Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 19, 2016 | |
Document Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | BOEING CO | |
Entity Central Index Key | 12,927 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 617,165,902 | |
Entity Current Reporting Status | Yes |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Sales of products | $ 21,494 | $ 23,000 | $ 63,563 | $ 64,408 |
Sales of services | 2,404 | 2,849 | 7,722 | 8,133 |
Total revenues | 23,898 | 25,849 | 71,285 | 72,541 |
Cost of products | (17,907) | (19,393) | (55,117) | (55,020) |
Cost of services | (1,983) | (2,191) | (6,163) | (6,377) |
Boeing Capital interest expense | (14) | (16) | (46) | (49) |
Total costs and expenses | (19,904) | (21,600) | (61,326) | (61,446) |
Gross profit | 3,994 | 4,249 | 9,959 | 11,095 |
Income from operating investments, net | 69 | 78 | 220 | 207 |
General and administrative expense | (923) | (889) | (2,617) | (2,594) |
Research and development expense, net | (857) | (857) | (3,901) | (2,426) |
Loss on dispositions, net | (1) | (1) | (10) | |
Earnings from operations | 2,282 | 2,580 | 3,651 | 6,282 |
Other income/(loss), net | 2 | (26) | 41 | (23) |
Interest and debt expense | (81) | (67) | (227) | (203) |
Earnings before income taxes | 2,203 | 2,487 | 3,465 | 6,056 |
Income tax (expense)/benefit | 76 | (783) | (201) | (1,906) |
Net earnings | $ 2,279 | $ 1,704 | $ 3,264 | $ 4,150 |
Basic earnings per share | $ 3.64 | $ 2.50 | $ 5.09 | $ 5.99 |
Diluted earnings per share | 3.60 | 2.47 | 5.04 | 5.92 |
Cash dividends paid per share | $ 1.09 | $ 0.91 | $ 3.27 | $ 2.73 |
Weighted average diluted shares (millions) | 632.7 | 689 | 647.9 | 700.9 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 2,279 | $ 1,704 | $ 3,264 | $ 4,150 |
Currency translation adjustments | (10) | (35) | (3) | (79) |
Unrealized gain on certain investments, net of tax of ($1), ($5), ($2), and ($2) | 2 | 1 | 1 | 5 |
Unrealized (loss)/gain on derivative instruments [Abstract] | ||||
Unrealized gain/(loss) arising during period, net of tax of ($30), $78, ($7), and $41 | 13 | (73) | 54 | (139) |
Reclassification adjustment for losses included in net earnings, net of tax of ($32), ($28), ($8), and ($12) | 15 | 24 | 58 | 52 |
Total unrealized gain/(loss) on derivative instruments, net of tax | 28 | (49) | 112 | (87) |
Defined benefit pension plans & other postretirement benefits [Abstract] | ||||
Amortization of prior service (benefit)/cost included in net periodic pension cost, net of tax of $23, ($16), $8, and ($5) | (15) | 10 | (42) | 29 |
Net actuarial (loss)/gain arising during the period, net of tax of $215, ($2), $0, and $15 | (1) | (27) | (388) | 4 |
Amortization of actuarial losses included in net periodic pension cost, net of tax of ($217), ($425), ($72), and ($143) | (131) | (257) | (392) | (765) |
Settlements and curtailments included in net income, net of tax of ($7), ($2), $0, and $0 | (14) | (3) | ||
Pension and postretirement cost related to our equity method investments, net of tax of ($2), $0, ($1), and $0 | 2 | 4 | ||
Total defined benefit pension plans and other postretirement benefits, net of tax | 117 | 240 | (20) | 801 |
Other comprehensive income, net of tax | 137 | 157 | 90 | 640 |
Comprehensive loss related to noncontrolling interests | (1) | (1) | (1) | (2) |
Comprehensive income, net of tax | $ 2,415 | $ 1,860 | $ 3,353 | $ 4,788 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain on certain investments, tax | $ (2) | $ (2) | $ (1) | $ (5) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax Effect [Abstract] | ||||
Unrealized loss arising during period, tax | (7) | 41 | (30) | 78 |
Reclassification adjustment for losses included in net earnings, tax | (8) | (12) | (32) | (28) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax, Portion Attributable to Parent [Abstract] | ||||
Amortization of prior service cost included in net periodic pension cost, tax | 8 | (5) | 23 | (16) |
Net actuarial gains arising during the period, tax | 15 | 215 | (2) | |
Amortization of actuarial losses included in net periodic pension cost, tax | (72) | (143) | (217) | (425) |
Settlements and curtailments included in net income, tax | (7) | (2) | ||
Pension and post retirement benefits related to our equity method investments, tax | $ (1) | $ (2) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Financial Position - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
Assets | |||
Cash and cash equivalents | $ 8,986 | $ 11,302 | |
Short-term and other investments | 682 | 750 | |
Accounts receivable, net | 9,524 | 8,713 | |
Current portion of customer financing, net | 365 | 212 | |
Inventories, net of advances and progress billings | 42,680 | 47,257 | |
Total current assets | 62,237 | 68,234 | |
Customer financing, net | 3,401 | 3,358 | |
Property, plant and equipment, net of accumulated depreciation of $16,752 and $16,286 | 12,713 | 12,076 | |
Goodwill | 5,128 | 5,126 | |
Acquired intangible assets, net | 2,488 | 2,657 | |
Deferred income taxes | 265 | 265 | |
Investments | 1,303 | 1,284 | |
Other assets, net of accumulated amortization of $470 and $451 | 1,415 | 1,408 | |
Total assets | 88,950 | 94,408 | |
Liabilities and equity | |||
Accounts payable | 11,968 | 10,800 | |
Accrued liabilities | 13,243 | 14,014 | |
Advances and billings in excess of related costs | 22,646 | 24,364 | |
Short-term debt and current portion of long-term debt | 632 | 1,234 | |
Total current liabilities | 48,489 | 50,412 | |
Deferred income taxes | 2,211 | 2,392 | |
Accrued retiree health care | 6,544 | 6,616 | |
Accrued pension plan liability, net | 18,003 | 17,783 | |
Other long-term liabilities | 1,729 | 2,078 | |
Long-term debt | 9,824 | 8,730 | |
Shareholders' equity: | |||
Common stock, par value $5.00 – 1,200,000,000 shares authorized; 1,012,261,159 shares issued | 5,061 | 5,061 | |
Additional paid-in capital | 4,808 | 4,834 | |
Treasury stock, at cost - 393,301,648 and 345,637,354 shares | 35,763 | 29,568 | |
Retained earnings | 40,641 | 38,756 | |
Accumulated other comprehensive loss | [1] | (12,658) | (12,748) |
Total shareholders’ equity | 2,089 | 6,335 | |
Noncontrolling interests | 61 | 62 | |
Total equity | 2,150 | 6,397 | |
Total liabilities and equity | $ 88,950 | $ 94,408 | |
[1] | Net of tax. |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Financial Position (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Property, plant and equipment, accumulated depreciation | $ 16,752 | $ 16,286 |
Other assets, accumulated amortization | $ 470 | $ 451 |
Common stock, par value | $ 5 | $ 5 |
Common stock, authorized | 1,200,000,000 | 1,200,000,000 |
Common stock, shares issued | 1,012,261,159 | 1,012,261,159 |
Treasury stock, shares | 393,301,648 | 345,637,354 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows - operation activities: | ||
Net earnings | $ 3,264 | $ 4,150 |
Non-cash items – | ||
Share-based plans expense | 144 | 141 |
Depreciation and amortization | 1,364 | 1,349 |
Investment/asset impairment charges, net | 61 | 124 |
Customer financing valuation benefit | (5) | (3) |
Loss on dispositions, net | 10 | |
Other charges and credits, net | 219 | 230 |
Excess tax benefits from share-based payment arrangements | (139) | |
Changes in assets and liabilities – | ||
Accounts receivable | (517) | (1,202) |
Inventories, net of advances and progress billings | 4,334 | (2,186) |
Accounts payable | 1,366 | 1,058 |
Accrued liabilities | 82 | (196) |
Advances and billings in excess of related costs | (1,717) | 270 |
Income taxes receivable, payable and deferred | (725) | 824 |
Other long-term liabilities | (67) | 40 |
Pension and other postretirement plans | 144 | 1,837 |
Customer financing, net | (195) | 45 |
Other | (95) | (98) |
Net cash provided by operating activities | 7,667 | 6,244 |
Cash flows – investing activities: | ||
Property, plant and equipment additions | (2,014) | (1,827) |
Property, plant and equipment reductions | 14 | 24 |
Acquisitions, net of cash acquired | (23) | |
Contributions to investments | (928) | (1,341) |
Proceeds from investments | 956 | 2,169 |
Other | 8 | 33 |
Net cash used by investing activities | (1,964) | (965) |
Cash flows – financing activities: | ||
New borrowings | 1,323 | 761 |
Debt repayments | (836) | (864) |
Stock options exercised | 192 | 331 |
Excess tax benefits from share-based payment arrangements | 139 | |
Employee taxes on certain share-based payment arrangements | (83) | (93) |
Common shares repurchased | (6,501) | (6,001) |
Dividends paid | (2,084) | (1,882) |
Proceeds from (Payments for) Other Financing Activities | (24) | |
Net cash used by financing activities | (8,013) | (7,609) |
Effect of exchange rate changes on cash and cash equivalents | (6) | (20) |
Net decrease in cash and cash equivalents | (2,316) | (2,350) |
Cash and cash equivalents at beginning of year | 11,302 | 11,733 |
Cash and cash equivalents at end of period | $ 8,986 | $ 9,383 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements Of Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Non-Controlling Interest [Member] |
Balance at Dec. 31, 2014 | $ 8,790 | $ 5,061 | $ 4,625 | $ (23,298) | $ 36,180 | $ (13,903) | $ 125 |
Net earnings | 4,148 | 4,150 | (2) | ||||
Other comprehensive income, net of tax of ($51) in 2016 and ($400) in 2015 | 640 | 640 | |||||
Share-based compensation and related dividend equivalents | 141 | 154 | (13) | ||||
Excess tax pools | 141 | 141 | |||||
Treasury shares issued for stock options exercised, net | 331 | (19) | 350 | ||||
Treasury shares issued for other share-based plans, net | (79) | (130) | 51 | ||||
Common shares repurchased | (6,001) | (6,001) | |||||
Cash dividends declared ($2.18 per share in 2016 and $1.82 per share in 2015) | (1,248) | (1,248) | |||||
Noncontrolling Interest, Period Increase (Decrease) | (77) | (77) | |||||
Balance at Sep. 30, 2015 | 6,786 | 5,061 | 4,771 | (28,898) | 39,069 | (13,263) | 46 |
Balance at Dec. 31, 2015 | 6,397 | 5,061 | 4,834 | (29,568) | 38,756 | (12,748) | 62 |
Net earnings | 3,263 | 3,264 | (1) | ||||
Other comprehensive income, net of tax of ($51) in 2016 and ($400) in 2015 | 90 | 90 | |||||
Share-based compensation and related dividend equivalents | 143 | 158 | (15) | ||||
Treasury shares issued for stock options exercised, net | 192 | (30) | 222 | ||||
Treasury shares issued for other share-based plans, net | (70) | (154) | 84 | ||||
Common shares repurchased | (6,501) | (6,501) | |||||
Cash dividends declared ($2.18 per share in 2016 and $1.82 per share in 2015) | (1,364) | (1,364) | |||||
Balance at Sep. 30, 2016 | $ 2,150 | $ 5,061 | $ 4,808 | $ (35,763) | $ 40,641 | $ (12,658) | $ 61 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements Of Equity (Parenthetical) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||
Other Comprehensive Income, tax, portion attributable to parent | $ (51) | $ (400) |
Cash dividends declared | $ 2.18 | $ 1.82 |
Summary Of Business Segment Dat
Summary Of Business Segment Data Summary of Business Segment Data (Notes) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Summary Of Business Segment Data | The Boeing Company and Subsidiaries Notes to Condensed Consolidated Financial Statements Summary of Business Segment Data (Unaudited) (Dollars in millions) Nine months ended September 30 Three months ended September 30 2016 2015 2016 2015 Revenues: Commercial Airplanes $48,828 $49,950 $16,973 $17,692 Defense, Space & Security: Boeing Military Aircraft 9,898 10,237 3,260 4,037 Network & Space Systems 5,246 5,797 1,701 2,127 Global Services & Support 7,494 6,569 2,547 2,186 Total Defense, Space & Security 22,638 22,603 7,508 8,350 Boeing Capital 211 315 63 114 Unallocated items, eliminations and other (392 ) (327 ) (646 ) (307 ) Total revenues $71,285 $72,541 $23,898 $25,849 Earnings from operations: Commercial Airplanes $1,657 $4,591 $1,597 $1,768 Defense, Space & Security: Boeing Military Aircraft 943 874 434 494 Network & Space Systems 336 563 35 245 Global Services & Support 920 874 315 283 Total Defense, Space & Security 2,199 2,311 784 1,022 Boeing Capital 36 41 13 10 Segment operating profit/(loss) 3,892 6,943 2,394 2,800 Unallocated items, eliminations and other (241 ) (661 ) (112 ) (220 ) Earnings from operations 3,651 6,282 2,282 2,580 Other income/(loss), net 41 (23 ) 2 (26 ) Interest and debt expense (227 ) (203 ) (81 ) (67 ) Earnings before income taxes 3,465 6,056 2,203 2,487 Income tax (expense)/benefit (201 ) (1,906 ) 76 (783 ) Net earnings $3,264 $4,150 $2,279 $1,704 This information is an integral part of the Notes to the Condensed Consolidated Financial Statements. See Note 17 for further segment results. |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | Basis of Presentation The condensed consolidated interim financial statements included in this report have been prepared by management of The Boeing Company (herein referred to as “Boeing”, the “Company”, “we”, “us”, or “our”). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation are reflected in the interim financial statements. The results of operations for the period ended September 30, 2016 are not necessarily indicative of the operating results for the full year. The interim financial statements should be read in conjunction with the audited Consolidated Financial Statements, including the notes thereto, included in our 2015 Annual Report on Form 10-K. Certain amounts in prior periods have been reclassified to conform to the current period's presentation. Standards Issued and Not Yet Implemented In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016 - 02, Leases (Topic 842) . The new standard is effective for reporting periods beginning after December 15, 2018 and early adoption is permitted. The standard will require lessees to report most leases as assets and liabilities on the balance sheet, while lessor accounting will remain substantially unchanged. The standard requires a modified retrospective transition approach for existing leases, whereby the new rules will be applied to the earliest year presented. We do not expect the new lease standard to have a material effect on our financial position, results of operations or cash flows. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The new standard was originally effective for reporting periods beginning after December 15, 2016 and early adoption was not permitted. On August 12, 2015, the FASB approved a one year delay of the effective date to reporting periods beginning after December 15, 2017, while permitting companies to voluntarily adopt the new standard as of the original effective date. The comprehensive new standard will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. Adoption of the new rules could affect the timing of revenue recognition for certain transactions. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. The Company plans to adopt the new standard effective January 1, 2018 and is continuing to evaluate the impacts of adoption and the implementation approach to be used. Standards Issued and Implemented In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting . The new standard is effective for reporting periods beginning after December 15, 2016 and early adoption is permitted. The standard requires excess tax benefits or deficiencies for share-based payments to be recorded in the period shares vest or settle as income tax expense or benefit, rather than within Additional paid-in capital. Cash flows related to excess tax benefits will be included in Net cash provided by operating activities and will no longer be separately classified as a financing activity. The standard also allows us to repurchase more of an employee’s shares for tax withholding purposes and provides an accounting policy election to account for forfeitures as they occur. We have elected to continue to estimate forfeitures and are not planning to change tax withholdings. The Company prospectively adopted the standard during the three months ended June 30, 2016 effective January 1, 2016. For the nine months ended September 30, 2016 , this resulted in an increase of $64 to Net earnings and $0.10 to diluted earnings per share and for the three months ended September 30, 2016 , an increase of $10 to Net earnings and $0.02 to diluted earnings per share. Adoption also resulted in a $64 increase in Net cash provided by operating activities and a corresponding $64 reduction in Net cash used by financing activities for the nine months ended September 30, 2016 . Use of Estimates Management makes assumptions and estimates to prepare financial statements in conformity with accounting principles generally accepted in the United States of America. Those assumptions and estimates directly affect the amounts reported in the Condensed Consolidated Financial Statements. Significant estimates for which changes in the near term are considered reasonably possible and that may have a material impact on the financial statements are disclosed in these Notes to the Condensed Consolidated Financial Statements. Contract accounting is used for development and production activities predominantly by Defense, Space & Security ( BDS ). Contract accounting involves a judgmental process of estimating total sales and costs for each contract resulting in the development of estimated cost of sales percentages. Changes in estimated revenues, cost of sales and the related effect on operating income are recognized using a cumulative catch-up adjustment which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a contract’s percent complete. For the nine months ended September 30, 2016 and 2015 , net unfavorable cumulative catch-up adjustments to prior years' earnings, including reach-forward losses, across all contracts decreased Earnings from operations by $656 and $384 and diluted earnings per share by $0.95 and $0.38 . For the three months ended September 30, 2016 , net unfavorable cumulative catch-up adjustments to prior years' earnings, including reach-forward losses, across all contracts decreased Earnings from operations by $69 and diluted earnings per share by $0.11 . For the three months ended September 30, 2015 , net favorable cumulative catch-up adjustments, including reach-forward losses, across all contracts increased Earnings from operations by $210 and diluted earnings per share by $0.21 . |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic and diluted earnings per share are computed using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Basic earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the basic weighted average common shares outstanding. Diluted earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the diluted weighted average common shares outstanding. The elements used in the computation of basic and diluted earnings per share were as follows: (In millions - except per share amounts) Nine months ended September 30 Three months ended September 30 2016 2015 2016 2015 Net earnings $3,264 $4,150 $2,279 $1,704 Less: earnings available to participating securities 3 5 3 3 Net earnings available to common shareholders $3,261 $4,145 $2,276 $1,701 Basic Basic weighted average shares outstanding 641.2 692.9 625.5 681.3 Less: participating securities 1.0 1.1 0.9 1.2 Basic weighted average common shares outstanding 640.2 691.8 624.6 680.1 Diluted Basic weighted average shares outstanding 641.2 692.9 625.5 681.3 Dilutive potential common shares (1) 6.7 8.0 7.2 7.7 Diluted weighted average shares outstanding 647.9 700.9 632.7 689.0 Less: participating securities 1.0 1.1 0.9 1.2 Diluted weighted average common shares outstanding 646.9 699.8 631.8 687.8 Net earnings per share: Basic $5.09 $5.99 $3.64 $2.50 Diluted 5.04 5.92 3.60 2.47 (1) Diluted earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards. The following table includes the number of shares that may be dilutive potential common shares in the future. These shares were not included in the computation of diluted earnings per share because the effect was either antidilutive or the performance condition was not met. (Shares in millions) Nine months ended September 30 Three months ended September 30 2016 2015 2016 2015 Performance awards 7.0 5.9 6.2 5.9 Performance-based restricted stock units 2.8 2.3 3.1 2.3 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective income tax rates were 5.8% and (3.4)% for the nine and three months ended September 30, 2016 and 31.5% for the same periods in the prior year. The 2016 effective tax rates are lower than the prior year due to $440 of additional tax benefits recorded in the third quarter of 2016 related to the application of a 2012 Federal Court of Claims decision that allowed the tax basis in certain assets to be increased. Also, in the third quarter of 2016 a tax benefit of $177 was recorded as a result of the settlement of the 2011-2012 federal tax audit. Additionally, the 2016 effective tax rates include the favorable impact of the permanent reinstatement of the U.S. research and development tax credit at the end of 2015. The total amount of unrecognized tax benefits decreased from $1,617 as of December 31, 2015 to $1,378 as of September 30, 2016 primarily due to the tax basis adjustment and settlement of the 2011-2012 federal tax audit, as discussed above. Federal income tax audits have been settled for all years prior to 2013. The Internal Revenue Service (IRS) will begin the 2013-2014 federal tax audit in the fourth quarter of 2016. We are also subject to examination in major state and international jurisdictions for the 2001-2015 tax years. We believe appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: September 30 December 31 Long-term contracts in progress $12,459 $13,858 Commercial aircraft programs 53,113 55,230 Commercial spare parts, used aircraft, general stock materials and other 5,521 6,673 Inventory before advances and progress billings 71,093 75,761 Less advances and progress billings (28,413 ) (28,504 ) Total $42,680 $47,257 Long-Term Contracts in Progress Long-term contracts in progress includes Delta launch program inventory that is being sold at cost to United Launch Alliance ( ULA ) under an inventory supply agreement that terminates on March 31, 2021. The inventory balance was $120 (net of advances of $253 and $310 ) at September 30, 2016 and December 31, 2015 . See indemnifications to ULA in Note 9 . Included in inventories are capitalized precontract costs of $650 and $732 primarily related to KC-46A Tanker and C-17 at September 30, 2016 and December 31, 2015 . Commercial Aircraft Programs At September 30, 2016 and December 31, 2015 , commercial aircraft programs inventory included the following amounts related to the 787 program: $33,423 and $34,656 of work in process (including deferred production costs of $27,523 and $28,510 ), $2,345 and $2,551 of supplier advances, and $3,691 and $3,890 of unamortized tooling and other non-recurring costs. At September 30, 2016 , $22,521 of 787 deferred production costs, unamortized tooling and other non-recurring costs are expected to be recovered from units included in the program accounting quantity that have firm orders and $8,693 is expected to be recovered from units included in the program accounting quantity that represent expected future orders. We produced the fourth and fifth flight test aircraft for the 787 program in 2009 but were unable to sell them at acceptable prices. The aircraft had been used extensively for flight and ground testing and we intended to begin to refurbish the aircraft in early 2017 for commercial sale based on sales activity and market interest. However, during the second quarter of 2016 we determined that firm orders for these aircraft prior to refurbishment were now unlikely, and that the Company would not invest company funds for their refurbishment. The Company also determined the costs to refurbish the aircraft at a future date would be prohibitively expensive. We therefore determined that the aircraft are not commercially saleable, and a ccordingly, costs of $1,235 associated with these aircraft were reclassified from 787 program inventory to research and development expense. The reclassification also impacted 787 deferred production costs, reducing the balance by $1,011 at June 30, 2016. At September 30, 2016 and December 31, 2015 , commercial aircraft programs inventory included the following amounts related to the 747 program: $0 and $942 of deferred production costs, net of reach-forward losses, and $298 and $377 of unamortized tooling costs. At September 30, 2016 , $99 of unamortized tooling costs are expected to be recovered from units included in the program accounting quantity that have firm orders and $199 is expected to be recovered from units included in the program accounting quantity that represent expected future orders. At September 30, 2016 and December 31, 2015 , work in process inventory included a number of completed 747 aircraft that we expect to recover from future orders. Commercial aircraft programs inventory included amounts credited in cash or other consideration (early issue sales consideration) to airline customers totaling $3,257 and $3,166 at September 30, 2016 and December 31, 2015 . Used aircraft in inventories at Commercial Airplanes totaled $224 and $267 at September 30, 2016 and December 31, 2015 . |
Customer Financing
Customer Financing | 9 Months Ended |
Sep. 30, 2016 | |
Customer Financing [Abstract] | |
Customer Financing | Customer Financing Customer financing primarily relates to the Boeing Capital ( BCC ) segment and consisted of the following: September 30 December 31 Financing receivables: Investment in sales-type/finance leases $1,473 $1,620 Notes 417 256 Total financing receivables 1,890 1,876 Operating lease equipment, at cost, less accumulated depreciation of $229 and $338 1,887 1,710 Gross customer financing 3,777 3,586 Less allowance for losses on receivables (11 ) (16 ) Total $3,766 $3,570 We determine a receivable is impaired when, based on current information and events, it is probable that we will be unable to collect amounts due according to the original contractual terms. At September 30, 2016 and December 31, 2015 , we individually evaluated for impairment customer financing receivables of $61 and $86 . At September 30, 2016 and December 31, 2015 , $46 and $0 was determined to be impaired. We recorded no allowance for losses on these impaired receivables as the collateral values exceeded the carrying values of the receivables. The adequacy of the allowance for losses is assessed quarterly. Three primary factors influencing the level of our allowance for losses on customer financing receivables are customer credit ratings, default rates and collateral values. We assign internal credit ratings for all customers and determine the creditworthiness of each customer based upon publicly available information and information obtained directly from our customers. Our rating categories are comparable to those used by the major credit rating agencies. Our financing receivable balances by internal credit rating category are shown below: Rating categories September 30 December 31 BBB $898 $973 BB 476 536 B 470 258 CCC 46 23 Other 86 Total carrying value of financing receivables $1,890 $1,876 At September 30, 2016 , our allowance related to receivables with ratings of B, BB and BBB. We applied default rates that averaged 13% , 9% and 1% , respectively, to the exposure associated with those receivables. Customer Financing Exposure Customer financing is collateralized by security in the related asset. The value of the collateral is closely tied to commercial airline performance and overall market conditions and may be subject to reduced valuation with market decline. Declines in collateral values could result in asset impairments, reduced finance lease income, and an increase in the allowance for losses. Our customer financing collateral is concentrated in 747-8 and out-of-production aircraft. Generally, out-of-production aircraft have experienced greater collateral value declines than in-production aircraft. The majority of customer financing carrying values are concentrated in the following aircraft models: September 30 December 31 717 Aircraft ($353 and $372 accounted for as operating leases) $1,314 $1,415 747-8 Aircraft ($1,094 and $916 accounted for as operating leases) 1,120 916 MD-80 Aircraft (Accounted for as sales-type finance leases) 269 314 757 Aircraft ($44 and $48 accounted for as operating leases) 251 270 767 Aircraft ($90 and $84 accounted for as operating leases) 178 185 747-400 Aircraft (Accounted for as operating leases) 170 122 777 Aircraft (Accounted for as notes) 164 23 737 Aircraft (Accounted for as operating leases) 106 115 |
Investments
Investments | 9 Months Ended |
Sep. 30, 2016 | |
Investments [Abstract] | |
Investments | Investments Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following: September 30 December 31 Time deposits $127 $456 Pledged money market funds (1) 39 38 Available-for-sale investments 541 244 Equity method investments (2) 1,211 1,230 Restricted cash (3) 27 31 Other investments 40 35 Total $1,985 $2,034 (1) Reflects amounts pledged in lieu of letters of credit as collateral in support of our workers’ compensation programs. These funds can become available within 30 days notice upon issuance of letters of credit. (2) Dividends received were $249 and $83 for the nine and three months ended September 30, 2016 and $186 and $62 during the same periods in the prior year. (3) Restricted to pay certain claims related to workers' compensation and life insurance premiums for certain employees. |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2016 | |
Other Assets [Abstract] | |
Other Assets | Other Assets Sea Launch At September 30, 2016 and December 31, 2015 , Other assets included $356 of receivables related to our former investment in the Sea Launch venture which became payable by certain Sea Launch partners following Sea Launch’s bankruptcy filing in June 2009. The $356 includes $147 related to a payment made by us under a bank guarantee on behalf of Sea Launch and $209 related to loans (partner loans) we made to Sea Launch. The net amounts owed to Boeing by each of the partners are as follows: S.P. Koroley Rocket and Space Corporation Energia of Russia – $223 , PO Yuzhnoye Mashinostroitelny Zavod of Ukraine – $89 and KB Yuzhnoye of Ukraine – $44 . Although each partner is contractually obligated to reimburse us for its share of the bank guarantee, the Russian and Ukrainian partners have raised defenses to enforcement and contested our claims. On February 1, 2013, we filed an action in the United States District Court for the Central District of California seeking reimbursement from the other Sea Launch partners of the $147 bank guarantee payment and the $209 partner loan obligations. On May 12, 2016, the court issued a judgment in favor of Boeing relating to the bank guarantee payment and the partner loan obligations. Prior to these proceedings, we had filed a Notice of Arbitration with the Stockholm Chamber of Commerce seeking reimbursement from the other partners for a portion of these amounts. On May 16, 2016, the appellate court in Sweden dismissed the Swedish proceedings at our request. We continue to pursue collection efforts in connection with the court judgment and continue to believe the partners have the financial wherewithal to pay and intend to pursue vigorously all of our rights and remedies. In the event we are unable to secure reimbursement of $147 related to our payment under the bank guarantee and $209 related to partner loans made to Sea Launch, we could incur additional charges. Our current assessment as to the collectability of these receivables takes into account the current economic conditions in Russia and Ukraine, although we will continue to monitor the situation. Spirit AeroSystems As of September 30, 2016 and December 31, 2015 , Other assets included $140 of receivables related to indemnifications from Spirit AeroSystems, Inc. (Spirit), for costs incurred related to pension and retiree medical obligations of former Boeing employees that were subsequently employed by Spirit. During the fourth quarter of 2014, Boeing filed a complaint against Spirit in Delaware Superior Court seeking to enforce our rights to indemnification and to recover from Spirit amounts incurred by Boeing for pension and retiree medical obligations. We expect to fully recover from Spirit. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies Environmental The following table summarizes environmental remediation activity during the nine months ended September 30, 2016 and 2015 . 2016 2015 Beginning balance – January 1 $566 $601 Reductions for payments made (33 ) (52 ) Changes in estimates 43 34 Ending balance – September 30 $576 $583 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 September 30, 2016 and December 31, 2015 , the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $873 and $853 . Product Warranties The following table summarizes product warranty activity recorded during the nine months ended September 30, 2016 and 2015 . 2016 2015 Beginning balance – January 1 $1,485 $1,504 Additions for current year deliveries 293 312 Reductions for payments made (258 ) (262 ) Changes in estimates (103 ) (101 ) Ending balance - September 30 $1,417 $1,453 Commercial Aircraft Commitments In conjunction with signing definitive agreements for the sale of new aircraft (Sale Aircraft), we have entered into trade-in commitments with certain customers that give them the right to trade in used aircraft at a specified price upon the purchase of Sale Aircraft. The probability that trade-in commitments will be exercised is determined by using both quantitative information from valuation sources and qualitative information from other sources. The probability of exercise is assessed quarterly, or as events trigger a change, and takes into consideration the current economic and airline industry environments. Trade-in commitments, which can be terminated by mutual consent with the customer, may be exercised only during the period specified in the agreement, and require advance notice by the customer. Trade-in commitment agreements at September 30, 2016 have expiration dates from 2016 through 2026 . At September 30, 2016 , and December 31, 2015 total contractual trade-in commitments were $1,385 and $1,585 . As of September 30, 2016 and December 31, 2015 , we estimated that it was probable we would be obligated to perform on certain of these commitments with net amounts payable to customers totaling $170 and $240 and the fair value of the related trade-in aircraft was $170 and $240 . Financing Commitments Financing commitments, which include commitments to provide financing related to aircraft on order, under option for deliveries or proposed as part of sales campaigns, totaled $17,425 and $16,283 as of September 30, 2016 and December 31, 2015 . The estimated earliest potential funding dates for these commitments as of September 30, 2016 are as follows: Total October through December 2016 $567 2017 3,703 2018 3,527 2019 4,003 2020 2,399 Thereafter 3,226 $17,425 As of September 30, 2016 , $15,266 of these financing commitments related to customers we believe have less than investment-grade credit. We have concluded that no reserve for future potential losses is required for these financing commitments based upon the terms, such as collateralization and interest rates, under which funding would be provided. Standby Letters of Credit and Surety Bonds We have entered into standby letters of credit and surety bonds with financial institutions primarily relating to the guarantee of our future performance on certain contracts. Contingent liabilities on outstanding letters of credit agreements and surety bonds aggregated approximately $4,368 and $4,968 as of September 30, 2016 and December 31, 2015 . Commitments to ULA We and Lockheed Martin Corporation have each committed to provide ULA with additional capital contributions in the event ULA does not have sufficient funds to make a required payment to us under an inventory supply agreement. As of September 30, 2016 , ULA’s total remaining obligation to Boeing under the inventory supply agreement was $120 . See Note 4 . F/A-18 At September 30, 2016 , our backlog included 28 F/A-18 aircraft under contract with the U.S. Navy. The Consolidated Appropriations Act, 2016, passed in December 2015, funds 12 additional F/A-18 aircraft that, combined with the orders in backlog, would complete production in mid-2018. The President’s Fiscal Year 2017 Budget request submitted in February 2016 includes funding for two additional F/A-18 aircraft. In May 2016, both congressional appropriations committees included additional F/A-18s in their proposed FY17 defense funding bills. The Senate bill includes funding for 14 F/A-18s and the House bill includes funding for a total of 16 F/A-18s. On September 28, 2016, the White House approved the proposed sale of up to 40 F/A-18 aircraft to Kuwait subject to the Congressional Notification process. We are continuing to work with our U.S. customers as well as international customers to secure additional orders that would extend the program beyond 2018. Should additional orders not materialize, it is reasonably possible that we will decide to end production of the F/A-18 in 2018. We are still evaluating the full financial impact of a potential production shutdown, including any recovery that may be available from the U.S. government. United States Government Defense Environment Overview The enactment of The Bipartisan Budget Act of 2015 in November 2015 established overall defense spending levels for FY2016 and FY2017. However, uncertainty remains with respect to levels of defense spending for FY2018 and beyond including risk of future sequestration cuts. Significant uncertainty also continues with respect to program-level appropriations for the U.S. Department of Defense ( U.S. DoD ) and other government agencies, including the National Aeronautics and Space Administration, within the overall budgetary framework described above. Future budget cuts, including cuts mandated by sequestration, or future procurement decisions associated with the authorization and appropriations process could result in reductions, cancellations and/or delays of existing contracts or programs. Any of these impacts could have a material effect on the results of the Company's operations, financial position and/or cash flows. On September 29, 2016 a continuing resolution was enacted to fund the U.S. government through December 9, 2016. After this date, if Congress is unable to pass appropriations bills in a timely manner, a government shutdown could result which may have impacts above and beyond those resulting from budget cuts, sequestration impacts or program-level appropriations. For example, requirements to furlough employees in the U.S. DoD or other government agencies could result in payment delays, impair our ability to perform work on existing contracts, and/or negatively impact future orders. BDS Fixed-Price Development Contracts Fixed-price development work is inherently uncertain and subject to significant variability in estimates of the cost and time required to complete the work. BDS fixed-price contracts with significant development work include Commercial Crew, Saudi F-15, USAF KC-46A Tanker and commercial and military satellites. The operational and technical complexities of these contracts create financial risk, which could trigger termination provisions, order cancellations or other financially significant exposure. Changes to cost and revenue estimates could result in lower margins or material charges for reach-forward losses. For example, during 2016, we have recorded additional reach-forward losses of $816 on the KC-46A Tanker program and a charge of $162 resulting from a reach-forward loss of $38 on the Commercial Crew Program. Moreover, both of these programs remain subject to additional reach-forward losses if we experience further technical or quality issues, schedule delays, or increased costs. KC-46A Tanker In 2011, we were awarded a contract from the U.S. Air Force (USAF) to design, develop, manufacture and deliver four next generation aerial refueling tankers. This Engineering, Manufacturing and Development (EMD) contract is a fixed-price incentive fee contract valued at $4.9 billion and involves highly complex designs and systems integration. In August 2016, the USAF authorized LRIP lots for 7 and 12 aircraft valued at $2.8 billion . At September 30, 2016 , we had approximately $298 of capitalized precontract costs and $690 of potential termination liabilities to suppliers associated with aircraft we expect USAF to authorize in the future. Recoverable Costs on Government Contracts Our final incurred costs for each year are subject to audit and review for allowability by the U.S. government, which can result in payment demands related to costs they believe should be disallowed. We work with the U.S. government to assess the merits of claims and where appropriate reserve for amounts disputed. If we are unable to satisfactorily resolve disputed costs, we could be required to record an earnings charge and/or provide refunds to the U.S. government. Russia/Ukraine We continue to monitor political unrest involving Russia and Ukraine, where we and some of our suppliers source titanium products and/or have operations. A number of our commercial customers also have operations in Russia and Ukraine. To date, we have not experienced any significant disruptions to production or deliveries. Should suppliers or customers experience disruption, our production and/or deliveries could be materially impacted. 747 Program Lower-than-expected demand for large commercial passenger and freighter aircraft and slower-than-expected growth of global freight traffic have continued to drive market uncertainties, pricing pressures and fewer orders than anticipated. As a result, during the second quarter of 2016, we canceled previous plans to return to a production rate of 1.0 aircraft per month beginning in 2019, resulting in a reduction in the program accounting quantity from 1,574 to 1,555 aircraft. This reduction in the program accounting quantity, together with lower anticipated revenues from future sales and higher costs associated with producing fewer airplanes, resulted in a reach-forward loss of $1,188 in the second quarter. We previously recognized reach-forward losses of $885 and $70 during the second half of 2015 and the first quarter of 2016, respectively, related to the prior decision to reduce the production rate to 0.5 per month and lower estimated revenue from future sales due to ongoing pricing and market pressures. We reduced the rate from 1.0 to 0.5 per month in September 2016. The adjusted program accounting quantity includes 27 undelivered aircraft, currently scheduled to be produced through 2019. We continue to have a number of completed aircraft in inventory as well as unsold production positions and we remain focused on obtaining additional orders and implementing cost-reduction efforts. If we are unable to obtain sufficient orders and/or market, production and other risks cannot be mitigated, we could record additional losses that may be material, and it is reasonably possible that we could decide to end production of the 747. 787 Program The 787 program continues to have near breakeven gross margins. The combination of production challenges, change incorporation on early build aircraft, schedule delays, customer and supplier impacts and changes to price escalation factors has created significant pressure on program profitability. If risks related to this program, including risks associated with productivity improvements, supply chain management, planned production rate increases or introducing and manufacturing the 787-10 derivative as scheduled cannot be mitigated, the program could record a reach-forward loss that may be material. |
Arrangements With Off-Balance S
Arrangements With Off-Balance Sheet Risk | 9 Months Ended |
Sep. 30, 2016 | |
Guarantees [Abstract] | |
Arrangements With Off-Balance Sheet Risk | Arrangements with Off-Balance Sheet Risk We enter into arrangements with off-balance sheet risk in the normal course of business, primarily in the form of guarantees. The following table provides quantitative data regarding our third party guarantees. The maximum potential payments represent a “worst-case scenario,” and do not necessarily reflect amounts that we expect to pay. Estimated proceeds from collateral and recourse represent the anticipated values of assets we could liquidate or receive from other parties to offset our payments under guarantees. The carrying amount of liabilities represents the amount included in Accrued liabilities. Maximum Potential Payments Estimated Proceeds from Collateral/Recourse Carrying Amount of Liabilities September 30 December 31 September 30 December 31 September 30 December 31 Contingent repurchase commitments $1,556 $1,529 $1,544 $1,510 $9 $7 Indemnifications to ULA: Contributed Delta program launch inventory 82 107 Contract pricing 261 261 7 7 Other Delta contracts 216 231 5 5 Credit guarantees 29 30 27 27 2 2 Contingent Repurchase Commitments The repurchase price specified in contingent repurchase commitments is generally lower than the expected fair value at the specified repurchase date. Estimated proceeds from collateral/recourse in the table above represent the lower of the contracted repurchase price or the expected fair value of each aircraft at the specified repurchase date. Indemnifications to ULA In 2006, we agreed to indemnify ULA through December 31, 2020 against potential non-recoverability and non-allowability of $1,360 of Boeing Delta launch program inventory included in contributed assets plus $1,860 of inventory subject to an inventory supply agreement which ends on March 31, 2021. Since inception, ULA has consumed $1,278 of the $1,360 of inventory that was contributed by us and has yet to consume $82 . Under the inventory supply agreement, we have recorded revenues and cost of sales of $1,436 through September 30, 2016 . ULA has made payments of $1,740 to us under the inventory supply agreement and we have made $63 of net indemnification payments to ULA. We agreed to indemnify ULA against potential losses that ULA may incur in the event ULA is unable to obtain certain additional contract pricing from the USAF for four satellite missions. In 2009, ULA filed a complaint before the Armed Services Board of Contract Appeals (ASBCA) for a contract adjustment for the price of two of these missions, followed in 2011 by a subsequent notice of appeal with respect to a third mission. The USAF did not exercise an option for a fourth mission prior to the expiration of the contract. During the second quarter of 2016, the ASBCA ruled that ULA is entitled to additional contract pricing for each of the three missions and remanded to the parties to negotiate appropriate pricing. However, if the USAF appeals the ASBCA's ruling, and ULA is ultimately unsuccessful in obtaining additional pricing, we may be responsible for an indemnification payment up to $261 and may record up to $277 in pre-tax losses associated with the three missions. Potential payments for Other Delta contracts include $85 related to deferred support costs and $91 related to deferred production costs. In June 2011, the Defense Contract Management Agency (DCMA) notified ULA that it had determined that $271 of deferred support costs are not recoverable under government contracts. In December 2011, the DCMA notified ULA of the potential non-recoverability of an additional $114 of deferred production costs. ULA and Boeing believe that all costs are recoverable and in November 2011, ULA filed a certified claim with the USAF for collection of deferred support and production costs. The USAF issued a final decision denying ULA ’s certified claim in May 2012. On June 14, 2012, Boeing and ULA filed a suit in the Court of Federal Claims seeking recovery of the deferred support and production costs from the U.S. government. On November 9, 2012, the U.S. government filed an answer to our claim and asserted a counterclaim for credits that it alleges were offset by deferred support cost invoices. We believe that the U.S. government’s counterclaim is without merit, and have filed an answer challenging it on multiple grounds. The litigation is in the discovery phase, and the Court has not yet set a trial date. If, contrary to our belief, it is determined that some or all of the deferred support or production costs are not recoverable, we could be required to record pre-tax losses and make indemnification payments to ULA for up to $317 of the costs questioned by the DCMA. Other Indemnifications In conjunction with our sales of Electron Dynamic Devices, Inc. and Rocketdyne Propulsion and Power businesses and our Commercial Airplanes facilities in Wichita, Kansas and Tulsa and McAlester, Oklahoma, we agreed to indemnify, for an indefinite period, the buyers for costs relating to pre-closing environmental conditions and certain other items. 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 8 . Credit Guarantees We have issued credit guarantees, principally to facilitate the sale and/or financing of commercial aircraft. Under these arrangements, we are obligated to make payments to a guaranteed party in the event that lease or loan payments are not made by the original lessee or debtor or certain specified services are not performed. A substantial portion of these guarantees has been extended on behalf of original lessees or debtors with less than investment-grade credit. Our commercial aircraft credit guarantees are collateralized by the underlying commercial aircraft and certain other assets. Current outstanding credit guarantees expire within the next four years. |
Debt Debt
Debt Debt | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Debt On May 18, 2016 , we issued $1,200 of fixed rate senior notes consisting of $400 due June 15, 2023 that bear an annual interest rate of 1.875% , $400 due June 15, 2026 that bear an annual interest rate of 2.25% , and $400 due June 15, 2046 that bear an annual interest rate of 3.375% . The notes are unsecured senior obligations and rank equally in right of payment with our existing and future unsecured and unsubordinated indebtedness. The net proceeds of the issuance totaled $1,170 , after deducting underwriting discounts, commissions and offering expenses. |
Postretirement Plans
Postretirement Plans | 9 Months Ended |
Sep. 30, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Postretirement Plans | Postretirement Plans The components of net periodic benefit cost were as follows: Nine months ended September 30 Three months ended September 30 Pension Plans 2016 2015 2016 2015 Service cost $488 $1,325 $162 $441 Interest cost 2,287 2,242 761 748 Expected return on plan assets (2,998 ) (3,024 ) (1,000 ) (1,008 ) Amortization of prior service costs 29 147 9 49 Recognized net actuarial loss 592 1,184 198 392 Settlement/curtailment/other losses 39 194 6 83 Net periodic benefit cost $437 $2,068 $136 $705 Net periodic benefit cost included in Earnings from operations $1,545 $1,837 $453 $529 Nine months ended September 30 Three months ended September 30 Other Postretirement Benefits 2016 2015 2016 2015 Service cost $96 $105 $32 $35 Interest cost 196 186 66 62 Expected return on plan assets (6 ) (6 ) (2 ) (2 ) Amortization of prior service credits (94 ) (102 ) (32 ) (34 ) Recognized net actuarial loss 17 23 5 8 Settlement and curtailment loss 9 4 Net periodic benefit cost $209 $215 $69 $73 Net periodic benefit cost included in Earnings from operations $213 $226 $63 $65 |
Share-Based Compensation And Ot
Share-Based Compensation And Other Compensation Arrangements | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation And Other Compensation Arrangements | Share-Based Compensation and Other Compensation Arrangements Restricted Stock Units On February 22, 2016 , we granted to our executives 777,837 restricted stock units ( RSU s) as part of our long-term incentive program with a grant date fair value of $117.50 per unit. The RSU s 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. Performance-Based Restricted Stock Units On February 22, 2016 , we granted to our executives 721,176 performance-based restricted stock units ( PBRSU s) as part of our long-term incentive program with a grant date fair value of $126.74 per unit. Compensation expense for the award is recognized over the three -year performance period based upon the grant date fair value estimated using a Monte-Carlo simulation model. The model used the following assumptions: expected volatility of 22.44% based upon historical stock volatility, a risk-free interest rate of 0.92% , and no expected dividend yield because the units earn dividend equivalents. Performance Awards On February 22, 2016 , we granted to our executives performance awards as part of our long-term incentive program with a payout based on the achievement of financial goals for the three -year period ending December 31, 2018 . At September 30, 2016 , the minimum payout amount is $0 and the maximum amount we could be required to pay out is $344 . |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Accumulated Other Comprehensive Loss Changes in Accumulated other comprehensive income/(loss) (AOCI) by component for the nine and three months ended September 30, 2016 and 2015 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, 2015 $53 ($8 ) ($136 ) ($13,812 ) ($13,903 ) Other comprehensive income/(loss) before reclassifications (79 ) 5 (139 ) 4 (209 ) Amounts reclassified from AOCI 52 797 (2) 849 Net current period Other comprehensive income/(loss) (79 ) 5 (87 ) 801 640 Balance at September 30, 2015 ($26 ) ($3 ) ($223 ) ($13,011 ) ($13,263 ) Balance at January 1, 2016 ($39 ) ($197 ) ($12,512 ) ($12,748 ) Other comprehensive income/(loss) before reclassifications (3 ) 1 54 (384 ) (332 ) Amounts reclassified from AOCI 58 364 (2) 422 Net current period Other comprehensive income/(loss) (3 ) 1 112 (20 ) 90 Balance at September 30, 2016 ($42 ) $1 ($85 ) ($12,532 ) ($12,658 ) Balance at June 30, 2015 $9 ($4 ) ($174 ) ($13,251 ) ($13,420 ) Other comprehensive income/(loss) before reclassifications (35 ) 1 (73 ) (27 ) (134 ) Amounts reclassified from AOCI 24 267 (2) 291 Net current period Other comprehensive income (35 ) 1 (49 ) 240 157 Balance at September 30, 2015 ($26 ) ($3 ) ($223 ) ($13,011 ) ($13,263 ) Balance at June 30, 2016 ($32 ) ($1 ) ($113 ) ($12,649 ) ($12,795 ) Other comprehensive income/(loss) before reclassifications (10 ) 2 13 1 6 Amounts reclassified from AOCI 15 116 (2) 131 Net current period Other comprehensive income/(loss) (10 ) 2 28 117 137 Balance at September 30, 2016 ($42 ) $1 ($85 ) ($12,532 ) ($12,658 ) (1) Net of tax. (2) Primarily relates to amortization of actuarial losses for the nine months and three months ended September 30, 2015 totaling $768 and $257 (net of tax of ($427) and ($143) ) and for the nine and three months ended September 30, 2016 totaling $392 and $131 (net of tax of ($217) and ($72) ). These are included in the net periodic pension cost of which a portion is allocated to production as inventoried costs. See Note 11 . |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Cash Flow Hedges Our cash flow hedges include foreign currency forward contracts 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 2021 . We use commodity derivatives, such as fixed-price purchase commitments to hedge against potentially unfavorable price changes for items used in production. Our commodity contracts hedge forecasted transactions through 2020 . Fair Value Hedges Interest rate swaps under which we agree to pay variable rates of interest are designated as fair value hedges of fixed-rate debt. The net change in fair value of the derivatives and the hedged items is reported in Boeing Capital interest expense. Derivative Instruments Not Receiving Hedge Accounting Treatment We have entered into agreements to purchase and sell aluminum to address long-term strategic sourcing objectives and international 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 which do not qualify for hedge accounting treatment. Notional Amounts and Fair Values The notional amounts and fair values of derivative instruments in the Condensed Consolidated Statements of Financial Position were as follows: Notional amounts (1) Other assets Accrued liabilities September 30 December 31 September 30 December 31 September 30 December 31 Derivatives designated as hedging instruments: Foreign exchange contracts $2,211 $2,727 $62 $23 ($177 ) ($304 ) Interest rate contracts 125 125 9 9 Commodity contracts 39 40 1 2 (5 ) (13 ) Derivatives not receiving hedge accounting treatment: Foreign exchange contracts 526 436 16 4 (14 ) (11 ) Commodity contracts 675 725 Total derivatives $3,576 $4,053 88 38 (196 ) (328 ) Netting arrangements (52 ) (23 ) 52 23 Net recorded balance $36 $15 ($144 ) ($305 ) (1) Notional amounts represent the gross contract/notional amount of the derivatives outstanding. Gains/(losses) associated with our cash flow and undesignated hedging transactions and their effect on Other comprehensive income/(loss) and Net earnings were as follows: Nine months ended September 30 Three months ended September 30 2016 2015 2016 2015 Effective portion recognized in Other comprehensive income/(loss), net of taxes: Foreign exchange contracts $55 ($137 ) $14 ($71 ) Commodity contracts (1 ) (2 ) (1 ) (2 ) Effective portion reclassified out of Accumulated other comprehensive loss into earnings, net of taxes: Foreign exchange contracts (52 ) (44 ) (14 ) (21 ) Commodity contracts (6 ) (8 ) (1 ) (3 ) Forward points recognized in Other income, net: Foreign exchange contracts 8 8 4 1 Undesignated derivatives recognized in Other income, net: Foreign exchange contracts 2 (3 ) 2 (5 ) Based on our portfolio of cash flow hedges, we expect to reclassify losses of $70 (pre-tax) out of Accumulated other comprehensive loss into earnings during the next 12 months. Ineffectiveness related to our hedges recognized in Other income was insignificant for the nine and three months ended September 30, 2016 and 2015 . We have derivative instruments with credit-risk-related contingent features. For foreign exchange contracts with original maturities of at least five years, our derivative counterparties could require settlement if we default on our five-year credit facility. For certain commodity contracts, our counterparties could require collateral posted in an amount determined by our credit ratings. The fair value of foreign exchange and commodity contracts that have credit-risk-related contingent features that are in a net liability position at September 30, 2016 was $42 . At September 30, 2016 , there was no collateral posted related to our derivatives. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
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. September 30, 2016 December 31, 2015 Total Level 1 Level 2 Total Level 1 Level 2 Assets Money market funds $3,232 $3,232 $4,504 $4,504 Available-for-sale investments: Commercial paper 168 $168 87 $87 Corporate notes 252 252 79 79 U.S. government agencies 78 78 83 83 Other 52 52 20 20 Derivatives 36 36 15 15 Total assets $3,818 $3,284 $534 $4,788 $4,524 $264 Liabilities Derivatives ($144 ) ($144 ) ($305 ) ($305 ) Total liabilities ($144 ) ($144 ) ($305 ) ($305 ) 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, commodity and interest rate contracts. Our foreign currency forward contracts are valued using an income approach based on the present value of the forward rate less the contract rate multiplied by the notional amount. Commodity derivatives are valued using an income approach based on the present value of the commodity index prices less the contract rate multiplied by the notional amount. The fair value of our interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve. Certain assets have been measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3). The following table presents the nonrecurring losses recognized for the nine months ended September 30 due to long-lived asset impairment and the fair value and asset classification of the related assets as of the impairment date: 2016 2015 Fair Value Total Losses Fair Value Total Losses Operating lease equipment $54 ($31 ) $271 ($117 ) Property, plant and equipment (5 ) 8 (5 ) Acquired intangible assets 12 (10 ) Total $66 ($46 ) $279 ($122 ) The fair value of the impaired operating lease equipment is derived by calculating a median collateral value from a consistent group of third party aircraft value publications. The values provided by the third party aircraft publications are derived from their knowledge of market trades and other market factors. Management reviews the publications quarterly to assess the continued appropriateness and consistency with market trends. Under certain circumstances, we adjust values based on the attributes and condition of the specific aircraft or equipment, usually when the features or use of the aircraft vary significantly from the more generic aircraft attributes covered by third party publications, or on the expected net sales price for the aircraft. Property, plant and equipment and Acquired intangible assets were primarily valued using an income approach based on the discounted cash flows associated with the underlying assets. For Level 3 assets that were measured at fair value on a nonrecurring basis during the nine months ended September 30, 2016 , 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 Value Valuation Technique(s) Unobservable Input Range Median or Average Operating lease equipment $54 Market approach Aircraft value publications $94 - $165 (1) Median $133 Aircraft condition adjustments ($79) - $0 (2) Net ($79) (1) The range represents the sum of the highest and lowest values for all aircraft subject to fair value measurement, according to the third party aircraft valuation publications that we use in our valuation process. (2) The negative amount represents the sum for all aircraft subject to fair value measurement, of all downward adjustments based on consideration of individual aircraft attributes and condition. The positive amount represents the sum of all such upward adjustments. Fair Value Disclosures The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Condensed Consolidated Statements of Financial Position were as follows: September 30, 2016 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Accounts receivable, net $9,524 $9,548 $9,548 Notes receivable, net 417 433 433 Liabilities Debt, excluding capital lease obligations (10,321 ) (12,278 ) (12,142 ) (136 ) December 31, 2015 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Accounts receivable, net $8,713 $8,705 $8,705 Notes receivable, net 255 273 273 Liabilities Debt, excluding capital lease obligations (9,814 ) (11,292 ) (11,123 ) (169 ) The fair value of Accounts receivable is based on current market rates for loans of the same risk and maturities. The fair values of our variable rate notes receivable that reprice frequently approximate their carrying amounts. The fair values of fixed rate notes receivable are estimated with discounted cash flow analysis using interest rates currently offered on loans with similar terms to borrowers of similar credit quality. The fair value of our debt that is traded in the secondary market is classified as Level 2 and is based on current market yields. For our debt that is not traded in the secondary market, the fair value is classified as Level 2 and is based on our indicative borrowing cost derived from dealer quotes or discounted cash flows. The fair values of our debt classified as Level 3 are based on discounted cash flow models using the implied yield from similar securities. With regard to other financial instruments with off-balance sheet risk, it is not practicable to estimate the fair value of our indemnifications and financing commitments because the amount and timing of those arrangements are uncertain. Items not included in the above disclosures include cash, restricted cash, time deposits and other deposits, commercial paper, money market funds, Accounts payable and long-term payables. The carrying values of those items, as reflected in the Condensed Consolidated Statements of Financial Position, approximate their fair value at September 30, 2016 and December 31, 2015 . 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 | 9 Months Ended |
Sep. 30, 2016 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | Legal Proceedings Various legal proceedings, claims and investigations related to products, contracts, employment and other matters are pending against us. In addition, we are subject to various U.S. government inquiries and investigations from which civil, criminal or administrative proceedings could result or have resulted in the past. Such proceedings involve or could involve claims by the government for fines, penalties, compensatory and treble damages, restitution and/or forfeitures. Under government regulations, a company, or one or more of its operating divisions or subdivisions, can also be suspended or debarred from government contracts, or lose its export privileges, based on the results of investigations. 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. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Effective during the first quarter of 2016, certain programs were realigned between Boeing Military Aircraft and Global Services & Support segments. Business segment data for 2015 have been adjusted to reflect the realignment. Our primary profitability measurements to review a segment’s operating results are Earnings from operations and operating margins. See page 6 for a Summary of Business Segment Data, which is an integral part of this note. Intersegment revenues, eliminated in Unallocated items, eliminations and other, are shown in the following table. Nine months ended September 30 Three months ended September 30 2016 2015 2016 2015 Commercial Airplanes $1,768 $1,143 $991 $595 Boeing Capital 13 12 4 4 Total $1,781 $1,155 $995 $599 Unallocated Items, Eliminations and other Unallocated items, eliminations and other includes costs not attributable to business segments as well as intercompany profit eliminations. We generally allocate costs to business segments based on the U.S. federal cost accounting standards. Components of Unallocated items, eliminations and other are shown in the following table. Nine months ended September 30 Three months ended September 30 2016 2015 2016 2015 Share-based plans ($50 ) ($57 ) ($9 ) ($20 ) Deferred compensation (38 ) (10 ) (33 ) 38 Amortization of previously capitalized interest (71 ) (70 ) (23 ) (21 ) Eliminations and other unallocated items (333 ) (324 ) (135 ) (160 ) Sub-total (492 ) (461 ) (200 ) (163 ) Pension 129 (293 ) 50 (84 ) Postretirement 122 93 38 27 Pension and Postretirement 251 (200 ) 88 (57 ) Total ($241 ) ($661 ) ($112 ) ($220 ) Unallocated Pension and Other Postretirement Benefit Expense Unallocated pension and other postretirement benefit expense represent the portion of pension and other postretirement benefit costs that are not recognized by business segments for segment reporting purposes. Pension costs, comprising Generally Accepted Accounting Principles in the United States of America ( GAAP ) service and prior service costs, are allocated to Commercial Airplanes. Pension costs are allocated to BDS 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. Assets Segment assets are summarized in the table below: September 30 December 31 Commercial Airplanes $55,441 $57,253 Defense, Space & Security: Boeing Military Aircraft 6,641 6,793 Network & Space Systems 6,062 6,307 Global Services & Support 4,127 4,567 Total Defense, Space & Security 16,830 17,667 Boeing Capital 3,686 3,492 Unallocated items, eliminations and other 12,993 15,996 Total $88,950 $94,408 Assets included in Unallocated items, eliminations and other primarily consist of Cash and cash equivalents, Short-term and other investments, Deferred tax assets, capitalized interest and assets held by Shared Services Group as well as intercompany eliminations. |
Basis Of Presentation (Policy)
Basis Of Presentation (Policy) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | 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. |
Customer Financing Customer Fin
Customer Financing Customer Financing (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Customer Financing [Abstract] | |
Impaired Financing Receivable, Policy [Policy Text Block] | We determine a receivable is impaired when, based on current information and events, it is probable that we will be unable to collect amounts due according to the original contractual terms. |
Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts [Policy Text Block] | The adequacy of the allowance for losses is assessed quarterly. Three primary factors influencing the level of our allowance for losses on customer financing receivables are customer credit ratings, default rates and collateral values. We assign internal credit ratings for all customers and determine the creditworthiness of each customer based upon publicly available information and information obtained directly from our customers. Our rating categories are comparable to those used by the major credit rating agencies. |
Commitments And Contingencies C
Commitments And Contingencies Commitments and Contingencies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental | The liabilities recorded represent our best estimate or the low end of a range of reasonably possible costs expected to be incurred to remediate sites, including operation and maintenance over periods of up to 30 years. It is reasonably possible that we may incur charges that exceed these recorded amounts because of regulatory agency orders and directives, changes in laws and/or regulations, higher than expected costs and/or the discovery of new or additional contamination. As part of our estimating process, we develop a range of reasonably possible alternate scenarios that includes the high end of a range of reasonably possible cost estimates for all remediation sites for which we have sufficient information based on our experience and existing laws and regulations. There are some potential remediation obligations where the costs of remediation cannot be reasonably estimated. At September 30, 2016 and December 31, 2015 , the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $873 and $853 . |
Commitments and Contingencies, Policy [Policy Text Block] | In conjunction with signing definitive agreements for the sale of new aircraft (Sale Aircraft), we have entered into trade-in commitments with certain customers that give them the right to trade in used aircraft at a specified price upon the purchase of Sale Aircraft. The probability that trade-in commitments will be exercised is determined by using both quantitative information from valuation sources and qualitative information from other sources. The probability of exercise is assessed quarterly, or as events trigger a change, and takes into consideration the current economic and airline industry environments. Trade-in commitments, which can be terminated by mutual consent with the customer, may be exercised only during the period specified in the agreement, and require advance notice by the customer. |
Summary Of Business Segment D31
Summary Of Business Segment Data Summary of Business Segment Data (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (Dollars in millions) Nine months ended September 30 Three months ended September 30 2016 2015 2016 2015 Revenues: Commercial Airplanes $48,828 $49,950 $16,973 $17,692 Defense, Space & Security: Boeing Military Aircraft 9,898 10,237 3,260 4,037 Network & Space Systems 5,246 5,797 1,701 2,127 Global Services & Support 7,494 6,569 2,547 2,186 Total Defense, Space & Security 22,638 22,603 7,508 8,350 Boeing Capital 211 315 63 114 Unallocated items, eliminations and other (392 ) (327 ) (646 ) (307 ) Total revenues $71,285 $72,541 $23,898 $25,849 Earnings from operations: Commercial Airplanes $1,657 $4,591 $1,597 $1,768 Defense, Space & Security: Boeing Military Aircraft 943 874 434 494 Network & Space Systems 336 563 35 245 Global Services & Support 920 874 315 283 Total Defense, Space & Security 2,199 2,311 784 1,022 Boeing Capital 36 41 13 10 Segment operating profit/(loss) 3,892 6,943 2,394 2,800 Unallocated items, eliminations and other (241 ) (661 ) (112 ) (220 ) Earnings from operations 3,651 6,282 2,282 2,580 Other income/(loss), net 41 (23 ) 2 (26 ) Interest and debt expense (227 ) (203 ) (81 ) (67 ) Earnings before income taxes 3,465 6,056 2,203 2,487 Income tax (expense)/benefit (201 ) (1,906 ) 76 (783 ) Net earnings $3,264 $4,150 $2,279 $1,704 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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) Nine months ended September 30 Three months ended September 30 2016 2015 2016 2015 Net earnings $3,264 $4,150 $2,279 $1,704 Less: earnings available to participating securities 3 5 3 3 Net earnings available to common shareholders $3,261 $4,145 $2,276 $1,701 Basic Basic weighted average shares outstanding 641.2 692.9 625.5 681.3 Less: participating securities 1.0 1.1 0.9 1.2 Basic weighted average common shares outstanding 640.2 691.8 624.6 680.1 Diluted Basic weighted average shares outstanding 641.2 692.9 625.5 681.3 Dilutive potential common shares (1) 6.7 8.0 7.2 7.7 Diluted weighted average shares outstanding 647.9 700.9 632.7 689.0 Less: participating securities 1.0 1.1 0.9 1.2 Diluted weighted average common shares outstanding 646.9 699.8 631.8 687.8 Net earnings per share: Basic $5.09 $5.99 $3.64 $2.50 Diluted 5.04 5.92 3.60 2.47 (1) Diluted earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards. |
Schedule Of Weighted Average Number Of Shares Outstanding Excluded From The Computation Of Diluted Earnings Per Share | The following table includes the number of shares that may be dilutive potential common shares in the future. These shares were not included in the computation of diluted earnings per share because the effect was either antidilutive or the performance condition was not met. (Shares in millions) Nine months ended September 30 Three months ended September 30 2016 2015 2016 2015 Performance awards 7.0 5.9 6.2 5.9 Performance-based restricted stock units 2.8 2.3 3.1 2.3 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consisted of the following: September 30 December 31 Long-term contracts in progress $12,459 $13,858 Commercial aircraft programs 53,113 55,230 Commercial spare parts, used aircraft, general stock materials and other 5,521 6,673 Inventory before advances and progress billings 71,093 75,761 Less advances and progress billings (28,413 ) (28,504 ) Total $42,680 $47,257 |
Customer Financing (Tables)
Customer Financing (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Customer Financing [Abstract] | |
Schedule Of Customer Financing | Customer financing primarily relates to the Boeing Capital ( BCC ) segment and consisted of the following: September 30 December 31 Financing receivables: Investment in sales-type/finance leases $1,473 $1,620 Notes 417 256 Total financing receivables 1,890 1,876 Operating lease equipment, at cost, less accumulated depreciation of $229 and $338 1,887 1,710 Gross customer financing 3,777 3,586 Less allowance for losses on receivables (11 ) (16 ) Total $3,766 $3,570 |
Financing Receivable Credit Quality Indicators | Our financing receivable balances by internal credit rating category are shown below: Rating categories September 30 December 31 BBB $898 $973 BB 476 536 B 470 258 CCC 46 23 Other 86 Total carrying value of financing receivables $1,890 $1,876 |
Schedule Of Customer Financing Carrying Values Related To Major Aircraft Concentrations | The majority of customer financing carrying values are concentrated in the following aircraft models: September 30 December 31 717 Aircraft ($353 and $372 accounted for as operating leases) $1,314 $1,415 747-8 Aircraft ($1,094 and $916 accounted for as operating leases) 1,120 916 MD-80 Aircraft (Accounted for as sales-type finance leases) 269 314 757 Aircraft ($44 and $48 accounted for as operating leases) 251 270 767 Aircraft ($90 and $84 accounted for as operating leases) 178 185 747-400 Aircraft (Accounted for as operating leases) 170 122 777 Aircraft (Accounted for as notes) 164 23 737 Aircraft (Accounted for as operating leases) 106 115 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments [Abstract] | |
Schedule Of Investments | Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following: September 30 December 31 Time deposits $127 $456 Pledged money market funds (1) 39 38 Available-for-sale investments 541 244 Equity method investments (2) 1,211 1,230 Restricted cash (3) 27 31 Other investments 40 35 Total $1,985 $2,034 (1) Reflects amounts pledged in lieu of letters of credit as collateral in support of our workers’ compensation programs. These funds can become available within 30 days notice upon issuance of letters of credit. (2) Dividends received were $249 and $83 for the nine and three months ended September 30, 2016 and $186 and $62 during the same periods in the prior year. (3) Restricted to pay certain claims related to workers' compensation and life insurance premiums for certain employees. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental | The following table summarizes environmental remediation activity during the nine months ended September 30, 2016 and 2015 . 2016 2015 Beginning balance – January 1 $566 $601 Reductions for payments made (33 ) (52 ) Changes in estimates 43 34 Ending balance – September 30 $576 $583 |
Product Warranties | The following table summarizes product warranty activity recorded during the nine months ended September 30, 2016 and 2015 . 2016 2015 Beginning balance – January 1 $1,485 $1,504 Additions for current year deliveries 293 312 Reductions for payments made (258 ) (262 ) Changes in estimates (103 ) (101 ) Ending balance - September 30 $1,417 $1,453 |
Financing Commitments | The estimated earliest potential funding dates for these commitments as of September 30, 2016 are as follows: Total October through December 2016 $567 2017 3,703 2018 3,527 2019 4,003 2020 2,399 Thereafter 3,226 $17,425 |
Arrangements With Off-Balance37
Arrangements With Off-Balance Sheet Risk (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Guarantees [Abstract] | |
Third Party Guarantees | The following table provides quantitative data regarding our third party guarantees. The maximum potential payments represent a “worst-case scenario,” and do not necessarily reflect amounts that we expect to pay. Estimated proceeds from collateral and recourse represent the anticipated values of assets we could liquidate or receive from other parties to offset our payments under guarantees. The carrying amount of liabilities represents the amount included in Accrued liabilities. Maximum Potential Payments Estimated Proceeds from Collateral/Recourse Carrying Amount of Liabilities September 30 December 31 September 30 December 31 September 30 December 31 Contingent repurchase commitments $1,556 $1,529 $1,544 $1,510 $9 $7 Indemnifications to ULA: Contributed Delta program launch inventory 82 107 Contract pricing 261 261 7 7 Other Delta contracts 216 231 5 5 Credit guarantees 29 30 27 27 2 2 |
Postretirement Plans (Tables)
Postretirement Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Pension Plans, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Periodic Benefit Cost | The components of net periodic benefit cost were as follows: Nine months ended September 30 Three months ended September 30 Pension Plans 2016 2015 2016 2015 Service cost $488 $1,325 $162 $441 Interest cost 2,287 2,242 761 748 Expected return on plan assets (2,998 ) (3,024 ) (1,000 ) (1,008 ) Amortization of prior service costs 29 147 9 49 Recognized net actuarial loss 592 1,184 198 392 Settlement/curtailment/other losses 39 194 6 83 Net periodic benefit cost $437 $2,068 $136 $705 Net periodic benefit cost included in Earnings from operations $1,545 $1,837 $453 $529 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Periodic Benefit Cost | Nine months ended September 30 Three months ended September 30 Other Postretirement Benefits 2016 2015 2016 2015 Service cost $96 $105 $32 $35 Interest cost 196 186 66 62 Expected return on plan assets (6 ) (6 ) (2 ) (2 ) Amortization of prior service credits (94 ) (102 ) (32 ) (34 ) Recognized net actuarial loss 17 23 5 8 Settlement and curtailment loss 9 4 Net periodic benefit cost $209 $215 $69 $73 Net periodic benefit cost included in Earnings from operations $213 $226 $63 $65 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Accumulated other comprehensive income | Changes in Accumulated other comprehensive income/(loss) (AOCI) by component for the nine and three months ended September 30, 2016 and 2015 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, 2015 $53 ($8 ) ($136 ) ($13,812 ) ($13,903 ) Other comprehensive income/(loss) before reclassifications (79 ) 5 (139 ) 4 (209 ) Amounts reclassified from AOCI 52 797 (2) 849 Net current period Other comprehensive income/(loss) (79 ) 5 (87 ) 801 640 Balance at September 30, 2015 ($26 ) ($3 ) ($223 ) ($13,011 ) ($13,263 ) Balance at January 1, 2016 ($39 ) ($197 ) ($12,512 ) ($12,748 ) Other comprehensive income/(loss) before reclassifications (3 ) 1 54 (384 ) (332 ) Amounts reclassified from AOCI 58 364 (2) 422 Net current period Other comprehensive income/(loss) (3 ) 1 112 (20 ) 90 Balance at September 30, 2016 ($42 ) $1 ($85 ) ($12,532 ) ($12,658 ) Balance at June 30, 2015 $9 ($4 ) ($174 ) ($13,251 ) ($13,420 ) Other comprehensive income/(loss) before reclassifications (35 ) 1 (73 ) (27 ) (134 ) Amounts reclassified from AOCI 24 267 (2) 291 Net current period Other comprehensive income (35 ) 1 (49 ) 240 157 Balance at September 30, 2015 ($26 ) ($3 ) ($223 ) ($13,011 ) ($13,263 ) Balance at June 30, 2016 ($32 ) ($1 ) ($113 ) ($12,649 ) ($12,795 ) Other comprehensive income/(loss) before reclassifications (10 ) 2 13 1 6 Amounts reclassified from AOCI 15 116 (2) 131 Net current period Other comprehensive income/(loss) (10 ) 2 28 117 137 Balance at September 30, 2016 ($42 ) $1 ($85 ) ($12,532 ) ($12,658 ) (1) Net of tax. (2) Primarily relates to amortization of actuarial losses for the nine months and three months ended September 30, 2015 totaling $768 and $257 (net of tax of ($427) and ($143) ) and for the nine and three months ended September 30, 2016 totaling $392 and $131 (net of tax of ($217) and ($72) ). These are included in the net periodic pension cost of which a portion is allocated to production as inventoried costs. See Note 11 . |
Derivative Financial Instrume40
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments, Notional Amounts and Fair Values | The notional amounts and fair values of derivative instruments in the Condensed Consolidated Statements of Financial Position were as follows: Notional amounts (1) Other assets Accrued liabilities September 30 December 31 September 30 December 31 September 30 December 31 Derivatives designated as hedging instruments: Foreign exchange contracts $2,211 $2,727 $62 $23 ($177 ) ($304 ) Interest rate contracts 125 125 9 9 Commodity contracts 39 40 1 2 (5 ) (13 ) Derivatives not receiving hedge accounting treatment: Foreign exchange contracts 526 436 16 4 (14 ) (11 ) Commodity contracts 675 725 Total derivatives $3,576 $4,053 88 38 (196 ) (328 ) Netting arrangements (52 ) (23 ) 52 23 Net recorded balance $36 $15 ($144 ) ($305 ) (1) Notional amounts represent the gross contract/notional amount of the derivatives outstanding. |
Schedule Of Derivative Instruments, Gains/(Losses) | Gains/(losses) associated with our cash flow and undesignated hedging transactions and their effect on Other comprehensive income/(loss) and Net earnings were as follows: Nine months ended September 30 Three months ended September 30 2016 2015 2016 2015 Effective portion recognized in Other comprehensive income/(loss), net of taxes: Foreign exchange contracts $55 ($137 ) $14 ($71 ) Commodity contracts (1 ) (2 ) (1 ) (2 ) Effective portion reclassified out of Accumulated other comprehensive loss into earnings, net of taxes: Foreign exchange contracts (52 ) (44 ) (14 ) (21 ) Commodity contracts (6 ) (8 ) (1 ) (3 ) Forward points recognized in Other income, net: Foreign exchange contracts 8 8 4 1 Undesignated derivatives recognized in Other income, net: Foreign exchange contracts 2 (3 ) 2 (5 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets And Liabilities Measured On Recurring Basis | The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs. The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. September 30, 2016 December 31, 2015 Total Level 1 Level 2 Total Level 1 Level 2 Assets Money market funds $3,232 $3,232 $4,504 $4,504 Available-for-sale investments: Commercial paper 168 $168 87 $87 Corporate notes 252 252 79 79 U.S. government agencies 78 78 83 83 Other 52 52 20 20 Derivatives 36 36 15 15 Total assets $3,818 $3,284 $534 $4,788 $4,524 $264 Liabilities Derivatives ($144 ) ($144 ) ($305 ) ($305 ) Total liabilities ($144 ) ($144 ) ($305 ) ($305 ) |
Fair Value, Assets Measured On Nonrecurring Basis Using Unobservable Inputs | Certain assets have been measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3). The following table presents the nonrecurring losses recognized for the nine months ended September 30 due to long-lived asset impairment and the fair value and asset classification of the related assets as of the impairment date: 2016 2015 Fair Value Total Losses Fair Value Total Losses Operating lease equipment $54 ($31 ) $271 ($117 ) Property, plant and equipment (5 ) 8 (5 ) Acquired intangible assets 12 (10 ) Total $66 ($46 ) $279 ($122 ) |
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 nine months ended September 30, 2016 , 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 Value Valuation Technique(s) Unobservable Input Range Median or Average Operating lease equipment $54 Market approach Aircraft value publications $94 - $165 (1) Median $133 Aircraft condition adjustments ($79) - $0 (2) Net ($79) (1) The range represents the sum of the highest and lowest values for all aircraft subject to fair value measurement, according to the third party aircraft valuation publications that we use in our valuation process. (2) The negative amount represents the sum for all aircraft subject to fair value measurement, of all downward adjustments based on consideration of individual aircraft attributes and condition. The positive amount represents the sum of all such upward adjustments. |
Fair Values And Related Carrying Values Of Financial Instruments | The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Condensed Consolidated Statements of Financial Position were as follows: September 30, 2016 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Accounts receivable, net $9,524 $9,548 $9,548 Notes receivable, net 417 433 433 Liabilities Debt, excluding capital lease obligations (10,321 ) (12,278 ) (12,142 ) (136 ) December 31, 2015 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Accounts receivable, net $8,713 $8,705 $8,705 Notes receivable, net 255 273 273 Liabilities Debt, excluding capital lease obligations (9,814 ) (11,292 ) (11,123 ) (169 ) |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule Of Intersegment Revenues, Eliminated in Unallocated Items and Eliminations | Intersegment revenues, eliminated in Unallocated items, eliminations and other, are shown in the following table. Nine months ended September 30 Three months ended September 30 2016 2015 2016 2015 Commercial Airplanes $1,768 $1,143 $991 $595 Boeing Capital 13 12 4 4 Total $1,781 $1,155 $995 $599 |
Schedule Of Unallocated Items and Eliminations | Components of Unallocated items, eliminations and other are shown in the following table. Nine months ended September 30 Three months ended September 30 2016 2015 2016 2015 Share-based plans ($50 ) ($57 ) ($9 ) ($20 ) Deferred compensation (38 ) (10 ) (33 ) 38 Amortization of previously capitalized interest (71 ) (70 ) (23 ) (21 ) Eliminations and other unallocated items (333 ) (324 ) (135 ) (160 ) Sub-total (492 ) (461 ) (200 ) (163 ) Pension 129 (293 ) 50 (84 ) Postretirement 122 93 38 27 Pension and Postretirement 251 (200 ) 88 (57 ) Total ($241 ) ($661 ) ($112 ) ($220 ) |
Reconciliation of Assets from Segment to Consolidated | Segment assets are summarized in the table below: September 30 December 31 Commercial Airplanes $55,441 $57,253 Defense, Space & Security: Boeing Military Aircraft 6,641 6,793 Network & Space Systems 6,062 6,307 Global Services & Support 4,127 4,567 Total Defense, Space & Security 16,830 17,667 Boeing Capital 3,686 3,492 Unallocated items, eliminations and other 12,993 15,996 Total $88,950 $94,408 |
Summary Of Business Segment D43
Summary Of Business Segment Data (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 23,898 | $ 25,849 | $ 71,285 | $ 72,541 |
Earnings from operations | 2,282 | 2,580 | 3,651 | 6,282 |
Other income/(loss), net | 2 | (26) | 41 | (23) |
Interest and debt expense | (81) | (67) | (227) | (203) |
Earnings before income taxes | 2,203 | 2,487 | 3,465 | 6,056 |
Income tax (expense)/benefit | 76 | (783) | (201) | (1,906) |
Net earnings | 2,279 | 1,704 | 3,264 | 4,150 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings from operations | 2,394 | 2,800 | 3,892 | 6,943 |
Operating Segments [Member] | Commercial Airplanes [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 16,973 | 17,692 | 48,828 | 49,950 |
Earnings from operations | 1,597 | 1,768 | 1,657 | 4,591 |
Operating Segments [Member] | Defense, Space & Security [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 7,508 | 8,350 | 22,638 | 22,603 |
Earnings from operations | 784 | 1,022 | 2,199 | 2,311 |
Operating Segments [Member] | Defense, Space & Security [Member] | Boeing Military Aircraft [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 3,260 | 4,037 | 9,898 | 10,237 |
Earnings from operations | 434 | 494 | 943 | 874 |
Operating Segments [Member] | Defense, Space & Security [Member] | Network & Space Systems [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,701 | 2,127 | 5,246 | 5,797 |
Earnings from operations | 35 | 245 | 336 | 563 |
Operating Segments [Member] | Defense, Space & Security [Member] | Global Services & Support [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,547 | 2,186 | 7,494 | 6,569 |
Earnings from operations | 315 | 283 | 920 | 874 |
Operating Segments [Member] | Boeing Capital [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 63 | 114 | 211 | 315 |
Earnings from operations | 13 | 10 | 36 | 41 |
Unallocated items, eliminations and other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (646) | (307) | (392) | (327) |
Earnings from operations | $ (112) | $ (220) | $ (241) | $ (661) |
Basis Of Presentation (Details)
Basis Of Presentation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Basis of Presentation [Line Items] | ||||
Change in diluted earnings per share due to net favorable/(unfavorable) cumulative catch-up adjustments | $ (0.11) | $ 0.21 | $ (0.95) | $ (0.38) |
Increase/(Decrease) in Earnings from operations due to change in accounting estimate | $ (69) | $ 210 | $ (656) | $ (384) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Effect on Net earnings/(loss) | $ 2,279 | $ 1,704 | $ 3,264 | $ 4,150 |
Effect on Earnings Per Share, Diluted | $ 3.60 | $ 2.47 | $ 5.04 | $ 5.92 |
Effect on Net Cash Provided by Operating Activities | $ 7,667 | $ 6,244 | ||
Effect on Net Cash used by Financing Activities | (8,013) | $ (7,609) | ||
Adjustments for New Accounting Pronouncement [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Effect on Net earnings/(loss) | $ 10 | $ 64 | ||
Effect on Earnings Per Share, Diluted | $ 0.02 | $ 0.10 | ||
Effect on Net Cash Provided by Operating Activities | $ 64 | |||
Effect on Net Cash used by Financing Activities | $ (64) |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Weighted-Average Number Of Shares Outstanding Used To Compute Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |||
Earnings Per Share [Abstract] | ||||||
Net earnings | $ 2,279 | $ 1,704 | $ 3,264 | $ 4,150 | ||
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 3 | 3 | 3 | 5 | ||
Net earnings available to common shareholders | $ 2,276 | $ 1,701 | $ 3,261 | $ 4,145 | ||
Basic weighted average shares outstanding | 625.5 | 681.3 | 641.2 | 692.9 | ||
Participating securities | 0.9 | 1.2 | 1 | 1.1 | ||
Basic weighted average common shares outstanding | 624.6 | 680.1 | 640.2 | 691.8 | ||
Basic weighted average shares outstanding | 625.5 | 681.3 | 641.2 | 692.9 | ||
Dilutive potential common shares | 7.2 | [1] | 7.7 | [1] | 6.7 | 8 |
Diluted weighted average shares outstanding | 632.7 | 689 | 647.9 | 700.9 | ||
Participating securities | 0.9 | 1.2 | 1 | 1.1 | ||
Diluted weighted average common shares outstanding | 631.8 | 687.8 | 646.9 | 699.8 | ||
Income (Loss) from Continuing Operations, Per Basic Share | $ 3.64 | $ 2.50 | $ 5.09 | $ 5.99 | ||
Income (Loss) from Continuing Operations, Per Diluted Share | $ 3.60 | $ 2.47 | $ 5.04 | $ 5.92 | ||
[1] | Diluted earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards. |
Earnings Per Share (Schedule 46
Earnings Per Share (Schedule Of Weighted Average Number Of Shares Outstanding Excluded From The Computation Of Diluted Earnings Per Share) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Performance Awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computation of diluted earnings | 6.2 | 5.9 | 7 | 5.9 |
Performance-Based Restricted Stock Units (PBRSUs) [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computation of diluted earnings | 3.1 | 2.3 | 2.8 | 2.3 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Income Tax Examination [Line Items] | |||||
Effective income tax rate | (3.40%) | 31.50% | 5.80% | 31.50% | |
Unrecognized Tax Benefits | $ 1,378 | $ 1,378 | $ 1,617 | ||
Tax Year 2011-2012 [Member] | |||||
Income Tax Examination [Line Items] | |||||
Tax benefit related to settlement of 2011-2012 federal tax audit | 177 | ||||
Tax Basis Restoration [Member] | |||||
Income Tax Examination [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Tax Credit, Tax Basis Adjustment | $ 440 |
Income Taxes Income Taxes Paren
Income Taxes Income Taxes Parenthetical (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | (3.40%) | 31.50% | 5.80% | 31.50% |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Inventory [Line Items] | ||
Progress Payments Netted Against Inventory for Long-term Contracts or Programs | $ 28,413 | $ 28,504 |
Other Inventory, Gross | 5,521 | 6,673 |
Inventory Write-down | 1,235 | |
Airplane Program 787 [Member] | ||
Inventory [Line Items] | ||
Inventory, Work in Process, Gross | 33,423 | 34,656 |
Amount of Deferred Costs Related to Long-term Contracts | 27,523 | 28,510 |
Advances on Inventory Purchases | 2,345 | 2,551 |
Unamortized Tooling | 3,691 | 3,890 |
Recovered Production Costs Excess Recoverable Under Existing Firm Orders | 22,521 | |
Unrecovered Production Costs, Excess Unrecoverable under Existing Firm Orders | 8,693 | |
Airplane Program 747 [Member] | ||
Inventory [Line Items] | ||
Amount of Deferred Costs Related to Long-term Contracts | 0 | 942 |
Unamortized Tooling | 298 | 377 |
Recovered Production Costs Excess Recoverable Under Existing Firm Orders | 99 | |
Unrecovered Production Costs, Excess Unrecoverable under Existing Firm Orders | 199 | |
Ula [Member] | ||
Inventory [Line Items] | ||
Inventory Amount, Unpriced Change Orders for Long-term Contracts or Programs | 120 | 120 |
Progress Payments Netted Against Inventory for Long-term Contracts or Programs | 253 | 310 |
Capitalized Precontract Costs [Member] | ||
Inventory [Line Items] | ||
Inventory Amount, Unpriced Change Orders for Long-term Contracts or Programs | 650 | 732 |
Early Issue Sales Consideration [Member] | ||
Inventory [Line Items] | ||
Inventory Amount, Unpriced Change Orders for Long-term Contracts or Programs | 3,257 | 3,166 |
Used Aircraft [Member] | ||
Inventory [Line Items] | ||
Other Inventory, Gross | 224 | $ 267 |
Deferred production costs [Member] | ||
Inventory [Line Items] | ||
Inventory Write-down | $ 1,011 |
Inventories (Inventory Disclosu
Inventories (Inventory Disclosure Table) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Long-term contracts in progress | $ 12,459 | $ 13,858 |
Commercial aircraft programs | 53,113 | 55,230 |
Commercial spare parts, used aircraft, general stock materials and other | 5,521 | 6,673 |
Inventory before advances and progress billings | 71,093 | 75,761 |
Less advances and progress billings | (28,413) | (28,504) |
Total | $ 42,680 | $ 47,257 |
Customer Financing (Narrative)
Customer Financing (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Customer Financing [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | $ 61 | $ 86 |
Impaired Financing Receivable, Recorded Investment | $ 46 | $ 0 |
B Credit Rating [Member] | ||
Customer Financing [Line Items] | ||
Percentage of Credit Default Rates Applied to Customers | 13.00% | |
B B Credit Rating [Member] | ||
Customer Financing [Line Items] | ||
Percentage of Credit Default Rates Applied to Customers | 9.00% | |
B B B Credit Rating [Member] | ||
Customer Financing [Line Items] | ||
Percentage of Credit Default Rates Applied to Customers | 1.00% |
Customer Financing (Schedule Of
Customer Financing (Schedule Of Customer Financing) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Customer Financing [Abstract] | ||
Investment in sales-type/finance leases | $ 1,473 | $ 1,620 |
Notes | 417 | 256 |
Total financing receivables | 1,890 | 1,876 |
Operating lease equipment, at cost, less accumulated depreciation of $229 and $338 | 1,887 | 1,710 |
Gross customer financing | 3,777 | 3,586 |
Less allowance for losses on receivables | (11) | (16) |
Total | 3,766 | 3,570 |
Operating lease equipment- Accumulated depreciation | $ 229 | $ 338 |
Customer Financing (Financing R
Customer Financing (Financing Receivable Credit Quality Indicators) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying value of financing receivables | $ 1,890 | $ 1,876 |
B B B Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying value of financing receivables | 898 | 973 |
B B Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying value of financing receivables | 476 | 536 |
B Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying value of financing receivables | 470 | 258 |
C C C Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying value of financing receivables | 46 | 23 |
Other Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying value of financing receivables | $ 86 |
Customer Financing (Carrying Va
Customer Financing (Carrying Values Related to Major Aircraft Concentrations) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Customer Financing [Line Items] | ||
Customer financing carrying value | $ 3,777 | $ 3,586 |
Operating leases | 1,887 | 1,710 |
B-717 [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 1,314 | 1,415 |
Operating leases | 353 | 372 |
B747-8 [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 1,120 | 916 |
Operating leases | 1,094 | 916 |
MD 80 Aircraft [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 269 | 314 |
B-757 [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 251 | 270 |
Operating leases | 44 | 48 |
B-767 [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 178 | 185 |
Operating leases | 90 | 84 |
B747-400 aircraft [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 170 | 122 |
Operating leases | 170 | 122 |
B-777 [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 164 | 23 |
B-737 [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 106 | 115 |
Operating leases | $ 106 | $ 115 |
Investments (Schedule Of Invest
Investments (Schedule Of Investments) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | ||
Investments [Abstract] | ||||||
Time deposits | $ 127 | $ 127 | $ 456 | |||
Pledged money market funds | [1] | 39 | 39 | 38 | ||
Available-for-sale investments | 541 | 541 | 244 | |||
Equity method investments | [2] | 1,211 | 1,211 | 1,230 | ||
Restricted cash | [3] | 27 | 27 | 31 | ||
Other investments | 40 | 40 | 35 | |||
Total | 1,985 | 1,985 | $ 2,034 | |||
Dividends received | $ 83 | $ 62 | $ 249 | $ 186 | ||
[1] | Reflects amounts pledged in lieu of letters of credit as collateral in support of our workers’ compensation programs. These funds can become available within 30 days notice upon issuance of letters of credit. | |||||
[2] | Dividends received were $249 and $83 for the nine and three months ended September 30, 2016 and $186 and $62 during the same periods in the prior year. | |||||
[3] | Restricted to pay certain claims related to workers' compensation and life insurance premiums for certain employees. |
Other Assets (Narrative) (Detai
Other Assets (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Other Assets [Line Items] | ||
Net receivable balance recorded in Other assets | $ 1,415 | $ 1,408 |
Spirit Aerosystems [Member] | ||
Other Assets [Line Items] | ||
Loss Contingency, Receivable | 140 | 140 |
Sea Launch Receivables [Member] | ||
Other Assets [Line Items] | ||
Net receivable balance recorded in Other assets | 356 | 356 |
Sea Launch Receivables [Member] | S.P. Koroley Rocket And Space Corporation Energia [Member] | ||
Other Assets [Line Items] | ||
Net receivable balance recorded in Other assets | 223 | 223 |
Sea Launch Receivables [Member] | PO Yuzhnoye Mashinostroitelny Zavod [Member] | ||
Other Assets [Line Items] | ||
Net receivable balance recorded in Other assets | 89 | 89 |
Sea Launch Receivables [Member] | KB Yuzhnoye [Member] | ||
Other Assets [Line Items] | ||
Net receivable balance recorded in Other assets | 44 | 44 |
Sea Launch Receivables [Member] | Bank Guarantees [Member] | ||
Other Assets [Line Items] | ||
Net receivable balance recorded in Other assets | 147 | 147 |
Maximum exposure to loss | 147 | 147 |
Sea Launch Receivables [Member] | Partner Loans [Member] | ||
Other Assets [Line Items] | ||
Net receivable balance recorded in Other assets | 209 | 209 |
Maximum exposure to loss | $ 209 | $ 209 |
Commitments And Contingencies57
Commitments And Contingencies (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2016USD ($)aircraft | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($)aircraft | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)aircraft | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Commitments And Contingencies [Line Items] | |||||||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 873 | $ 873 | $ 853 | ||||
Letters of Credit Outstanding, Amount | 4,368 | 4,368 | 4,968 | ||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate | 69 | $ (210) | 656 | $ 384 | |||
Financing Commitment [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Other Commitment | 17,425 | 17,425 | 16,283 | ||||
Total Contractual Trade-In Commitment [Member] | Commercial Aircraft Commitments [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Other Commitment | 1,385 | 1,385 | 1,585 | ||||
Net Amounts Payable to Customers Related to Probable Contractual Trade-In Commitments [Member] | Commercial Aircraft Commitments [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Other Commitment | 170 | 170 | 240 | ||||
Fair Value of Trade In Value of Aircraft [Member] | Commercial Aircraft Commitments [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Other Commitment | 170 | $ 170 | 240 | ||||
Minimum [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Trade-In Commitment Expiration Date | 2,016 | ||||||
Maximum [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Trade-In Commitment Expiration Date | 2,026 | ||||||
External Credit Rating, Non Investment Grade [Member] | Financing Commitment [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Other Commitment | $ 15,266 | $ 15,266 | |||||
Consolidated Appropriations Act [Member] | F/A-18 Program [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Number of Aircraft | aircraft | 12 | 12 | |||||
The President's Fiscal Year 2017 Budget request [Member] | F/A-18 Program [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Number of Aircraft | aircraft | 2 | 2 | |||||
2017 Senate Defense Appropriations Bill [Member] | F/A-18 Program [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Number of Aircraft | aircraft | 14 | 14 | |||||
2017 House Defense Appropriations Bill [Member] | F/A-18 Program [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Number of Aircraft | aircraft | 16 | 16 | |||||
Kuwait [Member] | F/A-18 Program [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Number of Aircraft | aircraft | 40 | 40 | |||||
Ula [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Inventory subject to uncertainty | $ 120 | $ 120 | 120 | ||||
U.S. Navy [Member] | F/A-18 Program [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Number of Aircraft Included In Backlog | aircraft | 28 | 28 | |||||
EMD Contract | |||||||
Commitments And Contingencies [Line Items] | |||||||
Contract Value | $ 4,900 | $ 4,900 | |||||
Low Rate Initial Production [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Contract Value | 2,800 | 2,800 | |||||
KC-46A Tanker [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate | 816 | ||||||
KC-46A Tanker [Member] | Capitalized Precontract Costs [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Loss Contingency, Estimate of Possible Loss | 298 | 298 | |||||
KC-46A Tanker [Member] | Potential Termination Liabilities [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Loss Contingency, Estimate of Possible Loss | $ 690 | $ 690 | |||||
747 Aircraft [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Reach-forward loss on commercial aircraft | $ (1,188) | $ (70) | $ (885) | ||||
Undelivered Aircraft | aircraft | 27 | 27 | |||||
Program Accounting Quantity | aircraft | 1,555 | 1,574 | 1,555 | ||||
Commercial Crew [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate | $ 162 | ||||||
Commercial Crew [Member] | Reach-Forward Loss [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate | $ 38 |
Commitments And Contingencies58
Commitments And Contingencies (Environmental) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Environmental [Roll Forward] | ||
Beginning balance – January 1 | $ 566 | $ 601 |
Reductions for payments made | (33) | (52) |
Changes in estimates | 43 | 34 |
Ending balance – September 30 | $ 576 | $ 583 |
Commitments And Contingencies59
Commitments And Contingencies (Product Warranties) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Product Warranties [Roll Forward] | ||
Beginning balance – January 1 | $ 1,485 | $ 1,504 |
Additions for current year deliveries | 293 | 312 |
Reductions for payments made | (258) | (262) |
Changes in estimates | (103) | (101) |
Ending balance - September 30 | $ 1,417 | $ 1,453 |
Commitments And Contingencies60
Commitments And Contingencies (Financing Commitments) (Details) - Financing Commitment [Member] - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Financing Commitments [Line Items] | ||
October through December 2016 | $ 567 | |
2,017 | 3,703 | |
2,018 | 3,527 | |
2,019 | 4,003 | |
2,020 | 2,399 | |
Thereafter | 3,226 | |
Total | $ 17,425 | $ 16,283 |
Arrangements With Off-Balance61
Arrangements With Off-Balance Sheet Risk (Narrative) (Details) $ in Millions | 1 Months Ended | 9 Months Ended | ||
Dec. 31, 2011USD ($) | Jun. 30, 2011USD ($) | Sep. 30, 2016USD ($)satellites | Dec. 31, 2015USD ($) | |
Guarantees [Line Items] | ||||
Number of satellite missions | satellites | 4 | |||
Additional potentially unrecoverable deferred production costs | $ 114 | $ 271 | ||
ULA [Member] | ||||
Guarantees [Line Items] | ||||
Delta launch program inventories included in contributed assets | $ 1,360 | |||
Delta launch program inventories subject to inventory supply agreement | 1,860 | |||
Contributed Delta launch program inventories consumed by ULA | 1,278 | |||
Revenues and cost of sales recorded under inventory supply agreement | 1,436 | |||
Payments received under inventory supply agreement | 1,740 | |||
Payments made under inventory supply agreement | 63 | |||
Contributed Delta Program Launch Inventory [Member] | ULA [Member] | ||||
Guarantees [Line Items] | ||||
Maximum Potential Payments | 82 | $ 107 | ||
Contract Pricing [Member] | ULA [Member] | ||||
Guarantees [Line Items] | ||||
Maximum Potential Payments | 261 | 261 | ||
Carrying Amount of Liabilities | 7 | 7 | ||
Indemnification Agreement [Member] | ||||
Guarantees [Line Items] | ||||
Maximum exposure to loss | $ 277 | |||
Number of satellite missions | satellites | 3 | |||
Other Delta Contracts [Member] | Deferred support costs [Member] | ||||
Guarantees [Line Items] | ||||
Maximum Potential Payments | $ 85 | |||
Other Delta Contracts [Member] | Deferred production costs [Member] | ||||
Guarantees [Line Items] | ||||
Maximum Potential Payments | 91 | |||
Other Delta Contracts [Member] | ULA [Member] | ||||
Guarantees [Line Items] | ||||
Maximum Potential Payments | 216 | 231 | ||
Carrying Amount of Liabilities | 5 | 5 | ||
Deferred Support and Production Costs [Member] | ||||
Guarantees [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 317 | |||
Credit Guarantee [Member] | ||||
Guarantees [Line Items] | ||||
Maximum Potential Payments | 29 | 30 | ||
Carrying Amount of Liabilities | $ 2 | $ 2 | ||
Guarantor Obligations, Term | 4 |
Arrangements With Off-Balance62
Arrangements With Off-Balance Sheet Risk (Third Party Guarantees) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Contingent Repurchase Commitments [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | $ 1,556 | $ 1,529 |
Estimated Proceeds from Collateral or Recourse | 1,544 | 1,510 |
Carrying Amount of Liabilities | 9 | 7 |
Credit Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 29 | 30 |
Estimated Proceeds from Collateral or Recourse | 27 | 27 |
Carrying Amount of Liabilities | 2 | 2 |
ULA [Member] | Contributed Delta Program Launch Inventory [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 82 | 107 |
ULA [Member] | Contract Pricing [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 261 | 261 |
Carrying Amount of Liabilities | 7 | 7 |
ULA [Member] | Other Delta Contracts [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 216 | 231 |
Carrying Amount of Liabilities | $ 5 | $ 5 |
Debt Debt Narrative (Details)
Debt Debt Narrative (Details) $ in Millions | May 18, 2016USD ($) |
Debt Instrument [Line Items] | |
Debt Instrument, Issuance Date | May 18, 2016 |
Debt Instrument, Face Amount | $ 1,200 |
Proceeds from Debt, Net of Issuance Costs | 1,170 |
One Point Eight Seven Five Percent due on June 15, 2023 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 400 |
Debt Instrument, Maturity Date | Jun. 15, 2023 |
Debt Instrument, Interest Rate, Stated Percentage | 1.875% |
Two Point Two Five Percent due on June 15, 2026 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 400 |
Debt Instrument, Maturity Date | Jun. 15, 2026 |
Debt Instrument, Interest Rate, Stated Percentage | 2.25% |
Three Point Three Seven Five Percent due June 15, 2046 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 400 |
Debt Instrument, Maturity Date | Jun. 15, 2046 |
Debt Instrument, Interest Rate, Stated Percentage | 3.375% |
Postretirement Plans (Net Perio
Postretirement Plans (Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Other Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 32 | $ 35 | $ 96 | $ 105 |
Interest cost | 66 | 62 | 196 | 186 |
Expected return on plan assets | (2) | (2) | (6) | (6) |
Amortization of prior service costs | (32) | (34) | (94) | (102) |
Recognized net actuarial loss | 5 | 8 | 17 | 23 |
Settlement/curtailment/other losses | 4 | 9 | ||
Net periodic benefit cost | 69 | 73 | 209 | 215 |
Net periodic benefit cost included in Earnings from operations | 63 | 65 | 213 | 226 |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 162 | 441 | 488 | 1,325 |
Interest cost | 761 | 748 | 2,287 | 2,242 |
Expected return on plan assets | (1,000) | (1,008) | (2,998) | (3,024) |
Amortization of prior service costs | 9 | 49 | 29 | 147 |
Recognized net actuarial loss | 198 | 392 | 592 | 1,184 |
Settlement/curtailment/other losses | 6 | 83 | 39 | 194 |
Net periodic benefit cost | 136 | 705 | 437 | 2,068 |
Net periodic benefit cost included in Earnings from operations | $ 453 | $ 529 | $ 1,545 | $ 1,837 |
Share-Based Compensation And 65
Share-Based Compensation And Other Compensation Arrangements (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 22, 2016 | Sep. 30, 2016 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units (RSUs) granted to executives | 777,837 | |
Restricted stock units (RSUs) granted to executives (fair value per share) | $ 117.50 | |
Share-based payment award vesting period (in years) | 3 years | |
Performance Based Restricted Stock Units (PBRSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units (RSUs) granted to executives | 721,176 | |
Restricted stock units (RSUs) granted to executives (fair value per share) | $ 126.74 | |
Share-based payment award vesting period (in years) | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 22.44% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.92% | |
Performance Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based payment award vesting period (in years) | 3 years | |
Performance award period end date | Dec. 31, 2018 | |
Performance Awards [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Payout Amount, Aggregate | $ 0 | |
Performance Awards [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Payout Amount, Aggregate | $ 344 |
Shareholders' Equity (Accumulat
Shareholders' Equity (Accumulated other comprehensive income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | [1] | $ (12,795) | $ (13,420) | $ (12,748) | $ (13,903) |
OCI before reclassifications | [1] | 6 | (134) | (332) | (209) |
Amounts reclassified from AOCI | [1] | 131 | 291 | 422 | 849 |
Net current period Other comprehensive income/(loss) | [1] | 137 | 157 | 90 | 640 |
Ending Balance | [1] | (12,658) | (13,263) | (12,658) | (13,263) |
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Pension And Other Postretirement Benefit Plans For Settlements And Curtailments And Net Gain Loss Net Of Tax | 257 | 768 | |||
Other Comprehensive (Income) Loss, Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for for settlements, curtailments and net (gain) loss, Tax | (143) | (427) | |||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax | 131 | 257 | 392 | 765 | |
Amortization of actuarial losses included in net periodic pension cost, tax | (72) | (143) | (217) | (425) | |
Currency Translation Adjustments [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (32) | 9 | (39) | 53 | |
OCI before reclassifications | (10) | (35) | (3) | (79) | |
Amounts reclassified from AOCI | |||||
Net current period Other comprehensive income/(loss) | (10) | (35) | (3) | (79) | |
Ending Balance | (42) | (26) | (42) | (26) | |
Unrealized Gains and Losses on Certain Investments [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (1) | (4) | (8) | ||
OCI before reclassifications | 2 | 1 | 1 | 5 | |
Amounts reclassified from AOCI | |||||
Net current period Other comprehensive income/(loss) | 2 | 1 | 1 | 5 | |
Ending Balance | 1 | (3) | 1 | (3) | |
Unrealized Gains and Losses on Derivative Instruments [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (113) | (174) | (197) | (136) | |
OCI before reclassifications | 13 | (73) | 54 | (139) | |
Amounts reclassified from AOCI | 15 | 24 | 58 | 52 | |
Net current period Other comprehensive income/(loss) | 28 | (49) | 112 | (87) | |
Ending Balance | (85) | (223) | (85) | (223) | |
Defined Benefit Pension Plans and Other Postretirement Benefits [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (12,649) | (13,251) | (12,512) | (13,812) | |
OCI before reclassifications | 1 | (27) | (384) | 4 | |
Amounts reclassified from AOCI | [2] | 116 | 267 | 364 | 797 |
Net current period Other comprehensive income/(loss) | 117 | 240 | (20) | 801 | |
Ending Balance | $ (12,532) | $ (13,011) | $ (12,532) | $ (13,011) | |
[1] | Net of tax. | ||||
[2] | Primarily relates to amortization of actuarial losses for the nine months and three months ended September 30, 2015 totaling $768 and $257 (net of tax of ($427) and ($143)) and for the nine and three months ended September 30, 2016 totaling $392 and $131 (net of tax of ($217) and ($72)). These are included in the net periodic pension cost of which a portion is allocated to production as inventoried costs. See Note 11. |
Derivative Financial Instrume67
Derivative Financial Instruments (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($) | |
Derivative [Line Items] | |
Cash flow hedge gain/(loss) to be reclassified during the next 12 months, pre-tax | $ (70) |
Fair value of foreign exchange and commodity contracts that have credit-risk-related contingent features that are in a net liability position | $ 42 |
Foreign Exchange Contract [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Derivative, Latest Maturity Date | Aug. 23, 2021 |
Commodity Contract [Member] | Maximum [Member] | |
Derivative [Line Items] | |
Derivative, Latest Maturity Date | Dec. 31, 2020 |
Derivative Financial Instrume68
Derivative Financial Instruments (Schedule of Derivative Instruments, Notional Amounts and Fair Values) (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Notional amounts | [1] | $ 3,576 | $ 4,053 |
Other Assets | 88 | 38 | |
Accrued Liabilities | (196) | (328) | |
Netting Arrangements, Other Assets | (52) | (23) | |
Netting Arrangements, Accrued Liabilities | 52 | 23 | |
Net Recorded balance, Other Assets | 36 | 15 | |
Net Recorded balance, Accrued Liabilities | (144) | (305) | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Notional amounts | 2,211 | 2,727 | |
Other Assets | 62 | 23 | |
Accrued Liabilities | (177) | (304) | |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Notional amounts | 125 | 125 | |
Other Assets | 9 | 9 | |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Notional amounts | 39 | 40 | |
Other Assets | 1 | 2 | |
Accrued Liabilities | (5) | (13) | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Notional amounts | 526 | 436 | |
Other Assets | 16 | 4 | |
Accrued Liabilities | (14) | (11) | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Notional amounts | $ 675 | $ 725 | |
[1] | Notional amounts represent the gross contract/notional amount of the derivatives outstanding. |
Derivative Financial Instrume69
Derivative Financial Instruments (Schedule Of Derivative Instruments, Gains/(Losses)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivative [Line Items] | ||||
Effective portion recognized in other comprehensive income/(loss), net of taxes | $ 13 | $ (73) | $ 54 | $ (139) |
Effective portion reclassified out of Accumulated other comprehensive income/(loss) into earnings, net of taxes | (15) | (24) | (58) | (52) |
Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Effective portion recognized in other comprehensive income/(loss), net of taxes | 14 | (71) | 55 | (137) |
Effective portion reclassified out of Accumulated other comprehensive income/(loss) into earnings, net of taxes | (14) | (21) | (52) | (44) |
Forward points recognized in other income (expense), net | 4 | 1 | 8 | 8 |
Undesignated derivatives recognized in Other income/(expense), net | 2 | (5) | 2 | (3) |
Commodity Contract [Member] | ||||
Derivative [Line Items] | ||||
Effective portion recognized in other comprehensive income/(loss), net of taxes | (1) | (2) | (1) | (2) |
Effective portion reclassified out of Accumulated other comprehensive income/(loss) into earnings, net of taxes | $ (1) | $ (3) | $ (6) | $ (8) |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, Assets | $ 36 | $ 15 |
Derivatives, Liabilities | (144) | (305) |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 3,232 | 4,504 |
Commercial Paper, at Carrying Value | 168 | 87 |
Available-for-sale Securities, Debt Securities | 252 | 79 |
Available for Sale Securities, Government Agencies | 78 | 83 |
Available-for-sale Securities, Equity Securities | 52 | 20 |
Derivatives, Assets | 36 | 15 |
Total assets | 3,818 | 4,788 |
Derivatives, Liabilities | (144) | (305) |
Total liabilities | (144) | (305) |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 3,232 | 4,504 |
Available-for-sale Securities, Equity Securities | 52 | 20 |
Total assets | 3,284 | 4,524 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial Paper, at Carrying Value | 168 | 87 |
Available-for-sale Securities, Debt Securities | 252 | 79 |
Available for Sale Securities, Government Agencies | 78 | 83 |
Derivatives, Assets | 36 | 15 |
Total assets | 534 | 264 |
Derivatives, Liabilities | (144) | (305) |
Total liabilities | $ (144) | $ (305) |
Fair Value Measurements Fair 71
Fair Value Measurements Fair Value, Assets Measured on Nonrecurring Basis Using Unobservable Inputs (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | $ (61) | $ (124) |
Fair Value Measurements Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (46) | (122) |
Fair Value Measurements Nonrecurring [Member] | Operating Lease Equipment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (31) | (117) |
Fair Value Measurements Nonrecurring [Member] | Property, Plant and Equipment [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (5) | (5) |
Fair Value Measurements Nonrecurring [Member] | Other assets and Acquired intangible assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (10) | |
Fair Value Measurements Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 66 | 279 |
Fair Value Measurements Nonrecurring [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Operating Lease Equipment | 54 | 271 |
Fair Value Measurements Nonrecurring [Member] | Level 3 [Member] | Income Approach Valuation Technique [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Property, Plant, and Equipment, Fair Value | 8 | |
Other assets and Acquired intangible assets, Fair Value | $ 12 |
Fair Value, Assets Measured On
Fair Value, Assets Measured On Nonrecurring Basis, Valuation Techniques (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Sep. 30, 2015 |
Aircraft Value Publications [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Fair value of assets and liabilities measured on nonrecurring basis valuation techniques, median | $ 133 | |
Aircraft Value Publications [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Range of fair value of assets measured on nonrecurring basis valuation techniques | 94 | |
Aircraft Value Publications [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Range of fair value of assets measured on nonrecurring basis valuation techniques | 165 | |
Aircraft Condition Adjustments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Net fair value of assets measured on nonrecurring basis valuation techniques | (79) | |
Aircraft Condition Adjustments [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Range of fair value of assets measured on nonrecurring basis valuation techniques | (79) | |
Aircraft Condition Adjustments [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Range of fair value of assets measured on nonrecurring basis valuation techniques | 0 | |
Fair Value Measurements Nonrecurring [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||
Operating Lease Equipment | $ 54 | $ 271 |
Fair Value Measurements Fair 73
Fair Value Measurements Fair Values And Related Carrying Values of Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accounts receivable, net Carrying amount | $ 9,524 | $ 8,713 |
Accounts receivable, Fair value | 9,548 | 8,705 |
Notes receivable, Fair value | 433 | 273 |
Debt, excluding capital lease obligations, Fair value | (12,278) | (11,292) |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accounts receivable, Fair value | 9,548 | 8,705 |
Notes receivable, Fair value | 433 | 273 |
Debt, excluding capital lease obligations, Fair value | (12,142) | (11,123) |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, excluding capital lease obligations, Fair value | (136) | (169) |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accounts receivable, net Carrying amount | 9,524 | 8,713 |
Notes receivable, net Carrying amount | 417 | 255 |
Debt, excluding capital lease obligations, Carrying amount | $ (10,321) | $ (9,814) |
Schedule Of Intersegment Revenu
Schedule Of Intersegment Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Intersegment Revenues | $ 23,898 | $ 25,849 | $ 71,285 | $ 72,541 |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment Revenues | 995 | 599 | 1,781 | 1,155 |
Intersegment Eliminations [Member] | Commercial Airplanes [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment Revenues | 991 | 595 | 1,768 | 1,143 |
Intersegment Eliminations [Member] | Boeing Capital [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment Revenues | $ 4 | $ 4 | $ 13 | $ 12 |
Schedule Of Unallocated Items a
Schedule Of Unallocated Items and Eliminations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Share-based plans | $ (144) | $ (141) | ||
Earnings from operations | $ 2,282 | $ 2,580 | 3,651 | 6,282 |
Pension Plans, Defined Benefit [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Pension and Postretirement Expense | (453) | (529) | (1,545) | (1,837) |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Pension and Postretirement Expense | (63) | (65) | (213) | (226) |
Unallocated items, eliminations and other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Share-based plans | (9) | (20) | (50) | (57) |
Deferred compensation | (33) | 38 | (38) | (10) |
Amortization of previously capitalized interest | (23) | (21) | (71) | (70) |
Total Other and Eliminations | (135) | (160) | (333) | (324) |
Sub-total | (200) | (163) | (492) | (461) |
Pension and Postretirement Expense | 88 | (57) | 251 | (200) |
Earnings from operations | (112) | (220) | (241) | (661) |
Unallocated items, eliminations and other [Member] | Pension Plans, Defined Benefit [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Pension and Postretirement Expense | 50 | (84) | 129 | (293) |
Unallocated items, eliminations and other [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Pension and Postretirement Expense | $ 38 | $ 27 | $ 122 | $ 93 |
Reconciliation of Assets from S
Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Assets | $ 88,950 | $ 94,408 |
Operating Segments [Member] | Commercial Airplanes [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 55,441 | 57,253 |
Operating Segments [Member] | Defense, Space & Security [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 16,830 | 17,667 |
Operating Segments [Member] | Defense, Space & Security [Member] | Boeing Military Aircraft [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 6,641 | 6,793 |
Operating Segments [Member] | Defense, Space & Security [Member] | Network & Space Systems [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 6,062 | 6,307 |
Operating Segments [Member] | Defense, Space & Security [Member] | Global Services & Support [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 4,127 | 4,567 |
Operating Segments [Member] | Boeing Capital [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 3,686 | 3,492 |
Unallocated items, eliminations and other [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 12,993 | $ 15,996 |