Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 19, 2017 | |
Document Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
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 | 591,083,386 | |
Entity Current Reporting Status | Yes |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Sales of products | $ 20,147 | $ 22,184 | $ 38,659 | $ 42,069 |
Sales of services | 2,592 | 2,571 | 5,056 | 5,318 |
Total revenues | 22,739 | 24,755 | 43,715 | 47,387 |
Cost of products | (16,443) | (20,265) | (31,806) | (37,210) |
Cost of services | (1,932) | (2,044) | (3,820) | (4,180) |
Boeing Capital interest expense | (13) | (16) | (26) | (32) |
Total costs and expenses | (18,388) | (22,325) | (35,652) | (41,422) |
Gross profit | 4,351 | 2,430 | 8,063 | 5,965 |
Income from operating investments, net | 39 | 97 | 120 | 151 |
General and administrative expense | (1,040) | (806) | (1,973) | (1,694) |
Research and development expense, net | (813) | (2,127) | (1,651) | (3,044) |
Loss on dispositions, net | (2) | (13) | (9) | |
Earnings/(loss) from operations | 2,535 | (419) | 4,559 | 1,369 |
Other income, net | 27 | 13 | 49 | 39 |
Interest and debt expense | (93) | (73) | (180) | (146) |
Earnings/(loss) before income taxes | 2,469 | (479) | 4,428 | 1,262 |
Income tax (expense)/benefit | (708) | 245 | (1,216) | (277) |
Net earnings/(loss) | $ 1,761 | $ (234) | $ 3,212 | $ 985 |
Basic earnings/(loss) per share | $ 2.93 | $ (0.37) | $ 5.28 | $ 1.52 |
Diluted earnings/(loss) per share | 2.89 | (0.37) | 5.22 | 1.51 |
Cash dividends paid per share | $ 1.42 | $ 1.09 | $ 2.84 | $ 2.18 |
Weighted average diluted shares (millions) | 609.6 | 636.3 | 615.3 | 654.9 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings/(loss) | $ 1,761 | $ (234) | $ 3,212 | $ 985 |
Currency translation adjustments | 43 | (16) | 77 | 7 |
Unrealized (loss)/gain on certain investments, net of tax of $0, $1, $1, and $0 | (1) | 1 | (1) | |
Unrealized (loss)/gain on derivative instruments [Abstract] | ||||
Unrealized gain/(loss) arising during period, net of tax of ($39), ($23), ($11), and $9 | 19 | (17) | 71 | 41 |
Reclassification adjustment for losses included in net earnings, net of tax of ($19), ($24), ($10), and ($12) | 18 | 20 | 34 | 43 |
Total unrealized gain on derivative instruments, net of tax | 37 | 3 | 105 | 84 |
Defined benefit pension plans & other postretirement benefits [Abstract] | ||||
Amortization of prior service credits included in net periodic pension cost, net of tax of $31, $15, $15, and $8 | (29) | (13) | (57) | (27) |
Net actuarial gain/(loss) arising during the period, net of tax of ($1), $215, $0, and $34 | (59) | 3 | (387) | |
Amortization of actuarial losses included in net periodic pension cost, net of tax of ($145), ($145), ($73), and ($73) | 131 | 130 | 263 | 261 |
Settlements and curtailments included in net income, net of tax of $0, ($7), $0, and ($1) | 3 | 14 | ||
Pension and postretirement (cost)/benefit related to our equity method investments, net of tax of $1, ($1), $0, and $3 | (6) | (2) | 2 | |
Total defined benefit pension plans and other postretirement benefits, net of tax | 102 | 55 | 207 | (137) |
Other comprehensive income/(loss), net of tax | 181 | 43 | 389 | (47) |
Comprehensive loss related to noncontrolling interests | (1) | (1) | (1) | |
Comprehensive income/(loss), net of tax | $ 1,941 | $ (192) | $ 3,600 | $ 938 |
Condensed Consolidated Stateme4
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Unrealized gain on certain investments, tax | $ 1 | $ 1 | ||
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Tax Effect [Abstract] | ||||
Unrealized loss arising during period, tax | (11) | 9 | (39) | (23) |
Reclassification adjustment for losses included in net earnings, tax | (10) | (12) | (19) | (24) |
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 | 15 | 8 | 31 | 15 |
Net actuarial gains arising during the period, tax | 34 | (1) | 215 | |
Amortization of actuarial losses included in net periodic pension cost, tax | (73) | (73) | (145) | (145) |
Settlements and curtailments included in net income, tax | (1) | (7) | ||
Pension and post retirement benefits related to our equity method investments, tax | $ 3 | $ 1 | $ (1) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements Of Financial Position - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 | |
Assets | |||
Cash and cash equivalents | $ 8,737 | $ 8,801 | |
Short-term and other investments | 1,589 | 1,228 | |
Accounts receivable, net | 9,503 | 8,832 | |
Current portion of customer financing, net | 549 | 428 | |
Inventories, net of advances and progress billings | 42,453 | 43,199 | |
Total current assets | 62,831 | 62,488 | |
Customer financing, net | 3,398 | 3,773 | |
Property, plant and equipment, net of accumulated depreciation of $17,380 and $16,883 | 12,820 | 12,807 | |
Goodwill | 5,347 | 5,324 | |
Acquired intangible assets, net | 2,567 | 2,540 | |
Deferred income taxes | 325 | 332 | |
Investments | 1,278 | 1,317 | |
Other assets, net of accumulated amortization of $484 and $497 | 1,470 | 1,416 | |
Total assets | 90,036 | 89,997 | |
Liabilities and equity | |||
Accounts payable | 12,093 | 11,190 | |
Accrued liabilities | 14,294 | 14,691 | |
Advances and billings in excess of related costs | 25,802 | 23,869 | |
Short-term debt and current portion of long-term debt | 720 | 384 | |
Total current liabilities | 52,909 | 50,134 | |
Deferred income taxes | 1,415 | 1,338 | |
Accrued retiree health care | 5,856 | 5,916 | |
Accrued pension plan liability, net | 19,651 | 19,943 | |
Other long-term liabilities | 2,128 | 2,221 | |
Long-term debt | 10,055 | 9,568 | |
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 | 4,644 | 4,762 | |
Treasury stock, at cost - 419,062,607 and 395,109,568 shares | 40,730 | 36,097 | |
Retained earnings | 42,222 | 40,714 | |
Accumulated other comprehensive loss | [1] | (13,234) | (13,623) |
Total shareholders’ equity | (2,037) | 817 | |
Noncontrolling interests | 59 | 60 | |
Total equity | (1,978) | 877 | |
Total liabilities and equity | $ 90,036 | $ 89,997 | |
[1] | Net of tax. |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Financial Position (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Property, plant and equipment, accumulated depreciation | $ 17,380 | $ 16,883 |
Other assets, accumulated amortization | $ 484 | $ 497 |
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 | 419,062,607 | 395,109,568 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows - operation activities: | ||
Net earnings/(loss) | $ 3,212 | $ 985 |
Non-cash items – | ||
Share-based plans expense | 98 | 97 |
Depreciation and amortization | 965 | 890 |
Investment/asset impairment charges, net | 46 | 50 |
Customer financing valuation expense/(benefit) | 5 | (4) |
Loss on dispositions, net | 9 | |
Other charges and credits, net | 129 | 141 |
Changes in assets and liabilities – | ||
Accounts receivable | (912) | (503) |
Inventories, net of advances and progress billings | 877 | 3,004 |
Accounts payable | 419 | 1,221 |
Accrued liabilities | (680) | (269) |
Advances and billings in excess of related costs | 1,934 | (954) |
Income taxes receivable, payable and deferred | 712 | (494) |
Other long-term liabilities | (18) | (103) |
Pension and other postretirement plans | 13 | 181 |
Customer financing, net | 343 | 275 |
Other | (99) | (61) |
Net cash provided by operating activities | 7,044 | 4,465 |
Cash flows – investing activities: | ||
Property, plant and equipment additions | (905) | (1,419) |
Property, plant and equipment reductions | 25 | 13 |
Contributions to investments | (1,820) | (657) |
Proceeds from investments | 1,441 | 705 |
Purchase of distribution rights | (131) | |
Other | 4 | 8 |
Net cash used by investing activities | (1,386) | (1,350) |
Cash flows – financing activities: | ||
New borrowings | 874 | 1,323 |
Debt repayments | (56) | (267) |
Repayments of distribution rights and other asset financing | (24) | |
Stock options exercised | 240 | 147 |
Employee taxes on certain share-based payment arrangements | (112) | (79) |
Common shares repurchased | (5,000) | (5,501) |
Dividends paid | (1,720) | (1,408) |
Net cash used by financing activities | (5,774) | (5,809) |
Effect of exchange rate changes on cash and cash equivalents | 52 | (3) |
Net decrease in cash and cash equivalents | (64) | (2,697) |
Cash and cash equivalents at beginning of year | 8,801 | 11,302 |
Cash and cash equivalents at end of period | $ 8,737 | $ 8,605 |
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, 2015 | $ 6,397 | $ 5,061 | $ 4,834 | $ (29,568) | $ 38,756 | $ (12,748) | $ 62 |
Net earnings | 985 | 985 | |||||
Other comprehensive income, net of tax of ($172) in 2017 and $31 in 2016 | (47) | (47) | |||||
Share-based compensation and related dividend equivalents | 95 | 110 | (15) | ||||
Treasury shares issued for stock options exercised, net | 147 | (20) | 167 | ||||
Treasury shares issued for other share-based plans, net | (65) | (146) | 81 | ||||
Common shares repurchased | (5,501) | (5,501) | |||||
Cash dividends declared ($2.84 per share in 2017 and $2.18 per share in 2016) | 1,364 | 1,364 | |||||
Balance at Jun. 30, 2016 | 647 | 5,061 | 4,778 | (34,821) | 38,362 | (12,795) | 62 |
Balance at Dec. 31, 2016 | 877 | 5,061 | 4,762 | (36,097) | 40,714 | (13,623) | 60 |
Net earnings | 3,211 | 3,212 | (1) | ||||
Other comprehensive income, net of tax of ($172) in 2017 and $31 in 2016 | 389 | 389 | |||||
Share-based compensation and related dividend equivalents | 99 | 116 | (17) | ||||
Treasury shares issued for stock options exercised, net | 241 | (63) | 304 | ||||
Treasury shares issued for other share-based plans, net | (108) | (171) | 63 | ||||
Common shares repurchased | (5,000) | (5,000) | |||||
Cash dividends declared ($2.84 per share in 2017 and $2.18 per share in 2016) | 1,687 | 1,687 | |||||
Balance at Jun. 30, 2017 | $ (1,978) | $ 5,061 | $ 4,644 | $ (40,730) | $ 42,222 | $ (13,234) | $ 59 |
Condensed Consolidated Stateme9
Condensed Consolidated Statements Of Equity (Parenthetical) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||
Other Comprehensive Income, tax, portion attributable to parent | $ (172) | $ 31 |
Cash dividends declared | $ 2.84 | $ 2.18 |
Summary Of Business Segment Dat
Summary Of Business Segment Data Summary of Business Segment Data (Notes) | 6 Months Ended |
Jun. 30, 2017 | |
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) Six months ended June 30 Three months ended June 30 2017 2016 2017 2016 Revenues: Commercial Airplanes $30,018 $31,855 $15,713 $17,456 Defense, Space & Security: Boeing Military Aircraft 5,540 6,638 2,904 2,979 Network & Space Systems 3,238 3,545 1,674 1,810 Global Services & Support 4,640 4,947 2,308 2,385 Total Defense, Space & Security 13,418 15,130 6,886 7,174 Boeing Capital 164 148 72 84 Unallocated items, eliminations and other 115 254 68 41 Total revenues $43,715 $47,387 $22,739 $24,755 Earnings/(loss) from operations: Commercial Airplanes $2,782 $60 $1,567 ($973 ) Defense, Space & Security: Boeing Military Aircraft 703 509 382 175 Network & Space Systems 250 301 152 153 Global Services & Support 674 605 356 265 Total Defense, Space & Security 1,627 1,415 890 593 Boeing Capital 64 23 25 18 Segment operating profit/(loss) 4,473 1,498 2,482 (362 ) Unallocated items, eliminations and other 86 (129 ) 53 (57 ) Earnings/(loss) from operations 4,559 1,369 2,535 (419 ) Other income, net 49 39 27 13 Interest and debt expense (180 ) (146 ) (93 ) (73 ) Earnings/(loss) before income taxes 4,428 1,262 2,469 (479 ) Income tax (expense)/benefit (1,216 ) (277 ) (708 ) 245 Net earnings/(loss) $3,212 $985 $1,761 ($234 ) 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 | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 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 2016 Annual Report on Form 10-K. Standards Issued and Not Yet Implemented In February 2016, the Financial Accounting Standards Board 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. We plan to adopt ASU No. 2014-09, Revenue from Contracts with Customers effective January 1, 2018 and apply it retrospectively to all periods presented. This 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. The standard also requires expanded disclosures regarding revenue and contracts with customers. We expect adoption of the new standard will have a material impact on our income statement and balance sheet. We currently expect that most of our Defense, Space & Security ( BDS ) contracts that currently recognize revenue as deliveries are made or based on the attainment of performance milestones will recognize revenue under the new standard as costs are incurred. Certain military derivative aircraft contracts in our Commercial Airplane ( BCA ) business will also recognize revenue as costs are incurred. The new standard will not change the total amount of revenue recognized on these contracts, only accelerate the timing of when the revenue is recognized. We expect a corresponding acceleration in timing of cost of sales recognition for these contracts resulting in a decrease in Inventories from long-term contracts in progress upon adoption of the new standard. We do not expect the new standard to affect revenue recognition or the use of program accounting for commercial airplane contracts in our BCA business. We will continue to recognize revenue for these contracts at the point in time when the customer accepts delivery of the airplane. We have completed a preliminary assessment of the impact of adopting the new standard on previously reported 2016 and prior period results. Because revenue will be recognized under the new standard as costs are incurred for most of our defense and military derivative airplane contracts, approximately $10,000 of revenues and $1,000 of associated earnings will be accelerated into years ending prior to the January 1, 2016 effective date. Therefore, as of January 1, 2016, we expect to record a cumulative adjustment to increase retained earnings by approximately $1,000 . We expect consolidated revenues previously reported in 2016 to decrease by approximately $1,000 , primarily reflecting $2,000 of lower revenues on several defense contracts that currently recognize revenues as deliveries are made, partially offset by higher KC-46A Tanker revenues. These revenue changes are expected to reduce previously reported segment operating earnings by approximately $400 . We expect the reduction in 2016 segment operating earnings to be offset by increases in unallocated pension income. We expect adoption will increase total assets and total liabilities by approximately $20,000 primarily due to classifying certain advances from customers as liabilities under the new standard, whereas these advances were netted against inventory under existing Generally Accepted Accounting Principles (GAAP). We expect the new standard to have no impact on cash flows reported in 2016. The impact of the new standard on our 2016 financial results may not be representative of the impact on our financial position and operating results in subsequent years. We are continuing to analyze the impact of the new standard on the Company’s revenue contracts, comparing our current accounting policies and practices to the requirements of the new standard. The new standard requires additional detailed disclosures regarding the company’s contracts with customers, including disclosure of remaining unsatisfied performance obligations, in the first quarter 2018 which we are continuing to assess. We are also identifying and implementing changes to the Company’s business processes, systems and controls to support adoption of the new standard in 2018 and recasting prior periods’ financial information. Use of Estimates Management makes assumptions and estimates to prepare financial statements in conformity with GAAP. 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 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. Net cumulative catch-up adjustments to prior years' earnings, including reach-forward losses, across all contracts were as follows: Six months ended June 30 Three months ended June 30 2017 2016 2017 2016 Increase/(Decrease) to Earnings from Operations $263 ($587 ) $231 ($503 ) Increase/(Decrease) to Diluted EPS $0.31 ($0.70 ) $0.27 ($0.39 ) |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
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) Six months ended June 30 Three months ended June 30 2017 2016 2017 2016 Net earnings/(loss) $3,212 $985 $1,761 ($234 ) Less: earnings available to participating securities 2 Net earnings/(loss) available to common shareholders $3,210 $985 $1,761 ($234 ) Basic Basic weighted average shares outstanding 608.4 648.5 602.5 636.3 Less: participating securities 0.8 1.0 0.7 1.0 Basic weighted average common shares outstanding 607.6 647.5 601.8 635.3 Diluted Basic weighted average shares outstanding 608.4 648.5 602.5 636.3 Dilutive potential common shares (1) 6.9 6.4 7.1 Diluted weighted average shares outstanding 615.3 654.9 609.6 636.3 Less: participating securities 0.8 1.0 0.7 1.0 Diluted weighted average common shares outstanding 614.5 653.9 608.9 635.3 Net earnings/(loss) per share: Basic $5.28 $1.52 $2.93 ($0.37 ) Diluted 5.22 1.51 2.89 (0.37 ) (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) Six months ended June 30 Three months ended June 30 2017 2016 2017 2016 Performance awards 5.2 7.5 4.7 7.3 Performance-based restricted stock units 0.9 2.6 0.5 3.3 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective income tax rates were 27.5% and 28.7% for the six and three months ended June 30, 2017 and 21.9% and 51.1% for the same periods in the prior year. The year-over-year effective tax rate variances for both periods are primarily due to higher year-to-date and projected pre-tax earnings in 2017. In addition, higher share-based compensation tax benefits were recognized for the six-month period of 2017 compared with the prior year. Federal income tax audits have been settled for all years prior to 2013. The Internal Revenue Service (IRS) is currently examining the 2013-2014 tax years. We are also subject to examination in major state and international jurisdictions for the 2001-2016 tax years. We believe appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: June 30 December 31 Long-term contracts in progress $13,961 $12,801 Commercial aircraft programs 53,240 52,048 Commercial spare parts, used aircraft, general stock materials and other 5,356 5,446 Inventory before advances and progress billings 72,557 70,295 Less advances and progress billings (30,104 ) (27,096 ) Total $42,453 $43,199 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 $192 and $220 ) at June 30, 2017 and December 31, 2016 . See indemnifications to ULA in Note 9 . Included in inventories are capitalized precontract costs of $806 and $729 primarily related to KC-46A Tanker and C-17 at June 30, 2017 and December 31, 2016 . Commercial Aircraft Programs At June 30, 2017 and December 31, 2016 , commercial aircraft programs inventory included the following amounts related to the 787 program: $32,047 and $32,501 of work in process (including deferred production costs of $26,461 and $27,308 ), $2,608 and $2,398 of supplier advances, and $3,390 and $3,625 of unamortized tooling and other non-recurring costs. At June 30, 2017 , $24,246 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 $5,605 is expected to be recovered from units included in the program accounting quantity that represent expected future orders. At June 30, 2017 and December 31, 2016 , commercial aircraft programs inventory included $239 and $284 of unamortized tooling costs related to the 747 program. At June 30, 2017 , $195 of unamortized tooling costs are expected to be recovered from units included in the program accounting quantity that have firm orders and $44 is expected to be recovered from units included in the program accounting quantity that represent expected future orders. At June 30, 2017 and December 31, 2016 , 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 $3,002 and $3,117 at June 30, 2017 and December 31, 2016 . |
Customer Financing
Customer Financing | 6 Months Ended |
Jun. 30, 2017 | |
Customer Financing [Abstract] | |
Customer Financing | Customer Financing Customer financing primarily relates to the Boeing Capital ( BCC ) segment and consisted of the following: June 30 December 31 Financing receivables: Investment in sales-type/finance leases $1,425 $1,482 Notes 884 807 Total financing receivables 2,309 2,289 Operating lease equipment, at cost, less accumulated depreciation of $339 and $359 1,653 1,922 Gross customer financing 3,962 4,211 Less allowance for losses on receivables (15 ) (10 ) Total $3,947 $4,201 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 June 30, 2017 and December 31, 2016 , we individually evaluated for impairment customer financing receivables of $56 and $55 , of which $45 and $44 were 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 June 30 December 31 BBB $1,233 $1,324 BB 507 538 B 525 383 CCC 44 44 Total carrying value of financing receivables $2,309 $2,289 At June 30, 2017 , our allowance related to receivables with ratings of B, BB and BBB. We applied default rates that averaged 17.5% , 8.4% and 1.0% , 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: June 30 December 31 717 Aircraft ($290 and $301 accounted for as operating leases) $1,171 $1,282 747-8 Aircraft ($938 and $1,086 accounted for as operating leases) 1,058 1,111 757 Aircraft ($41 and $43 accounted for as operating leases) 238 246 MD-80 Aircraft (accounted for as sales-type finance leases) 232 259 777 Aircraft ($14 and $0 accounted for as operating leases) 167 165 747-400 Aircraft ($90 and $149 accounted for as operating leases) 163 149 767 Aircraft ($28 and $85 accounted for as operating leases) 107 170 737 Aircraft ($97 and $103 accounted for as operating leases) 102 103 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2017 | |
Investments [Abstract] | |
Investments | Investments Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following: June 30 December 31 Equity method investments (1) $1,220 $1,242 Time deposits 1,028 665 Available-for-sale investments 514 537 Restricted cash & cash equivalents (2) 74 68 Other investments 31 33 Total $2,867 $2,545 (1) Dividends received were $148 and $52 for the six and three months ended June 30, 2017 and $166 and $117 during the same periods in the prior year. (2) Reflects amounts restricted in support of our workers’ compensation programs and insurance premiums. |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2017 | |
Other Assets [Abstract] | |
Other Assets | Other Assets Sea Launch At June 30, 2017 and December 31, 2016 , 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 net amounts owed to Boeing by each of the partners are as follows: S.P. Koroley Rocket and Space Corporation Energia of Russia (RSC Energia) – $223 , PO Yuzhnoye Mashinostroitelny Zavod of Ukraine – $89 and KB Yuzhnoye of Ukraine – $44 . 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. On May 12, 2016, the court issued a judgment in favor of Boeing. In December 2016, we reached an agreement which we believe will enable us to recover the outstanding receivable balance from RSC Energia over the next several years. The agreement was subject to certain contingencies which were resolved during the first quarter of 2017. We continue to pursue collection efforts against the former Ukrainian partners 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 from the Sea Launch partners, 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 June 30, 2017 and December 31, 2016 , Other assets included $143 of receivables related to indemnifications from Spirit AeroSystems, Inc. (Spirit) for costs incurred related to pension and retiree medical obligations of former Boeing employees who were subsequently employed by Spirit. During the fourth quarter of 2014, Boeing filed a complaint against Spirit in the 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. In the second quarter of 2017, the court ruled against Boeing and denied our claim. Boeing plans to appeal to the Delaware Supreme Court and we believe we have substantial arguments on appeal. We expect to fully recover from Spirit. |
Commitments And Contingencies
Commitments And Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies Environmental The following table summarizes environmental remediation activity during the six months ended June 30, 2017 and 2016 . 2017 2016 Beginning balance – January 1 $562 $566 Reductions for payments made (23 ) (20 ) Changes in estimates (19 ) 44 Ending balance – June 30 $520 $590 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 June 30, 2017 and December 31, 2016 , the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $852 and $857 . Product Warranties The following table summarizes product warranty activity recorded during the six months ended June 30, 2017 and 2016 . 2017 2016 Beginning balance – January 1 $1,414 $1,485 Additions for current year deliveries 126 195 Reductions for payments made (125 ) (185 ) Changes in estimates (109 ) (84 ) Ending balance – June 30 $1,306 $1,411 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 June 30, 2017 have expiration dates from 2017 through 2026 . At June 30, 2017 , and December 31, 2016 total contractual trade-in commitments were $1,719 and $1,485 . As of June 30, 2017 and December 31, 2016 , we estimated that it was probable we would be obligated to perform on certain of these commitments with net amounts payable to customers totaling $107 and $126 and the fair value of the related trade-in aircraft was $107 and $126 . Financing Commitments Financing commitments related to aircraft on order, including options and those proposed in sales campaigns, and refinancing of delivered aircraft, totaled $13,467 and $14,847 as of June 30, 2017 and December 31, 2016 . The estimated earliest potential funding dates for these commitments as of June 30, 2017 are as follows: Total July through December 2017 $905 2018 3,542 2019 3,193 2020 1,772 2021 1,644 Thereafter 2,411 $13,467 As of June 30, 2017 , all of these financing commitments related to customers we believe have less than investment-grade credit. We have concluded that no reserve for future potential losses is required for these financing commitments based upon the terms, such as collateralization and interest rates, under which funding would be provided. Standby Letters of Credit and Surety Bonds We have entered into standby letters of credit and surety bonds with financial institutions primarily relating to the guarantee of our future performance on certain contracts. Contingent liabilities on outstanding letters of credit agreements and surety bonds aggregated approximately $3,858 and $4,701 as of June 30, 2017 and December 31, 2016 . 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 June 30, 2017 , ULA’s total remaining obligation to Boeing under the inventory supply agreement was $120 . See Note 4 . F/A-18 At June 30, 2017 , our backlog included 23 F/A-18 aircraft under contract with the U.S. Navy. We have begun work or authorized suppliers to begin working on aircraft beyond those already in backlog in anticipation of future orders. At June 30, 2017 , we had $91 of capitalized precontract costs and $999 of potential termination liabilities to suppliers associated with F/A-18 aircraft not yet on order. United States Government Defense Environment Overview In May 2017, the U.S. administration submitted its fiscal year 2018 budget request, which calls for funding the U.S. Department of Defense (U.S. DoD) base budget at a level that is $52 billion or 10% above the spending caps in the Budget Control Act of 2011 (The Act). However, The Act, which mandates limits on U.S. government discretionary spending, remains in effect through fiscal year 2021. As a result, continued budget uncertainty and the risk of future sequestration cuts will remain unless The Act is repealed or significantly modified by Congress. In addition, there continues to be uncertainty with respect to program-level appropriations for the U.S. DoD and other government agencies, including the National Aeronautics and Space Administration (NASA), within the overall budgetary framework described above. Future budget cuts or investment priority changes 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. Funding timeliness also remains a risk. If Congress is unable to pass appropriations bills before the beginning of the next fiscal year on October 1, 2017, 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. Alternatively, Congress may fund fiscal year 2018 by passing one or more Continuing Resolutions; however, this could restrict the execution of certain program activities and delay new programs or competitions. 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, U.S. Air Force ( 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, in the first quarter of 2017, we recorded an additional reach-forward loss of $142 on the KC-46A Tanker program. Moreover, this and our other fixed-price development 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 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 2016, the USAF authorized low rate initial production (LRIP) lots for 7 and 12 aircraft valued at $2.8 billion . In January 2017, the USAF authorized an additional LRIP lot for 15 aircraft valued at $2.1 billion . At June 30, 2017 , we had approximately $298 of capitalized precontract costs and $525 of potential termination liabilities to suppliers. 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 have continued to drive market uncertainties, pricing pressures and fewer orders than anticipated. We are currently producing at a rate of 0.5 aircraft per month. The program accounting quantity includes aircraft scheduled to be produced through 2019. We continue to have a number of completed aircraft in inventory and we remain focused on obtaining additional orders and implementing cost-reduction efforts. We are currently evaluating several scenarios, including sales campaigns, that may determine how long we continue the 747 program. 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. Depending on market conditions, it is reasonably possible that we could decide to end production of the 747. 787 Program The 787 program continued 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. We are continuing to monitor wide-body demand and if sufficient orders do not materialize, we may consider appropriate adjustments to planned production rates. If risks related to these challenges, together with risks associated with planned production rates and productivity improvements, supply chain management, or introducing or 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 | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30 December 31 June 30 December 31 June 30 December 31 Contingent repurchase commitments $1,374 $1,306 $1,374 $1,306 $10 $9 Indemnifications to ULA: Contributed Delta program launch inventory 72 77 Contract pricing 261 261 7 7 Other Delta contracts 196 216 5 5 Credit guarantees 111 29 79 27 7 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 $1,288 of the $1,360 of inventory that was contributed by us and has yet to consume $72 . Under the inventory supply agreement, we have recorded revenues and cost of sales of $1,500 through June 30, 2017 . ULA has made payments of $1,740 to us under the inventory supply agreement and we have made $48 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. During the fourth quarter of 2016, the USAF appealed the ASBCA's ruling. In April 2017, the USAF withdrew its appeal. If ULA is ultimately unsuccessful in obtaining additional pricing, we may be responsible for an indemnification payment up to $261 and may record up to $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 BCA facilities in Wichita, Kansas and Tulsa and McAlester, Oklahoma, we agreed to indemnify, for an indefinite period, the buyers for costs relating to pre-closing environmental conditions and certain other items. We are unable to assess the potential number of future claims that may be asserted under these indemnifications, nor the amounts thereof (if any). As a result, we cannot estimate the maximum potential amount of future payments under these indemnities and therefore, no liability has been recorded. To the extent that claims have been made under these indemnities and/or are probable and reasonably estimable, liabilities associated with these indemnities are included in the environmental liability disclosure in Note 8 . Credit Guarantees We have issued credit guarantees where we are obligated to make payments to a guaranteed party in the event that the original lessee or debtor does not make payments or perform certain specified services. Generally, these guarantees have been extended on behalf of guaranteed parties with less than investment-grade credit and are collateralized by certain assets. Current outstanding credit guarantees expire through 2036 . |
Debt
Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | On February 16, 2017 , we issued $900 of fixed rate senior notes consisting of $300 due March 1, 2022 that bear an annual interest rate of 2.125% , $300 due March 1, 2027 that bear an annual interest rate of 2.8% , and $300 due March 1, 2047 that bear an annual interest rate of 3.65% . 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 $872 , after deducting underwriting discounts, commissions and offering expenses. |
Postretirement Plans
Postretirement Plans | 6 Months Ended |
Jun. 30, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Postretirement Plans | Postretirement Plans The components of net periodic benefit cost were as follows: Six months ended June 30 Three months ended June 30 Pension Plans 2017 2016 2017 2016 Service cost $201 $326 $100 $163 Interest cost 1,496 1,526 748 762 Expected return on plan assets (1,922 ) (1,998 ) (961 ) (999 ) Amortization of prior service (credits)/costs (20 ) 20 (10 ) 10 Recognized net actuarial loss 402 394 201 197 Settlement/curtailment/other losses 1 33 18 Net periodic benefit cost $158 $301 $78 $151 Net periodic benefit cost included in Earnings from operations $434 $1,092 $100 $463 Six months ended June 30 Three months ended June 30 Other Postretirement Benefits 2017 2016 2017 2016 Service cost $53 $64 $27 $32 Interest cost 114 130 57 65 Expected return on plan assets (4 ) (4 ) (2 ) (2 ) Amortization of prior service credits (68 ) (62 ) (34 ) (31 ) Recognized net actuarial loss 6 12 3 6 Net periodic benefit cost $101 $140 $51 $70 Net periodic benefit cost included in Earnings from operations $143 $150 $58 $62 Required pension contributions under the Employee Retirement Income Security Act, as well as rules governing funding of our non-US pension plans, are expected to be minimal in 2017. We plan to make contributions to our pension plans during the third quarter of $500 in cash and $3,500 in Boeing common stock. These contributions would exceed our previously announced plan to contribute approximately $500 to our pension plans in 2017. |
Share-Based Compensation And Ot
Share-Based Compensation And Other Compensation Arrangements | 6 Months Ended |
Jun. 30, 2017 | |
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 27, 2017 , we granted to our executives 523,835 restricted stock units ( RSU s) as part of our long-term incentive program with a grant date fair value of $178.72 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 27, 2017 , we granted to our executives 492,273 performance-based restricted stock units ( PBRSU s) as part of our long-term incentive program with a grant date fair value of $190.17 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 21.37% based upon historical stock volatility, a risk-free interest rate of 1.46% , and no expected dividend yield because the units earn dividend equivalents. Performance Awards On February 27, 2017 , 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, 2019 . At June 30, 2017 , the minimum payout amount is $0 and the maximum amount we could be required to pay out is $360 . |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Accumulated Other Comprehensive Loss Changes in Accumulated other comprehensive loss (AOCI) by component for the six and three months ended June 30, 2017 and 2016 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, 2016 ($39 ) ($197 ) ($12,512 ) ($12,748 ) Other comprehensive income/(loss) before reclassifications 7 (1 ) 41 (385 ) (338 ) Amounts reclassified from AOCI 43 248 (2) 291 Net current period Other comprehensive income/(loss) 7 (1 ) 84 (137 ) (47 ) Balance at June 30, 2016 ($32 ) ($1 ) ($113 ) ($12,649 ) ($12,795 ) Balance at January 1, 2017 ($143 ) ($2 ) ($127 ) ($13,351 ) ($13,623 ) Other comprehensive income before reclassifications 77 71 1 149 Amounts reclassified from AOCI 34 206 (2) 240 Net current period Other comprehensive income 77 105 207 389 Balance at June 30, 2017 ($66 ) ($2 ) ($22 ) ($13,144 ) ($13,234 ) Balance at March 31, 2016 ($16 ) ($2 ) ($116 ) ($12,704 ) ($12,838 ) Other comprehensive (loss)/income before reclassifications (16 ) 1 (17 ) (65 ) (97 ) Amounts reclassified from AOCI 20 120 (2) 140 Net current period Other comprehensive income (16 ) 1 3 55 43 Balance at June 30, 2016 ($32 ) ($1 ) ($113 ) ($12,649 ) ($12,795 ) Balance at March 31, 2017 ($109 ) ($1 ) ($59 ) ($13,246 ) ($13,415 ) Other comprehensive income/(loss) before reclassifications 43 (1 ) 19 61 Amounts reclassified from AOCI 18 102 (2) 120 Net current period Other comprehensive income/(loss) 43 (1 ) 37 102 181 Balance at June 30, 2017 ($66 ) ($2 ) ($22 ) ($13,144 ) ($13,234 ) (1) Net of tax. (2) Primarily relates to amortization of actuarial losses for the six and three months ended June 30, 2016 totaling $261 and $130 (net of tax of ($145) and ($73) ) and for the six and three months ended June 30, 2017 totaling $263 and $131 (net of tax of ($145) and ($73) ). These are included in the net periodic pension cost of which a portion is allocated to production as inventoried costs. See Note 17 . |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
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 2023 . 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 June 30 December 31 June 30 December 31 June 30 December 31 Derivatives designated as hedging instruments: Foreign exchange contracts $2,647 $2,584 $83 $34 ($102 ) ($225 ) Interest rate contracts 125 125 5 6 Commodity contracts 19 53 3 7 (5 ) (5 ) Derivatives not receiving hedge accounting treatment: Foreign exchange contracts 487 465 20 21 (15 ) (17 ) Commodity contracts 615 648 Total derivatives $3,893 $3,875 111 68 (122 ) (247 ) Netting arrangements (57 ) (45 ) 57 45 Net recorded balance $54 $23 ($65 ) ($202 ) (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: Six months ended June 30 Three months ended June 30 2017 2016 2017 2016 Effective portion recognized in Other comprehensive income/(loss), net of taxes: Foreign exchange contracts $76 $41 $20 ($21 ) Commodity contracts (5 ) (1 ) 4 Effective portion reclassified out of Accumulated other comprehensive loss into earnings, net of taxes: Foreign exchange contracts (32 ) (38 ) (17 ) (17 ) Commodity contracts (2 ) (5 ) (1 ) (3 ) Forward points recognized in Other income, net: Foreign exchange contracts 2 4 1 2 Undesignated derivatives recognized in Other income, net: Foreign exchange contracts 5 (2 ) Based on our portfolio of cash flow hedges, we expect to reclassify losses of $42 (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 six and three months ended June 30, 2017 and 2016 . 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 June 30, 2017 was $27 . At June 30, 2017 , there was no collateral posted related to our derivatives. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
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. June 30, 2017 December 31, 2016 Total Level 1 Level 2 Total Level 1 Level 2 Assets Money market funds $2,016 $2,016 $2,858 $2,858 Available-for-sale investments: Commercial paper 97 $97 162 $162 Corporate notes 341 341 271 271 U.S. government agencies 61 61 63 63 Other 29 29 46 46 Derivatives 54 54 23 23 Total assets $2,598 $2,045 $553 $3,423 $2,904 $519 Liabilities Derivatives ($65 ) ($65 ) ($202 ) ($202 ) Total liabilities ($65 ) ($65 ) ($202 ) ($202 ) 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 six months ended June 30 due to long-lived asset impairment and the fair value and asset classification of the related assets as of the impairment date: 2017 2016 Fair Value Total Losses Fair Value Total Losses Investments $ 1 $ (27 ) Operating lease equipment 65 (16 ) 59 (25 ) Property, plant and equipment 8 (2 ) (4 ) Acquired intangible assets 14 (1 ) 12 (10 ) Total $88 ($46 ) $71 ($39 ) Investments, 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. 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. For Level 3 assets that were measured at fair value on a nonrecurring basis during the six months ended June 30, 2017 , 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 $65 Market approach Aircraft value publications $106 - $140 (1) Median $125 Aircraft condition adjustments ($60) - $0 (2) Net ($60) (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: June 30, 2017 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Notes receivable, net $ 884 $ 895 $ 895 Liabilities Debt, excluding capital lease obligations (10,641 ) (12,196 ) (12,095 ) (101 ) December 31, 2016 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Notes receivable, net $ 807 $ 803 $ 803 Liabilities Debt, excluding capital lease obligations (9,815 ) (11,209 ) (11,078 ) (131 ) The fair values of notes receivable are estimated with discounted cash flow analysis using interest rates currently offered on loans with similar terms to borrowers of similar credit quality. The fair value of our debt that is traded in the secondary market is classified as Level 2 and is based on current market yields. For our debt that is not traded in the secondary market, the fair value is classified as Level 2 and is based on our indicative borrowing cost derived from dealer quotes or discounted cash flows. The fair values of our debt classified as Level 3 are based on discounted cash flow models using the implied yield from similar securities. With regard to other financial instruments with off-balance sheet risk, it is not practicable to estimate the fair value of our indemnifications and financing commitments because the amount and timing of those arrangements are uncertain. Items not included in the above disclosures include cash, restricted cash, time deposits and other deposits, commercial paper, money market funds, Accounts receivable, 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 June 30, 2017 and December 31, 2016 . 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 | 6 Months Ended |
Jun. 30, 2017 | |
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 | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information 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. In November 2016, we announced plans for the formation of Boeing Global Services (BGS), which brings together certain Commercial Aviation Services businesses, currently included in BCA , and certain BDS businesses (primarily those currently included in the Global Services & Support segment). Boeing Global Services became operational on July 1, 2017. Beginning in the third quarter of 2017, we expect to have discrete financial information and plan to report results using the new segment structure of four principal segments: BCA, BDS, BGS, and BCC. Intersegment revenues, eliminated in Unallocated items, eliminations and other, are shown in the following table. Six months ended June 30 Three months ended June 30 2017 2016 2017 2016 Commercial Airplanes $959 $777 $362 $349 Boeing Capital 10 9 5 4 Total $969 $786 $367 $353 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. Six months ended June 30 Three months ended June 30 2017 2016 2017 2016 Share-based plans ($46 ) ($41 ) ($25 ) ($18 ) Deferred compensation (96 ) (5 ) (46 ) (21 ) Amortization of previously capitalized interest (51 ) (48 ) (20 ) (18 ) Eliminations and other unallocated items (359 ) (198 ) (179 ) (69 ) Sub-total (552 ) (292 ) (270 ) (126 ) Pension 533 79 278 34 Postretirement 105 84 45 35 Pension and Postretirement 638 163 323 69 Total $86 ($129 ) $53 ($57 ) 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 GAAP service and prior service costs, are allocated to BCA . 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: June 30 December 31 Commercial Airplanes $55,357 $55,527 Defense, Space & Security: Boeing Military Aircraft 6,815 6,698 Network & Space Systems 6,348 6,113 Global Services & Support 4,428 4,020 Total Defense, Space & Security 17,591 16,831 Boeing Capital 3,903 4,139 Unallocated items, eliminations and other 13,185 13,500 Total $90,036 $89,997 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 centrally as well as intercompany eliminations. |
Basis Of Presentation (Policy)
Basis Of Presentation (Policy) | 6 Months Ended |
Jun. 30, 2017 | |
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) | 6 Months Ended |
Jun. 30, 2017 | |
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) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental | The liabilities recorded represent our best estimate or the low end of a range of reasonably possible costs expected to be incurred to remediate sites, including operation and maintenance over periods of up to 30 years. It is reasonably possible that we may incur charges that exceed these recorded amounts because of regulatory agency orders and directives, changes in laws and/or regulations, higher than expected costs and/or the discovery of new or additional contamination. As part of our estimating process, we develop a range of reasonably possible alternate scenarios that includes the high end of a range of reasonably possible cost estimates for all remediation sites for which we have sufficient information based on our experience and existing laws and regulations. There are some potential remediation obligations where the costs of remediation cannot be reasonably estimated. |
Commitments and Contingencies, Policy [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) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (Dollars in millions) Six months ended June 30 Three months ended June 30 2017 2016 2017 2016 Revenues: Commercial Airplanes $30,018 $31,855 $15,713 $17,456 Defense, Space & Security: Boeing Military Aircraft 5,540 6,638 2,904 2,979 Network & Space Systems 3,238 3,545 1,674 1,810 Global Services & Support 4,640 4,947 2,308 2,385 Total Defense, Space & Security 13,418 15,130 6,886 7,174 Boeing Capital 164 148 72 84 Unallocated items, eliminations and other 115 254 68 41 Total revenues $43,715 $47,387 $22,739 $24,755 Earnings/(loss) from operations: Commercial Airplanes $2,782 $60 $1,567 ($973 ) Defense, Space & Security: Boeing Military Aircraft 703 509 382 175 Network & Space Systems 250 301 152 153 Global Services & Support 674 605 356 265 Total Defense, Space & Security 1,627 1,415 890 593 Boeing Capital 64 23 25 18 Segment operating profit/(loss) 4,473 1,498 2,482 (362 ) Unallocated items, eliminations and other 86 (129 ) 53 (57 ) Earnings/(loss) from operations 4,559 1,369 2,535 (419 ) Other income, net 49 39 27 13 Interest and debt expense (180 ) (146 ) (93 ) (73 ) Earnings/(loss) before income taxes 4,428 1,262 2,469 (479 ) Income tax (expense)/benefit (1,216 ) (277 ) (708 ) 245 Net earnings/(loss) $3,212 $985 $1,761 ($234 ) |
Basis Of Presentation Basis of
Basis Of Presentation Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Net cumulative catch-up adjustments [Abstract] | |
Schedule of Change in Accounting Estimate [Table Text Block] | Net cumulative catch-up adjustments to prior years' earnings, including reach-forward losses, across all contracts were as follows: Six months ended June 30 Three months ended June 30 2017 2016 2017 2016 Increase/(Decrease) to Earnings from Operations $263 ($587 ) $231 ($503 ) Increase/(Decrease) to Diluted EPS $0.31 ($0.70 ) $0.27 ($0.39 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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) Six months ended June 30 Three months ended June 30 2017 2016 2017 2016 Net earnings/(loss) $3,212 $985 $1,761 ($234 ) Less: earnings available to participating securities 2 Net earnings/(loss) available to common shareholders $3,210 $985 $1,761 ($234 ) Basic Basic weighted average shares outstanding 608.4 648.5 602.5 636.3 Less: participating securities 0.8 1.0 0.7 1.0 Basic weighted average common shares outstanding 607.6 647.5 601.8 635.3 Diluted Basic weighted average shares outstanding 608.4 648.5 602.5 636.3 Dilutive potential common shares (1) 6.9 6.4 7.1 Diluted weighted average shares outstanding 615.3 654.9 609.6 636.3 Less: participating securities 0.8 1.0 0.7 1.0 Diluted weighted average common shares outstanding 614.5 653.9 608.9 635.3 Net earnings/(loss) per share: Basic $5.28 $1.52 $2.93 ($0.37 ) Diluted 5.22 1.51 2.89 (0.37 ) (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) Six months ended June 30 Three months ended June 30 2017 2016 2017 2016 Performance awards 5.2 7.5 4.7 7.3 Performance-based restricted stock units 0.9 2.6 0.5 3.3 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consisted of the following: June 30 December 31 Long-term contracts in progress $13,961 $12,801 Commercial aircraft programs 53,240 52,048 Commercial spare parts, used aircraft, general stock materials and other 5,356 5,446 Inventory before advances and progress billings 72,557 70,295 Less advances and progress billings (30,104 ) (27,096 ) Total $42,453 $43,199 |
Customer Financing (Tables)
Customer Financing (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Customer Financing [Abstract] | |
Schedule Of Customer Financing | Customer financing primarily relates to the Boeing Capital ( BCC ) segment and consisted of the following: June 30 December 31 Financing receivables: Investment in sales-type/finance leases $1,425 $1,482 Notes 884 807 Total financing receivables 2,309 2,289 Operating lease equipment, at cost, less accumulated depreciation of $339 and $359 1,653 1,922 Gross customer financing 3,962 4,211 Less allowance for losses on receivables (15 ) (10 ) Total $3,947 $4,201 |
Financing Receivable Credit Quality Indicators | Our financing receivable balances by internal credit rating category are shown below: Rating categories June 30 December 31 BBB $1,233 $1,324 BB 507 538 B 525 383 CCC 44 44 Total carrying value of financing receivables $2,309 $2,289 |
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: June 30 December 31 717 Aircraft ($290 and $301 accounted for as operating leases) $1,171 $1,282 747-8 Aircraft ($938 and $1,086 accounted for as operating leases) 1,058 1,111 757 Aircraft ($41 and $43 accounted for as operating leases) 238 246 MD-80 Aircraft (accounted for as sales-type finance leases) 232 259 777 Aircraft ($14 and $0 accounted for as operating leases) 167 165 747-400 Aircraft ($90 and $149 accounted for as operating leases) 163 149 767 Aircraft ($28 and $85 accounted for as operating leases) 107 170 737 Aircraft ($97 and $103 accounted for as operating leases) 102 103 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments [Abstract] | |
Schedule Of Investments | Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following: June 30 December 31 Equity method investments (1) $1,220 $1,242 Time deposits 1,028 665 Available-for-sale investments 514 537 Restricted cash & cash equivalents (2) 74 68 Other investments 31 33 Total $2,867 $2,545 (1) Dividends received were $148 and $52 for the six and three months ended June 30, 2017 and $166 and $117 during the same periods in the prior year. (2) Reflects amounts restricted in support of our workers’ compensation programs and insurance premiums. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental | The following table summarizes environmental remediation activity during the six months ended June 30, 2017 and 2016 . 2017 2016 Beginning balance – January 1 $562 $566 Reductions for payments made (23 ) (20 ) Changes in estimates (19 ) 44 Ending balance – June 30 $520 $590 |
Product Warranties | The following table summarizes product warranty activity recorded during the six months ended June 30, 2017 and 2016 . 2017 2016 Beginning balance – January 1 $1,414 $1,485 Additions for current year deliveries 126 195 Reductions for payments made (125 ) (185 ) Changes in estimates (109 ) (84 ) Ending balance – June 30 $1,306 $1,411 |
Financing Commitments | The estimated earliest potential funding dates for these commitments as of June 30, 2017 are as follows: Total July through December 2017 $905 2018 3,542 2019 3,193 2020 1,772 2021 1,644 Thereafter 2,411 $13,467 |
Arrangements With Off-Balance38
Arrangements With Off-Balance Sheet Risk (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30 December 31 June 30 December 31 June 30 December 31 Contingent repurchase commitments $1,374 $1,306 $1,374 $1,306 $10 $9 Indemnifications to ULA: Contributed Delta program launch inventory 72 77 Contract pricing 261 261 7 7 Other Delta contracts 196 216 5 5 Credit guarantees 111 29 79 27 7 2 |
Postretirement Plans (Tables)
Postretirement Plans (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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: Six months ended June 30 Three months ended June 30 Pension Plans 2017 2016 2017 2016 Service cost $201 $326 $100 $163 Interest cost 1,496 1,526 748 762 Expected return on plan assets (1,922 ) (1,998 ) (961 ) (999 ) Amortization of prior service (credits)/costs (20 ) 20 (10 ) 10 Recognized net actuarial loss 402 394 201 197 Settlement/curtailment/other losses 1 33 18 Net periodic benefit cost $158 $301 $78 $151 Net periodic benefit cost included in Earnings from operations $434 $1,092 $100 $463 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Periodic Benefit Cost | Six months ended June 30 Three months ended June 30 Other Postretirement Benefits 2017 2016 2017 2016 Service cost $53 $64 $27 $32 Interest cost 114 130 57 65 Expected return on plan assets (4 ) (4 ) (2 ) (2 ) Amortization of prior service credits (68 ) (62 ) (34 ) (31 ) Recognized net actuarial loss 6 12 3 6 Net periodic benefit cost $101 $140 $51 $70 Net periodic benefit cost included in Earnings from operations $143 $150 $58 $62 Required pension contributions under the Employee Retirement Income Security Act, as well as rules governing funding of our non-US pension plans, are expected to be minimal in 2017. We plan to make contributions to our pension plans during the third quarter of $500 in cash and $3,500 in Boeing common stock. These contributions would exceed our previously announced plan to contribute approximately $500 to our pension plans in 2017. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Accumulated other comprehensive income | Changes in Accumulated other comprehensive loss (AOCI) by component for the six and three months ended June 30, 2017 and 2016 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, 2016 ($39 ) ($197 ) ($12,512 ) ($12,748 ) Other comprehensive income/(loss) before reclassifications 7 (1 ) 41 (385 ) (338 ) Amounts reclassified from AOCI 43 248 (2) 291 Net current period Other comprehensive income/(loss) 7 (1 ) 84 (137 ) (47 ) Balance at June 30, 2016 ($32 ) ($1 ) ($113 ) ($12,649 ) ($12,795 ) Balance at January 1, 2017 ($143 ) ($2 ) ($127 ) ($13,351 ) ($13,623 ) Other comprehensive income before reclassifications 77 71 1 149 Amounts reclassified from AOCI 34 206 (2) 240 Net current period Other comprehensive income 77 105 207 389 Balance at June 30, 2017 ($66 ) ($2 ) ($22 ) ($13,144 ) ($13,234 ) Balance at March 31, 2016 ($16 ) ($2 ) ($116 ) ($12,704 ) ($12,838 ) Other comprehensive (loss)/income before reclassifications (16 ) 1 (17 ) (65 ) (97 ) Amounts reclassified from AOCI 20 120 (2) 140 Net current period Other comprehensive income (16 ) 1 3 55 43 Balance at June 30, 2016 ($32 ) ($1 ) ($113 ) ($12,649 ) ($12,795 ) Balance at March 31, 2017 ($109 ) ($1 ) ($59 ) ($13,246 ) ($13,415 ) Other comprehensive income/(loss) before reclassifications 43 (1 ) 19 61 Amounts reclassified from AOCI 18 102 (2) 120 Net current period Other comprehensive income/(loss) 43 (1 ) 37 102 181 Balance at June 30, 2017 ($66 ) ($2 ) ($22 ) ($13,144 ) ($13,234 ) (1) Net of tax. (2) Primarily relates to amortization of actuarial losses for the six and three months ended June 30, 2016 totaling $261 and $130 (net of tax of ($145) and ($73) ) and for the six and three months ended June 30, 2017 totaling $263 and $131 (net of tax of ($145) and ($73) ). These are included in the net periodic pension cost of which a portion is allocated to production as inventoried costs. See Note 17 . |
Derivative Financial Instrume41
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30 December 31 June 30 December 31 June 30 December 31 Derivatives designated as hedging instruments: Foreign exchange contracts $2,647 $2,584 $83 $34 ($102 ) ($225 ) Interest rate contracts 125 125 5 6 Commodity contracts 19 53 3 7 (5 ) (5 ) Derivatives not receiving hedge accounting treatment: Foreign exchange contracts 487 465 20 21 (15 ) (17 ) Commodity contracts 615 648 Total derivatives $3,893 $3,875 111 68 (122 ) (247 ) Netting arrangements (57 ) (45 ) 57 45 Net recorded balance $54 $23 ($65 ) ($202 ) (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: Six months ended June 30 Three months ended June 30 2017 2016 2017 2016 Effective portion recognized in Other comprehensive income/(loss), net of taxes: Foreign exchange contracts $76 $41 $20 ($21 ) Commodity contracts (5 ) (1 ) 4 Effective portion reclassified out of Accumulated other comprehensive loss into earnings, net of taxes: Foreign exchange contracts (32 ) (38 ) (17 ) (17 ) Commodity contracts (2 ) (5 ) (1 ) (3 ) Forward points recognized in Other income, net: Foreign exchange contracts 2 4 1 2 Undesignated derivatives recognized in Other income, net: Foreign exchange contracts 5 (2 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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. June 30, 2017 December 31, 2016 Total Level 1 Level 2 Total Level 1 Level 2 Assets Money market funds $2,016 $2,016 $2,858 $2,858 Available-for-sale investments: Commercial paper 97 $97 162 $162 Corporate notes 341 341 271 271 U.S. government agencies 61 61 63 63 Other 29 29 46 46 Derivatives 54 54 23 23 Total assets $2,598 $2,045 $553 $3,423 $2,904 $519 Liabilities Derivatives ($65 ) ($65 ) ($202 ) ($202 ) Total liabilities ($65 ) ($65 ) ($202 ) ($202 ) |
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 six months ended June 30 due to long-lived asset impairment and the fair value and asset classification of the related assets as of the impairment date: 2017 2016 Fair Value Total Losses Fair Value Total Losses Investments $ 1 $ (27 ) Operating lease equipment 65 (16 ) 59 (25 ) Property, plant and equipment 8 (2 ) (4 ) Acquired intangible assets 14 (1 ) 12 (10 ) Total $88 ($46 ) $71 ($39 ) |
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 six months ended June 30, 2017 , 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 $65 Market approach Aircraft value publications $106 - $140 (1) Median $125 Aircraft condition adjustments ($60) - $0 (2) Net ($60) (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: June 30, 2017 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Notes receivable, net $ 884 $ 895 $ 895 Liabilities Debt, excluding capital lease obligations (10,641 ) (12,196 ) (12,095 ) (101 ) December 31, 2016 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Notes receivable, net $ 807 $ 803 $ 803 Liabilities Debt, excluding capital lease obligations (9,815 ) (11,209 ) (11,078 ) (131 ) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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. Six months ended June 30 Three months ended June 30 2017 2016 2017 2016 Commercial Airplanes $959 $777 $362 $349 Boeing Capital 10 9 5 4 Total $969 $786 $367 $353 |
Schedule Of Unallocated Items and Eliminations | Components of Unallocated items, eliminations and other are shown in the following table. Six months ended June 30 Three months ended June 30 2017 2016 2017 2016 Share-based plans ($46 ) ($41 ) ($25 ) ($18 ) Deferred compensation (96 ) (5 ) (46 ) (21 ) Amortization of previously capitalized interest (51 ) (48 ) (20 ) (18 ) Eliminations and other unallocated items (359 ) (198 ) (179 ) (69 ) Sub-total (552 ) (292 ) (270 ) (126 ) Pension 533 79 278 34 Postretirement 105 84 45 35 Pension and Postretirement 638 163 323 69 Total $86 ($129 ) $53 ($57 ) |
Reconciliation of Assets from Segment to Consolidated | Segment assets are summarized in the table below: June 30 December 31 Commercial Airplanes $55,357 $55,527 Defense, Space & Security: Boeing Military Aircraft 6,815 6,698 Network & Space Systems 6,348 6,113 Global Services & Support 4,428 4,020 Total Defense, Space & Security 17,591 16,831 Boeing Capital 3,903 4,139 Unallocated items, eliminations and other 13,185 13,500 Total $90,036 $89,997 |
Summary Of Business Segment D44
Summary Of Business Segment Data (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 22,739 | $ 24,755 | $ 43,715 | $ 47,387 |
Earnings/(loss) from operations | 2,535 | (419) | 4,559 | 1,369 |
Other income, net | 27 | 13 | 49 | 39 |
Interest and debt expense | (93) | (73) | (180) | (146) |
Earnings before income taxes | 2,469 | (479) | 4,428 | 1,262 |
Income tax (expense)/benefit | (708) | 245 | (1,216) | (277) |
Net earnings/(loss) | 1,761 | (234) | 3,212 | 985 |
Operating Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Earnings/(loss) from operations | 2,482 | (362) | 4,473 | 1,498 |
Operating Segments [Member] | Commercial Airplanes [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 15,713 | 17,456 | 30,018 | 31,855 |
Earnings/(loss) from operations | 1,567 | (973) | 2,782 | 60 |
Operating Segments [Member] | Defense, Space & Security [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 6,886 | 7,174 | 13,418 | 15,130 |
Earnings/(loss) from operations | 890 | 593 | 1,627 | 1,415 |
Operating Segments [Member] | Defense, Space & Security [Member] | Boeing Military Aircraft [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,904 | 2,979 | 5,540 | 6,638 |
Earnings/(loss) from operations | 382 | 175 | 703 | 509 |
Operating Segments [Member] | Defense, Space & Security [Member] | Network & Space Systems [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 1,674 | 1,810 | 3,238 | 3,545 |
Earnings/(loss) from operations | 152 | 153 | 250 | 301 |
Operating Segments [Member] | Defense, Space & Security [Member] | Global Services & Support [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 2,308 | 2,385 | 4,640 | 4,947 |
Earnings/(loss) from operations | 356 | 265 | 674 | 605 |
Operating Segments [Member] | Boeing Capital [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 72 | 84 | 164 | 148 |
Earnings/(loss) from operations | 25 | 18 | 64 | 23 |
Unallocated items, eliminations and other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 68 | 41 | 115 | 254 |
Earnings/(loss) from operations | $ 53 | $ (57) | $ 86 | $ (129) |
Basis Of Presentation (Details)
Basis Of Presentation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Jan. 01, 2016 | |
Basis of Presentation [Line Items] | ||||||
Change in diluted earnings per share due to net favorable/(unfavorable) cumulative catch-up adjustments | $ 0.27 | $ (0.39) | $ 0.31 | $ (0.70) | ||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate | $ 231,000,000 | $ (503,000,000) | $ 263,000,000 | $ (587,000,000) | ||
Pro Forma [Member] | Retained Earnings [Member] | ||||||
Basis of Presentation [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 1,000 | |||||
Pro Forma [Member] | Sales Revenue, Net [Member] | ||||||
Basis of Presentation [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 10,000 | |||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 1,000 | |||||
Pro Forma [Member] | Operating Income (Loss) [Member] | ||||||
Basis of Presentation [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 1,000 | |||||
Assets [Member] | Pro Forma [Member] | ||||||
Basis of Presentation [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 20,000 | |||||
Defense Contracts [Member] | Pro Forma [Member] | Sales Revenue, Net [Member] | ||||||
Basis of Presentation [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 2,000 | |||||
Operating Segments [Member] | Pro Forma [Member] | Operating Income (Loss) [Member] | ||||||
Basis of Presentation [Line Items] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 400 |
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 | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Earnings Per Share [Abstract] | |||||
Net earnings/(loss) | $ 1,761 | $ (234) | $ 3,212 | $ 985 | |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 2 | ||||
Net earnings available to common shareholders | $ 1,761 | $ (234) | $ 3,210 | $ 985 | |
Basic weighted average shares outstanding | 602.5 | 636.3 | 608.4 | 648.5 | |
Participating securities | 0.7 | 1 | 0.8 | 1 | |
Basic weighted average common shares outstanding | 601.8 | 635.3 | 607.6 | 647.5 | |
Basic weighted average shares outstanding | 602.5 | 636.3 | 608.4 | 648.5 | |
Dilutive potential common shares | [1] | 7.1 | 6.9 | 6.4 | |
Diluted weighted average shares outstanding | 609.6 | 636.3 | 615.3 | 654.9 | |
Participating securities | 0.7 | 1 | 0.8 | 1 | |
Diluted weighted average common shares outstanding | 608.9 | 635.3 | 614.5 | 653.9 | |
Income (Loss) from Continuing Operations, Per Basic Share | $ 2.93 | $ (0.37) | $ 5.28 | $ 1.52 | |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 2.89 | $ (0.37) | $ 5.22 | $ 1.51 | |
[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 47
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Performance Awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computation of diluted earnings | 4.7 | 7.3 | 5.2 | 7.5 |
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 | 0.5 | 3.3 | 0.9 | 2.6 |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 28.70% | 51.10% | 27.50% | 21.90% |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Inventory [Line Items] | ||
Progress Payments Netted Against Inventory for Long-term Contracts or Programs | $ 30,104 | $ 27,096 |
Other Inventory, Gross | 5,356 | 5,446 |
Airplane Program 787 [Member] | ||
Inventory [Line Items] | ||
Inventory, Work in Process, Gross | 32,047 | 32,501 |
Amount of Deferred Costs Related to Long-term Contracts | 26,461 | 27,308 |
Advances on Inventory Purchases | 2,608 | 2,398 |
Unamortized Tooling | 3,390 | 3,625 |
Recovered Production Costs Excess Recoverable Under Existing Firm Orders | 24,246 | |
Unrecovered Production Costs, Excess Unrecoverable under Existing Firm Orders | 5,605 | |
Airplane Program 747 [Member] | ||
Inventory [Line Items] | ||
Unamortized Tooling | 239 | 284 |
Recovered Production Costs Excess Recoverable Under Existing Firm Orders | 195 | |
Unrecovered Production Costs, Excess Unrecoverable under Existing Firm Orders | 44 | |
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 | 192 | 220 |
Capitalized Precontract Costs [Member] | ||
Inventory [Line Items] | ||
Inventory Amount, Unpriced Change Orders for Long-term Contracts or Programs | 806 | 729 |
Early Issue Sales Consideration [Member] | ||
Inventory [Line Items] | ||
Inventory Amount, Unpriced Change Orders for Long-term Contracts or Programs | $ 3,002 | $ 3,117 |
Inventories (Inventory Disclosu
Inventories (Inventory Disclosure Table) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Long-term contracts in progress | $ 13,961 | $ 12,801 |
Commercial aircraft programs | 53,240 | 52,048 |
Commercial spare parts, used aircraft, general stock materials and other | 5,356 | 5,446 |
Inventory before advances and progress billings | 72,557 | 70,295 |
Less advances and progress billings | (30,104) | (27,096) |
Total | $ 42,453 | $ 43,199 |
Customer Financing (Narrative)
Customer Financing (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Customer Financing [Line Items] | ||
Financing Receivable, Individually Evaluated for Impairment | $ 56 | $ 55 |
Impaired Financing Receivable, Recorded Investment | $ 45 | $ 44 |
B Credit Rating [Member] | ||
Customer Financing [Line Items] | ||
Percentage of Credit Default Rates Applied to Customers | 17.50% | |
BB Credit Rating [Member] | ||
Customer Financing [Line Items] | ||
Percentage of Credit Default Rates Applied to Customers | 8.40% | |
BBB 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 | Jun. 30, 2017 | Dec. 31, 2016 |
Customer Financing [Abstract] | ||
Investment in sales-type/finance leases | $ 1,425 | $ 1,482 |
Notes | 884 | 807 |
Total financing receivables | 2,309 | 2,289 |
Operating lease equipment, at cost, less accumulated depreciation of $339 and $359 | 1,653 | 1,922 |
Gross customer financing | 3,962 | 4,211 |
Less allowance for losses on receivables | (15) | (10) |
Total | 3,947 | 4,201 |
Operating lease equipment- Accumulated depreciation | $ 339 | $ 359 |
Customer Financing (Financing R
Customer Financing (Financing Receivable Credit Quality Indicators) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying value of financing receivables | $ 2,309 | $ 2,289 |
BBB Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying value of financing receivables | 1,233 | 1,324 |
BB Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying value of financing receivables | 507 | 538 |
B Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying value of financing receivables | 525 | 383 |
CCC Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying value of financing receivables | $ 44 | $ 44 |
Customer Financing (Carrying Va
Customer Financing (Carrying Values Related to Major Aircraft Concentrations) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Customer Financing [Line Items] | ||
Customer financing carrying value | $ 3,962 | $ 4,211 |
Operating leases | 1,653 | 1,922 |
B-717 [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 1,171 | 1,282 |
Operating leases | 290 | 301 |
B747-8 [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 1,058 | 1,111 |
Operating leases | 938 | 1,086 |
B-757 [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 238 | 246 |
Operating leases | 41 | 43 |
MD 80 Aircraft [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 232 | 259 |
B-777 [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 167 | 165 |
Operating leases | 14 | |
B747-400 aircraft [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 163 | 149 |
Operating leases | 90 | 149 |
B-767 [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 107 | 170 |
Operating leases | 28 | 85 |
B-737 [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 102 | 103 |
Operating leases | $ 97 | $ 103 |
Investments (Schedule Of Invest
Investments (Schedule Of Investments) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | ||
Investments [Abstract] | ||||||
Equity method investments | [1] | $ 1,220 | $ 1,220 | $ 1,242 | ||
Time deposits | 1,028 | 1,028 | 665 | |||
Available-for-sale investments | 514 | 514 | 537 | |||
Restricted Cash and Cash Equivalents | [2] | 74 | 74 | 68 | ||
Other investments | 31 | 31 | 33 | |||
Total | 2,867 | 2,867 | $ 2,545 | |||
Dividends received | $ 52 | $ 117 | $ 148 | $ 166 | ||
[1] | Dividends received were $148 and $52 for the six and three months ended June 30, 2017 and $166 and $117 during the same periods in the prior year. | |||||
[2] | Reflects amounts restricted in support of our workers’ compensation programs and insurance premiums. |
Other Assets (Narrative) (Detai
Other Assets (Narrative) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Other Assets [Line Items] | ||
Net receivable balance recorded in Other assets | $ 1,470 | $ 1,416 |
Spirit Aerosystems [Member] | ||
Other Assets [Line Items] | ||
Loss Contingency, Receivable | 143 | 143 |
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 |
Commitments And Contingencies57
Commitments And Contingencies (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2017USD ($)aircraft | Mar. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)aircraft | Jun. 30, 2016USD ($) | Jan. 27, 2017USD ($) | Dec. 31, 2016USD ($) | Aug. 31, 2016USD ($) | Dec. 31, 2011USD ($) | |
Commitments And Contingencies [Line Items] | |||||||||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 852 | $ 852 | $ 857 | ||||||
Letters of Credit Outstanding, Amount | 3,858 | 3,858 | 4,701 | ||||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate | (231) | $ 503 | (263) | $ 587 | |||||
Financing Commitment [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Other Commitment | 13,467 | 13,467 | 14,847 | ||||||
Total Contractual Trade-In Commitment [Member] | Commercial Aircraft Commitments [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Other Commitment | 1,719 | 1,719 | 1,485 | ||||||
Net Amounts Payable to Customers Related to Probable Contractual Trade-In Commitments [Member] | Commercial Aircraft Commitments [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Other Commitment | 107 | 107 | 126 | ||||||
Fair Value of Trade In Value of Aircraft [Member] | Commercial Aircraft Commitments [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Other Commitment | 107 | $ 107 | 126 | ||||||
Minimum [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Trade-In Commitment Expiration Date | 2,017 | ||||||||
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 | 13,467 | $ 13,467 | |||||||
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 | 23 | 23 | |||||||
F/A-18 Program [Member] | Capitalized Precontract Costs [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Loss Contingency, Estimate of Possible Loss | $ 91 | $ 91 | |||||||
F/A-18 Program [Member] | Potential Termination Liabilities [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Loss Contingency, Estimate of Possible Loss | 999 | 999 | |||||||
KC-46A Tanker [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate | $ 142 | ||||||||
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 | $ 525 | $ 525 | |||||||
KC-46A Tanker [Member] | EMD Contract | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Contract Value | $ 4,900 | ||||||||
KC-46A Tanker [Member] | Low Rate Initial Production [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Contract Value | $ 2,800 | ||||||||
KC-46A Tanker [Member] | LRIP 3 [Member] | |||||||||
Commitments And Contingencies [Line Items] | |||||||||
Contract Value | $ 2,100 |
Commitments And Contingencies58
Commitments And Contingencies (Environmental) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Environmental [Roll Forward] | ||
Beginning balance – January 1 | $ 562 | $ 566 |
Reductions for payments made | (23) | (20) |
Changes in estimates | (19) | 44 |
Ending balance – June 30 | $ 520 | $ 590 |
Commitments And Contingencies59
Commitments And Contingencies (Product Warranties) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Product Warranties [Roll Forward] | ||
Beginning balance – January 1 | $ 1,414 | $ 1,485 |
Additions for current year deliveries | 126 | 195 |
Reductions for payments made | (125) | (185) |
Changes in estimates | (109) | (84) |
Ending balance – June 30 | $ 1,306 | $ 1,411 |
Commitments And Contingencies60
Commitments And Contingencies (Financing Commitments) (Details) - Financing Commitment [Member] - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Financing Commitments [Line Items] | ||
July through December 2017 | $ 905 | |
2,018 | 3,542 | |
2,019 | 3,193 | |
2,020 | 1,772 | |
2,021 | 1,644 | |
Thereafter | 2,411 | |
Total | $ 13,467 | $ 14,847 |
Arrangements With Off-Balance61
Arrangements With Off-Balance Sheet Risk (Narrative) (Details) $ in Millions | 1 Months Ended | 234 Months Ended | |||
Dec. 31, 2011USD ($) | Jun. 30, 2011USD ($) | Dec. 31, 2036 | Jun. 30, 2017USD ($)satellites | Dec. 31, 2016USD ($) | |
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 | 1,288 | ||||
Revenues and cost of sales recorded under inventory supply agreement | 1,500 | ||||
Payments received under inventory supply agreement | 1,740 | ||||
Payments made under inventory supply agreement | 48 | ||||
Contributed Delta Program Launch Inventory [Member] | ULA [Member] | |||||
Guarantees [Line Items] | |||||
Maximum Potential Payments | 72 | $ 77 | |||
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] | |||||
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 | 196 | 216 | |||
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 | 111 | 29 | |||
Carrying Amount of Liabilities | 7 | $ 2 | |||
Guarantor Obligations, Term | 2,036 | ||||
Maximum [Member] | Indemnification Agreement [Member] | |||||
Guarantees [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss | $ 277 |
Arrangements With Off-Balance62
Arrangements With Off-Balance Sheet Risk (Third Party Guarantees) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Contingent Repurchase Commitments [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | $ 1,374 | $ 1,306 |
Estimated Proceeds from Collateral or Recourse | 1,374 | 1,306 |
Carrying Amount of Liabilities | 10 | 9 |
Credit Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 111 | 29 |
Estimated Proceeds from Collateral or Recourse | 79 | 27 |
Carrying Amount of Liabilities | 7 | 2 |
ULA [Member] | Contributed Delta Program Launch Inventory [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 72 | 77 |
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 | 196 | 216 |
Carrying Amount of Liabilities | $ 5 | $ 5 |
Debt Narrative (Details)
Debt Narrative (Details) $ in Millions | Feb. 16, 2017USD ($) |
Debt Instrument [Line Items] | |
Debt Instrument, Issuance Date | Feb. 16, 2017 |
Debt Instrument, Face Amount | $ 900 |
Proceeds from Debt, Net of Issuance Costs | 872 |
Two Point One Two Five Percent due on March 1, 2022 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 300 |
Debt Instrument, Maturity Date | Mar. 1, 2022 |
Debt Instrument, Interest Rate, Stated Percentage | 2.125% |
Two Point Eight Percent due on March 1, 2027 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 300 |
Debt Instrument, Maturity Date | Mar. 1, 2027 |
Debt Instrument, Interest Rate, Stated Percentage | 2.80% |
Three Point Six Five Percent due on March 1, 2047 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 300 |
Debt Instrument, Maturity Date | Mar. 1, 2047 |
Debt Instrument, Interest Rate, Stated Percentage | 3.65% |
Postretirement Plans (Net Perio
Postretirement Plans (Net Periodic Benefit Cost Tables) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 100 | $ 163 | $ 201 | $ 326 |
Interest cost | 748 | 762 | 1,496 | 1,526 |
Expected return on plan assets | (961) | (999) | (1,922) | (1,998) |
Amortization of prior service (credits)/costs | (10) | 10 | (20) | 20 |
Recognized net actuarial loss | 201 | 197 | 402 | 394 |
Settlement/curtailment/other losses | 18 | 1 | 33 | |
Net periodic benefit cost | 78 | 151 | 158 | 301 |
Net periodic benefit cost included in Earnings from operations | 100 | 463 | 434 | 1,092 |
Other Postretirement Benefit Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 27 | 32 | 53 | 64 |
Interest cost | 57 | 65 | 114 | 130 |
Expected return on plan assets | (2) | (2) | (4) | (4) |
Amortization of prior service (credits)/costs | (34) | (31) | (68) | (62) |
Recognized net actuarial loss | 3 | 6 | 6 | 12 |
Net periodic benefit cost | 51 | 70 | 101 | 140 |
Net periodic benefit cost included in Earnings from operations | $ 58 | $ 62 | $ 143 | $ 150 |
Postretirement Plans Postretire
Postretirement Plans Postretirement Plans Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Cash Contribution [Member] | |
Defined Contribution Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Contributions in Current Fiscal Year | $ 500 |
Non-Cash Contribution [Member] | |
Defined Contribution Plan Disclosure [Line Items] | |
Defined Benefit Plan, Expected Contributions in Current Fiscal Year | $ 3,500 |
Share-Based Compensation And 66
Share-Based Compensation And Other Compensation Arrangements (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 27, 2017 | Jun. 30, 2017 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units (RSUs) granted to executives | 523,835 | |
Restricted stock units (RSUs) granted to executives (fair value per share) | $ 178.72 | |
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 | 492,273 | |
Restricted stock units (RSUs) granted to executives (fair value per share) | $ 190.17 | |
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 | 21.37% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.46% | |
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, 2019 | |
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 | $ 360 |
Shareholders' Equity (Accumulat
Shareholders' Equity (Accumulated other comprehensive income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | [1] | $ (13,415) | $ (12,838) | $ (13,623) | $ (12,748) |
OCI before reclassifications | [1] | 61 | (97) | 149 | (338) |
Amounts reclassified from AOCI | [1] | 120 | 140 | 240 | 291 |
Net current period Other comprehensive income/(loss) | [1] | 181 | 43 | 389 | (47) |
Ending Balance | [1] | (13,234) | (12,795) | (13,234) | (12,795) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Gain (Loss), Net of Tax | 131 | 130 | 263 | 261 | |
Amortization of actuarial losses included in net periodic pension cost, tax | (73) | (73) | (145) | (145) | |
Currency Translation Adjustments [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (109) | (16) | (143) | (39) | |
OCI before reclassifications | 43 | (16) | 77 | 7 | |
Amounts reclassified from AOCI | |||||
Net current period Other comprehensive income/(loss) | 43 | (16) | 77 | 7 | |
Ending Balance | (66) | (32) | (66) | (32) | |
Unrealized Gains and Losses on Certain Investments [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (1) | (2) | (2) | ||
OCI before reclassifications | (1) | 1 | (1) | ||
Amounts reclassified from AOCI | |||||
Net current period Other comprehensive income/(loss) | (1) | 1 | (1) | ||
Ending Balance | (2) | (1) | (2) | (1) | |
Unrealized Gains and Losses on Derivative Instruments [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (59) | (116) | (127) | (197) | |
OCI before reclassifications | 19 | (17) | 71 | 41 | |
Amounts reclassified from AOCI | 18 | 20 | 34 | 43 | |
Net current period Other comprehensive income/(loss) | 37 | 3 | 105 | 84 | |
Ending Balance | (22) | (113) | (22) | (113) | |
Defined Benefit Pension Plans and Other Postretirement Benefits [Member] | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||
Beginning Balance | (13,246) | (12,704) | (13,351) | (12,512) | |
OCI before reclassifications | (65) | 1 | (385) | ||
Amounts reclassified from AOCI | [2] | 102 | 120 | 206 | 248 |
Net current period Other comprehensive income/(loss) | 102 | 55 | 207 | (137) | |
Ending Balance | $ (13,144) | $ (12,649) | $ (13,144) | $ (12,649) | |
[1] | Net of tax. | ||||
[2] | Primarily relates to amortization of actuarial losses for the six and three months ended June 30, 2016 totaling $261 and $130 (net of tax of ($145) and ($73)) and for the six and three months ended June 30, 2017 totaling $263 and $131 (net of tax of ($145) and ($73)). These are included in the net periodic pension cost of which a portion is allocated to production as inventoried costs. See Note 17. |
Derivative Financial Instrume68
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2020 | Jun. 30, 2017 |
Derivative [Line Items] | |||
Cash flow hedge gain/(loss) to be reclassified during the next 12 months, pre-tax | $ (42) | ||
Fair value of foreign exchange and commodity contracts that have credit-risk-related contingent features that are in a net liability position | $ 27 | ||
Foreign Exchange Contract [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Derivative, Latest Maturity Date | Aug. 22, 2023 | ||
Commodity Contract [Member] | Maximum [Member] | |||
Derivative [Line Items] | |||
Derivative, Latest Maturity Date | Dec. 31, 2020 |
Derivative Financial Instrume69
Derivative Financial Instruments (Schedule of Derivative Instruments, Notional Amounts and Fair Values) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Notional amounts | [1] | $ 3,893 | $ 3,875 |
Other Assets | 111 | 68 | |
Accrued Liabilities | (122) | (247) | |
Netting Arrangements, Other Assets | (57) | (45) | |
Netting Arrangements, Accrued Liabilities | 57 | 45 | |
Net Recorded balance, Other Assets | 54 | 23 | |
Net Recorded balance, Accrued Liabilities | (65) | (202) | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Notional amounts | 2,647 | 2,584 | |
Other Assets | 83 | 34 | |
Accrued Liabilities | (102) | (225) | |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Notional amounts | 125 | 125 | |
Other Assets | 5 | 6 | |
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Notional amounts | 19 | 53 | |
Other Assets | 3 | 7 | |
Accrued Liabilities | (5) | (5) | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Notional amounts | 487 | 465 | |
Other Assets | 20 | 21 | |
Accrued Liabilities | (15) | (17) | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Notional amounts | $ 615 | $ 648 | |
[1] | Notional amounts represent the gross contract/notional amount of the derivatives outstanding. |
Derivative Financial Instrume70
Derivative Financial Instruments (Schedule Of Derivative Instruments, Gains/(Losses)) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Derivative [Line Items] | ||||
Effective portion recognized in other comprehensive income/(loss), net of taxes | $ 19 | $ (17) | $ 71 | $ 41 |
Effective portion reclassified out of Accumulated other comprehensive income/(loss) into earnings, net of taxes | (18) | (20) | (34) | (43) |
Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Effective portion recognized in other comprehensive income/(loss), net of taxes | 20 | (21) | 76 | 41 |
Effective portion reclassified out of Accumulated other comprehensive income/(loss) into earnings, net of taxes | (17) | (17) | (32) | (38) |
Forward points recognized in other income (expense), net | 1 | 2 | 2 | 4 |
Undesignated derivatives recognized in Other income/(expense), net | (2) | 5 | ||
Commodity Contract [Member] | ||||
Derivative [Line Items] | ||||
Effective portion recognized in other comprehensive income/(loss), net of taxes | (1) | 4 | (5) | |
Effective portion reclassified out of Accumulated other comprehensive income/(loss) into earnings, net of taxes | $ (1) | $ (3) | $ (2) | $ (5) |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, Assets | $ 54 | $ 23 |
Derivatives, Liabilities | (65) | (202) |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 2,016 | 2,858 |
Commercial Paper, at Carrying Value | 97 | 162 |
Available-for-sale Securities, Debt Securities | 341 | 271 |
Available for Sale Securities, Government Agencies | 61 | 63 |
Available-for-sale Securities, Equity Securities | 29 | 46 |
Derivatives, Assets | 54 | 23 |
Total assets | 2,598 | 3,423 |
Derivatives, Liabilities | (65) | (202) |
Total liabilities | (65) | (202) |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 2,016 | 2,858 |
Available-for-sale Securities, Equity Securities | 29 | 46 |
Total assets | 2,045 | 2,904 |
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 | 97 | 162 |
Available-for-sale Securities, Debt Securities | 341 | 271 |
Available for Sale Securities, Government Agencies | 61 | 63 |
Derivatives, Assets | 54 | 23 |
Total assets | 553 | 519 |
Derivatives, Liabilities | (65) | (202) |
Total liabilities | $ (65) | $ (202) |
Fair Value Measurements Fair 72
Fair Value Measurements Fair Value, Assets Measured on Nonrecurring Basis Using Unobservable Inputs (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | $ (46) | $ (50) |
Fair Value Measurements Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (46) | (39) |
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 | (16) | (25) |
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 | (2) | (4) |
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 | (1) | (10) |
Fair Value Measurements Nonrecurring [Member] | Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (27) | |
Fair Value Measurements Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total Fair Value | 88 | 71 |
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 | 65 | 59 |
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 | 14 | 12 |
Investments, Fair Value Disclosure | $ 1 |
Fair Value, Assets Measured On
Fair Value, Assets Measured On Nonrecurring Basis, Valuation Techniques (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Jun. 30, 2016 | |
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 | $ 125 | ||
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 | [1] | 106 | |
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 | [1] | 140 | |
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 | (60) | ||
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 | [2] | (60) | |
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 | [2] | 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 | $ 65 | $ 59 | |
[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 Measurements Fair 74
Fair Value Measurements Fair Values And Related Carrying Values of Financial Instruments (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, Fair value | $ 895 | $ 803 |
Debt, excluding capital lease obligations, Fair value | (12,196) | (11,209) |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, Fair value | 895 | 803 |
Debt, excluding capital lease obligations, Fair value | (12,095) | (11,078) |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, excluding capital lease obligations, Fair value | (101) | (131) |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, net Carrying amount | 884 | 807 |
Debt, excluding capital lease obligations, Carrying amount | $ (10,641) | $ (9,815) |
Schedule Of Intersegment Revenu
Schedule Of Intersegment Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Intersegment Revenues | $ 22,739 | $ 24,755 | $ 43,715 | $ 47,387 |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment Revenues | 367 | 353 | 969 | 786 |
Intersegment Eliminations [Member] | Commercial Airplanes [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment Revenues | 362 | 349 | 959 | 777 |
Intersegment Eliminations [Member] | Boeing Capital [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Intersegment Revenues | $ 5 | $ 4 | $ 10 | $ 9 |
Schedule Of Unallocated Items a
Schedule Of Unallocated Items and Eliminations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||||
Share-based plans | $ (98) | $ (97) | ||
Earnings/(loss) from operations | $ 2,535 | $ (419) | 4,559 | 1,369 |
Pension Plans, Defined Benefit [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Pension and Postretirement Expense | (100) | (463) | (434) | (1,092) |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Pension and Postretirement Expense | (58) | (62) | (143) | (150) |
Unallocated items, eliminations and other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Share-based plans | (25) | (18) | (46) | (41) |
Deferred compensation | (46) | (21) | (96) | (5) |
Amortization of previously capitalized interest | (20) | (18) | (51) | (48) |
Eliminations and other unallocated items | (179) | (69) | (359) | (198) |
Sub-total | (270) | (126) | (552) | (292) |
Pension and Postretirement Expense | 323 | 69 | 638 | 163 |
Earnings/(loss) from operations | 53 | (57) | 86 | (129) |
Unallocated items, eliminations and other [Member] | Pension Plans, Defined Benefit [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Pension and Postretirement Expense | 278 | 34 | 533 | 79 |
Unallocated items, eliminations and other [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Pension and Postretirement Expense | $ 45 | $ 35 | $ 105 | $ 84 |
Reconciliation of Assets from S
Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Assets | $ 90,036 | $ 89,997 |
Operating Segments [Member] | Commercial Airplanes [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 55,357 | 55,527 |
Operating Segments [Member] | Defense, Space & Security [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 17,591 | 16,831 |
Operating Segments [Member] | Defense, Space & Security [Member] | Boeing Military Aircraft [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 6,815 | 6,698 |
Operating Segments [Member] | Defense, Space & Security [Member] | Network & Space Systems [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 6,348 | 6,113 |
Operating Segments [Member] | Defense, Space & Security [Member] | Global Services & Support [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 4,428 | 4,020 |
Operating Segments [Member] | Boeing Capital [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 3,903 | 4,139 |
Unallocated items, eliminations and other [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 13,185 | $ 13,500 |