Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 20, 2022 | |
Document Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 1-442 | |
Entity Registrant Name | BOEING CO | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 91-0425694 | |
Entity Address, Address Line One | 100 N. Riverside Plaza, | |
Entity Address, City or Town | Chicago, | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60606-1596 | |
City Area Code | (312) | |
Local Phone Number | 544-2000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, $5.00 Par Value | |
Trading Symbol | BA | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 591,635,833 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000012927 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Condensed Income Statements, Captions [Line Items] | ||
Revenues | $ 13,991 | $ 15,217 |
Boeing Capital interest expense | (7) | (9) |
Total costs and expenses | (13,645) | (13,808) |
Gross profit | 346 | 1,409 |
(Loss)/income from operating investments, net | (20) | 37 |
General and administrative expense | (863) | (1,032) |
Research and development expense, net | (633) | (499) |
Gain on dispositions, net | 1 | 2 |
Loss from operations | (1,169) | (83) |
Other income, net | 181 | 190 |
Interest and debt expense | (630) | (679) |
Loss before income taxes | (1,618) | (572) |
Income tax benefit | 376 | 11 |
Net loss | (1,242) | (561) |
Less: net loss attributable to noncontrolling interest | (23) | (24) |
Net loss attributable to Boeing Shareholders | $ (1,219) | $ (537) |
Basic loss per share | $ (2.06) | $ (0.92) |
Diluted loss per share | $ (2.06) | $ (0.92) |
Weighted average diluted shares (millions) | 591.7 | 585.4 |
Non-Controlling Interest | ||
Condensed Income Statements, Captions [Line Items] | ||
Less: net loss attributable to noncontrolling interest | $ (23) | $ (24) |
Product [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Revenues | 11,427 | 12,518 |
Cost of Goods and Services Sold | (11,412) | (11,632) |
Service [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Revenues | 2,564 | 2,699 |
Cost of Goods and Services Sold | $ (2,226) | $ (2,167) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (1,242) | $ (561) |
Currency translation adjustments | 24 | (36) |
Unrealized (loss)/gain on derivative instruments [Abstract] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax | 94 | 11 |
Unrealized loss arising during period, tax | (28) | (3) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | 35 | (2) |
Reclassification adjustment for losses included in net earnings, tax | (9) | 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 129 | 9 |
Defined benefit pension plans & other postretirement benefits [Abstract] | ||
Amortization of prior service credits included in net periodic pension cost, net of tax of $6 and $6 | (23) | (23) |
Amortization of prior service cost included in net periodic pension cost, tax | 6 | 6 |
Amortization of actuarial losses included in net periodic pension cost, net of tax of ($40) and ($65) | 159 | 228 |
Amortization of actuarial losses included in net periodic pension cost, tax | (40) | (65) |
Settlements included in net loss, net of tax of $0 and $0 | 1 | |
Other Comprehensive Income, Settlements and curtailments included in net income, tax | 0 | 0 |
Pension and postretirement cost related to our equity method investments, net of tax of $0 and ($1) | 2 | |
Pension and post retirement benefits related to our equity method investments, tax | 0 | (1) |
Total defined benefit pension plans and other postretirement benefits, net of tax | 136 | 208 |
Other comprehensive income, net of tax | 289 | 181 |
Comprehensive loss, net of tax | (953) | (380) |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (23) | (24) |
Comprehensive loss attributable to Boeing Shareholders, net of tax | $ (930) | $ (356) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Financial Position - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Assets | |||
Cash and cash equivalents | $ 7,409 | $ 8,052 | |
Short-term and other investments | 4,873 | 8,192 | |
Accounts receivable, net | 2,407 | 2,641 | |
Unbilled receivables, net | 8,991 | 8,620 | |
Current portion of customer financing, net | 157 | 117 | |
Inventories | 79,819 | 78,823 | |
Other current assets, net | 2,356 | 2,221 | |
Total current assets | 106,012 | 108,666 | |
Customer financing, net | 1,580 | 1,695 | |
Property, plant and equipment, net of accumulated depreciation | 10,755 | 10,918 | |
Property, plant and equipment, net of accumulated depreciation of $20,759 and $20,538 | 20,759 | 20,538 | |
Goodwill | 8,065 | 8,068 | |
Acquired intangible assets, net | 2,492 | 2,562 | |
Deferred income taxes | 91 | 77 | |
Investments | 992 | 975 | |
Other assets, net of accumulated amortization of $1,024 and $975 | 5,814 | 5,591 | |
Other assets, accumulated amortization | 1,024 | 975 | |
Total assets | 135,801 | 138,552 | |
Liabilities and equity | |||
Accounts payable | 8,779 | 9,261 | |
Accrued liabilities | 17,864 | 18,455 | |
Advances and progress billings | 52,458 | 52,980 | |
Debt, Current | 2,591 | 1,296 | |
Total current liabilities | 81,692 | 81,992 | |
Deferred income taxes | 158 | 218 | |
Accrued retiree health care | 3,471 | 3,528 | |
Accrued pension plan liability, net | 8,719 | 9,104 | |
Other long-term liabilities | 1,879 | 1,750 | |
Long-term debt | 55,150 | 56,806 | |
Total liabilities | 151,069 | 153,398 | |
Shareholders' equity: | |||
Common stock, par value $5.00 — 1,200,000,000 shares authorized; 1,012,261,159 shares issued | $ 5,061 | $ 5,061 | |
Common Stock, Par Value | $ 5 | $ 5 | |
Common Stock, Shares Authorized | 1,200,000,000 | 1,200,000,000 | |
Common Stock, Shares, Issued | 1,012,261,159 | 1,012,261,159 | |
Additional paid-in capital | $ 9,295 | $ 9,052 | |
Treasury stock, at cost - 420,886,484 and 423,343,707 shares | 420,886,484 | 423,343,707 | |
Treasury stock, at cost | $ 51,573 | $ 51,861 | |
Retained earnings | 33,189 | 34,408 | |
Accumulated other comprehensive loss | [1] | (11,370) | (11,659) |
Total shareholders’ deficit | (15,398) | (14,999) | |
Noncontrolling interests | 130 | 153 | |
Total equity | (15,268) | (14,846) | |
Total liabilities and equity | $ 135,801 | $ 138,552 | |
[1] | Net of tax. |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Cash Flows Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Cash flows - operation activities: | |||
Net loss | $ (1,242) | $ (561) | |
Non-cash items - | |||
Share-based plans expense | 203 | 321 | |
Treasury shares issued for 401(k) contribution | 329 | 306 | |
Depreciation and amortization | 486 | 536 | |
Investment/asset impairment charges, net | 72 | 16 | |
Customer financing valuation adjustments | 48 | ||
Gain on dispositions, net | (1) | (2) | |
Other charges and credits, net | 175 | 35 | |
Changes in assets and liabilities - | |||
Accounts receivable | 237 | (394) | |
Unbilled receivables | (356) | (790) | |
Advances and progress billings | (522) | 421 | |
Inventories | 1,203 | 680 | |
Other current assets | 140 | 153 | |
Accounts payable | (369) | (819) | |
Accrued liabilities | (594) | (1,615) | |
Income taxes receivable, payable and deferred | (403) | (34) | |
Other long-term liabilities | 96 | (84) | |
Pension and other postretirement plans | (371) | (265) | |
Customer financing, net | 18 | 46 | |
Other | 41 | 23 | |
Net cash used by operating activities | (3,216) | (3,387) | |
Cash flows - investing activities: | |||
Payments to acquire property, plant and equipment | (349) | (291) | |
Proceeds from disposals of property, plant and equipment | 8 | 2 | |
Contributions to investments | (1,732) | (9,688) | |
Proceeds from investments | 5,037 | 12,738 | |
Other | 1 | 3 | |
Net cash provided by investing activities | 2,965 | 2,764 | |
Cash flows - financing activities: | |||
New borrowings | 2 | 9,814 | |
Debt repayments | (396) | (9,847) | |
Stock options exercised | 30 | 23 | |
Employee taxes on certain share-based payment arrangements | (32) | (38) | |
Net cash used by financing activities | (396) | (48) | |
Effect of exchange rate changes on cash and cash equivalents | (3) | (18) | |
Net decrease in cash & cash equivalents, including restricted | (650) | (689) | |
Cash & cash equivalents, including restricted, at beginning of year | 8,104 | 7,835 | |
Cash & cash equivalents, including restricted, at end of period | 7,454 | 7,146 | |
Restricted Cash and Cash Equivalents | (45) | [1] | (87) |
Cash and cash equivalents at end of period | $ 7,409 | $ 7,059 | |
[1] | Reflects amounts restricted in support of our property sales, workers’ compensation programs, and insurance premiums.Allowance for losses on available for sale debt instruments are assessed quarterly. All instruments are considered investment grade and, as such, we have not recognized an allowance for credit losses as of March 31, 2022. |
Condensed Consolidated Statem_5
Condensed Consolidated Statements Of Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Non-Controlling Interest |
Balance at Dec. 31, 2020 | $ (18,075) | $ 5,061 | $ 7,787 | $ (52,641) | $ 38,610 | $ (17,133) | $ 241 |
Net loss attributable to Boeing Shareholders | (537) | (537) | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | (24) | (24) | |||||
Net loss | (561) | ||||||
Other Comprehensive Income (Loss), Tax | (63) | ||||||
Other comprehensive income, net of tax | 181 | 181 | |||||
Share-based compensation and related dividend equivalents | 321 | 321 | |||||
Treasury shares issued for stock options exercised, net | (23) | (16) | (39) | ||||
Treasury shares issued for other share-based plans, net | (36) | (73) | 37 | ||||
Treasury shares issued for 401(k) contribution | 306 | 136 | 170 | ||||
Balance at Mar. 31, 2021 | (17,841) | 5,061 | 8,155 | (52,395) | 38,073 | (16,952) | 217 |
Balance at Dec. 31, 2021 | (14,846) | 5,061 | 9,052 | (51,861) | 34,408 | (11,659) | 153 |
Net loss attributable to Boeing Shareholders | (1,219) | ||||||
Net Income (Loss) Attributable to Noncontrolling Interest | (23) | (23) | |||||
Net loss | (1,242) | ||||||
Other Comprehensive Income (Loss), Tax | (71) | ||||||
Other comprehensive income, net of tax | 289 | 289 | |||||
Share-based compensation and related dividend equivalents | 203 | 203 | |||||
Treasury shares issued for stock options exercised, net | (30) | (19) | (49) | ||||
Treasury shares issued for other share-based plans, net | (31) | (67) | 36 | ||||
Treasury shares issued for 401(k) contribution | 329 | 126 | 203 | ||||
Balance at Mar. 31, 2022 | $ (15,268) | $ 5,061 | $ 9,295 | $ (51,573) | $ 33,189 | $ (11,370) | $ 130 |
Summary Of Business Segment Dat
Summary Of Business Segment Data Summary of Business Segment Data (Notes) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Summary Of Business Segment Data | The Boeing Company and Subsidiaries Notes to Condensed Consolidated Financial Statements Summary of Business Segment Data (Unaudited) (Dollars in millions) Three months ended March 31 2022 2021 Revenues: Commercial Airplanes $4,161 $4,269 Defense, Space & Security 5,483 7,185 Global Services 4,314 3,749 Boeing Capital 46 60 Unallocated items, eliminations and other (13) (46) Total revenues $13,991 $15,217 Earnings/(loss) from operations: Commercial Airplanes ($859) ($856) Defense, Space & Security (929) 405 Global Services 632 441 Boeing Capital (36) 21 Segment operating (loss)/earnings (1,192) 11 Unallocated items, eliminations and other (260) (364) FAS/CAS service cost adjustment 283 270 Loss from operations (1,169) (83) Other income, net 181 190 Interest and debt expense (630) (679) Loss before income taxes (1,618) (572) Income tax benefit 376 11 Net loss (1,242) (561) Less: Net loss attributable to noncontrolling interest (23) (24) Net loss attributable to Boeing Shareholders ($1,219) ($537) This information is an integral part of the Notes to the Condensed Consolidated Financial Statements. See Note 17 for further segment results. |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | Basis of Presentation The condensed consolidated interim financial statements included in this report have been prepared by management of The Boeing Company (herein referred to as “Boeing”, the “Company”, “we”, “us”, or “our”). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation are reflected in the interim financial statements. The results of operations for the period ended March 31, 2022 are not necessarily indicative of the operating results for the full year. The interim financial statements should be read in conjunction with the audited Consolidated Financial Statements, including the notes thereto, included in our 2021 Annual Report on Form 10-K. Liquidity Matters During the first three months of 2022, net cash used by operating activities was $3.2 billion. Our operating cash flows continue to be impacted by lower commercial airplane deliveries and concessions paid to 737 MAX customers. We expect negative operating cash flows until commercial deliveries ramp up. As a result, our cash and short-term investment balance was $12.3 billion at March 31, 2022, down from $16.2 billion at December 31, 2021, while our debt balance was $57.7 billion at March 31, 2022, down from $58.1 billion at December 31, 2021. Short-term debt and the current portion of long-term debt increased to $2.6 billion at March 31, 2022 from $1.3 billion at December 31, 2021. The current portion of long-term debt includes term notes of $0.9 billion maturing in 2022. As of March 31, 2022, our unused borrowing capacity on revolving credit agreements is $14.7 billion, unchanged from December 31, 2021. We anticipate that these credit lines will remain undrawn and primarily serve as back-up liquidity to support our general corporate borrowing needs. Our borrowing capacity includes $6.3 billion scheduled to expire in October 2022, of which $3.1 billion has a one-year term out option that allows us to extend the maturity of any borrowings one additional year. Our short-term and long-term credit ratings remained unchanged during the first quarter of 2022. There is risk for future downgrades. At March 31, 2022 and December 31, 2021, trade payables included $2.1 billion and $2.3 billion payable to suppliers who have elected to participate in supply chain financing programs. We do not believe that future changes in the availability of supply chain financing will have a significant impact on our liquidity. We are also working with our customers and supply chain to accelerate receipts and conserve cash. For example, the United States Department of Defense (U.S. DoD) has taken steps to work with its industry partners to increase liquidity in the form of increased progress payment rates and reductions in withholds among other initiatives. We continue to transform and improve our business processes. These activities are not intended to constrain our capacity but to enable the Company to emerge stronger and be more resilient when the market recovers. Based on our current best estimates of market demand, planned production rates, timing of cash receipts and expenditures, our ability to successfully implement further actions to improve liquidity, as well as our ability to access additional liquidity, if needed, we believe it is probable that we will be able to fund our operations for the foreseeable future. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We believe that the accounting estimates and assumptions are appropriate, however, given the increased uncertainties surrounding the severity and duration of the impacts of the COVID-19 pandemic actual results could differ from those estimates. Long-term Contracts Changes in estimated revenues, cost of sales, and the related effect on operating income are recognized using a cumulative catch-up adjustment which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a long-term contract’s percentage-of-completion. When the current estimates of total sales and costs for a long-term contract indicate a loss, a provision for the entire reach-forward loss on the long-term contract is recognized. Net cumulative catch-up adjustments to prior periods' revenue and earnings, including certain reach-forward losses, across all long-term contracts were as follows: (In millions - except per share amounts) Three months ended March 31 2022 2021 (Decrease)/increase to Revenue ($612) $7 Increase to Loss from operations ($1,130) ($176) Decrease to Diluted EPS ($1.47) ($0.29) |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings Per Share Basic and diluted earnings per share are computed using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Basic earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the basic weighted average common shares outstanding. Diluted earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the diluted weighted average common shares outstanding. The elements used in the computation of basic and diluted earnings per share were as follows: (In millions - except per share amounts) Three months ended March 31 2022 2021 Net loss attributable to Boeing Shareholders ($1,219) ($537) Less: earnings available to participating securities Net loss available to common shareholders ($1,219) ($537) Basic Basic weighted average shares outstanding 591.7 585.4 Less: participating securities (1) 0.3 0.4 Basic weighted average common shares outstanding 591.4 585.0 Diluted Basic weighted average shares outstanding 591.7 585.4 Dilutive potential common shares (2) Diluted weighted average shares outstanding 591.7 585.4 Less: participating securities (1) 0.3 0.4 Diluted weighted average common shares outstanding 591.4 585.0 Net loss per share: Basic ($2.06) ($0.92) Diluted (2.06) (0.92) (1) Participating securities include certain instruments in our deferred compensation plan. (2) Diluted earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards. As a result of incurring a net loss for the three months ended March 31, 2022 and 2021, potential common shares of 3.6 million and 1.7 million were excluded from diluted loss per share because the effect would have been antidilutive. In addition, the following table includes the number of shares that may be dilutive potential common shares in the future. These shares were not included in the computation of diluted loss per share because the effect was either antidilutive or the performance condition was not met. (Shares in millions) Three months ended March 31 2022 2021 Performance awards 1.6 2.6 Performance-based restricted stock units 0.4 0.7 Restricted stock units 0.4 1.4 Stock options 0.6 0.2 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesOur effective tax rates were 23.2% and 1.9% for the three months ended March 31, 2022 and 2021. The 2022 estimated annual effective tax rate reflects the 21% federal tax rate and an increase to the valuation allowance, which is partially offset by research and development tax credits. The 2021 rate also reflected the 21% federal tax rate which was largely offset by discrete tax expenses recorded in the first quarter of 2021 primarily related to an increase in the valuation allowance. As of December 31, 2021, the Company had recorded valuation allowances of $2,423 primarily for certain federal deferred tax assets, as well as for certain federal and state net operating loss and tax credit carryforwards. To measure the valuation allowance, the Company estimated in what year each of its deferred tax assets and liabilities would reverse using systematic and logical methods to estimate the reversal patterns. Based on these methods, deferred tax liabilities are assumed to reverse and generate taxable income over the next 5 to 10 years while deferred tax assets related to pension and other postretirement benefit obligations are assumed to reverse and generate tax deductions over the next 15 to 20 years. The valuation allowance primarily results from not having sufficient income from deferred tax liability reversals in the appropriate future periods to support the realization of deferred tax assets. Federal income tax audits have been settled for all years prior to 2018. The Internal Revenue Service (IRS) began the 2018-2019 federal tax audit in the first quarter of 2021 and added tax year 2020 to the audit in the fourth quarter of 2021. We are also subject to examination in major state and international jurisdictions for the 2008-2020 tax years. We believe appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years. |
Allowance for Losses on Financi
Allowance for Losses on Financial Assets Allowance for Losses on Financial Assets | 3 Months Ended |
Mar. 31, 2022 | |
Allowance for Losses on Financial Assets [Abstract] | |
Credit Loss, Financial Instrument | Allowances for Losses on Financial Assets The changes in allowances for expected credit losses for the three months ended March 31, 2022 and 2021 consisted of the following: Accounts receivable Unbilled receivables Other current assets Customer financing Other assets Total Balance at January 1, 2021 ($444) ($129) ($72) ($17) ($140) ($802) Changes in estimates 10 (1) (6) (42) (39) Write-offs 1 1 Balance at March 31, 2021 ($433) ($130) ($78) ($17) ($182) ($840) Balance at January 1, 2022 ($390) ($91) ($62) ($18) ($186) ($747) Changes in estimates (7) 15 5 (48) (22) (57) Write-offs 6 6 Recoveries 1 1 Balance at March 31, 2022 ($390) ($76) ($57) ($66) ($208) ($797) |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: March 31 December 31 Long-term contracts in progress $821 $872 Commercial aircraft programs 69,239 68,106 Commercial spare parts, used aircraft, general stock materials and other 9,759 9,845 Total $79,819 $78,823 Commercial spare parts, used aircraft, general stock materials and other includes capitalized precontract costs of $710 at March 31, 2022 and $648 at December 31, 2021 primarily related to KC-46A Tanker and Commercial Crew. See Note 9. Commercial Aircraft Programs The increase in commercial aircraft programs inventory during 2022 reflects a continued buildup of 787 aircraft, as well as growth in 777X inventory. Commercial aircraft programs inventory includes approximately 320 737 MAX aircraft and 115 787 aircraft at March 31, 2022 as compared with 335 737 MAX aircraft and 110 787 aircraft at December 31, 2021. A number of customers have requested to defer deliveries or to cancel orders. We are currently remarketing certain aircraft and may have to remarket additional aircraft in future periods. If we are unable to successfully remarket the aircraft, determine further production rate reductions are necessary, and/or contract the program accounting quantities, future earnings may be reduced and/or additional reach-forward losses may have to be recorded. At March 31, 2022 and December 31, 2021, commercial aircraft programs inventory included the following amounts related to the 737 program: deferred production costs of $1,753 and $1,296 and unamortized tooling and other non-recurring costs of $600 and $617. At March 31, 2022, $2,343 of 737 deferred production costs, unamortized tooling and other non-recurring costs are expected to be recovered from units included in the program accounting quantity that have firm orders and $10 is expected to be recovered from units included in the program accounting quantity that represent expected future orders. At March 31, 2022 and December 31, 2021, commercial aircraft programs inventory included the following amounts related to the 777X program: deferred production costs of $1,091 and $652 and $3,572 and $3,521 of unamortized tooling and other non-recurring costs. In April 2022, we decided to pause production of the 777X-9 during 2022 and 2023. We expect that the production pause will result in abnormal production costs that will be period expensed in future periods and continue until 777X-9 production resumes. The 777X program has near break-even margins at March 31, 2022. The level of profitability on the 777X program will be subject to a number of factors. These factors include continued market uncertainty, the impacts of COVID-19 on our production system as well as impacts on our supply chain and customers, further production rate adjustments for the 777X or other commercial aircraft programs, any contraction of the accounting quantity and potential risks associated with the testing program and the timing of aircraft certification. One or more of these factors could result in additional reach-forward losses on the 777X program in future periods. During the fourth quarter of 2021, we determined that estimated costs to complete the 787 program plus costs already included in 787 inventory exceeded estimated revenues from the program. The resulting reach-forward loss of $3,460 was recorded as a reduction to deferred production costs. At March 31, 2022 and December 31, 2021, commercial aircraft programs inventory included the following amounts related to the 787 program: deferred production costs of $11,753 and $11,693, $1,861 and $1,907 of supplier advances, and $1,818 and $1,815 of unamortized tooling and other non-recurring costs. At March 31, 2022, $8,901 of 787 deferred production costs, unamortized tooling and other non-recurring costs are expected to be recovered from units included in the program accounting quantity that have firm orders and $4,670 is expected to be recovered from units included in the program accounting quantity that represent expected future orders. We expensed abnormal production costs of $312 during the three months ended March 31, 2022. Commercial aircraft programs inventory included amounts credited in cash or other consideration (early issue sales consideration) to airline customers totaling $3,383 and $3,290 at March 31, 2022 and December 31, 2021. |
Contracts with Customers Contra
Contracts with Customers Contracts with Customers | 3 Months Ended |
Mar. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Long-term Contracts or Programs Disclosure | Contracts with Customers Unbilled receivables increased from $8,620 at December 31, 2021 to $8,991 at March 31, 2022, primarily driven by revenue recognized at Defense, Space & Security (BDS) and Global Services (BGS) in excess of billings. Advances and progress billings decreased from $52,980 at December 31, 2021 to $52,458 at March 31, 2022, primarily driven by revenue recognized at BDS, Commercial Airplanes (BCA), and BGS and the return of BCA customer advances, partially offset by advances on orders received. Revenues recognized during the three months ended March 31, 2022 and 2021 from amounts recorded as Advances and progress billings at the beginning of each year were $3,401 and $4,718. |
Customer Financing
Customer Financing | 3 Months Ended |
Mar. 31, 2022 | |
Customer Financing [Abstract] | |
Customer Financing | Customer Financing Customer financing primarily relates to the Boeing Capital (BCC) segment. Financing arrangements typically range in terms from 1 to 12 years and may include options to extend or terminate leases. Certain leases include provisions to allow the lessee to purchase the underlying aircraft at a specified price. Customer financing consisted of the following: March 31 December 31 Financing receivables: Investment in sales-type/finance leases $886 $944 Notes 410 412 Total financing receivables 1,296 1,356 Less allowance for losses on receivables (66) (18) Financing receivables, net 1,230 1,338 Operating lease equipment, at cost, less accumulated depreciation of $62 and $58 507 474 Total $1,737 $1,812 At March 31, 2022 and December 31, 2021, $412 and $378 were determined to be uncollectible financing receivables and placed on non-accrual status. The increase in the allowance for losses on receivables during the three months ended March 31, 2022 was primarily due to impacts of the war in Ukraine. Customer financing interest income received was $3 and $6 the three months ended March 31, 2022 and 2021. Customer financing receivables past due as of March 31, 2022 were $1. Our financing receivable balances at March 31, 2022 by internal credit rating category and year of origination consisted of the following: Rating categories Current 2021 2020 2019 2018 Prior Total BBB $98 $98 BB $9 $231 $118 $42 $13 121 534 B 35 188 223 CCC 7 24 410 441 Total carrying value of financing receivables $9 $266 $125 $66 $13 $817 $1,296 At March 31, 2022, our allowance for losses related to receivables with ratings of CCC, B, BB, and BBB. We applied default rates that averaged 88.1%, 26.8%, 3.4%, and 0.1%, respectively, to the exposure associated with those receivables. Customer Financing Exposure The majority of our customer financing portfolio is concentrated in the following aircraft models: March 31 December 31 717 Aircraft ($58 and $62 accounted for as operating leases) $589 $603 747-8 Aircraft (accounted for as sales-type finance leases) 394 435 737 Aircraft ($186 and $145 accounted for as operating leases) 204 163 777 Aircraft ($221 and $225 accounted for as operating leases) 229 233 MD-80 Aircraft (accounted for as sales-type finance leases) 140 142 757 Aircraft (accounted for as sales-type finance leases) 121 126 747-400 Aircraft ($0 and $1 accounted for as operating leases) 48 50 Operating lease equipment primarily includes large commercial jet aircraft. Lease income recorded in revenue on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2022 and 2021 included $18 and $13 from sales-type/finance leases, and $15 and $18 from operating leases, of which $4 and $2 related to variable operating lease payments. Profit at the commencement of sales-type leases was recorded in revenue for the three months ended March 31, 2022 and 2021 in the amount of $4 and $16. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2022 | |
Investments [Abstract] | |
Investments | Investments Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following: March 31 December 31 Equity method investments (1) $947 $930 Time deposits 4,331 7,676 Available for sale debt instruments 497 464 Equity and other investments 45 45 Restricted cash & cash equivalents (2) 45 52 Total $5,865 $9,167 (1) Dividends received were $27 and $5 during the three months ended March 31, 2022 and 2021. (2) Reflects amounts restricted in support of our property sales, workers’ compensation programs, and insurance premiums. Allowance for losses on available for sale debt instruments are assessed quarterly. All instruments are considered investment grade and, as such, we have not recognized an allowance for credit losses as of March 31, 2022. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies 737 MAX Grounding Over 185 countries have approved the resumption of 737 MAX operations. The Civil Aviation Administration of China issued an airworthiness directive in the fourth quarter of 2021 outlining actions required for airlines to return to service. The 737 MAX has yet to return to service in China. While we expect 737 MAX deliveries to China to resume in 2022, subject to final regulatory approvals, risk remains around the timing and rate of those deliveries. The 737 MAX remains grounded in a small number of non-U.S. jurisdictions. We have gradually increased production rates since 2020 and expect to increase the production rate to 31 per month during the second quarter of 2022, as well as implement further gradual production rate increases in subsequent periods based on market demand and supply chain capacity. We continued to produce at abnormally low production rates through the first quarter of 2022 and expensed abnormal production costs of $188 and $568 during the three months ended March 31, 2022 and 2021. We do not expect the remaining abnormal costs related to the 737 MAX to be significant. In the first quarter of 2022, we delivered 81 aircraft. We have approximately 320 airplanes in inventory as of March 31, 2022 and we anticipate delivering most of these aircraft by the end of 2023. We continue to work with customers who have requested to defer deliveries or to cancel orders for 737 MAX aircraft, and we are remarketing and/or delaying deliveries of certain aircraft included within inventory. In the event that we are unable to resume aircraft deliveries in China and/or ramp up deliveries consistent with our assumptions, our expectation of delivery timing and our expectation regarding future gradual production rate increases could be impacted. The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during the three months ended March 31, 2022 and 2021. 2022 2021 Beginning balance – January 1 $2,940 $5,537 Reductions for payments made (550) (1,172) Reductions for concessions and other in-kind considerations (5) (25) Changes in estimates 34 30 Ending balance – March 31 $2,419 $4,370 The liability balance of $2.4 billion at March 31, 2022 includes $1.8 billion of contracted customer concessions and other liabilities and $0.6 billion that remains subject to negotiation with customers. The contracted amount includes $0.8 billion expected to be liquidated by lower customer delivery payments, $0.8 billion expected to be paid in cash and $0.2 billion in other concessions. Of the cash payments to customers, we expect to pay $0.6 billion in 2022. The type of consideration to be provided for the remaining $0.6 billion will depend on the outcomes of negotiations with customers. Environmental The following table summarizes environmental remediation activity during the three months ended March 31, 2022 and 2021. 2022 2021 Beginning balance – January 1 $605 $565 Reductions for payments made, net of recoveries (13) Changes in estimates 48 15 Ending balance – March 31 $653 $567 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 March 31, 2022 and December 31, 2021, the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $1,094. Product Warranties The following table summarizes product warranty activity recorded during the three months ended March 31, 2022 and 2021. 2022 2021 Beginning balance – January 1 $1,900 $1,527 Additions for current year deliveries 35 17 Reductions for payments made (118) (44) Changes in estimates 149 234 Ending balance – March 31 $1,966 $1,734 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 March 31, 2022 have expiration dates from 2022 through 2029. At March 31, 2022 and December 31, 2021 total contractual trade-in commitments were $1,289 and $612. As of March 31, 2022 and December 31, 2021, we estimated that it was probable we would be obligated to perform on certain of these commitments with net amounts payable to customers totaling $379 and $283 and the fair value of the related trade-in aircraft was $379 and $283. Financing Commitments Financing commitments related to aircraft on order, including options and those proposed in sales campaigns, and refinancing of delivered aircraft, totaled $12,761 and $12,905 as of March 31, 2022 and December 31, 2021. The estimated earliest potential funding dates for these commitments as of March 31, 2022 are as follows: Total April through December 2022 $1,759 2023 3,287 2024 2,501 2025 2,148 2026 1,183 Thereafter 1,883 $12,761 As of March 31, 2022, all of these financing commitments relate to customers we believe have less than investment-grade credit. We have concluded that no reserve for future potential losses is required for these financing commitments based upon the terms, such as collateralization and interest rates, under which funding would be provided. Funding Commitments We have commitments to make additional capital contributions of $244 to joint ventures over the next five years. Standby Letters of Credit and Surety Bonds We have entered into standby letters of credit and surety bonds with financial institutions primarily relating to the guarantee of our future performance on certain contracts. Contingent liabilities on outstanding letters of credit agreements and surety bonds aggregated approximately $3,647 and $3,634 as of March 31, 2022 and December 31, 2021. VC-25B Presidential Aircraft The Company’s firm fixed-price contract for the Engineering, Manufacturing, and Development (EMD) effort on the U.S. Air Force’s (USAF) VC-25B Presidential Aircraft, commonly known as Air Force One, is a $4.3 billion program to develop and modify two 747-8 commercial aircraft. During the first quarter of 2022, the cumulative reach-forward loss on the contract increased by $660 to $1,146, driven by higher supplier costs, higher costs to finalize certain technical requirements and schedule delays. Risk remains that we may be required to record additional losses in future periods. T-7A Red Hawk EMD Contract & Production Options In 2018, we were awarded the T-7A Red Hawk program. The EMD portion of the contract is a $860 fixed-price contract and includes five aircraft and seven simulators. In the first quarter of 2022, we recorded an earnings charge of $67 related to the T-7A Red Hawk fixed-price EMD contract, which has close to break-even gross margins at March 31, 2022, primarily due to customer testing requirements and supply chain delays. The production portion of the contract includes 11 production lots for aircraft and related services. In 2018, we recorded a loss of $400 associated with the 11 production lots and associated support options for 346 T-7A Red Hawk aircraft that we believe are probable of being exercised. The first production and support contract option is expected to be exercised in 2023. The estimated loss increased by $300 to $700 during the first quarter of 2022 driven by ongoing supply chain negotiations which are impacted by supply chain constraints, COVID-19, and inflationary pressures. Risk remains that we may be required to record additional losses in future periods. MQ-25 In the third quarter of 2018, we were awarded the MQ-25 EMD contract by the U.S. Navy. The contract is a fixed-price contract that now includes development and delivery of seven aircraft and test articles at a contract price of $890. In connection with winning the competition, we recognized a reach-forward loss of $291 in the third quarter of 2018. The period of performance runs from 2018 through 2024. During the first quarter of 2022 we recorded a $78 increase to the MQ-25 reach-forward loss primarily driven by additional customer testing requirements and supplier quality challenges. Risk remains that we may be required to record additional losses in future periods. KC-46A Tanker In 2011, we were awarded a contract from the USAF to design, develop, manufacture, and deliver four next generation aerial refueling tankers. This EMD contract is a fixed-price incentive fee contract and involves highly complex designs and systems integration. Since 2016, the USAF has authorized seven low rate initial production (LRIP) lots for a total of 94 aircraft. The EMD contract and authorized LRIP lots total approximately $19 billion as of March 31, 2022. As of March 31, 2022, we had approximately $276 of capitalized precontract costs and $609 of potential termination liabilities to suppliers. During the first quarter of 2022, we recorded an increase to the reach-forward loss on the KC-46A Tanker program of $165 primarily reflecting higher supply chain and other costs. Risk remains that we may be required to record additional losses in future periods. Fixed-Price Contracts Substantially all contracts at BDS and the majority of contracts at BGS are long-term contracts. Long-term contracts that are contracted on a fixed-price basis could result in losses in future periods. Fixed-price development work is inherently uncertain and subject to significant variability in estimates of the cost and time required to complete the work. The operational and technical complexities of fixed-price contracts create financial risk, which could trigger additional earnings charges, termination provisions, order cancellations, or other financially significant exposure. 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. |
Arrangements With Off-Balance S
Arrangements With Off-Balance Sheet Risk | 3 Months Ended |
Mar. 31, 2022 | |
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 Proceeds from Carrying Amount of March 31 December 31 March 31 December 31 March 31 December 31 Contingent repurchase commitments $548 $548 $548 $548 Credit guarantees 90 90 28 $46 $24 Contingent Repurchase Commitments The commercial aircraft repurchase price specified in contingent repurchase commitments is generally lower than the expected fair value at the specified repurchase date. Estimated proceeds from collateral/recourse in the table above represent the lower of the contracted repurchase price or the expected fair value of each aircraft at the specified repurchase date. Credit Guarantees We have issued credit guarantees where we are obligated to make payments to a guaranteed party in the event that the original lessee or debtor does not make payments or perform certain specified services. Generally, these guarantees have been extended on behalf of guaranteed parties with less than investment-grade credit and are collateralized by certain assets. We record a liability for the fair value of guarantees and the expected contingent loss amount, which is reviewed quarterly. Current outstanding credit guarantees expire through 2036. Other Indemnifications In conjunction with our sales of Electron Dynamic Devices, Inc. and Rocketdyne Propulsion and Power businesses and our BCA facilities in Wichita, Kansas and Tulsa and McAlester, Oklahoma, we agreed to indemnify, for an indefinite period, the buyers for costs relating to pre-closing environmental conditions and certain other items. We are unable to assess the potential number of future claims that may be asserted under these indemnifications, nor the amounts thereof (if any). As a result, we cannot estimate the maximum potential amount of future payments under these indemnities and therefore, no liability has been recorded. To the extent that claims have been made under these indemnities and/or are probable and reasonably estimable, liabilities associated with these indemnities are included in the environmental liability disclosure in Note 9. |
Postretirement Plans
Postretirement Plans | 3 Months Ended |
Mar. 31, 2022 | |
Retirement Benefits [Abstract] | |
Postretirement Plans | Postretirement Plans The components of net periodic benefit (income)/cost for the three months ended March 31 were as follows: Pension Postretirement 2022 2021 2022 2021 Service cost $1 $1 $18 $22 Interest cost 520 498 24 23 Expected return on plan assets (947) (966) (2) (2) Amortization of prior service credits (20) (20) (9) (9) Recognized net actuarial loss/(gain) 227 310 (28) (17) Settlement/curtailment loss 1 Net periodic benefit (income)/cost ($219) ($176) $3 $17 Net periodic benefit cost included in Loss from operations $1 $1 $19 $22 Net periodic benefit income included in Other income, net (220) (177) (15) (5) Net periodic benefit (income)/cost included in Loss before income taxes ($219) ($176) $4 $17 |
Share-Based Compensation And Ot
Share-Based Compensation And Other Compensation Arrangements | Feb. 16, 2022 |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation And Other Compensation Arrangements | Share-Based Compensation and Other Compensation Arrangements Stock Options On February 16, 2022, we granted 348,769 premium-priced stock options to our executive officers as part of our long-term incentive program. These stock options have an exercise price equal to 120% of the fair market value of our stock on the date of grant. If certain performance measures are met, the exercise price is reduced to 110% of the grant date fair market value of our stock. The stock options are scheduled to vest and become exercisable three years after the grant date and expire ten years after the grant date. If an executive terminates employment because of retirement, layoff, disability, or death, the executive (or beneficiary) may receive some or all of their stock options depending on certain age and service conditions. The fair value of the stock options granted was $83.04 per unit and was estimated using a Monte-Carlo simulation model using the following assumptions: expected life 6.76 years, expected volatility 36.6%, risk free interest rate 2.0% and no expected dividend yield. Restricted Stock Units On February 16, 2022, we granted 1,804,541 restricted stock units (RSU) to our executives as part of our long-term incentive program. The RSUs granted under this program have a grant date fair value of $217.48 per unit. The RSUs granted under this program will generally vest and settle in common stock (on a one-for-one basis) on the third anniversary of the grant date. If an executive terminates employment because of retirement, layoff, disability, or death, the executive (or beneficiary) may receive some or all of their stock units depending on certain age and service conditions. In all other cases, the RSUs will not vest and all rights to the stock units will terminate. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Accumulated Other Comprehensive Loss Changes in Accumulated other comprehensive loss (AOCI) by component for the three months ended March 31, 2022 and 2021 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, 2021 ($30) $1 ($43) ($17,061) ($17,133) Other comprehensive (loss)/income before reclassifications (36) 11 2 (23) Amounts reclassified from AOCI (2) 206 (2) 204 Net current period Other comprehensive (loss)/income (36) 9 208 181 Balance at March 31, 2021 ($66) $1 ($34) ($16,853) ($16,952) Balance at January 1, 2022 ($105) $1 $6 ($11,561) ($11,659) Other comprehensive income before reclassifications 24 94 118 Amounts reclassified from AOCI 35 (3) 136 (2) 171 Net current period Other comprehensive income 24 129 136 289 Balance at March 31, 2022 ($81) $1 $135 ($11,425) ($11,370) (1) Net of tax. (2) Primarily relates to amortization of actuarial losses for the three months ended March 31, 2022 and 2021 of $159 and $228 (net of tax of ($40) and ($65)). These are included in the net periodic pension cost. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Cash Flow Hedges Our cash flow hedges include foreign currency forward contracts, commodity swaps and commodity purchase contracts. We use foreign currency forward contracts to manage currency risk associated with certain transactions, specifically forecasted sales and purchases made in foreign currencies. Our foreign currency contracts hedge forecasted transactions through 2031. We use commodity derivatives, such as fixed-price purchase commitments and swaps to hedge against potentially unfavorable price changes for commodities used in production. Our commodity contracts hedge forecasted transactions through 2029. Derivative Instruments Not Receiving Hedge Accounting Treatment We have entered into agreements to purchase and sell aluminum to address long-term strategic sourcing objectives and non-U.S. business requirements. These agreements are derivative instruments for accounting purposes. The quantities of aluminum in these agreements offset and are priced at prevailing market prices. We also hold certain foreign currency forward contracts and commodity swaps which do not qualify for hedge accounting treatment. Notional Amounts and Fair Values The notional amounts and fair values of derivative instruments in the Condensed Consolidated Statements of Financial Position were as follows: Notional amounts (1) Other assets Accrued liabilities March 31 December 31 March 31 December 31 March 31 December 31 Derivatives designated as hedging instruments: Foreign exchange contracts $2,686 $2,630 $53 $30 ($35) ($52) Commodity contracts 593 500 190 88 (7) (18) Derivatives not receiving hedge accounting treatment: Foreign exchange contracts 708 361 3 2 (52) (3) Commodity contracts 1,059 760 19 8 (12) (7) Total derivatives $5,046 $4,251 $265 $128 ($106) ($80) Netting arrangements (46) (30) 46 30 Net recorded balance $219 $98 ($60) ($50) (1) Notional amounts represent the gross contract/notional amount of the derivatives outstanding. Gains/(losses) associated with our hedging transactions and forward points recognized in Other comprehensive income are presented in the following table: Three months ended March 31 2022 2021 Recognized in Other comprehensive income, net of taxes: Foreign exchange contracts ($8) ($19) Commodity contracts 102 30 Gains/(losses) associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table: Three months ended March 31 2022 2021 Foreign exchange contracts Costs and expenses $5 General and administrative (1) $3 Commodity contracts Costs and expenses 1 (3) General and administrative expense 1 2 Losses from cash flow hedges reclassified from AOCI to Other income, net because it is probable the forecasted transactions will not occur, were $50 and $0 for the three months ended March 31, 2022 and March 31, 2021. Losses related to undesignated derivatives on foreign exchange and commodity cash flow hedging transactions recognized in Other income, net were insignificant for the three months ended March 31, 2022 and 2021. Based on our portfolio of cash flow hedges, we expect to reclassify gains of $53 (pre-tax) out of Accumulated other comprehensive loss into earnings during the next 12 months. We have derivative instruments with credit-risk-related contingent features. For foreign exchange contracts with original maturities of at least five years, our derivative counterparties could require |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs. The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. March 31, 2022 December 31, 2021 Total Level 1 Level 2 Total Level 1 Level 2 Assets Money market funds $978 $978 $1,370 $1,370 Available-for-sale debt investments: Commercial paper 233 $233 225 $225 Corporate notes 254 254 262 262 U.S. government agencies 10 10 1 1 Other equity investments 20 19 1 20 20 Derivatives 219 219 98 98 Total assets $1,714 $997 $717 $1,976 $1,390 $586 Liabilities Derivatives ($60) ($60) ($50) ($50) Total liabilities ($60) ($60) ($50) ($50) Money market funds, available-for-sale debt investments and equity securities are valued using a market approach based on the quoted market prices or broker/dealer quotes of identical or comparable instruments. Derivatives include foreign currency and commodity contracts. Our foreign currency forward contracts are valued using an income approach based on the present value of the forward rate less the contract rate multiplied by the notional amount. Commodity derivatives are valued using an income approach based on the present value of the commodity index prices less the contract rate multiplied by the notional amount. Certain assets have been measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3). The following table presents the nonrecurring losses recognized for the three months ended March 31 due to long-lived asset impairment and the fair value and asset classification of the related assets as of the impairment date: 2022 2021 Total Total Total Total Investments ($31) ($7) Customer financing assets $44 (2) $18 (9) Property, plant and equipment (19) Other Assets and Acquired intangible assets 1 (20) Total $45 ($72) $18 ($16) Investments, Property, plant and equipment, Other assets and Acquired intangible assets were primarily valued using an income approach based on the discounted cash flows associated with the underlying assets. The fair value of the impaired customer financing assets includes operating lease equipment and investments in sales type-leases/finance leases and is derived by calculating a median collateral value from a consistent group of third party aircraft value publications. The values provided by the third party aircraft publications are derived from their knowledge of market trades and other market factors. Management reviews the publications quarterly to assess the continued appropriateness and consistency with market trends. Under certain circumstances, we adjust values based on the attributes and condition of the specific aircraft or equipment, usually when the features or use of the aircraft vary significantly from the more generic aircraft attributes covered by third party publications, or on the expected net sales price for the aircraft. For Level 3 assets that were measured at fair value on a nonrecurring basis during the period ended March 31, 2022, the following table presents the fair value of those assets as of the measurement date, valuation techniques and related unobservable inputs of those assets. Fair Valuation Unobservable Input Range Customer financing assets $44 Market approach Aircraft value publications $34 - $43 (1) Median $39 Aircraft condition adjustments $0 - $5 (2) Net $5 (1) The range represents the sum of the highest and lowest values for all aircraft subject to fair value measurement, according to the third party aircraft valuation publications that we use in our valuation process. (2) The negative amount represents the sum, for all aircraft subject to fair value measurement, of all downward adjustments based on consideration of individual aircraft attributes and condition. The positive amount represents the sum of all such upward adjustments. Fair Value Disclosures The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Condensed Consolidated Statements of Financial Position were as follows: March 31, 2022 Carrying Total Fair Level 1 Level 2 Level 3 Assets Notes receivable, net $410 $448 $448 Liabilities Debt, excluding finance lease obligations (57,559) (59,428) (59,428) December 31, 2021 Carrying Total Fair Level 1 Level 2 Level 3 Assets Notes receivable, net $412 $485 $485 Liabilities Debt, excluding finance lease obligations (57,921) (65,724) (65,724) The fair values of notes receivable are estimated with discounted cash flow analysis using interest rates currently offered on loans with similar terms to borrowers of similar credit quality. The fair value of our debt that is traded in the secondary market is classified as Level 2 and is based on current market yields. For our debt that is not traded in the secondary market, the fair value is classified as Level 2 and is based |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2022 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | Legal Proceedings Various legal proceedings, claims and investigations related to products, contracts, employment and other matters are pending against us. In addition, we are subject to various U.S. government inquiries and investigations from which civil, criminal or administrative proceedings could result or have resulted in the past. Such proceedings involve or could involve claims by the government for fines, penalties, compensatory and treble damages, restitution and/or forfeitures. Under government regulations, a company, or one or more of its operating divisions or subdivisions, can also be suspended or debarred from government contracts, or lose its export privileges, based on the results of investigations. Except as described below, we believe, based upon current information, that the outcome of any such legal proceeding, claim, or government dispute and investigation will not have a material effect on our financial position, results of operations, or cash flows. Where it is reasonably possible that we will incur losses in excess of recorded amounts in connection with any of the matters set forth below, we will disclose either the amount or range of reasonably possible losses in excess of such amounts or, where no such amount or range can be reasonably estimated, the reasons why no such estimate can be made. Multiple legal actions have been filed against us as a result of the October 29, 2018 accident of Lion Air Flight 610 and the March 10, 2019 accident of Ethiopian Airlines Flight 302. During the fourth quarter of 2021, we entered into a proposed settlement with plaintiffs in a shareholder derivative lawsuit. In March 2022, the court entered an order approving the proposed settlement and the Company committed to making certain governance changes. As a result of the settlement, the Company expects to receive approximately $200 in 2022. Further, we are subject to, and cooperating with ongoing governmental and regulatory investigations and inquiries relating to the accidents and the 737 MAX. Among these is an ongoing investigation by the Securities and Exchange Commission, the outcome of which may be material. We cannot reasonably estimate a range of loss, if any, not covered by available insurance that may result given the current status of the pending lawsuits, investigations, and inquiries related to the 737 MAX. During 2019, we entered into agreements with Embraer S.A. (Embraer) to establish joint ventures that included the commercial aircraft and services operations of Embraer, of which we were expected to acquire an 80 percent ownership stake for $4,200, as well as a joint venture to promote and develop new markets for the C-390 Millennium. In 2020, we exercised our contractual right to terminate these agreements based on Embraer’s failure to meet certain required closing conditions. Embraer has disputed our right to terminate the agreements, and the dispute is currently in arbitration. We cannot reasonably estimate a range of loss, if any, that may result from the arbitration. |
Segment and Revenue Information
Segment and Revenue Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment and Revenue Information | Segment and Revenue InformationOur primary profitability measurements to review a segment’s operating results are Earnings/(loss) from operations and operating margins. We operate in four reportable segments: BCA, BDS, BGS, and BCC. All other activities fall within Unallocated items, eliminations and other. See page 6 for the Summary of Business Segment Data, which is an integral part of this note. BCA develops, produces and markets commercial jet aircraft principally to the commercial airline industry worldwide. Revenue on commercial aircraft contracts is recognized at the point in time when an aircraft is completed and accepted by the customer. BDS engages in the research, development, production and modification of the following products and related services: manned and unmanned military aircraft and weapons systems, surveillance and engagement, strategic defense and intelligence systems, satellite systems and space exploration. BDS revenue is generally recognized over the contract term (over time) as costs are incurred. BGS provides parts, maintenance, modifications, logistics support, training, data analytics and information-based services to commercial and government customers worldwide. BGS segment revenue and costs include certain services provided to other segments. Revenue on commercial spare parts contracts is recognized at the point in time when a spare part is delivered to the customer. Revenue on other contracts is generally recognized over the contract term (over time) as costs are incurred. BCC facilitates, arranges, structures and provides selective financing solutions for our customers. The following tables present BCA, BDS and BGS revenues from contracts with customers disaggregated in a number of ways, such as geographic location, contract type and the method of revenue recognition. We believe these best depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. BCA revenues by customer location consist of the following: (Dollars in millions) Three months ended March 31 2022 2021 Revenue from contracts with customers: Europe $1,025 $873 Latin America and Caribbean 828 531 Asia 728 363 Middle East 318 129 Other 181 45 Total non-U.S. revenues 3,080 1,941 United States 1,102 2,353 Estimated potential concessions and other considerations to 737 MAX customers, net (34) (30) Total revenues from contracts with customers 4,148 4,264 Intersegment revenues eliminated on consolidation 13 5 Total segment revenues $4,161 $4,269 Revenue recognized on fixed-price contracts 100 % 100 % Revenue recognized at a point in time 100 % 100 % BDS revenues on contracts with customers, based on the customer's location, consist of the following: (Dollars in millions) Three months ended March 31 2022 2021 Revenue from contracts with customers: U.S. customers $4,148 $5,520 Non U.S. customers (1) 1,335 1,665 Total segment revenue from contracts with customers $5,483 $7,185 Revenue recognized over time 99 % 99 % Revenue recognized on fixed-price contracts 63 % 70 % Revenue from the U.S. government (1) 89 % 90 % (1) Includes revenues earned from foreign military sales through the U.S. government. BGS revenues consist of the following: (Dollars in millions) Three months ended March 31 2022 2021 Revenue from contracts with customers: Commercial $2,276 $1,625 Government 1,968 2,070 Total revenues from contracts with customers 4,244 3,695 Intersegment revenues eliminated on consolidation 70 54 Total segment revenues $4,314 $3,749 Revenue recognized at a point in time 49 % 43 % Revenue recognized on fixed-price contracts 88 % 87 % Revenue from the U.S. government (1) 35 % 43 % (1) Includes revenues earned from foreign military sales through the U.S. government. Backlog Our total backlog includes contracts that we and our customers are committed to perform. The value in backlog represents the estimated transaction prices on performance obligations to our customers for which work remains to be performed. Backlog is converted into revenue, primarily based on the cost incurred or at delivery and acceptance of products, depending on the applicable revenue recognition model. Our backlog at March 31, 2022 was $370,835. We expect approximately 34% to be converted to revenue through 2023 and approximately 86% through 2026, with the remainder thereafter. There is significant uncertainty regarding the timing of when backlog will convert into revenue due to 787 production issues and associated rework, timing of 737 MAX delivery resumption in China, timing of entry into service of the 777X, 737 MAX 7 and/or 737 MAX 10, and COVID-19 impacts. Unallocated Items, Eliminations and other Unallocated items, eliminations and other include common internal services that support Boeing’s global business operations, intercompany guarantees provided to BCC and eliminations of certain sales between segments. Such sales include airplanes accounted for as operating leases and considered transferred to the BCC segment. We generally allocate costs to business segments based on the U.S. federal cost accounting standards (CAS). Components of Unallocated items, eliminations and other are shown in the following table. Three months ended March 31 2022 2021 Share-based plans ($83) ($128) Deferred compensation 42 (52) Amortization of previously capitalized interest (23) (22) Research and development expense, net (52) (42) Eliminations and other unallocated items (144) (120) Unallocated items, eliminations and other ($260) ($364) Pension FAS/CAS service cost adjustment $208 $193 Postretirement FAS/CAS service cost adjustment 75 77 FAS/CAS service cost adjustment $283 $270 Pension and Other Postretirement Benefit Expense Pension costs, comprising GAAP service and prior service costs, are allocated to BCA and the commercial operations at BGS. Pension costs are allocated to BDS and BGS businesses supporting government customers using CAS, which employ different actuarial assumptions and accounting conventions than GAAP. These costs are allocable to government contracts. Other postretirement benefit costs are allocated to business segments based on CAS, which is generally based on benefits paid. FAS/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. These expenses are included in Other income, net. Assets Segment assets are summarized in the table below: March 31 December 31 Commercial Airplanes $76,784 $75,863 Defense, Space & Security 14,952 14,974 Global Services 16,238 16,397 Boeing Capital 1,656 1,735 Unallocated items, eliminations and other 26,171 29,583 Total $135,801 $138,552 Assets included in Unallocated items, eliminations and other primarily consist of Cash and cash equivalents, Short-term and other investments, tax assets, capitalized interest and assets managed centrally on behalf of the four principal business segments and intercompany eliminations. |
Basis Of Presentation (Policy)
Basis Of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2022 | |
Policy Text Block [Abstract] | |
Use of Estimates, Policy | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We believe that the accounting estimates and assumptions are appropriate, however, given the increased uncertainties surrounding the severity and duration of the impacts of the COVID-19 pandemic actual results could differ from those estimates. Long-term Contracts Changes in estimated revenues, cost of sales, and the related effect on operating income are recognized using a cumulative catch-up adjustment which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a long-term contract’s percentage-of-completion. When the current estimates of total sales and costs for a long-term contract indicate a loss, a provision for the entire reach-forward loss on the long-term contract is recognized. Net cumulative catch-up adjustments to prior periods' revenue and earnings, including certain reach-forward losses, across all long-term contracts were as follows: (In millions - except per share amounts) Three months ended March 31 2022 2021 (Decrease)/increase to Revenue ($612) $7 Increase to Loss from operations ($1,130) ($176) Decrease to Diluted EPS ($1.47) ($0.29) |
Earnings Per Share (Policies)
Earnings Per Share (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy | Basic and diluted earnings per share are computed using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Basic earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the basic weighted average common shares outstanding. Diluted earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the diluted weighted average common shares outstanding. |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental | The liabilities recorded represent our best estimate or the low end of a range of reasonably possible costs expected to be incurred to remediate sites, including operation and maintenance over periods of up to 30 years. It is reasonably possible that we may incur charges that exceed these recorded amounts because of regulatory agency orders and directives, changes in laws and/or regulations, higher than expected costs and/or the discovery of new or additional contamination. As part of our estimating process, we develop a range of reasonably possible alternate scenarios that includes the high end of a range of reasonably possible cost estimates for all remediation sites for which we have sufficient information based on our experience and existing laws and regulations. There are some potential remediation obligations where the costs of remediation cannot be reasonably estimated. |
Commitments and Contingencies, Policy | In conjunction with signing definitive agreements for the sale of new aircraft (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. |
Segment Reporting (Policies)
Segment Reporting (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Backlog Policy | The value in backlog represents the estimated transaction prices on performance obligations to our customers for which work remains to be performed. Backlog is converted into revenue, primarily based on the cost incurred or at delivery and acceptance of products, depending on the applicable revenue recognition model. |
Summary Of Business Segment D_2
Summary Of Business Segment Data Summary of Business Segment Data (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (Dollars in millions) Three months ended March 31 2022 2021 Revenues: Commercial Airplanes $4,161 $4,269 Defense, Space & Security 5,483 7,185 Global Services 4,314 3,749 Boeing Capital 46 60 Unallocated items, eliminations and other (13) (46) Total revenues $13,991 $15,217 Earnings/(loss) from operations: Commercial Airplanes ($859) ($856) Defense, Space & Security (929) 405 Global Services 632 441 Boeing Capital (36) 21 Segment operating (loss)/earnings (1,192) 11 Unallocated items, eliminations and other (260) (364) FAS/CAS service cost adjustment 283 270 Loss from operations (1,169) (83) Other income, net 181 190 Interest and debt expense (630) (679) Loss before income taxes (1,618) (572) Income tax benefit 376 11 Net loss (1,242) (561) Less: Net loss attributable to noncontrolling interest (23) (24) Net loss attributable to Boeing Shareholders ($1,219) ($537) |
Basis Of Presentation (Tables)
Basis Of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Net cumulative catch-up adjustments [Abstract] | |
Use of Estimates, Policy | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We believe that the accounting estimates and assumptions are appropriate, however, given the increased uncertainties surrounding the severity and duration of the impacts of the COVID-19 pandemic actual results could differ from those estimates. Long-term Contracts Changes in estimated revenues, cost of sales, and the related effect on operating income are recognized using a cumulative catch-up adjustment which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a long-term contract’s percentage-of-completion. When the current estimates of total sales and costs for a long-term contract indicate a loss, a provision for the entire reach-forward loss on the long-term contract is recognized. Net cumulative catch-up adjustments to prior periods' revenue and earnings, including certain reach-forward losses, across all long-term contracts were as follows: (In millions - except per share amounts) Three months ended March 31 2022 2021 (Decrease)/increase to Revenue ($612) $7 Increase to Loss from operations ($1,130) ($176) Decrease to Diluted EPS ($1.47) ($0.29) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings Per Share Basic and diluted earnings per share are computed using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Basic earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the basic weighted average common shares outstanding. Diluted earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the diluted weighted average common shares outstanding. The elements used in the computation of basic and diluted earnings per share were as follows: (In millions - except per share amounts) Three months ended March 31 2022 2021 Net loss attributable to Boeing Shareholders ($1,219) ($537) Less: earnings available to participating securities Net loss available to common shareholders ($1,219) ($537) Basic Basic weighted average shares outstanding 591.7 585.4 Less: participating securities (1) 0.3 0.4 Basic weighted average common shares outstanding 591.4 585.0 Diluted Basic weighted average shares outstanding 591.7 585.4 Dilutive potential common shares (2) Diluted weighted average shares outstanding 591.7 585.4 Less: participating securities (1) 0.3 0.4 Diluted weighted average common shares outstanding 591.4 585.0 Net loss per share: Basic ($2.06) ($0.92) Diluted (2.06) (0.92) (1) Participating securities include certain instruments in our deferred compensation plan. (2) Diluted earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards. As a result of incurring a net loss for the three months ended March 31, 2022 and 2021, potential common shares of 3.6 million and 1.7 million were excluded from diluted loss per share because the effect would have been antidilutive. In addition, the following table includes the number of shares that may be dilutive potential common shares in the future. These shares were not included in the computation of diluted loss per share because the effect was either antidilutive or the performance condition was not met. (Shares in millions) Three months ended March 31 2022 2021 Performance awards 1.6 2.6 Performance-based restricted stock units 0.4 0.7 Restricted stock units 0.4 1.4 Stock options 0.6 0.2 |
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) Three months ended March 31 2022 2021 Net loss attributable to Boeing Shareholders ($1,219) ($537) Less: earnings available to participating securities Net loss available to common shareholders ($1,219) ($537) Basic Basic weighted average shares outstanding 591.7 585.4 Less: participating securities (1) 0.3 0.4 Basic weighted average common shares outstanding 591.4 585.0 Diluted Basic weighted average shares outstanding 591.7 585.4 Dilutive potential common shares (2) Diluted weighted average shares outstanding 591.7 585.4 Less: participating securities (1) 0.3 0.4 Diluted weighted average common shares outstanding 591.4 585.0 Net loss per share: Basic ($2.06) ($0.92) Diluted (2.06) (0.92) (1) Participating securities include certain instruments in our deferred compensation plan. (2) Diluted earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards. |
Schedule Of Weighted Average Number Of Shares Outstanding Excluded From The Computation Of Diluted Earnings Per Share | (Shares in millions) Three months ended March 31 2022 2021 Performance awards 1.6 2.6 Performance-based restricted stock units 0.4 0.7 Restricted stock units 0.4 1.4 Stock options 0.6 0.2 |
Allowance for Losses on Finan_2
Allowance for Losses on Financial Assets Allowance for Losses on Financial Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Allowance for Losses on Financial Assets [Abstract] | |
Financial Assets, Allowance for Credit Loss | The changes in allowances for expected credit losses for the three months ended March 31, 2022 and 2021 consisted of the following: Accounts receivable Unbilled receivables Other current assets Customer financing Other assets Total Balance at January 1, 2021 ($444) ($129) ($72) ($17) ($140) ($802) Changes in estimates 10 (1) (6) (42) (39) Write-offs 1 1 Balance at March 31, 2021 ($433) ($130) ($78) ($17) ($182) ($840) Balance at January 1, 2022 ($390) ($91) ($62) ($18) ($186) ($747) Changes in estimates (7) 15 5 (48) (22) (57) Write-offs 6 6 Recoveries 1 1 Balance at March 31, 2022 ($390) ($76) ($57) ($66) ($208) ($797) |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consisted of the following: March 31 December 31 Long-term contracts in progress $821 $872 Commercial aircraft programs 69,239 68,106 Commercial spare parts, used aircraft, general stock materials and other 9,759 9,845 Total $79,819 $78,823 |
Customer Financing (Tables)
Customer Financing (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Customer Financing [Abstract] | |
Schedule Of Customer Financing | Customer financing consisted of the following: March 31 December 31 Financing receivables: Investment in sales-type/finance leases $886 $944 Notes 410 412 Total financing receivables 1,296 1,356 Less allowance for losses on receivables (66) (18) Financing receivables, net 1,230 1,338 Operating lease equipment, at cost, less accumulated depreciation of $62 and $58 507 474 Total $1,737 $1,812 |
Financing Receivable Credit Quality Indicators | Our financing receivable balances at March 31, 2022 by internal credit rating category and year of origination consisted of the following: Rating categories Current 2021 2020 2019 2018 Prior Total BBB $98 $98 BB $9 $231 $118 $42 $13 121 534 B 35 188 223 CCC 7 24 410 441 Total carrying value of financing receivables $9 $266 $125 $66 $13 $817 $1,296 |
Schedule Of Customer Financing Carrying Values Related To Major Aircraft Concentrations | The majority of our customer financing portfolio is concentrated in the following aircraft models: March 31 December 31 717 Aircraft ($58 and $62 accounted for as operating leases) $589 $603 747-8 Aircraft (accounted for as sales-type finance leases) 394 435 737 Aircraft ($186 and $145 accounted for as operating leases) 204 163 777 Aircraft ($221 and $225 accounted for as operating leases) 229 233 MD-80 Aircraft (accounted for as sales-type finance leases) 140 142 757 Aircraft (accounted for as sales-type finance leases) 121 126 747-400 Aircraft ($0 and $1 accounted for as operating leases) 48 50 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments [Abstract] | |
Schedule of Investments | Investments Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following: March 31 December 31 Equity method investments (1) $947 $930 Time deposits 4,331 7,676 Available for sale debt instruments 497 464 Equity and other investments 45 45 Restricted cash & cash equivalents (2) 45 52 Total $5,865 $9,167 (1) Dividends received were $27 and $5 during the three months ended March 31, 2022 and 2021. (2) Reflects amounts restricted in support of our property sales, workers’ compensation programs, and insurance premiums. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
737 MAX Customer Concessions and Other Considerations Liability | The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during the three months ended March 31, 2022 and 2021. 2022 2021 Beginning balance – January 1 $2,940 $5,537 Reductions for payments made (550) (1,172) Reductions for concessions and other in-kind considerations (5) (25) Changes in estimates 34 30 Ending balance – March 31 $2,419 $4,370 |
Environmental | The following table summarizes environmental remediation activity during the three months ended March 31, 2022 and 2021. 2022 2021 Beginning balance – January 1 $605 $565 Reductions for payments made, net of recoveries (13) Changes in estimates 48 15 Ending balance – March 31 $653 $567 |
Product Warranties | The following table summarizes product warranty activity recorded during the three months ended March 31, 2022 and 2021. 2022 2021 Beginning balance – January 1 $1,900 $1,527 Additions for current year deliveries 35 17 Reductions for payments made (118) (44) Changes in estimates 149 234 Ending balance – March 31 $1,966 $1,734 |
Financing Commitments | The estimated earliest potential funding dates for these commitments as of March 31, 2022 are as follows: Total April through December 2022 $1,759 2023 3,287 2024 2,501 2025 2,148 2026 1,183 Thereafter 1,883 $12,761 |
Arrangements With Off-Balance_2
Arrangements With Off-Balance Sheet Risk (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Guarantees [Abstract] | |
Schedule of Guarantor Obligations [Table Text Block] | The following table provides quantitative data regarding our third party guarantees. The maximum potential payments represent a “worst-case scenario,” and do not necessarily reflect amounts that we expect to pay. Estimated proceeds from collateral and recourse represent the anticipated values of assets we could liquidate or receive from other parties to offset our payments under guarantees. The carrying amount of liabilities represents the amount included in Accrued liabilities. Maximum Estimated Proceeds from Carrying Amount of March 31 December 31 March 31 December 31 March 31 December 31 Contingent repurchase commitments $548 $548 $548 $548 Credit guarantees 90 90 28 $46 $24 |
Postretirement Plans (Tables)
Postretirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Pension Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Periodic Benefit Cost | The components of net periodic benefit (income)/cost for the three months ended March 31 were as follows: Pension Postretirement 2022 2021 2022 2021 Service cost $1 $1 $18 $22 Interest cost 520 498 24 23 Expected return on plan assets (947) (966) (2) (2) Amortization of prior service credits (20) (20) (9) (9) Recognized net actuarial loss/(gain) 227 310 (28) (17) Settlement/curtailment loss 1 Net periodic benefit (income)/cost ($219) ($176) $3 $17 Net periodic benefit cost included in Loss from operations $1 $1 $19 $22 Net periodic benefit income included in Other income, net (220) (177) (15) (5) Net periodic benefit (income)/cost included in Loss before income taxes ($219) ($176) $4 $17 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Accumulated other comprehensive income | Changes in Accumulated other comprehensive loss (AOCI) by component for the three months ended March 31, 2022 and 2021 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, 2021 ($30) $1 ($43) ($17,061) ($17,133) Other comprehensive (loss)/income before reclassifications (36) 11 2 (23) Amounts reclassified from AOCI (2) 206 (2) 204 Net current period Other comprehensive (loss)/income (36) 9 208 181 Balance at March 31, 2021 ($66) $1 ($34) ($16,853) ($16,952) Balance at January 1, 2022 ($105) $1 $6 ($11,561) ($11,659) Other comprehensive income before reclassifications 24 94 118 Amounts reclassified from AOCI 35 (3) 136 (2) 171 Net current period Other comprehensive income 24 129 136 289 Balance at March 31, 2022 ($81) $1 $135 ($11,425) ($11,370) (1) Net of tax. (2) Primarily relates to amortization of actuarial losses for the three months ended March 31, 2022 and 2021 of $159 and $228 (net of tax of ($40) and ($65)). These are included in the net periodic pension cost. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments, Notional Amounts and Fair Values | The notional amounts and fair values of derivative instruments in the Condensed Consolidated Statements of Financial Position were as follows: Notional amounts (1) Other assets Accrued liabilities March 31 December 31 March 31 December 31 March 31 December 31 Derivatives designated as hedging instruments: Foreign exchange contracts $2,686 $2,630 $53 $30 ($35) ($52) Commodity contracts 593 500 190 88 (7) (18) Derivatives not receiving hedge accounting treatment: Foreign exchange contracts 708 361 3 2 (52) (3) Commodity contracts 1,059 760 19 8 (12) (7) Total derivatives $5,046 $4,251 $265 $128 ($106) ($80) Netting arrangements (46) (30) 46 30 Net recorded balance $219 $98 ($60) ($50) (1) Notional amounts represent the gross contract/notional amount of the derivatives outstanding. |
Schedule Of Derivative Instruments, Gains/(Losses) | Gains/(losses) associated with our hedging transactions and forward points recognized in Other comprehensive income are presented in the following table: Three months ended March 31 2022 2021 Recognized in Other comprehensive income, net of taxes: Foreign exchange contracts ($8) ($19) Commodity contracts 102 30 |
Reclassification out of Accumulated Other Comprehensive Income | Gains/(losses) associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table: Three months ended March 31 2022 2021 Foreign exchange contracts Costs and expenses $5 General and administrative (1) $3 Commodity contracts Costs and expenses 1 (3) General and administrative expense 1 2 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets And Liabilities Measured On Recurring Basis | The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs. The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. March 31, 2022 December 31, 2021 Total Level 1 Level 2 Total Level 1 Level 2 Assets Money market funds $978 $978 $1,370 $1,370 Available-for-sale debt investments: Commercial paper 233 $233 225 $225 Corporate notes 254 254 262 262 U.S. government agencies 10 10 1 1 Other equity investments 20 19 1 20 20 Derivatives 219 219 98 98 Total assets $1,714 $997 $717 $1,976 $1,390 $586 Liabilities Derivatives ($60) ($60) ($50) ($50) Total liabilities ($60) ($60) ($50) ($50) |
Fair Value, Assets Measured On Nonrecurring Basis Using Unobservable Inputs | Certain assets have been measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3). The following table presents the nonrecurring losses recognized for the three months ended March 31 due to long-lived asset impairment and the fair value and asset classification of the related assets as of the impairment date: 2022 2021 Total Total Total Total Investments ($31) ($7) Customer financing assets $44 (2) $18 (9) Property, plant and equipment (19) Other Assets and Acquired intangible assets 1 (20) Total $45 ($72) $18 ($16) |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | For Level 3 assets that were measured at fair value on a nonrecurring basis during the period ended March 31, 2022, the following table presents the fair value of those assets as of the measurement date, valuation techniques and related unobservable inputs of those assets. Fair Valuation Unobservable Input Range Customer financing assets $44 Market approach Aircraft value publications $34 - $43 (1) Median $39 Aircraft condition adjustments $0 - $5 (2) Net $5 (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 Condensed Consolidated Statements of Financial Position were as follows: March 31, 2022 Carrying Total Fair Level 1 Level 2 Level 3 Assets Notes receivable, net $410 $448 $448 Liabilities Debt, excluding finance lease obligations (57,559) (59,428) (59,428) December 31, 2021 Carrying Total Fair Level 1 Level 2 Level 3 Assets Notes receivable, net $412 $485 $485 Liabilities Debt, excluding finance lease obligations (57,921) (65,724) (65,724) |
Segment and Revenue Informati_2
Segment and Revenue Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | |
Schedule Of Unallocated Items and Eliminations | Components of Unallocated items, eliminations and other are shown in the following table. Three months ended March 31 2022 2021 Share-based plans ($83) ($128) Deferred compensation 42 (52) Amortization of previously capitalized interest (23) (22) Research and development expense, net (52) (42) Eliminations and other unallocated items (144) (120) Unallocated items, eliminations and other ($260) ($364) Pension FAS/CAS service cost adjustment $208 $193 Postretirement FAS/CAS service cost adjustment 75 77 FAS/CAS service cost adjustment $283 $270 |
Reconciliation of Assets from Segment to Consolidated | Segment assets are summarized in the table below: March 31 December 31 Commercial Airplanes $76,784 $75,863 Defense, Space & Security 14,952 14,974 Global Services 16,238 16,397 Boeing Capital 1,656 1,735 Unallocated items, eliminations and other 26,171 29,583 Total $135,801 $138,552 |
Commercial Airplanes | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | BCA revenues by customer location consist of the following: (Dollars in millions) Three months ended March 31 2022 2021 Revenue from contracts with customers: Europe $1,025 $873 Latin America and Caribbean 828 531 Asia 728 363 Middle East 318 129 Other 181 45 Total non-U.S. revenues 3,080 1,941 United States 1,102 2,353 Estimated potential concessions and other considerations to 737 MAX customers, net (34) (30) Total revenues from contracts with customers 4,148 4,264 Intersegment revenues eliminated on consolidation 13 5 Total segment revenues $4,161 $4,269 Revenue recognized on fixed-price contracts 100 % 100 % Revenue recognized at a point in time 100 % 100 % |
Defense, Space & Security | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | BDS revenues on contracts with customers, based on the customer's location, consist of the following: (Dollars in millions) Three months ended March 31 2022 2021 Revenue from contracts with customers: U.S. customers $4,148 $5,520 Non U.S. customers (1) 1,335 1,665 Total segment revenue from contracts with customers $5,483 $7,185 Revenue recognized over time 99 % 99 % Revenue recognized on fixed-price contracts 63 % 70 % Revenue from the U.S. government (1) 89 % 90 % (1) Includes revenues earned from foreign military sales through the U.S. government. |
Global Services | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | BGS revenues consist of the following: (Dollars in millions) Three months ended March 31 2022 2021 Revenue from contracts with customers: Commercial $2,276 $1,625 Government 1,968 2,070 Total revenues from contracts with customers 4,244 3,695 Intersegment revenues eliminated on consolidation 70 54 Total segment revenues $4,314 $3,749 Revenue recognized at a point in time 49 % 43 % Revenue recognized on fixed-price contracts 88 % 87 % Revenue from the U.S. government (1) 35 % 43 % (1) Includes revenues earned from foreign military sales through the U.S. government. |
Summary Of Business Segment D_3
Summary Of Business Segment Data (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 13,991 | $ 15,217 |
Loss from operations | (1,169) | (83) |
Other income, net | 181 | 190 |
Interest and debt expense | (630) | (679) |
(Loss)/earnings before income taxes | (1,618) | (572) |
Income tax benefit | 376 | 11 |
Net loss | (1,242) | (561) |
Less: net loss attributable to noncontrolling interest | (23) | (24) |
Net loss attributable to Boeing Shareholders | (1,219) | (537) |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Loss from operations | (1,192) | 11 |
Operating Segments | Commercial Airplanes | ||
Segment Reporting Information [Line Items] | ||
Revenues | 4,161 | 4,269 |
Loss from operations | (859) | (856) |
Operating Segments | Defense, Space & Security | ||
Segment Reporting Information [Line Items] | ||
Revenues | 5,483 | 7,185 |
Loss from operations | (929) | 405 |
Operating Segments | Global Services | ||
Segment Reporting Information [Line Items] | ||
Revenues | 4,314 | 3,749 |
Loss from operations | 632 | 441 |
Operating Segments | Boeing Capital | ||
Segment Reporting Information [Line Items] | ||
Revenues | 46 | 60 |
Loss from operations | (36) | 21 |
Corporate Reconciling Items And Eliminations | ||
Segment Reporting Information [Line Items] | ||
Revenues | (13) | (46) |
Unallocated items, eliminations and other | (260) | (364) |
FAS/CAS service cost adjustment | $ 283 | $ 270 |
Basis Of Presentation (Details)
Basis Of Presentation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Basis of Presentation [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | $ (3,216) | $ (3,387) | |
Cash, Cash Equivalents, and Short-term Investments | 12,300 | $ 16,200 | |
Debt and Lease Obligation | 57,700 | 58,100 | |
Debt, Current | 2,591 | 1,296 | |
Line of Credit Facility, Maximum Borrowing Capacity | 6,300 | ||
Increase/(Decrease) in revenue due to change in accounting estimate | (612) | 7 | |
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | $ (1,130) | $ (176) | |
Change in Earnings Per Share Due to Change in Accounting Estimate | $ (1.47) | $ (0.29) | |
Treasury shares issued for 401(k) contribution | $ 329 | $ 306 | |
Three Hundred And Sixty Four Day Revolving Credit Facility | |||
Basis of Presentation [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 3,100 | ||
Senior Notes [Member] | 2022 | |||
Basis of Presentation [Line Items] | |||
Long-term Debt, Current Maturities | 900 | ||
Supply Chain Financing [Member] | |||
Basis of Presentation [Line Items] | |||
Accounts Payable, Trade | 2,100 | $ 2,300 | |
Revolving Credit Facility | |||
Basis of Presentation [Line Items] | |||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 14,700 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Weighted-Average Number Of Shares Outstanding Used To Compute Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Earnings Per Share [Abstract] | |||
Net loss attributable to Boeing Shareholders | $ (1,219) | $ (537) | |
Undistributed Earnings Allocated to Participating Securities, Basic | |||
Net (loss)/earnings available to common shareholders | $ (1,219) | $ (537) | |
Basic weighted average shares outstanding | 591.7 | 585.4 | |
Participating securities | [1] | 0.3 | 0.4 |
Basic weighted average common shares outstanding | 591.4 | 585 | |
Dilutive potential common shares | [2] | ||
Diluted weighted average shares outstanding | 591.7 | 585.4 | |
Participating securities | [1] | 0.3 | 0.4 |
Diluted weighted average common shares outstanding | 591.4 | 585 | |
Earnings Per Share, Basic | $ (2.06) | $ (0.92) | |
Earnings Per Share, Diluted | $ (2.06) | $ (0.92) | |
[1] | Participating securities include certain instruments in our deferred compensation plan. | ||
[2] | Diluted earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards. |
Earnings Per Share (Schedule _2
Earnings Per Share (Schedule Of Weighted Average Number Of Shares Outstanding Excluded From The Computation Of Diluted Earnings Per Share) (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the computation of diluted earnings | 3.6 | 1.7 |
Performance Awards | Antidilutive or Performance Condition not met | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the computation of diluted earnings | 1.6 | 2.6 |
Performance-Based Restricted Stock Units (PBRSUs) | Antidilutive or Performance Condition not met | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the computation of diluted earnings | 0.4 | 0.7 |
Restricted Stock Units (RSUs) | Antidilutive or Performance Condition not met | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the computation of diluted earnings | 0.4 | 1.4 |
Share-based Payment Arrangement, Option | Antidilutive or Performance Condition not met | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the computation of diluted earnings | 0.6 | 0.2 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate | 23.20% | 1.90% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | |
Deferred Tax Assets, Valuation Allowance | $ (2,423) |
Allowance for Losses on Finan_3
Allowance for Losses on Financial Assets Allowance for Losses on Financial Assets (Allowance Disclosure) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for Losses on Financial Assets [Line Items] | ||||
Allowance for Credit Loss | $ (797) | $ (840) | $ (747) | $ (802) |
Credit Loss Expense, Reversal | 57 | 39 | ||
Allowance for Credit Loss, Writeoff | 6 | 1 | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Accounts Receivable, Allowance for Credit Loss | (390) | (433) | (390) | (444) |
Accounts Receivable, Credit Loss Expense (Reversal) | (7) | (10) | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 6 | 1 | ||
Credit Loss, Recoveries | 1 | |||
Accounts Receivable, Allowance for Credit Loss, Recovery | 1 | |||
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward] | ||||
Contract with Customer, Asset, Allowance for Credit Loss | (76) | (130) | (91) | (129) |
Contract with Customer, Asset, Credit Loss Expense (Reversal) | 15 | 1 | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss | (66) | (17) | (18) | (17) |
Financing Receivable, Credit Loss, Expense (Reversal) | (48) | |||
Other Current Assets | ||||
Allowance for Losses on Financial Assets [Line Items] | ||||
Allowance for Credit Loss | (57) | (78) | (62) | (72) |
Credit Loss Expense, Reversal | 5 | 6 | ||
Other Noncurrent Assets | ||||
Allowance for Losses on Financial Assets [Line Items] | ||||
Allowance for Credit Loss | (208) | (182) | $ (186) | $ (140) |
Credit Loss Expense, Reversal | $ 22 | $ 42 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Inventory [Line Items] | |||
Long-term contracts in progress | $ 821 | $ 872 | |
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | 1,130 | $ 176 | |
Airplane Program 787 [Member] | |||
Inventory [Line Items] | |||
Amount of Deferred Costs Related to Long-term Contracts | 11,753 | 11,693 | |
Advances on Inventory Purchases | 1,861 | 1,907 | |
Unamortized Tooling | 1,818 | 1,815 | |
Recovered Production Costs Excess Recoverable Under Existing Firm Orders | 8,901 | ||
Unrecovered Production Costs, Excess Unrecoverable under Existing Firm Orders | 4,670 | ||
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | (3,460) | ||
Abnormal Production cost. | 312 | ||
Airplane Program 737 [Member] | |||
Inventory [Line Items] | |||
Amount of Deferred Costs Related to Long-term Contracts | 1,753 | 1,296 | |
Unamortized Tooling | 600 | 617 | |
Recovered Production Costs Excess Recoverable Under Existing Firm Orders | 2,343 | ||
Unrecovered Production Costs, Excess Unrecoverable under Existing Firm Orders | 10 | ||
Airplane Program 777x [Member] | |||
Inventory [Line Items] | |||
Amount of Deferred Costs Related to Long-term Contracts | 1,091 | 652 | |
Unamortized Tooling | 3,572 | 3,521 | |
Capitalized Precontract Costs | |||
Inventory [Line Items] | |||
Inventory Amount, Unpriced Change Orders for Long-term Contracts or Programs | 710 | 648 | |
Early Issue Sales Consideration [Member] | |||
Inventory [Line Items] | |||
Inventory Amount, Unpriced Change Orders for Long-term Contracts or Programs | $ 3,383 | $ 3,290 |
Inventories (Inventory Disclosu
Inventories (Inventory Disclosure Table) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Long-term contracts in progress | $ 821 | $ 872 |
Commercial aircraft programs | 69,239 | 68,106 |
Commercial spare parts, used aircraft, general stock materials and other | 9,759 | 9,845 |
Total | $ 79,819 | $ 78,823 |
Contracts with Customers Cont_2
Contracts with Customers Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Unbilled receivables, net | $ 8,991 | $ 8,620 | |
Contract with Customer, Asset, Explanation of Change | primarily driven by revenue recognized at Defense, Space & Security (BDS) and Global Services (BGS) in excess of billings | ||
Advances and progress billings | $ 52,458 | $ 52,980 | |
Contract with Customer, Liability, Explanation of Change | primarily driven by revenue recognized at BDS, Commercial Airplanes (BCA), and BGS and the return of BCA customer advances, partially offset by advances on orders received. | ||
Contract with Customer, Liability, Revenue Recognized | $ 3,401 | $ 4,718 |
Customer Financing (Narrative)
Customer Financing (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Customer Financing [Line Items] | |||
Financing Receivable, Nonaccrual | $ 412 | ||
Financing Receivable, Nonaccrual, No Allowance | $ 378 | ||
Financing Receivable, Nonaccrual, Interest Income | 3 | $ 6 | |
Financing Receivable, before Allowance for Credit Loss | 410 | $ 412 | |
Sales-Type and Direct Financing Leases, Lease Income | 18 | 13 | |
Operating Lease, Lease Income | 15 | 18 | |
Operating Lease, Variable Lease Income | 4 | 2 | |
Sales-type and Direct Financing Leases, Profit (Loss) | 4 | $ 16 | |
Financial Asset, Past Due | |||
Customer Financing [Line Items] | |||
Financing Receivable, before Allowance for Credit Loss | $ 1 | ||
CCC Credit Rating | |||
Customer Financing [Line Items] | |||
Percentage of Credit Default Rates Applied to Customers | 88.10% | ||
B Credit Rating | |||
Customer Financing [Line Items] | |||
Percentage of Credit Default Rates Applied to Customers | 26.80% | ||
BB Credit Rating | |||
Customer Financing [Line Items] | |||
Percentage of Credit Default Rates Applied to Customers | 3.40% | ||
BBB Credit Rating | |||
Customer Financing [Line Items] | |||
Percentage of Credit Default Rates Applied to Customers | 0.10% |
Customer Financing (Schedule Of
Customer Financing (Schedule Of Customer Financing) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Customer Financing [Abstract] | ||||
Investment in sales-type/finance leases | $ 886 | $ 944 | ||
Notes | 410 | 412 | ||
Total financing receivables | 1,296 | 1,356 | ||
Less allowance for losses on receivables | (66) | (18) | $ (17) | $ (17) |
Total Financing Receivables, Net | 1,230 | 1,338 | ||
Operating lease equipment, at cost, less accumulated depreciation of $62 and $58 | 507 | 474 | ||
Operating Lease, Accumulated Depreciation | 62 | 58 | ||
Total | $ 1,737 | $ 1,812 |
Customer Financing (Financing R
Customer Financing (Financing Receivable Credit Quality Indicators) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 9 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 266 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 125 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 66 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 13 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 817 | |
Carrying value of financing receivables | 1,296 | $ 1,356 |
BBB Credit Rating | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 98 | |
Carrying value of financing receivables | 98 | |
BB Credit Rating | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 9 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 231 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 118 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 42 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 13 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 121 | |
Carrying value of financing receivables | 534 | |
B Credit Rating | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 35 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 188 | |
Carrying value of financing receivables | 223 | |
CCC Credit Rating | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 7 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 24 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 410 | |
Carrying value of financing receivables | $ 441 |
Customer Financing (Carrying Va
Customer Financing (Carrying Values Related to Major Aircraft Concentrations) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Customer Financing [Line Items] | ||
Operating leases | $ 507 | $ 474 |
B-717 | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 589 | 603 |
Operating leases | 58 | 62 |
B747-8 | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 394 | 435 |
B-737 | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 204 | 163 |
Operating leases | 186 | 145 |
B-777 | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 229 | 233 |
Operating leases | 221 | 225 |
MD 80 Aircraft | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 140 | 142 |
B-757 | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 121 | 126 |
B747-400 | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 48 | 50 |
Operating leases | $ 0 | $ 1 |
Investments (Schedule Of Invest
Investments (Schedule Of Investments) (Details) - USD ($) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | ||||
Investments [Abstract] | ||||||
Equity Method Investments | [1] | $ 947 | $ 930 | |||
Time deposits | 4,331 | 7,676 | ||||
Available for sale debt instruments | 497 | 464 | ||||
Equity and other investments | 45 | 45 | ||||
Restricted Cash and Cash Equivalents | 45 | [2] | $ 87 | 52 | [2] | |
Total | 5,865 | $ 9,167 | ||||
Dividends received | $ 27 | $ 5 | ||||
[1] | Dividends received were $27 and $5 during the three months ended March 31, 2022 and 2021. | |||||
[2] | Reflects amounts restricted in support of our property sales, workers’ compensation programs, and insurance premiums.Allowance for losses on available for sale debt instruments are assessed quarterly. All instruments are considered investment grade and, as such, we have not recognized an allowance for credit losses as of March 31, 2022. |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | Sep. 30, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments And Contingencies [Line Items] | |||||
737 MAX customer concessions and other considerations liability | $ 2,400 | ||||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | 1,094 | $ 1,094 | |||
Letters of Credit Outstanding, Amount | 3,647 | 3,634 | |||
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | (1,130) | $ (176) | |||
Financing Commitment | |||||
Commitments And Contingencies [Line Items] | |||||
Other Commitment | 12,761 | 12,905 | |||
Joint venture | |||||
Commitments And Contingencies [Line Items] | |||||
Other Commitment | 244 | ||||
Total Contractual Trade-In Commitment | Commercial Aircraft Commitments | |||||
Commitments And Contingencies [Line Items] | |||||
Other Commitment | 1,289 | 612 | |||
Net Amounts Payable to Customers Related to Probable Contractual Trade-In Commitments | Commercial Aircraft Commitments | |||||
Commitments And Contingencies [Line Items] | |||||
Other Commitment | 379 | 283 | |||
Fair Value of Trade In Value of Aircraft | Commercial Aircraft Commitments | |||||
Commitments And Contingencies [Line Items] | |||||
Other Commitment | 379 | 283 | |||
VC-25B | |||||
Commitments And Contingencies [Line Items] | |||||
Contract Value | 4,300 | ||||
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | 660 | ||||
Cumulative Increase/(Decrease) in Earnings from Operations due to Change in Accounting Estimate | 1,146 | ||||
T-7A EMD | |||||
Commitments And Contingencies [Line Items] | |||||
Contract Value | 860 | ||||
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | 67 | ||||
T-7A Production | |||||
Commitments And Contingencies [Line Items] | |||||
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | 300 | $ 400 | |||
Cumulative Increase/(Decrease) in Earnings from Operations due to Change in Accounting Estimate | 700 | ||||
MQ-25 | |||||
Commitments And Contingencies [Line Items] | |||||
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | 78 | $ 291 | |||
KC-46A Tanker | |||||
Commitments And Contingencies [Line Items] | |||||
Contract Value | 19,000 | ||||
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | 165 | ||||
KC-46A Tanker | Capitalized Precontract Costs | |||||
Commitments And Contingencies [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss | 276 | ||||
KC-46A Tanker | Potential Termination Liabilities | |||||
Commitments And Contingencies [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss | 609 | ||||
Lower Customer Delivery Payments | |||||
Commitments And Contingencies [Line Items] | |||||
737 MAX customer concessions and other considerations liability | 800 | ||||
Cash Payments To Customers | |||||
Commitments And Contingencies [Line Items] | |||||
737 MAX customer concessions and other considerations liability | 800 | ||||
Customer Concessions | |||||
Commitments And Contingencies [Line Items] | |||||
737 MAX customer concessions and other considerations liability | 200 | ||||
Contingent On Customer Negotiations | |||||
Commitments And Contingencies [Line Items] | |||||
737 MAX customer concessions and other considerations liability | 600 | ||||
Contracted Customer Concessions & Other Considerations Liability [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
737 MAX customer concessions and other considerations liability | 1,800 | ||||
Within Current fiscal Year [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
737 MAX customer concessions and other considerations liability | 600 | ||||
B-737 | |||||
Commitments And Contingencies [Line Items] | |||||
Abnormal Production cost. | 188 | 568 | |||
737 MAX customer concessions and other considerations liability | $ 2,419 | $ 4,370 | $ 2,940 | $ 5,537 |
Commitments and Contingencies_3
Commitments and Contingencies Commitments and Contingencies (Schedule of 737 Max Liability) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments And Contingencies [Line Items] | ||||
737 MAX customer concessions and other considerations liability | $ 2,400 | |||
KC-46A Tanker | ||||
Commitments And Contingencies [Line Items] | ||||
Contract Value | 19,000 | |||
B-737 | ||||
Commitments And Contingencies [Line Items] | ||||
737 MAX customer concessions and other considerations liability | 2,419 | $ 4,370 | $ 2,940 | $ 5,537 |
Payments made to customers | (550) | (1,172) | ||
Concessions and other in-kind consideration to customers | (5) | (25) | ||
Accrual for 737 MAX customer concessions and other considerations liability | $ 34 | $ 30 |
Commitments and Contingencies_4
Commitments and Contingencies (Environmental) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Environmental [Roll Forward] | ||
Beginning balance – January 1 | $ 605 | $ 565 |
Reductions for payments made, net of recoveries | (13) | |
Changes in estimates | 48 | 15 |
Ending balance – March 31 | $ 653 | $ 567 |
Commitments and Contingencies_5
Commitments and Contingencies (Product Warranties) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Product Warranties [Roll Forward] | ||
Beginning balance – January 1 | $ 1,900 | $ 1,527 |
Additions for current year deliveries | 35 | 17 |
Reductions for payments made | (118) | (44) |
Changes in estimates | 149 | 234 |
Ending balance – March 31 | $ 1,966 | $ 1,734 |
Commitments and Contingencies_6
Commitments and Contingencies (Financing Commitments) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Financing Commitment | ||
Financing Commitments [Line Items] | ||
April through December 2022 | $ 1,759 | |
2023 | 3,287 | |
2024 | 2,501 | |
2025 | 2,148 | |
2026 | 1,183 | |
Thereafter | 1,883 | |
Total | 12,761 | $ 12,905 |
Commercial Aircraft Commitments | Total Contractual Trade-In Commitment | ||
Financing Commitments [Line Items] | ||
Total | $ 1,289 | $ 612 |
Arrangements With Off-Balance_3
Arrangements With Off-Balance Sheet Risk (Third Party Guarantees) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Contingent Repurchase Commitments | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | $ 548 | $ 548 |
Estimated Proceeds from Collateral or Recourse | 548 | 548 |
Carrying Amount of Liabilities | ||
Credit Guarantee | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 90 | 90 |
Estimated Proceeds from Collateral or Recourse | 28 | |
Carrying Amount of Liabilities | $ 46 | $ 24 |
Postretirement Plans (Net Perio
Postretirement Plans (Net Periodic Benefit Cost Tables) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 1 | $ 1 |
Interest cost | 520 | 498 |
Expected return on plan assets | (947) | (966) |
Amortization of prior service credits | (20) | (20) |
Recognized net actuarial loss | 227 | 310 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 1 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (219) | (176) |
Other Postretirement Benefits Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 18 | 22 |
Interest cost | 24 | 23 |
Expected return on plan assets | (2) | (2) |
Amortization of prior service credits | (9) | (9) |
Recognized net actuarial loss | (28) | (17) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 3 | 17 |
Operating Income (Loss) | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | (1) | (1) |
Operating Income (Loss) | Other Postretirement Benefits Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | (19) | (22) |
Other Income | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | (220) | (177) |
Other Income | Other Postretirement Benefits Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | (15) | (5) |
Operating Income (Loss) Before Taxes | Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | (219) | (176) |
Operating Income (Loss) Before Taxes | Other Postretirement Benefits Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | $ (4) | $ (17) |
Share-Based Compensation And _2
Share-Based Compensation And Other Compensation Arrangements (Narrative) (Details) - $ / shares | Feb. 16, 2022 | Mar. 31, 2022 |
2022 Stock Options [Member] | Share-based Payment Arrangement, Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 348,769 | |
Share-based payment award vesting period (in years) | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 83.04 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 9 months 3 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 36.60% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 120.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent (reduced) | 110.00% | |
2022 RSUs [Member] | Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units (RSUs) granted to executives | 1,804,541 | |
Restricted stock units (RSUs) granted to executives (fair value per share) | $ 217.48 |
Shareholders' Equity (Accumulat
Shareholders' Equity (Accumulated other comprehensive income) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | [1] | $ (11,659) | $ (17,133) |
OCI before reclassifications | [1] | 118 | (23) |
Amounts reclassified from AOCI | [1] | 171 | 204 |
Net current period Other comprehensive income/(loss) | [1] | 289 | 181 |
Ending Balance | [1] | (11,370) | (16,952) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 159 | 228 | |
Amortization of actuarial losses included in net periodic pension cost, tax | (40) | (65) | |
Gain (Loss) on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Net | 39 | ||
Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring, Tax | 11 | ||
Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (105) | (30) | |
OCI before reclassifications | 24 | (36) | |
Net current period Other comprehensive income/(loss) | 24 | (36) | |
Ending Balance | (81) | (66) | |
Unrealized Gains and Losses on Certain Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 1 | 1 | |
Ending Balance | 1 | 1 | |
Unrealized Gains and Losses on Derivative Instruments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 6 | (43) | |
OCI before reclassifications | 94 | 11 | |
Amounts reclassified from AOCI | 35 | (2) | |
Net current period Other comprehensive income/(loss) | 129 | 9 | |
Ending Balance | 135 | (34) | |
Defined Benefit Pension Plans and Other Postretirement Benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (11,561) | (17,061) | |
OCI before reclassifications | 2 | ||
Amounts reclassified from AOCI | 136 | 206 | |
Net current period Other comprehensive income/(loss) | 136 | 208 | |
Ending Balance | $ (11,425) | $ (16,853) | |
[1] | Net of tax. |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative [Line Items] | ||
Loss on Discontinuation of Cash Flow Hedge Due to Forecasted Transaction Probable of Not Occurring | $ (50) | $ 0 |
Cash flow hedge gain/(loss) to be reclassified during the next 12 months, pre-tax | (53) | |
Fair value of foreign exchange and commodity contracts that have credit-risk-related contingent features that are in a net liability position | $ 1 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Schedule of Derivative Instruments, Notional Amounts and Fair Values) (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Derivative, Notional Amount | [1] | $ 5,046 | $ 4,251 |
Other Assets | 265 | 128 | |
Accrued Liabilities | (106) | (80) | |
Netting Arrangements, Other Assets | (46) | (30) | |
Netting Arrangements, Accrued Liabilities | 46 | 30 | |
Net Recorded balance, Other Assets | 219 | 98 | |
Net Recorded balance, Accrued Liabilities | (60) | (50) | |
Designated as Hedging Instrument | Foreign Exchange Contract | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 2,686 | 2,630 | |
Other Assets | 53 | 30 | |
Accrued Liabilities | (35) | (52) | |
Designated as Hedging Instrument | Commodity Contract | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 593 | 500 | |
Other Assets | 190 | 88 | |
Accrued Liabilities | (7) | (18) | |
Not Designated as Hedging Instrument | Foreign Exchange Contract | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 708 | 361 | |
Other Assets | 3 | 2 | |
Accrued Liabilities | (52) | (3) | |
Not Designated as Hedging Instrument | Commodity Contract | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 1,059 | 760 | |
Other Assets | 19 | 8 | |
Accrued Liabilities | $ (12) | $ (7) | |
[1] | Notional amounts represent the gross contract/notional amount of the derivatives outstanding. |
Derivative Financial Instrume_5
Derivative Financial Instruments (Schedule Of Derivative Instruments, Gains/(Losses)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Foreign Exchange Contract | ||
Derivative [Line Items] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ (8) | $ (19) |
Commodity Contract | ||
Derivative [Line Items] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ 102 | $ 30 |
Derivative Financial Instrume_6
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Gains/(losses) reclassified from AOCI to Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Expense | ||
Derivative [Line Items] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ 1 | $ (3) |
General and Administrative Expense | ||
Derivative [Line Items] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 1 | 2 |
Operating Expense | ||
Derivative [Line Items] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 5 | |
General and Administrative Expense | ||
Derivative [Line Items] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ (1) | $ 3 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale debt instruments | $ 497 | $ 464 |
Derivatives, Assets | 219 | 98 |
Derivatives, Liabilities | (60) | (50) |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 978 | 1,370 |
Commercial Paper, at Carrying Value | 233 | 225 |
Available for sale debt instruments | 254 | 262 |
Available for Sale Securities, Government Agencies | 10 | 1 |
Investments, Fair Value Disclosure | 20 | 20 |
Derivatives, Assets | 219 | 98 |
Total assets | 1,714 | 1,976 |
Derivatives, Liabilities | (60) | (50) |
Total liabilities | (60) | (50) |
Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 978 | 1,370 |
Investments, Fair Value Disclosure | 19 | 20 |
Total assets | 997 | 1,390 |
Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial Paper, at Carrying Value | 233 | 225 |
Available for sale debt instruments | 254 | 262 |
Available for Sale Securities, Government Agencies | 10 | 1 |
Investments, Fair Value Disclosure | 1 | |
Derivatives, Assets | 219 | 98 |
Total assets | 717 | 586 |
Derivatives, Liabilities | (60) | (50) |
Total liabilities | $ (60) | $ (50) |
Fair Value Measurements Fair _2
Fair Value Measurements Fair Value, Assets Measured on Nonrecurring Basis Using Unobservable Inputs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | $ (72) | $ (16) |
Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (72) | (16) |
Level 3 | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 45 | 18 |
Investments | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (31) | (7) |
Customer Financing Assets | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (2) | (9) |
Customer Financing Assets | Valuation, Market Approach | Level 3 | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 44 | $ 18 |
Property, Plant and Equipment | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (19) | |
Other asset sand Acquired intangible assets Member | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (20) | |
Other asset sand Acquired intangible assets Member | Valuation, Income Approach | Level 3 | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 1 |
Fair Value Measurements Fair _3
Fair Value Measurements Fair Value, Assets Measured On Nonrecurring Basis, Valuation Techniques (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Mar. 31, 2021 |
Aircraft Value Publications | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value of assets and liabilities measured on nonrecurring basis valuation techniques, median | $ 39 | |
Aircraft Value Publications | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range of fair value of assets measured on nonrecurring basis valuation techniques | 34 | |
Aircraft Value Publications | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range of fair value of assets measured on nonrecurring basis valuation techniques | 43 | |
Aircraft Condition Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net fair value of assets measured on nonrecurring basis valuation techniques | 5 | |
Aircraft Condition Adjustments | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range of fair value of assets measured on nonrecurring basis valuation techniques | 0 | |
Aircraft Condition Adjustments | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range of fair value of assets measured on nonrecurring basis valuation techniques | 5 | |
Level 3 | Fair Value, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | 45 | $ 18 |
Valuation, Market Approach | Level 3 | Fair Value, Nonrecurring | Customer Financing Assets | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 44 | $ 18 |
Fair Value Measurements Fair _4
Fair Value Measurements Fair Values And Related Carrying Values of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, net Carrying amount | $ 410 | $ 412 |
Notes receivable, Fair value | 448 | 485 |
Debt, excluding commercial paper and capital lease obligations, Carrying amount | (57,559) | (57,921) |
Debt, excluding commercial airplanes and capital lease obligations, Fair value | (59,428) | (65,724) |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, Fair value | 448 | 485 |
Debt, excluding commercial airplanes and capital lease obligations, Fair value | $ (59,428) | $ (65,724) |
Legal Proceedings Legal Proceed
Legal Proceedings Legal Proceedings (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2022 | |
Legal Proceedings [Abstract] | ||
Legal Settlement, Amount of Future Award | $ 200 | |
Controlling Interest Ownership Percentage After Acquisition | 80.00% | |
Payments to Acquire Interest in Joint Venture | $ 4,200 |
Segment and Revenue Informati_3
Segment and Revenue Information Segment and Revenue Information (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2022USD ($)segments | |
Segment Reporting Information [Line Items] | |
Number of Reportable Segments | segments | 4 |
Revenue, Remaining Performance Obligation, Amount | $ | $ 370,835 |
Within Next Two Fiscal Years | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Percent Recognized | 34.00% |
Within Next 5 Fiscal Years | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Percent Recognized | 86.00% |
Segment and Revenue Informati_4
Segment and Revenue Information Segment and Revenue Information (Schedule of Revenue Disaggregation) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 13,991 | $ 15,217 |
Commercial Airplanes | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 4,161 | 4,269 |
Commercial Airplanes | Operating Segments | External Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 4,148 | $ 4,264 |
Commercial Airplanes | Operating Segments | Fixed-price Contract | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 100.00% | 100.00% |
Commercial Airplanes | Operating Segments | Transferred at Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 100.00% | 100.00% |
Commercial Airplanes | Operating Segments | Non-US [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 3,080 | $ 1,941 |
Commercial Airplanes | Operating Segments | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,025 | 873 |
Commercial Airplanes | Operating Segments | Latin America and Carribean | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 828 | 531 |
Commercial Airplanes | Operating Segments | Asia | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 728 | 363 |
Commercial Airplanes | Operating Segments | Middle East | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 318 | 129 |
Commercial Airplanes | Operating Segments | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 181 | 45 |
Commercial Airplanes | Operating Segments | United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,102 | 2,353 |
Commercial Airplanes | Intersegment Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 13 | 5 |
Defense, Space & Security | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 5,483 | $ 7,185 |
Defense, Space & Security | Operating Segments | U S Government Contracts | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 89.00% | 90.00% |
Defense, Space & Security | Operating Segments | Fixed-price Contract | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 63.00% | 70.00% |
Defense, Space & Security | Operating Segments | Transferred over Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 99.00% | 99.00% |
Defense, Space & Security | Operating Segments | Non-US [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,335 | $ 1,665 |
Defense, Space & Security | Operating Segments | United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,148 | 5,520 |
Global Services | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 4,314 | 3,749 |
Global Services | Operating Segments | Commercial Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,276 | 1,625 |
Global Services | Operating Segments | Government Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,968 | 2,070 |
Global Services | Operating Segments | External Customers | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 4,244 | $ 3,695 |
Global Services | Operating Segments | U S Government Contracts | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 35.00% | 43.00% |
Global Services | Operating Segments | Fixed-price Contract | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 88.00% | 87.00% |
Global Services | Operating Segments | Transferred at Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 49.00% | 43.00% |
Global Services | Intersegment Eliminations | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 70 | $ 54 |
B-737-Max | Customer Concessions | Commercial Airplanes | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ (34) | $ (30) |
Schedule Of Unallocated Items a
Schedule Of Unallocated Items and Eliminations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Share-based plans | $ (203) | $ (321) |
Research and Development Expense | (633) | (499) |
Corporate Reconciling Items And Eliminations | ||
Segment Reporting Information [Line Items] | ||
Share-based plans | (83) | (128) |
Deferred compensation | 42 | (52) |
Amortization of previously capitalized interest | (23) | (22) |
Research and Development Expense | (52) | (42) |
Eliminations and other unallocated items | (144) | (120) |
Unallocated items, eliminations and other | (260) | (364) |
FAS/CAS service cost adjustment | 283 | 270 |
Corporate Reconciling Items And Eliminations | Pension Plans, Defined Benefit | ||
Segment Reporting Information [Line Items] | ||
FAS/CAS service cost adjustment | 208 | 193 |
Corporate Reconciling Items And Eliminations | Other Postretirement Benefit Plan, Defined Benefit | ||
Segment Reporting Information [Line Items] | ||
FAS/CAS service cost adjustment | $ 75 | $ 77 |
Reconciliation of Assets from S
Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Assets | $ 135,801 | $ 138,552 |
Operating Segments | Commercial Airplanes | ||
Segment Reporting Information [Line Items] | ||
Assets | 76,784 | 75,863 |
Operating Segments | Defense, Space & Security | ||
Segment Reporting Information [Line Items] | ||
Assets | 14,952 | 14,974 |
Operating Segments | Global Services | ||
Segment Reporting Information [Line Items] | ||
Assets | 16,238 | 16,397 |
Operating Segments | Boeing Capital | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,656 | 1,735 |
Corporate Reconciling Items And Eliminations | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 26,171 | $ 29,583 |