||||||||
Real estate | 3,199 | 505 | 41 | 2,653 | 2,865 | 425 | 16 | 2,424 | |||||||||||||||||
Real assets | 1,567 | 370 | 433 | 764 | 1,506 | 336 | 464 | 706 | |||||||||||||||||
Derivatives: | |||||||||||||||||||||||||
Assets | 2 | 2 | 1 | 1 | |||||||||||||||||||||
Liabilities | (11 | ) | (11 | ) | (1 | ) | (1 | ) | |||||||||||||||||
Global strategies | 2,248 | 2,248 | 2,355 | 2,355 | |||||||||||||||||||||
Hedge funds | 3,372 | 2,411 | 961 | 2,776 | 1,667 | 1,109 | |||||||||||||||||||
Total | $60,750 | $15,692 | $36,718 | $8,340 | $57,794 | $15,991 | $33,777 | $8,026 | |||||||||||||||||
Cash | $115 | $87 | |||||||||||||||||||||||
Receivables | 447 | 458 | |||||||||||||||||||||||
Payables | (193 | ) | (208 | ) | |||||||||||||||||||||
Total | $61,119 | $58,131 | |||||||||||||||||||||||
Reconciliation Of Level 3 Assets | |||||||||||||||||||||||||
January 1 | Net Realized and Unrealized Gains | Net Purchases, Issuances and Settlements | Net Transfers Into/(Out of) Level 3 | December 31 | |||||||||||||||||||||
2013 Balance | 2013 Balance | ||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate | $3 | $16 | $5 | $24 | |||||||||||||||||||||
Mortgage backed and asset backed | 561 | (11 | ) | (1 | ) | 549 | |||||||||||||||||||
Other (2) | 245 | 37 | (27 | ) | 255 | ||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Non-U.S. common and preferred stock | 1 | 1 | |||||||||||||||||||||||
Private equity (2) | 2,671 | 536 | (249 | ) | 2,958 | ||||||||||||||||||||
Real estate and real assets: | |||||||||||||||||||||||||
Real estate | 2,128 | 232 | 64 | 2,424 | |||||||||||||||||||||
Real assets | 664 | 78 | (36 | ) | 706 | ||||||||||||||||||||
Hedge funds | 1,473 | 183 | (627 | ) | 80 | 1,109 | |||||||||||||||||||
Total | $7,745 | $1,066 | ($870 | ) | $85 | $8,026 | |||||||||||||||||||
The following tables present a reconciliation of Level 3 assets held during the year ended December 31, 2014 and 2013. Transfers into and out of Level 3 are reported at the beginning-of-year values. | |||||||||||||||||||||||||
January 1 | Net Realized and Unrealized Gains/(Losses) | Net Purchases, Issuances and Settlements | Net Transfers Into/(Out of) Level 3 | December 31 | |||||||||||||||||||||
2014 Balance | 2014 Balance | ||||||||||||||||||||||||
Fixed income securities: | |||||||||||||||||||||||||
Corporate (1) | $19 | ($7 | ) | ($10 | ) | $2 | |||||||||||||||||||
Mortgage backed and asset | 554 | 14 | 10 | 33 | 611 | ||||||||||||||||||||
backed(1) | |||||||||||||||||||||||||
Other | 255 | 24 | (27 | ) | 252 | ||||||||||||||||||||
Equity securities: | |||||||||||||||||||||||||
Non-U.S. common and preferred stock | 1 | (1 | ) | 1 | 1 | ||||||||||||||||||||
Common/collective/ | (24 | ) | 193 | 169 | |||||||||||||||||||||
pooled funds | |||||||||||||||||||||||||
Private equity | 2,958 | 415 | (446 | ) | 2,927 | ||||||||||||||||||||
Real estate and real assets: | |||||||||||||||||||||||||
Real estate | 2,424 | 336 | (107 | ) | 2,653 | ||||||||||||||||||||
Real assets | 706 | 32 | 26 | 764 | |||||||||||||||||||||
Hedge funds | 1,109 | (36 | ) | 61 | (173 | ) | 961 | ||||||||||||||||||
Total | $8,026 | $761 | ($298 | ) | ($149 | ) | $8,340 | ||||||||||||||||||
Schedule Of Estimated Future Benefit Payments | The table below reflects the total pension benefits expected to be paid from the plans or from our assets, including both our share of the benefit cost and the participants’ share of the cost, which is funded by participant contributions. OPB payments reflect our portion only. | ||||||||||||||||||||||||
Year(s) | 2015 | 2016 | 2017 | 2018 | 2019 | 2020-2024 | |||||||||||||||||||
Pensions | $3,448 | $3,657 | $3,828 | $3,960 | $3,977 | $21,515 | |||||||||||||||||||
Other postretirement benefits: | |||||||||||||||||||||||||
Gross benefits paid | 465 | 495 | 518 | 558 | 578 | 2,974 | |||||||||||||||||||
Subsidies | (38 | ) | (38 | ) | (40 | ) | (41 | ) | (42 | ) | (211 | ) | |||||||||||||
Net other postretirement benefits | $427 | $457 | $478 | $517 | $536 | $2,763 | |||||||||||||||||||
ShareBased_Compensation_And_Ot1
Share-Based Compensation And Other Compensation Arrangements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Schedule of share-based plans expense and related income tax benefit | The share-based plans expense and related income tax benefit were as follows: | ||||||||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | ||||||||||||||
Stock options | $62 | $93 | $85 | ||||||||||||||
Restricted stock units and other awards | 133 | 113 | 108 | ||||||||||||||
Share-based plans expense | $195 | $206 | $193 | ||||||||||||||
Income tax benefit | $70 | $76 | $75 | ||||||||||||||
Schedule of Stock Options Activity | Stock option activity for the year ended December 31, 2014 is as follows: | ||||||||||||||||
Shares | Weighted Average Exercise Price Per Share | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | ||||||||||||||
Number of shares under option: | |||||||||||||||||
Outstanding at beginning of year | 23,767,743 | $73.97 | |||||||||||||||
Granted | 20,008 | 124.98 | |||||||||||||||
Exercised | -4,584,615 | 74.82 | |||||||||||||||
Forfeited | -697,891 | 75.7 | |||||||||||||||
Expired | -600 | 50.57 | |||||||||||||||
Outstanding at end of year | 18,504,645 | $73.75 | 5.93 | $1,041 | |||||||||||||
Exercisable at end of year | 13,215,966 | $72.74 | 5.1 | $757 | |||||||||||||
Schedule Of Assumptions Used For Fair Value Of Stock Options Granted | The fair values of options were estimated using the Black-Scholes option-pricing model with the following assumptions: | ||||||||||||||||
Grant Year | Grant Date | Expected Life | Expected Volatility | Expected Dividend Yield | Risk Free Interest Rate | Weighted-Average Grant Date Fair Value Per Share | |||||||||||
2013 | 2/25/13 | 6 years | 29 | % | 2.6 | % | 1 | % | $15.85 | ||||||||
2012 | 2/27/12 | 6 years | 29.9 | % | 2.4 | % | 1.1 | % | $16.89 | ||||||||
Schedule of Restricted Stock Units Award Activity | RSU activity for the year ended December 31, 2014 was as follows: | ||||||||||||||||
Long-Term Incentive Program | Other | ||||||||||||||||
Number of units: | |||||||||||||||||
Outstanding at beginning of year | 3,722,317 | 1,132,930 | |||||||||||||||
Granted | 729,603 | 288,600 | |||||||||||||||
Dividends | 72,387 | 25,833 | |||||||||||||||
Forfeited | (177,986 | ) | (13,962 | ) | |||||||||||||
Distributed | (1,313,782 | ) | (286,303 | ) | |||||||||||||
Outstanding at end of year | 3,032,539 | 1,147,098 | |||||||||||||||
Unrecognized compensation cost | $94 | $41 | |||||||||||||||
Weighted average remaining contractual life (years) | 1.7 | 2.3 | |||||||||||||||
Schedule of Performance Based Restricted Stock Units Award Activity | PBRSU activity for the year ended December 31, 2014 was as follows: | ||||||||||||||||
Long-Term Incentive Program | |||||||||||||||||
Number of units: | |||||||||||||||||
Outstanding at beginning of year | |||||||||||||||||
Granted | 662,215 | ||||||||||||||||
Dividends | 10,497 | ||||||||||||||||
Forfeited | (49,610 | ) | |||||||||||||||
Distributed | 0 | ||||||||||||||||
Outstanding at end of year | 623,102 | ||||||||||||||||
Unrecognized compensation cost | $53 | ||||||||||||||||
Weighted average remaining contractual life (years) | 2.1 | ||||||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||||||||||
Schedule Of Common Stock Outstanding Roll Forward | The following table shows changes in each class of shares: | |||||||||||||||||||
Common | Treasury | |||||||||||||||||||
Stock | Stock | |||||||||||||||||||
Balance at January 1, 2012 | 1,012,261,159 | 267,556,388 | ||||||||||||||||||
Issued | (11,935,423 | ) | ||||||||||||||||||
Acquired | 1,009,663 | |||||||||||||||||||
Balance at December 31, 2012 | 1,012,261,159 | 256,630,628 | ||||||||||||||||||
Issued | (17,903,704 | ) | ||||||||||||||||||
Acquired | 26,155,537 | |||||||||||||||||||
Balance at December 31, 2013 | 1,012,261,159 | 264,882,461 | ||||||||||||||||||
Issued | (6,719,270 | ) | ||||||||||||||||||
Acquired | 47,370,415 | |||||||||||||||||||
Balance at December 31, 2014 | 1,012,261,159 | 305,533,606 | ||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in Accumulated other comprehensive income/(loss) (AOCI) by component for the years ended December 31, 2014, 2013 and 2012 were as follows: | |||||||||||||||||||
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, 2012 | $197 | ($8 | ) | $66 | ($16,755 | ) | ($16,500 | ) | ||||||||||||
Other comprehensive income/(loss) before reclassifications | 17 | 25 | (2,290 | ) | (2,248 | ) | ||||||||||||||
Amounts reclassified from AOCI | (5 | ) | 1,337 | (2) | 1,332 | |||||||||||||||
Net current period Other comprehensive loss | 17 | 20 | (953 | ) | (916 | ) | ||||||||||||||
Balance at December 31, 2012 | $214 | ($8 | ) | $86 | ($17,708 | ) | ($17,416 | ) | ||||||||||||
Other comprehensive income/(loss) before reclassifications | (64 | ) | (75 | ) | 6,093 | 5,954 | ||||||||||||||
Amounts reclassified from AOCI | (17 | ) | 1,585 | (2) | 1,568 | |||||||||||||||
Net current period Other comprehensive income/(loss) | (64 | ) | (92 | ) | 7,678 | 7,522 | ||||||||||||||
Balance at December 31, 2013 | $150 | ($8 | ) | ($6 | ) | ($10,030 | ) | ($9,894 | ) | |||||||||||
Other comprehensive income/(loss) before reclassifications | (97 | ) | (137 | ) | (4,644 | ) | (4,878 | ) | ||||||||||||
Amounts reclassified from AOCI | 7 | 862 | (2) | 869 | ||||||||||||||||
Net current period Other comprehensive income/(loss) | (97 | ) | (130 | ) | (3,782 | ) | (4,009 | ) | ||||||||||||
Balance at December 31, 2014 | $53 | ($8 | ) | ($136 | ) | ($13,812 | ) | ($13,903 | ) | |||||||||||
(1) | Net of tax. | |||||||||||||||||||
(2) | Primarily relates to amortization of actuarial losses for the years ended December 31, 2014, 2013, and 2012 totaling $661, $1,516, and $1,304 (net of tax of ($367), ($849), and ($752)), respectively. These are included in the net periodic pension cost of which a portion is allocated to production as inventoried costs. See Note 14. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
Summary of Derivative Instruments [Abstract] | ||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The notional amounts and fair values of derivative instruments in the Consolidated Statements of Financial Position as of December 31 were as follows: | |||||||||||||||||||||
Notional | Other assets | Accrued | ||||||||||||||||||||
amounts(1) | liabilities | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||
Foreign exchange contracts | $2,586 | $2,524 | $9 | $122 | ($204 | ) | ($64 | ) | ||||||||||||||
Interest rate contracts | 125 | 313 | 10 | 13 | ||||||||||||||||||
Commodity contracts | 31 | 72 | 1 | 2 | (24 | ) | (39 | ) | ||||||||||||||
Derivatives not receiving hedge accounting treatment: | ||||||||||||||||||||||
Foreign exchange contracts | 319 | 259 | 21 | 12 | (5 | ) | (35 | ) | ||||||||||||||
Commodity contracts | 3 | 9 | (4 | ) | ||||||||||||||||||
Total derivatives | $3,064 | $3,177 | 41 | 149 | (233 | ) | (142 | ) | ||||||||||||||
Netting arrangements | (16 | ) | (63 | ) | 16 | 63 | ||||||||||||||||
Net recorded balance | $25 | $86 | ($217 | ) | ($79 | ) | ||||||||||||||||
(1) | Notional amounts represent the gross contract/notional amount of the derivatives outstanding. | |||||||||||||||||||||
Schedule Of Derivative Instruments, Gains/(Losses) In Statement Of Financial Performance | Gains/(losses) associated with our cash flow and undesignated hedging transactions and their effect on Other comprehensive income/(loss) and Net earnings were as follows: | |||||||||||||||||||||
Years ended December 31, | 2014 | 2013 | ||||||||||||||||||||
Effective portion recognized in Other comprehensive income/(loss), net of taxes: | ||||||||||||||||||||||
Foreign exchange contracts | ($135 | ) | ($76 | ) | ||||||||||||||||||
Commodity contracts | (2 | ) | 1 | |||||||||||||||||||
Effective portion reclassified out of Accumulated other comprehensive loss into earnings, net of taxes: | ||||||||||||||||||||||
Foreign exchange contracts | 6 | 37 | ||||||||||||||||||||
Commodity contracts | (13 | ) | (20 | ) | ||||||||||||||||||
Forward points recognized in Other income, net: | ||||||||||||||||||||||
Foreign exchange contracts | 28 | 34 | ||||||||||||||||||||
Undesignated derivatives recognized in Other income, net: | ||||||||||||||||||||||
Foreign exchange contracts | (7 | ) | 17 | |||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||
Fair Value, Assets And Liabilities Measured On Recurring Basis | 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. 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. | ||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets | |||||||||||||||||||||||
Money market funds | $3,826 | $3,826 | $3,783 | $3,783 | |||||||||||||||||||
Available-for-sale investments | 7 | 7 | 8 | 6 | $2 | ||||||||||||||||||
Derivatives | 25 | $25 | 86 | $86 | |||||||||||||||||||
Total assets | $3,858 | $3,833 | $25 | $3,877 | $3,789 | $86 | $2 | ||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivatives | ($217 | ) | ($217 | ) | ($79 | ) | ($79 | ) | |||||||||||||||
Total liabilities | ($217 | ) | ($217 | ) | ($79 | ) | ($79 | ) | |||||||||||||||
Fair Value, Assets Measured On Nonrecurring Basis Using Unobservable Inputs | The following table presents the nonrecurring losses recognized for the years ended December 31 due to long-lived asset impairment, and the fair value and asset classification of the related assets as of the impairment date: | ||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||
Fair Value | Total Losses | Fair Value | Total Losses | ||||||||||||||||||||
Operating lease equipment | $187 | ($170 | ) | $216 | ($81 | ) | |||||||||||||||||
Property, plant and equipment | 19 | (15 | ) | 40 | (15 | ) | |||||||||||||||||
Other assets and Acquired intangible assets | (17 | ) | |||||||||||||||||||||
Total | $206 | ($202 | ) | $256 | ($96 | ) | |||||||||||||||||
Fair Value, Assets Measured On Nonrecurring Basis, Valuation Techniques | For Level 3 assets that were measured at fair value on a nonrecurring basis during the year ended December 31, 2014, the following table presents the fair value of those assets as of the measurement date, valuation techniques and related unobservable inputs of those assets. | ||||||||||||||||||||||
Fair | Valuation | Unobservable Input | Range | ||||||||||||||||||||
Value | Technique(s) | Median or Average | |||||||||||||||||||||
Operating lease equipment | $187 | Market approach | Aircraft value publications | $158 - $268(1) | |||||||||||||||||||
Median $238 | |||||||||||||||||||||||
Aircraft condition adjustments | ($58) - $7(2) | ||||||||||||||||||||||
Net ($51) | |||||||||||||||||||||||
(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 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 Consolidated Statements of Financial Position at December 31 were as follows: | ||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||
Carrying Amount | Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Accounts receivable, net | $7,729 | $7,845 | $7,845 | ||||||||||||||||||||
Notes receivable, net | 366 | 395 | 395 | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Debt, excluding capital lease obligations | (8,909 | ) | (10,686 | ) | (10,480 | ) | ($206 | ) | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
Carrying Amount | Total Fair Value | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Accounts receivable, net | $6,546 | $6,525 | $6,525 | ||||||||||||||||||||
Notes receivable, net | 572 | 622 | 622 | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Debt, excluding capital lease obligations | (9,483 | ) | (10,897 | ) | (10,897 | ) | |||||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | Revenues, including foreign military sales, are reported by customer location and consisted of the following: | |||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Asia, other than China | $11,900 | $12,200 | $10,390 | |||||||||
Europe | 11,898 | 10,622 | 10,269 | |||||||||
China | 11,029 | 10,555 | 6,086 | |||||||||
Middle East | 9,243 | 9,165 | 10,285 | |||||||||
Canada | 1,901 | 1,486 | 586 | |||||||||
Africa | 2,596 | 621 | 1,282 | |||||||||
Oceania | 1,757 | 1,657 | 2,043 | |||||||||
Latin America, Caribbean and other | 2,596 | 2,725 | 3,555 | |||||||||
Total non-U.S. revenues | 52,920 | 49,031 | 44,496 | |||||||||
United States | 37,842 | 37,592 | 37,202 | |||||||||
Total revenues | $90,762 | $86,623 | $81,698 | |||||||||
Schedule Of Depreciation And Amortization Expense By Segment | Depreciation and Amortization | |||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Commercial Airplanes | $674 | $632 | $614 | |||||||||
Defense, Space & Security: | ||||||||||||
Boeing Military Aircraft | 164 | 131 | 120 | |||||||||
Network & Space Systems | 114 | 120 | 123 | |||||||||
Global Services & Support | 75 | 69 | 67 | |||||||||
Total Defense, Space & Security | 353 | 320 | 310 | |||||||||
Boeing Capital Corporation | 97 | 110 | 150 | |||||||||
Unallocated items, eliminations and other | 782 | 782 | 737 | |||||||||
Total | $1,906 | $1,844 | $1,811 | |||||||||
Schedule Of Capital Expenditures By Segment | Capital Expenditures | |||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Commercial Airplanes | $698 | $694 | $665 | |||||||||
Defense, Space & Security: | ||||||||||||
Boeing Military Aircraft | 175 | 186 | 153 | |||||||||
Network & Space Systems | 93 | 96 | 115 | |||||||||
Global Services & Support | 68 | 48 | 57 | |||||||||
Total Defense, Space & Security | 336 | 330 | 325 | |||||||||
Unallocated items, eliminations and other | 1,202 | 1,074 | 713 | |||||||||
Total | $2,236 | $2,098 | $1,703 | |||||||||
Schedule Of Intersegment Revenues, Eliminated in Unallocated Items and Eliminations | Intersegment revenues, eliminated in Unallocated items, eliminations and other, are shown in the following table. | |||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Commercial Airplanes | $1,822 | $879 | $1,215 | |||||||||
Boeing Capital | 19 | 29 | 49 | |||||||||
Total | $1,841 | $908 | $1,264 | |||||||||
Schedule Of Unallocated Items and Eliminations | Components of Unallocated items, eliminations and other are shown in the following table. | |||||||||||
Years ended December 31, | 2014 | 2013 | 2012 | |||||||||
Share-based plans | ($67 | ) | ($95 | ) | ($81 | ) | ||||||
Deferred compensation | (44 | ) | (238 | ) | (75 | ) | ||||||
Amortization of previously capitalized interest | (72 | ) | (69 | ) | (70 | ) | ||||||
Eliminations and other unallocated items | (593 | ) | (859 | ) | (452 | ) | ||||||
Sub-total | (776 | ) | (1,261 | ) | (678 | ) | ||||||
Pension | (1,469 | ) | (1,374 | ) | (787 | ) | ||||||
Postretirement | 82 | 60 | (112 | ) | ||||||||
Pension and Postretirement | (1,387 | ) | (1,314 | ) | (899 | ) | ||||||
Total | ($2,163 | ) | ($2,575 | ) | ($1,577 | ) | ||||||
Reconciliation of Assets from Segment to Consolidated | Segment assets are summarized in the table below. | |||||||||||
December 31, | 2014 | 2013 | ||||||||||
Commercial Airplanes | $55,149 | $49,520 | ||||||||||
Defense, Space & Security: | ||||||||||||
Boeing Military Aircraft | 7,232 | 5,872 | ||||||||||
Network & Space Systems | 5,895 | 6,450 | ||||||||||
Global Services & Support | 4,586 | 5,040 | ||||||||||
Total Defense, Space & Security | 17,713 | 17,362 | ||||||||||
Boeing Capital | 3,525 | 3,914 | ||||||||||
Unallocated items, eliminations and other | 22,811 | 21,867 | ||||||||||
Total | $99,198 | $92,663 | ||||||||||
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule Of Quarterly Financial Data | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
4th | 3rd | 2nd | 1st | 4th | 3rd | 2nd | 1st | ||||||||||||||||||
Total revenues | $24,468 | $23,784 | $22,045 | $20,465 | $23,785 | $22,130 | $21,815 | $18,893 | |||||||||||||||||
Total costs and expenses | (20,711 | ) | (20,075 | ) | (18,670 | ) | (17,296 | ) | (20,388 | ) | (18,674 | ) | (18,450 | ) | (15,756 | ) | |||||||||
Earnings from operations | 2,025 | 2,119 | 1,787 | 1,542 | 1,515 | 1,803 | 1,716 | 1,528 | |||||||||||||||||
Net earnings from continuing operations | 1,466 | 1,362 | 1,653 | 965 | 1,233 | 1,160 | 1,087 | 1,106 | |||||||||||||||||
Net (loss)/gain from disposal of discontinued operations | (2 | ) | 1 | ||||||||||||||||||||||
Net earnings | 1,466 | 1,362 | 1,653 | 965 | 1,233 | 1,158 | 1,088 | 1,106 | |||||||||||||||||
Basic earnings per share from continuing operations | 2.05 | 1.88 | 2.26 | 1.3 | 1.63 | 1.53 | 1.43 | 1.45 | |||||||||||||||||
Basic earnings per share | 2.05 | 1.88 | 2.26 | 1.3 | 1.63 | 1.53 | 1.43 | 1.45 | |||||||||||||||||
Diluted earnings per share from continuing operations | 2.02 | 1.86 | 2.24 | 1.28 | 1.61 | 1.51 | 1.41 | 1.44 | |||||||||||||||||
Diluted earnings per share | 2.02 | 1.86 | 2.24 | 1.28 | 1.61 | 1.51 | 1.41 | 1.44 | |||||||||||||||||
Cash dividends declared per share | 1.64 | 1.46 | 1.215 | 0.97 | |||||||||||||||||||||
Common stock sales price per share: | |||||||||||||||||||||||||
High | 135.78 | 130.58 | 138.39 | 144.57 | 142 | 120.38 | 104.15 | 86.84 | |||||||||||||||||
Low | 116.32 | 117.87 | 121.92 | 118.77 | 113.34 | 98.99 | 83.8 | 72.68 | |||||||||||||||||
Quarter end | 129.98 | 127.38 | 127.23 | 125.49 | 136.49 | 117.5 | 102.44 | 85.85 | |||||||||||||||||
Recovered_Sheet1
Summary Of Business Segment Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $24,468 | $23,784 | $22,045 | $20,465 | $23,785 | $22,130 | $21,815 | $18,893 | $90,762 | $86,623 | $81,698 |
Earnings from operations | 2,025 | 2,119 | 1,787 | 1,542 | 1,515 | 1,803 | 1,716 | 1,528 | 7,473 | 6,562 | 6,290 |
Other (loss)/income, net | -3 | 56 | 62 | ||||||||
Interest and debt expense | -333 | -386 | -442 | ||||||||
Earnings before income taxes | 7,137 | 6,232 | 5,910 | ||||||||
Income tax expense | -1,691 | -1,646 | -2,007 | ||||||||
Net earnings from continuing operations | 1,466 | 1,362 | 1,653 | 965 | 1,233 | 1,160 | 1,087 | 1,106 | 5,446 | 4,586 | 3,903 |
Net loss on disposal of discontinued operations, net of taxes of $0, $0, and $2 | -2 | 1 | -1 | -3 | |||||||
Net loss on disposal of discontinued operations, taxes | 0 | 0 | -2 | ||||||||
Net earnings | 1,466 | 1,362 | 1,653 | 965 | 1,233 | 1,158 | 1,088 | 1,106 | 5,446 | 4,585 | 3,900 |
Operating Segments [Member] | Commercial Airplanes [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 59,990 | 52,981 | 49,127 | ||||||||
Earnings from operations | 6,411 | 5,795 | 4,711 | ||||||||
Operating Segments [Member] | Defense, Space & Security [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 30,881 | 33,197 | 32,607 | ||||||||
Earnings from operations | 3,133 | 3,235 | 3,068 | ||||||||
Operating Segments [Member] | Defense, Space & Security [Member] | Boeing Military Aircraft [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 13,511 | 15,285 | 15,388 | ||||||||
Earnings from operations | 1,304 | 1,504 | 1,487 | ||||||||
Operating Segments [Member] | Defense, Space & Security [Member] | Network & Space Systems [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 8,003 | 8,512 | 7,911 | ||||||||
Earnings from operations | 698 | 719 | 562 | ||||||||
Operating Segments [Member] | Defense, Space & Security [Member] | Global Services & Support [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 9,367 | 9,400 | 9,308 | ||||||||
Earnings from operations | 1,131 | 1,012 | 1,019 | ||||||||
Operating Segments [Member] | Boeing Capital Corporation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 416 | 408 | 468 | ||||||||
Earnings from operations | 92 | 107 | 88 | ||||||||
Unallocated items, eliminations and other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | -525 | 37 | -504 | ||||||||
Earnings from operations | ($2,163) | ($2,575) | ($1,577) |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 |
Summary Of Significant Accounting Policies [Line Items] | ||||
Accounts Payable, Current | $10,667 | $9,498 | ||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | 100 | 242 | 379 | |
Duration of operating cycle | generally longer than one year | |||
Earnings Per Share impact, change in accounting estimate | $0.10 | $0.23 | $0.33 | |
Reinsurance revenues | 135 | 160 | 129 | |
Reinsurance costs | 144 | 147 | 128 | |
Research and development expense | 3,047 | 3,071 | 3,298 | |
Repurchase commitments, maturities | generally 10 to 15 years | |||
Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 20.00% | |||
Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Bank Overdrafts [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Accounts Payable, Current | 241 | 108 | ||
Commercial Airplanes [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | -238 | |||
Commercial Airplanes [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Standard warranty term | 3 years | |||
Commercial Airplanes [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Standard warranty term | 4 years | |||
Defense, Space & Security [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | -187 | |||
Defense, Space & Security [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Standard warranty term | 6 months | |||
Defense, Space & Security [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Standard warranty term | 12 months | |||
Developed Technology [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Finite-lived acquired intangible assets, useful lives (in years) | 5 years | |||
Developed Technology [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Finite-lived acquired intangible assets, useful lives (in years) | 14 years | |||
Product Know-How [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Finite-lived acquired intangible assets, useful lives (in years) | 5 years | |||
Product Know-How [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Finite-lived acquired intangible assets, useful lives (in years) | 30 years | |||
Customer Base [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Finite-lived acquired intangible assets, useful lives (in years) | 3 years | |||
Customer Base [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Finite-lived acquired intangible assets, useful lives (in years) | 19 years | |||
Distribution Rights [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Finite-lived acquired intangible assets, useful lives (in years) | 5 years | |||
Distribution Rights [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Finite-lived acquired intangible assets, useful lives (in years) | 27 years | |||
Other Intangible Assets [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Finite-lived acquired intangible assets, useful lives (in years) | 3 years | |||
Other Intangible Assets [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Finite-lived acquired intangible assets, useful lives (in years) | 32 years | |||
Buildings And Land Improvements [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, estimated useful lives (in years) | 10 years | |||
Buildings And Land Improvements [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, estimated useful lives (in years) | 40 years | |||
Machinery And Equipment [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, estimated useful lives (in years) | 3 years | |||
Machinery And Equipment [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, estimated useful lives (in years) | 20 years | |||
Capitalized Internal Use Software [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Property, plant and equipment, estimated useful lives (in years) | 5 years | |||
Bid And Proposal Costs [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Research and development expense | 289 | 285 | 326 | |
KC-46A Tanker [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | ($425) |
Goodwill_And_Acquired_Intangib2
Goodwill And Acquired Intangibles (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Carrying amount of indefinite-lived intangible assets relating to trade names | $490 | $497 |
Amortization expense of acquired finite-lived intangible assets | 227 | 205 |
Finite-lived Intangible Assets Acquired | 87 | 144 |
Non-cash investing and financing transactions related to acquired finite-lived intangibles | 24 | 0 |
Total acquired finite-lived intangible assets remaining unpaid | $24 | $182 |
Goodwill_And_Acquired_Intangib3
Goodwill And Acquired Intangibles (Schedule Of Goodwill By Reportable Segment) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $5,043 | $5,035 |
Acquisitions | 102 | 25 |
Goodwill adjustments | -26 | -17 |
Goodwill, Ending Balance | 5,119 | 5,043 |
Operating Segments [Member] | Commercial Airplanes [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 2,108 | 2,125 |
Acquisitions | 45 | |
Goodwill adjustments | -22 | -17 |
Goodwill, Ending Balance | 2,131 | 2,108 |
Operating Segments [Member] | Defense, Space & Security [Member] | Boeing Military Aircraft [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 964 | 946 |
Acquisitions | 18 | |
Goodwill adjustments | ||
Goodwill, Ending Balance | 964 | 964 |
Operating Segments [Member] | Defense, Space & Security [Member] | Network & Space Systems [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 1,513 | 1,513 |
Acquisitions | 57 | |
Goodwill adjustments | -4 | |
Goodwill, Ending Balance | 1,566 | 1,513 |
Operating Segments [Member] | Defense, Space & Security [Member] | Global Services & Support [Member] | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 458 | 451 |
Acquisitions | 7 | |
Goodwill adjustments | ||
Goodwill, Ending Balance | $458 | $458 |
Goodwill_And_Acquired_Intangib4
Goodwill And Acquired Intangibles (Schedule Of Finite-Lived Intangible Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $4,060 | $4,483 |
Accumulated Amortization | 1,681 | 1,928 |
Distribution Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,245 | 2,275 |
Accumulated Amortization | 550 | 483 |
Product Know-How [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 494 | 507 |
Accumulated Amortization | 216 | 199 |
Customer Base [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 619 | 615 |
Accumulated Amortization | 381 | 347 |
Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 500 | 853 |
Accumulated Amortization | 386 | 742 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 202 | 233 |
Accumulated Amortization | $148 | $157 |
Goodwill_And_Acquired_Intangib5
Goodwill And Acquired Intangibles (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2015 estimated amortization expense | $215 |
2016 estimated amortization expense | 210 |
2017 estimated amortization expense | 201 |
2018 estimated amortization expense | 190 |
2019 estimated amortization expense | $182 |
Earnings_Per_Share_Schedule_Of
Earnings Per Share (Schedule Of Weighted-Average Number Of Shares Outstanding Used To Compute Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Net earnings | $1,466 | $1,362 | $1,653 | $965 | $1,233 | $1,158 | $1,088 | $1,106 | $5,446 | $4,585 | $3,900 |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 6 | 7 | 8 | ||||||||
Net earnings available to common shareholders | $5,440 | $4,578 | $3,892 | ||||||||
Basic weighted average shares outstanding | 728.9 | 760.8 | 758 | ||||||||
Participating securities | 1.3 | 1.9 | 2.3 | ||||||||
Basic weighted average common shares outstanding | 727.6 | 758.9 | 755.7 | ||||||||
Basic weighted average shares outstanding | 728.9 | 760.8 | 758 | ||||||||
Dilutive potential common shares | 9.1 | 8.7 | 5.8 | ||||||||
Dilutive weighted average shares outstanding | 738 | 769.5 | 763.8 | ||||||||
Participating securities | 1.3 | 1.9 | 2.3 | ||||||||
Diluted weighted average common shares outstanding | 736.7 | 767.6 | 761.5 | ||||||||
Net earnings per share, Basic | $2.05 | $1.88 | $2.26 | $1.30 | $1.63 | $1.53 | $1.43 | $1.45 | $7.47 | $6.03 | $5.15 |
Net earnings per share, Diluted | $2.02 | $1.86 | $2.24 | $1.28 | $1.61 | $1.51 | $1.41 | $1.44 | $7.38 | $5.96 | $5.11 |
Earnings_Per_Share_Schedule_Of1
Earnings Per Share (Schedule Of Weighted Average Number Of Shares Outstanding Excluded From The Computation Of Diluted Earnings Per Share) (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the computation of diluted earnings | 4.8 | 23.6 | |
Performance Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the computation of diluted earnings | 5.1 | 4.2 | 4.9 |
Performance Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the computation of diluted earnings | 1.3 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | |||||||
Net income tax payments/(refunds) | $355 | $209 | $410 | ||||
Effective income tax rate | 23.70% | 26.40% | 34.00% | ||||
Tax Adjustments, Settlements, and Unusual Provisions | 188 | 212 | 145 | ||||
U.S. deferred income taxes and foreign withholding tax | 37 | 37 | |||||
Undistributed Earnings of Foreign Subsidiaries | 800 | 800 | |||||
Accrued income tax-related interest | 17 | 12 | 17 | 12 | |||
Accrued income tax-related penalties | 5 | 8 | 5 | 8 | |||
Amounts of interest (benefit)/expense | -17 | -4 | -43 | ||||
Unrecognized tax benefits | 1,312 | 1,141 | 1,312 | 1,141 | 1,055 | 939 | |
Unrecognized tax benefits that would affect the effective tax rate, if recognized | $1,180 | $1,018 | $1,180 | $1,018 | $945 |
Income_Taxes_Components_of_Ear
Income Taxes (Components of Earnings Before Income Taxes Between Domestic and Foreign Jurisdictions) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
U.S. | $6,829 | $5,946 | $5,647 |
Non-U.S. | 308 | 286 | 263 |
Earnings before income taxes | $7,137 | $6,232 | $5,910 |
Income_Taxes_Schedule_Of_Incom
Income Taxes (Schedule Of Income Tax Expense/(Benefit)) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. federal | $676 | ($82) | $657 |
Non-U.S. | 91 | 76 | 52 |
U.S. state | 69 | 11 | 19 |
Total Current Income Tax Expense (Benefit) | 836 | 5 | 728 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. federal | 828 | 1,531 | 1,209 |
Non-U.S. | 34 | 41 | -13 |
U.S. state | -7 | 69 | 83 |
Total deferred | 855 | 1,641 | 1,279 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Total income tax expense | $1,691 | $1,646 | $2,007 |
Income_Taxes_Schedule_Of_Recon
Income Taxes (Schedule Of Reconciliation Of U.S. Federal Statutory Tax Rate To Our Effective Income Tax Rate) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 |
Income Tax Disclosure [Abstract] | |||||||
U.S. federal statutory tax | 35.00% | 35.00% | 35.00% | ||||
Research and development credits (1) | -2.90% | -4.90% | 0.80% | ||||
Amendments to the R&E regulations (2) | -3.40% | ||||||
Tax basis adjustment (3) | -3.60% | ||||||
Tax on international activities | -0.20% | -0.10% | -1.20% | ||||
Tax deductible dividends | -0.70% | -0.60% | -0.70% | ||||
State income tax provision, net of effect on U.S. federal tax | 0.70% | 0.40% | 0.80% | ||||
Federal audit settlements (4) | -3.60% | ||||||
Other provision adjustments | -1.00% | -0.70% | |||||
Effective income tax rate | 23.70% | 26.40% | 34.00% | ||||
Tax Adjustments, Settlements, and Unusual Provisions | ($188) | ($212) | ($145) | ||||
Tax Basis Restoration [Member] | |||||||
Income Tax Disclosure [Abstract] | |||||||
Tax Adjustments, Settlements, and Unusual Provisions | -265 | ||||||
2009-2010 Federal Tax Audit Settlement [Member] | |||||||
Income Tax Disclosure [Abstract] | |||||||
Tax Adjustments, Settlements, and Unusual Provisions | -143 | ||||||
2007-2008 Federal Tax Audit Settlement [Member] | |||||||
Income Tax Disclosure [Abstract] | |||||||
Tax Adjustments, Settlements, and Unusual Provisions | ($116) |
Income_Taxes_Significant_Compo
Income Taxes (Significant Components Of Deferred Tax Assets Net Of Deferred Tax Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Deferred Tax Assets, Net Of Deferred Tax Liabilities [Line Items] | ||
Net deferred tax assets | ($1,890) | ($3,303) |
Valuation Allowance - Inventory and long-term contract methods of income recognition, fixed assets and other | 18 | 20 |
Valuation Allowance - Net operating loss, credit and capital loss carryovers | 63 | 105 |
Deferred tax asset for net operating loss and credit carryovers each year through December 31, 2033 | 252 | |
Deferred tax asset for net operating loss and credit carryovers indefinitely | 14 | |
Deferred tax assets related to Accumulated other comprehensive loss | 8,007 | 5,818 |
Pension benefits | ||
Deferred Tax Assets, Net Of Deferred Tax Liabilities [Line Items] | ||
Net deferred tax assets | 6,145 | 3,099 |
Inventory and long-term contract methods of income recognition, fixed assets and other (net of valuation allowance of $18 and $20) | ||
Deferred Tax Assets, Net Of Deferred Tax Liabilities [Line Items] | ||
Net deferred tax assets | -11,589 | -9,948 |
Partnerships and joint ventures | ||
Deferred Tax Assets, Net Of Deferred Tax Liabilities [Line Items] | ||
Net deferred tax assets | 9 | -62 |
Retiree health care benefits | ||
Deferred Tax Assets, Net Of Deferred Tax Liabilities [Line Items] | ||
Net deferred tax assets | 2,572 | 2,458 |
Other employee benefits | ||
Deferred Tax Assets, Net Of Deferred Tax Liabilities [Line Items] | ||
Net deferred tax assets | 1,477 | 1,773 |
In-process research and development related to acquisitions | ||
Deferred Tax Assets, Net Of Deferred Tax Liabilities [Line Items] | ||
Net deferred tax assets | 10 | 23 |
Net operating loss, credit and capital loss carryovers (net of valuation allowance of $63 and $105)(1) | ||
Deferred Tax Assets, Net Of Deferred Tax Liabilities [Line Items] | ||
Net deferred tax assets | 266 | 362 |
Customer and commercial financing | ||
Deferred Tax Assets, Net Of Deferred Tax Liabilities [Line Items] | ||
Net deferred tax assets | -853 | -990 |
Unremitted earnings of non-U.S. subsidiaries | ||
Deferred Tax Assets, Net Of Deferred Tax Liabilities [Line Items] | ||
Net deferred tax assets | -37 | -44 |
Other net unrealized losses | ||
Deferred Tax Assets, Net Of Deferred Tax Liabilities [Line Items] | ||
Net deferred tax assets | $110 | $26 |
Income_Taxes_Net_Deferred_Tax_
Income Taxes (Net Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Deferred tax assets | $14,219 | $12,486 |
Deferred tax liabilities | -16,028 | -15,664 |
Valuation allowance | -81 | -125 |
Net deferred tax (liabilities)/assets | ($1,890) | ($3,303) |
Income_Taxes_Schedule_of_Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits Roll Forward) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits – January 1 | $1,141 | $1,055 | $939 |
Gross increases – tax positions in prior periods | 403 | 10 | 55 |
Gross decreases – tax positions in prior periods | -251 | -125 | -20 |
Gross increases – current-period tax positions | 217 | 202 | 83 |
Gross decreases – current-period tax positions | -1 | -1 | |
Settlements | -197 | -1 | |
Lapse of statute of limitations | -1 | ||
Unrecognized tax benefits – December 31 | $1,312 | $1,141 | $1,055 |
Accounts_Receivable_Narrative_
Accounts Receivable (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounts Receivable [Line Items] | ||
Unbillable, expected to be collected after one year | $1,408 | $1,020 |
Accounts receivable, net | 7,729 | 6,546 |
Commercial Customers [Member] | ||
Accounts Receivable [Line Items] | ||
Unbillable, expected to be collected after one year | 172 | 179 |
LightSquared [Member] | ||
Accounts Receivable [Line Items] | ||
Accounts receivable, net | $112 | |
Number of satellites | 2 |
Accounts_Receivable_Schedule_O
Accounts Receivable (Schedule Of Accounts Receivable) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Accounts Receivables [Line Items] | ||||
Less valuation allowance, Current | ($127) | ($104) | ||
Accounts receivable, Net, Current | 7,729 | 6,546 | ||
U S Government Contracts [Member] | ||||
Accounts Receivables [Line Items] | ||||
Accounts Receivable, Gross, Current | 4,281 | 3,604 | ||
Defense, Space & Security customers [Member] | ||||
Accounts Receivables [Line Items] | ||||
Accounts Receivable, Gross, Current | 1,018 | [1] | 1,073 | [1] |
Commercial Airplanes customers [Member] | ||||
Accounts Receivables [Line Items] | ||||
Accounts Receivable, Gross, Current | 1,749 | 1,072 | ||
Reinsurance Receivables [Member] | ||||
Accounts Receivables [Line Items] | ||||
Accounts Receivable, Gross, Current | 512 | 525 | ||
Other [Member] | ||||
Accounts Receivables [Line Items] | ||||
Accounts Receivable, Gross, Current | $296 | $376 | ||
[1] | Excludes U.S. government contracts |
Accounts_Receivable_Schedule_O1
Accounts Receivable (Schedule Of Accounts Receivable Under Long-Term Contracts) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Unbilled Receivables, Not Billable, Fiscal Year Maturity [Abstract] | ||
Unbillable, current | $2,306 | $1,550 |
Unbillable, expected to be collected after one year | 1,408 | 1,020 |
Total Unbillable | 3,714 | 2,570 |
Contracts Receivable, Claims and Uncertain Amounts, Fiscal Year Maturity [Abstract] | ||
Claims, current | 29 | 3 |
Claims, expected to be collected after one year | 73 | 61 |
Total Claims | $102 | $64 |
Inventories_Narrative_Details
Inventories (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventories [Line Items] | ||
Progress Payments Netted Against Inventory for Long-term Contracts or Programs | $29,266 | $25,554 |
Airplane Program 787 [Member] | ||
Inventories [Line Items] | ||
Inventory, work in process | 33,163 | 27,576 |
Deferred production costs | 26,149 | 21,620 |
Supplier advances | 2,257 | 2,189 |
Unamortized tooling and other non-recurring costs | 3,801 | 3,377 |
Deferred production, unamortized tooling and other nonrecurring costs to be recovered from firm orders at the balance sheet date | 20,982 | |
Deferred production, unamortized tooling and other nonrecurring costs to be recovered from future orders | 8,968 | |
Airplane Program 747 [Member] | ||
Inventories [Line Items] | ||
Deferred production costs | 1,741 | 1,554 |
Unamortized tooling and other non-recurring costs | 476 | 563 |
Deferred production, unamortized tooling and other nonrecurring costs to be recovered from firm orders at the balance sheet date | 1,047 | |
Deferred production, unamortized tooling and other nonrecurring costs to be recovered from future orders | 1,170 | |
Capitalized Precontract Costs [Member] | ||
Inventories [Line Items] | ||
Inventory subject to uncertainty | 1,281 | 520 |
Early Issue Sales Consideration [Member] | ||
Inventories [Line Items] | ||
Inventory subject to uncertainty | 3,341 | 3,465 |
ULA [Member] | ||
Inventories [Line Items] | ||
Inventory subject to uncertainty | 154 | 425 |
Progress Payments Netted Against Inventory for Long-term Contracts or Programs | 322 | 331 |
ULA [Member] | Unsold Launches [Member] | ||
Inventories [Line Items] | ||
Inventory subject to uncertainty | $292 |
Inventories_Inventory_Disclosu
Inventories (Inventory Disclosure Table) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Long-term contracts in progress | $13,381 | $12,608 |
Commercial aircraft programs | 55,220 | 48,065 |
Commercial spare parts, used aircraft, general stock materials and other | 7,421 | 7,793 |
Inventory before advances and progress billings | 76,022 | 68,466 |
Less advances and progress billings | -29,266 | -25,554 |
Total | $46,756 | $42,912 |
Customer_Financing_Narrative_D
Customer Financing (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Customer Financing [Line Items] | |||
Operating lease equipment | $1,734 | $1,677 | |
Individually evaluated for impairment | 95 | 86 | |
Impaired financing receivables | |||
Interest income recognized on financing receivables | 30 | 6 | |
Average recorded investment in impaired receivables | 376 | 466 | |
B Credit Rating [Member] | |||
Customer Financing [Line Items] | |||
Percentage Of Credit Default Rates Applied To Customers | 16.00% | ||
BBB Credit Rating [Member] | |||
Customer Financing [Line Items] | |||
Percentage Of Credit Default Rates Applied To Customers | 2.00% | ||
Operating lease equipment available for sale or re-lease [Member] | Boeing Capital Corporation [Member] | |||
Customer Financing [Line Items] | |||
Operating lease equipment | 83 | 48 | |
Operating lease equipment available for sale or re-lease [Member] | Boeing Capital Corporation [Member] | Firm Lease Commitments [Member] | |||
Customer Financing [Line Items] | |||
Operating lease equipment | $57 | $0 |
Customer_Financing_Schedule_Of
Customer Financing (Schedule Of Customer Financing) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Customer Financing [Abstract] | ||||
Investment in sales-type/finance leases | $1,535 | $1,699 | ||
Notes | 370 | 587 | ||
Total financing receivables | 1,905 | 2,286 | ||
Operating lease equipment, at cost, less accumulated depreciation of $571 and $564 | 1,677 | 1,734 | ||
Gross customer financing | 3,582 | 4,020 | ||
Less allowance for losses on receivables | -21 | -49 | -60 | -70 |
Total | 3,561 | 3,971 | ||
Operating lease equipment, accumulated depreciation | $571 | $564 |
Customer_Financing_Components_
Customer Financing (Components Of Investment In Sales-Type Or Finance Leases) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Customer Financing [Abstract] | ||
Minimum lease payments receivable | $1,475 | $1,731 |
Estimated residual value of leased assets | 521 | 543 |
Unearned income | -461 | -575 |
Total | $1,535 | $1,699 |
Customer_Financing_Financing_R
Customer Financing (Financing Receivable Balances Evaluated For Impairment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Customer Financing [Abstract] | ||
Individually evaluated for impairment | $86 | $95 |
Collectively evaluated for impairment | 1,819 | 2,191 |
Total financing receivables | $1,905 | $2,286 |
Customer_Financing_Allowance_F
Customer Financing (Allowance For Losses On Financing Receivables) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance - January 1 | ($49) | ($60) | ($70) |
Write-offs | 28 | 11 | 10 |
Ending balance - December 31 | -21 | -49 | -60 |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Collectively evaluated for impairment | ($21) | ($49) | ($60) |
Customer_Financing_Financing_R1
Customer Financing (Financing Receivable Credit Quality Indicators) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | $1,905 | $2,286 |
BBB Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage Of Credit Default Rates Applied To Customers | 2.00% | |
Total financing receivables | 1,055 | 1,091 |
BB Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 58 | |
B Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Percentage Of Credit Default Rates Applied To Customers | 16.00% | |
Total financing receivables | 633 | 585 |
CCC Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 131 | 457 |
Other Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | $86 | $95 |
Recovered_Sheet2
Customer Financing (Schedule of Customer Financing Carrying Values Related to Major Aircraft Concentrations) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Customer Financing [Line Items] | ||
Gross customer financing | $3,582 | $4,020 |
Operating lease equipment | 1,677 | 1,734 |
717 Aircraft [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 1,562 | 1,674 |
Operating lease equipment | 421 | 444 |
B747 aircraft [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 601 | 286 |
Operating lease equipment | 601 | 183 |
757 Aircraft [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 370 | 453 |
Operating lease equipment | 349 | 402 |
MD-80 Aircraft [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 358 | 411 |
Operating lease equipment | ||
767 Aircraft [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 158 | 207 |
Operating lease equipment | 47 | 60 |
737 Aircraft [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 156 | 210 |
Operating lease equipment | 127 | 138 |
MD-11 Aircraft [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 114 | 220 |
Operating lease equipment | 114 | 220 |
787 Aircraft [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 273 | |
Operating lease equipment | $273 |
Customer_Financing_Customer_Fi
Customer Financing (Customer Financing Asset Impairment Charges) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Customer Financing [Line Items] | |||
Impairment charges | $229 | $96 | $84 |
Customer Financing [Member] | |||
Customer Financing [Line Items] | |||
Impairment charges | 184 | 81 | 58 |
Customer Financing [Member] | Boeing Capital Corporation [Member] | |||
Customer Financing [Line Items] | |||
Impairment charges | 139 | 67 | 73 |
Customer Financing [Member] | Other Boeing [Member] | |||
Customer Financing [Line Items] | |||
Impairment charges | $45 | $14 | ($15) |
Customer_Financing_Scheduled_R
Customer Financing (Scheduled Receipts On Customer Financing) (Details) (Customer Financing [Member], USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Customer Financing [Member] | |
Principal payments on notes receivable [Abstract] | |
2015 | $55 |
2016 | 41 |
2017 | 42 |
2018 | 120 |
2019 | 69 |
Beyond 2019 | 43 |
Sales-type/finance lease payments receivable [Abstract] | |
2015 | 228 |
2016 | 225 |
2017 | 206 |
2018 | 195 |
2019 | 182 |
Beyond 2019 | 439 |
Operating lease equipment payments receivable [Abstract] | |
2015 | 505 |
2016 | 130 |
2017 | 92 |
2018 | 70 |
2019 | 54 |
Beyond 2019 | $143 |
Property_Plant_And_Equipment_N
Property, Plant And Equipment (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $1,906 | $1,844 | $1,811 |
Interest capitalized | 102 | 87 | 74 |
Rental expense for leased properties | 277 | 287 | 276 |
Minimum rental payments under capital leases, total | 158 | ||
Minimum rental payments under operating leases with initial or remaining terms of one year or more, total | 1,486 | ||
Sublease payments under operating lease | 17 | ||
Property, plant and equipment included in accounts payable | 299 | 213 | |
Property, Plant and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $1,414 | $1,338 | $1,248 |
Property_Plant_And_Equipment_S
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Land | $560 | $562 |
Buildings and land improvements | 11,767 | 11,068 |
Machinery and equipment | 12,867 | 12,376 |
Construction in progress | 1,502 | 1,288 |
Gross property, plant and equipment | 26,696 | 25,294 |
Less accumulated depreciation | -15,689 | -15,070 |
Total | $11,007 | $10,224 |
Property_Plant_And_Equipment_P
Property, Plant And Equipment (Payments Due Under Operating And Capital Leases Net Of Sublease Amounts And Non-Cancellable Future Rentals) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | $221 |
2016 | 203 |
2017 | 175 |
2018 | 146 |
2019 | 123 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | 56 |
2016 | 40 |
2017 | 33 |
2018 | 14 |
2019 | $3 |
Investments_Schedule_Of_Invest
Investments (Schedule Of Investments) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Investments Schedule [Abstract] | ||||
Time deposits | $1,295 | $6,090 | ||
Pledged money market funds | 38 | [1] | 46 | [1] |
Available-for-sale investments | 7 | 8 | ||
Equity method investments | 1,114 | [2] | 1,164 | [2] |
Restricted cash | 26 | [3] | 33 | [3] |
Other investments | 33 | 33 | ||
Total | 2,513 | 7,374 | ||
Equity Method Investments and Joint Ventures [Abstract] | ||||
Dividends received from equity method investments | 293 | 226 | ||
Undistributed earnings from equity method investments | $158 | |||
[1] | Reflects amounts pledged in lieu of letters of credit as collateral in support of our workers’ compensation programs. These funds can become available within 30 days notice upon issuance of letters of credit. | |||
[2] | Dividends received were $293 and $226 during 2014 and 2013. Retained earnings at December 31, 2014 include undistributed earnings from our equity method investments of $158. | |||
[3] | Restricted to pay certain claims related to workers’ compensation and life insurance premiums for certain employees. |
Investments_Schedule_Of_Owners
Investments (Schedule Of Ownership Percentages And Balances Of Equity Method Investments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $1,114 | [1] | $1,164 | [1] |
Defense, Space & Security [Member] | Network & Space Systems [Member] | United Launch Alliance [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||
Equity method investments | 916 | 970 | ||
Commercial Airplanes, Network & Space Systems, and Global Services & Support [Member] | Other [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity method investments | $198 | $194 | ||
[1] | Dividends received were $293 and $226 during 2014 and 2013. Retained earnings at December 31, 2014 include undistributed earnings from our equity method investments of $158. |
Other_Assets_Details
Other Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Assets [Line Items] | ||
Net receivable balance recorded in Other assets | $1,317 | $1,500 |
Sea Launch Receivables [Member] | ||
Other Assets [Line Items] | ||
Net receivable balance recorded in Other assets | 356 | 356 |
Sea Launch Receivables [Member] | S.P. Koroley Rocket And Space Corporation Energia [Member] | ||
Other Assets [Line Items] | ||
Net receivable balance recorded in Other assets | 223 | |
Sea Launch Receivables [Member] | PO Yuzhnoye Mashinostroitelny Zavod [Member] | ||
Other Assets [Line Items] | ||
Net receivable balance recorded in Other assets | 89 | |
Sea Launch Receivables [Member] | KB Yuzhnoye [Member] | ||
Other Assets [Line Items] | ||
Net receivable balance recorded in Other assets | 44 | |
Sea Launch Receivables [Member] | Bank Guarantees [Member] | ||
Other Assets [Line Items] | ||
Net receivable balance recorded in Other assets | 147 | |
Maximum exposure to loss | 147 | |
Sea Launch Receivables [Member] | Partner Loans [Member] | ||
Other Assets [Line Items] | ||
Net receivable balance recorded in Other assets | 209 | |
Maximum exposure to loss | $209 |
Liabilities_Commitments_And_Co3
Liabilities, Commitments And Contingencies (Narrative) (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 |
Liabilities Commitments And Contingencies [Line Items] | ||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | $100 | $242 | $379 | |
Amount by which estimated range of reasonably possible remediation costs exceeded recorded liabilities | 874 | 928 | ||
Contingent liabilities on outstanding letters of credit agreements and surety bonds | 3,985 | 4,376 | ||
Cash surrender value of life insurance policies | 466 | 451 | ||
Total value of loans against underlying life insurance policies | 439 | 425 | ||
C-17 Program [Member] | ||||
Liabilities Commitments And Contingencies [Line Items] | ||||
Number Unsold Aircraft | 7 | |||
C-17 Program [Member] | Inventory Expenditures And Termination Liabilities [Member] | ||||
Liabilities Commitments And Contingencies [Line Items] | ||||
Inventory Write-down | 48 | |||
C-17 Program [Member] | Capitalized Precontract Costs [Member] | ||||
Liabilities Commitments And Contingencies [Line Items] | ||||
Loss contingency, estimate of possible loss | 1,091 | |||
C-17 Program [Member] | Potential Termination Liabilities [Member] | ||||
Liabilities Commitments And Contingencies [Line Items] | ||||
Loss contingency, estimate of possible loss | 385 | |||
F-18 Program [Member] | U.S. Navy [Member] | ||||
Liabilities Commitments And Contingencies [Line Items] | ||||
Number Of Aircraft Included Within Backlog | 68 | |||
Number Of Aircraft Funded in US Government Budget | 15 | |||
Commercial Aircraft Commitments [Member] | Total Contractual Trade In Value Maximum [Member] | ||||
Liabilities Commitments And Contingencies [Line Items] | ||||
Other Commitment | 2,392 | 1,605 | ||
Commercial Aircraft Commitments [Member] | Net amounts payable to customers related to probable contractual trade-in commitments [Member] | ||||
Liabilities Commitments And Contingencies [Line Items] | ||||
Other Commitment | 446 | 325 | ||
Commercial Aircraft Commitments [Member] | Probable Contractual Trade In Value [Member] | ||||
Liabilities Commitments And Contingencies [Line Items] | ||||
Other Commitment | 446 | 325 | ||
Financing Commitment [Member] | ||||
Liabilities Commitments And Contingencies [Line Items] | ||||
Other Commitment | 16,723 | 17,987 | ||
Financing Commitment [Member] | External Credit Rating, Non Investment Grade [Member] | ||||
Liabilities Commitments And Contingencies [Line Items] | ||||
Other Commitment | 16,723 | |||
ULA Additional Capital Commitment [Member] | ||||
Liabilities Commitments And Contingencies [Line Items] | ||||
Other Commitment | 527 | |||
Minimum [Member] | ||||
Liabilities Commitments And Contingencies [Line Items] | ||||
Trade-In Commitment Expiration Date | 2015 | |||
Maximum [Member] | ||||
Liabilities Commitments And Contingencies [Line Items] | ||||
Trade-In Commitment Expiration Date | 2026 | |||
Commercial Airplanes Segment [Member] | ||||
Liabilities Commitments And Contingencies [Line Items] | ||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | -238 | |||
Defense, Space & Security Segment [Member] | ||||
Liabilities Commitments And Contingencies [Line Items] | ||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | -187 | |||
KC-46A Tanker [Member] | ||||
Liabilities Commitments And Contingencies [Line Items] | ||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | ($425) |
Liabilities_Commitments_And_Co4
Liabilities, Commitments And Contingencies (Schedule Of Accrued Liabilities) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Commitments and Contingencies Disclosure [Abstract] | |||
Accrued compensation and employee benefit costs | $5,868 | $6,158 | |
Environmental | 601 | 649 | 710 |
Product warranties | 1,504 | 1,570 | 1,572 |
Forward loss recognition | 414 | 360 | |
Dividends payable | 637 | 542 | |
Other | 4,319 | 4,852 | |
Total | $13,343 | $14,131 |
Liabilities_Commitments_And_Co5
Liabilities, Commitments And Contingencies (Schedule Of Environmental Remediation Activity) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Beginning balance - January 1 | $649 | $710 |
Reductions for payments made | -89 | -120 |
Changes in estimates | 41 | 59 |
Ending balance - December 31 | $601 | $649 |
Liabilities_Commitments_And_Co6
Liabilities, Commitments And Contingencies (Schedule Of Product Warranty Activity) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning balance - January 1 | $1,570 | $1,572 |
Additions for current year deliveries | 566 | 595 |
Reductions for payments made | -432 | -419 |
Changes in estimates | -200 | -178 |
Ending balance - December 31 | $1,504 | $1,570 |
Liabilities_Commitments_And_Co7
Liabilities, Commitments And Contingencies (Schedule Of Estimated Potential Funding Dates For Financing Commitments) (Details) (Financing Commitment [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Commitments, Fiscal Year Maturity [Line Items] | ||
2015 | $2,552 | |
2016 | 3,710 | |
2017 | 3,497 | |
2018 | 2,305 | |
2019 | 1,738 | |
Thereafter | 2,921 | |
Total | 16,723 | 17,987 |
External Credit Rating, Non Investment Grade [Member] | ||
Other Commitments, Fiscal Year Maturity [Line Items] | ||
Total | $16,723 |
Arrangements_With_OffBalance_S2
Arrangements With Off-Balance Sheet Risk (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2014 | Dec. 31, 2013 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Number of satellite missions | 4 | |||
Potentially Unrecoverable Costs Under Contracts | $114 | $271 | ||
Offsetting capital lease obligation and IRB asset | 638 | 690 | ||
ULA [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Delta launch program inventories included in contributed assets | 1,360 | |||
Delta launch program inventories subject to an inventory supply agreement | 1,860 | |||
Contributed inventories consumed by ULA | 1,246 | |||
Inventory Supply Agreement Payments Received | 1,609 | |||
Inventory Supply Agreement Revenue and Costs of Sales Recorded | 1,287 | |||
Contributed Delta Program Launch Inventory [Member] | ULA [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Maximum Potential Payments | 114 | 127 | ||
Indemnification Agreement [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Number of satellite missions | 3 | |||
Maximum exposure to loss | 278 | |||
Other Delta Contracts [Member] | Deferred support costs [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Maximum Potential Payments | 85 | |||
Other Delta Contracts [Member] | ULA [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Maximum Potential Payments | 150 | 227 | ||
Carrying Amount of Liabilities | 8 | |||
Deferred Support and Production Costs [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Loss contingency, estimate of possible loss | 317 | |||
Other Indemnifications [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Maximum Potential Payments | 63 | 106 | ||
Carrying Amount of Liabilities | 20 | 28 | ||
Credit Guarantees [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Maximum Potential Payments | 30 | 35 | ||
Carrying Amount of Liabilities | $2 | $2 | ||
Guarantor Obligations, Term | 6 |
Arrangements_With_OffBalance_S3
Arrangements With Off-Balance Sheet Risk (Schedule Of Arrangements With Off-Balance Sheet Risk) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Contingent Repurchase Commitment [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | $1,375 | $1,872 |
Estimated Proceeds from Collateral/ Recourse | 1,364 | 1,871 |
Carrying Amount of Liabilities | 5 | 5 |
Other Indemnifications [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 63 | 106 |
Carrying Amount of Liabilities | 20 | 28 |
Credit Guarantees [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 30 | 35 |
Estimated Proceeds from Collateral/ Recourse | 27 | 27 |
Carrying Amount of Liabilities | 2 | 2 |
ULA [Member] | Contributed Delta Program Launch Inventory [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 114 | 127 |
ULA [Member] | Contract Pricing [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 261 | 261 |
Carrying Amount of Liabilities | 7 | 7 |
ULA [Member] | Other Delta Contracts [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 150 | 227 |
Carrying Amount of Liabilities | $8 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ||||
Debt Instrument, Issuance Date | 31-Oct-14 | |||
Proceeds from Debt, Net of Issuance Costs | $838 | |||
Interest Costs Incurred | 504 | 548 | 625 | |
Interest Paid | 511 | 551 | 614 | |
Total debt | 9,070 | 9,635 | ||
Customer Financing [Member] | ||||
Debt Instrument [Line Items] | ||||
Customer Financing Asset Used For Collateralizing Debt | 362 | |||
Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | 213 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Available amount under credit facility | 5,005 | |||
Revolving Credit Facility [Member] | 364-day Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Available amount under credit facility | 2,473 | |||
Maturity date of credit line agreements | 30-Nov-15 | |||
Revolving Credit Facility [Member] | Five Year Credit Facility [Member] | Five Year Expiration [Member] | ||||
Debt Instrument [Line Items] | ||||
Available amount under credit facility | 2,472 | |||
Maturity date of credit line agreements | 30-Nov-19 | |||
Revolving Credit Facility [Member] | Five Year Credit Facility [Member] | Three Year Expiration [Member] | ||||
Debt Instrument [Line Items] | ||||
Available amount under credit facility | 60 | |||
Maturity date of credit line agreements | 30-Nov-17 | |||
Two Point Eight Five Percent due Oct 30,2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 300 | |||
Debt maturity date | 30-Oct-24 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.85% | |||
Floating Rate Due Oct 30, 2017 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 250 | |||
Debt maturity date | 30-Oct-17 | |||
Debt Instrument, Description of Variable Rate Basis | three-month LIBOR plus 12.5 basis points | |||
Two Point Three Five Percent due Oct 30,2021 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | 300 | |||
Debt maturity date | 30-Oct-21 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.35% | |||
Boeing Capital Corporation [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Debt, Net of Issuance Costs | 544 | |||
Total debt | $2,412 | $2,577 |
Debt_Schedule_Of_ShortTerm_Deb
Debt (Schedule Of Short-Term Debt And Current Portion Of Long-Term Debt) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Unsecured debt securities | $755 | $1,370 |
Non-recourse debt and notes | 38 | 32 |
Capital Lease Obligations | 64 | 68 |
Other notes | 72 | 93 |
Short-term debt and current portion of long-term debt | $929 | $1,563 |
Debt_Schedule_Of_Debt_Details
Debt (Schedule Of Debt) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Other notes | $184 | $205 |
Total debt | 9,070 | 9,635 |
3-month USD LIBOR plus 1 basis point due 2014 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt securities | 150 | |
3-month USD LIBOR plus 12.5 basis points due 2017 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt securities | 250 | |
0.95% - 5.00% due through 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt securities | 4,223 | 4,832 |
Debt interest rate - minimum | 0.95% | |
Debt interest rate - maximum | 5.00% | |
Debt Instrument, Maturity Date | 31-Dec-24 | |
5.88% - 6.88% due through 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt securities | 2,394 | 2,392 |
Debt interest rate - minimum | 5.88% | |
Debt interest rate - maximum | 6.88% | |
Debt Instrument, Maturity Date | 31-Dec-43 | |
7.25% – 8.75% due through 2043 [Member] | ||
Debt Instrument [Line Items] | ||
Unsecured debt securities | 1,657 | 1,672 |
Debt interest rate - minimum | 7.25% | |
Debt interest rate - maximum | 8.75% | |
Debt Instrument, Maturity Date | 31-Dec-43 | |
6.98% - 7.38% notes due through 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Non-recourse debt and notes | 201 | 233 |
Debt interest rate - minimum | 6.98% | |
Debt interest rate - maximum | 7.38% | |
Debt Instrument, Maturity Date | 31-Dec-21 | |
Due Through Two Thousand Twenty-four [Member] | ||
Debt Instrument [Line Items] | ||
Capital lease obligations | $161 | $151 |
Debt Instrument, Maturity Date | 31-Dec-24 |
Debt_Scheduled_Principal_Payme
Debt (Scheduled Principal Payments For Debt And Capital Lease Obligations) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Debt Disclosure [Abstract] | |
2014 | $937 |
2015 | 1,098 |
2016 | 331 |
2017 | 653 |
2018 | $1,235 |
Debt_Debt_Schedule_of_Longterm
Debt Debt (Schedule of Long-term debt instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Total debt | $9,070 | $9,635 |
Boeing Capital Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 2,412 | 2,577 |
Other Boeing Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $6,658 | $7,058 |
Postretirement_Plans_Narrative
Postretirement Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Y | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Moving average of plan assets, years | 5 | ||
Amount by which fair value of plan assets exceeds market-related value of plan assets (MRVA) | $1,813 | ||
Derivative net notional amount for fixed income as percentage of total plan assets | 3.50% | 18.30% | |
Derivative net notional amount for global equity, currency overlay and commodities as a percentage of total plan assets | 2.00% | -2.20% | |
Expense for defined contribution plans | 764 | 742 | 708 |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation (ABO) for all pension plans | 75,655 | 63,491 | |
Defined benefit plan, actual plan asset allocations | 100.00% | 100.00% | |
Pension Plans [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, actual plan asset allocations | 48.00% | 49.00% | |
Pension Plans [Member] | Private Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, actual plan asset allocations | 5.00% | 5.00% | |
Pension Plans [Member] | Real estate and real assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, actual plan asset allocations | 9.00% | 8.00% | |
Pension Plans [Member] | Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, actual plan asset allocations | 5.00% | 5.00% | |
Pension Plans [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, actual plan asset allocations | 29.00% | 29.00% | |
Pension Plans [Member] | Level 3 [Member] | Fixed Income Securities [Member] | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 7 | 21 | |
Pension Plans [Member] | Level 3 [Member] | Fixed Income Securities [Member] | Mortgage backed and asset backed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 8 | ||
Pension Plans [Member] | Level 3 [Member] | Private Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Return on Plan Assets Still Held | -3 | ||
Pension Plans [Member] | Level 3 [Member] | Real estate and real assets [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 198 | 243 | |
Pension Plans [Member] | Level 3 [Member] | Real estate and real assets [Member] | Real assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Return on Plan Assets Still Held | -38 | 71 | |
Pension Plans [Member] | Level 3 [Member] | Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Return on Plan Assets Still Held | -48 | 283 | |
Pension Plans [Member] | Level 3 [Member] | Private Equity and Other Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Return on Plan Assets Still Held | 422 | ||
Pension Plans [Member] | Level 3 [Member] | Equity Securities [Member] | Common Or Collective Or Pooled Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Actual Return on Plan Assets Still Held | -24 | ||
Pension Plans [Member] | Adoption of new mortality assumptions [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | 2,500 | ||
Other Postretirement Benefits Plans [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, actual plan asset allocations | 40.00% | ||
Other Postretirement Benefits Plans [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, actual plan asset allocations | 60.00% | ||
Other Postretirement Benefits Plans [Member] | Adoption of new mortality assumptions [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Benefit Obligation, Period Increase (Decrease) | $200 |
Postretirement_Plans_Component
Postretirement Plans (Components Of Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $1,661 | $1,886 | $1,649 |
Interest cost | 3,058 | 2,906 | 3,005 |
Expected return on plan assets | -4,169 | -3,874 | -3,831 |
Amortization of prior service costs | 177 | 196 | 225 |
Recognized net actuarial loss | 1,020 | 2,231 | 1,937 |
Settlement/curtailment/other losses | 461 | 104 | 25 |
Net periodic benefit cost | 2,208 | 3,449 | 3,010 |
Net periodic benefit cost included in Earnings from operations | 3,215 | 3,036 | 2,407 |
Other Postretirement Benefits Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 129 | 148 | 146 |
Interest cost | 289 | 263 | 313 |
Expected return on plan assets | -8 | -6 | -7 |
Amortization of prior service costs | -144 | -180 | -197 |
Recognized net actuarial loss | 8 | 95 | 119 |
Settlement/curtailment/other losses | 1 | -1 | |
Net periodic benefit cost | 275 | 320 | 373 |
Net periodic benefit cost included in Earnings from operations | $287 | $353 | $543 |
Postretirement_Plans_Schedule_
Postretirement Plans (Schedule Of Changes In The Benefit Obligation, Plan Assets And Funded Status Of Both Pensions And OPB) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Accrued pension plan liability, net | ($17,182) | ($10,474) | |
Pension Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Beginning balance | 68,625 | 75,895 | |
Service cost | 1,661 | 1,886 | 1,649 |
Interest cost | 3,058 | 2,906 | 3,005 |
Plan participants’ contributions | 6 | 8 | |
Amendments | 51 | 111 | |
Actuarial (gain)/loss | 10,655 | -9,205 | |
Settlement/curtailment/other | -2,518 | -81 | |
Gross benefits paid | -3,126 | -2,874 | |
Exchange rate adjustment | -21 | -21 | |
Ending balance | 78,391 | 68,625 | 75,895 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Beginning balance at fair value | 58,131 | 56,178 | |
Actual return on plan assets | 5,893 | 3,316 | |
Company contribution | 784 | 1,542 | |
Plan participants’ contributions | 6 | 8 | |
Settlement/curtailment/other | -640 | -103 | |
Benefits paid | -3,039 | -2,792 | |
Exchange rate adjustment | -16 | -18 | |
Ending balance at fair value | 61,119 | 58,131 | 56,178 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Other assets | 3 | 60 | |
Other accrued liabilities | -93 | -80 | |
Accrued pension plan liability, net | -17,182 | -10,474 | |
Net amount recognized | -17,272 | -10,494 | |
Other Postretirement Benefits Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Beginning balance | 7,008 | 7,981 | |
Service cost | 129 | 148 | 146 |
Interest cost | 289 | 263 | 313 |
Plan participants’ contributions | 2 | 3 | |
Amendments | -43 | 4 | |
Actuarial (gain)/loss | 334 | -905 | |
Settlement/curtailment/other | 7 | -57 | |
Gross benefits paid | -449 | -451 | |
Subsidies | 39 | 32 | |
Exchange rate adjustment | -8 | -7 | |
Ending balance | 7,306 | 7,008 | 7,981 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Beginning balance at fair value | 140 | 110 | |
Actual return on plan assets | 10 | 23 | |
Company contribution | 8 | 14 | |
Plan participants’ contributions | 2 | 3 | |
Settlement/curtailment/other | 11 | ||
Benefits paid | -19 | -21 | |
Exchange rate adjustment | |||
Ending balance at fair value | 141 | 140 | 110 |
Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract] | |||
Other accrued liabilities | -363 | -340 | |
Accrued retiree health care | -6,802 | -6,528 | |
Net amount recognized | ($7,165) | ($6,868) |
Postretirement_Plans_Schedule_1
Postretirement Plans (Schedule Of Amounts Recognized In Accumulated Other Comprehensive Loss) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | $21,321 | $15,460 |
Prior service costs/(credits) | 385 | 788 |
Total recognized in Accumulated other comprehensive loss | 21,706 | 16,248 |
Other Postretirement Benefits Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss | 877 | 561 |
Prior service costs/(credits) | -512 | -614 |
Total recognized in Accumulated other comprehensive loss | $365 | ($53) |
Postretirement_Plans_Schedule_2
Postretirement Plans (Schedule Of Estimated Amount That Will Be Amortized From Accumulated Other Comprehensive Loss Into Net Periodic Benefit Cost) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Recognized net actuarial loss | $1,581 |
Amortization of prior service costs/(credits) | 193 |
Total | 1,774 |
Other Postretirement Benefits Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Recognized net actuarial loss | 27 |
Amortization of prior service costs/(credits) | -134 |
Total | ($107) |
Postretirement_Plans_Schedule_3
Postretirement Plans (Schedule Of Key Information For All Plans With ABO In Excess Of Plan Assets) (Details) (Pension Plans [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $78,358 | $63,445 |
Accumulated benefit obligation | 75,622 | 58,334 |
Fair value of plan assets | $61,082 | $52,905 |
Postretirement_Plans_Schedule_4
Postretirement Plans (Schedule Of Assumptions Used To Calculate The Benefit Obligation) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 7.00% | 7.50% | 7.50% |
Rate of compensation increase | 3.80% | 4.00% | 4.00% |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.90% | 4.80% | 3.80% |
Other Postretirement Benefits Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.50% | 4.20% | 3.30% |
Postretirement_Plans_Schedule_5
Postretirement Plans (Schedule Of Assumed Health Care Cost Trend Rates) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |||
Health care cost trend rate assumed next year | 7.00% | 7.00% | 7.50% |
Ultimate trend rate | 5.00% | 5.00% | 5.00% |
Year that trend reached ultimate rate | 2018 | 2018 | 2018 |
Postretirement_Plans_Schedule_6
Postretirement Plans (Schedule Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
General Discussion of Pension and Other Postretirement Benefits [Abstract] | |
Effect on total of service and interest cost, Increase | $54 |
Effect on total of service and interest cost, Decrease | -45 |
Effect on postretirement benefit obligation, Increase | 736 |
Effect on postretirement benefit obligation, Decrease | ($613) |
Postretirement_Plans_Schedule_7
Postretirement Plans (Schedule Of Actual Allocations For The Pension Assets And Target Allocations By Asset Class) (Details) (Pension Plans [Member]) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 100.00% | 100.00% |
Defined benefit plan, target plan asset allocations | 100.00% | 100.00% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 48.00% | 49.00% |
Defined benefit plan, target plan asset allocations | 47.00% | 47.00% |
Equity securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 29.00% | 29.00% |
Defined benefit plan, target plan asset allocations | 26.00% | 26.00% |
Private Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 5.00% | 5.00% |
Defined benefit plan, target plan asset allocations | 6.00% | 6.00% |
Real estate and real assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 9.00% | 8.00% |
Defined benefit plan, target plan asset allocations | 11.00% | 11.00% |
Global Strategies [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 4.00% | 4.00% |
Defined benefit plan, target plan asset allocations | 4.00% | 4.00% |
Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 5.00% | 5.00% |
Defined benefit plan, target plan asset allocations | 6.00% | 6.00% |
Postretirement_Plans_Schedule_8
Postretirement Plans (Schedule Of Allocation of Plan Assets) (Details) (Pension Plans [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | $61,119 | $58,131 | $56,178 |
Fair Value Measurement [Domain] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 60,750 | 57,794 | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 15,692 | 15,991 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 36,718 | 33,777 | |
Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 8,340 | 8,026 | 7,745 |
Fixed Income Securities [Member] | Corporate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 17,488 | ||
Fixed Income Securities [Member] | Corporate [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 17,486 | ||
Fixed Income Securities [Member] | Corporate [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2 | 19 | |
Fixed Income Securities [Member] | Corporate and other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 15,262 | ||
Fixed Income Securities [Member] | Corporate and other [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 15,238 | ||
Fixed Income Securities [Member] | Corporate and other [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 24 | 3 | |
Fixed Income Securities [Member] | US Government and agencies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5,224 | 4,537 | |
Fixed Income Securities [Member] | US Government and agencies [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 5,224 | 4,537 | |
Fixed Income Securities [Member] | Mortgage backed and asset backed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,040 | ||
Fixed Income Securities [Member] | Mortgage backed and asset backed [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 491 | ||
Fixed Income Securities [Member] | Mortgage backed and asset backed [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 549 | 561 | |
Fixed Income Securities [Member] | Mortgage backed, Asset backed and other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,207 | ||
Fixed Income Securities [Member] | Mortgage backed, Asset backed and other | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 596 | ||
Fixed Income Securities [Member] | Mortgage backed, Asset backed and other | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 611 | 554 | |
Fixed Income Securities [Member] | Municipal [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,636 | 1,722 | |
Fixed Income Securities [Member] | Municipal [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,636 | 1,722 | |
Fixed Income Securities [Member] | Municipal [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 255 | 245 | |
Fixed Income Securities [Member] | Sovereign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,073 | 1,018 | |
Fixed Income Securities [Member] | Sovereign [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,073 | 1,018 | |
Fixed Income Securities [Member] | Other [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 498 | 484 | |
Fixed Income Securities [Member] | Other [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 9 | ||
Fixed Income Securities [Member] | Other [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 237 | 229 | |
Fixed Income Securities [Member] | Other [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 252 | 255 | |
Fixed Income Securities [Member] | Common Or Collective Or Pooled Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,127 | 2,538 | |
Fixed Income Securities [Member] | Common Or Collective Or Pooled Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 18 | 16 | |
Fixed Income Securities [Member] | Common Or Collective Or Pooled Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,109 | 2,522 | |
Fixed Income Securities [Member] | Derivative Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 49 | 55 | |
Fixed Income Securities [Member] | Derivative Assets [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Fixed Income Securities [Member] | Derivative Assets [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 49 | 55 | |
Fixed Income Securities [Member] | Derivative Liabilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | -66 | -10 | |
Fixed Income Securities [Member] | Derivative Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | -66 | -10 | |
Cash Equivalents And Other Short-Term Investments [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 792 | 801 | |
Cash Equivalents And Other Short-Term Investments [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | |||
Cash Equivalents And Other Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 792 | 801 | |
Currency Overlay Derivatives [Member] | Derivative Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2 | ||
Currency Overlay Derivatives [Member] | Derivative Assets [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2 | ||
Currency Overlay Derivatives [Member] | Derivative Liabilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | -3 | ||
Currency Overlay Derivatives [Member] | Derivative Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | -3 | ||
Equity securities [Member] | Common Or Collective Or Pooled Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,658 | 3,239 | |
Equity securities [Member] | Common Or Collective Or Pooled Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 46 | 564 | |
Equity securities [Member] | Common Or Collective Or Pooled Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,443 | 2,675 | |
Equity securities [Member] | Common Or Collective Or Pooled Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 169 | ||
Equity securities [Member] | Derivative Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 9 | 4 | |
Equity securities [Member] | Derivative Assets [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 9 | 4 | |
Equity securities [Member] | Derivative Liabilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | -5 | -6 | |
Equity securities [Member] | Derivative Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | -5 | -6 | |
Equity securities [Member] | United States Common And Preferred Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 7,577 | 6,919 | |
Equity securities [Member] | United States Common And Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 7,577 | 6,919 | |
Equity securities [Member] | Non United States Common And Preferred Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 7,151 | 7,722 | |
Equity securities [Member] | Non United States Common And Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 7,139 | 7,721 | |
Equity securities [Member] | Non United States Common And Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 11 | ||
Equity securities [Member] | Non United States Common And Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | 1 | |
Private Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,955 | ||
Private Equity Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 28 | ||
Private Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,927 | 2,958 | |
Private Equity and Other Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,968 | ||
Private Equity and Other Funds [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 10 | ||
Private Equity and Other Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,958 | 2,671 | |
Real estate and real assets [Member] | Derivative Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2 | 1 | |
Real estate and real assets [Member] | Derivative Assets [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2 | 1 | |
Real estate and real assets [Member] | Derivative Liabilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | -11 | -1 | |
Real estate and real assets [Member] | Derivative Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | -11 | -1 | |
Real estate and real assets [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3,199 | 2,865 | |
Real estate and real assets [Member] | Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 505 | 425 | |
Real estate and real assets [Member] | Real Estate [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 41 | 16 | |
Real estate and real assets [Member] | Real Estate [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,653 | 2,424 | 2,128 |
Real estate and real assets [Member] | Real assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 1,567 | 1,506 | |
Real estate and real assets [Member] | Real assets [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 370 | 336 | |
Real estate and real assets [Member] | Real assets [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 433 | 464 | |
Real estate and real assets [Member] | Real assets [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 764 | 706 | 664 |
Global Strategies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,248 | 2,355 | |
Global Strategies [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,248 | 2,355 | |
Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 3,372 | 2,776 | |
Hedge Funds [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 2,411 | 1,667 | |
Hedge Funds [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 961 | 1,109 | 1,473 |
Cash On Hand [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 115 | 87 | |
Receivables [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | 447 | 458 | |
Payables [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Fair Value of Plan Assets | ($193) | ($208) |
Postretirement_Plans_Reconcili
Postretirement Plans (Reconciliation Of Level 3 Assets Held) (Details) (Pension Plans [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance at fair value | $58,131 | $56,178 |
Net Realized and Unrealized Gains/(Losses) | 5,893 | 3,316 |
Net Purchases, Issuances and Settlements | -640 | -103 |
Ending balance at fair value | 61,119 | 58,131 |
Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance at fair value | 8,026 | 7,745 |
Net Realized and Unrealized Gains/(Losses) | 761 | 1,066 |
Net Purchases, Issuances and Settlements | -298 | -870 |
Net Transfers Into/(Out of) Level 3 | -149 | 85 |
Ending balance at fair value | 8,340 | 8,026 |
Fixed Income Securities [Member] | Corporate [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Ending balance at fair value | 17,488 | |
Fixed Income Securities [Member] | Corporate [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance at fair value | 19 | |
Net Purchases, Issuances and Settlements | -7 | |
Net Transfers Into/(Out of) Level 3 | -10 | |
Ending balance at fair value | 2 | |
Fixed Income Securities [Member] | Mortgage backed, Asset backed and other | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Ending balance at fair value | 1,207 | |
Fixed Income Securities [Member] | Mortgage backed, Asset backed and other | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance at fair value | 554 | |
Net Realized and Unrealized Gains/(Losses) | 14 | |
Net Purchases, Issuances and Settlements | 10 | |
Net Transfers Into/(Out of) Level 3 | 33 | |
Ending balance at fair value | 611 | |
Fixed Income Securities [Member] | Corporate and other [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Ending balance at fair value | 15,262 | |
Fixed Income Securities [Member] | Corporate and other [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance at fair value | 3 | |
Net Realized and Unrealized Gains/(Losses) | ||
Net Purchases, Issuances and Settlements | 16 | |
Net Transfers Into/(Out of) Level 3 | 5 | |
Ending balance at fair value | 24 | |
Fixed Income Securities [Member] | Mortgage backed and asset backed [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Ending balance at fair value | 1,040 | |
Fixed Income Securities [Member] | Mortgage backed and asset backed [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance at fair value | 561 | |
Net Realized and Unrealized Gains/(Losses) | ||
Net Purchases, Issuances and Settlements | -11 | |
Net Transfers Into/(Out of) Level 3 | -1 | |
Ending balance at fair value | 549 | |
Fixed Income Securities [Member] | Other [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Ending balance at fair value | 498 | 484 |
Fixed Income Securities [Member] | Other [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance at fair value | 255 | |
Net Realized and Unrealized Gains/(Losses) | 24 | |
Net Purchases, Issuances and Settlements | -27 | |
Ending balance at fair value | 252 | |
Fixed Income Securities [Member] | Common Or Collective Or Pooled Funds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Ending balance at fair value | 2,127 | 2,538 |
Fixed Income Securities [Member] | Municipal [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Ending balance at fair value | 1,636 | 1,722 |
Fixed Income Securities [Member] | Municipal [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance at fair value | 245 | |
Net Realized and Unrealized Gains/(Losses) | 37 | |
Net Purchases, Issuances and Settlements | -27 | |
Net Transfers Into/(Out of) Level 3 | ||
Ending balance at fair value | 255 | |
Equity securities [Member] | Non United States Common And Preferred Stock [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Ending balance at fair value | 7,151 | 7,722 |
Equity securities [Member] | Non United States Common And Preferred Stock [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance at fair value | 1 | |
Net Purchases, Issuances and Settlements | -1 | |
Net Transfers Into/(Out of) Level 3 | 1 | 1 |
Ending balance at fair value | 1 | 1 |
Equity securities [Member] | Common Or Collective Or Pooled Funds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Ending balance at fair value | 2,658 | 3,239 |
Equity securities [Member] | Common Or Collective Or Pooled Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Net Realized and Unrealized Gains/(Losses) | -24 | |
Net Purchases, Issuances and Settlements | 193 | |
Ending balance at fair value | 169 | |
Private Equity Funds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Ending balance at fair value | 2,955 | |
Private Equity Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance at fair value | 2,958 | |
Net Realized and Unrealized Gains/(Losses) | 415 | |
Net Purchases, Issuances and Settlements | -446 | |
Ending balance at fair value | 2,927 | |
Real estate and real assets [Member] | Real Estate [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Ending balance at fair value | 3,199 | 2,865 |
Real estate and real assets [Member] | Real Estate [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance at fair value | 2,424 | 2,128 |
Net Realized and Unrealized Gains/(Losses) | 336 | 232 |
Net Purchases, Issuances and Settlements | -107 | 64 |
Ending balance at fair value | 2,653 | 2,424 |
Real estate and real assets [Member] | Real assets [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Ending balance at fair value | 1,567 | 1,506 |
Real estate and real assets [Member] | Real assets [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance at fair value | 706 | 664 |
Net Realized and Unrealized Gains/(Losses) | 32 | 78 |
Net Purchases, Issuances and Settlements | 26 | -36 |
Ending balance at fair value | 764 | 706 |
Hedge Funds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Ending balance at fair value | 3,372 | 2,776 |
Hedge Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance at fair value | 1,109 | 1,473 |
Net Realized and Unrealized Gains/(Losses) | -36 | 183 |
Net Purchases, Issuances and Settlements | 61 | -627 |
Net Transfers Into/(Out of) Level 3 | -173 | 80 |
Ending balance at fair value | 961 | 1,109 |
Private Equity and Other Funds [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Ending balance at fair value | 2,968 | |
Private Equity and Other Funds [Member] | Level 3 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance at fair value | 2,671 | |
Net Realized and Unrealized Gains/(Losses) | 536 | |
Net Purchases, Issuances and Settlements | -249 | |
Ending balance at fair value | $2,958 |
Postretirement_Plans_Schedule_9
Postretirement Plans (Schedule Of Estimated Future Benefit Payments) (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected future benefit payments, 2015 | $3,448 |
Expected future benefit payments, 2016 | 3,657 |
Expected future benefit payments, 2017 | 3,828 |
Expected future benefit payments, 2018 | 3,960 |
Expected future benefit payments, 2019 | 3,977 |
Expected future benefit payments, 2020-2024 | 21,515 |
Other Postretirement Benefits Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected future benefit payments, 2015 | 427 |
Expected future benefit payments, 2016 | 457 |
Expected future benefit payments, 2017 | 478 |
Expected future benefit payments, 2018 | 517 |
Expected future benefit payments, 2019 | 536 |
Expected future benefit payments, 2020-2024 | 2,763 |
Gross benefits paid, 2015 | 465 |
Gross benefits paid, 2016 | 495 |
Gross benefits paid, 2017 | 518 |
Gross benefits paid, 2018 | 558 |
Gross benefits paid, 2019 | 578 |
Gross benefits paid, 2020-2024 | 2,974 |
Subsidies, 2015 | -38 |
Subsidies, 2016 | -38 |
Subsidies, 2017 | -40 |
Subsidies, 2018 | -41 |
Subsidies, 2019 | -42 |
Subsidies, 2020-2024 | ($211) |
ShareBased_Compensation_And_Ot2
Share-Based Compensation And Other Compensation Arrangements (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||||
Feb. 25, 2013 | Feb. 27, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 24, 2014 | Feb. 27, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Aggregate number of shares of stock available for issuance | 87,000,000 | ||||||
Stock options vesting percentage after the first year | 34.00% | 34.00% | 34.00% | 34.00% | |||
Stock options vesting percentage after the second year | 33.00% | 33.00% | 33.00% | 33.00% | |||
Stock options vesting percentage after the third year | 33.00% | 33.00% | 33.00% | 33.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $250,000,000 | $546,000,000 | $89,000,000 | ||||
Cash received from options exercised | 343,000,000 | 1,097,000,000 | 120,000,000 | ||||
Tax benefit realized from exercise of stock options | 87,000,000 | 190,000,000 | 29,000,000 | ||||
Grant date fair value of stock options vested | 87,000,000 | 89,000,000 | 83,000,000 | ||||
Initial Value Of Performance Awards (per unit) | $100 | ||||||
Deferred compensation | 44,000,000 | 238,000,000 | 75,000,000 | ||||
Deferred compensation liability which is being marked to market | 1,234,000,000 | 1,258,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 29.00% | 29.90% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.00% | 1.10% | |||||
Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Amount payable at end of three-year performance period (per unit) | $0 | ||||||
Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Amount payable at end of three-year performance period (per unit) | $200 | ||||||
Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of options granted | 6,591,968 | 6,114,922 | |||||
Share-based payment award options expiration term (in years) | 10 years | 10 years | 10 years | ||||
Award vesting period (in years) | 3 years | 3 years | 3 years | ||||
Total unrecognized compensation cost | 34,000,000 | ||||||
Weighted average period (in years) over which the unrecognized compensation cost related to stock options is expected to be recognized | 1 year 0 months | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period (in years) | 3 years | ||||||
Restricted stock units (RSUs) granted | 1,375,414 | 1,369,810 | 695,651 | ||||
Restricted stock units (RSUs) granted (fair value per share) | 75.97 | 75.4 | 129.58 | ||||
Performance Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period (in years) | 3 years | ||||||
Performance Awards [Member] | 2013 Performance Award [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period (in years) | 3 years | ||||||
Performance Awards [Member] | 2012 Performance Award [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period (in years) | 3 years | ||||||
Performance Awards [Member] | Minimum [Member] | 2014 Performance Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance Awards payout | 0 | ||||||
Performance Awards [Member] | Minimum [Member] | 2013 Performance Award [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance Awards payout | 0 | ||||||
Performance Awards [Member] | Minimum [Member] | 2012 Performance Award [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance Awards payout | 0 | ||||||
Performance Awards [Member] | Maximum [Member] | 2014 Performance Awards [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance Awards payout | 343,000,000 | ||||||
Performance Awards [Member] | Maximum [Member] | 2013 Performance Award [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance Awards payout | 261,000,000 | ||||||
Performance Awards [Member] | Maximum [Member] | 2012 Performance Award [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Performance Awards payout | $251,000,000 | ||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock units (RSUs) granted | 662,215 | ||||||
Restricted stock units (RSUs) granted (fair value per share) | 136.12 | ||||||
Initial PBRSU value, percentage of value it cannot exceed | 400.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 24.20% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.72% | ||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award Payout Range | 0.00% | ||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award Payout Range | 200.00% |
ShareBased_Compensation_And_Ot3
Share-Based Compensation And Other Compensation Arrangements (Schedule Of Share-Based Plans Expense And Related Income Tax Benefit) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based plans expense | $195 | $206 | $193 |
Income tax benefit | 70 | 76 | 75 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based plans expense | 62 | 93 | 85 |
Restricted Stock Units and Other Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based plans expense | $133 | $113 | $108 |
ShareBased_Compensation_And_Ot4
Share-Based Compensation And Other Compensation Arrangements (Schedule Of Stock Option Activity) (Details) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Shares, Outstanding at beginning of year | 23,767,743 |
Shares, Granted | 20,008 |
Shares, Exercised | -4,584,615 |
Shares, Forfeited | -697,891 |
Shares, Expired | -600 |
Shares, Outstanding at end of year | 18,504,645 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Weighted Average Exercise Price Per Share, Outstanding at beginning of year | $73.97 |
Weighted Average Exercise Price Per Share, Granted | $124.98 |
Weighted Average Exercise Price Per Share, Exercised | $74.82 |
Weighted Average Exercise Price Per Share, Forfeited | $75.70 |
Weighted Average Exercise Price Per Share, Expired | $50.57 |
Weighted Average Exercise Price Per Share, Outstanding at end of year | $73.75 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Weighted Average Remaining Contractual Life (Years), Outstanding at end of year | 5 years 11 months 4 days |
Aggregate Intrinsic Value, Outstanding at end of year | $1,041 |
Shares, Exercisable at end of year | 13,215,966 |
Weighted Average Exercise Price Per Share, Exercisable at end of year | $72.74 |
Weighted Average Remaining Contractual Life (Years), Exercisable at end of year | 5 years 1 month 6 days |
Aggregate Intrinsic Value, Exercisable at end of year | $757 |
ShareBased_Compensation_And_Ot5
Share-Based Compensation And Other Compensation Arrangements (Schedule Of Assumptions Used For Fair Value Of Stock Options Granted) (Details) (USD $) | 0 Months Ended | |
Feb. 25, 2013 | Feb. 27, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Expected Life (in years) | 6 years | 6 years |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 29.00% | 29.90% |
Expected Dividend Yield | 2.60% | 2.40% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.00% | 1.10% |
Weighted-Average Grant Date Fair Value Per Share | $15.85 | $16.89 |
ShareBased_Compensation_And_Ot6
Share-Based Compensation And Other Compensation Arrangements (Schedule Of Stock Unit Activity) (Details) (USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |
Weighted average remaining contractual life (in years) | 5 years 11 months 4 days |
Incentive Program Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of units, Outstanding at beginning of year | 3,722,317 |
Number of units, Granted | 729,603 |
Number of units, Dividends | 72,387 |
Number of units, Forfeited | -177,986 |
Number of units, Distributed | -1,313,782 |
Number of units, Outstanding at end of year | 3,032,539 |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |
Unrecognized compensation cost | 94 |
Weighted average remaining contractual life (in years) | 1 year 8 months |
Other Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of units, Outstanding at beginning of year | 1,132,930 |
Number of units, Granted | 288,600 |
Number of units, Dividends | 25,833 |
Number of units, Forfeited | -13,962 |
Number of units, Distributed | -286,303 |
Number of units, Outstanding at end of year | 1,147,098 |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |
Unrecognized compensation cost | 41 |
Weighted average remaining contractual life (in years) | 2 years 3 months 15 days |
Incentive Program Performance Based Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of units, Outstanding at beginning of year | |
Number of units, Granted | 662,215 |
Number of units, Dividends | 10,497 |
Number of units, Forfeited | -49,610 |
Number of units, Distributed | 0 |
Number of units, Outstanding at end of year | 623,102 |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | |
Unrecognized compensation cost | 53 |
Weighted average remaining contractual life (in years) | 2 years 1 month 15 days |
Shareholders_Equity_Narrative_
Shareholders' Equity (Narrative) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 15, 2014 |
In Millions, except Share data, unless otherwise specified | |||
Equity, Class of Treasury Stock [Line Items] | |||
Common stock, authorized | 1,200,000,000 | 1,200,000,000 | |
Preferred shares, authorized | 20,000,000 | 20,000,000 | |
2014 Program [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Amount approved to repurchase, shares, maximum | $12,000 |
Shareholders_Equity_Schedule_O
Shareholders' Equity (Schedule Of Changes In Each Class Of Shares) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Stockholders' Equity Note [Abstract] | |||
Stock Issued During Period, Shares, Treasury Stock Reissued | 6,719,270 | 17,903,704 | 11,935,423 |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Beginning balance, Common Stock | 1,012,261,159 | 1,012,261,159 | 1,012,261,159 |
Ending balance, Common Stock | 1,012,261,159 | 1,012,261,159 | 1,012,261,159 |
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract] | |||
Beginning balance, Treasury Stock | 264,882,461 | 256,630,628 | 267,556,388 |
Acquired, Treasury Stock | 47,370,415 | 26,155,537 | 1,009,663 |
Ending balance, Treasury Stock | 305,533,606 | 264,882,461 | 256,630,628 |
Shareholders_Equity_Accumulate
Shareholders' Equity (Accumulated other comprehensive income) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Balance | ($9,894) | [1] | ($17,416) | [1] | ($16,500) | [1] |
OCI before reclassifications | -4,878 | [1] | 5,954 | [1] | -2,248 | [1] |
Amounts reclassified from AOCI | 869 | [1] | 1,568 | [1] | 1,332 | [1] |
Net current period OCI | -4,009 | [1] | 7,522 | [1] | -916 | [1] |
Balance | -13,903 | [1] | -9,894 | [1] | -17,416 | [1] |
Defined benefit pension plans & other postretirement benefits: | ||||||
Amortization of actuarial losses included in net periodic pension cost, net of tax of ($367), ($849), and ($752) | 661 | 1,516 | 1,304 | |||
Amortization of actuarial losses included in net periodic pension cost, tax | -367 | -849 | -752 | |||
Currency Translation Adjustments [Member] | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Balance | 150 | 214 | 197 | |||
OCI before reclassifications | -97 | -64 | 17 | |||
Net current period OCI | -97 | -64 | 17 | |||
Balance | 53 | 150 | 214 | |||
Unrealized Gains and Losses on Certain Investments | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Balance | -8 | |||||
Net current period OCI | ||||||
Balance | -8 | -8 | -8 | |||
Unrealized Gains and Losses on Derivative Instruments | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Balance | -6 | 86 | 66 | |||
OCI before reclassifications | -137 | -75 | 25 | |||
Amounts reclassified from AOCI | 7 | -17 | -5 | |||
Net current period OCI | -130 | -92 | 20 | |||
Balance | -136 | -6 | 86 | |||
Defined Benefit Pension Plans and Other Postretirement Benefits | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||
Balance | -10,030 | -17,708 | -16,755 | |||
OCI before reclassifications | -4,644 | 6,093 | -2,290 | |||
Amounts reclassified from AOCI | 862 | [2] | 1,585 | [2] | 1,337 | [2] |
Net current period OCI | -3,782 | 7,678 | -953 | |||
Balance | ($13,812) | ($10,030) | ($17,708) | |||
[1] | Net of tax. | |||||
[2] | Primarily relates to amortization of actuarial losses for the years ended December 31, 2014, 2013, and 2012 totaling $661, $1,516, and $1,304 (net of tax of ($367), ($849), and ($752)), respectively. These are included in the net periodic pension cost of which a portion is allocated to production as inventoried costs. See Note 14. |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Narrative) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Derivative [Line Items] | |
Cash flow hedge losses to be reclassified during the next 12 months, pre-tax | ($98) |
Fair value of foreign exchange and commodity contracts that have credit-risk-related contingent features that are in a net liability position | $20 |
Maximum [Member] | Foreign Exchange Contracts [Member] | |
Derivative [Line Items] | |
Derivative, Latest Maturity Date | 31-Dec-19 |
Maximum [Member] | Commodity Contracts [Member] | |
Derivative [Line Items] | |
Derivative, Latest Maturity Date | 31-Dec-17 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments (Schedule Of Notional Amounts And Fair Values Of Derivative Instruments) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Millions, unless otherwise specified | ||||
Derivative [Line Items] | ||||
Notional amounts | $3,064 | [1] | $3,177 | [1] |
Other assets | 41 | 149 | ||
Accrued liabilities | -233 | -142 | ||
Derivative Liability, Fair Value, Amount Offset Against Collateral | -16 | -63 | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 16 | 63 | ||
Net recorded balance, Other assets | 25 | 86 | ||
Net recorded balance, Accrued liabilities | -217 | -79 | ||
Foreign Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Notional amounts | 2,586 | [1] | 2,524 | [1] |
Other assets | 9 | 122 | ||
Accrued liabilities | -204 | -64 | ||
Foreign Exchange Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Notional amounts | 319 | [1] | 259 | [1] |
Other assets | 21 | 12 | ||
Accrued liabilities | -5 | -35 | ||
Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Notional amounts | 125 | [1] | 313 | [1] |
Other assets | 10 | 13 | ||
Commodity Contracts [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Notional amounts | 31 | [1] | 72 | [1] |
Other assets | 1 | 2 | ||
Accrued liabilities | -24 | -39 | ||
Commodity Contracts [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Notional amounts | 3 | [1] | 9 | [1] |
Accrued liabilities | ($4) | |||
[1] | Notional amounts represent the gross contract/notional amount of the derivatives outstanding. |
Derivative_Financial_Instrumen4
Derivative Financial Instruments (Schedule Of Derivative Instruments, Gains/(Losses) In Statement Of Financial Performance) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative [Line Items] | |||
Effective portion recognized in other comprehensive loss, net of taxes | ($137) | ($75) | $25 |
Effective portion reclassified out of Accumulated other comprehensive loss into earnings, net of taxes | -7 | 17 | 5 |
Foreign Exchange Contracts [Member] | |||
Derivative [Line Items] | |||
Effective portion recognized in other comprehensive loss, net of taxes | -135 | -76 | |
Effective portion reclassified out of Accumulated other comprehensive loss into earnings, net of taxes | 6 | 37 | |
Forward points recognized in Other income, net | 28 | 34 | |
Undesignated derivatives recognized in Other income, net: | -7 | 17 | |
Commodity Contracts [Member] | |||
Derivative [Line Items] | |||
Effective portion recognized in other comprehensive loss, net of taxes | -2 | 1 | |
Effective portion reclassified out of Accumulated other comprehensive loss into earnings, net of taxes | ($13) | ($20) |
Significant_Group_Concentratio1
Significant Group Concentrations Of Risk (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Concentration Risk [Line Items] | ||
Gross accounts receivable and gross customer financing | 11,438 | |
Gross customer financing | 3,582 | 4,020 |
External Credit Rating, Non Investment Grade [Member] | ||
Concentration Risk [Line Items] | ||
Gross customer financing | 2,429 | |
Workforce Subject To Collective Bargaining Arrangements [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 39.00% | |
Commercial Aircraft Customers [Member] | ||
Concentration Risk [Line Items] | ||
Gross accounts receivable and gross customer financing | 5,246 | |
Accounts Receivable, Gross, Current | 1,664 | |
Gross customer financing | 3,582 | |
U S Government Contracts [Member] | ||
Concentration Risk [Line Items] | ||
Accounts Receivable, Gross, Current | 4,281 | $3,604 |
American Airlines [Member] | Customer Financing [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 11.00% | |
Hawaiian Airlines [Member] | Customer Financing [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 9.00% | |
United Continental Airlines [Member] | Customer Financing [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 8.00% |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale investments | $7 | $8 |
Derivatives | 25 | 86 |
Derivatives | -217 | -79 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Money market funds | 3,826 | 3,783 |
Available-for-sale investments | 7 | 8 |
Derivatives | 25 | 86 |
Total assets | 3,858 | 3,877 |
Derivatives | -217 | -79 |
Total liabilities | -217 | -79 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Money market funds | 3,826 | 3,783 |
Available-for-sale investments | 7 | 6 |
Total assets | 3,833 | 3,789 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivatives | 25 | 86 |
Total assets | 25 | 86 |
Derivatives | -217 | -79 |
Total liabilities | -217 | -79 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Available-for-sale investments | 2 | |
Total assets | $2 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements Fair Value, Assets Measured on Nonrecurring Basis Using Unobservable Inputs (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Nonrecurring fair value losses | ($229) | ($96) | ($84) |
Fair Value Measurements Nonrecurring [Member] | Operating Lease Equipment [Member] | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Nonrecurring fair value losses | -170 | -81 | |
Fair Value Measurements Nonrecurring [Member] | Property, Plant and Equipment [Member] | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Nonrecurring fair value losses | -15 | -15 | |
Fair Value Measurements Nonrecurring [Member] | Other assets and Acquired intangible assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Nonrecurring fair value losses | -17 | ||
Fair Value Measurements Nonrecurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Total Fair Value | 206 | 256 | |
Nonrecurring fair value losses | -202 | -96 | |
Fair Value Measurements Nonrecurring [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Operating Lease Equipment, Fair Value | 187 | 216 | |
Fair Value Measurements Nonrecurring [Member] | Level 3 [Member] | Income Approach Valuation Technique [Member] | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Property, Plant, and Equipment, Fair Value | 19 | 40 | |
Other assets and Acquired intangible assets, Fair Value |
Fair_Value_Measurements_Fair_V2
Fair Value Measurements Fair Value, Assets Measured On Nonrecurring Basis, Valuation Techniques (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Aircraft Value Publications [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Equipment under operating leases & Assets held for sale or re-lease, Median | $238 | |
Aircraft Value Publications [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Equipment under operating leases & Assets held for sale or re-lease, Range | 158 | |
Aircraft Value Publications [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Equipment under operating leases & Assets held for sale or re-lease, Range | 268 | |
Aircraft Condition Adjustments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Equipment under operating leases & Assets held for sale or re-lease, Net | -51 | |
Aircraft Condition Adjustments [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Equipment under operating leases & Assets held for sale or re-lease, Range | -58 | |
Aircraft Condition Adjustments [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Equipment under operating leases & Assets held for sale or re-lease, Range | 7 | |
Fair Value Measurements Nonrecurring [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Operating Lease Equipment, Fair Value | $187 | $216 |
Fair_Value_Measurements_Fair_V3
Fair Value Measurements Fair Values And Related Carrying Values of Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accounts receivable, net | $7,729 | $6,546 |
Accounts receivable, Fair Value | 7,845 | 6,525 |
Notes receivable, Fair Value | 395 | 622 |
Debt, excluding capital lease obligations, Fair Value | -10,686 | -10,897 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accounts receivable, Fair Value | 7,845 | 6,525 |
Notes receivable, Fair Value | 395 | 622 |
Debt, excluding capital lease obligations, Fair Value | -10,480 | -10,897 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, excluding capital lease obligations, Fair Value | -206 | |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accounts receivable, net | 7,729 | 6,546 |
Notes receivable, net | 366 | 572 |
Debt, excluding capital lease obligations, Carrying Amount | ($8,909) | ($9,483) |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
segments | |||
Segment Reporting Information [Line Items] | |||
Number of Reportable Segments | 5 | ||
Percent of operating assets located outside the United States | 3.00% | 3.00% | |
Earnings from operations associated with our cost and equity method investments | $287 | $214 | $268 |
Defense, Space & Security [Member] | Network & Space Systems [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings from operations associated with our cost and equity method investments | 229 | 203 | 196 |
Defense, Space & Security [Member] | U S Government Contracts [Member] | Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Entity-Wide Revenue, Major Customer, Percentage | 30.00% | 34.00% | 33.00% |
Commercial Airplanes [Member] | |||
Segment Reporting Information [Line Items] | |||
Earnings from operations associated with our cost and equity method investments | $58 | $25 | $77 |
Segment_Information_Schedule_O
Segment Information (Schedule Of Revenue from External Customers Attributed to Foreign Countries by Geographic Area) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $24,468 | $23,784 | $22,045 | $20,465 | $23,785 | $22,130 | $21,815 | $18,893 | $90,762 | $86,623 | $81,698 |
Non-U.S. [member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 52,920 | 49,031 | 44,496 | ||||||||
Asia, Other Than China [member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 11,900 | 12,200 | 10,390 | ||||||||
Europe [member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 11,898 | 10,622 | 10,269 | ||||||||
China [member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 11,029 | 10,555 | 6,086 | ||||||||
Middle East [member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 9,243 | 9,165 | 10,285 | ||||||||
Canada [member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,901 | 1,486 | 586 | ||||||||
Africa [member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,596 | 621 | 1,282 | ||||||||
Oceania [member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,757 | 1,657 | 2,043 | ||||||||
Latin America, Caribbean And Other [member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,596 | 2,725 | 3,555 | ||||||||
United States [member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $37,842 | $37,592 | $37,202 |
Segment_Information_Schedule_O1
Segment Information (Schedule Of Depreciation And Amortization Expense By Segment) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $1,906 | $1,844 | $1,811 |
Operating Segments [Member] | Commercial Airplanes [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 674 | 632 | 614 |
Operating Segments [Member] | Defense, Space & Security [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 353 | 320 | 310 |
Operating Segments [Member] | Defense, Space & Security [Member] | Boeing Military Aircraft [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 164 | 131 | 120 |
Operating Segments [Member] | Defense, Space & Security [Member] | Network & Space Systems [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 114 | 120 | 123 |
Operating Segments [Member] | Defense, Space & Security [Member] | Global Services & Support [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 75 | 69 | 67 |
Operating Segments [Member] | Boeing Capital Corporation [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 97 | 110 | 150 |
Unallocated items, eliminations and other [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $782 | $782 | $737 |
Segment_Information_Schedule_O2
Segment Information (Schedule Of Capital Expenditures By Segment) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $2,236 | $2,098 | $1,703 |
Operating Segments [Member] | Commercial Airplanes [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 698 | 694 | 665 |
Operating Segments [Member] | Defense, Space & Security [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 336 | 330 | 325 |
Operating Segments [Member] | Defense, Space & Security [Member] | Boeing Military Aircraft [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 175 | 186 | 153 |
Operating Segments [Member] | Defense, Space & Security [Member] | Network & Space Systems [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 93 | 96 | 115 |
Operating Segments [Member] | Defense, Space & Security [Member] | Global Services & Support [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 68 | 48 | 57 |
Unallocated items, eliminations and other [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $1,202 | $1,074 | $713 |
Recovered_Sheet3
Segment Information (Schedule of Intersegment Revenues, Eliminated In Unallocated Items and Eliminations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Intersegment Revenues | $24,468 | $23,784 | $22,045 | $20,465 | $23,785 | $22,130 | $21,815 | $18,893 | $90,762 | $86,623 | $81,698 |
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intersegment Revenues | 1,841 | 908 | 1,264 | ||||||||
Commercial Airplanes [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intersegment Revenues | 1,822 | 879 | 1,215 | ||||||||
Boeing Capital Corporation [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intersegment Revenues | $19 | $29 | $49 |
Segment_Information_Schedule_O3
Segment Information (Schedule Of Unallocated Items and Eliminations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Share-based plans | ($195) | ($206) | ($193) | ||||||||
Deferred compensation | -44 | -238 | -75 | ||||||||
Amortization of previously capitalized interest | -102 | -87 | -74 | ||||||||
Total | 2,025 | 2,119 | 1,787 | 1,542 | 1,515 | 1,803 | 1,716 | 1,528 | 7,473 | 6,562 | 6,290 |
Pension [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Pension and Postretirement | -3,215 | -3,036 | -2,407 | ||||||||
Postretirement [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Pension and Postretirement | -287 | -353 | -543 | ||||||||
Unallocated Items And Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Share-based plans | -67 | -95 | -81 | ||||||||
Deferred compensation | -44 | -238 | -75 | ||||||||
Amortization of previously capitalized interest | -72 | -69 | -70 | ||||||||
Eliminations and other unallocated items | -593 | -859 | -452 | ||||||||
Operating Income (Loss) Excluding Unallocated Pension and Postretirement Adjustments | -776 | -1,261 | -678 | ||||||||
Pension and Postretirement | -1,387 | -1,314 | -899 | ||||||||
Total | -2,163 | -2,575 | -1,577 | ||||||||
Unallocated Items And Eliminations [Member] | Pension [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Pension and Postretirement | -1,469 | -1,374 | -787 | ||||||||
Unallocated Items And Eliminations [Member] | Postretirement [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Pension and Postretirement | $82 | $60 | ($112) |
Segment_Information_Reconcilia
Segment Information (Reconciliation of Assets from Segment to Consolidated) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Segment Reporting Information [Line Items] | ||
Assets | $99,198 | $92,663 |
Operating Segments [Member] | Commercial Airplanes [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 55,149 | 49,520 |
Operating Segments [Member] | Defense, Space & Security [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 17,713 | 17,362 |
Operating Segments [Member] | Defense, Space & Security [Member] | Boeing Military Aircraft [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 7,232 | 5,872 |
Operating Segments [Member] | Defense, Space & Security [Member] | Network & Space Systems [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 5,895 | 6,450 |
Operating Segments [Member] | Defense, Space & Security [Member] | Global Services & Support [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 4,586 | 5,040 |
Operating Segments [Member] | Boeing Capital Corporation [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 3,525 | 3,914 |
Unallocated items, eliminations and other [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $22,811 | $21,867 |
Quarterly_Financial_Data_Narra
Quarterly Financial Data (Narrative) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 |
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||
Tax Adjustments, Settlements, and Unusual Provisions | $188 | $212 | $145 | |||||||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | 100 | 242 | 379 | |||||||||
Cash dividends declared, per share | $0.91 | $0.73 | $0.49 | $1.64 | $1.46 | $1.22 | $0.97 | $3.10 | $2.19 | $1.81 | ||
A-12 Program [Member] | ||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||
Benefit/(Charge) Related to Litigation Settlement | 406 | |||||||||||
Pension Plans [Member] | ||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | -461 | -104 | -25 | |||||||||
Pension Plans [Member] | defined benefit plan changes [Member] | ||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||
Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments | -334 | |||||||||||
KC-46A Tanker [Member] | ||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | -425 | |||||||||||
Tax Basis Restoration [Member] | ||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||
Tax Adjustments, Settlements, and Unusual Provisions | 265 | |||||||||||
2007-2008 Federal Tax Audit Settlement [Member] | ||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||
Tax Adjustments, Settlements, and Unusual Provisions | 116 | |||||||||||
2009-2010 Federal Tax Audit Settlement [Member] | ||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||
Tax Adjustments, Settlements, and Unusual Provisions | $143 |
Quarterly_Financial_Data_Sched
Quarterly Financial Data (Schedule Of Quarterly Financial Data) (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||||
Revenues | $24,468 | $23,784 | $22,045 | $20,465 | $23,785 | $22,130 | $21,815 | $18,893 | $90,762 | $86,623 | $81,698 | |||
Total costs and expenses | -20,711 | -20,075 | -18,670 | -17,296 | -20,388 | -18,674 | -18,450 | -15,756 | -76,752 | -73,268 | -68,665 | |||
Earnings from operations | 2,025 | 2,119 | 1,787 | 1,542 | 1,515 | 1,803 | 1,716 | 1,528 | 7,473 | 6,562 | 6,290 | |||
Net earnings from continuing operations | 1,466 | 1,362 | 1,653 | 965 | 1,233 | 1,160 | 1,087 | 1,106 | 5,446 | 4,586 | 3,903 | |||
Net (loss)/gain from disposal of discontinued operations | -2 | 1 | -1 | -3 | ||||||||||
Net earnings | $1,466 | $1,362 | $1,653 | $965 | $1,233 | $1,158 | $1,088 | $1,106 | $5,446 | $4,585 | $3,900 | |||
Basic earnings per share from continuing operations | $2.05 | $1.88 | $2.26 | $1.30 | $1.63 | $1.53 | $1.43 | $1.45 | $7.47 | $6.03 | $5.15 | |||
Basic earnings per share | $2.05 | $1.88 | $2.26 | $1.30 | $1.63 | $1.53 | $1.43 | $1.45 | $7.47 | $6.03 | $5.15 | |||
Diluted earnings per share from continuing operations | $2.02 | $1.86 | $2.24 | $1.28 | $1.61 | $1.51 | $1.41 | $1.44 | $7.38 | $5.96 | $5.11 | |||
Diluted earnings per share | $2.02 | $1.86 | $2.24 | $1.28 | $1.61 | $1.51 | $1.41 | $1.44 | $7.38 | $5.96 | $5.11 | |||
Cash dividends declared, per share | $0.91 | $0.73 | $0.49 | $1.64 | $1.46 | $1.22 | $0.97 | $3.10 | $2.19 | $1.81 | ||||
Common stock sales price per share, Quarter end | $129.98 | $136.49 | $129.98 | $127.38 | $127.23 | $125.49 | $136.49 | $117.50 | $102.44 | $85.85 | $129.98 | $136.49 | ||
Maximum [Member] | ||||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||||
Common stock sales price per share | $135.78 | $130.58 | $138.39 | $144.57 | $142 | $120.38 | $104.15 | $86.84 | ||||||
Minimum [Member] | ||||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||||
Common stock sales price per share | $116.32 | $117.87 | $121.92 | $118.77 | $113.34 | $98.99 | $83.80 | $72.68 |
Subsequent_Events_Details
Subsequent Events (Details) (Pension Plans [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pension Plans [Member] | |||
Subsequent Event [Line Items] | |||
Pension curtailment charges/costs | $461 | $104 | $25 |