Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 20, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 1-442 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 91-0425694 | ||
Entity Address, Address Line One | 929 Long Bridge Drive | ||
Entity Address, City or Town | Arlington, | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 22202 | ||
City Area Code | (703) | ||
Local Phone Number | 414-6338 | ||
Title of 12(b) Security | Common Stock, $5.00 Par Value | ||
Trading Symbol | BA | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 81.1 | ||
Entity Common Stock, Shares Outstanding | 598,239,585 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Part III incorporates information by reference to the registrant’s definitive proxy statement, to be filed with the Securities and Exchange Commission within 120 days after the close of the fiscal year ended December 31, 2022. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | BOEING CO | ||
Entity Central Index Key | 0000012927 | ||
Current Fiscal Year End Date | --12-31 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor Information [Abstract] | |
Auditor name | Deloitte & Touche LLP |
Auditor location | Chicago, Illinois |
Auditor firm ID | 34 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Total revenues | $ 66,608 | $ 62,286 | $ 58,158 |
Boeing Capital interest expense | (28) | (32) | (43) |
Total costs and expenses | (63,106) | (59,269) | (63,843) |
Gross profit | 3,502 | 3,017 | (5,685) |
(Loss)/income from operating investments, net | (16) | 210 | 9 |
General and administrative expense | (4,187) | (4,157) | (4,817) |
Research and development expense, net | (2,852) | (2,249) | (2,476) |
Gain on dispositions, net | 6 | 277 | 202 |
Loss from operations | (3,547) | (2,902) | (12,767) |
Other income, net | 1,058 | 551 | 447 |
Interest and debt expense | (2,533) | (2,682) | (2,156) |
Loss before income taxes | (5,022) | (5,033) | (14,476) |
Income tax (expense)/benefit | (31) | 743 | 2,535 |
Net loss | (5,053) | (4,290) | (11,941) |
Less: net loss attributable to noncontrolling interest | (118) | (88) | (68) |
Net loss attributable to Boeing Shareholders | $ (4,935) | $ (4,202) | $ (11,873) |
Basic loss per share (in dollars per share) | $ (8.30) | $ (7.15) | $ (20.88) |
Diluted loss per share (in dollars per share) | $ (8.30) | $ (7.15) | $ (20.88) |
Sales of products | |||
Total revenues | $ 55,893 | $ 51,386 | $ 47,142 |
Cost of goods and services sold | (53,969) | (49,954) | (54,568) |
Sales of services | |||
Total revenues | 10,715 | 10,900 | 11,016 |
Cost of goods and services sold | $ (9,109) | $ (9,283) | $ (9,232) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (5,053) | $ (4,290) | $ (11,941) |
Other comprehensive income/(loss), net of tax: | |||
Currency translation adjustments | (62) | (75) | 98 |
Unrealized loss on certain investments, net of tax of $0, $0 and $0 | (1) | ||
Derivative instruments: | |||
Unrealized (loss)/gain arising during period, net of tax of $12, ($16) and ($4) | (40) | 55 | 14 |
Reclassification adjustment for loss/(gain) included in net earnings, net of tax of ($3), $2 and ($7) | 10 | (6) | 27 |
Total unrealized (loss)/gain on derivative instruments, net of tax | (30) | 49 | 41 |
Defined benefit pension plans & other postretirement benefits: | |||
Net actuarial gain/(loss) arising during the period, net of tax of ($22), ($32) and $111 | 1,533 | 4,262 | (1,956) |
Amortization of actuarial loss included in net periodic pension cost, net of tax of ($11), ($8) and ($52) | 791 | 1,155 | 917 |
Settlements included in net (loss)/income, net of tax of $0, ($2) and $0 | (4) | 191 | 5 |
Amortization of prior service credits included in net periodic pension cost, net of tax of $2, $1 and $6 | (114) | (114) | (112) |
Prior service (credit)/cost arising during the period, net of tax of $0, $0 and ($2) | (1) | 27 | |
Pension and postretirement (cost)/benefit related to our equity method investments, net of tax of $0, ($2) and $0 | (3) | 6 | |
Total defined benefit pension plans & other postretirement benefits, net of tax | 2,202 | 5,500 | (1,119) |
Other comprehensive income/(loss), net of tax | 2,109 | 5,474 | (980) |
Comprehensive (loss)/income, net of tax | (2,944) | 1,184 | (12,921) |
Comprehensive loss related to noncontrolling interests | (118) | (88) | (68) |
Comprehensive (loss)/income attributable to Boeing Shareholders, net of tax | $ (2,826) | $ 1,272 | $ (12,853) |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized loss on certain investments, tax | $ 0 | $ 0 | $ 0 |
Unrealized gain/(loss) arising during period, tax | 12 | (16) | (4) |
Reclassification adjustment for (gain)/loss included in net earnings, tax | (3) | 2 | (7) |
Net actuarial gain/(loss) arising during the period, tax | (22) | (32) | 111 |
Amortization of actuarial loss included in net periodic pension cost, tax | (11) | (8) | (52) |
Settlements included in net (loss)/income, tax | 0 | (2) | 0 |
Amortization of prior service credits included in net periodic pension cost, tax | 2 | 1 | 6 |
Prior service cost/(credit) arising during the period, tax | 0 | 0 | (2) |
Pension and postretirement (cost)/benefit related to our equity method investments, tax | $ 0 | $ (2) | $ 0 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and cash equivalents | $ 14,614 | $ 8,052 |
Short-term and other investments | 2,606 | 8,192 |
Accounts receivable, net | 2,517 | 2,641 |
Unbilled receivables, net | 8,634 | 8,620 |
Current portion of customer financing, net | 154 | 117 |
Inventories | 78,151 | 78,823 |
Other current assets, net | 2,847 | 2,221 |
Total current assets | 109,523 | 108,666 |
Customer financing, net | 1,450 | 1,695 |
Property, plant and equipment, net | 10,550 | 10,918 |
Goodwill | 8,057 | 8,068 |
Acquired intangible assets, net | 2,311 | 2,562 |
Deferred income taxes | 63 | 77 |
Investments | 983 | 975 |
Other assets, net of accumulated amortization of $949 and $975 | 4,163 | 5,591 |
Total assets | 137,100 | 138,552 |
Liabilities and equity | ||
Accounts payable | 10,200 | 9,261 |
Accrued liabilities | 21,581 | 18,455 |
Advances and progress billings | 53,081 | 52,980 |
Short-term debt and current portion of long-term debt | 5,190 | 1,296 |
Total current liabilities | 90,052 | 81,992 |
Deferred income taxes | 230 | 218 |
Accrued retiree health care | 2,503 | 3,528 |
Accrued pension plan liability, net | 6,141 | 9,104 |
Other long-term liabilities | 2,211 | 1,750 |
Long-term debt | 51,811 | 56,806 |
Total liabilities | 152,948 | 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 |
Additional paid-in capital | 9,947 | 9,052 |
Treasury stock, at cost | (50,814) | (51,861) |
Retained earnings | 29,473 | 34,408 |
Accumulated other comprehensive loss | (9,550) | (11,659) |
Total shareholders’ deficit | (15,883) | (14,999) |
Noncontrolling interests | 35 | 153 |
Total equity | (15,848) | (14,846) |
Total liabilities and equity | $ 137,100 | $ 138,552 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Other assets, net of accumulated amortization | $ 949 | $ 975 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 1,200,000,000 | 1,200,000,000 |
Common stock, shares, issued (in shares) | 1,012,261,159 | 1,012,261,159 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows – operating activities: | |||
Net loss | $ (5,053) | $ (4,290) | $ (11,941) |
Non-cash items – | |||
Share-based plans expense | 725 | 833 | 250 |
Treasury shares issued for 401(k) contribution | 1,215 | 1,233 | 195 |
Depreciation and amortization | 1,979 | 2,144 | 2,246 |
Investment/asset impairment charges, net | 112 | 98 | 410 |
Customer financing valuation adjustments | 37 | 12 | |
Gain on dispositions, net | (6) | (277) | (202) |
787 and 777X reach-forward losses | 3,460 | 6,493 | |
Other charges and credits, net | 364 | 360 | 1,462 |
Changes in assets and liabilities – | |||
Accounts receivable | 142 | (713) | 909 |
Unbilled receivables | 6 | (586) | 919 |
Advances and progress billings | 108 | 2,505 | (1,060) |
Inventories | 420 | (1,127) | (11,002) |
Other current assets | (591) | 345 | 372 |
Accounts payable | 838 | (3,783) | (5,363) |
Accrued liabilities | 2,956 | (3,687) | 1,074 |
Income taxes receivable, payable and deferred | 1,347 | 733 | (2,576) |
Other long-term liabilities | (158) | (206) | (222) |
Pension and other postretirement plans | (1,378) | (972) | (794) |
Customer financing, net | 142 | 210 | 173 |
Other | 307 | 304 | 235 |
Net cash provided/(used) by operating activities | 3,512 | (3,416) | (18,410) |
Cash flows – investing activities: | |||
Payments to acquire property, plant and equipment | (1,222) | (980) | (1,303) |
Proceeds from disposals of property, plant and equipment | 35 | 529 | 296 |
Acquisitions, net of cash acquired | (6) | ||
Contributions to investments | (5,051) | (35,713) | (37,616) |
Proceeds from investments | 10,619 | 45,489 | 20,275 |
Other | (11) | 5 | (18) |
Net cash provided/(used) by investing activities | 4,370 | 9,324 | (18,366) |
Cash flows – financing activities: | |||
New borrowings | 34 | 9,795 | 47,248 |
Debt repayments | (1,310) | (15,371) | (10,998) |
Stock options exercised | 50 | 42 | 36 |
Employee taxes on certain share-based payment arrangements | (40) | (66) | (173) |
Dividends paid | (1,158) | ||
Net cash (used)/provided by financing activities | (1,266) | (5,600) | 34,955 |
Effect of exchange rate changes on cash and cash equivalents | (73) | (39) | 85 |
Net increase/(decrease) in cash & cash equivalents, including restricted | 6,543 | 269 | (1,736) |
Cash & cash equivalents, including restricted, at beginning of year | 8,104 | 7,835 | 9,571 |
Cash & cash equivalents, including restricted, at end of year | 14,647 | 8,104 | 7,835 |
Less restricted cash & cash equivalents, included in Investments | 33 | 52 | 83 |
Cash and cash equivalents | $ 14,614 | $ 8,052 | $ 7,752 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Non- controlling Interests |
Beginning balance at Dec. 31, 2019 | $ (8,462) | $ 5,061 | $ 6,745 | $ (54,914) | $ 50,482 | $ (16,153) | $ 317 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (11,941) | (11,873) | (68) | ||||
Other comprehensive income (loss), net of tax | (980) | (980) | |||||
Share-based compensation | 250 | 250 | |||||
Treasury shares issued for stock options exercised, net | 37 | (26) | 63 | ||||
Treasury shares issued for other share-based plans, net | (167) | (214) | 47 | ||||
Treasury shares contributed to pension plans | 3,000 | 952 | 2,048 | ||||
Treasury shares issued for 401(k) contribution | 195 | 80 | 115 | ||||
Changes in noncontrolling interests | (8) | (8) | |||||
Other | 1 | 1 | |||||
Ending balance at Dec. 31, 2020 | (18,075) | 5,061 | 7,787 | (52,641) | 38,610 | (17,133) | 241 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (4,290) | (4,202) | (88) | ||||
Other comprehensive income (loss), net of tax | 5,474 | 5,474 | |||||
Share-based compensation | 833 | 833 | |||||
Treasury shares issued for stock options exercised, net | 42 | (28) | 70 | ||||
Treasury shares issued for other share-based plans, net | (63) | (98) | 35 | ||||
Treasury shares issued for 401(k) contribution | 1,233 | 558 | 675 | ||||
Ending balance at Dec. 31, 2021 | (14,846) | 5,061 | 9,052 | (51,861) | 34,408 | (11,659) | 153 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net loss | (5,053) | (4,935) | (118) | ||||
Other comprehensive income (loss), net of tax | 2,109 | 2,109 | |||||
Share-based compensation | 725 | 725 | |||||
Treasury shares issued for stock options exercised, net | 50 | (31) | 81 | ||||
Treasury shares issued for other share-based plans, net | (48) | (94) | 46 | ||||
Treasury shares issued for 401(k) contribution | 1,215 | 295 | 920 | ||||
Ending balance at Dec. 31, 2022 | $ (15,848) | $ 5,061 | $ 9,947 | $ (50,814) | $ 29,473 | $ (9,550) | $ 35 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Other comprehensive income (loss), net of tax | $ (22) | $ (57) | $ 52 |
Summary of Business Segment Dat
Summary of Business Segment Data | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Summary of Business Segment Data | The Boeing Company and Subsidiaries Notes to the Consolidated Financial Statements Summary of Business Segment Data (Dollars in millions) Years ended December 31, 2022 2021 2020 Revenues: Commercial Airplanes $25,867 $19,493 $16,162 Defense, Space & Security 23,162 26,540 26,257 Global Services 17,611 16,328 15,543 Boeing Capital 199 272 261 Unallocated items, eliminations and other (231) (347) (65) Total revenues $66,608 $62,286 $58,158 (Loss)/earnings from operations: Commercial Airplanes ($2,370) ($6,475) ($13,847) Defense, Space & Security (3,544) 1,544 1,539 Global Services 2,727 2,017 450 Boeing Capital 29 106 63 Segment operating loss (3,158) (2,808) (11,795) Unallocated items, eliminations and other (1,532) (1,267) (2,355) FAS/CAS service cost adjustment 1,143 1,173 1,383 Loss from operations (3,547) (2,902) (12,767) Other income, net 1,058 551 447 Interest and debt expense (2,533) (2,682) (2,156) Loss before income taxes (5,022) (5,033) (14,476) Income tax (expense)/benefit (31) 743 2,535 Net loss (5,053) (4,290) (11,941) Less: net loss attributable to noncontrolling interest (118) (88) (68) Net loss attributable to Boeing Shareholders ($4,935) ($4,202) ($11,873) This information is an integral part of the Notes to the Consolidated Financial Statements. See Note 22 for further segment results. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The Consolidated Financial Statements included in this report have been prepared by management of The Boeing Company (herein referred to as “Boeing,” the “Company,” “we,” “us” or “our”). These statements include the accounts of all majority-owned subsidiaries and variable interest entities that are required to be consolidated. All significant intercompany accounts and transactions have been eliminated. As described in Note 22, we operate in four reportable segments: Commercial Airplanes (BCA), Defense, Space & Security (BDS), Global Services (BGS) and Boeing Capital (BCC). 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. Actual results could differ from those estimates. Operating Cycle For classification of certain current assets and liabilities, we use the duration of the related contract or program as our operating cycle, which is generally longer than one year. Revenue and Related Cost Recognition Commercial aircraft contracts The majority of our BCA segment revenue is derived from commercial aircraft contracts. For each contract, we determine the transaction price based on the consideration expected to be received. We allocate the transaction price to each commercial aircraft performance obligation based on relative standalone selling prices adjusted by an escalation formula as specified in the customer agreement. Revenue is recognized for each commercial aircraft performance obligation at the point in time when the aircraft is completed and accepted by the customer. We use program accounting to determine the amount reported as cost of sales. Payments for commercial aircraft sales are received in accordance with the customer agreement, which generally includes a deposit upon order and additional payments in accordance with a payment schedule, with the balance being due immediately prior to or at aircraft delivery. Advances and progress billings (contract liabilities) are normal and customary for commercial aircraft contracts and not considered a significant financing component as they are intended to protect us from the other party failing to adequately complete some or all of its obligations under the contract. Long-term contracts Substantially all contracts at BDS and certain contracts at BGS are long-term contracts with the U.S. government and other customers that generally extend over several years. Products sales under long-term contracts primarily include fighter jets, rotorcraft, cybersecurity products, surveillance suites, advanced weapons, missile defense, military derivative aircraft, satellite systems and modification of commercial passenger aircraft to cargo freighters. Sales of services under long-term contracts primarily include support and maintenance agreements associated with our commercial and defense products and space travel on Commercial Crew. For each long-term contract, we determine the transaction price based on the consideration expected to be received. We allocate the transaction price to each distinct performance obligation to deliver a good or service, or a collection of goods and/or services, based on the relative standalone selling prices. A long-term contract will typically represent a single distinct performance obligation due to the highly interdependent and interrelated nature of the underlying goods and/or services and the significant service of integration that we provide. While the scope and price on certain long-term contracts may be modified over their life, the transaction price is based on current rights and obligations under the contract and does not include potential modifications until they are agreed upon with the customer. When applicable, a cumulative adjustment or separate recognition for the additional scope and price may result. Long-term contracts can be negotiated with a fixed price or a price in which we are reimbursed for costs incurred plus an agreed upon profit. The Federal Acquisition Regulations provide guidance on the types of cost that will be reimbursed in establishing the price for contracts with the U.S. government. Certain long-term contracts include in the transaction price variable consideration, such as incentive and award fees, if specified targets are achieved. The amount included in the transaction price represents the expected value, based on a weighted probability, or the most likely amount. Long-term contract revenue is recognized over the contract term (over time) as the work progresses, either as products are produced or as services are rendered. We generally recognize revenue over time as we perform on long-term contracts because of continuous transfer of control to the customer. For U.S. government contracts, this continuous transfer of control to the customer is supported by clauses in the contract that allow the customer to unilaterally terminate the contract for convenience, pay us for costs incurred plus a reasonable profit and take control of any work in process. Similarly, for non-U.S. government contracts, the customer typically controls the work in process as evidenced either by contractual termination clauses or by our rights to payment of the transaction price associated with work performed to date on products or services that do not have an alternative use to the Company. The accounting for long-term contracts involves a judgmental process of estimating total sales, costs and profit for each performance obligation. Cost of sales is recognized as incurred. The amount reported as revenues is determined by adding a proportionate amount of the estimated profit to the amount reported as cost of sales. Recognizing revenue as costs are incurred provides an objective measure of progress on the long-term contract and thereby best depicts the extent of transfer of control to the customer. For long-term contracts for which revenue is recognized over time, 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 revenues and costs at completion for a long-term contract indicate a loss, a provision for the entire reach-forward loss on the long-term contract is recognized. The table below reflects the impact of net cumulative catch-up adjustments for changes in estimated revenues and costs at completion across all long-term contracts including the impact to Loss from operations from increases in estimated losses on unexercised options for the years ended December 31: 2022 2021 2020 Decrease to Revenue ($2,335) ($379) ($359) Increase to Loss from operations ($5,253) ($880) ($942) Decrease to Diluted EPS ($8.88) ($1.28) ($1.37) Significant adjustments during the three years ended December 31, 2022 included losses on VC-25B, KC-46A Tanker, MQ-25, Commercial Crew and T-7A Red Hawk programs. Due to the significance of judgment in the estimation process, changes in underlying assumptions/estimates, internal and supplier performance, inflationary trends, or other circumstances may adversely or positively affect financial performance in future periods. Payments under long-term contracts may be received before or after revenue is recognized. The U.S. government customer typically withholds payment of a small portion of the contract price until contract completion. Therefore, long-term contracts typically generate Unbilled receivables (contract assets) but may generate Advances and progress billings (contract liabilities). Long-term contract Unbilled receivables and Advances and progress billings are not considered a significant financing component because they are intended to protect either the customer or the Company in the event that some or all of the obligations under the contract are not completed. Commercial spare parts contracts Certain contracts at our BGS segment include sales of commercial spare parts. For each contract, we determine the transaction price based on the consideration expected to be received. The spare parts have discrete unit prices that represent fair value. We generally consider each spare part to be a separate performance obligation. Revenue is recognized for each commercial spare part performance obligation at the point in time of delivery to the customer. We may provide our customers with a right to return a commercial spare part where a customer may receive a full or partial refund, a credit applied to amounts owed, a different product in exchange, or any combination of these items. We consider the potential for customer returns in the estimated transaction price. The amount reported as cost of sales is recorded at average cost. Payments for commercial spare parts sales are typically received shortly after delivery. Other service revenue contracts Certain contracts at our BGS segment are for sales of services to commercial customers including maintenance, training, data analytics and information-based services. We recognize revenue for these service performance obligations over time as the services are rendered. The method of measuring progress (such as straight-line or billable amount) varies depending upon which method best depicts the transfer of control to the customer based on the type of service performed. Cost of sales is recorded as incurred. Concession sharing arrangements We account for sales concessions to our customers in consideration of their purchase of products and services as a reduction of the transaction price and the revenue that is recognized for the related performance obligations. The sales concessions incurred may be partially reimbursed by certain suppliers in accordance with concession sharing arrangements. We record these reimbursements, which are presumed to represent reductions in the price of the vendor’s products or services, as a reduction in Cost of products. Unbilled receivables and advances and progress billings Unbilled receivables (contract assets) arise when the Company recognizes revenue for amounts which cannot yet be billed under terms of the contract with the customer. Advances and progress billings (contract liabilities) arise when the Company receives payments from customers in advance of recognizing revenue. The amount of Unbilled receivables or Advances and progress billings is determined for each contract. Financial services revenue We record financial services revenue associated with sales-type/finance leases, operating leases and loans in Sales of services on the Consolidated Statements of Operations. For sales-type leases, we recognize selling profit or loss at lease inception if collection of the lease payments is probable. For sales-type and direct finance leases, we record customer financing receivables at lease inception. A customer financing receivable is recorded at the aggregate of future minimum lease payments, estimated residual value of the leased equipment, and any deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. For notes receivable, we record customer financing receivables net of any unamortized discounts and deferred incremental direct costs. Interest income and amortization of any discounts are recorded ratably over the related term of the note. Income recognition is generally suspended for customer financing receivables that are uncollectible. We determine that a customer financing receivable is uncollectible when, based on current information and events, it is probable that we will be unable to collect amounts due according to the original contractual terms. We determine a customer financing receivable is past due when cash has not been received upon the due date specified in the contract. We evaluate the collectability of customer financing receivables at commencement and on a recurring basis. If a customer financing receivable is determined to be uncollectible, the customer is categorized as non-accrual status. When a customer is in non-accrual status at commencement, sales-type lease revenue is deferred until substantially all cash has been received or the customer is removed from non-accrual status. If we have a direct finance lease and/or a note receivable with a customer that is in non-accrual status, or a sales-type lease with a customer that changes to non-accrual status after commencement, we recognize contractual interest income as payments are received to the extent there is sufficient collateral and payments exceed past due principal payments. Residual values, which are reviewed periodically, represent the estimated amount we expect to receive at lease termination from the disposition of the leased equipment. Actual residual values realized could differ from these estimates. Declines in estimated residual value that are deemed other-than-temporary are recognized in the period in which the declines occur. For operating leases, revenue on leased aircraft and equipment is recorded on a straight-line basis over the term of the lease. Operating lease assets, included in Customer financing, net, are recorded at cost and depreciated to an estimated residual value using the straight-line method over the period that we project we will hold the asset. We periodically review our estimates of residual value and recognize forecasted changes by prospectively adjusting depreciation expense. We record assets held for sale at the lower of carrying value or fair value less costs to sell. We evaluate for impairment assets under operating leases when events or changes in circumstances indicate that the expected undiscounted cash flow from the asset may be less than the carrying value. When we determine that impairment is indicated for an asset, the amount of impairment expense recorded is the excess of the carrying value over the fair value of the asset. Reinsurance revenue Our wholly-owned insurance subsidiary, Astro Ltd., participates in a reinsurance pool for workers’ compensation. The member agreements and practices of the reinsurance pool minimize any participating members’ individual risk. Reinsurance revenues were $129, $126 and $129 during 2022, 2021 and 2020, respectively. Reinsurance costs related to premiums and claims paid to the reinsurance pool were $134, $129 and $136 during 2022, 2021 and 2020, respectively. Revenues and costs are presented net in Cost of sales in the Consolidated Statements of Operations. Research and Development Research and development includes costs incurred for experimentation, design and testing, as well as bid and proposal efforts related to government products and services, which are expensed as incurred unless the costs are related to certain contractual arrangements with customers. Costs that are incurred pursuant to such contractual arrangements are recorded over the period that revenue is recognized, consistent with our long-term contract accounting policy. We have certain research and development arrangements that meet the requirement for best efforts research and development accounting. Accordingly, the amounts funded by the customer are recognized as an offset to our research and development expense rather than as contract revenues. Research and development expense included bid and proposal costs of $217, $213 and $224 in 2022, 2021 and 2020, respectively. Share-Based Compensation We provide various forms of share-based compensation to our employees. For awards settled in shares, we measure compensation expense based on the grant-date fair value net of estimated forfeitures. For awards settled in cash, or that may be settled in cash, we measure compensation expense based on the fair value at each reporting date net of estimated forfeitures. The expense is recognized over the requisite service period, which is generally the vesting period of the award. Income Taxes Provisions for U.S. federal, state and local, and non-U.S. income taxes are calculated on reported Loss before income taxes based on current tax law and also include, in the current period, the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provisions differ from the amounts currently receivable or payable because certain items of income and expense are recognized in different time periods for financial reporting purposes than for income tax purposes. Significant judgment is required in determining income tax provisions and evaluating tax positions. The accounting for uncertainty in income taxes requires a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. We record a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on our tax return. To the extent that our assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. Tax-related interest and penalties are classified as a component of Income tax (expense)/benefit. We also assess the likelihood that we will be able to recover our deferred tax assets against future sources of taxable income and reduce the carrying amounts of deferred tax assets by recording a valuation allowance if, based on the available evidence, it is more likely than not that all or a portion of such assets will not be realized. Changes in our estimates and judgments regarding realization of deferred tax assets may result in an increase or decrease to our tax expense and/or other comprehensive income, which would be recorded in the period in which the change occurs. Postretirement Plans Many of our employees have earned benefits under defined benefit pension plans. The majority of employees that had participated in defined benefit pension plans have transitioned to a company-funded defined contribution retirement savings plan. We also provide postretirement benefit plans other than pensions, consisting principally of health care coverage to eligible retirees and qualifying dependents. Benefits under the pension and other postretirement benefit plans are generally based on age at retirement and years of service and, for some pension plans, benefits are also based on the employee’s annual earnings. The net periodic cost of our pension and other postretirement plans is determined using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate, the long-term rate of asset return and medical trend (rate of growth for medical costs). Actuarial gains and losses, which occur when actual experience differs from actuarial assumptions, are reflected in Shareholders’ equity (net of taxes). If actuarial gains and losses exceed ten percent of the greater of plan assets or plan liabilities, we amortize them over the average expected future lifetime of participants. The funded status of our pension and postretirement plans is reflected on the Consolidated Statements of Financial Position. Postemployment Plans We record a liability for postemployment benefits, such as severance or job training, when payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have vested or accumulated. Environmental Remediation We are subject to federal and state requirements for protection of the environment, including those for discharge of hazardous materials and remediation of contaminated sites. We routinely assess, based on in-depth studies, expert analyses and legal reviews, our contingencies, obligations and commitments for remediation of contaminated sites, including assessments of ranges and probabilities of recoveries from other responsible parties and/or insurance carriers. Our policy is to accrue and charge to current expense identified exposures related to environmental remediation sites when it is probable that a liability has been incurred and the amount can be reasonably estimated. The amount of the liability is based on our best estimate or the low end of a range of reasonably possible exposure for investigation, cleanup and monitoring costs to be incurred. Estimated remediation costs are not discounted to present value as the timing of payments cannot be reasonably estimated. We may be able to recover a portion of the remediation costs from insurers or other third parties. Such recoveries are recorded when realization of the claim for recovery is deemed probable. Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid instruments, such as commercial paper, time deposits, and other money market instruments, which have original maturities of three months or less. We aggregate our cash balances by bank where conditions for right of set-off are met, and reclassify any negative balances, consisting mainly of uncleared checks, to Accounts payable. Negative balances reclassified to Accounts payable were $102 and $47 at December 31, 2022 and 2021. Inventories Inventoried costs on commercial aircraft programs and long-term contracts include direct engineering, production and tooling and other non-recurring costs, and applicable overhead, which includes fringe benefits, production related indirect and plant management salaries and plant services, not in excess of estimated net realizable value. To the extent a material amount of such costs are related to an abnormal event or are fixed costs not appropriately attributable to our programs or contracts, they are expensed in the current period rather than inventoried. Inventoried costs include amounts relating to programs and contracts with long-term production cycles, a portion of which is not expected to be realized within one year. Included in inventory for federal government contracts is an allocation of allowable costs related to manufacturing process reengineering. Commercial aircraft programs inventory includes deferred production costs and supplier advances. Deferred production costs represent actual costs incurred for production of early units that exceed the estimated average cost of all units in the program accounting quantity. Higher production costs are experienced at the beginning of a new or derivative aircraft program. Units produced early in a program require substantially more effort (labor and other resources) than units produced later in a program because of volume efficiencies and the effects of learning. We expect that these deferred costs will be fully recovered when all units included in the accounting quantity are delivered as the expected unit cost for later deliveries is below the estimated average cost of all units in the program. Supplier advances represent payments for parts we have contracted to receive from suppliers in the future. As parts are received, supplier advances are amortized to work in process. The determination of net realizable value of long-term contract costs is based upon quarterly reviews that estimate costs to be incurred to complete all contract requirements. When actual contract costs and the estimate to complete exceed total estimated contract revenues, a loss provision is recorded. The determination of net realizable value of commercial aircraft program costs is based upon quarterly program reviews that estimate revenue and cost to be incurred to complete the program accounting quantity. When estimated costs to complete exceed estimated program revenues to go, a program loss provision is recorded in the current period for the estimated loss on all undelivered units in the accounting quantity. Used aircraft purchased by the Commercial Airplanes segment and general stock materials are stated at cost not in excess of net realizable value. Spare parts inventory is stated at lower of average unit cost or net realizable value. We review our commercial spare parts and general stock materials quarterly to identify impaired inventory, including excess or obsolete inventory, based on historical sales trends, expected production usage, and the size and age of the aircraft fleet using the part. Impaired inventories are charged to Cost of products in the period the impairment occurs. Included in inventory for commercial aircraft programs are amounts paid or credited in cash, or other consideration to certain airline customers, that are referred to as early issue sales consideration. Early issue sales consideration is recognized as a reduction to revenue when the delivery of the aircraft under contract occurs. If an airline customer does not perform and take delivery of the contracted aircraft, we believe that we would have the ability to recover amounts paid. However, to the extent early issue sales consideration exceeds advances and is not considered to be otherwise recoverable, it would be written off in the current period. Precontract Costs We may, from time to time, incur costs in excess of the amounts required for existing contracts. If we determine the costs are probable of recovery from future orders, then we capitalize the precontract costs we incur, excluding start-up costs which are expensed as incurred. Capitalized precontract costs are included in Inventories in the accompanying Consolidated Statements of Financial Position. Should future orders not materialize or we determine the costs are no longer probable of recovery, the capitalized costs would be written off. Property, Plant and Equipment Property, plant and equipment are recorded at cost, including applicable construction-period interest, less accumulated depreciation and are depreciated principally over the following estimated useful lives: new buildings and land improvements, from 10 to 40 years; and new machinery and equipment, from 4 to 20 years. The principal methods of depreciation are as follows: buildings and land improvements, 150% declining balance; and machinery and equipment, sum-of-the-years’ digits. Capitalized internal use software is included in Other assets and amortized using the straight line method over 5 years. Capitalized software as a service is included in Other assets and amortized using the straight line method over the term of the hosting arrangement, which is typically no greater than 10 years. We periodically evaluate the appropriateness of remaining depreciable lives assigned to long-lived assets, including assets that may be subject to a management plan for disposition. Long-lived assets held for sale are stated at the lower of cost or fair value less cost to sell. Long-lived assets held for use are subject to an impairment assessment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset. Leases We determine if an arrangement is, or contains, a lease under which we are the lessee at the inception date. Operating lease assets are included in Other assets, with the related liabilities included in Accrued liabilities and Other long-term liabilities. Assets under finance leases, which primarily represent computer equipment, are included in Property, plant and equipment, net, with the related liabilities included in Short-term debt and current portion of long-term debt and Long-term debt on the Consolidated Statements of Financial Position. Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. We use our estimated incremental borrowing rate in determining the present value of lease payments. Variable components of the lease payments such as fair market value adjustments, utilities and maintenance costs are expensed as incurred and not included in determining the present value. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. We have real property lease agreements with lease and non-lease components which are accounted for as a single lease component. Asset Retirement Obligations We record all known asset retirement obligations for which the liability’s fair value can be reasonably estimated, including certain asbestos removal, asset decommissioning and contractual lease restoration obligations. Recorded amounts are not material. We also have known conditional asset retirement obligations, such as certain asbestos remediation and asset decommissioning activities to be performed in the future, that are not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, these obligations have not been recorded in the Consolidated Financial Statements. A liability for these obligations will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. In addition, there may be conditional asset retirement obligations that we have not yet discovered (e.g. asbestos may exist in certain buildings but we have not become aware of it through the normal course of business), and therefore, these obligations also have not been included in the Consolidated Financial Statements. Goodwill and Other Acquired Intangibles Goodwill and other acquired intangible assets with indefinite lives are not amortized, but are tested for impairment annually and when an event occurs or circumstances change such that it is more likely than not that an impairment may exist. Our annual testing date is April 1. We test goodwill for impairment by performing a qualitative assessment or using a quantitative test. If we choose to perform a qualitative assessment and determine it is more likely than not that the carrying value of the net assets is more than the fair value of the related operations, the quantitative test is then performed; otherwise, no further testing is required. For operations where the quantitative test is used, we compare the carrying value of net assets to the estimated fair value of the related operations. If the fair value is determined to be less than carrying value, the shortfall up to the carrying value of the goodwill represents the amount of goodwill impairment. Indefinite-lived intangibles consist of a brand and trade name and in-process research and development (IPR&D) acquired in business combinations. IPR&D is initially capitalized at fair value as an intangible asset with an indefinite life and assessed for impairment thereafter. IPR&D is reclassified to finite-lived acquired intangible assets when a project is completed and then amortized on a straight-line basis over the asset’s estimated useful life. We test these intangibles for impairment by comparing the carrying values to current projections of related discounted cash flows. Any excess carrying value over the amount of discounted cash flows represents the amount of the impairment. Our finite-lived acquired intangible assets are amortized on a straight-line basis over their estimated useful lives as follows: developed technology, from 4 to 14 years; product know-how, from 6 to 30 years; customer base, from 3 to 17 years; distribution rights, from 3 to 27 years; and other, from 1 to 32 years. We evaluate the potential impairment of finite-lived acquired intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset. Investments Time deposits are held-to-maturity investments that are |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangibles | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangibles | Goodwill and Acquired Intangibles Changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2021 were as follows: Commercial Defense, Space & Security Global Services Other Total Balance at December 31, 2020 $1,316 $3,224 $3,454 $87 $8,081 Goodwill adjustments (11) (2) (13) Balance at December 31, 2021 $1,316 $3,224 $3,443 $85 $8,068 Goodwill adjustments (11) (11) Balance at December 31, 2022 $1,316 $3,224 $3,432 $85 $8,057 As of December 31, 2022 and 2021, we had indefinite-lived intangible assets with carrying amounts of $197 relating to trade names. As of December 31, 2022 and 2021, we had an indefinite-lived intangible asset with a carrying amount of $202 related to in process research and development for a next-generation air vehicle. The gross carrying amounts and accumulated amortization of our acquired finite-lived intangible assets were as follows at December 31: 2022 2021 Gross Accumulated Gross Accumulated Distribution rights $2,546 $1,443 $2,554 $1,321 Product know-how 552 441 553 413 Customer base 1,356 777 1,360 721 Developed technology 621 545 626 526 Other 276 233 301 250 Total $5,351 $3,439 $5,394 $3,231 During 2020, we recorded impairments of $178 within Cost of Sales 2023 2024 2025 2026 2027 Estimated amortization expense $234 $219 $194 $190 $172 |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per ShareBasic and diluted earnings per share are computed using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Basic earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the basic weighted average common shares outstanding. Diluted earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the diluted weighted average common shares outstanding. The elements used in the computation of basic and diluted earnings per share were as follows: (In millions - except per share amounts) Years ended December 31, 2022 2021 2020 Net loss available to common shareholders ($4,935) ($4,202) ($11,873) Basic Basic weighted average shares outstanding 595.2 588.0 569.0 Less: participating securities (2) 0.3 0.4 0.4 Basic weighted average common shares outstanding 594.9 587.6 568.6 Diluted Basic weighted average shares outstanding 595.2 588.0 569.0 Dilutive potential common shares (1) Diluted weighted average shares outstanding 595.2 588.0 569.0 Less: participating securities (2) 0.3 0.4 0.4 Diluted weighted average common shares outstanding 594.9 587.6 568.6 Net loss per share: Basic ($8.30) ($7.15) ($20.88) Diluted (8.30) (7.15) (20.88) (1) Diluted loss per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards. (2) Participating securities include certain instruments in our deferred compensation plan. As a result of incurring a net loss in 2022, 2021 and 2020, potential common shares of 3.5 million, 2.6 million and 1.6 million, respectively, were excluded from diluted loss per share because the effect would have been antidilutive. The following table represents all shares that were excluded from the calculation of diluted loss per share during the respective period but may be dilutive potential common shares in future periods. This includes potential common shares that were excluded because the effect was either antidilutive or the performance condition was not met. (Shares in millions) Years ended December 31, 2022 2021 2020 Performance awards 2.9 5.7 Performance-based restricted stock units 0.4 0.8 1.3 Restricted stock units 1.0 0.4 1.0 Stock options 0.8 0.3 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of Loss before income taxes were: Years ended December 31, 2022 2021 2020 U.S. ($5,457) ($5,475) ($14,882) Non-U.S. 435 442 406 Total ($5,022) ($5,033) ($14,476) Income tax (benefit)/expense consisted of the following: Years ended December 31, 2022 2021 2020 Current tax (benefit)/expense U.S. federal ($58) ($89) ($3,968) Non-U.S. 142 147 148 U.S. state (42) 42 21 Total current 42 100 (3,799) Deferred tax (benefit)/expense U.S. federal (62) (855) 652 Non-U.S. (3) (12) U.S. state 54 24 612 Total deferred (11) (843) 1,264 Total income tax expense/(benefit) $31 ($743) ($2,535) Net income tax (refunds)/payments were ($1,317), ($1,480) and $37 in 2022, 2021 and 2020, respectively. The following is a reconciliation of the U.S. federal statutory tax to actual income tax (benefit)/expense: Years ended December 31, 2022 2021 2020 Amount Rate Amount Rate Amount Rate U.S. federal statutory tax ($1,054) 21.0 % ($1,057) 21.0 % ($3,039) 21.0 % Valuation allowance 1,199 (23.9) 512 (10.2) 2,603 (18.0) Research and development credits (204) 4.1 (189) 3.8 (284) 2.0 State income tax provision, net of effects on U.S. federal tax (90) 1.8 (94) 1.9 (168) 1.2 Tax on non-U.S. activities 64 (1.3) 47 (0.9) 7 (0.1) Impact of CARES Act (1) (5) 0.1 3 (0.1) (1,175) 8.1 Other provision adjustments 121 (2.4) 35 (0.8) 108 (0.8) Audit settlements (2) (587) 4.1 Income tax expense/(benefit) $31 (0.6) % ($743) 14.7 % ($2,535) 17.5 % (1) On March 27, 2020, the CARES Act was enacted, which includes a five year net operating loss (NOL) carryback provision which enabled us to benefit from the 2020 U.S. federal tax NOL at the former federal tax rate of 35%. In 2022, 2021, and 2020, we recorded tax benefits of $5, tax expense of $3, and tax benefits of $1,175 related to the NOL carryback provision. (2) In the fourth quarter of 2020, we recorded a tax benefit of $587 related to the settlement of the 2015-2017 federal tax audit. Significant components of our deferred tax assets/(liabilities) at December 31 were as follows: 2022 2021 Inventory and long-term contract methods of income recognition ($4,369) ($3,827) Federal net operating loss, credit, interest and other carryovers (1) 2,082 1,522 Fixed assets, intangibles and goodwill (1,641) (1,657) Research expenditures 1,464 Pension benefits 1,146 1,739 Other employee benefits 1,095 991 State net operating loss, credit, interest and other carryovers (2) 1,021 929 Accrued expenses and reserves 933 763 Other postretirement benefit obligations 660 913 737 MAX customer concessions and other considerations 425 682 Other 179 227 Gross deferred tax assets/(liabilities) before valuation allowance $2,995 $2,282 Valuation allowance (3,162) (2,423) Net deferred tax assets/(liabilities) after valuation allowance ($167) ($141) (1) Of the deferred tax asset for federal net operating loss, credit, interest and other carryovers, $742 expires on or before December 31, 2042 and $1,340 may be carried over indefinitely. (2) Of the deferred tax asset for state net operating loss, credit, interest and other carryovers, $514 expires on or before December 31, 2042 and $507 may be carried over indefinitely. Net deferred tax assets/(liabilities) at December 31 were as follows: 2022 2021 Deferred tax assets $12,301 $11,258 Deferred tax liabilities (9,306) (8,976) Valuation allowance (3,162) (2,423) Net deferred tax assets/(liabilities) ($167) ($141) The Company’s deferred income tax assets of $12,301 can be used in future years to offset taxable income and reduce income taxes payable. The Company’s deferred income tax liabilities of $9,306 will partially offset deferred income tax assets and result in higher taxable income in future years and increase income taxes payable. Tax law determines whether future reversals of temporary differences will result in taxable and deductible amounts that offset each other in future years. The particular years in which temporary differences result in taxable or deductible amounts generally are determined by the timing of the recovery of the related asset or settlement of the related liability. The deferred income tax assets and liabilities relate primarily to U.S. federal and state tax jurisdictions. From a U.S. federal tax perspective, the Company generated a tax NOL in 2020 that was carried back to prior years when the tax rate was 35% due to the CARES Act benefit as described above. The Company generated tax NOL in 2021 and interest carryovers in 2021 and 2022 that can be carried forward indefinitely and federal research and development credits that can be carried forward 20 years. In the fourth quarter of 2020 and throughout 2021 and 2022, the Company was in a three-year cumulative pre-tax loss position. We also normalized earnings and other comprehensive income (OCI) for certain non-recurring items and reached a normalized three-year cumulative loss position in 2021. Adjustments to normalize earnings included non-recurring items for certain 737 MAX expenses, an agreement with the Department of Justice, severance costs and remeasurement gains and losses from the annual remeasurement of pension and other postretirement benefit obligations. For purposes of assessing the recoverability of deferred tax assets, the Company determined that it could not include future projected earnings in the analysis due to recent history of losses. As of December 31, 2022 and 2021, the Company has recorded valuation allowances of $3,162 and $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. The increase in the valuation allowance during 2022 is primarily due to tax credits and other carryforwards generated in 2022 that cannot be realized in 2022. During 2022, the Company increased the valuation allowance by $739. This reflects a tax expense of $1,199 recorded in continuing operations and an increase of $18 related to the associated federal benefit of state impacts. This was partially offset by a tax benefit of $478 included in OCI primarily due to the net actuarial gains that resulted from the annual remeasurement of pension assets and liabilities. Until the Company generates sustained levels of profitability, additional valuation allowances may have to be recorded with corresponding adverse impacts on earnings and/or OCI. The Tax Cuts and Jobs Act (TCJA) one-time repatriation tax and Global Intangible Low Tax Income liabilities effectively taxed the undistributed earnings previously deferred from U.S. income taxes. We have not provided for deferred income taxes on the undistributed earnings from certain non-U.S. subsidiaries because such earnings are considered to be indefinitely reinvested. If such earnings were to be distributed, any deferred income taxes would not be significant. As of December 31, 2022 and 2021, the amounts accrued for the payment of income tax-related interest and penalties included in the Consolidated Statements of Financial Position were not significant. The amounts of interest included in the Consolidated Statements of Operations were not significant for 2022, 2021 and 2020. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2022 2021 2020 Unrecognized tax benefits – January 1 $858 $966 $1,476 Gross increases – tax positions in prior periods 17 64 44 Gross decreases – tax positions in prior periods (51) (245) (581) Gross increases – current period tax positions 91 73 136 Gross decreases – current period tax positions Settlements (109) Unrecognized tax benefits – December 31 $915 $858 $966 As of December 31, 2022, 2021 and 2020, the total amount of unrecognized tax benefits include $878, $790 and $734, respectively, that would affect the effective tax rate, if recognized. As of December 31, 2022, these amounts are primarily associated with the amount of research tax credits claimed and various other matters. 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 2008-2021 tax years. We believe appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years. |
Accounts Receivable, net
Accounts Receivable, net | 12 Months Ended |
Dec. 31, 2022 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Accounts Receivable, net | Accounts Receivable, net Accounts receivable at December 31 consisted of the following: 2022 2021 U.S. government contracts (1) $800 $1,180 Commercial Airplanes 293 279 Global Services (2) 1,390 1,456 Defense, Space, & Security (2) 145 111 Other 5 5 Less valuation allowance (116) (390) Total $2,517 $2,641 (1) Includes foreign military sales through the U.S. government (2) Excludes U.S. government contracts |
Allowance for Losses on Financi
Allowance for Losses on Financial Assets | 12 Months Ended |
Dec. 31, 2022 | |
Credit Loss [Abstract] | |
Allowances for Losses on Financial Assets | Allowances for Losses on Financial Assets The change in allowances for expected credit losses for the years ended December 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 (24) (11) 6 (1) (59) (89) Write-offs 77 49 4 13 143 Recoveries 1 1 Balance at December 31, 2021 (390) (91) (62) (18) (186) (747) Balance at January 1, 2022 (390) (91) (62) (18) (186) (747) Changes in estimates 2 21 (27) (37) (35) (76) Write-offs 260 47 4 133 444 Recoveries 12 12 Balance at December 31, 2022 ($116) ($23) ($85) ($55) ($88) ($367) |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories at December 31 consisted of the following: 2022 2021 Long-term contracts in progress $582 $872 Commercial aircraft programs 67,702 68,106 Capitalized precontract costs (1) 794 648 Commercial spare parts, used aircraft, general stock materials and other 9,073 9,197 Total $78,151 $78,823 (1) Capitalized precontract costs at December 31, 2022 includes amounts related to KC-46A Tanker, Commercial Crew, and T-7 Production Options. See Note 13. Commercial Aircraft Programs The decrease in commercial aircraft programs inventory during 2022 reflects a decrease in 737 and 787 inventory, offset by growth in 777X inventory. Commercial aircraft programs inventory includes approximately 250 737 aircraft and 100 787 aircraft at December 31, 2022 as compared with 335 737 aircraft and 110 787 aircraft at December 31, 2021. At December 31, 2022 and 2021, commercial aircraft programs inventory included the following amounts related to the 737 program: deferred production costs of $2,955 and $1,296 and unamortized tooling and other non-recurring costs of $626 and $617. At December 31, 2022, $3,555 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 $26 is expected to be recovered from units included in the program accounting quantity that represent expected future orders. At December 31, 2022 and 2021, commercial aircraft programs inventory included the following amounts related to the 777X program: $4,059 and $3,363 of work in process, $1,330 and $652 of deferred production costs, and $3,774 and $3,521 of unamortized tooling and other non-recurring costs. In April 2022, we decided to pause production of the 777X-9 during 2022 and 2023. The production pause is resulting in abnormal production costs that are being expensed as incurred until 777X-9 production resumes. We expensed abnormal production costs of $325 during the year ended December 31, 2022. The 777X program has near break-even margins at December 31, 2022. During the fourth quarter of 2021, we determined that estimated costs to complete the 787 program plus costs already included in 787 inventory exceed estimated revenues from the program. The resulting reach-forward loss of $3,460 was recorded as a reduction to deferred production costs. At December 31, 2022 and 2021, commercial aircraft programs inventory included the following amounts related to the 787 program: deferred production costs of $12,689 and $11,693, $1,831 and $1,907 of supplier advances, and $1,722 and $1,815 of unamortized tooling and other non-recurring costs. At December 31, 2022, $9,881 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 $4,530 is expected to be recovered from units included in the program accounting quantity that represent expected future orders. We are currently producing at abnormally low rates resulting in abnormal production costs that are being expensed as incurred. We expensed abnormal production costs of $1,240 and $468 during the years ended December 31, 2022 and 2021. Commercial aircraft programs inventory included amounts credited in cash or other consideration (early issue sales consideration) to airline customers totaling $3,586 and $3,290 at December 31, 2022 and 2021. |
Contracts with Customers
Contracts with Customers | 12 Months Ended |
Dec. 31, 2022 | |
Contracts with Customers [Abstract] | |
Contracts with Customers | Contracts with Customers Unbilled receivables increased from $8,620 at December 31, 2021 to $8,634 at December 31, 2022, primarily driven by revenue recognized in excess of billings at BGS, partially offset by billings in excess of revenue recognized at BDS. Advances and progress billings increased from $52,980 at December 31, 2021 to $53,081 at December 31, 2022, primarily driven by advances on orders received at BCA, partially offset by revenue recognized at BDS and BGS. Revenues recognized for the years ended December 31, 2022 and 2021 from amounts recorded as Advances and progress billings at the beginning of each year were $12,087 and $11,336. The following table summarizes our contract assets under long-term contracts that were unbillable or related to outstanding claims as of December 31: Unbilled Claims 2022 2021 2022 2021 Current $6,478 $5,870 $4 Expected to be collected after one year 2,179 2,841 $16 $11 Less valuation allowance (23) (91) Total $8,634 $8,620 $16 $15 Unbilled receivables related to commercial customer incentives expected to be collected after one year were $117 and $131 at December 31, 2022 and 2021. Unbilled receivables related to claims are items that we believe are earned, but are subject to uncertainty concerning their determination or ultimate realization. |
Customer Financing
Customer Financing | 12 Months Ended |
Dec. 31, 2022 | |
Customer Financing [Abstract] | |
Customer Financing | Customer Financing Customer financing primarily relates to our BCC segment. Financing arrangements typically range in terms from 1 to 12 years and may include options to extend or terminate the lease. Certain leases include provisions to allow the lessee to purchase the underlying aircraft at a specified price. Customer financing consisted of the following at December 31: 2022 2021 Financing receivables: Investment in sales-type/finance leases $804 $944 Notes 385 412 Total financing receivables 1,189 1,356 Less allowance for losses on receivables 55 18 Financing receivables, net 1,134 1,338 Operating lease equipment, at cost, less accumulated depreciation of $76 and $58 470 474 Total $1,604 $1,812 The components of investment in sales-type/finance leases at December 31 were as follows: 2022 2021 Minimum lease payments receivable $924 $1,099 Estimated residual value of leased assets 86 110 Unearned income (206) (265) Total $804 $944 At December 31, 2022 and 2021, $405 and $378 were determined to be uncollectible financing receivables and placed on non-accrual status. The increase in allowance for losses on receivables during the year ended December 31, 2022 was primarily due to impacts of the war in Ukraine. Customer financing interest income received for the years ended December 31, 2022 and 2021 was $13 and $18. There were no past due customer financing receivables as of December 31, 2022. Our financing receivable balances at December 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 $68 $68 BB $35 $218 $112 $39 $12 63 479 B 35 218 253 CCC 19 370 389 Total carrying value of financing receivables $35 $253 $112 $58 $12 $719 $1,189 At December 31, 2022, our allowance for losses related to receivables with ratings of CCC, B, BB and BBB. We applied default rates that averaged 100.0%, 31.5%, 2.9% 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 at December 31: 2022 2021 717 Aircraft ($45 and $62 accounted for as operating leases) $563 $603 747-8 Aircraft (Accounted for as sales-type/finance leases) 394 435 737 Aircraft ($174 and $145 accounted for as operating leases) 186 163 777 Aircraft ($209 and $225 accounted for as operating leases) 209 233 MD-80 Aircraft (Accounted for as sales-type/finance leases) 96 142 757 Aircraft (Accounted for as sales-type/finance leases) 107 126 747-400 Aircraft ($0 and $1 accounted for as operating leases) 46 50 Operating lease equipment primarily includes large commercial jet aircraft. Impairment charges related to customer financing operating lease assets for the years ended December 31 were as follows: 2022 2021 2020 Boeing Capital $2 $23 $32 Other Boeing 5 8 (8) Total $7 $31 $24 Lease income recorded in Revenue on the Consolidated Statements of Operations for the years ended December 31, 2022 and 2021 included $69 and $54 from sales-type/finance leases, and $65 and $68 from operating leases As of December 31, 2022, undiscounted cash flows for notes receivable, sales-type/finance and operating leases over the next five years and thereafter are as follows: Notes receivable Sales-type/finance leases Operating leases Year 1 $201 $239 $61 Year 2 18 161 50 Year 3 19 131 47 Year 4 21 118 43 Year 5 22 116 43 Thereafter 104 159 61 Total financing receipts 385 924 305 Less imputed interest (206) Estimated unguaranteed residual values 86 Total $385 $804 $305 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment at December 31 consisted of the following: 2022 2021 Land $376 $377 Buildings and land improvements 14,404 14,152 Machinery and equipment 15,844 15,692 Construction in progress 1,368 1,235 Gross property, plant and equipment 31,992 31,456 Less accumulated depreciation (21,442) (20,538) Total $10,550 $10,918 Depreciation expense was $1,396, $1,488 and $1,533 for 2022, 2021 and 2020, respectively. Interest capitalized in 2022, 2021 and 2020 totaled $89, $76 and $81, respectively. During 2022 and 2021, we acquired $101 and $46 of property, plant and equipment through non-cash investing and financing transactions. Accounts payable related to purchases of property, plant and equipment were $396 and $295 for the years ended December 31, 2022 and 2021. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments [Abstract] | |
Investments | Investments Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following at December 31: 2022 2021 Equity method investments (1) $948 $930 Time deposits 2,093 7,676 Available for sale debt instruments 479 464 Equity and other investments 36 45 Restricted cash & cash equivalents (2) 33 52 Total $3,589 $9,167 (1) Dividends received were $111 and $77 during 2022 and 2021. Retained earnings at December 31, 2022 include undistributed earnings from our equity method investments of $141. During the third quarter of 2021, Boeing and AE Industrial Partners announced a strategic partnership to establish a dedicated aerospace venture fund. This transaction resulted in the deconsolidation of HorizonX and generated a gain of $117 which is included in (Loss)/income from operating investments, net. (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 we have not recognized an allowance for credit losses as of December 31, 2022. Equity Method Investments Our equity method investments consisted of the following at December 31: Segment Ownership Percentages Investment Balance 2022 2021 United Launch Alliance BDS 50% $587 $617 Other BCA, BDS, BGS and Other 361 313 Total equity method investments $948 $930 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Leases Our operating lease assets primarily represent manufacturing and research and development facilities, warehouses and offices. Total operating lease expense was $421 and $380 for the years ended December 31, 2022 and 2021, of which $75 and $73 was attributable to variable lease expenses. For the years ended December 31, 2022 and 2021, cash payments against operating lease liabilities totaled $294 and $301 and non-cash transactions totaled $245 and $443 to recognize operating assets and liabilities for new leases. Supplemental Consolidated Statement of Financial Position information related to leases consisted of the following at December 31: 2022 2021 Operating leases: Operating lease right-of-use assets $1,451 $1,437 Current portion of lease liabilities 276 268 Non-current portion of lease liabilities 1,305 1,271 Total operating lease liabilities $1,581 $1,539 Weighted average remaining lease term (years) 12 13 Weighted average discount rate 4.13% 3.82% Maturities of operating lease liabilities for the next five years are as follows: Operating leases 2023 $316 2024 259 2025 224 2026 191 2027 151 Thereafter 1,039 Total lease payments 2,180 Less imputed interest (599) Total $1,581 As of December 31, 2022, we have entered into leases that have not yet commenced of $420, primarily for a maintenance, repair and overhaul hangar that will support military aircraft programs. These leases will commence in 2023 with lease terms of 3 years to 25 years. |
Liabilities, Commitments and Co
Liabilities, Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Liabilities, Commitments and Contingencies | Liabilities, Commitments and Contingencies Accrued Liabilities Accrued liabilities at December 31 consisted of the following: 2022 2021 Accrued compensation and employee benefit costs $6,351 $6,037 737 MAX grounding customer concessions and other considerations 1,864 2,940 Other customer concessions and considerations 1,102 240 Environmental 752 605 Product warranties 2,275 1,900 Forward loss recognition 4,060 2,014 Accrued interest payable 599 641 Current portion of lease liabilities 276 268 Current portion of retiree healthcare and pension liabilities 494 536 Other 3,808 3,274 Total $21,581 $18,455 737 MAX Grounding The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during 2022 and 2021. 2022 2021 Beginning balance – January 1 $2,940 $5,537 Reductions for payments made (1,031) (2,535) Reductions for concessions and other in-kind considerations (29) (48) Changes in estimates (16) (14) Ending balance – December 31 $1,864 $2,940 The liability balance of $1.9 billion at December 31, 2022 includes $1.6 billion of contracted customer concessions and other liabilities and $0.3 billion that remains subject to negotiation with customers. The contracted amount includes $0.8 billion expected to be liquidated by lower customer delivery payments, $0.7 billion expected to be paid in cash and $0.1 billion in other concessions. Of the cash payments to customers, we expect to pay $0.1 billion in 2023 and the remaining $0.6 billion in future years. The type of consideration to be provided for the remaining $0.3 billion will depend on the outcomes of negotiations with customers. Environmental The following table summarizes environmental remediation activity during the years ended December 31, 2022 and 2021. 2022 2021 Beginning balance – January 1 $605 $565 Reductions for payments made, net of recoveries (43) (59) Changes in estimates 190 99 Ending balance – December 31 $752 $605 The liabilities recorded represent our best estimate or the low end of a range of reasonably possible costs expected to be incurred to remediate sites, including operation and maintenance over periods of up to 30 years. It is reasonably possible that we may incur charges that exceed these recorded amounts because of regulatory agency orders and directives, changes in laws and/or regulations, higher than expected costs and/or the discovery of new or additional contamination. As part of our estimating process, we develop a range of reasonably possible alternate scenarios that includes the high end of a range of reasonably possible cost estimates for all remediation sites for which we have sufficient information based on our experience and existing laws and regulations. There are some potential remediation obligations where the costs of remediation cannot be reasonably estimated. At December 31, 2022 and 2021, the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $1,058 and $1,094. Product Warranties The following table summarizes product warranty activity recorded during the years ended December 31, 2022 and 2021. 2022 2021 Beginning balance – January 1 $1,900 $1,527 Additions for current year deliveries 202 116 Reductions for payments made (403) (241) Changes in estimates 576 498 Ending balance – December 31 $2,275 $1,900 Commercial Aircraft Trade-In Commitments In conjunction with signing definitive agreements for the sale of new aircraft, we have entered into trade-in commitments with certain customers that give them the right to trade in used aircraft at a specified price. The probability that trade-in commitments will be exercised is determined by using both quantitative information from valuation sources and qualitative information from other sources. The probability of exercise is assessed quarterly, or as events trigger a change, and takes into consideration the current economic and airline industry environments. Trade-in commitments, which can be terminated by mutual consent with the customer, may be exercised only during the period specified in the agreement and require advance notice by the customer. Trade-in commitment agreements at December 31, 2022 have expiration dates from 2023 through 2029. At December 31, 2022 and 2021, total contractual trade-in commitments were $1,117 and $612. As of December 31, 2022 and 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 $286 and $283, and the fair value of the related trade-in aircraft was $286 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 $16,105 and $12,905 as of December 31, 2022 and 2021. The estimated earliest potential funding dates for these commitments as of December 31, 2022 are as follows: Total 2023 $3,084 2024 2,608 2025 3,381 2026 2,555 2027 1,520 Thereafter 2,957 $16,105 As of December 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. Other Financial Commitments We have financial commitments to make additional capital contributions totaling $270 related to certain 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 and security agreements. Contingent liabilities on outstanding letters of credit agreements and surety bonds aggregated approximately $5,070 and $3,634 as of December 31, 2022 and 2021. Company Owned Life Insurance McDonnell Douglas Corporation insured its executives with Company Owned Life Insurance (COLI), which are life insurance policies with a cash surrender value. Although we do not use COLI currently, these obligations from the merger with McDonnell Douglas are still a commitment at this time. We have loans in place to cover costs paid or incurred to carry the underlying life insurance policies. As of December 31, 2022 and 2021, the cash surrender value was $376 and $374 and the total loans were $346 and $360. As we have the right to offset the loans against the cash surrender value of the policies, we present the net asset in Other assets on the Consolidated Statements of Financial Position as of December 31, 2022 and 2021. Government Assistance In 2022, we adopted Accounting Standards Update (ASU) 2021-10, Government Assistance (Topic 832) , which requires certain disclosures for those government assistance transactions for which we have applied a grant accounting model. Certain states and localities in which we operate offer or have offered various business incentives related to investment and/or job creation. Between 2010 and 2016, we received cash grants totaling $346 related to our investment in operations in South Carolina. The grants were recorded in Other liabilities and are being amortized, primarily to inventory, over the useful life of the Property, plant and equipment extending through 2052. During 2022, we amortized $11 to Inventory, and recorded a benefit of $5 in Cost of Sales. At December, 31, 2022, inventory included a benefit of $64 and Accrued liabilities included a balance of $106. We are eligible to claim tax refunds from the State of Missouri and City of Irving, Texas primarily related to job creation and retention through 2031. During 2022, we received $30 in cash and recorded a benefit of $21 in Cost of sales. At December 31, 2022, Other current assets includes receivables of $20. As of December 31, 2022, $56 of refunds, plus interest, is subject to clawback if we fail to meet certain conditions, including employment levels. We are eligible to claim cash grants through 2032 of up to $62, related to operations in Queensland, Australia. During 2022, $7 cash was received and recorded as a benefit in Cost of Sales. At December 31, 2022, $4 is subject to clawback if we fail to meet certain conditions, including employment levels. Industrial Revenue Bonds (IRB) issued by St. Louis County were used to finance the purchase and/or construction of real and personal property at our St. Louis site. Tax benefits associated with IRBs include a twelve-year property tax abatement and sales tax exemption from St. Louis County. We record these properties on our Consolidated Statements of Financial Position. We have also purchased the IRBs and therefore are the bondholders as well as the borrower/lessee of the properties purchased with the IRB proceeds. The liabilities and IRB assets are equal and are reported net in the Consolidated Statements of Financial Position. As of December 31, 2022 and 2021, the assets and liabilities associated with the IRBs were $271. Recoverable Costs on Government Contracts Our final incurred costs for each year are subject to audit and review for allowability by the U.S. government, which can result in payment demands related to costs they believe should be disallowed. We work with the U.S. government to assess the merits of claims and where appropriate reserve for amounts disputed. If we are unable to satisfactorily resolve disputed costs, we could be required to record an earnings charge and/or provide refunds to the U.S. government. Fixed-Price Contracts Substantially all contracts at BDS and the majority of contracts at BGS Government are long-term contracts. Long-term contracts that are contracted on a fixed-price basis could result in losses in future periods. Certain of the fixed-price contracts are for the development of new products, services and related technologies. This development work scope is inherently uncertain and subject to significant variability in estimates of the cost and time required to complete the work by us and our suppliers. The operational and technical complexities of fixed-price development contracts create financial risk, which could trigger additional earnings charges, termination provisions, order cancellations, or other financially significant exposure. VC-25B Presidential Aircraft The Company’s firm fixed-price contract for the Engineering, Manufacturing, and Development (EMD) effort on the U.S. Air Force’s (USAF) VC-25B Presidential Aircraft, commonly known as Air Force One, is a $4.3 billion program to develop and modify two 747-8 commercial aircraft. During the year ended December 31, 2022, we increased the reach-forward loss on the contract by $1,452 primarily driven by increases to cost estimates associated with factory modification labor and support engineering resources due to labor instability and inefficiencies that we now estimate will persist longer than previously anticipated, higher supplier cost estimates based on ongoing supplier negotiations and higher levels of engineering design changes due to technical requirements which are driving increased rework and schedule delays. Risk remains that we may 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 as well as priced options for 13 annual production lots totaling 179 aircraft. This EMD contract is a fixed-price incentive fee contract and involves highly complex designs and systems integration. Since 2016, the USAF has authorized eight low rate initial production (LRIP) lots for a total of 109 aircraft. The EMD contract and authorized LRIP lots total approximately $21 billion as of December 31, 2022. As of December 31, 2022, we had approximately $209 of capitalized precontract costs and $292 of potential termination liabilities to suppliers related to unexercised future lots. During the year ended December 31, 2022, we increased the reach-forward loss on the KC-46A Tanker program by $1,374 primarily reflecting higher production and supply chain costs partially driven by labor instability and supply chain disruption, most of which was recorded during the third quarter of 2022. The increase in production costs was primarily driven by factory unit time performance expectations that assume continued production disruption due to labor instability and supply chain disruption. Factory unit time estimates also reflect reduced benefits from prior investments in productivity enablers and higher factory unit time to produce aircraft for the remaining life of the program. The current year losses also reflect increased estimated change incorporation costs for flight test aircraft as well as schedule delays to complete the Remote Vision System. Risk remains that we may 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. During the year ended December 31, 2022, we increased the MQ-25 reach-forward loss by $579 primarily driven by higher than anticipated costs to manufacture the EMD units reflecting recent performance which is resulting in additional factory resources and increased engineering costs to address design and supplier quality issues. We also increased costs associated with engineering design challenges, additional testing and certification activities, and flight test support. Risk remains that we may 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. During the year ended December 31, 2022, we recorded earnings charges of $203 related to the T-7A Red Hawk fixed-price EMD contract, which has a reach-forward loss at December 31, 2022. Current year losses were primarily due to supply chain and hardware qualification issues, as well as schedule delays in achieving Military Flight Release and additional cost growth to resolve technical issues and other engineering design changes identified during 2022. EMD aircraft flight testing is now estimated to start in 2023. 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 2024. We increased the estimated reach-forward loss by $552 during the year ended December 31, 2022 primarily driven by ongoing supply chain negotiations (which are impacted by supply chain constraints and inflationary pressures), and design revisions, as well as an increase in the number of expected units in the initial production lots. Risk remains that we may record additional losses in future periods. At December 31, 2022, we had approximately $56 of capitalized precontract costs and $283 of potential termination liabilities to suppliers related to future production lots. |
Arrangements with Off-Balance S
Arrangements with Off-Balance Sheet Risk | 12 Months Ended |
Dec. 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. The carrying amount of liabilities represents the amount included in Accrued liabilities. Maximum Estimated Carrying December 31, 2022 2021 2022 2021 2022 2021 Contingent repurchase commitments $514 $548 $514 $548 Credit guarantees 45 90 28 $27 $24 Contingent Repurchase Commitments In conjunction with signing a definitive agreement for the sale of commercial aircraft, we have entered into contingent repurchase commitments with certain customers wherein we agree to repurchase the sold aircraft at a specified price, generally 10 to 15 years after delivery. Our repurchase of the aircraft is contingent upon entering into a mutually acceptable agreement for the sale of additional new aircraft in the future. 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. If a future sale agreement is reached and a customer elects to exercise its right under a contingent repurchase commitment, the contingent repurchase commitment becomes a trade-in commitment. Our historical experience is that contingent repurchase commitments infrequently become trade-in commitments. 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. 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 13. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt In the third quarter of 2022, we entered into a $5,800 364-day revolving credit agreement expiring in August 2023, a $3,000 three-year revolving credit agreement expiring in August 2025, and amended our $3,200 five-year revolving credit agreement, which expires in October 2024, primarily to incorporate a LIBOR successor rate. The 364-day credit facility has a one-year term out option which allows us to extend the maturity of any borrowings one year beyond the aforementioned expiration date. As of December 31, 2022, we had $12,000 currently available under credit line agreements. We continue to be in full compliance with all covenants contained in our debt or credit facility agreements. Interest incurred, including amounts capitalized, was $2,650, $2,790 and $2,280 for the years ended December 31, 2022, 2021 and 2020, respectively. Interest expense recorded by BCC is reflected as Boeing Capital interest expense on our Consolidated Statements of Operations. Total Company interest payments were $2,572, $2,583 and $1,925 for the years ended December 31, 2022, 2021 and 2020, respectively. Short-term debt and current portion of long-term debt at December 31 consisted of the following: 2022 2021 Unsecured debt $5,103 $1,155 Finance lease obligations 65 61 Other notes 22 80 Total $5,190 $1,296 Debt at December 31 consisted of the following: 2022 2021 Unsecured debt 1.17% - 2.50% due through 2026 $11,846 12,404 2.60% - 3.20% due through 2030 6,412 7,001 3.25% - 3.90% due through 2059 9,576 9,570 3.95% - 5.15% due through 2059 14,035 13,993 5.71% - 6.63% due through 2060 13,011 13,008 6.88% - 8.75% due through 2043 1,854 1,853 Other debt and notes Finance lease obligations due through 2044 206 180 Other notes 61 93 Total debt $57,001 $58,102 Scheduled principal payments for debt and minimum finance lease obligations for the next five years are as follows: 2023 2024 2025 2026 2027 Debt $5,128 $5,081 $4,306 $7,966 $3,300 Minimum finance lease obligations $69 $52 $41 $22 $5 |
Postretirement Plans
Postretirement Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits, Description [Abstract] | |
Postretirement Plans | Postretirement Plans Many of our employees have earned benefits under defined benefit pension plans. The majority of employees that had participated in defined benefit pension plans have transitioned to a company-funded defined contribution retirement savings plan. We fund our major pension plans through trusts. Pension assets are placed in trust solely for the benefit of the plans’ participants and are structured to maintain liquidity that is sufficient to pay benefit obligations as well as to keep pace over the long-term with the growth of obligations for future benefit payments. We also have other postretirement benefits (OPB) other than pensions which consist principally of health care coverage for eligible retirees and qualifying dependents, and to a lesser extent, life insurance to certain groups of retirees. Retiree health care is provided principally until age 65 for approximately three-fourths of those participants who are eligible for health care coverage. Certain employee groups, including employees covered by most United Auto Workers bargaining agreements, are provided lifetime health care coverage. The funded status of the plans is measured as the difference between the plan assets at fair value and the projected benefit obligation (PBO). We have recognized the aggregate of all overfunded plans in Other assets and the aggregate of all underfunded plans in either Accrued retiree health care or Accrued pension plan liability, net. The portion of the amount by which the actuarial present value of benefits included in the PBO exceeds the fair value of plan assets, payable in the next 12 months, is reflected in Accrued liabilities. The components of net periodic benefit (income)/cost were as follows: Pension Other Postretirement Benefits Years ended December 31, 2022 2021 2020 2022 2021 2020 Service cost $3 $3 $3 $72 $87 $89 Interest cost 2,080 1,988 2,455 98 97 130 Expected return on plan assets (3,789) (3,848) (3,756) (10) (7) (9) Amortization of prior service credits (81) (80) (80) (35) (35) (38) Recognized net actuarial loss/(gain) 913 1,219 1,032 (111) (56) (63) Settlement/curtailment (gain)/loss (4) 193 9 (4) Net periodic benefit (income)/cost ($878) ($525) ($337) $14 $86 $105 Net periodic benefit cost included in Loss from operations $3 $3 $3 $79 $90 $91 Net periodic benefit (income)/cost included in Other income, net (881) (528) (340) (58) (1) 16 Net periodic benefit (income)/cost included in Loss before income taxes ($878) ($525) ($337) $21 $89 $107 The following tables show changes in the benefit obligation, plan assets and funded status of both pensions and OPB for the years ended December 31, 2022 and 2021. Benefit obligation balances presented below reflect the PBO for our pension plans and accumulated postretirement benefit obligations (APBO) for our OPB plans. Pension Other Postretirement Benefits 2022 2021 2022 2021 Change in benefit obligation Beginning balance $75,635 $82,415 $4,092 $4,693 Service cost 3 3 72 87 Interest cost 2,080 1,988 98 97 Amendments 1 Actuarial (gain)/loss (17,605) (3,249) (914) (401) Settlement/other (870) Gross benefits paid (4,971) (4,653) (406) (411) Subsidies 39 26 Exchange rate adjustment (26) 1 (3) 1 Ending balance $55,117 $75,635 $2,978 $4,092 Change in plan assets Beginning balance at fair value $67,813 $68,696 $172 $160 Actual return on plan assets (13,141) 4,477 (27) 21 Company contribution 2 11 Plan participants’ contributions 6 6 Settlement payments (870) Benefits paid (4,824) (4,502) (11) (15) Exchange rate adjustment (25) 1 Ending balance at fair value $49,825 $67,813 $140 $172 Amounts recognized in statement of financial position at December 31 consist of: Other assets $987 $1,426 $21 Accrued liabilities (138) (144) (356) ($392) Accrued retiree health care (2,503) (3,528) Accrued pension plan liability, net (6,141) (9,104) Net amount recognized ($5,292) ($7,822) ($2,838) ($3,920) Amounts recognized in Accumulated other comprehensive loss at December 31 were as follows: Pension Other Postretirement Benefits 2022 2021 2022 2021 Net actuarial loss/(gain) $17,448 $19,031 ($1,862) ($1,092) Prior service credits (1,224) (1,306) (41) (76) Total recognized in Accumulated other comprehensive loss $16,224 $17,725 ($1,903) ($1,168) The accumulated benefit obligation (ABO) for all pension plans was $54,481 and $74,199 at December 31, 2022 and 2021. Key information for our plans with ABO and PBO in excess of plan assets as of December 31 was as follows: 2022 2021 Accumulated benefit obligation $48,134 $66,406 Fair value of plan assets 42,491 58,593 2022 2021 Projected benefit obligation $48,770 $67,841 Fair value of plan assets 42,491 58,593 Assumptions The following assumptions, which are the weighted average for all plans, are used to calculate the benefit obligation at December 31 of each year and the net periodic benefit cost for the subsequent year. December 31, 2022 2021 2020 Discount rate: Pension 5.40 % 2.80 % 2.50 % Other postretirement benefits 5.30 % 2.50 % 2.00 % Expected return on plan assets 6.00 % 6.30 % 6.50 % Rate of compensation increase 4.30 % 4.30 % 4.30 % Interest crediting rates for cash balance plans 5.00 % 5.00 % 5.00 % The discount rate for each plan is determined based on the plans’ expected future benefit payments using a yield curve developed from high quality bonds that are rated as Aa or better by at least half of the four rating agencies utilized as of the measurement date. The yield curve is fitted to yields developed from bonds at various maturity points. Bonds with the ten percent highest and the ten percent lowest yields are omitted. The present value of each plan’s benefits is calculated by applying the discount rates to projected benefit cash flows. The pension fund’s expected return on plan assets assumption is derived from a review of actual historical returns achieved by the pension trust and anticipated future long-term performance of individual asset classes. While consideration is given to historical returns, the assumption represents a long-term, prospective return. The expected return on plan assets component of the net periodic benefit cost for the upcoming plan year is determined based on the expected return on plan assets assumption and the market-related value of plan assets (MRVA). Since our adoption of the accounting standard for pensions in 1987, we have determined the MRVA based on a five-year moving average of plan assets. As of December 31, 2022, the MRVA was approximately $10,131 more than the fair market value of assets. Assumed health care cost trend rates were as follows: December 31, 2022 2021 2020 Health care cost trend rate assumed next year 5.50 % 4.50 % 4.50 % Ultimate trend rate 4.50 % 4.50 % 4.50 % Year that trend reaches ultimate rate 2028 2021 2021 Plan Assets Investment Strategy The overall objective of our pension assets is to earn a rate of return over time to satisfy the benefit obligations of the pension plans and to maintain sufficient liquidity to pay benefits and address other cash requirements of the pension fund. Specific investment objectives for our long-term investment strategy include reducing the volatility of pension assets relative to pension liabilities, achieving a competitive total investment return, achieving diversification between and within asset classes and managing other risks. Investment objectives for each asset class are determined based on specific risks and investment opportunities identified. We periodically update our long-term, strategic asset allocations. We use various analytics to determine the optimal asset mix and consider plan liability characteristics, liquidity characteristics, funding requirements, expected rates of return and the distribution of returns. A key element of our strategy is to de-risk the plan as the funded status of the plan increases. During 2022, the funded status of the plans increased as compared to 2021, and additional assets were reallocated to fixed income. The changes in the asset allocation are reflected in the table below. We identify investment benchmarks to evaluate performance for the asset classes in the strategic asset allocation that are market-based and investable where possible. Actual allocations to each asset class vary from target allocations due to periodic investment strategy changes, market value fluctuations, the length of time it takes to fully implement investment allocation positions, and the timing of benefit payments and contributions. Short-term investments and exchange-traded derivatives are used to rebalance the actual asset allocation to the target asset allocation. The asset allocation is monitored and rebalanced frequently. The actual and target allocations by asset class for the pension assets at December 31 were as follows: Actual Allocations Target Allocations Asset Class 2022 2021 2022 2021 Fixed income 63 % 61 % 63 % 63 % Global equity 14 16 20 20 Private equity 8 8 4 4 Real estate and real assets 8 8 7 7 Hedge funds 7 7 6 6 Total 100 % 100 % 100 % 100 % Fixed income securities are invested primarily in a diversified portfolio of long duration instruments as well as Emerging Market, Structured, High Yield and Private Debt. Global equity securities are invested in a diversified portfolio of U.S. and non-U.S. companies, across various industries and market capitalizations. Private equity investment vehicles are primarily limited partnerships (LPs) that mainly invest in U.S. and non-U.S. leveraged buyout, venture capital, growth and special situation strategies. Real estate and real assets include global private investments that may be held through investments in LPs or other fund structures. Real estate includes, but is not limited to, investments in office, retail, apartment and industrial properties. Real assets include, but are not limited to, investments in natural resources (such as energy, farmland and timber), commodities and infrastructure. Hedge fund investments seek to capitalize on inefficiencies identified across and within different asset classes or markets. Hedge fund strategy types include, but are not limited to, directional, event driven, relative value and long-short. Investment managers are retained for explicit investment roles specified by contractual investment guidelines. Certain investment managers are authorized to use derivatives, such as equity or bond futures, swaps, options and currency futures or forwards. Derivatives are used to achieve the desired market exposure of a security or an index, transfer value-added performance between asset classes, achieve the desired currency exposure, adjust portfolio duration or rebalance the total portfolio to the target asset allocation. As a percentage of total pension assets, derivative net notional amounts were 37.1% and 33.4% for fixed income, including to-be-announced mortgage-backed securities and treasury forwards, and (5.6%) and (5.4%) for global equity and commodities at December 31, 2022 and 2021. I n November 2020, the Company elected to contribute $3,000 of our common stock to the pension fund. An independent fiduciary was retained to manage and liquidate the stock over time at its discretion. Plan assets included $1,782 and $1,883 of our common stock as of December 31, 2022 and 2021. Risk Management In managing the pension assets, we review and manage risk associated with funded status risk, interest rate risk, market risk, counterparty risk, liquidity risk and operational risk. Liability matching and asset class diversification are central to our risk management approach and are integral to the overall investment strategy. Further, asset classes are constructed to achieve diversification by investment strategy, by investment manager, by industry or sector and by holding. Investment manager guidelines for publicly traded assets are specified and are monitored regularly through the custodian. Credit parameters for counterparties have been established for managers permitted to trade over-the-counter derivatives. Valuation is governed through several types of procedures, including reviews of manager valuation policies, custodian valuation processes, pricing vendor practices, pricing reconciliation and periodic, security-specific valuation testing. Fair Value Measurements The following table presents our plan assets using the fair value hierarchy as of December 31, 2022 and 2021. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs. December 31, 2022 December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Fixed income securities: Corporate $15,095 $15,025 $70 $20,573 $20,520 $53 U.S. government and agencies 7,827 7,827 11,285 11,285 Mortgage backed and asset backed 664 502 162 777 675 102 Municipal 843 811 32 1,064 1,035 29 Sovereign 706 706 1,135 1,126 9 Other 8 $8 3 $3 Derivatives: Assets 36 36 62 62 Liabilities (87) (87) (48) (48) Cash equivalents and other short-term investments 571 571 448 448 Equity securities: U.S. common and preferred stock 2,931 2,931 4,463 4,463 Non-U.S. common and preferred stock 2,023 2,023 3,345 3,340 5 Boeing company stock 1,782 1,782 1,883 1,883 Derivatives: Assets 1 1 Liabilities (1) (1) (1) (1) Private equity Real estate and real assets: Real estate 413 413 Real assets 362 310 47 5 784 749 35 Derivatives: Assets 1 1 8 8 Liabilities (8) (7) (1) (2) (2) Total $32,753 $7,054 $25,431 $268 $46,193 $10,851 $35,144 $198 Fixed income common/collective/pooled funds $1,511 $1,712 Fixed income other 832 747 Equity common/collective/ pooled funds 2,757 4,561 Private equity 4,239 5,100 Real estate and real assets 3,525 3,952 Hedge funds 3,391 4,717 Total investments measured at NAV as a practical expedient $16,255 $20,789 Cash $409 $520 Receivables 541 454 Payables (133) (143) Total $49,825 $67,813 Fixed income securities are primarily valued upon a market approach, using matrix pricing and considering a security’s relationship to other securities for which quoted prices in an active market may be available, or an income approach, converting future cash flows to a single present value amount. Inputs used in developing fair value estimates include reported trades, broker quotes, benchmark yields and base spreads. Common/collective/pooled funds are typically common or collective trusts valued at their net asset values (NAVs) that are calculated by the investment manager or sponsor of the fund and have daily or monthly liquidity. Derivatives included in the table above are over-the-counter and are primarily valued using an income approach with inputs that include benchmark yields, swap curves, cash flow analysis, rating agency data and interdealer broker rates. Exchange-traded derivative positions are reported in accordance with changes in daily variation margin which is settled daily and therefore reflected in the payables and receivables portion of the table. Cash equivalents and other short-term investments (which are used to pay benefits) are held in a separate account which consists of a commingled fund (with daily liquidity) and separately held short-term securities and cash equivalents. All of the investments in this cash vehicle are valued daily using a market approach with inputs that include quoted market prices for similar instruments. In the event a market price is not available for instruments with an original maturity of one year or less, amortized cost is used as a proxy for fair value. Common and preferred stock equity securities are primarily valued using a market approach based on the quoted market prices of identical instruments. Private equity and private debt NAV valuations are based on the valuation of the underlying investments, which include inputs such as cost, operating results, discounted future cash flows and market based comparable data. For those investments reported on a one-quarter lagged basis (primarily LPs) we use NAVs, adjusted for subsequent cash flows and significant events. Real estate and real asset NAVs are based on the valuation of the underlying investments, which include inputs such as cost, discounted future cash flows, independent appraisals and market based comparable data. For those investments reported on a one-quarter lagged basis (primarily LPs), NAVs are adjusted for subsequent cash flows and significant events. Publicly traded infrastructure stocks are valued using a market approach based on quoted market prices of identical instruments. Exchange-traded commodities futures positions are reported in accordance with changes in daily variation margin which is settled daily and therefore reflected in the payables and receivables portion of the table. Hedge fund NAVs are generally based on the valuation of the underlying investments. This is primarily done by applying a market or income valuation methodology depending on the specific type of security or instrument held. Investments in private equity, private debt, real estate, real assets and hedge funds are primarily calculated and reported by the General Partner, fund manager or third-party administrator. Additionally, some investments in fixed income and equity are made via commingled vehicles and are valued in a similar fashion. Pension assets invested in commingled and LP structures rely on the NAV of these investments as the practical expedient for the valuations. The following tables summarizes the changes of Level 3 assets, reconciled by asset class, held during the years ended December 31, 2022 and 2021. Transfers into and out of Level 3 are reported at the beginning-of-year values. January 1 Net Realized and Unrealized Gains/(Losses) Net Purchases, Issuances and Settlements Net Transfers Into/(Out of) Level 3 December 31 Fixed income securities: Corporate $53 ($19) $3 $33 $70 Mortgage backed and asset backed 102 (11) 16 55 162 Municipal 29 (14) 9 8 32 Sovereign 9 (9) Equity securities: Non-U.S. common and 5 (45) (2) 42 Real assets (1) 5 4 Total $198 ($90) $31 $129 $268 January 1 Net Realized and Unrealized Gains/(Losses) Net Purchases, Issuances and Settlements Net Transfers Into/(Out of) Level 3 December 31 Fixed income securities: Corporate $40 ($1) $5 $9 $53 U.S. government and agencies 2 (2) Mortgage backed and asset backed 120 (17) (1) 102 Municipal 72 7 (50) 29 Sovereign 2 (8) 15 9 Equity securities: Non-U.S. common and preferred stock 2 2 (3) 4 5 Real assets 2 (2) Total $240 ($7) $5 ($40) $198 For the year ended December 31, 2022, the changes in unrealized gains/(losses) for Level 3 assets still held at December 31, 2022 were ($16) for corporate fixed income securities, ($11) for mortgage backed and asset backed fixed income securities, ($14) for municipal fixed income securities, and ($1) for real asset securities. For the year ended December 31, 2021, the changes in unrealized gains/(losses) for Level 3 assets still held at December 31, 2021 were ($1) for mortgage backed and asset backed fixed income securities and ($8) for sovereign. OPB Plan Assets The majority of OPB plan assets are invested in a balanced index fund which is comprised of approximately 60% equities and 40% debt securities. The index fund is valued using a market approach based on the quoted market price of an identical instrument (Level 1). The expected rate of return on these assets does not have a material effect on the net periodic benefit cost. Cash Flows Contributions Required pension contributions under the Employee Retirement Income Security Act (ERISA), as well as rules governing funding of our non-US pension plans, are not expected to be significant in 2023. During the fourth quarter of 2020, we contributed $3,000 in common stock to the pension fund. We do not expect to make discretionary contributions to our pension plans in 2023. Estimated Future Benefit Payments The table below reflects the total pension benefits expected to be paid from the plans or from our assets, including both our share of the benefit cost and the participants’ share of the cost, which is funded by participant contributions. OPB payments reflect our portion only. Year(s) 2023 2024 2025 2026 2027 2028-2032 Pensions $5,348 $4,473 $4,404 $4,325 $4,221 $19,560 Other postretirement benefits: Gross benefits paid 381 371 353 334 310 1,176 Subsidies (11) (11) (11) (12) (12) (63) Net other postretirement benefits $370 $360 $342 $322 $298 $1,113 Termination Provisions Certain of the pension plans provide that, in the event there is a change in control of the Company which is not approved by the Board of Directors and the plans are terminated within five years thereafter, the assets in the plan first will be used to provide the level of retirement benefits required by ERISA, and then any surplus will be used to fund a trust to continue present and future payments under the postretirement medical and life insurance benefits in our group insurance benefit programs. Should we terminate certain pension plans under conditions in which the plan’s assets exceed that plan’s obligations, the U.S. government will be entitled to a fair allocation of any of the plan’s assets based on plan contributions that were reimbursed under U.S. government contracts. Defined Contribution Plans We provide certain defined contribution plans to all eligible employees. The principal plans are the Company-sponsored 401(k) plans. The expense for these defined contribution plans was $1,260, $1,268 and $1,351 in 2022, 2021 and 2020, respectively. |
Share-Based Compensation and Ot
Share-Based Compensation and Other Compensation Arrangements | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation and Other Compensation Arrangements | Share-Based Compensation and Other Compensation Arrangements Share-Based Compensation Our 2003 Incentive Stock Plan, as amended and restated, permits awards of incentive and non-qualified stock options, stock appreciation rights, restricted stock or units, performance shares, performance restricted stock or units, performance units and other stock and cash-based awards to our employees, officers, directors, consultants, and independent contractors. The aggregate number of shares of our stock authorized for issuance under the plan is 87,000,000. Shares issued as a result of stock option exercises or conversion of stock unit awards will be funded out of treasury shares, except to the extent there are insufficient treasury shares, in which case new shares will be issued. We believe we currently have adequate treasury shares to satisfy these issuances during 2023. Share-based plans expense is primarily included in Total costs and expenses and General and administrative expense, as well as a portion allocated to production as inventoried costs. The share-based plans expense and related income tax benefit were as follows: Years ended December 31, 2022 2021 2020 Restricted stock units and other awards $726 $840 $243 Income tax benefit (before consideration of valuation allowance) $178 $148 $53 Stock Options Options have been granted to our executive officers that 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 values of the stock options granted were estimated using a Monte-Carlo simulation model using the assumptions presented below. The model includes no expected dividend yield. 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. On February 17, 2021, we granted 342,986 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. During 2021, we also granted 148,322 stock options to certain executives to encourage retention or to award various achievements, of which 40,322 had an exercise price equal to 120% of the fair market value of our stock on the date of grant, and the remaining 108,000 had an exercise price equal to the fair market value on the date of grant. The grant date fair market values of these awards were not significant. Grant Year Grant Date Expected Life Expected Volatility Risk Free Interest Rate Grant Date Fair Value Per Option 2022 2/16/2022 6.8 years 36.6 % 2.0 % $83.04 2021 2/17/2021 6.6 years 37.8 % 1.3 % $74.63 Options granted through January 2014 had an exercise price equal to the fair market value of our stock on the date of grant and expire 10 years after the date of grant. These stock options vested over a period of three years and were fully vested as of December 31, 2017. Stock option activity for the year ended December 31, 2022 was as follows: Shares Weighted Average Exercise Price Per Option Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Number of shares under option: Outstanding at beginning of year 1,709,379 $121.83 Granted 362,450 259.77 Exercised (663,348) 75.85 Expired (664) 130.72 Forfeited (17,048) 246.21 Outstanding at end of year 1,390,769 $178.18 5.0 $68 Exercisable at end of year 598,983 $77.22 0.2 $68 The total intrinsic value of options exercised during the years ended December 31, 2022, 2021 and 2020 was $75, $84 and $90, with a related tax benefit of $17, $19 and $32, respectively. At December 31, 2022, there was $23 of total unrecognized compensation cost related to options which is expected to be recognized over a weighted average period of 1.9 years. No options vested during the years ended December 31, 2022, 2021 and 2020. Restricted Stock Units In February 2022, 2021 and 2020, we granted to our executives 1,804,541, 980,077 and 325,108 restricted stock units (RSUs) as part of our long-term incentive program with grant date fair values of $217.48, $215.70 and 319.04 per unit, respectively. On July 29, 2022, we also granted 2,568,112 RSUs with a grant date fair value of $157.69 per unit as part of our long-term incentive program, accelerating awards planned for 2023 to retain executives. 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. These RSUs are labeled executive long-term incentive program in the table below. In December 2020, we granted to our employees (excluding executives and certain union-represented employees), a one-time grant of 5,163,425 RSUs with a grant date fair value of $233.00 per unit. The RSUs granted under this program will vest and settle in common stock (on a one-for-one basis) on the third anniversary of the grant date. If an employee terminates employment because of retirement, layoff, disability or death, the employee (or beneficiary) may receive a proration of stock units based on active employment during the three-year service period. In all other cases, the RSUs will not vest and all rights to the stock units will terminate. These RSUs are labeled employee long-term incentive program in the table below. In addition to RSUs awarded under our long-term incentive programs, we granted RSUs to certain executives and employees to encourage retention or to reward various achievements. These RSUs are labeled other RSUs in the table below. The fair values of all RSUs are estimated using the average of the high and low stock prices on the date of grant. RSU activity for the year ended December 31, 2022 was as follows: Executive Long-Term Incentive Program Employee Long-Term Incentive Program Other Number of units: Outstanding at beginning of year 2,049,695 4,780,724 698,866 Granted 4,527,189 595,122 Forfeited (282,488) (269,380) (67,441) Distributed (176,496) (137,537) (267,853) Outstanding at end of year 6,117,900 4,373,807 958,694 Undistributed vested units 426,652 1,454,414 18,914 Unrecognized compensation cost $683 $240 $87 Weighted average remaining amortization period (years) 2.1 1.0 2.1 Performance-Based Restricted Stock Units Performance-Based Restricted Stock Units (PBRSUs) are stock units that pay out based on the Company’s total shareholder return (TSR) as compared to a group of peer companies over a three-year period. The award payout can range from 0% to 200% of the initial PBRSU grant. The PBRSUs granted under this program will vest at the payout amount and settle in common stock (on a one-for-one basis) on the third anniversary of the grant date. If an executive terminates employment because of retirement, layoff, disability or death, the employee (or beneficiary) remains eligible under the award and, if the award is earned, will receive a proration of stock units based on active employment during the three-year service period. In all other cases, the PBRSUs will not vest and all rights to the stock units will terminate. In February 2020, we granted to our executives 290,202 PBRSUs as part of our long-term incentive program. Compensation expense for the award is recognized over the three-year performance period based upon the grant date fair value. The grant date fair values were estimated using a Monte-Carlo simulation model with the assumptions presented below. The model includes no expected dividend yield. Grant Year Grant Date Performance Period Expected Volatility Risk Free Interest Rate Grant Date Fair Value Per Unit 2020 2/24/2020 3 years 27.0 % 1.2 % $357.38 PBRSU activity for the year ended December 31, 2022 was as follows: Executive Long-Term Incentive Program Number of units: Outstanding at beginning of year 383,401 Performance based adjustment (1) (162,548) Forfeited (10,647) Outstanding at end of year 210,206 Unrecognized compensation cost $4 Weighted average remaining amortization period (years) 0.2 (1) Represents adjustment to 0% payout for units granted in 2019. Performance Awards During 2020, we granted Performance Awards to our executives, which are cash units that pay out based on the achievement of long-term financial goals at the end of a three-year period. Each unit had an initial value of $100 dollars. The Compensation Committee has the discretion to pay these awards in cash, stock or a combination of both after the three-year performance period. As of December 31, 2022 these performance awards have expired with a payout of $0. Deferred Compensation The Company has deferred compensation plans which permit certain employees and executives to defer a portion of their salary, bonus, certain other incentive awards and retirement contributions. Participants can diversify these amounts among 23 investment funds including a Boeing stock unit account. Total (income)/expense related to deferred compensation was ($117), $126 and $93 in 2022, 2021 and 2020, respectively. As of December 31, 2022 and 2021, the deferred compensation liability which is being marked to market was $1,499 and $1,703. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity On December 17, 2018, the Board approved a repurchase plan for up to $20,000 of common stock. In March 2020, the Board of Directors terminated its prior authorization to repurchase shares under this plan. As of December 31, 2022 and 2021, there were 1,200,000,000 shares of common stock and 20,000,000 shares of preferred stock authorized. No preferred stock has been issued. Changes in Share Balances The following table shows changes in each class of shares: Common Treasury Balance at January 1, 2020 1,012,261,159 449,352,405 Issued (19,986,868) Acquired 575,484 Balance at December 31, 2020 1,012,261,159 429,941,021 Issued (6,904,556) Acquired 307,242 Balance at December 31, 2021 1,012,261,159 423,343,707 Issued (8,877,047) Acquired 204,723 Balance at December 31, 2022 1,012,261,159 414,671,383 Accumulated Other Comprehensive Loss Changes in Accumulated other comprehensive loss (AOCI) by component for the years ended December 31, 2022, 2021 and 2020 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, 2020 ($128) $1 ($84) ($15,942) ($16,153) Other comprehensive income/(loss) before reclassifications 98 14 (1,929) (2) (1,817) Amounts reclassified from AOCI 27 810 (3) 837 Net current period Other comprehensive income/(loss) 98 41 (1,119) (980) Balance at December 31, 2020 ($30) $1 ($43) ($17,061) ($17,133) Other comprehensive (loss)/income before reclassifications (75) 55 4,268 (2) 4,248 Amounts reclassified from AOCI (6) 1,232 (3) 1,226 Net current period Other comprehensive (loss)/income (75) 49 5,500 5,474 Balance at December 31, 2021 ($105) $1 $6 ($11,561) ($11,659) Other comprehensive (loss)/income before reclassifications (62) (1) (40) 1,529 (2) 1,426 Amounts reclassified from AOCI 10 (4) 673 (3) 683 Net current period Other comprehensive (loss)/income (62) (1) (30) 2,202 2,109 Balance at December 31, 2022 ($167) ($24) ($9,359) ($9,550) (1) Net of tax. (2) Primarily related to remeasurement of assets and benefit obligations related to the Company's pension and other postretirement benefit plans resulting in an actuarial gain/(loss) of $1,533, $4,262 and ($1,956) (net of tax of ($22), ($32) and $111) for the years ended December 31, 2022, 2021 and 2020. See Note 16. (3) Primarily related to amortization of actuarial losses for the years ended December 31, 2022, 2021 and 2020 totaling $791, $1,155 and $917 (net of tax of ($11), ($8) and ($52)), respectively. These are included in the net periodic pension cost. See Note 16. (4) Included losses of $39 (net of tax of ($11)) from cash flow hedges reclassified to Other income, net because the forecasted transactions are probable of not occurring. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Derivative Instruments [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Cash Flow Hedges Our cash flow hedges include foreign currency forward contracts, commodity swaps and commodity purchase contracts. We use foreign currency forward contracts to manage currency risk associated with certain transactions, specifically forecasted sales and purchases made in foreign currencies. Our foreign currency contracts hedge forecasted transactions through 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 Consolidated Statements of Financial Position as of December 31 were as follows: Notional amounts (1) Other assets Accrued 2022 2021 2022 2021 2022 2021 Derivatives designated as hedging instruments: Foreign exchange contracts $2,815 $2,630 $23 $30 ($122) ($52) Commodity contracts 602 500 115 88 (9) (18) Derivatives not receiving hedge accounting treatment: Foreign exchange contracts 462 361 5 2 (42) (3) Commodity contracts 412 760 2 8 (1) (7) Total derivatives $4,291 $4,251 145 128 (174) (80) Netting arrangements (33) (30) 33 30 Net recorded balance $112 $98 ($141) ($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: Years ended December 31, 2022 2021 Recognized in Other comprehensive income, net of taxes: Foreign exchange contracts ($118) ($47) Commodity contracts 78 102 Gains/(losses) associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table: Years ended December 31, 2022 2021 Foreign exchange contracts Revenues $1 Costs and expenses 7 $13 General and administrative (12) 8 Commodity contracts Costs and expenses $31 ($18) General and administrative expense 10 5 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 years ended December 31, 2022 and 2021. Gains/(losses) related to undesignated derivatives on foreign exchange and commodity cash flow hedging transactions recognized in Other income, net were insignificant for the years ended December 31, 2022 and 2021. Based on our portfolio of cash flow hedges, we expect to reclassify gains of $14 (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. If we default on our five-year credit facility, our derivative counterparties could require settlement for foreign exchange and certain commodity contracts with original maturities of at least five years. The fair value of those contracts in a net liability position at December 31, 2022 was $33. For other particular commodity contracts, our counterparties could require collateral posted in an amount determined by our credit ratings. At December 31, 2022, there was no collateral posted related to our derivatives. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 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. December 31, 2022 December 31, 2021 Total Level 1 Level 2 Total Level 1 Level 2 Assets Money market funds $1,797 $1,797 $1,370 $1,370 Available-for-sale debt investments: Commercial paper 256 $256 225 $225 Corporate notes 195 195 262 262 U.S. government agencies 47 47 1 1 Other equity investments 10 10 20 20 Derivatives 112 112 98 98 Total assets $2,417 $1,807 $610 $1,976 $1,390 $586 Liabilities Derivatives ($141) ($141) ($50) ($50) Total liabilities ($141) ($141) ($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. The following table presents the nonrecurring losses recognized for the years ended December 31 due to long-lived asset impairment, and the fair value and asset classification of the related assets as of the impairment date: 2022 2021 Total Level 2 Level 3 Total Losses Total Level 2 Level 3 Total Losses Investments ($31) ($8) Customer financing assets $47 $47 (7) $110 $110 (31) Property, plant and equipment (19) 9 9 (50) Other Assets and Acquired intangible assets 15 15 (55) 1 1 (9) Total $62 $62 ($112) $120 $120 ($98) Level 3 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. Level 2 Property, plant and equipment were valued based on a third party valuation using a combination of income and market approaches that considered estimates of net operating income, capitalization rates and adjusted for as-is condition . 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 year ended December 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 $47 Market approach Aircraft value publications $40 - $51 (1) Median $46 Aircraft condition adjustments ($4) - $5 (2) Net $1 (1) The range represents the sum of the highest and lowest values for all aircraft subject to fair value measurement, according to the third party aircraft valuation publications that we use in our valuation process. (2) The negative amount represents the sum, for all aircraft subject to fair value measurement, of all downward adjustments based on consideration of individual aircraft attributes and condition. The positive amount represents the sum of all such upward adjustments. Fair Value Disclosures The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Consolidated Statements of Financial Position at December 31 were as follows: December 31, 2022 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Notes receivable, net $385 $403 $403 Liabilities Debt, excluding finance lease obligations (56,794) (52,856) (52,856) December 31, 2021 Carrying Amount Total Fair Value 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 on our indicative borrowing cost derived from dealer quotes or discounted cash flows. The fair values of our debt classified as Level 3 are based on discounted cash flow models using the implied yield from similar securities. With regard to other financial instruments with off-balance sheet risk, it is not practicable to estimate the fair value of our indemnifications and financing commitments because the amount and timing of those arrangements are uncertain. Items not included in the above disclosures include cash, restricted cash, time deposits and other deposits, commercial paper, money market funds, Accounts receivable, Unbilled receivables, Other current assets, Accounts payable and long-term payables. The carrying values of those items, as reflected in the Consolidated Statements of Financial Position, approximate their fair value at December 31, 2022 and 2021. The fair value of assets and liabilities whose carrying value approximates fair value is determined using Level 2 inputs, with the exception of cash (Level 1). |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2022 | |
Loss Contingency, Information about Litigation Matters [Abstract] | |
Legal Proceedings | Legal Proceedings Various legal proceedings, claims and investigations related to products, contracts, employment and other matters are pending against us. 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 2021, we entered into (i) a Deferred Prosecution Agreement with the U.S. Department of Justice that resolved the Department of Justice’s previously disclosed investigation into us regarding the evaluation of the 737 MAX by the Federal Aviation Administration (FAA) as well as (ii) a proposed settlement with plaintiffs in a shareholder derivative lawsuit that resulted in the Company receiving $219 in the second quarter of 2022. In September 2022, we settled a previously disclosed investigation by the Securities and Exchange Commission related to the 737 MAX accidents and consented to a civil penalty, which resulted in an earnings charge of $200 that was paid in October 2022. We cannot reasonably estimate a range of loss, if any, not covered by available insurance that we may incur as a result of any remaining pending lawsuits or other matters related to the accidents and 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, which we currently expect to be completed in late 2023 or early 2024. |
Segment and Revenue Information
Segment and Revenue Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment and Revenue Information | Segment and Revenue Information Our primary profitability measurements to review a segment’s operating results are Earnings/(loss) from operations and operating margins. We operate in four reportable segments: BCA, BDS, BGS and BCC. All other activities fall within Unallocated items, eliminations and other. See page 58 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 products and 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. While our principal operations are in the United States, Canada and Australia, some key suppliers and subcontractors are located in Europe and Japan. Revenues, including foreign military sales, are reported by customer location and consisted of the following: Years ended December 31, 2022 2021 2020 Asia $8,393 $5,845 $5,931 Europe 7,916 8,967 7,961 Middle East 5,047 4,653 5,308 Canada 1,612 969 1,302 Oceania 1,576 1,147 832 Africa 418 239 114 Latin America, Caribbean and other 2,412 1,376 229 Total non-U.S. revenues 27,374 23,196 21,677 United States 39,218 39,076 36,979 Estimated potential concessions and other considerations to 737 MAX customers 16 14 (498) Total revenues $66,608 $62,286 $58,158 Revenues from the U.S. government (including foreign military sales through the U.S. government), primarily recorded at BDS and BGS, represented 40%, 49% and 51% of consolidated revenues for 2022, 2021 and 2020, respectively. Approximately 4% of operating assets were located outside the United States as of December 31, 2022 and 2021. 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 consisted of the following: Years ended December 31, 2022 2021 2020 Revenue from contracts with customers: Asia $4,484 $2,792 $2,679 Europe 4,038 4,334 3,872 Middle East 2,003 1,098 1,647 Other non-U.S. 3,042 1,681 513 Total non-U.S. revenues 13,567 9,905 8,711 United States 12,167 9,472 7,899 Estimated potential concessions and other considerations to 737 MAX customers 16 14 (498) Total revenues from contracts with customers 25,750 19,391 16,112 Intersegment revenues, eliminated on consolidation 117 102 50 Total segment revenues $25,867 $19,493 $16,162 Revenue recognized on fixed-price contracts 100 % 100 % 100 % Revenue recognized at a point in time 100 % 100 % 100 % BDS revenues on contracts with customers, based on the customer's location, consisted of the following: Years ended December 31, 2022 2021 2020 Revenue from contracts with customers: U.S. customers $17,144 $19,869 $19,662 Non-U.S. customers (1) 6,018 6,671 6,595 Total segment revenue from contracts with customers $23,162 $26,540 $26,257 Revenue recognized over time 99 % 99 % 98 % Revenue recognized on fixed-price contracts 60 % 68 % 69 % Revenue from the U.S. government (1) 89 % 89 % 89 % (1) Includes revenues earned from foreign military sales through the U.S. government. BGS revenues consisted of the following: Years ended December 31, 2022 2021 2020 Revenue from contracts with customers: Commercial $9,560 $7,527 $6,936 Government 7,681 8,553 8,368 Total revenues from contracts with customers 17,241 16,080 15,304 Intersegment revenues eliminated on consolidation 370 248 239 Total segment revenues $17,611 $16,328 $15,543 Revenue recognized at a point in time 50 % 45 % 47 % Revenue recognized on fixed-price contracts 88 % 86 % 87 % Revenue from the U.S. government (1) 33 % 40 % 41 % (1) Includes revenues earned from foreign military sales through the U.S. government. Earnings in Equity Method Investments For the year ended December 31, 2022, our share of income from equity method investments was $56, primarily driven by investments held in Unallocated items, eliminations and other. For the years ended December 31, 2021 and 2020, our share of income from equity method investments was $40 and $86, primarily in our BDS segment. 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 December 31, 2022 was $404,381. We expect approximately 17% to be converted to revenue through 2023 and approximately 71% through 2026, with the remainder thereafter. There is significant uncertainty regarding the timing of when backlog will convert into revenue due to timing of 787 deliveries from inventory, timing of 737 MAX delivery resumption in China, timing of entry into service of the 777X, 737-7 and/or 737-10, and the lingering effects of the COVID-19 pandemic. Unallocated Items, Eliminations and other Unallocated items, eliminations and other include common internal services that support Boeing’s global business operations, intercompany guarantees provided to BCC and eliminations of certain sales between segments. Such sales include aircraft sold to our BCC segment that are leased by BCC to customers and considered transferred to the BCC segment. We generally allocate costs to business segments based on the U.S. federal cost accounting standards. Components of Unallocated items, eliminations and other (expense)/income are shown in the following table. Years ended December 31, 2022 2021 2020 Share-based plans ($114) ($174) ($120) Deferred compensation 117 (126) (93) Amortization of previously capitalized interest (95) (107) (95) Research and development expense, net (278) (184) (240) Eliminations and other unallocated items (1,162) (676) (1,807) Unallocated items, eliminations and other ($1,532) ($1,267) ($2,355) Pension FAS/CAS service cost adjustment $849 $882 $1,024 Postretirement FAS/CAS service cost adjustment 294 291 359 FAS/CAS service cost adjustment $1,143 $1,173 $1,383 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 U.S. Government Cost Accounting Standards (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. December 31, 2022 2021 Commercial Airplanes $75,212 $75,863 Defense, Space & Security 14,426 14,974 Global Services 16,149 16,397 Boeing Capital 1,510 1,735 Unallocated items, eliminations and other 29,803 29,583 Total $137,100 $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. Capital Expenditures Years ended December 31, 2022 2021 2020 Commercial Airplanes $218 $177 $322 Defense, Space & Security 202 199 172 Global Services 130 94 127 Unallocated items, eliminations and other 672 510 682 Total $1,222 $980 $1,303 Capital expenditures for Unallocated items, eliminations and other relate primarily to assets managed centrally on behalf of the four principal business segments. Depreciation and Amortization Years ended December 31, 2022 2021 2020 Commercial Airplanes $508 $535 $559 Defense, Space & Security 238 233 251 Global Services 346 414 408 Boeing Capital Corporation 46 59 66 Centrally Managed Assets (1) 841 903 962 Total $1,979 $2,144 $2,246 (1) Amounts shown in the table represent depreciation and amortization expense recorded by the individual business segments. Depreciation and amortization for centrally managed assets are included in segment operating earnings based on usage and occupancy. In 2022, $643 was included in the primary business segments, of which $360, $230 and $53 was included in BCA, BDS and BGS, respectively. In 2021, $668 was included in the primary business segments, of which $386, $222 and $60 was included in BCA, BDS and BGS, respectively. In 2020, $689 was included in the primary business segments, of which $397, $236 and $56 was included in BCA, BDS and BGS, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The Consolidated Financial Statements included in this report have been prepared by management of The Boeing Company (herein referred to as “Boeing,” the “Company,” “we,” “us” or “our”). These statements include the accounts of all majority-owned subsidiaries and variable interest entities that are required to be consolidated. All significant intercompany accounts and transactions have been eliminated. As described in Note 22, we operate in four reportable segments: Commercial Airplanes (BCA), Defense, Space & Security (BDS), Global Services (BGS) and Boeing Capital (BCC). |
Use of Estimates | 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. Actual results could differ from those estimates. |
Operating Cycle | Operating Cycle For classification of certain current assets and liabilities, we use the duration of the related contract or program as our operating cycle, which is generally longer than one year. |
Revenue and Related Cost Recognition | Revenue and Related Cost Recognition Commercial aircraft contracts The majority of our BCA segment revenue is derived from commercial aircraft contracts. For each contract, we determine the transaction price based on the consideration expected to be received. We allocate the transaction price to each commercial aircraft performance obligation based on relative standalone selling prices adjusted by an escalation formula as specified in the customer agreement. Revenue is recognized for each commercial aircraft performance obligation at the point in time when the aircraft is completed and accepted by the customer. We use program accounting to determine the amount reported as cost of sales. Payments for commercial aircraft sales are received in accordance with the customer agreement, which generally includes a deposit upon order and additional payments in accordance with a payment schedule, with the balance being due immediately prior to or at aircraft delivery. Advances and progress billings (contract liabilities) are normal and customary for commercial aircraft contracts and not considered a significant financing component as they are intended to protect us from the other party failing to adequately complete some or all of its obligations under the contract. Long-term contracts Substantially all contracts at BDS and certain contracts at BGS are long-term contracts with the U.S. government and other customers that generally extend over several years. Products sales under long-term contracts primarily include fighter jets, rotorcraft, cybersecurity products, surveillance suites, advanced weapons, missile defense, military derivative aircraft, satellite systems and modification of commercial passenger aircraft to cargo freighters. Sales of services under long-term contracts primarily include support and maintenance agreements associated with our commercial and defense products and space travel on Commercial Crew. For each long-term contract, we determine the transaction price based on the consideration expected to be received. We allocate the transaction price to each distinct performance obligation to deliver a good or service, or a collection of goods and/or services, based on the relative standalone selling prices. A long-term contract will typically represent a single distinct performance obligation due to the highly interdependent and interrelated nature of the underlying goods and/or services and the significant service of integration that we provide. While the scope and price on certain long-term contracts may be modified over their life, the transaction price is based on current rights and obligations under the contract and does not include potential modifications until they are agreed upon with the customer. When applicable, a cumulative adjustment or separate recognition for the additional scope and price may result. Long-term contracts can be negotiated with a fixed price or a price in which we are reimbursed for costs incurred plus an agreed upon profit. The Federal Acquisition Regulations provide guidance on the types of cost that will be reimbursed in establishing the price for contracts with the U.S. government. Certain long-term contracts include in the transaction price variable consideration, such as incentive and award fees, if specified targets are achieved. The amount included in the transaction price represents the expected value, based on a weighted probability, or the most likely amount. Long-term contract revenue is recognized over the contract term (over time) as the work progresses, either as products are produced or as services are rendered. We generally recognize revenue over time as we perform on long-term contracts because of continuous transfer of control to the customer. For U.S. government contracts, this continuous transfer of control to the customer is supported by clauses in the contract that allow the customer to unilaterally terminate the contract for convenience, pay us for costs incurred plus a reasonable profit and take control of any work in process. Similarly, for non-U.S. government contracts, the customer typically controls the work in process as evidenced either by contractual termination clauses or by our rights to payment of the transaction price associated with work performed to date on products or services that do not have an alternative use to the Company. The accounting for long-term contracts involves a judgmental process of estimating total sales, costs and profit for each performance obligation. Cost of sales is recognized as incurred. The amount reported as revenues is determined by adding a proportionate amount of the estimated profit to the amount reported as cost of sales. Recognizing revenue as costs are incurred provides an objective measure of progress on the long-term contract and thereby best depicts the extent of transfer of control to the customer. For long-term contracts for which revenue is recognized over time, 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 revenues and costs at completion for a long-term contract indicate a loss, a provision for the entire reach-forward loss on the long-term contract is recognized. The table below reflects the impact of net cumulative catch-up adjustments for changes in estimated revenues and costs at completion across all long-term contracts including the impact to Loss from operations from increases in estimated losses on unexercised options for the years ended December 31: 2022 2021 2020 Decrease to Revenue ($2,335) ($379) ($359) Increase to Loss from operations ($5,253) ($880) ($942) Decrease to Diluted EPS ($8.88) ($1.28) ($1.37) Significant adjustments during the three years ended December 31, 2022 included losses on VC-25B, KC-46A Tanker, MQ-25, Commercial Crew and T-7A Red Hawk programs. Due to the significance of judgment in the estimation process, changes in underlying assumptions/estimates, internal and supplier performance, inflationary trends, or other circumstances may adversely or positively affect financial performance in future periods. Payments under long-term contracts may be received before or after revenue is recognized. The U.S. government customer typically withholds payment of a small portion of the contract price until contract completion. Therefore, long-term contracts typically generate Unbilled receivables (contract assets) but may generate Advances and progress billings (contract liabilities). Long-term contract Unbilled receivables and Advances and progress billings are not considered a significant financing component because they are intended to protect either the customer or the Company in the event that some or all of the obligations under the contract are not completed. Commercial spare parts contracts Certain contracts at our BGS segment include sales of commercial spare parts. For each contract, we determine the transaction price based on the consideration expected to be received. The spare parts have discrete unit prices that represent fair value. We generally consider each spare part to be a separate performance obligation. Revenue is recognized for each commercial spare part performance obligation at the point in time of delivery to the customer. We may provide our customers with a right to return a commercial spare part where a customer may receive a full or partial refund, a credit applied to amounts owed, a different product in exchange, or any combination of these items. We consider the potential for customer returns in the estimated transaction price. The amount reported as cost of sales is recorded at average cost. Payments for commercial spare parts sales are typically received shortly after delivery. Other service revenue contracts Certain contracts at our BGS segment are for sales of services to commercial customers including maintenance, training, data analytics and information-based services. We recognize revenue for these service performance obligations over time as the services are rendered. The method of measuring progress (such as straight-line or billable amount) varies depending upon which method best depicts the transfer of control to the customer based on the type of service performed. Cost of sales is recorded as incurred. Concession sharing arrangements We account for sales concessions to our customers in consideration of their purchase of products and services as a reduction of the transaction price and the revenue that is recognized for the related performance obligations. The sales concessions incurred may be partially reimbursed by certain suppliers in accordance with concession sharing arrangements. We record these reimbursements, which are presumed to represent reductions in the price of the vendor’s products or services, as a reduction in Cost of products. Unbilled receivables and advances and progress billings Unbilled receivables (contract assets) arise when the Company recognizes revenue for amounts which cannot yet be billed under terms of the contract with the customer. Advances and progress billings (contract liabilities) arise when the Company receives payments from customers in advance of recognizing revenue. The amount of Unbilled receivables or Advances and progress billings is determined for each contract. Financial services revenue We record financial services revenue associated with sales-type/finance leases, operating leases and loans in Sales of services on the Consolidated Statements of Operations. For sales-type leases, we recognize selling profit or loss at lease inception if collection of the lease payments is probable. For sales-type and direct finance leases, we record customer financing receivables at lease inception. A customer financing receivable is recorded at the aggregate of future minimum lease payments, estimated residual value of the leased equipment, and any deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. For notes receivable, we record customer financing receivables net of any unamortized discounts and deferred incremental direct costs. Interest income and amortization of any discounts are recorded ratably over the related term of the note. Income recognition is generally suspended for customer financing receivables that are uncollectible. We determine that a customer financing receivable is uncollectible when, based on current information and events, it is probable that we will be unable to collect amounts due according to the original contractual terms. We determine a customer financing receivable is past due when cash has not been received upon the due date specified in the contract. We evaluate the collectability of customer financing receivables at commencement and on a recurring basis. If a customer financing receivable is determined to be uncollectible, the customer is categorized as non-accrual status. When a customer is in non-accrual status at commencement, sales-type lease revenue is deferred until substantially all cash has been received or the customer is removed from non-accrual status. If we have a direct finance lease and/or a note receivable with a customer that is in non-accrual status, or a sales-type lease with a customer that changes to non-accrual status after commencement, we recognize contractual interest income as payments are received to the extent there is sufficient collateral and payments exceed past due principal payments. Residual values, which are reviewed periodically, represent the estimated amount we expect to receive at lease termination from the disposition of the leased equipment. Actual residual values realized could differ from these estimates. Declines in estimated residual value that are deemed other-than-temporary are recognized in the period in which the declines occur. For operating leases, revenue on leased aircraft and equipment is recorded on a straight-line basis over the term of the lease. Operating lease assets, included in Customer financing, net, are recorded at cost and depreciated to an estimated residual value using the straight-line method over the period that we project we will hold the asset. We periodically review our estimates of residual value and recognize forecasted changes by prospectively adjusting depreciation expense. We record assets held for sale at the lower of carrying value or fair value less costs to sell. We evaluate for impairment assets under operating leases when events or changes in circumstances indicate that the expected undiscounted cash flow from the asset may be less than the carrying value. When we determine that impairment is indicated for an asset, the amount of impairment expense recorded is the excess of the carrying value over the fair value of the asset. Reinsurance revenue Our wholly-owned insurance subsidiary, Astro Ltd., participates in a reinsurance pool for workers’ compensation. The member agreements and practices of the reinsurance pool minimize any participating members’ individual risk. Reinsurance revenues were $129, $126 and $129 during 2022, 2021 and 2020, respectively. Reinsurance costs related to premiums and claims paid to the reinsurance pool were $134, $129 and $136 during 2022, 2021 and 2020, respectively. Revenues and costs are presented net in Cost of sales in the Consolidated Statements of Operations. |
Research and Development | Research and Development Research and development includes costs incurred for experimentation, design and testing, as well as bid and proposal efforts related to government products and services, which are expensed as incurred unless the costs are related to certain contractual arrangements with customers. Costs that are incurred pursuant to such contractual arrangements are recorded over the period that revenue is recognized, consistent with our long-term contract accounting policy. We have certain research and development arrangements that meet the requirement for best efforts research and development accounting. Accordingly, the amounts funded by the customer are recognized as an offset to our research and development expense rather than as contract revenues. Research and development expense included bid and proposal costs of $217, $213 and $224 in 2022, 2021 and 2020, respectively. |
Share-Based Compensation | Share-Based Compensation We provide various forms of share-based compensation to our employees. For awards settled in shares, we measure compensation expense based on the grant-date fair value net of estimated forfeitures. For awards settled in cash, or that may be settled in cash, we measure compensation expense based on the fair value at each reporting date net of estimated forfeitures. The expense is recognized over the requisite service period, which is generally the vesting period of the award. |
Income Taxes | Income Taxes Provisions for U.S. federal, state and local, and non-U.S. income taxes are calculated on reported Loss before income taxes based on current tax law and also include, in the current period, the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provisions differ from the amounts currently receivable or payable because certain items of income and expense are recognized in different time periods for financial reporting purposes than for income tax purposes. Significant judgment is required in determining income tax provisions and evaluating tax positions. The accounting for uncertainty in income taxes requires a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. We record a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on our tax return. To the extent that our assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. Tax-related interest and penalties are classified as a component of Income tax (expense)/benefit. We also assess the likelihood that we will be able to recover our deferred tax assets against future sources of taxable income and reduce the carrying amounts of deferred tax assets by recording a valuation allowance if, based on the available evidence, it is more likely than not that all or a portion of such assets will not be realized. Changes in our estimates and judgments regarding realization of deferred tax assets may result in an increase or decrease to our tax expense and/or other comprehensive income, which would be recorded in the period in which the change occurs. |
Postretirement Plans | Postretirement Plans Many of our employees have earned benefits under defined benefit pension plans. The majority of employees that had participated in defined benefit pension plans have transitioned to a company-funded defined contribution retirement savings plan. We also provide postretirement benefit plans other than pensions, consisting principally of health care coverage to eligible retirees and qualifying dependents. Benefits under the pension and other postretirement benefit plans are generally based on age at retirement and years of service and, for some pension plans, benefits are also based on the employee’s annual earnings. The net periodic cost of our pension and other postretirement plans is determined using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate, the long-term rate of asset return and medical trend (rate of growth for medical costs). Actuarial gains and losses, which occur when actual experience differs from actuarial assumptions, are reflected in Shareholders’ equity (net of taxes). If actuarial gains and losses exceed ten percent of the greater of plan assets or plan liabilities, we amortize them over the average expected future lifetime of participants. The funded status of our pension and postretirement plans is reflected on the Consolidated Statements of Financial Position. |
Postemployment Plans | Postemployment Plans We record a liability for postemployment benefits, such as severance or job training, when payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have vested or accumulated. |
Environmental Remediation | Environmental Remediation We are subject to federal and state requirements for protection of the environment, including those for discharge of hazardous materials and remediation of contaminated sites. We routinely assess, based on in-depth studies, expert analyses and legal reviews, our contingencies, obligations and commitments for remediation of contaminated sites, including assessments of ranges and probabilities of recoveries from other responsible parties and/or insurance carriers. Our policy is to accrue and charge to current expense identified exposures related to environmental remediation sites when it is probable that a liability has been incurred and the amount can be reasonably estimated. The amount of the liability is based on our best estimate or the low end of a range of reasonably possible exposure for investigation, cleanup and monitoring costs to be incurred. Estimated remediation costs are not discounted to present value as the timing of payments cannot be reasonably estimated. We may be able to recover a portion of the remediation costs from insurers or other third parties. Such recoveries are recorded when realization of the claim for recovery is deemed probable. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid instruments, such as commercial paper, time deposits, and other money market instruments, which have original maturities of three months or less. We aggregate our cash balances by bank where conditions for right of set-off are met, and reclassify any negative balances, consisting mainly of uncleared checks, to Accounts payable. Negative balances reclassified to Accounts payable were $102 and $47 at December 31, 2022 and 2021. |
Inventories | Inventories Inventoried costs on commercial aircraft programs and long-term contracts include direct engineering, production and tooling and other non-recurring costs, and applicable overhead, which includes fringe benefits, production related indirect and plant management salaries and plant services, not in excess of estimated net realizable value. To the extent a material amount of such costs are related to an abnormal event or are fixed costs not appropriately attributable to our programs or contracts, they are expensed in the current period rather than inventoried. Inventoried costs include amounts relating to programs and contracts with long-term production cycles, a portion of which is not expected to be realized within one year. Included in inventory for federal government contracts is an allocation of allowable costs related to manufacturing process reengineering. Commercial aircraft programs inventory includes deferred production costs and supplier advances. Deferred production costs represent actual costs incurred for production of early units that exceed the estimated average cost of all units in the program accounting quantity. Higher production costs are experienced at the beginning of a new or derivative aircraft program. Units produced early in a program require substantially more effort (labor and other resources) than units produced later in a program because of volume efficiencies and the effects of learning. We expect that these deferred costs will be fully recovered when all units included in the accounting quantity are delivered as the expected unit cost for later deliveries is below the estimated average cost of all units in the program. Supplier advances represent payments for parts we have contracted to receive from suppliers in the future. As parts are received, supplier advances are amortized to work in process. The determination of net realizable value of long-term contract costs is based upon quarterly reviews that estimate costs to be incurred to complete all contract requirements. When actual contract costs and the estimate to complete exceed total estimated contract revenues, a loss provision is recorded. The determination of net realizable value of commercial aircraft program costs is based upon quarterly program reviews that estimate revenue and cost to be incurred to complete the program accounting quantity. When estimated costs to complete exceed estimated program revenues to go, a program loss provision is recorded in the current period for the estimated loss on all undelivered units in the accounting quantity. Used aircraft purchased by the Commercial Airplanes segment and general stock materials are stated at cost not in excess of net realizable value. Spare parts inventory is stated at lower of average unit cost or net realizable value. We review our commercial spare parts and general stock materials quarterly to identify impaired inventory, including excess or obsolete inventory, based on historical sales trends, expected production usage, and the size and age of the aircraft fleet using the part. Impaired inventories are charged to Cost of products in the period the impairment occurs. Included in inventory for commercial aircraft programs are amounts paid or credited in cash, or other consideration to certain airline customers, that are referred to as early issue sales consideration. Early issue sales consideration is recognized as a reduction to revenue when the delivery of the aircraft under contract occurs. If an airline customer does not perform and take delivery of the contracted aircraft, we believe that we would have the ability to recover amounts paid. However, to the extent early issue sales consideration exceeds advances and is not considered to be otherwise recoverable, it would be written off in the current period. |
Precontract Costs | Precontract Costs We may, from time to time, incur costs in excess of the amounts required for existing contracts. If we determine the costs are probable of recovery from future orders, then we capitalize the precontract costs we incur, excluding start-up costs which are expensed as incurred. Capitalized precontract costs are included in Inventories in the accompanying Consolidated Statements of Financial Position. Should future orders not materialize or we determine the costs are no longer probable of recovery, the capitalized costs would be written off. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost, including applicable construction-period interest, less accumulated depreciation and are depreciated principally over the following estimated useful lives: new buildings and land improvements, from 10 to 40 years; and new machinery and equipment, from 4 to 20 years. The principal methods of depreciation are as follows: buildings and land improvements, 150% declining balance; and machinery and equipment, sum-of-the-years’ digits. Capitalized internal use software is included in Other assets and amortized using the straight line method over 5 years. Capitalized software as a service is included in Other assets and amortized using the straight line method over the term of the hosting arrangement, which is typically no greater than 10 years. We periodically evaluate the appropriateness of remaining depreciable lives assigned to long-lived assets, including assets that may be subject to a management plan for disposition. Long-lived assets held for sale are stated at the lower of cost or fair value less cost to sell. Long-lived assets held for use are subject to an impairment assessment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset. |
Leases | Leases We determine if an arrangement is, or contains, a lease under which we are the lessee at the inception date. Operating lease assets are included in Other assets, with the related liabilities included in Accrued liabilities and Other long-term liabilities. Assets under finance leases, which primarily represent computer equipment, are included in Property, plant and equipment, net, with the related liabilities included in Short-term debt and current portion of long-term debt and Long-term debt on the Consolidated Statements of Financial Position. Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. We use our estimated incremental borrowing rate in determining the present value of lease payments. Variable components of the lease payments such as fair market value adjustments, utilities and maintenance costs are expensed as incurred and not included in determining the present value. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. We have real property lease agreements with lease and non-lease components which are accounted for as a single lease component. |
Asset Retirement Obligations | Asset Retirement Obligations We record all known asset retirement obligations for which the liability’s fair value can be reasonably estimated, including certain asbestos removal, asset decommissioning and contractual lease restoration obligations. Recorded amounts are not material. We also have known conditional asset retirement obligations, such as certain asbestos remediation and asset decommissioning activities to be performed in the future, that are not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, these obligations have not been recorded in the Consolidated Financial Statements. A liability for these obligations will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. In addition, there may be conditional asset retirement obligations that we have not yet discovered (e.g. asbestos may exist in certain buildings but we have not become aware of it through the normal course of business), and therefore, these obligations also have not been included in the Consolidated Financial Statements. |
Goodwill and Other Acquired Intangibles | Goodwill and Other Acquired Intangibles Goodwill and other acquired intangible assets with indefinite lives are not amortized, but are tested for impairment annually and when an event occurs or circumstances change such that it is more likely than not that an impairment may exist. Our annual testing date is April 1. We test goodwill for impairment by performing a qualitative assessment or using a quantitative test. If we choose to perform a qualitative assessment and determine it is more likely than not that the carrying value of the net assets is more than the fair value of the related operations, the quantitative test is then performed; otherwise, no further testing is required. For operations where the quantitative test is used, we compare the carrying value of net assets to the estimated fair value of the related operations. If the fair value is determined to be less than carrying value, the shortfall up to the carrying value of the goodwill represents the amount of goodwill impairment. Indefinite-lived intangibles consist of a brand and trade name and in-process research and development (IPR&D) acquired in business combinations. IPR&D is initially capitalized at fair value as an intangible asset with an indefinite life and assessed for impairment thereafter. IPR&D is reclassified to finite-lived acquired intangible assets when a project is completed and then amortized on a straight-line basis over the asset’s estimated useful life. We test these intangibles for impairment by comparing the carrying values to current projections of related discounted cash flows. Any excess carrying value over the amount of discounted cash flows represents the amount of the impairment. |
Investments | Investments Time deposits are held-to-maturity investments that are carried at cost. Available-for-sale debt securities include commercial paper, U.S. government agency securities and corporate debt securities. Available-for-sale debt securities are recorded at fair value, and unrealized gains and losses are recorded, net of tax, as a component of accumulated other comprehensive income. Realized gains and losses on available-for-sale debt securities are recognized based on the specific identification method. Available-for-sale debt securities are assessed for impairment quarterly. The equity method of accounting is used to account for investments for which we have the ability to exercise significant influence, but not control, over an investee. Significant influence is generally deemed to exist if we have an ownership interest in the voting stock of an investee of between 20% and 50%. The cumulative earnings approach is used for cash flow classification of distributions received from equity method investments. Other Equity investments are recorded at fair value, with gains and losses recorded through net earnings. Equity investments without readily determinable fair value are measured at cost, less impairments, plus or minus observable price changes. Equity investments without readily determinable fair value are assessed for impairment quarterly. We classify investment income and loss on our Consolidated Statements of Operations based on whether the investment is operating or non-operating in nature. Operating investments align strategically and are integrated with our operations. Earnings from operating investments, including our share of income or loss from equity method investments, dividend income from other equity investments, and any impairments or gain/loss on the disposition of these investments, are recorded in (Loss)/Income from operating investments, net. Non-operating investments are those we hold for non-strategic purposes. Earnings from non-operating investments, including interest and dividends on marketable securities, and any impairments or gain/loss on the disposition of these investments are recorded in Other income, net. |
Derivatives | Derivatives All derivative instruments are recognized in the financial statements and measured at fair value regardless of the purpose or intent of holding them. We use derivative instruments to principally manage a variety of market risks. For our cash flow hedges, the derivative’s gain or loss is initially reported in comprehensive income and is subsequently reclassified into earnings in the same period(s) during which the hedged forecasted transaction affects earnings. We have agreements to purchase and sell aluminum to address long-term strategic sourcing objectives and non-U.S. business requirements. We also hold certain other derivative instruments for economic purposes. These aluminum purchase and sale agreements and other derivative instruments are derivatives for accounting purposes but are not designated as hedges for accounting purposes. For these aluminum agreements and other derivative instruments not designated for hedge accounting treatment, the changes in their fair value are recorded in earnings immediately. |
Allowances for Losses on Certain Financial Assets | Allowances for Losses on Certain Financial Assets We establish allowances for credit losses on accounts receivable, unbilled receivables, customer financing receivables and certain other financial assets. The adequacy of these allowances is assessed quarterly through consideration of factors such as customer credit ratings, bankruptcy filings, published or estimated credit default rates, age of the receivable, expected loss rates and collateral exposures. Collateral exposure is the excess of the carrying value of a financial asset over the fair value of the related collateral. We determine the creditworthiness of our customers by assigning internal credit ratings based upon publicly available information and information obtained directly from the customers. Our rating categories are comparable to those used by major credit rating agencies. Customer financing receivables are collateralized by security in the related asset. We use a median calculated from published collateral values from multiple third-party aircraft value publications based on the type and age of the aircraft to determine the fair value of aircraft collateral. Under certain circumstances, we apply judgment based on the attributes of the specific aircraft or equipment, usually when the features or use of the aircraft vary significantly from the more generic aircraft attributes covered by outside publications. We have entered into agreements with certain customers that would entitle us to look beyond the specific collateral underlying the receivable for purposes of determining the collateral exposure. Should the proceeds from the sale of the underlying collateral asset resulting from a default condition be insufficient to cover the carrying value of our receivable (creating a shortfall condition), these agreements would, for example, permit us to take the actions necessary to sell or retain certain other assets in which the customer has an equity interest and use the proceeds to cover the shortfall. |
Commercial Aircraft Trade-in Commitments | Commercial Aircraft Trade-in Commitments In conjunction with signing a definitive agreement for the sale of new commercial 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. Exposure related to trade-in commitments may take the form of: (1) adjustments to revenue for the difference between the contractual trade-in price in the definitive agreement and our best estimate of the fair value of the trade-in aircraft as of the date of such agreement, which would be recognized upon delivery of the Sale Aircraft, and/or (2) charges to cost of products for adverse changes in the fair value of trade-in aircraft that occur subsequent to signing of a definitive agreement for Sale Aircraft but prior to the purchase of the used trade-in aircraft. Estimates based on current aircraft values would be included in Accrued liabilities. The fair value of trade-in aircraft is determined using aircraft-specific data such as model, age and condition, market conditions for specific aircraft and similar models, and multiple valuation sources. This process uses our assessment of the market for each trade-in aircraft, which in most instances begins years before the return of the aircraft. There are several possible markets in which we continually pursue opportunities to place used aircraft. These markets include, but are not limited to, the resale market, which could potentially include the cost of long-term storage; the leasing market, with the potential for refurbishment costs to meet the leasing customer’s requirements; or the scrap market. Trade-in aircraft valuation varies significantly depending on which market we determine is most likely for each aircraft. On a quarterly basis, we update our valuation analysis based on the actual activities associated with placing each aircraft into a market or using current published third-party aircraft valuations based on the type and age of the aircraft, adjusted for individual attributes and known conditions. |
Warranties | Warranties In conjunction with certain product sales, we provide warranties that cover factors such as non-conformance to specifications and defects in material and design. The majority of our warranties are issued by our BCA segment. Generally, aircraft sales are accompanied by a 3 to 4-year standard warranty for systems, accessories, equipment, parts, and software manufactured by us or manufactured to certain standards under our authorization. These warranties are included in the programs’ estimate at completion. On occasion we have made commitments beyond the standard warranty obligation to correct fleet-wide major issues of a particular model, resulting in additional accrued warranty expense. Warranties issued by our BDS segment principally relate to sales of military aircraft and weapons systems. These sales are generally accompanied by a six month to two-year warranty period and cover systems, accessories, equipment, parts and software manufactured by us to certain contractual specifications. Estimated costs related to standard warranties are recorded in the period in which the related product delivery occurs. The warranty liability recorded at each balance sheet date reflects the estimated number of months of warranty coverage outstanding for products delivered times the average of historical monthly warranty payments, as well as additional amounts for certain major warranty issues that exceed a normal claims level. Estimated costs of these additional warranty issues are considered changes to the initial liability estimate. We provide guarantees to certain commercial aircraft customers which include compensation provisions for failure to meet specified aircraft performance targets. We account for these performance guarantees as warranties. The estimated liability for these warranties is based on known and anticipated operational characteristics and forecasted customer operation of the aircraft relative to contractually specified performance targets, and anticipated settlements when contractual remedies are not specified. Estimated payments are recorded as a reduction of revenue at delivery of the related aircraft. We have agreements that require certain suppliers to compensate us for amounts paid to customers for failure of supplied equipment to meet specified performance targets. Claims against suppliers under these agreements are included in Inventories and recorded as a reduction in Cost of products at delivery of the related aircraft. These performance warranties and claims against suppliers are included in the programs’ estimate at completion. |
Supplier Penalties | Supplier PenaltiesWe record an accrual for supplier penalties when an event occurs that makes it probable we will incur a supplier penalty and the amount is reasonably estimable. |
Guarantees | Guarantees At the inception of a guarantee, we record a liability in Accrued liabilities for the fair value of the guarantee. For credit guarantees, the liability is equal to the present value of the expected loss. We determine the expected loss by multiplying the creditor’s default rate by the guarantee amount reduced by the expected recovery, if applicable. We also recognize a liability for the expected contingent loss at inception and adjust it each quarter. |
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. |
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. |
Summary of Business Segment D_2
Summary of Business Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Schedule of Segment Reporting Information, by Segment | (Dollars in millions) Years ended December 31, 2022 2021 2020 Revenues: Commercial Airplanes $25,867 $19,493 $16,162 Defense, Space & Security 23,162 26,540 26,257 Global Services 17,611 16,328 15,543 Boeing Capital 199 272 261 Unallocated items, eliminations and other (231) (347) (65) Total revenues $66,608 $62,286 $58,158 (Loss)/earnings from operations: Commercial Airplanes ($2,370) ($6,475) ($13,847) Defense, Space & Security (3,544) 1,544 1,539 Global Services 2,727 2,017 450 Boeing Capital 29 106 63 Segment operating loss (3,158) (2,808) (11,795) Unallocated items, eliminations and other (1,532) (1,267) (2,355) FAS/CAS service cost adjustment 1,143 1,173 1,383 Loss from operations (3,547) (2,902) (12,767) Other income, net 1,058 551 447 Interest and debt expense (2,533) (2,682) (2,156) Loss before income taxes (5,022) (5,033) (14,476) Income tax (expense)/benefit (31) 743 2,535 Net loss (5,053) (4,290) (11,941) Less: net loss attributable to noncontrolling interest (118) (88) (68) Net loss attributable to Boeing Shareholders ($4,935) ($4,202) ($11,873) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Change in Accounting Estimate | The table below reflects the impact of net cumulative catch-up adjustments for changes in estimated revenues and costs at completion across all long-term contracts including the impact to Loss from operations from increases in estimated losses on unexercised options for the years ended December 31: 2022 2021 2020 Decrease to Revenue ($2,335) ($379) ($359) Increase to Loss from operations ($5,253) ($880) ($942) Decrease to Diluted EPS ($8.88) ($1.28) ($1.37) |
Goodwill and Acquired Intangi_2
Goodwill and Acquired Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill by Reportable Segment | Changes in the carrying amount of goodwill for the years ended December 31, 2022 and 2021 were as follows: Commercial Defense, Space & Security Global Services Other Total Balance at December 31, 2020 $1,316 $3,224 $3,454 $87 $8,081 Goodwill adjustments (11) (2) (13) Balance at December 31, 2021 $1,316 $3,224 $3,443 $85 $8,068 Goodwill adjustments (11) (11) Balance at December 31, 2022 $1,316 $3,224 $3,432 $85 $8,057 |
Schedule of Finite-Lived Intangible Assets | The gross carrying amounts and accumulated amortization of our acquired finite-lived intangible assets were as follows at December 31: 2022 2021 Gross Accumulated Gross Accumulated Distribution rights $2,546 $1,443 $2,554 $1,321 Product know-how 552 441 553 413 Customer base 1,356 777 1,360 721 Developed technology 621 545 626 526 Other 276 233 301 250 Total $5,351 $3,439 $5,394 $3,231 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated amortization expense for the five succeeding years is as follows: 2023 2024 2025 2026 2027 Estimated amortization expense $234 $219 $194 $190 $172 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares | The elements used in the computation of basic and diluted earnings per share were as follows: (In millions - except per share amounts) Years ended December 31, 2022 2021 2020 Net loss available to common shareholders ($4,935) ($4,202) ($11,873) Basic Basic weighted average shares outstanding 595.2 588.0 569.0 Less: participating securities (2) 0.3 0.4 0.4 Basic weighted average common shares outstanding 594.9 587.6 568.6 Diluted Basic weighted average shares outstanding 595.2 588.0 569.0 Dilutive potential common shares (1) Diluted weighted average shares outstanding 595.2 588.0 569.0 Less: participating securities (2) 0.3 0.4 0.4 Diluted weighted average common shares outstanding 594.9 587.6 568.6 Net loss per share: Basic ($8.30) ($7.15) ($20.88) Diluted (8.30) (7.15) (20.88) (1) Diluted loss per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards. (2) Participating securities include certain instruments in our deferred compensation plan. |
Schedule of Weighted Average Number of Shares Outstanding Excluded from the Computation of Diluted Earnings Per Share | The following table represents all shares that were excluded from the calculation of diluted loss per share during the respective period but may be dilutive potential common shares in future periods. This includes potential common shares that were excluded because the effect was either antidilutive or the performance condition was not met. (Shares in millions) Years ended December 31, 2022 2021 2020 Performance awards 2.9 5.7 Performance-based restricted stock units 0.4 0.8 1.3 Restricted stock units 1.0 0.4 1.0 Stock options 0.8 0.3 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Earnings Before Income Taxes Between Domestic and Foreign Jurisdictions | The components of Loss before income taxes were: Years ended December 31, 2022 2021 2020 U.S. ($5,457) ($5,475) ($14,882) Non-U.S. 435 442 406 Total ($5,022) ($5,033) ($14,476) |
Schedule of Income Tax Expense/(Benefit) | Income tax (benefit)/expense consisted of the following: Years ended December 31, 2022 2021 2020 Current tax (benefit)/expense U.S. federal ($58) ($89) ($3,968) Non-U.S. 142 147 148 U.S. state (42) 42 21 Total current 42 100 (3,799) Deferred tax (benefit)/expense U.S. federal (62) (855) 652 Non-U.S. (3) (12) U.S. state 54 24 612 Total deferred (11) (843) 1,264 Total income tax expense/(benefit) $31 ($743) ($2,535) |
Schedule of Effective Income Tax Rate Reconciliation | The following is a reconciliation of the U.S. federal statutory tax to actual income tax (benefit)/expense: Years ended December 31, 2022 2021 2020 Amount Rate Amount Rate Amount Rate U.S. federal statutory tax ($1,054) 21.0 % ($1,057) 21.0 % ($3,039) 21.0 % Valuation allowance 1,199 (23.9) 512 (10.2) 2,603 (18.0) Research and development credits (204) 4.1 (189) 3.8 (284) 2.0 State income tax provision, net of effects on U.S. federal tax (90) 1.8 (94) 1.9 (168) 1.2 Tax on non-U.S. activities 64 (1.3) 47 (0.9) 7 (0.1) Impact of CARES Act (1) (5) 0.1 3 (0.1) (1,175) 8.1 Other provision adjustments 121 (2.4) 35 (0.8) 108 (0.8) Audit settlements (2) (587) 4.1 Income tax expense/(benefit) $31 (0.6) % ($743) 14.7 % ($2,535) 17.5 % (1) On March 27, 2020, the CARES Act was enacted, which includes a five year net operating loss (NOL) carryback provision which enabled us to benefit from the 2020 U.S. federal tax NOL at the former federal tax rate of 35%. In 2022, 2021, and 2020, we recorded tax benefits of $5, tax expense of $3, and tax benefits of $1,175 related to the NOL carryback provision. |
Significant Components of Deferred Tax Assets Net of Deferred Tax Liabilities | Significant components of our deferred tax assets/(liabilities) at December 31 were as follows: 2022 2021 Inventory and long-term contract methods of income recognition ($4,369) ($3,827) Federal net operating loss, credit, interest and other carryovers (1) 2,082 1,522 Fixed assets, intangibles and goodwill (1,641) (1,657) Research expenditures 1,464 Pension benefits 1,146 1,739 Other employee benefits 1,095 991 State net operating loss, credit, interest and other carryovers (2) 1,021 929 Accrued expenses and reserves 933 763 Other postretirement benefit obligations 660 913 737 MAX customer concessions and other considerations 425 682 Other 179 227 Gross deferred tax assets/(liabilities) before valuation allowance $2,995 $2,282 Valuation allowance (3,162) (2,423) Net deferred tax assets/(liabilities) after valuation allowance ($167) ($141) (1) Of the deferred tax asset for federal net operating loss, credit, interest and other carryovers, $742 expires on or before December 31, 2042 and $1,340 may be carried over indefinitely. (2) Of the deferred tax asset for state net operating loss, credit, interest and other carryovers, $514 expires on or before December 31, 2042 and $507 may be carried over indefinitely. |
Net Deferred Tax Assets and Liabilities | Net deferred tax assets/(liabilities) at December 31 were as follows: 2022 2021 Deferred tax assets $12,301 $11,258 Deferred tax liabilities (9,306) (8,976) Valuation allowance (3,162) (2,423) Net deferred tax assets/(liabilities) ($167) ($141) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2022 2021 2020 Unrecognized tax benefits – January 1 $858 $966 $1,476 Gross increases – tax positions in prior periods 17 64 44 Gross decreases – tax positions in prior periods (51) (245) (581) Gross increases – current period tax positions 91 73 136 Gross decreases – current period tax positions Settlements (109) Unrecognized tax benefits – December 31 $915 $858 $966 |
Accounts Receivable, net (Table
Accounts Receivable, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Schedule of Accounts Receivable | Accounts receivable at December 31 consisted of the following: 2022 2021 U.S. government contracts (1) $800 $1,180 Commercial Airplanes 293 279 Global Services (2) 1,390 1,456 Defense, Space, & Security (2) 145 111 Other 5 5 Less valuation allowance (116) (390) Total $2,517 $2,641 (1) Includes foreign military sales through the U.S. government (2) Excludes U.S. government contracts |
Allowance for Losses on Finan_2
Allowance for Losses on Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Credit Loss [Abstract] | |
Schedule of Financial Assets, Allowance for Credit Loss | The change in allowances for expected credit losses for the years ended December 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 (24) (11) 6 (1) (59) (89) Write-offs 77 49 4 13 143 Recoveries 1 1 Balance at December 31, 2021 (390) (91) (62) (18) (186) (747) Balance at January 1, 2022 (390) (91) (62) (18) (186) (747) Changes in estimates 2 21 (27) (37) (35) (76) Write-offs 260 47 4 133 444 Recoveries 12 12 Balance at December 31, 2022 ($116) ($23) ($85) ($55) ($88) ($367) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories at December 31 consisted of the following: 2022 2021 Long-term contracts in progress $582 $872 Commercial aircraft programs 67,702 68,106 Capitalized precontract costs (1) 794 648 Commercial spare parts, used aircraft, general stock materials and other 9,073 9,197 Total $78,151 $78,823 (1) Capitalized precontract costs at December 31, 2022 includes amounts related to KC-46A Tanker, Commercial Crew, and T-7 Production Options. See Note 13. |
Contracts with Customers (Table
Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Contracts with Customers [Abstract] | |
Schedule of Unbilled Receivables and Claims | The following table summarizes our contract assets under long-term contracts that were unbillable or related to outstanding claims as of December 31: Unbilled Claims 2022 2021 2022 2021 Current $6,478 $5,870 $4 Expected to be collected after one year 2,179 2,841 $16 $11 Less valuation allowance (23) (91) Total $8,634 $8,620 $16 $15 |
Customer Financing (Tables)
Customer Financing (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Customer Financing [Abstract] | |
Schedule of Customer Financing | Customer financing consisted of the following at December 31: 2022 2021 Financing receivables: Investment in sales-type/finance leases $804 $944 Notes 385 412 Total financing receivables 1,189 1,356 Less allowance for losses on receivables 55 18 Financing receivables, net 1,134 1,338 Operating lease equipment, at cost, less accumulated depreciation of $76 and $58 470 474 Total $1,604 $1,812 |
Components of Investment in Sales Type or Finance Leases | The components of investment in sales-type/finance leases at December 31 were as follows: 2022 2021 Minimum lease payments receivable $924 $1,099 Estimated residual value of leased assets 86 110 Unearned income (206) (265) Total $804 $944 |
Financing Receivable Credit Quality Indicators | Our financing receivable balances at December 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 $68 $68 BB $35 $218 $112 $39 $12 63 479 B 35 218 253 CCC 19 370 389 Total carrying value of financing receivables $35 $253 $112 $58 $12 $719 $1,189 |
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 at December 31: 2022 2021 717 Aircraft ($45 and $62 accounted for as operating leases) $563 $603 747-8 Aircraft (Accounted for as sales-type/finance leases) 394 435 737 Aircraft ($174 and $145 accounted for as operating leases) 186 163 777 Aircraft ($209 and $225 accounted for as operating leases) 209 233 MD-80 Aircraft (Accounted for as sales-type/finance leases) 96 142 757 Aircraft (Accounted for as sales-type/finance leases) 107 126 747-400 Aircraft ($0 and $1 accounted for as operating leases) 46 50 |
Customer Financing Asset Impairment Charges | Impairment charges related to customer financing operating lease assets for the years ended December 31 were as follows: 2022 2021 2020 Boeing Capital $2 $23 $32 Other Boeing 5 8 (8) Total $7 $31 $24 |
Scheduled Receipts on Customer Financing | As of December 31, 2022, undiscounted cash flows for notes receivable, sales-type/finance and operating leases over the next five years and thereafter are as follows: Notes receivable Sales-type/finance leases Operating leases Year 1 $201 $239 $61 Year 2 18 161 50 Year 3 19 131 47 Year 4 21 118 43 Year 5 22 116 43 Thereafter 104 159 61 Total financing receipts 385 924 305 Less imputed interest (206) Estimated unguaranteed residual values 86 Total $385 $804 $305 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment at December 31 consisted of the following: 2022 2021 Land $376 $377 Buildings and land improvements 14,404 14,152 Machinery and equipment 15,844 15,692 Construction in progress 1,368 1,235 Gross property, plant and equipment 31,992 31,456 Less accumulated depreciation (21,442) (20,538) Total $10,550 $10,918 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments [Abstract] | |
Schedule of Investments | Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following at December 31: 2022 2021 Equity method investments (1) $948 $930 Time deposits 2,093 7,676 Available for sale debt instruments 479 464 Equity and other investments 36 45 Restricted cash & cash equivalents (2) 33 52 Total $3,589 $9,167 (1) Dividends received were $111 and $77 during 2022 and 2021. Retained earnings at December 31, 2022 include undistributed earnings from our equity method investments of $141. During the third quarter of 2021, Boeing and AE Industrial Partners announced a strategic partnership to establish a dedicated aerospace venture fund. This transaction resulted in the deconsolidation of HorizonX and generated a gain of $117 which is included in (Loss)/income from operating investments, net. (2) Reflects amounts restricted in support of our property sales, workers’ compensation programs and insurance premiums. |
Schedule of Equity Method Investments | Equity Method Investments Our equity method investments consisted of the following at December 31: Segment Ownership Percentages Investment Balance 2022 2021 United Launch Alliance BDS 50% $587 $617 Other BCA, BDS, BGS and Other 361 313 Total equity method investments $948 $930 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Supplemental Balance Sheet Information Related to Operating Leases | Supplemental Consolidated Statement of Financial Position information related to leases consisted of the following at December 31: 2022 2021 Operating leases: Operating lease right-of-use assets $1,451 $1,437 Current portion of lease liabilities 276 268 Non-current portion of lease liabilities 1,305 1,271 Total operating lease liabilities $1,581 $1,539 Weighted average remaining lease term (years) 12 13 Weighted average discount rate 4.13% 3.82% |
Schedule of Maturities of Operating Liabilities | Maturities of operating lease liabilities for the next five years are as follows: Operating leases 2023 $316 2024 259 2025 224 2026 191 2027 151 Thereafter 1,039 Total lease payments 2,180 Less imputed interest (599) Total $1,581 |
Liabilities, Commitments and _2
Liabilities, Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities at December 31 consisted of the following: 2022 2021 Accrued compensation and employee benefit costs $6,351 $6,037 737 MAX grounding customer concessions and other considerations 1,864 2,940 Other customer concessions and considerations 1,102 240 Environmental 752 605 Product warranties 2,275 1,900 Forward loss recognition 4,060 2,014 Accrued interest payable 599 641 Current portion of lease liabilities 276 268 Current portion of retiree healthcare and pension liabilities 494 536 Other 3,808 3,274 Total $21,581 $18,455 |
Schedule of 737 Max Customer Concessions and Other Considerations Liability | The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during 2022 and 2021. 2022 2021 Beginning balance – January 1 $2,940 $5,537 Reductions for payments made (1,031) (2,535) Reductions for concessions and other in-kind considerations (29) (48) Changes in estimates (16) (14) Ending balance – December 31 $1,864 $2,940 |
Schedule of Environmental Remediation Activity | The following table summarizes environmental remediation activity during the years ended December 31, 2022 and 2021. 2022 2021 Beginning balance – January 1 $605 $565 Reductions for payments made, net of recoveries (43) (59) Changes in estimates 190 99 Ending balance – December 31 $752 $605 |
Schedule of Product Warranty Activity | The following table summarizes product warranty activity recorded during the years ended December 31, 2022 and 2021. 2022 2021 Beginning balance – January 1 $1,900 $1,527 Additions for current year deliveries 202 116 Reductions for payments made (403) (241) Changes in estimates 576 498 Ending balance – December 31 $2,275 $1,900 |
Schedule of Contractual Obligation, Fiscal Year Maturity | The estimated earliest potential funding dates for these commitments as of December 31, 2022 are as follows: Total 2023 $3,084 2024 2,608 2025 3,381 2026 2,555 2027 1,520 Thereafter 2,957 $16,105 |
Arrangements with Off-Balance_2
Arrangements with Off-Balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Guarantees [Abstract] | |
Schedule of Guarantor Obligations | The following table provides quantitative data regarding our third party guarantees. The maximum potential payments represent a “worst-case scenario” and do not necessarily reflect amounts that we expect to pay. The carrying amount of liabilities represents the amount included in Accrued liabilities. Maximum Estimated Carrying December 31, 2022 2021 2022 2021 2022 2021 Contingent repurchase commitments $514 $548 $514 $548 Credit guarantees 45 90 28 $27 $24 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Short-Term Debt and Current Portion of Long-Term Debt | Short-term debt and current portion of long-term debt at December 31 consisted of the following: 2022 2021 Unsecured debt $5,103 $1,155 Finance lease obligations 65 61 Other notes 22 80 Total $5,190 $1,296 |
Schedule of Debt | Debt at December 31 consisted of the following: 2022 2021 Unsecured debt 1.17% - 2.50% due through 2026 $11,846 12,404 2.60% - 3.20% due through 2030 6,412 7,001 3.25% - 3.90% due through 2059 9,576 9,570 3.95% - 5.15% due through 2059 14,035 13,993 5.71% - 6.63% due through 2060 13,011 13,008 6.88% - 8.75% due through 2043 1,854 1,853 Other debt and notes Finance lease obligations due through 2044 206 180 Other notes 61 93 Total debt $57,001 $58,102 |
Scheduled Principal Payments for Debt and Capital Lease Obligations | Scheduled principal payments for debt and minimum finance lease obligations for the next five years are as follows: 2023 2024 2025 2026 2027 Debt $5,128 $5,081 $4,306 $7,966 $3,300 Minimum finance lease obligations $69 $52 $41 $22 $5 |
Postretirement Plans (Tables)
Postretirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits, Description [Abstract] | |
Components of Net Periodic Benefit Cost | The components of net periodic benefit (income)/cost were as follows: Pension Other Postretirement Benefits Years ended December 31, 2022 2021 2020 2022 2021 2020 Service cost $3 $3 $3 $72 $87 $89 Interest cost 2,080 1,988 2,455 98 97 130 Expected return on plan assets (3,789) (3,848) (3,756) (10) (7) (9) Amortization of prior service credits (81) (80) (80) (35) (35) (38) Recognized net actuarial loss/(gain) 913 1,219 1,032 (111) (56) (63) Settlement/curtailment (gain)/loss (4) 193 9 (4) Net periodic benefit (income)/cost ($878) ($525) ($337) $14 $86 $105 Net periodic benefit cost included in Loss from operations $3 $3 $3 $79 $90 $91 Net periodic benefit (income)/cost included in Other income, net (881) (528) (340) (58) (1) 16 Net periodic benefit (income)/cost included in Loss before income taxes ($878) ($525) ($337) $21 $89 $107 |
Schedule of Changes in the Benefit Obligation, Plan Assets and Funded Status of Pensions and OPB | The following tables show changes in the benefit obligation, plan assets and funded status of both pensions and OPB for the years ended December 31, 2022 and 2021. Benefit obligation balances presented below reflect the PBO for our pension plans and accumulated postretirement benefit obligations (APBO) for our OPB plans. Pension Other Postretirement Benefits 2022 2021 2022 2021 Change in benefit obligation Beginning balance $75,635 $82,415 $4,092 $4,693 Service cost 3 3 72 87 Interest cost 2,080 1,988 98 97 Amendments 1 Actuarial (gain)/loss (17,605) (3,249) (914) (401) Settlement/other (870) Gross benefits paid (4,971) (4,653) (406) (411) Subsidies 39 26 Exchange rate adjustment (26) 1 (3) 1 Ending balance $55,117 $75,635 $2,978 $4,092 Change in plan assets Beginning balance at fair value $67,813 $68,696 $172 $160 Actual return on plan assets (13,141) 4,477 (27) 21 Company contribution 2 11 Plan participants’ contributions 6 6 Settlement payments (870) Benefits paid (4,824) (4,502) (11) (15) Exchange rate adjustment (25) 1 Ending balance at fair value $49,825 $67,813 $140 $172 Amounts recognized in statement of financial position at December 31 consist of: Other assets $987 $1,426 $21 Accrued liabilities (138) (144) (356) ($392) Accrued retiree health care (2,503) (3,528) Accrued pension plan liability, net (6,141) (9,104) Net amount recognized ($5,292) ($7,822) ($2,838) ($3,920) |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in Accumulated other comprehensive loss at December 31 were as follows: Pension Other Postretirement Benefits 2022 2021 2022 2021 Net actuarial loss/(gain) $17,448 $19,031 ($1,862) ($1,092) Prior service credits (1,224) (1,306) (41) (76) Total recognized in Accumulated other comprehensive loss $16,224 $17,725 ($1,903) ($1,168) |
Schedule of Key Information for All Plans with ABO in Excess of Plan Assets | Key information for our plans with ABO and PBO in excess of plan assets as of December 31 was as follows: 2022 2021 Accumulated benefit obligation $48,134 $66,406 Fair value of plan assets 42,491 58,593 2022 2021 Projected benefit obligation $48,770 $67,841 Fair value of plan assets 42,491 58,593 |
Schedule of Assumptions Used to Calculate the Benefit Obligation and Net Periodic Benefit Costs | The following assumptions, which are the weighted average for all plans, are used to calculate the benefit obligation at December 31 of each year and the net periodic benefit cost for the subsequent year. December 31, 2022 2021 2020 Discount rate: Pension 5.40 % 2.80 % 2.50 % Other postretirement benefits 5.30 % 2.50 % 2.00 % Expected return on plan assets 6.00 % 6.30 % 6.50 % Rate of compensation increase 4.30 % 4.30 % 4.30 % Interest crediting rates for cash balance plans 5.00 % 5.00 % 5.00 % |
Schedule of Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates were as follows: December 31, 2022 2021 2020 Health care cost trend rate assumed next year 5.50 % 4.50 % 4.50 % Ultimate trend rate 4.50 % 4.50 % 4.50 % Year that trend reaches ultimate rate 2028 2021 2021 |
Schedule of Actual Allocations for Pension Assets and Target Allocations by Asset Class | The actual and target allocations by asset class for the pension assets at December 31 were as follows: Actual Allocations Target Allocations Asset Class 2022 2021 2022 2021 Fixed income 63 % 61 % 63 % 63 % Global equity 14 16 20 20 Private equity 8 8 4 4 Real estate and real assets 8 8 7 7 Hedge funds 7 7 6 6 Total 100 % 100 % 100 % 100 % |
Schedule of Allocation of Plan Assets | The following table presents our plan assets using the fair value hierarchy as of December 31, 2022 and 2021. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs. December 31, 2022 December 31, 2021 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Fixed income securities: Corporate $15,095 $15,025 $70 $20,573 $20,520 $53 U.S. government and agencies 7,827 7,827 11,285 11,285 Mortgage backed and asset backed 664 502 162 777 675 102 Municipal 843 811 32 1,064 1,035 29 Sovereign 706 706 1,135 1,126 9 Other 8 $8 3 $3 Derivatives: Assets 36 36 62 62 Liabilities (87) (87) (48) (48) Cash equivalents and other short-term investments 571 571 448 448 Equity securities: U.S. common and preferred stock 2,931 2,931 4,463 4,463 Non-U.S. common and preferred stock 2,023 2,023 3,345 3,340 5 Boeing company stock 1,782 1,782 1,883 1,883 Derivatives: Assets 1 1 Liabilities (1) (1) (1) (1) Private equity Real estate and real assets: Real estate 413 413 Real assets 362 310 47 5 784 749 35 Derivatives: Assets 1 1 8 8 Liabilities (8) (7) (1) (2) (2) Total $32,753 $7,054 $25,431 $268 $46,193 $10,851 $35,144 $198 Fixed income common/collective/pooled funds $1,511 $1,712 Fixed income other 832 747 Equity common/collective/ pooled funds 2,757 4,561 Private equity 4,239 5,100 Real estate and real assets 3,525 3,952 Hedge funds 3,391 4,717 Total investments measured at NAV as a practical expedient $16,255 $20,789 Cash $409 $520 Receivables 541 454 Payables (133) (143) Total $49,825 $67,813 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The following tables summarizes the changes of Level 3 assets, reconciled by asset class, held during the years ended December 31, 2022 and 2021. Transfers into and out of Level 3 are reported at the beginning-of-year values. January 1 Net Realized and Unrealized Gains/(Losses) Net Purchases, Issuances and Settlements Net Transfers Into/(Out of) Level 3 December 31 Fixed income securities: Corporate $53 ($19) $3 $33 $70 Mortgage backed and asset backed 102 (11) 16 55 162 Municipal 29 (14) 9 8 32 Sovereign 9 (9) Equity securities: Non-U.S. common and 5 (45) (2) 42 Real assets (1) 5 4 Total $198 ($90) $31 $129 $268 January 1 Net Realized and Unrealized Gains/(Losses) Net Purchases, Issuances and Settlements Net Transfers Into/(Out of) Level 3 December 31 Fixed income securities: Corporate $40 ($1) $5 $9 $53 U.S. government and agencies 2 (2) Mortgage backed and asset backed 120 (17) (1) 102 Municipal 72 7 (50) 29 Sovereign 2 (8) 15 9 Equity securities: Non-U.S. common and preferred stock 2 2 (3) 4 5 Real assets 2 (2) Total $240 ($7) $5 ($40) $198 |
Schedule of Estimated Future Benefit Payments | The table below reflects the total pension benefits expected to be paid from the plans or from our assets, including both our share of the benefit cost and the participants’ share of the cost, which is funded by participant contributions. OPB payments reflect our portion only. Year(s) 2023 2024 2025 2026 2027 2028-2032 Pensions $5,348 $4,473 $4,404 $4,325 $4,221 $19,560 Other postretirement benefits: Gross benefits paid 381 371 353 334 310 1,176 Subsidies (11) (11) (11) (12) (12) (63) Net other postretirement benefits $370 $360 $342 $322 $298 $1,113 |
Share-Based Compensation and _2
Share-Based Compensation and Other Compensation Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-Based Plans Expense and Related Income Tax Benefit | The share-based plans expense and related income tax benefit were as follows: Years ended December 31, 2022 2021 2020 Restricted stock units and other awards $726 $840 $243 Income tax benefit (before consideration of valuation allowance) $178 $148 $53 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions | Grant Year Grant Date Expected Life Expected Volatility Risk Free Interest Rate Grant Date Fair Value Per Option 2022 2/16/2022 6.8 years 36.6 % 2.0 % $83.04 2021 2/17/2021 6.6 years 37.8 % 1.3 % $74.63 |
Schedule of Stock Options Activity | Stock option activity for the year ended December 31, 2022 was as follows: Shares Weighted Average Exercise Price Per Option Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Number of shares under option: Outstanding at beginning of year 1,709,379 $121.83 Granted 362,450 259.77 Exercised (663,348) 75.85 Expired (664) 130.72 Forfeited (17,048) 246.21 Outstanding at end of year 1,390,769 $178.18 5.0 $68 Exercisable at end of year 598,983 $77.22 0.2 $68 |
Schedule of Restricted Stock Units Award Activity | RSU activity for the year ended December 31, 2022 was as follows: Executive Long-Term Incentive Program Employee Long-Term Incentive Program Other Number of units: Outstanding at beginning of year 2,049,695 4,780,724 698,866 Granted 4,527,189 595,122 Forfeited (282,488) (269,380) (67,441) Distributed (176,496) (137,537) (267,853) Outstanding at end of year 6,117,900 4,373,807 958,694 Undistributed vested units 426,652 1,454,414 18,914 Unrecognized compensation cost $683 $240 $87 Weighted average remaining amortization period (years) 2.1 1.0 2.1 |
Schedule of Performance Based Restricted Stock Units Award Grant Fair Values | The grant date fair values were estimated using a Monte-Carlo simulation model with the assumptions presented below. The model includes no expected dividend yield. Grant Year Grant Date Performance Period Expected Volatility Risk Free Interest Rate Grant Date Fair Value Per Unit 2020 2/24/2020 3 years 27.0 % 1.2 % $357.38 |
Schedule of Performance Based Restricted Stock Units Award Activity | PBRSU activity for the year ended December 31, 2022 was as follows: Executive Long-Term Incentive Program Number of units: Outstanding at beginning of year 383,401 Performance based adjustment (1) (162,548) Forfeited (10,647) Outstanding at end of year 210,206 Unrecognized compensation cost $4 Weighted average remaining amortization period (years) 0.2 (1) Represents adjustment to 0% payout for units granted in 2019. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Common Stock Outstanding Roll Forward | The following table shows changes in each class of shares: Common Treasury Balance at January 1, 2020 1,012,261,159 449,352,405 Issued (19,986,868) Acquired 575,484 Balance at December 31, 2020 1,012,261,159 429,941,021 Issued (6,904,556) Acquired 307,242 Balance at December 31, 2021 1,012,261,159 423,343,707 Issued (8,877,047) Acquired 204,723 Balance at December 31, 2022 1,012,261,159 414,671,383 |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in Accumulated other comprehensive loss (AOCI) by component for the years ended December 31, 2022, 2021 and 2020 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, 2020 ($128) $1 ($84) ($15,942) ($16,153) Other comprehensive income/(loss) before reclassifications 98 14 (1,929) (2) (1,817) Amounts reclassified from AOCI 27 810 (3) 837 Net current period Other comprehensive income/(loss) 98 41 (1,119) (980) Balance at December 31, 2020 ($30) $1 ($43) ($17,061) ($17,133) Other comprehensive (loss)/income before reclassifications (75) 55 4,268 (2) 4,248 Amounts reclassified from AOCI (6) 1,232 (3) 1,226 Net current period Other comprehensive (loss)/income (75) 49 5,500 5,474 Balance at December 31, 2021 ($105) $1 $6 ($11,561) ($11,659) Other comprehensive (loss)/income before reclassifications (62) (1) (40) 1,529 (2) 1,426 Amounts reclassified from AOCI 10 (4) 673 (3) 683 Net current period Other comprehensive (loss)/income (62) (1) (30) 2,202 2,109 Balance at December 31, 2022 ($167) ($24) ($9,359) ($9,550) (1) Net of tax. (2) Primarily related to remeasurement of assets and benefit obligations related to the Company's pension and other postretirement benefit plans resulting in an actuarial gain/(loss) of $1,533, $4,262 and ($1,956) (net of tax of ($22), ($32) and $111) for the years ended December 31, 2022, 2021 and 2020. See Note 16. (3) Primarily related to amortization of actuarial losses for the years ended December 31, 2022, 2021 and 2020 totaling $791, $1,155 and $917 (net of tax of ($11), ($8) and ($52)), respectively. These are included in the net periodic pension cost. See Note 16. (4) Included losses of $39 (net of tax of ($11)) from cash flow hedges reclassified to Other income, net because the forecasted transactions are probable of not occurring. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Derivative Instruments [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The notional amounts and fair values of derivative instruments in the Consolidated Statements of Financial Position as of December 31 were as follows: Notional amounts (1) Other assets Accrued 2022 2021 2022 2021 2022 2021 Derivatives designated as hedging instruments: Foreign exchange contracts $2,815 $2,630 $23 $30 ($122) ($52) Commodity contracts 602 500 115 88 (9) (18) Derivatives not receiving hedge accounting treatment: Foreign exchange contracts 462 361 5 2 (42) (3) Commodity contracts 412 760 2 8 (1) (7) Total derivatives $4,291 $4,251 145 128 (174) (80) Netting arrangements (33) (30) 33 30 Net recorded balance $112 $98 ($141) ($50) (1) Notional amounts represent the gross contract/notional amount of the derivatives outstanding. |
Schedule of Derivative Instruments, Gains/(Losses) in Statement of Financial Performance | Gains/(losses) associated with our hedging transactions and forward points recognized in Other comprehensive income are presented in the following table: Years ended December 31, 2022 2021 Recognized in Other comprehensive income, net of taxes: Foreign exchange contracts ($118) ($47) Commodity contracts 78 102 |
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: Years ended December 31, 2022 2021 Foreign exchange contracts Revenues $1 Costs and expenses 7 $13 General and administrative (12) 8 Commodity contracts Costs and expenses $31 ($18) General and administrative expense 10 5 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. December 31, 2022 December 31, 2021 Total Level 1 Level 2 Total Level 1 Level 2 Assets Money market funds $1,797 $1,797 $1,370 $1,370 Available-for-sale debt investments: Commercial paper 256 $256 225 $225 Corporate notes 195 195 262 262 U.S. government agencies 47 47 1 1 Other equity investments 10 10 20 20 Derivatives 112 112 98 98 Total assets $2,417 $1,807 $610 $1,976 $1,390 $586 Liabilities Derivatives ($141) ($141) ($50) ($50) Total liabilities ($141) ($141) ($50) ($50) |
Fair Value, Assets Measured on Nonrecurring Basis Using Unobservable Inputs | The following table presents the nonrecurring losses recognized for the years ended December 31 due to long-lived asset impairment, and the fair value and asset classification of the related assets as of the impairment date: 2022 2021 Total Level 2 Level 3 Total Losses Total Level 2 Level 3 Total Losses Investments ($31) ($8) Customer financing assets $47 $47 (7) $110 $110 (31) Property, plant and equipment (19) 9 9 (50) Other Assets and Acquired intangible assets 15 15 (55) 1 1 (9) Total $62 $62 ($112) $120 $120 ($98) |
Fair Value, Assets Measured on Nonrecurring Basis, Valuation Techniques | For Level 3 assets that were measured at fair value on a nonrecurring basis during the year ended December 31, 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 $47 Market approach Aircraft value publications $40 - $51 (1) Median $46 Aircraft condition adjustments ($4) - $5 (2) Net $1 (1) The range represents the sum of the highest and lowest values for all aircraft subject to fair value measurement, according to the third party aircraft valuation publications that we use in our valuation process. (2) The negative amount represents the sum, for all aircraft subject to fair value measurement, of all downward adjustments based on consideration of individual aircraft attributes and condition. The positive amount represents the sum of all such upward adjustments. |
Fair Values and Related Carrying Values of Financial Instruments | The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Consolidated Statements of Financial Position at December 31 were as follows: December 31, 2022 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Notes receivable, net $385 $403 $403 Liabilities Debt, excluding finance lease obligations (56,794) (52,856) (52,856) December 31, 2021 Carrying Amount Total Fair Value 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) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | Revenues, including foreign military sales, are reported by customer location and consisted of the following: Years ended December 31, 2022 2021 2020 Asia $8,393 $5,845 $5,931 Europe 7,916 8,967 7,961 Middle East 5,047 4,653 5,308 Canada 1,612 969 1,302 Oceania 1,576 1,147 832 Africa 418 239 114 Latin America, Caribbean and other 2,412 1,376 229 Total non-U.S. revenues 27,374 23,196 21,677 United States 39,218 39,076 36,979 Estimated potential concessions and other considerations to 737 MAX customers 16 14 (498) Total revenues $66,608 $62,286 $58,158 |
Schedule of Disaggregation of Revenue | BCA revenues by customer location consisted of the following: Years ended December 31, 2022 2021 2020 Revenue from contracts with customers: Asia $4,484 $2,792 $2,679 Europe 4,038 4,334 3,872 Middle East 2,003 1,098 1,647 Other non-U.S. 3,042 1,681 513 Total non-U.S. revenues 13,567 9,905 8,711 United States 12,167 9,472 7,899 Estimated potential concessions and other considerations to 737 MAX customers 16 14 (498) Total revenues from contracts with customers 25,750 19,391 16,112 Intersegment revenues, eliminated on consolidation 117 102 50 Total segment revenues $25,867 $19,493 $16,162 Revenue recognized on fixed-price contracts 100 % 100 % 100 % Revenue recognized at a point in time 100 % 100 % 100 % BDS revenues on contracts with customers, based on the customer's location, consisted of the following: Years ended December 31, 2022 2021 2020 Revenue from contracts with customers: U.S. customers $17,144 $19,869 $19,662 Non-U.S. customers (1) 6,018 6,671 6,595 Total segment revenue from contracts with customers $23,162 $26,540 $26,257 Revenue recognized over time 99 % 99 % 98 % Revenue recognized on fixed-price contracts 60 % 68 % 69 % Revenue from the U.S. government (1) 89 % 89 % 89 % (1) Includes revenues earned from foreign military sales through the U.S. government. BGS revenues consisted of the following: Years ended December 31, 2022 2021 2020 Revenue from contracts with customers: Commercial $9,560 $7,527 $6,936 Government 7,681 8,553 8,368 Total revenues from contracts with customers 17,241 16,080 15,304 Intersegment revenues eliminated on consolidation 370 248 239 Total segment revenues $17,611 $16,328 $15,543 Revenue recognized at a point in time 50 % 45 % 47 % Revenue recognized on fixed-price contracts 88 % 86 % 87 % Revenue from the U.S. government (1) 33 % 40 % 41 % (1) Includes revenues earned from foreign military sales through the U.S. government. |
Schedule of Unallocated Items and Eliminations | Components of Unallocated items, eliminations and other (expense)/income are shown in the following table. Years ended December 31, 2022 2021 2020 Share-based plans ($114) ($174) ($120) Deferred compensation 117 (126) (93) Amortization of previously capitalized interest (95) (107) (95) Research and development expense, net (278) (184) (240) Eliminations and other unallocated items (1,162) (676) (1,807) Unallocated items, eliminations and other ($1,532) ($1,267) ($2,355) Pension FAS/CAS service cost adjustment $849 $882 $1,024 Postretirement FAS/CAS service cost adjustment 294 291 359 FAS/CAS service cost adjustment $1,143 $1,173 $1,383 |
Reconciliation of Assets from Segment to Consolidated | Segment assets are summarized in the table below. December 31, 2022 2021 Commercial Airplanes $75,212 $75,863 Defense, Space & Security 14,426 14,974 Global Services 16,149 16,397 Boeing Capital 1,510 1,735 Unallocated items, eliminations and other 29,803 29,583 Total $137,100 $138,552 |
Schedule of Capital Expenditures by Segment | Capital Expenditures Years ended December 31, 2022 2021 2020 Commercial Airplanes $218 $177 $322 Defense, Space & Security 202 199 172 Global Services 130 94 127 Unallocated items, eliminations and other 672 510 682 Total $1,222 $980 $1,303 Capital expenditures for Unallocated items, eliminations and other relate primarily to assets managed centrally on behalf of the four principal business segments. |
Schedule of Depreciation and Amortization Expense by Segment | Depreciation and Amortization Years ended December 31, 2022 2021 2020 Commercial Airplanes $508 $535 $559 Defense, Space & Security 238 233 251 Global Services 346 414 408 Boeing Capital Corporation 46 59 66 Centrally Managed Assets (1) 841 903 962 Total $1,979 $2,144 $2,246 (1) Amounts shown in the table represent depreciation and amortization expense recorded by the individual business segments. Depreciation and amortization for centrally managed assets are included in segment operating earnings based on usage and occupancy. In 2022, $643 was included in the primary business segments, of which $360, $230 and $53 was included in BCA, BDS and BGS, respectively. In 2021, $668 was included in the primary business segments, of which $386, $222 and $60 was included in BCA, BDS and BGS, respectively. In 2020, $689 was included in the primary business segments, of which $397, $236 and $56 was included in BCA, BDS and BGS, respectively. |
Summary of Business Segment D_3
Summary of Business Segment Data - Schedule of Segment Reporting Information, by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Total revenues | $ 66,608 | $ 62,286 | $ 58,158 |
Earnings from operations | (3,547) | (2,902) | (12,767) |
Other income, net | 1,058 | 551 | 447 |
Interest and debt expense | (2,533) | (2,682) | (2,156) |
Loss before income taxes | (5,022) | (5,033) | (14,476) |
Income tax (expense)/benefit | (31) | 743 | 2,535 |
Net loss | (5,053) | (4,290) | (11,941) |
Less: net loss attributable to noncontrolling interest | (118) | (88) | (68) |
Net loss attributable to Boeing Shareholders | (4,935) | (4,202) | (11,873) |
Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Earnings from operations | (3,158) | (2,808) | (11,795) |
Operating Segments | Commercial Airplanes | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 25,867 | 19,493 | 16,162 |
Earnings from operations | (2,370) | (6,475) | (13,847) |
Operating Segments | Defense, Space & Security | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 23,162 | 26,540 | 26,257 |
Earnings from operations | (3,544) | 1,544 | 1,539 |
Operating Segments | Global Services | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 17,611 | 16,328 | 15,543 |
Earnings from operations | 2,727 | 2,017 | 450 |
Operating Segments | Boeing Capital | |||
Segment Reporting Information [Line Items] | |||
Total revenues | 199 | 272 | 261 |
Earnings from operations | 29 | 106 | 63 |
Other | |||
Segment Reporting Information [Line Items] | |||
Total revenues | (231) | (347) | (65) |
Unallocated items, eliminations and other | 1,532 | 1,267 | 2,355 |
FAS/CAS service cost adjustment | $ (1,143) | $ (1,173) | $ (1,383) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Schedule of Accounting Policies [Line Items] | |||
Number of reportable segments | segment | 4 | ||
Reinsurance revenues | $ 129 | $ 126 | $ 129 |
Reinsurance costs | 134 | 129 | 136 |
Research and development expense, net | 2,852 | 2,249 | 2,476 |
Accounts payable | $ 10,200 | 9,261 | |
Capitalized Internal Use Software | |||
Schedule of Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful lives (in years) | 5 years | ||
Minimum | Commercial Airplanes | |||
Schedule of Accounting Policies [Line Items] | |||
Standard warranty term | 3 years | ||
Minimum | Defense, Space & Security | |||
Schedule of Accounting Policies [Line Items] | |||
Standard warranty term | 6 months | ||
Minimum | Developed technology | |||
Schedule of Accounting Policies [Line Items] | |||
Finite-lived acquired intangible assets, useful lives (in years) | 4 years | ||
Minimum | Product know-how | |||
Schedule of Accounting Policies [Line Items] | |||
Finite-lived acquired intangible assets, useful lives (in years) | 6 years | ||
Minimum | Customer base | |||
Schedule of Accounting Policies [Line Items] | |||
Finite-lived acquired intangible assets, useful lives (in years) | 3 years | ||
Minimum | Distribution rights | |||
Schedule of Accounting Policies [Line Items] | |||
Finite-lived acquired intangible assets, useful lives (in years) | 3 years | ||
Minimum | Other Intangible Assets | |||
Schedule of Accounting Policies [Line Items] | |||
Finite-lived acquired intangible assets, useful lives (in years) | 1 year | ||
Minimum | Buildings and Land Improvements | |||
Schedule of Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful lives (in years) | 10 years | ||
Minimum | Machinery and equipment | |||
Schedule of Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful lives (in years) | 4 years | ||
Maximum | Commercial Airplanes | |||
Schedule of Accounting Policies [Line Items] | |||
Standard warranty term | 4 years | ||
Maximum | Defense, Space & Security | |||
Schedule of Accounting Policies [Line Items] | |||
Standard warranty term | 2 years | ||
Maximum | Developed technology | |||
Schedule of Accounting Policies [Line Items] | |||
Finite-lived acquired intangible assets, useful lives (in years) | 14 years | ||
Maximum | Product know-how | |||
Schedule of Accounting Policies [Line Items] | |||
Finite-lived acquired intangible assets, useful lives (in years) | 30 years | ||
Maximum | Customer base | |||
Schedule of Accounting Policies [Line Items] | |||
Finite-lived acquired intangible assets, useful lives (in years) | 17 years | ||
Maximum | Distribution rights | |||
Schedule of Accounting Policies [Line Items] | |||
Finite-lived acquired intangible assets, useful lives (in years) | 27 years | ||
Maximum | Other Intangible Assets | |||
Schedule of Accounting Policies [Line Items] | |||
Finite-lived acquired intangible assets, useful lives (in years) | 32 years | ||
Maximum | Buildings and Land Improvements | |||
Schedule of Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful lives (in years) | 40 years | ||
Maximum | Machinery and equipment | |||
Schedule of Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful lives (in years) | 20 years | ||
Maximum | 7372 Services, Prepackaged Software | |||
Schedule of Accounting Policies [Line Items] | |||
Property, plant and equipment, estimated useful lives (in years) | 10 years | ||
Bank Overdrafts | |||
Schedule of Accounting Policies [Line Items] | |||
Accounts payable | $ 102 | 47 | |
Bid and Proposal Costs | |||
Schedule of Accounting Policies [Line Items] | |||
Research and development expense, net | $ 217 | $ 213 | $ 224 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Change in Accounting Estimate (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Decrease to Revenue | $ (2,335) | $ (379) | $ (359) |
Increase to Loss from operations | $ (5,253) | $ (880) | $ (942) |
Decrease to Diluted EPS (in dollars per share) | $ (8.88) | $ (1.28) | $ (1.37) |
Goodwill and Acquired Intangi_3
Goodwill and Acquired Intangibles - Schedule of Goodwill by Reportable Segment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | $ 8,068 | $ 8,081 |
Goodwill adjustments | (11) | (13) |
Goodwill, ending balance | 8,057 | 8,068 |
Commercial Airplanes | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 1,316 | 1,316 |
Goodwill adjustments | ||
Goodwill, ending balance | 1,316 | 1,316 |
Defense, Space & Security | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 3,224 | 3,224 |
Goodwill adjustments | ||
Goodwill, ending balance | 3,224 | 3,224 |
Global Services | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 3,443 | 3,454 |
Goodwill adjustments | (11) | (11) |
Goodwill, ending balance | 3,432 | 3,443 |
Other | ||
Goodwill [Roll Forward] | ||
Goodwill, beginning balance | 85 | 87 |
Goodwill adjustments | (2) | |
Goodwill, ending balance | $ 85 | $ 85 |
Goodwill and Acquired Intangi_4
Goodwill and Acquired Intangibles - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||
Carrying amount of indefinite-lived intangible assets relating to trade names | $ 197 | $ 197 | |
Carrying amount of indefinite-lived research and development | 202 | 202 | |
Amortization of intangible assets | $ 241 | $ 284 | |
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Cost of Goods and Services Sold | ||
Operating Segments | Distribution rights | Global Services | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of intangible assets, indefinite-lived (excluding goodwill) | $ 178 |
Goodwill and Acquired Intangi_5
Goodwill and Acquired Intangibles - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 5,351 | $ 5,394 |
Accumulated Amortization | 3,439 | 3,231 |
Distribution rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,546 | 2,554 |
Accumulated Amortization | 1,443 | 1,321 |
Product know-how | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 552 | 553 |
Accumulated Amortization | 441 | 413 |
Customer base | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,356 | 1,360 |
Accumulated Amortization | 777 | 721 |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 621 | 626 |
Accumulated Amortization | 545 | 526 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 276 | 301 |
Accumulated Amortization | $ 233 | $ 250 |
Goodwill and Acquired Intangi_6
Goodwill and Acquired Intangibles - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 | $ 234 |
2024 | 219 |
2025 | 194 |
2026 | 190 |
2027 | $ 172 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Weighted Average Number of Shares (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Net loss available to common shareholders | $ (4,935) | $ (4,202) | $ (11,873) |
Weighted average number of shares issued, basic (in shares) | 595.2 | 588 | 569 |
Participating securities (in shares) | 0.3 | 0.4 | 0.4 |
Basic weighted average common shares outstanding (in shares) | 594.9 | 587.6 | 568.6 |
Dilutive potential common shares (in shares) | |||
Diluted weighted average shares outstanding (in shares) | 595.2 | 588 | 569 |
Participating securities (in shares) | 0.3 | 0.4 | 0.4 |
Diluted weighted average common shares outstanding (in shares) | 594.9 | 587.6 | 568.6 |
Basic loss per share (in dollars per share) | $ (8.30) | $ (7.15) | $ (20.88) |
Diluted loss per share (in dollars per share) | $ (8.30) | $ (7.15) | $ (20.88) |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive due to Net Loss | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the computation of diluted earnings (in shares) | 3.5 | 2.6 | 1.6 |
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) - Antidilutive or Performance Condition not Met - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Performance awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the computation of diluted earnings (in shares) | 2.9 | 5.7 | |
Performance-based restricted stock units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the computation of diluted earnings (in shares) | 0.4 | 0.8 | 1.3 |
Restricted stock units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the computation of diluted earnings (in shares) | 1 | 0.4 | 1 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the computation of diluted earnings (in shares) | 0.8 | 0.3 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Mar. 27, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Net income tax payments/(refunds) | $ (1,317) | $ (1,480) | $ 37 | |
Deferred tax assets | 12,301 | 11,258 | ||
Deferred tax liabilities | $ 9,306 | $ 8,976 | ||
U.S. federal statutory tax | 35% | 21% | 21% | 21% |
Valuation allowance | $ 3,162 | $ 2,423 | ||
Valuation allowance, deferred tax asset, increase (decrease), amount | 739 | |||
Federal, state, and local, income tax expense (benefit), increase (decrease), amount | 18 | |||
Unrecognized tax benefits that would affect the effective tax rate, if recognized | 878 | $ 790 | $ 734 | |
Other Comprehensive Income (Loss) | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Valuation allowance | 478 | |||
Continuing Operations | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Valuation allowance | $ 1,199 |
Income Taxes - Components of Ea
Income Taxes - Components of Earnings Before Income Taxes Between Domestic and Foreign Jurisdictions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ (5,457) | $ (5,475) | $ (14,882) |
Non-U.S. | 435 | 442 | 406 |
Loss before income taxes | $ (5,022) | $ (5,033) | $ (14,476) |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense/(Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current tax (benefit)/expense | |||
U.S. federal | $ (58) | $ (89) | $ (3,968) |
Non-U.S. | 142 | 147 | 148 |
U.S. state | (42) | 42 | 21 |
Total current | 42 | 100 | (3,799) |
Deferred tax (benefit)/expense | |||
U.S. federal | (62) | (855) | 652 |
Non-U.S. | (3) | (12) | |
U.S. state | 54 | 24 | 612 |
Total deferred | (11) | (843) | 1,264 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Total income tax expense/(benefit) | $ 31 | $ (743) | $ (2,535) |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 27, 2020 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Amount | |||||
U.S. federal statutory tax | $ (1,054) | $ (1,057) | $ (3,039) | ||
Valuation allowance | 1,199 | 512 | 2,603 | ||
Research and development credits | (204) | (189) | (284) | ||
State income tax provision, net of effects on U.S. federal tax | (90) | (94) | (168) | ||
Tax on non-U.S. activities | 64 | 47 | 7 | ||
Impact of CARES Act | (5) | 3 | (1,175) | ||
Other provision adjustments | 121 | 35 | 108 | ||
Audit settlements | $ 587 | (587) | |||
Total income tax expense/(benefit) | $ 31 | $ (743) | $ (2,535) | ||
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||||
U.S. federal statutory tax | 35% | 21% | 21% | 21% | |
Valuation allowance | (23.90%) | (10.20%) | (18.00%) | ||
Valuation allowance | 4.10% | 3.80% | 2% | ||
State income tax provision, net of effects on U.S. federal tax | 1.80% | 1.90% | 1.20% | ||
Tax on non-U.S. activities | (1.30%) | (0.90%) | (0.10%) | ||
Impact of CARES Act | 0.10% | (0.10%) | 8.10% | ||
Other provision adjustments | (2.40%) | (0.80%) | (0.80%) | ||
Audit settlements | 4.10% | ||||
Effective income tax rate | (0.60%) | 14.70% | 17.50% |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets Net of Deferred Tax Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Valuation Allowance [Line Items] | ||
Inventory and long-term contract methods of income recognition | $ (4,369) | $ (3,827) |
Fixed assets, intangibles and goodwill | (1,641) | (1,657) |
Research expenditures | 1,464 | |
Pension benefits | 1,146 | 1,739 |
Other employee benefits | 1,095 | 991 |
Accrued expenses and reserves | 933 | 763 |
Other postretirement benefit obligations | 660 | 913 |
737 MAX customer concessions and other considerations | 425 | 682 |
Other | 179 | 227 |
Gross deferred tax assets/(liabilities) before valuation allowance | 2,995 | 2,282 |
Valuation allowance | (3,162) | (2,423) |
Net deferred tax assets/(liabilities) after valuation allowance | (167) | (141) |
Federal Tax Authority | ||
Valuation Allowance [Line Items] | ||
Federal and state net operating loss, credit, interest and other carryovers | 2,082 | 1,522 |
Deferred tax asset for net operating loss and credit carryovers each year through December 31, 2042 | 742 | |
Deferred tax asset for net operating loss and credit carryovers indefinitely | 1,340 | |
State Tax Authority | ||
Valuation Allowance [Line Items] | ||
Federal and state net operating loss, credit, interest and other carryovers | 1,021 | $ 929 |
Deferred tax asset for net operating loss and credit carryovers each year through December 31, 2042 | 514 | |
Deferred tax asset for net operating loss and credit carryovers indefinitely | $ 507 |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Deferred tax assets | $ 12,301 | $ 11,258 |
Deferred tax liabilities | (9,306) | (8,976) |
Valuation allowance | (3,162) | (2,423) |
Net deferred tax assets/(liabilities) | $ 167 | $ 141 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits – January 1 | $ 858 | $ 966 | $ 1,476 |
Gross increases – tax positions in prior periods | 17 | 64 | 44 |
Gross decreases – tax positions in prior periods | (51) | (245) | (581) |
Gross increases – current period tax positions | 91 | 73 | 136 |
Gross decreases – current period tax positions | |||
Settlements | (109) | ||
Unrecognized tax benefits – December 31 | $ 915 | $ 858 | $ 966 |
Accounts Receivable, net - Sche
Accounts Receivable, net - Schedule of Accounts Receivable (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Receivables [Line Items] | |||
Less valuation allowance | $ (116) | $ (390) | $ (444) |
Total | 2,517 | 2,641 | |
U.S. government contracts | |||
Accounts Receivables [Line Items] | |||
Accounts receivable, before allowance for credit loss, current | 800 | 1,180 | |
Commercial Airplanes | |||
Accounts Receivables [Line Items] | |||
Accounts receivable, before allowance for credit loss, current | 293 | 279 | |
Global Services | |||
Accounts Receivables [Line Items] | |||
Accounts receivable, before allowance for credit loss, current | 1,390 | 1,456 | |
Defense, Space, & Security | |||
Accounts Receivables [Line Items] | |||
Accounts receivable, before allowance for credit loss, current | 145 | 111 | |
Other | |||
Accounts Receivables [Line Items] | |||
Accounts receivable, before allowance for credit loss, current | $ 5 | $ 5 |
Allowance for Losses on Finan_3
Allowance for Losses on Financial Assets - Schedule of Financial Assets, Allowance for Credit Loss (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward] | |||
Account receivable, allowance for credit loss, beginning balance | $ (390) | $ (444) | |
Unbilled receivables, allowance for credit loss, beginning balance | (91) | (129) | |
Allowance for credit loss, beginning balance | (747) | (802) | |
Customer financing, allowance for credit loss, beginning balance | (18) | (17) | |
Accounts receivable, changes in estimates | 2 | (24) | |
Unbilled receivables, changes in estimates | 21 | (11) | |
Customer financing, changes in estimates, rounding | (1) | ||
Customer financing, changes in estimates | (37) | $ (12) | |
Changes in estimates | (76) | (89) | |
Accounts receivable, write-offs | 260 | 77 | |
Unbilled receivables, write-offs | 47 | 49 | |
Write-offs | 444 | 143 | |
Accounts receivable, recovery | 12 | 1 | |
Recoveries | 12 | 1 | |
Account receivable, allowance for credit loss, ending balance | (116) | (390) | (444) |
Unbilled receivables, allowance for credit loss, ending balance | (23) | (91) | (129) |
Allowance for credit loss, ending balance | (367) | (747) | (802) |
Customer financing, allowance for credit loss, ending balance | (55) | (18) | (17) |
Other Current Assets | |||
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit loss, beginning balance | (62) | (72) | |
Changes in estimates | 27 | 6 | |
Write-offs | 4 | 4 | |
Allowance for credit loss, ending balance | (85) | (62) | (72) |
Other Assets | |||
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward] | |||
Allowance for credit loss, beginning balance | (186) | (140) | |
Changes in estimates | (35) | (59) | |
Write-offs | 133 | 13 | |
Allowance for credit loss, ending balance | $ (88) | $ (186) | $ (140) |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory, Current (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Long-term contracts in progress | $ 582 | $ 872 |
Commercial aircraft programs | 67,702 | 68,106 |
Capitalized precontract costs | 794 | 648 |
Commercial spare parts, used aircraft, general stock materials and other | 9,073 | 9,197 |
Total | $ 78,151 | $ 78,823 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2021 USD ($) aircraft | Dec. 31, 2022 USD ($) aircraft | Dec. 31, 2021 USD ($) aircraft | |
Airplane Program 737 | |||
Inventories [Line Items] | |||
Number of commercial aircraft program | aircraft | 335 | 250 | 335 |
Deferred production costs | $ 1,296 | $ 2,955 | $ 1,296 |
Unamortized tooling and other non-recurring costs | $ 617 | 626 | $ 617 |
Deferred production, unamortized tooling and other nonrecurring costs to be recovered from firm orders at the balance sheet date | 3,555 | ||
Deferred production, unamortized tooling and other nonrecurring costs to be recovered from future orders | $ 26 | ||
Airplane Program 787 | |||
Inventories [Line Items] | |||
Number of commercial aircraft program | aircraft | 110 | 100 | 110 |
Deferred production costs | $ 11,693 | $ 12,689 | $ 11,693 |
Unamortized tooling and other non-recurring costs | 1,815 | 1,722 | 1,815 |
Deferred production, unamortized tooling and other nonrecurring costs to be recovered from firm orders at the balance sheet date | 9,881 | ||
Deferred production, unamortized tooling and other nonrecurring costs to be recovered from future orders | 4,530 | ||
Abnormal production costs | 1,240 | 468 | |
Increase (decrease) in earnings from operations due to change in accounting estimate. | 3,460 | ||
Supplier advances | 1,907 | 1,831 | 1,907 |
Airplane Program 777x | |||
Inventories [Line Items] | |||
Deferred production costs | 652 | 1,330 | 652 |
Unamortized tooling and other non-recurring costs | 3,521 | 3,774 | 3,521 |
Inventory, work in process | 3,363 | 4,059 | 3,363 |
Abnormal production costs | 325 | ||
Early Issue Sales Consideration | |||
Inventories [Line Items] | |||
Inventory subject to uncertainty | $ 3,290 | $ 3,586 | $ 3,290 |
Contracts with Customers - Narr
Contracts with Customers - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Contract Assets and Liabilities [Line Items] | ||
Unbilled receivables, net | $ 8,634 | $ 8,620 |
Advances and progress billings | 53,081 | 52,980 |
Contract with customer, liability, revenue recognized | 12,087 | 11,336 |
Commercial | ||
Schedule of Contract Assets and Liabilities [Line Items] | ||
Unbilled receivables, expected to be collected after one year | $ 117 | $ 131 |
Contracts with Customers - Sche
Contracts with Customers - Schedule of Unbilled Receivables and Claims) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Contracts with Customers [Abstract] | |||
Contract with customers, unbilled, current | $ 6,478 | $ 5,870 | |
Contract with customers, expected to be collected after one year | 2,179 | 2,841 | |
Contract with customers, less valuation allowance | (23) | (91) | $ (129) |
Total unbilled receivables | 8,634 | 8,620 | |
Contracts with customers, claims, current | 4 | ||
Contract with customers, claims, expected to be collected after one year | 16 | 11 | |
Total claims receivables | $ 16 | $ 15 |
Customer Financing - Narrative
Customer Financing - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Customer Financing [Line Items] | ||
Financing receivable, nonaccrual, no allowance | $ 405 | $ 378 |
Financing receivable, nonaccrual, interest income | 13 | 18 |
Sales-type and direct financing leases, lease income | 69 | 54 |
Operating lease, lease income | $ 65 | $ 68 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Total revenues | Total revenues |
Sales-type and direct financing leases, profit (loss) | $ 28 | $ 78 |
Estimated residual value of leased assets | $ 86 | $ 110 |
Minimum | ||
Customer Financing [Line Items] | ||
Lessee, finance lease, term of contract (in years) | 1 year | |
Maximum | ||
Customer Financing [Line Items] | ||
Lessee, finance lease, term of contract (in years) | 12 years | |
CCC | ||
Customer Financing [Line Items] | ||
Percentage of credit default rates applied to customers | 100% | |
B | ||
Customer Financing [Line Items] | ||
Percentage of credit default rates applied to customers | 31.50% | |
BB | ||
Customer Financing [Line Items] | ||
Percentage of credit default rates applied to customers | 2.90% | |
BBB | ||
Customer Financing [Line Items] | ||
Percentage of credit default rates applied to customers | 0.10% |
Customer Financing - Schedule o
Customer Financing - Schedule of Customer Financing (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Customer Financing [Abstract] | |||
Investment in sales-type/finance leases | $ 804 | $ 944 | |
Notes | 385 | 412 | |
Total financing receivables | 1,189 | 1,356 | |
Less allowance for losses on receivables | 55 | 18 | $ 17 |
Financing receivables, net | 1,134 | 1,338 | |
Operating lease equipment, at cost, less accumulated depreciation of $76 and $58 | 470 | 474 | |
Total | 1,604 | 1,812 | |
Operating lease equipment, accumulated depreciation | $ 76 | $ 58 |
Customer Financing - Components
Customer Financing - Components of Investment in Sales-Type or Finance Leases (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Customer Financing [Abstract] | ||
Minimum lease payments receivable | $ 924 | $ 1,099 |
Estimated residual value of leased assets | 86 | 110 |
Unearned income | (206) | (265) |
Investment in sales-type/finance leases | $ 804 | $ 944 |
Customer Financing - Financing
Customer Financing - Financing Receivable Credit Quality Indicators (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | $ 35 | |
2021 | 253 | |
2020 | 112 | |
2019 | 58 | |
2018 | 12 | |
Prior | 719 | |
Total financing receivables | 1,189 | $ 1,356 |
BBB | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | ||
2021 | ||
2020 | ||
2019 | ||
2018 | ||
Prior | 68 | |
Total financing receivables | 68 | |
BB | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | 35 | |
2021 | 218 | |
2020 | 112 | |
2019 | 39 | |
2018 | 12 | |
Prior | 63 | |
Total financing receivables | 479 | |
B | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | ||
2021 | 35 | |
2020 | ||
2019 | ||
2018 | ||
Prior | 218 | |
Total financing receivables | 253 | |
CCC | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Current | ||
2021 | ||
2020 | ||
2019 | 19 | |
2018 | ||
Prior | 370 | |
Total financing receivables | $ 389 |
Customer Financing - Schedule_2
Customer Financing - Schedule of Customer Financing Carrying Values Related to Major Aircraft Concentrations (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Customer Financing [Line Items] | ||
Operating lease equipment | $ 470 | $ 474 |
B-717 Aircraft | ||
Customer Financing [Line Items] | ||
Gross customer financing | 563 | 603 |
Operating lease equipment | 45 | 62 |
B-747-8 | ||
Customer Financing [Line Items] | ||
Gross customer financing | 394 | 435 |
B-737 Aircraft | ||
Customer Financing [Line Items] | ||
Gross customer financing | 186 | 163 |
Operating lease equipment | 174 | 145 |
B-777 | ||
Customer Financing [Line Items] | ||
Gross customer financing | 209 | 233 |
Operating lease equipment | 209 | 225 |
MD-80 Aircraft | ||
Customer Financing [Line Items] | ||
Gross customer financing | 96 | 142 |
B-757 Aircraft | ||
Customer Financing [Line Items] | ||
Gross customer financing | 107 | 126 |
B-747-400 aircraft | ||
Customer Financing [Line Items] | ||
Gross customer financing | 46 | 50 |
Operating lease equipment | $ 0 | $ 1 |
Customer Financing - Customer F
Customer Financing - Customer Financing Asset Impairment Charges (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Customer Financing [Line Items] | |||
Impairment charges | $ 112 | $ 98 | $ 410 |
Customer Financing | |||
Customer Financing [Line Items] | |||
Impairment charges | 7 | 31 | 24 |
Customer Financing | Boeing Capital | |||
Customer Financing [Line Items] | |||
Impairment charges | 2 | 23 | 32 |
Customer Financing | Other Boeing | |||
Customer Financing [Line Items] | |||
Impairment charges | $ 5 | $ 8 | $ (8) |
Customer Financing - Scheduled
Customer Financing - Scheduled Receipts on Customer Financing (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Notes receivable | ||
Year 1 | $ 201 | |
Year 2 | 18 | |
Year 3 | 19 | |
Year 4 | 21 | |
Year 5 | 22 | |
Thereafter | 104 | |
Total financing receipts | 385 | |
Sales-type/finance leases | ||
Year 1 | 239 | |
Year 2 | 161 | |
Year 3 | 131 | |
Year 4 | 118 | |
Year 5 | 116 | |
Thereafter | 159 | |
Total financing receipts | 924 | $ 1,099 |
Less imputed interest | (206) | |
Estimated residual value of leased assets | 86 | 110 |
Investment in sales-type/finance leases | 804 | $ 944 |
Operating leases | ||
Year 1 | 61 | |
Year 2 | 50 | |
Year 3 | 47 | |
Year 4 | 43 | |
Year 5 | 43 | |
Thereafter | 61 | |
Total financing receipts | $ 305 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 31,992 | $ 31,456 |
Less accumulated depreciation | (21,442) | (20,538) |
Total | 10,550 | 10,918 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 376 | 377 |
Buildings and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 14,404 | 14,152 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | 15,844 | 15,692 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Gross property, plant and equipment | $ 1,368 | $ 1,235 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Interest capitalized | $ 89 | $ 76 | $ 81 |
Property, plant and equipment additions, non-cash | 101 | 46 | |
Property, plant and equipment included in accounts payable | 396 | 295 | |
Property, plant and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 1,396 | $ 1,488 | $ 1,533 |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments [Abstract] | ||||
Equity method investments | $ 948 | $ 930 | ||
Time deposits | 2,093 | 7,676 | ||
Available for sale debt instruments | 479 | 464 | ||
Equity and other investments | 36 | 45 | ||
Restricted cash and cash equivalents | 33 | 52 | $ 83 | |
Total | 3,589 | 9,167 | ||
Equity Method Investments and Joint Ventures [Abstract] | ||||
Dividends received from equity method investments | 111 | $ 77 | ||
Undistributed earnings from equity method investments | $ 141 | |||
Deconsolidation, Revaluation of Retained Investment, Gain (Loss), Amount | $ 117 |
Investments - Schedule of Equit
Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 948 | $ 930 |
Defense, Space & Security | United Launch Alliance | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investment, ownership percentage | 50% | 50% |
Equity method investments | $ 587 | $ 617 |
BCA, BDS, BGS and Other | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity method investments | $ 361 | $ 313 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | ||
Operating lease, cost | $ 421 | $ 380 |
Variable lease, cost | 75 | 73 |
Operating lease, payments | 294 | 301 |
Right-of-use asset obtained in exchange for operating lease liability | 245 | $ 443 |
Lessee, operating lease, lease not yet commenced, value | $ 420 | |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, operating lease, lease not yet commenced, term of contract | 3 years | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, operating lease, lease not yet commenced, term of contract | 25 years |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 1,451 | $ 1,437 |
Current portion of lease liabilities | Liabilities, Current | Liabilities, Current |
Current portion of lease liabilities | $ 276 | $ 268 |
Non-current portion of lease liabilities | Other long-term liabilities | Other long-term liabilities |
Non-current portion of lease liabilities | $ 1,305 | $ 1,271 |
Total operating lease liabilities | $ 1,581 | $ 1,539 |
Weighted average remaining lease term (years) | 12 years | 13 years |
Weighted average discount rate | 4.13% | 3.82% |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Long-term debt | Long-term debt |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 316 | |
2024 | 259 | |
2025 | 224 | |
2026 | 191 | |
2027 | 151 | |
Thereafter | 1,039 | |
Total lease payments | 2,180 | |
Less imputed interest | (599) | |
Total operating lease liabilities | $ 1,581 | $ 1,539 |
Liabilities, Commitments and _3
Liabilities, Commitments and Contingencies - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | |||
Accrued compensation and employee benefit costs | $ 6,351 | $ 6,037 | |
737 MAX grounding customer concessions and other considerations | 1,864 | 2,940 | |
Other customer concessions and considerations | 1,102 | 240 | |
Environmental | 752 | 605 | $ 565 |
Product warranties | 2,275 | 1,900 | $ 1,527 |
Forward loss recognition | 4,060 | 2,014 | |
Accrued interest payable | 599 | 641 | |
Current portion of lease liabilities | 276 | 268 | |
Current portion of retiree healthcare and pension liabilities | 494 | 536 | |
Other | 3,808 | 3,274 | |
Accrued liabilities | $ 21,581 | $ 18,455 |
Liabilities, Commitments and _4
Liabilities, Commitments and Contingencies - Narrative (Details) $ in Millions | 3 Months Ended | 12 Months Ended | 84 Months Ended | |||
Sep. 30, 2018 USD ($) | Dec. 31, 2022 USD ($) mission aircraft | Dec. 31, 2018 USD ($) lot simulator aircraft | Dec. 31, 2016 USD ($) lot aircraft | Dec. 31, 2021 USD ($) | Dec. 31, 2011 tanker lot aircraft | |
Loss Contingencies [Line Items] | ||||||
737 MAX grounding customer concessions and other considerations | $ 1,864 | $ 2,940 | ||||
Amount by which estimated range of reasonably possible remediation costs exceeded recorded liabilities | 1,058 | 1,094 | ||||
Contingent liabilities on outstanding letters of credit agreements and surety bonds | 5,070 | 3,634 | ||||
Cash surrender value of life insurance policies | 376 | 374 | ||||
Total value of loans against underlying life insurance policies | 346 | 360 | ||||
Offsetting capital lease obligation and IRB asset | $ 271 | |||||
Number of commercial aircraft | aircraft | 2 | |||||
SOUTH CAROLINA | ||||||
Loss Contingencies [Line Items] | ||||||
Cash grants, amount | $ 346 | |||||
Inventory, amortization | $ 11 | |||||
SOUTH CAROLINA | Accrued Liabilities | ||||||
Loss Contingencies [Line Items] | ||||||
Income tax (expense) benefit, continuing operations, government grants | 106 | |||||
SOUTH CAROLINA | Inventories | ||||||
Loss Contingencies [Line Items] | ||||||
Income tax (expense) benefit, continuing operations, government grants | 64 | |||||
SOUTH CAROLINA | Cost of Sales | ||||||
Loss Contingencies [Line Items] | ||||||
Income tax (expense) benefit, continuing operations, government grants | 5 | |||||
State of Missouri And City Of Irving, Texas | ||||||
Loss Contingencies [Line Items] | ||||||
Cash grants, amount | 30 | |||||
Proceeds from income tax refunds | 56 | |||||
Other receivables, net, current | 20 | |||||
State of Missouri And City Of Irving, Texas | Cost of Sales | ||||||
Loss Contingencies [Line Items] | ||||||
Income tax (expense) benefit, continuing operations, government grants | 21 | |||||
Queensland, Australia | ||||||
Loss Contingencies [Line Items] | ||||||
Maximum eligible cash grants, amount | 62 | |||||
Tax refunds, clawback amount | 4 | |||||
Queensland, Australia | Cost of Sales | ||||||
Loss Contingencies [Line Items] | ||||||
Cash grants, amount | 7 | |||||
VC-25B | ||||||
Loss Contingencies [Line Items] | ||||||
Contract value | 4,300 | |||||
Increase (decrease) in earnings from operations due to change in accounting estimate. | 1,452 | |||||
KC-46A Tanker | ||||||
Loss Contingencies [Line Items] | ||||||
Contract value | 21,000 | |||||
Number of generation aerial refueling tanker | tanker | 4 | |||||
Number of annual production lot | lot | 13 | |||||
Number of aircraft | aircraft | 109 | 179 | ||||
Number of low rate initial production lot | lot | 8 | |||||
Increase (decrease) in earnings from operations due to change in accounting estimate. | 1,374 | |||||
KC-46A Tanker | Capitalized Precontract Costs | ||||||
Loss Contingencies [Line Items] | ||||||
Capitalized precontract costs | 209 | |||||
KC-46A Tanker | Potential Termination Liabilities | ||||||
Loss Contingencies [Line Items] | ||||||
Capitalized precontract costs | 292 | |||||
MQ-25 | ||||||
Loss Contingencies [Line Items] | ||||||
Contract value | $ 890 | |||||
Number of aircraft | aircraft | 7 | |||||
Increase (decrease) in earnings from operations due to change in accounting estimate. | $ 291 | 579 | ||||
T-7A EMD | ||||||
Loss Contingencies [Line Items] | ||||||
Contract value | $ 860 | |||||
Number of aircraft | aircraft | 5 | |||||
Increase (decrease) in earnings from operations due to change in accounting estimate. | 203 | |||||
Number of simulator | simulator | 7 | |||||
T-7A Production | ||||||
Loss Contingencies [Line Items] | ||||||
Number of annual production lot | lot | 11 | |||||
Increase (decrease) in earnings from operations due to change in accounting estimate. | 552 | $ 400 | ||||
T-7A Production | Capitalized Precontract Costs | ||||||
Loss Contingencies [Line Items] | ||||||
Capitalized precontract costs | 56 | |||||
T-7A Production | Potential Termination Liabilities | ||||||
Loss Contingencies [Line Items] | ||||||
Capitalized precontract costs | 283 | |||||
Commercial Crew | ||||||
Loss Contingencies [Line Items] | ||||||
Increase (decrease) in earnings from operations due to change in accounting estimate. | $ 288 | |||||
Number of post certification mission | mission | 3 | |||||
Number of future post certification mission | mission | 3 | |||||
Commercial Crew | Capitalized Precontract Costs | ||||||
Loss Contingencies [Line Items] | ||||||
Capitalized precontract costs | $ 180 | |||||
Commercial Crew | Potential Termination Liabilities | ||||||
Loss Contingencies [Line Items] | ||||||
Capitalized precontract costs | 159 | |||||
Financing Commitment | ||||||
Loss Contingencies [Line Items] | ||||||
Other commitment | 16,105 | 12,905 | ||||
Joint Venture | ||||||
Loss Contingencies [Line Items] | ||||||
Other commitment | $ 270 | |||||
Other commitment, period | 5 years | |||||
Total Contractual Trade in Value Maximum | Commercial Aircraft Commitments | ||||||
Loss Contingencies [Line Items] | ||||||
Other commitment | $ 1,117 | 612 | ||||
Net Amounts Payable to Customers Related to Probable Contractual Trade-in Commitments | Commercial Aircraft Commitments | ||||||
Loss Contingencies [Line Items] | ||||||
Other commitment | 286 | 283 | ||||
Probable Contractual Trade in Value | Commercial Aircraft Commitments | ||||||
Loss Contingencies [Line Items] | ||||||
Other commitment | 286 | $ 283 | ||||
Within Next Fiscal Year | ||||||
Loss Contingencies [Line Items] | ||||||
Changes in estimates | 100 | |||||
Future Years | ||||||
Loss Contingencies [Line Items] | ||||||
Changes in estimates | 600 | |||||
Contracted Customer Concessions and Other Liabilities | ||||||
Loss Contingencies [Line Items] | ||||||
737 MAX grounding customer concessions and other considerations | 1,600 | |||||
Contingent on Customer Negotiations | ||||||
Loss Contingencies [Line Items] | ||||||
737 MAX grounding customer concessions and other considerations | 300 | |||||
Lower Customer Delivery Payments | ||||||
Loss Contingencies [Line Items] | ||||||
737 MAX grounding customer concessions and other considerations | 800 | |||||
Cash Payments to Customers | ||||||
Loss Contingencies [Line Items] | ||||||
737 MAX grounding customer concessions and other considerations | 700 | |||||
Customer Concessions | ||||||
Loss Contingencies [Line Items] | ||||||
737 MAX grounding customer concessions and other considerations | $ 100 |
Liabilities, Commitments, and C
Liabilities, Commitments, and Contingencies - Schedule of 737 Max Customer Concessions and Other Considerations Liability (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Customer Concession And Other Consideration Liability [Roll Forward] | ||
Beginning balance – January 1 | $ 2,940 | |
Ending balance – December 31 | 1,864 | $ 2,940 |
Within Next Fiscal Year | ||
Customer Concession And Other Consideration Liability [Roll Forward] | ||
Changes in estimates | 100 | |
Future Years | ||
Customer Concession And Other Consideration Liability [Roll Forward] | ||
Changes in estimates | 600 | |
B-737 Aircraft | ||
Customer Concession And Other Consideration Liability [Roll Forward] | ||
Beginning balance – January 1 | 2,940 | 5,537 |
Reductions for payments made | (1,031) | (2,535) |
Reductions for concessions and other in-kind considerations | (29) | (48) |
Changes in estimates | $ (16) | (14) |
Ending balance – December 31 | $ 2,940 |
Liabilities, Commitments and _5
Liabilities, Commitments and Contingencies - Schedule of Environmental Remediation Activity (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Beginning balance – January 1 | $ 605 | $ 565 |
Reductions for payments made, net of recoveries | (43) | (59) |
Changes in estimates | 190 | 99 |
Ending balance – December 31 | $ 752 | $ 605 |
Liabilities, Commitments and _6
Liabilities, Commitments and Contingencies - Schedule of Product Warranty Activity (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning balance – January 1 | $ 1,900 | $ 1,527 |
Additions for current year deliveries | 202 | 116 |
Reductions for payments made | (403) | (241) |
Changes in estimates | 576 | 498 |
Ending balance – December 31 | $ 2,275 | $ 1,900 |
Liabilities, Commitments and _7
Liabilities, Commitments and Contingencies - Schedule of Contractual Obligation, Fiscal Year Maturity (Details) - Financing Commitment - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Other Commitments, Fiscal Year Maturity [Line Items] | ||
2023 | $ 3,084 | |
2024 | 2,608 | |
2025 | 3,381 | |
2026 | 2,555 | |
2027 | 1,520 | |
Thereafter | 2,957 | |
Total | $ 16,105 | $ 12,905 |
Arrangements with Off-Balance_3
Arrangements with Off-Balance Sheet Risk - Schedule of Guarantor Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Contingent repurchase commitments | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | $ 514 | $ 548 |
Estimated Proceeds from Collateral/ Recourse | 514 | 548 |
Carrying Amount of Liabilities | ||
Credit guarantees | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 45 | 90 |
Estimated Proceeds from Collateral/ Recourse | 28 | |
Carrying Amount of Liabilities | $ 27 | $ 24 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||
Line of credit facility, expiration period | 5 years | |||
Interest costs incurred | $ 2,650 | $ 2,790 | $ 2,280 | |
Interest paid, including capitalized interest, operating and investing activities | 2,572 | $ 2,583 | $ 1,925 | |
364-day Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 5,800 | |||
Line of credit facility, expiration period | 364 days | |||
Line of credit facility, term out period | 1 year | |||
Line of credit facility, extension period | 1 year | |||
Three Year Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 3,000 | |||
Line of credit facility, expiration period | 3 years | |||
Five Year Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 3,200 | |||
Line of credit facility, expiration period | 5 years | |||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 12,000 |
Debt - Schedule of Short-Term D
Debt - Schedule of Short-Term Debt and Current Portion of Long-Term Debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Unsecured debt | $ 5,103 | $ 1,155 |
Finance lease obligations | 65 | 61 |
Other notes | 22 | 80 |
Short-term debt and current portion of long-term debt | $ 5,190 | $ 1,296 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Short-term debt and current portion of long-term debt | Short-term debt and current portion of long-term debt |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Other notes | $ 61 | $ 93 |
Total debt | 57,001 | 58,102 |
1.17% - 2.50% due through 2026 | ||
Debt Instrument [Line Items] | ||
Unsecured debt securities | 11,846 | 12,404 |
2.60% - 3.20% due through 2030 | ||
Debt Instrument [Line Items] | ||
Unsecured debt securities | 6,412 | 7,001 |
3.25% - 3.90% due through 2059 | ||
Debt Instrument [Line Items] | ||
Unsecured debt securities | 9,576 | 9,570 |
3.95% - 5.15% due through 2059 | ||
Debt Instrument [Line Items] | ||
Unsecured debt securities | 14,035 | 13,993 |
5.71% - 6.63% due through 2060 | ||
Debt Instrument [Line Items] | ||
Unsecured debt securities | 13,011 | 13,008 |
6.88% - 8.75% due through 2043 | ||
Debt Instrument [Line Items] | ||
Unsecured debt securities | 1,854 | 1,853 |
Finance lease obligations due through 2044 | ||
Debt Instrument [Line Items] | ||
Finance lease obligations due through 2044 | $ 206 | $ 180 |
Minimum | 1.17% - 2.50% due through 2026 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 1.17% | |
Minimum | 2.60% - 3.20% due through 2030 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 2.60% | |
Minimum | 3.25% - 3.90% due through 2059 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 3.25% | |
Minimum | 3.95% - 5.15% due through 2059 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 3.95% | |
Minimum | 5.71% - 6.63% due through 2060 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 5.71% | |
Minimum | 6.88% - 8.75% due through 2043 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 6.88% | |
Maximum | 1.17% - 2.50% due through 2026 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 2.50% | |
Maximum | 2.60% - 3.20% due through 2030 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 3.20% | |
Maximum | 3.25% - 3.90% due through 2059 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 3.90% | |
Maximum | 3.95% - 5.15% due through 2059 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 5.15% | |
Maximum | 5.71% - 6.63% due through 2060 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 6.63% | |
Maximum | 6.88% - 8.75% due through 2043 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 8.75% |
Debt - Scheduled Principal Paym
Debt - Scheduled Principal Payments for Debt and Capital Lease Obligations (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Debt | |
2023 | $ 5,128 |
2024 | 5,081 |
2025 | 4,306 |
2026 | 7,966 |
2027 | 3,300 |
Minimum finance lease obligations | |
2023 | 69 |
2024 | 52 |
2025 | 41 |
2026 | 22 |
2027 | $ 5 |
Postretirement Plans - Componen
Postretirement Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 3 | $ 3 | $ 3 |
Interest cost | 2,080 | 1,988 | 2,455 |
Expected return on plan assets | (3,789) | (3,848) | (3,756) |
Amortization of prior service credits | (81) | (80) | (80) |
Recognized net actuarial loss/(gain) | 913 | 1,219 | 1,032 |
Settlement/curtailment (gain)/loss | (4) | 193 | 9 |
Net periodic benefit (income)/cost | (878) | (525) | (337) |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 72 | 87 | 89 |
Interest cost | 98 | 97 | 130 |
Expected return on plan assets | (10) | (7) | (9) |
Amortization of prior service credits | (35) | (35) | (38) |
Recognized net actuarial loss/(gain) | (111) | (56) | (63) |
Settlement/curtailment (gain)/loss | (4) | ||
Net periodic benefit (income)/cost | 14 | 86 | 105 |
Operating Income (Loss) | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income)/cost included in (loss)/earning from operations, other income, and loss before income taxes | 3 | 3 | 3 |
Operating Income (Loss) | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income)/cost included in (loss)/earning from operations, other income, and loss before income taxes | 79 | 90 | 91 |
Other Income | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income)/cost included in (loss)/earning from operations, other income, and loss before income taxes | (881) | (528) | (340) |
Other Income | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income)/cost included in (loss)/earning from operations, other income, and loss before income taxes | (58) | (1) | 16 |
Operating Income (Loss) Before Taxes | Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income)/cost included in (loss)/earning from operations, other income, and loss before income taxes | (878) | (525) | (337) |
Operating Income (Loss) Before Taxes | Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income)/cost included in (loss)/earning from operations, other income, and loss before income taxes | $ 21 | $ 89 | $ 107 |
Postretirement Plans - Schedule
Postretirement Plans - Schedule of Changes in the Benefit Obligation, Plan Assets and Funded Status of Pensions and OPB (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Nov. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Company contribution | $ 3,000 | $ 3,000 | |||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||||
Accrued pension plan liability, net | $ (6,141) | $ (9,104) | |||
Pension | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Beginning balance | 75,635 | 82,415 | |||
Service cost | 3 | 3 | $ 3 | ||
Interest cost | 2,080 | 1,988 | 2,455 | ||
Amendments | 1 | ||||
Actuarial (gain)/loss | (17,605) | (3,249) | |||
Settlement/other | (870) | ||||
Gross benefits paid | (4,971) | (4,653) | |||
Exchange rate adjustment | (26) | 1 | |||
Ending balance | 82,415 | 55,117 | 75,635 | 82,415 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Beginning balance at fair value | 67,813 | 68,696 | |||
Actual return on plan assets | (13,141) | 4,477 | |||
Company contribution | 2 | 11 | |||
Settlement payments | (870) | ||||
Benefits paid | (4,824) | (4,502) | |||
Exchange rate adjustment | (25) | 1 | |||
Ending balance at fair value | 68,696 | 49,825 | 67,813 | 68,696 | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||||
Other assets | 987 | 1,426 | |||
Accrued liabilities | (138) | (144) | |||
Accrued pension plan liability, net | (6,141) | (9,104) | |||
Net amount recognized | (5,292) | (7,822) | |||
Other Postretirement Benefits | |||||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||||
Beginning balance | 4,092 | 4,693 | |||
Service cost | 72 | 87 | 89 | ||
Interest cost | 98 | 97 | 130 | ||
Actuarial (gain)/loss | (914) | (401) | |||
Gross benefits paid | (406) | (411) | |||
Subsidies | 39 | 26 | |||
Exchange rate adjustment | (3) | 1 | |||
Ending balance | 4,693 | 2,978 | 4,092 | 4,693 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||||
Beginning balance at fair value | 172 | 160 | |||
Actual return on plan assets | (27) | 21 | |||
Plan participants' contributions | 6 | 6 | |||
Benefits paid | (11) | (15) | |||
Ending balance at fair value | $ 160 | 140 | 172 | $ 160 | |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||||
Other assets | 21 | ||||
Accrued liabilities | (356) | (392) | |||
Accrued retiree health care | (2,503) | (3,528) | |||
Net amount recognized | $ (2,838) | $ (3,920) |
Postretirement Plans - Schedu_2
Postretirement Plans - Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Pension | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss/(gain) | $ 17,448 | $ 19,031 |
Prior service credits | (1,224) | (1,306) |
Total recognized in Accumulated other comprehensive loss | 16,224 | 17,725 |
Other Postretirement Benefits | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss/(gain) | (1,862) | (1,092) |
Prior service credits | (41) | (76) |
Total recognized in Accumulated other comprehensive loss | $ (1,903) | $ (1,168) |
Postretirement Plans - Narrativ
Postretirement Plans - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Nov. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Amount by which fair value of plan assets exceeds market-related value of plan assets (MRVA) | $ (10,131) | ||||
Derivative net notional amount for fixed income as percentage of total plan assets | 37.10% | 33.40% | |||
Derivative net notional amount for global equity, currency overlay and commodities as a percentage of total plan assets | (5.60%) | (5.40%) | |||
Company contribution | $ 3,000 | $ 3,000 | |||
Defined contribution plan, cost | $ 1,260 | $ 1,268 | $ 1,351 | ||
Pension | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Accumulated benefit obligation (ABO) for all pension plans | 54,481 | 74,199 | |||
Company contribution | 2 | 11 | |||
Defined benefit plan, plan assets, amount | 68,696 | $ 49,825 | $ 67,813 | 68,696 | |
Defined benefit plan, actual plan asset allocations | 100% | 100% | |||
Pension | Fixed income | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, actual plan asset allocations | 63% | 61% | |||
Pension | Equity securities: | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, actual plan asset allocations | 14% | 16% | |||
Pension | Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, plan assets, amount | $ 7,054 | $ 10,851 | |||
Pension | Level 3 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, plan assets, amount | 240 | 268 | 198 | 240 | |
Pension | Boeing company stock | Equity securities: | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, plan assets, amount | 1,782 | 1,883 | |||
Pension | Boeing company stock | Equity securities: | Level 1 | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, plan assets, amount | 1,782 | 1,883 | |||
Pension | Corporate | Level 3 | Fixed income | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, plan assets Level 3 reconciliation, increase (decrease) for actual return (loss) on plan assets still held | (16) | ||||
Pension | Mortgage backed and asset backed | Level 3 | Fixed income | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, plan assets Level 3 reconciliation, increase (decrease) for actual return (loss) on plan assets still held | (11) | (1) | |||
Pension | Municipal | Level 3 | Fixed income | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, plan assets Level 3 reconciliation, increase (decrease) for actual return (loss) on plan assets still held | (14) | ||||
Pension | Real estate and real assets | Level 3 | Fixed income | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, plan assets Level 3 reconciliation, increase (decrease) for actual return (loss) on plan assets still held | (1) | ||||
Pension | Sovereign | Level 3 | Fixed income | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, plan assets Level 3 reconciliation, increase (decrease) for actual return (loss) on plan assets still held | (8) | ||||
Other Postretirement Benefits | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, plan assets, amount | $ 160 | $ 140 | $ 172 | $ 160 | |
Other Postretirement Benefits | Fixed income | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, actual plan asset allocations | 40% | ||||
Other Postretirement Benefits | Equity securities: | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan, actual plan asset allocations | 60% |
Postretirement Plans - Schedu_3
Postretirement Plans - Schedule of Key Information for All Plans with ABO in Excess of Plan Assets (Details) - Pension - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated benefit obligation | $ 48,134 | $ 66,406 |
Fair value of plan assets | 42,491 | 58,593 |
Projected benefit obligation | $ 48,770 | $ 67,841 |
Postretirement Plans - Schedu_4
Postretirement Plans - Schedule of Assumptions Used to Calculate the Benefit Obligation and Net Periodic Benefit Costs (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 6% | 6.30% | 6.50% |
Rate of compensation increase | 4.30% | 4.30% | 4.30% |
Interest crediting rates for cash balance plans | 5% | 5% | 5% |
Pension | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.40% | 2.80% | 2.50% |
Other Postretirement Benefits | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 5.30% | 2.50% | 2% |
Postretirement Plans - Schedu_5
Postretirement Plans - Schedule of Assumed Health Care Cost Trend Rates (Details) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Retirement Benefits, Description [Abstract] | |||
Health care cost trend rate assumed next year | 5.50% | 4.50% | 4.50% |
Ultimate trend rate | 4.50% | 4.50% | 4.50% |
Postretirement Plans - Schedu_6
Postretirement Plans - Schedule of Actual Allocations for Pension Assets and Target Allocations by Asset Class (Details) - Pension | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 100% | 100% |
Defined benefit plan, target plan asset allocations | 100% | 100% |
Fixed income | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 63% | 61% |
Defined benefit plan, target plan asset allocations | 63% | 63% |
Global equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 14% | 16% |
Defined benefit plan, target plan asset allocations | 20% | 20% |
Private equity | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 8% | 8% |
Defined benefit plan, target plan asset allocations | 4% | 4% |
Real estate and real assets | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 8% | 8% |
Defined benefit plan, target plan asset allocations | 7% | 7% |
Hedge funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 7% | 7% |
Defined benefit plan, target plan asset allocations | 6% | 6% |
Postretirement Plans - Schedu_7
Postretirement Plans - Schedule of Allocation of Plan Assets (Details) - Pension - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Estimate of Fair Value Measurement | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | $ 32,753 | $ 46,193 | |
Defined benefit plan, plan assets, amount | 49,825 | 67,813 | $ 68,696 |
Defined benefit plan, plan assets measured at net asset value | 16,255 | 20,789 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 7,054 | 10,851 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 25,431 | 35,144 | |
Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 268 | 198 | 240 |
Cash equivalents and other short-term investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 571 | 448 | |
Cash equivalents and other short-term investments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 571 | 448 | |
Real estate and real assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets measured at net asset value | 3,525 | 3,952 | |
Private equity | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets measured at net asset value | 4,239 | 5,100 | |
Hedge funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets measured at net asset value | 3,391 | 4,717 | |
Cash | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 409 | 520 | |
Receivables | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 541 | 454 | |
Payables | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | (133) | (143) | |
Corporate | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 15,095 | 20,573 | |
Corporate | Fixed income | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 15,025 | 20,520 | |
Corporate | Fixed income | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 70 | 53 | 40 |
U.S. government and agencies | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 7,827 | 11,285 | |
U.S. government and agencies | Fixed income | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 7,827 | 11,285 | |
U.S. government and agencies | Fixed income | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 2 | ||
Mortgage backed and asset backed | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 664 | 777 | |
Mortgage backed and asset backed | Fixed income | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 502 | 675 | |
Mortgage backed and asset backed | Fixed income | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 162 | 102 | 120 |
Municipal | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 843 | 1,064 | |
Municipal | Fixed income | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 811 | 1,035 | |
Municipal | Fixed income | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 32 | 29 | 72 |
Sovereign | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 706 | 1,135 | |
Sovereign | Fixed income | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 706 | 1,126 | |
Sovereign | Fixed income | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 9 | 2 | |
Other | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 8 | 3 | |
Defined benefit plan, plan assets measured at net asset value | 832 | 747 | |
Other | Fixed income | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 8 | 3 | |
Other | Fixed income | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | |||
Assets | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 36 | 62 | |
Assets | Fixed income | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 36 | 62 | |
Assets | Equity securities: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 1 | ||
Assets | Equity securities: | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 1 | ||
Assets | Real estate and real assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 1 | 8 | |
Assets | Real estate and real assets | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | |||
Assets | Real estate and real assets | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 1 | 8 | |
Liabilities | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | (87) | (48) | |
Liabilities | Fixed income | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | (87) | (48) | |
Liabilities | Equity securities: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | (1) | (1) | |
Liabilities | Equity securities: | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | (1) | (1) | |
Liabilities | Real estate and real assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | (8) | (2) | |
Liabilities | Real estate and real assets | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | (7) | (2) | |
Liabilities | Real estate and real assets | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | (1) | ||
U.S. common and preferred stock | Equity securities: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 2,931 | 4,463 | |
U.S. common and preferred stock | Equity securities: | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 2,931 | 4,463 | |
Non-U.S. common and preferred stock | Equity securities: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 2,023 | 3,345 | |
Non-U.S. common and preferred stock | Equity securities: | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 2,023 | 3,340 | |
Non-U.S. common and preferred stock | Equity securities: | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 5 | 2 | |
Boeing company stock | Equity securities: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 1,782 | 1,883 | |
Boeing company stock | Equity securities: | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 1,782 | 1,883 | |
Real estate | Real estate and real assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 413 | ||
Real estate | Real estate and real assets | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 413 | ||
Real assets | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 5 | ||
Real assets | Real estate and real assets | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 362 | 784 | |
Real assets | Real estate and real assets | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 310 | 749 | |
Real assets | Real estate and real assets | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 47 | 35 | |
Real assets | Real estate and real assets | Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets, amount | 4 | $ 2 | |
Common or collective or pooled funds | Fixed income | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets measured at net asset value | 1,511 | 1,712 | |
Common or collective or pooled funds | Equity securities: | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, plan assets measured at net asset value | $ 2,757 | $ 4,561 |
Postretirement Plans - Schedu_8
Postretirement Plans - Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets (Details) - Pension - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | $ 67,813 | $ 68,696 |
Net Realized and Unrealized Gains/(Losses) | (13,141) | 4,477 |
Net Purchases, Issuances and Settlements | (870) | |
Ending balance at fair value | 49,825 | 67,813 |
Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 198 | 240 |
Net Realized and Unrealized Gains/(Losses) | (90) | (7) |
Net Purchases, Issuances and Settlements | 31 | 5 |
Net Transfers Into/(Out of) Level 3 | 129 | (40) |
Ending balance at fair value | 268 | 198 |
Real assets | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Ending balance at fair value | 5 | |
Fixed income | Corporate | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 20,573 | |
Ending balance at fair value | 15,095 | 20,573 |
Fixed income | Corporate | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 53 | 40 |
Net Realized and Unrealized Gains/(Losses) | (19) | (1) |
Net Purchases, Issuances and Settlements | 3 | 5 |
Net Transfers Into/(Out of) Level 3 | 33 | 9 |
Ending balance at fair value | 70 | 53 |
Fixed income | U.S. government and agencies | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 11,285 | |
Ending balance at fair value | 7,827 | 11,285 |
Fixed income | U.S. government and agencies | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 2 | |
Net Realized and Unrealized Gains/(Losses) | ||
Net Purchases, Issuances and Settlements | (2) | |
Net Transfers Into/(Out of) Level 3 | ||
Ending balance at fair value | ||
Fixed income | Mortgage backed and asset backed | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 777 | |
Ending balance at fair value | 664 | 777 |
Fixed income | Mortgage backed and asset backed | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 102 | 120 |
Net Realized and Unrealized Gains/(Losses) | (11) | |
Net Purchases, Issuances and Settlements | 16 | (17) |
Net Transfers Into/(Out of) Level 3 | 55 | (1) |
Ending balance at fair value | 162 | 102 |
Fixed income | Municipal | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 1,064 | |
Ending balance at fair value | 843 | 1,064 |
Fixed income | Municipal | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 29 | 72 |
Net Realized and Unrealized Gains/(Losses) | (14) | |
Net Purchases, Issuances and Settlements | 9 | 7 |
Net Transfers Into/(Out of) Level 3 | 8 | (50) |
Ending balance at fair value | 32 | 29 |
Fixed income | Sovereign | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 1,135 | |
Ending balance at fair value | 706 | 1,135 |
Fixed income | Sovereign | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 9 | 2 |
Net Realized and Unrealized Gains/(Losses) | (8) | |
Net Purchases, Issuances and Settlements | 15 | |
Net Transfers Into/(Out of) Level 3 | (9) | |
Ending balance at fair value | 9 | |
Global equity | Non-U.S. common and preferred stock | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 3,345 | |
Ending balance at fair value | 2,023 | 3,345 |
Global equity | Non-U.S. common and preferred stock | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 5 | 2 |
Net Realized and Unrealized Gains/(Losses) | (45) | 2 |
Net Purchases, Issuances and Settlements | (2) | (3) |
Net Transfers Into/(Out of) Level 3 | 42 | 4 |
Ending balance at fair value | 5 | |
Real estate and real assets | Real assets | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 784 | |
Ending balance at fair value | 362 | 784 |
Real estate and real assets | Real assets | Level 3 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 2 | |
Net Realized and Unrealized Gains/(Losses) | (1) | |
Net Purchases, Issuances and Settlements | 5 | |
Net Transfers Into/(Out of) Level 3 | (2) | |
Ending balance at fair value | $ 4 |
Postretirement Plans - Schedu_9
Postretirement Plans - Schedule of Estimated Future Benefit Payments (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Pension | |
Pensions | |
2023 | $ 5,348 |
2024 | 4,473 |
2025 | 4,404 |
2026 | 4,325 |
2027 | 4,221 |
2028-2032 | 19,560 |
Other Postretirement Benefits | |
Pensions | |
2023 | 370 |
2024 | 360 |
2025 | 342 |
2026 | 322 |
2027 | 298 |
2028-2032 | 1,113 |
Gross benefits paid | |
2023 | 381 |
2024 | 371 |
2025 | 353 |
2026 | 334 |
2027 | 310 |
2028-2032 | 1,176 |
Subsidies | |
2023 | (11) |
2024 | (11) |
2025 | (11) |
2026 | (12) |
2027 | (12) |
2028-2032 | $ (63) |
Share-Based Compensation and _3
Share-Based Compensation and Other Compensation Arrangements - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||||
Jul. 29, 2022 | Feb. 16, 2022 | Feb. 17, 2021 | Feb. 24, 2020 | Feb. 28, 2022 | Feb. 28, 2021 | Dec. 31, 2020 | Feb. 28, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 25, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Aggregate number of shares of stock available for issuance (in shares) | 87,000,000 | |||||||||||
Granted (in shares) | 362,450 | |||||||||||
Share-based compensation arrangement by share-based payment award, options, exercises in period, total intrinsic value | $ 75,000,000 | $ 84,000,000 | $ 90,000,000 | |||||||||
Share-based payment arrangement, exercise of option, tax benefit | $ 17,000,000 | $ 19,000,000 | $ 32,000,000 | |||||||||
Number of option, vested (in shares) | 0 | 0 | 0 | |||||||||
Performance award payout amount, aggregate | $ 0 | |||||||||||
Deferred compensation | (117,000,000) | $ 126,000,000 | $ 93,000,000 | |||||||||
Deferred compensation liability which is being marked to market | 1,499,000,000 | $ 1,703,000,000 | ||||||||||
2022 Stock Options | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Unrecognized compensation cost | $ 23,000,000 | |||||||||||
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition | 1 year 10 months 24 days | |||||||||||
Executive Long-Term Incentive Program | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Unrecognized compensation cost | $ 683,000,000 | |||||||||||
Number of units, granted (in shares) | 4,527,189 | |||||||||||
Employee Long-Term Incentive Program | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Unrecognized compensation cost | $ 240,000,000 | |||||||||||
Stock options | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Performance Period | 3 years | |||||||||||
Share-based compensation arrangement by share-based payment award, expiration period | 10 years | |||||||||||
Granted date fair value (in dollars per share) | $ 83.04 | $ 74.63 | ||||||||||
Stock options | 2022 Stock Options | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted (in shares) | 348,769 | |||||||||||
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent | 120% | |||||||||||
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent (reduced) | 110% | |||||||||||
Stock options | 2021 Stock Options | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted (in shares) | 342,986 | 148,322 | ||||||||||
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent | 120% | 120% | ||||||||||
Stock options | 2021 Stock Options Premium | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted (in shares) | 40,322 | |||||||||||
Stock options | 2021 Stock Options Non-Premium | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted (in shares) | 108,000 | |||||||||||
Restricted stock units | Executive Long-Term Incentive Program | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of units, granted (in shares) | 2,568,112 | 1,804,541 | 980,077 | 325,108 | ||||||||
Granted date fair value (in dollars per share) | $ 157.69 | $ 217.48 | $ 215.70 | $ 319.04 | ||||||||
Restricted stock units | Employee Long-Term Incentive Program | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of units, granted (in shares) | 5,163,425 | |||||||||||
Granted date fair value (in dollars per share) | $ 233 | |||||||||||
Award requisite service period | 3 years | |||||||||||
Performance Based Restricted Stock Units (PBRSUs) | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Performance Period | 3 years | 3 years | ||||||||||
Granted date fair value (in dollars per share) | $ 357.38 | |||||||||||
Award requisite service period | 3 years | |||||||||||
Performance Based Restricted Stock Units (PBRSUs) | 2019 PBRSU | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award payout range | 0% | |||||||||||
Performance Based Restricted Stock Units (PBRSUs) | 2019 PBRSU | Minimum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award payout range | 0% | |||||||||||
Performance Based Restricted Stock Units (PBRSUs) | 2019 PBRSU | Maximum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award payout range | 200% | |||||||||||
Performance Based Restricted Stock Units (PBRSUs) | 2020 PBRSU | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Performance Period | 3 years | |||||||||||
Number of units, granted (in shares) | 290,202 | |||||||||||
Performance Based Restricted Stock Units (PBRSUs) | 2020 PBRSU | Minimum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award payout range | 0% | |||||||||||
Performance Based Restricted Stock Units (PBRSUs) | 2020 PBRSU | Maximum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award payout range | 200% | |||||||||||
Performance awards | 2020 Performance Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Performance Period | 3 years | |||||||||||
Initial value of performance awards (in dollars per unit) | $ 100 |
Share-Based Compensation and _4
Share-Based Compensation and Other Compensation Arrangements - Schedule of Share-Based Plans Expense and Related Income Tax Benefit (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Payment Arrangement [Abstract] | |||
Restricted stock units and other awards | $ 726 | $ 840 | $ 243 |
Income tax benefit (before consideration of valuation allowance) | $ 178 | $ 148 | $ 53 |
Share-Based Compensation and _5
Share-Based Compensation and Other Compensation Arrangements - Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details) - Stock options - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected Life | 6 years 9 months 18 days | 6 years 7 months 6 days |
Expected Volatility | 36.60% | 37.80% |
Risk Free Interest Rate | 2% | 1.30% |
Granted date fair value (in dollars per share) | $ 83.04 | $ 74.63 |
Share-Based Compensation and _6
Share-Based Compensation and Other Compensation Arrangements - Schedule of Stock Options Activity (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Outstanding at beginning of year (in shares) | shares | 1,709,379 |
Granted (in shares) | shares | 362,450 |
Exercised (in shares) | shares | (663,348) |
Expired (in shares) | shares | (664) |
Forfeited (in shares) | shares | (17,048) |
Outstanding at end of the year (in shares) | shares | 1,390,769 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Outstanding at beginning of year, weighted average exercised (in dollars per share) | $ / shares | $ 121.83 |
Weighted average exercise price, granted (in dollars per share) | $ / shares | 259.77 |
Weighted average exercise price, exercised (in dollars per share) | $ / shares | 75.85 |
Weighted average exercise price, expired (in dollars per share) | $ / shares | 130.72 |
Weighted average exercise price, forfeited (in dollars per share) | $ / shares | 246.21 |
Outstanding at end of year, weighted average exercised (in dollars per share) | $ / shares | $ 178.18 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Outstanding at end of year, weighted average remaining contractual life (in years) | 5 years |
Outstanding at end of year, aggregate intrinsic value | $ | $ 68 |
Exercisable at end of year (in shares) | shares | 598,983 |
Exercisable at end of year, weighted average exercise price (in dollars per share) | $ / shares | $ 77.22 |
Exercisable at end of year, weighted average remaining contractual life (in years) | 2 months 12 days |
Exercisable at end of year, aggregate intrinsic value | $ | $ 68 |
Share-Based Compensation and _7
Share-Based Compensation and Other Compensation Arrangements - Schedule of Restricted Stock Units Award Activity (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Weighted average remaining amortization period (years) | 5 years |
Executive Long-Term Incentive Program | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of units, outstanding at beginning of year (in shares) | 2,049,695 |
Number of units, granted (in shares) | 4,527,189 |
Number of units, forfeited (in shares) | (282,488) |
Number of units, distributed (in shares) | (176,496) |
Number of units, outstanding at end of year (in shares) | 6,117,900 |
Number of units, undistributed and vested (in shares) | 426,652 |
Unrecognized compensation cost | $ | $ 683 |
Weighted average remaining amortization period (years) | 2 years 1 month 6 days |
Employee Long-Term Incentive Program | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of units, outstanding at beginning of year (in shares) | 4,780,724 |
Number of units, forfeited (in shares) | (269,380) |
Number of units, distributed (in shares) | (137,537) |
Number of units, outstanding at end of year (in shares) | 4,373,807 |
Number of units, undistributed and vested (in shares) | 1,454,414 |
Unrecognized compensation cost | $ | $ 240 |
Weighted average remaining amortization period (years) | 1 year |
Other | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of units, outstanding at beginning of year (in shares) | 698,866 |
Number of units, granted (in shares) | 595,122 |
Number of units, forfeited (in shares) | (67,441) |
Number of units, distributed (in shares) | (267,853) |
Number of units, outstanding at end of year (in shares) | 958,694 |
Number of units, undistributed and vested (in shares) | 18,914 |
Unrecognized compensation cost | $ | $ 87 |
Weighted average remaining amortization period (years) | 2 years 1 month 6 days |
Share-Based Compensation and _8
Share-Based Compensation and Other Compensation Arrangements - Schedule of Performance Based Restricted Stock Units Award Grant Fair Values (Details) - Performance Based Restricted Stock Units (PBRSUs) - $ / shares | 12 Months Ended | |
Feb. 24, 2020 | Dec. 31, 2022 | |
Schedule of Performance Based Restricted Stock Units Grant Date Fair values [Line Items] | ||
Performance Period | 3 years | 3 years |
Expected Volatility | 27% | |
Risk Free Interest Rate | 1.20% | |
Granted date fair value (in dollars per share) | $ 357.38 |
Share-Based Compensation and _9
Share-Based Compensation and Other Compensation Arrangements - Schedule of Performance Based Restricted Stock Units Award Activity (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Weighted average remaining amortization period (years) | 5 years |
Incentive Program Performance Based Restricted Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Number of units, outstanding at beginning of year (in shares) | 383,401 |
Number of units, performance based adjustment (in shares) | (162,548) |
Number of units, forfeited (in shares) | (10,647) |
Number of units, outstanding at end of year (in shares) | 210,206 |
Unrecognized compensation cost | $ | $ 4 |
Weighted average remaining amortization period (years) | 2 months 12 days |
2019 PBRSU | Performance Based Restricted Stock Units (PBRSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Award payout range | 0% |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 17, 2018 |
Equity, Class of Treasury Stock [Line Items] | |||
Common stock, shares authorized (in shares) | 1,200,000,000 | 1,200,000,000 | |
Preferred stock, authorized (in shares) | 20,000,000 | 20,000,000 | |
Preferred stock, issued (in shares) | 0 | 0 | |
2018 Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Amount approved to repurchase, shares, maximum | $ 20,000 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Common Stock Outstanding Roll Forward (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common Stock | |||
Common stock, beginning balance (in shares) | 1,012,261,159 | 1,012,261,159 | 1,012,261,159 |
Common stock, ending balance (in shares) | 1,012,261,159 | 1,012,261,159 | 1,012,261,159 |
Treasury Stock | |||
Treasury stock, beginning balance (in shares) | 423,343,707 | 429,941,021 | 449,352,405 |
Treasury stock, issued (in shares) | (8,877,047) | (6,904,556) | (19,986,868) |
Treasury stock, acquired (in shares) | 204,723 | 307,242 | 575,484 |
Treasury stock, ending balance (in shares) | 414,671,383 | 423,343,707 | 429,941,021 |
Shareholders' Equity - Schedu_2
Shareholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance | $ (11,659) | ||
Other comprehensive income/(loss) before reclassifications | 1,426 | $ 4,248 | $ (1,817) |
Amounts reclassified from AOCI | 683 | 1,226 | 837 |
Net current period Other comprehensive income/(loss) | 2,109 | 5,474 | (980) |
Ending balance | (9,550) | (11,659) | |
Other comprehensive income (loss), defined benefit plan, gain (loss) arising during period, after tax | 1,533 | 4,262 | (1,956) |
Net actuarial gain/(loss) arising during the period, tax | (22) | (32) | 111 |
Other comprehensive income (loss), defined benefit plan, gain (loss), reclassification adjustment from AOCI, after tax | 791 | 1,155 | 917 |
Amortization of actuarial loss included in net periodic pension cost, tax | (11) | (8) | (52) |
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 | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance | (105) | (30) | (128) |
Other comprehensive income/(loss) before reclassifications | (62) | (75) | 98 |
Net current period Other comprehensive income/(loss) | (62) | (75) | 98 |
Ending balance | (167) | (105) | (30) |
Unrealized Gains and Losses on Certain Investments | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance | 1 | 1 | 1 |
Other comprehensive income/(loss) before reclassifications | (1) | ||
Net current period Other comprehensive income/(loss) | (1) | ||
Ending balance | 1 | 1 | |
Unrealized Gains and Losses on Derivative Instruments | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance | 6 | (43) | (84) |
Other comprehensive income/(loss) before reclassifications | (40) | 55 | 14 |
Amounts reclassified from AOCI | 10 | (6) | 27 |
Net current period Other comprehensive income/(loss) | (30) | 49 | 41 |
Ending balance | (24) | 6 | (43) |
Defined Benefit Pension Plans & Other Postretirement Benefits | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance | (11,561) | (17,061) | (15,942) |
Other comprehensive income/(loss) before reclassifications | 1,529 | 4,268 | (1,929) |
Amounts reclassified from AOCI | 673 | 1,232 | 810 |
Net current period Other comprehensive income/(loss) | 2,202 | 5,500 | (1,119) |
Ending balance | (9,359) | (11,561) | (17,061) |
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income [Roll Forward] | |||
Beginning balance | (11,659) | (17,133) | (16,153) |
Ending balance | $ (9,550) | $ (11,659) | $ (17,133) |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Derivative, notional amount | $ 4,291 | $ 4,251 |
Other assets | 145 | 128 |
Accrued liabilities | (174) | (80) |
Netting arrangement, other assets | (33) | (30) |
Netting arrangement, accrued liabilities | 33 | 30 |
Net recorded balance, other assets | 112 | 98 |
Net recorded balance, accrued liabilities | $ (141) | $ (50) |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other current assets, net | Other current assets, net |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities | Accrued liabilities |
Foreign exchange contracts | Derivatives designated as hedging instruments: | ||
Derivative [Line Items] | ||
Derivative, notional amount | $ 2,815 | $ 2,630 |
Other assets | 23 | 30 |
Accrued liabilities | (122) | (52) |
Foreign exchange contracts | Derivatives not receiving hedge accounting treatment: | ||
Derivative [Line Items] | ||
Derivative, notional amount | 462 | 361 |
Other assets | 5 | 2 |
Accrued liabilities | (42) | (3) |
Commodity contracts | Derivatives designated as hedging instruments: | ||
Derivative [Line Items] | ||
Derivative, notional amount | 602 | 500 |
Other assets | 115 | 88 |
Accrued liabilities | (9) | (18) |
Commodity contracts | Derivatives not receiving hedge accounting treatment: | ||
Derivative [Line Items] | ||
Derivative, notional amount | 412 | 760 |
Other assets | 2 | 8 |
Accrued liabilities | $ (1) | $ (7) |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Derivative Instruments, Gains/(Losses) in Statement of Financial Performance (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Recognized in Other comprehensive income, net of taxes: | $ (118) | $ (47) |
Commodity contracts | ||
Derivative [Line Items] | ||
Recognized in Other comprehensive income, net of taxes: | $ 78 | $ 102 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Costs and expenses | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax | $ 31 | $ (18) |
General and administrative expense | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax | 10 | 5 |
Revenues | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax | 1 | |
Costs and expenses | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax | 7 | 13 |
General and administrative expense | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax | $ (12) | $ 8 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Summary of Derivative Instruments [Abstract] | ||
Loss on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring | $ 50 | $ 0 |
Cash flow hedge gain to be reclassified within 12 Months | $ 14 | |
Line of credit facility, expiration period | 5 years | |
Derivative, maturity | 5 years | |
Derivative, net liability position, aggregate fair value | $ 33 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivatives | $ 112 | $ 98 |
Derivatives | (141) | (50) |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Money market funds | 1,797 | 1,370 |
Commercial paper | 256 | 225 |
Corporate notes | 195 | 262 |
U.S. government agencies | 47 | 1 |
Other equity investments | 10 | 20 |
Derivatives | 112 | 98 |
Total assets | 2,417 | 1,976 |
Derivatives | (141) | (50) |
Total liabilities | (141) | (50) |
Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Money market funds | 1,797 | 1,370 |
Other equity investments | 10 | 20 |
Total assets | 1,807 | 1,390 |
Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Commercial paper | 256 | 225 |
Corporate notes | 195 | 262 |
U.S. government agencies | 47 | 1 |
Derivatives | 112 | 98 |
Total assets | 610 | 586 |
Derivatives | (141) | (50) |
Total liabilities | $ (141) | $ (50) |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair Value, Assets Measured on Nonrecurring Basis Using Unobservable Inputs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Nonrecurring fair value losses | $ (112) | $ (98) | $ (410) |
Fair Value Measurements Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Fair Value | 62 | 120 | |
Nonrecurring fair value losses | (112) | (98) | |
Fair Value Measurements Nonrecurring | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Fair Value | 62 | 120 | |
Investments | Fair Value Measurements Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Nonrecurring fair value losses | (31) | (8) | |
Customer financing assets | Fair Value Measurements Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Nonrecurring fair value losses | (7) | (31) | |
Customer financing assets | Fair Value Measurements Nonrecurring | Valuation, Market Approach | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Fair Value | 47 | 110 | |
Customer financing assets | Fair Value Measurements Nonrecurring | Valuation, Market Approach | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Fair Value | 47 | 110 | |
Property, plant and equipment | Fair Value Measurements Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Nonrecurring fair value losses | (19) | (50) | |
Property, plant and equipment | Fair Value Measurements Nonrecurring | Valuation, Market Approach | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Fair Value | 9 | ||
Property, plant and equipment | Fair Value Measurements Nonrecurring | Valuation, Income Approach | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Fair Value | 9 | ||
Other Assets and Acquired intangible assets | Fair Value Measurements Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Nonrecurring fair value losses | (55) | (9) | |
Other Assets and Acquired intangible assets | Fair Value Measurements Nonrecurring | Valuation, Market Approach | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Fair Value | 15 | 1 | |
Other Assets and Acquired intangible assets | Fair Value Measurements Nonrecurring | Valuation, Income Approach | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Fair Value | $ 15 | $ 1 |
Fair Value Measurements - Fai_3
Fair Value Measurements - Fair Value, Assets Measured on Nonrecurring Basis, Valuation Techniques (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Aircraft value publications | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Range Median or Average | $ 46 | |
Aircraft value publications | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Range Median or Average | 40 | |
Aircraft value publications | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Range Median or Average | 51 | |
Aircraft condition adjustments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Range Median or Average | 1 | |
Aircraft condition adjustments | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Range Median or Average | (4) | |
Aircraft condition adjustments | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Range Median or Average | 5 | |
Fair Value Measurements Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Fair Value | 62 | $ 120 |
Level 3 | Fair Value Measurements Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Fair Value | 62 | 120 |
Customer financing assets | Fair Value Measurements Nonrecurring | Valuation, Market Approach | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Fair Value | 47 | 110 |
Customer financing assets | Level 3 | Fair Value Measurements Nonrecurring | Valuation, Market Approach | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Fair Value | $ 47 | $ 110 |
Fair Value Measurements - Fai_4
Fair Value Measurements - Fair Values and Related Carrying Values of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, net, carrying amount | $ 385 | $ 412 |
Notes receivable, net, fair value | 403 | 485 |
Debt, excluding capital lease obligations, carrying amount | (56,794) | (57,921) |
Debt, excluding capital lease obligations, fair value | (52,856) | (65,724) |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, net, fair value | 403 | 485 |
Debt, excluding capital lease obligations, fair value | $ (52,856) | $ (65,724) |
Legal Proceedings - Narrative (
Legal Proceedings - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2019 | |
Loss Contingency, Information about Litigation Matters [Abstract] | |||
Proceeds from legal settlements | $ 219 | ||
Payments for legal settlements | $ 200 | ||
Controlling interest ownership percentage after acquisition | 80% | ||
Payments to acquire interest in joint venture | $ 4,200 |
Segment and Revenue Informati_3
Segment and Revenue Information - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of reportable segments | segment | 4 | ||
Percentage of operating assets located outside united states | 4% | 4% | |
Income (loss) from equity method investments | $ 56 | $ 40 | $ 86 |
Revenue, remaining performance obligation, amount | $ 404,381 | ||
Within Next Fiscal Year | |||
Segment Reporting Information [Line Items] | |||
Revenue, remaining performance obligation, percent recognized | 17% | ||
Within Next 4 Fiscal Years | |||
Segment Reporting Information [Line Items] | |||
Revenue, remaining performance obligation, percent recognized | 71% | ||
U.S. government contracts | Revenues | U.S. government contracts | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 40% | 49% | 51% |
Segment and Revenue Informati_4
Segment and Revenue Information - Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | $ 66,608 | $ 62,286 | $ 58,158 |
Operating Segments | Commercial Airplanes | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 25,867 | 19,493 | 16,162 |
Operating Segments | Commercial Airplanes | B-737-Max | Customer Concessions | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 16 | 14 | (498) |
Total non-U.S. revenues | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 27,374 | 23,196 | 21,677 |
Total non-U.S. revenues | Operating Segments | Commercial Airplanes | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 13,567 | 9,905 | 8,711 |
Asia | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 8,393 | 5,845 | 5,931 |
Asia | Operating Segments | Commercial Airplanes | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 4,484 | 2,792 | 2,679 |
Europe | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 7,916 | 8,967 | 7,961 |
Europe | Operating Segments | Commercial Airplanes | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 4,038 | 4,334 | 3,872 |
Middle East | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 5,047 | 4,653 | 5,308 |
Middle East | Operating Segments | Commercial Airplanes | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 2,003 | 1,098 | 1,647 |
Canada | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 1,612 | 969 | 1,302 |
Oceania | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 1,576 | 1,147 | 832 |
Africa | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 418 | 239 | 114 |
Latin America, Caribbean and other | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 2,412 | 1,376 | 229 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 39,218 | 39,076 | 36,979 |
United States | Operating Segments | Commercial Airplanes | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | $ 12,167 | $ 9,472 | $ 7,899 |
Segment and Revenue Informati_5
Segment and Revenue Information - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 66,608 | $ 62,286 | $ 58,158 |
Asia | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 8,393 | 5,845 | 5,931 |
Europe | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 7,916 | 8,967 | 7,961 |
Middle East | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 5,047 | 4,653 | 5,308 |
Total non-U.S. revenues | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 27,374 | 23,196 | 21,677 |
United States | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 39,218 | 39,076 | 36,979 |
Operating Segments | Commercial Airplanes | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 25,867 | 19,493 | 16,162 |
Operating Segments | Commercial Airplanes | B-737-Max | Customer Concessions | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 16 | 14 | (498) |
Operating Segments | Commercial Airplanes | Total revenues from contracts with customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | $ 25,750 | $ 19,391 | $ 16,112 |
Operating Segments | Commercial Airplanes | Revenue recognized on fixed-price contracts | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax, percentage | 100% | 100% | 100% |
Operating Segments | Commercial Airplanes | Revenue recognized at a point in time | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax, percentage | 100% | 100% | 100% |
Operating Segments | Commercial Airplanes | Asia | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | $ 4,484 | $ 2,792 | $ 2,679 |
Operating Segments | Commercial Airplanes | Europe | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 4,038 | 4,334 | 3,872 |
Operating Segments | Commercial Airplanes | Middle East | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 2,003 | 1,098 | 1,647 |
Operating Segments | Commercial Airplanes | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 3,042 | 1,681 | 513 |
Operating Segments | Commercial Airplanes | Total non-U.S. revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 13,567 | 9,905 | 8,711 |
Operating Segments | Commercial Airplanes | United States | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 12,167 | 9,472 | 7,899 |
Operating Segments | Defense, Space & Security | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 23,162 | $ 26,540 | $ 26,257 |
Operating Segments | Defense, Space & Security | Revenue from the U.S. government | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax, percentage | 89% | 89% | 89% |
Operating Segments | Defense, Space & Security | Revenue recognized over time | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax, percentage | 99% | 99% | 98% |
Operating Segments | Defense, Space & Security | Revenue recognized on fixed-price contracts | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax, percentage | 60% | 68% | 69% |
Operating Segments | Defense, Space & Security | Total non-U.S. revenues | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | $ 6,018 | $ 6,671 | $ 6,595 |
Operating Segments | Defense, Space & Security | United States | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 17,144 | 19,869 | 19,662 |
Operating Segments | Global Services | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 17,611 | 16,328 | 15,543 |
Operating Segments | Global Services | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 9,560 | 7,527 | 6,936 |
Operating Segments | Global Services | Government | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | 7,681 | 8,553 | 8,368 |
Operating Segments | Global Services | Total revenues from contracts with customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax | $ 17,241 | $ 16,080 | $ 15,304 |
Operating Segments | Global Services | Revenue from the U.S. government | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax, percentage | 33% | 40% | 41% |
Operating Segments | Global Services | Revenue recognized at a point in time | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax, percentage | 50% | 45% | 47% |
Operating Segments | Global Services | Revenue recognized on fixed-price contracts | |||
Disaggregation of Revenue [Line Items] | |||
Revenue from contract with customer, excluding assessed tax, percentage | 88% | 86% | 87% |
Intersegment revenues, eliminated on consolidation | Commercial Airplanes | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 117 | $ 102 | $ 50 |
Intersegment revenues, eliminated on consolidation | Global Services | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 370 | $ 248 | $ 239 |
Segment and Revenue Informati_6
Segment and Revenue Information - Schedule of Unallocated Items and Eliminations (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Share-based plans | $ (725) | $ (833) | $ (250) |
Deferred compensation | 117 | (126) | (93) |
Amortization of previously capitalized interest | (89) | (76) | (81) |
Research and development expense, net | (2,852) | (2,249) | (2,476) |
Other | |||
Segment Reporting Information [Line Items] | |||
Share-based plans | (114) | (174) | (120) |
Deferred compensation | 117 | (126) | (93) |
Amortization of previously capitalized interest | (95) | (107) | (95) |
Research and development expense, net | (278) | (184) | (240) |
Eliminations and other unallocated items | (1,162) | (676) | (1,807) |
Unallocated items, eliminations and other | (1,532) | (1,267) | (2,355) |
FAS/CAS service cost adjustment | 1,143 | 1,173 | 1,383 |
Other | Pension FAS/CAS service cost adjustment | |||
Segment Reporting Information [Line Items] | |||
FAS/CAS service cost adjustment | 849 | 882 | 1,024 |
Other | Postretirement FAS/CAS service cost adjustment | |||
Segment Reporting Information [Line Items] | |||
FAS/CAS service cost adjustment | $ 294 | $ 291 | $ 359 |
Segment and Revenue Informati_7
Segment and Revenue Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Segment Reporting Information [Line Items] | ||
Assets | $ 137,100 | $ 138,552 |
Operating Segments | Commercial Airplanes | ||
Segment Reporting Information [Line Items] | ||
Assets | 75,212 | 75,863 |
Operating Segments | Defense, Space & Security | ||
Segment Reporting Information [Line Items] | ||
Assets | 14,426 | 14,974 |
Operating Segments | Global Services | ||
Segment Reporting Information [Line Items] | ||
Assets | 16,149 | 16,397 |
Operating Segments | Boeing Capital | ||
Segment Reporting Information [Line Items] | ||
Assets | 1,510 | 1,735 |
Other | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 29,803 | $ 29,583 |
Segment and Revenue Informati_8
Segment and Revenue Information - Schedule of Capital Expenditures by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 1,222 | $ 980 | $ 1,303 |
Operating Segments | Commercial Airplanes | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 218 | 177 | 322 |
Operating Segments | Defense, Space & Security | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 202 | 199 | 172 |
Operating Segments | Global Services | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 130 | 94 | 127 |
Other | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 672 | $ 510 | $ 682 |
Segment and Revenue Informati_9
Segment and Revenue Information - Schedule of Depreciation and Amortization Expense by Segment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 1,979 | $ 2,144 | $ 2,246 |
Operating Segments | Commercial Airplanes | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 508 | 535 | 559 |
Depreciation and Amortization Expense, Business Segment Allocation | 360 | 386 | 397 |
Operating Segments | Defense, Space & Security | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 238 | 233 | 251 |
Depreciation and Amortization Expense, Business Segment Allocation | 230 | 222 | 236 |
Operating Segments | Global Services | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 346 | 414 | 408 |
Depreciation and Amortization Expense, Business Segment Allocation | 53 | 60 | 56 |
Operating Segments | Boeing Capital Corporation | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 46 | 59 | 66 |
Other | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 841 | 903 | 962 |
Intersegment revenues, eliminated on consolidation | |||
Segment Reporting Information [Line Items] | |||
Depreciation and Amortization Expense, Business Segment Allocation | $ 643 | $ 668 | $ 689 |