Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 05, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
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 Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding | 588,490,313 | ||
Entity Public Float | $ 117.3 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Sales of products | $ 83,204 | $ 84,399 | $ 85,255 |
Sales of services | 10,188 | 10,172 | 10,859 |
Total revenues | 93,392 | 94,571 | 96,114 |
Cost of products | (68,365) | (72,713) | (73,446) |
Cost of services | (7,631) | (8,018) | (8,578) |
Boeing Capital interest expense | (70) | (59) | (64) |
Total costs and expenses | (76,066) | (80,790) | (82,088) |
Gross profit | 17,326 | 13,781 | 14,026 |
Income (Loss) from Investments | 204 | 303 | 274 |
Income from operating investments, net | 233 | 303 | 274 |
General and administrative expense | (4,094) | (3,616) | (3,525) |
Research and development expense, net | (3,179) | (4,627) | (3,331) |
Gain/(loss) on dispositions, net | 21 | (7) | (1) |
Earnings from operations | 10,278 | 5,834 | 7,443 |
Other income/(loss), net | 129 | 40 | (13) |
Interest and debt expense | (360) | (306) | (275) |
Earnings before income taxes | 10,047 | 5,568 | 7,155 |
Income tax expense | (1,850) | (673) | (1,979) |
Net earnings | $ 8,197 | $ 4,895 | $ 5,176 |
Basic earnings per share | $ 13.60 | $ 7.70 | $ 7.52 |
Diluted earnings/(loss) per share | $ 13.43 | $ 7.61 | $ 7.44 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net earnings | $ 8,197 | $ 4,895 | $ 5,176 |
Currency translation adjustments | 128 | (104) | (92) |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax of ($1), $1, and ($5) | 1 | (2) | 8 |
Unrealized gain/(loss) on derivative instruments: | |||
Unrealized gain/(loss) arising during period, net of tax of ($66), $4 and $77 | 119 | (8) | (140) |
Reclassification adjustment for loss included in net earnings, net of tax of ($28), ($43) and ($43) | 52 | 78 | 79 |
Total unrealized gain/(loss) on derivative instruments, net of tax | 171 | 70 | (61) |
Defined benefit pension plans & other postretirement benefits: | |||
Net actuarial loss arising during the period, net of tax of $248, $752 and $402 | (495) | (1,365) | (732) |
Amortization of actuarial losses included in net periodic pension cost, net of tax of ($272), ($288) and ($570) | 542 | 524 | 1,038 |
Settlements and curtailments included in net income, net of tax of $0, ($7) and ($27) | 14 | 51 | |
Pension and postretirement (cost)/benefit related to our equity method investments, net of tax $5, ($7) and ($2) | (11) | 12 | 3 |
Amortization of prior service (credits)/cost included in net periodic pension cost, net of tax of $59, $31 and ($22) | (117) | (57) | 38 |
Prior service cost arising during the period, net of tax of ($14), ($18) and ($496) | 28 | 33 | 902 |
Total defined benefit pension plans & other postretirement benefits, net of tax | (53) | (839) | 1,300 |
Other comprehensive income/(loss), net of tax | 247 | (875) | 1,155 |
Comprehensive loss related to noncontrolling interests | (2) | (1) | (3) |
Comprehensive income, net of tax | $ 8,442 | $ 4,019 | $ 6,328 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized gain on certain investments, tax | $ (1) | $ 1 | $ (5) |
Unrealized (loss)/gain on derivative instruments: | |||
Unrealized loss arising during period, tax | (66) | 4 | 77 |
Reclassification adjustment for loss/(gain) included in net earnings, tax | (28) | (43) | (43) |
Defined benefit pension plans & other postretirement benefits: | |||
Net actuarial gain/(loss) arising during the period, tax | 248 | 752 | 402 |
Amortization of actuarial losses included in net periodic pension cost, tax | (272) | (288) | (570) |
Settlements and curtailments included in net income, tax | (7) | (27) | |
Pension and post retirement benefits related to our equity method investments, tax | 5 | (7) | (2) |
Amortization of prior service cost included in net periodic pension cost, tax | 59 | 31 | (22) |
Prior service cost arising during the period, tax | $ (14) | $ (18) | $ (496) |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Position - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Assets | |||
Cash and cash equivalents | $ 8,813 | $ 8,801 | |
Short-term and other investments | 1,179 | 1,228 | |
Accounts receivable, net | 10,516 | 8,832 | |
Current portion of customer financing, net | 309 | 428 | |
Inventories, net of advances and progress billings | 44,344 | 43,199 | |
Total current assets | 65,161 | 62,488 | |
Customer financing, net | 2,740 | 3,773 | |
Property, plant and equipment, net | 12,672 | 12,807 | |
Goodwill | 5,559 | 5,324 | |
Acquired intangible assets, net | 2,573 | 2,540 | |
Deferred income taxes | 341 | 332 | |
Investments | 1,260 | 1,317 | |
Other assets, net of accumulated amortization of $482 and $497 | 2,027 | 1,416 | |
Total assets | 92,333 | 89,997 | |
Liabilities and equity | |||
Accounts payable | 12,202 | 11,190 | |
Accrued liabilities | 15,292 | 14,691 | |
Advances and billings in excess of related costs | 27,440 | 23,869 | |
Short-term debt and current portion of long-term debt | 1,335 | 384 | |
Total current liabilities | 56,269 | 50,134 | |
Deferred income taxes | 1,839 | 1,338 | |
Accrued retiree health care | 5,545 | 5,916 | |
Accrued pension plan liability, net | 16,471 | 19,943 | |
Other long-term liabilities | 2,015 | 2,221 | |
Long-term debt | 9,782 | 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 | 6,804 | 4,762 | |
Treasury stock, at cost | (43,454) | (36,097) | |
Retained earnings | 45,320 | 40,714 | |
Accumulated other comprehensive loss | [1] | (13,376) | (13,623) |
Total shareholders’ equity | 355 | 817 | |
Noncontrolling interests | 57 | 60 | |
Total equity | 412 | 877 | |
Total liabilities and equity | $ 92,333 | $ 89,997 | |
[1] | Net of tax. |
Consolidated Statements Of Fin6
Consolidated Statements Of Financial Position (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Other assets, accumulated amortization | $ 482 | $ 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 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows - operation activities: | |||
Net earnings | $ 8,197 | $ 4,895 | $ 5,176 |
Non-cash items - | |||
Share-based plans expense | 202 | 190 | 189 |
Depreciation and amortization | 2,069 | 1,910 | 1,833 |
Investment/asset impairment charges, net | 113 | 90 | 167 |
Customer financing valuation cost/(benefit) | 2 | (7) | (5) |
(Gain)/Loss on dispositions, net | (21) | 7 | 1 |
Other charges and credits, net | 287 | 369 | 364 |
Excess tax benefits from share-based payment arrangements | 157 | ||
Changes in assets and liabilities – | |||
Accounts receivable | (1,821) | 112 | (1,069) |
Inventories, net of advances and progress billings | (1,085) | 3,755 | (1,110) |
Accounts payable | 130 | 622 | (238) |
Accrued liabilities | 573 | 726 | 2 |
Advances and billings in excess of related costs | 3,570 | (493) | 1,192 |
Income taxes receivable, payable and deferred | 857 | (810) | 477 |
Other long-term liabilities | 94 | (68) | 46 |
Pension and other postretirement plans | (582) | 153 | 2,470 |
Customer financing, net | 1,017 | (696) | 167 |
Other | (258) | (256) | (142) |
Net cash provided by operating activities | 13,344 | 10,499 | 9,363 |
Cash flows - investing activities: | |||
Property, plant and equipment additions | (1,739) | (2,613) | (2,450) |
Property, plant and equipment reductions | 92 | 38 | 42 |
Acquisitions, net of cash acquired | (324) | (297) | (31) |
Contributions to investments | (3,601) | (1,719) | (2,036) |
Proceeds from investments | 3,639 | 1,209 | 2,590 |
Purchase of distribution rights | 131 | ||
Other | 2 | 2 | 39 |
Net cash used by investing activities | (2,062) | (3,380) | (1,846) |
Cash flows - financing activities | |||
New borrowings | 2,077 | 1,325 | 1,746 |
Debt repayments | (953) | (1,359) | (885) |
Repayments of distribution rights and other asset financing | (24) | ||
Stock options exercised | 311 | 321 | 399 |
Excess Tax Benefit from Share-based Compensation, Financing Activities | 157 | ||
Employee taxes on certain share-based payment arrangements | (132) | (93) | (96) |
Common shares repurchased | (9,236) | (7,001) | (6,751) |
Dividends paid | (3,417) | (2,756) | (2,490) |
Net cash used by financing activities | (11,350) | (9,587) | (7,920) |
Effect of exchange rate changes on cash and cash equivalents | 80 | (33) | (28) |
Net decrease in cash and cash equivalents | 12 | (2,501) | (431) |
Cash and cash equivalents at beginning of year | 8,801 | 11,302 | 11,733 |
Cash and cash equivalents at end of year | $ 8,813 | $ 8,801 | $ 11,302 |
Consolidated Statements Of Equi
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] |
Beginning Balance at Dec. 31, 2014 | $ 8,790 | $ 5,061 | $ 4,625 | $ (23,298) | $ 36,180 | $ (13,903) | $ 125 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 5,173 | 5,176 | (3) | ||||
Other Comprehensive Income (Loss), Portion Attributable to Parent, net of tax of ($69) in 2017, $425 in 2016, and ($686) in 2015 | 1,155 | 1,155 | |||||
Share-based compensation and related dividend equivalents | 189 | 214 | (25) | ||||
Excess tax pools | 158 | 158 | |||||
Treasury shares issued for stock options exercised, net | 399 | (29) | 428 | ||||
Treasury shares issued for other share-based plans, net | (81) | (134) | 53 | ||||
Common shares repurchased | (6,751) | (6,751) | |||||
Cash dividends declared of $5.97 per share in 2017, $4.69 per share in 2016, and $3.82 per share in 2015 | (2,575) | (2,575) | |||||
Changes in noncontrolling interests | (60) | (60) | |||||
Ending Balance at Dec. 31, 2015 | 6,397 | 5,061 | 4,834 | (29,568) | 38,756 | (12,748) | 62 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 4,894 | 4,895 | (1) | ||||
Other Comprehensive Income (Loss), Portion Attributable to Parent, net of tax of ($69) in 2017, $425 in 2016, and ($686) in 2015 | (875) | (875) | |||||
Share-based compensation and related dividend equivalents | 209 | 244 | (35) | ||||
Excess tax pools | (84) | (84) | |||||
Treasury shares issued for stock options exercised, net | 320 | (63) | 383 | ||||
Treasury shares issued for other share-based plans, net | (80) | (169) | 89 | ||||
Common shares repurchased | (7,001) | (7,001) | |||||
Cash dividends declared of $5.97 per share in 2017, $4.69 per share in 2016, and $3.82 per share in 2015 | (2,902) | (2,902) | |||||
Changes in noncontrolling interests | (1) | (1) | |||||
Ending Balance at Dec. 31, 2016 | 877 | 5,061 | 4,762 | (36,097) | 40,714 | (13,623) | 60 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net earnings | 8,195 | 8,197 | (2) | ||||
Other Comprehensive Income (Loss), Portion Attributable to Parent, net of tax of ($69) in 2017, $425 in 2016, and ($686) in 2015 | 247 | 247 | |||||
Share-based compensation and related dividend equivalents | 203 | 238 | (35) | ||||
Treasury shares issued for stock options exercised, net | 311 | (88) | 399 | ||||
Treasury shares issued for other share-based plans, net | (128) | (190) | 62 | ||||
Treasury shares contributed to pension plans | 3,500 | 2,082 | 1,418 | ||||
Common shares repurchased | (9,236) | (9,236) | |||||
Cash dividends declared of $5.97 per share in 2017, $4.69 per share in 2016, and $3.82 per share in 2015 | (3,556) | (3,556) | |||||
Changes in noncontrolling interests | (1) | (1) | |||||
Ending Balance at Dec. 31, 2017 | $ 412 | $ 5,061 | $ 6,804 | $ (43,454) | $ 45,320 | $ (13,376) | $ 57 |
Consolidated Statements Of Equ9
Consolidated Statements Of Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Other Comprehensive Income (loss), Tax | $ (69) | $ 425 | $ (686) |
Cash dividends declared, per share | $ 5.97 | $ 4.69 | $ 3.82 |
Summary of Business Segment Dat
Summary of Business Segment Data (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Summary Of Business Segment Data | The Boeing Company and Subsidiaries Notes to the Consolidated Financial Statements Summary of Business Segment Data (Dollars in millions) Years ended December 31, 2017 2016 2015 Revenues: Commercial Airplanes $56,729 $58,012 $59,399 Defense, Space & Security 21,057 22,563 23,708 Global Services 14,639 13,925 13,293 Boeing Capital 307 298 413 Unallocated items, eliminations and other 660 (227 ) (699 ) Total revenues $93,392 $94,571 $96,114 Earnings from operations: Commercial Airplanes $5,432 $1,995 $4,284 Defense, Space & Security 2,223 1,966 2,312 Global Services 2,256 2,177 1,835 Boeing Capital 114 59 50 Segment operating profit 10,025 6,197 8,481 Unallocated items, eliminations and other 253 (363 ) (1,038 ) Earnings from operations 10,278 5,834 7,443 Other income/(loss), net 129 40 (13 ) Interest and debt expense (360 ) (306 ) (275 ) Earnings before income taxes 10,047 5,568 7,155 Income tax expense (1,850 ) (673 ) (1,979 ) Net earnings $8,197 $4,895 $5,176 This information is an integral part of the Notes to the Consolidated Financial Statements. See Note 21 for further segment results. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The Consolidated Financial Statements included in this report have been prepared by management of The Boeing Company (herein referred to as “Boeing,” the “Company,” “we,” “us,” or “our”). These statements include the accounts of all majority-owned subsidiaries and variable interest entities that are required to be consolidated. All significant intercompany accounts and transactions have been eliminated. As described in Note 21 , effective July 1, 2017, we now operate in four reportable segments: Commercial Airplanes (BCA); Defense, Space & Security (BDS), Global Services (BGS), and Boeing Capital (BCC). Amounts in prior periods have been reclassified to conform to the current year presentation. Use of Estimates Management makes assumptions and estimates to prepare financial statements in conformity with accounting principles generally accepted in the United States of America. Those assumptions and estimates directly affect the amounts reported in the Consolidated Financial Statements. Significant estimates for which changes in the near term are considered reasonably possible and that may have a material impact on the financial statements are disclosed in these Notes to the Consolidated Financial Statements. Operating Cycle For classification of certain current assets and liabilities, we use the duration of the related contract or program as our operating cycle, which is generally longer than one year . Revenue and Related Cost Recognition Contract Accounting Contract accounting is used for development and production activities predominantly by BDS and for defense contracts at BGS. The majority of these activities are performed under contracts with the U.S. government and other customers that extend over several years. Contract accounting involves a judgmental process of estimating total sales and costs for each contract resulting in the development of estimated cost of sales percentages. For each contract, the amount reported as cost of sales is determined by applying the estimated cost of sales percentage to the amount of revenue recognized. When the current estimates of total sales and costs for a contract indicate a loss, a provision for the entire loss on the contract is recognized. Changes in estimated revenues, cost of sales and the related effect on operating income are recognized using a cumulative catch-up adjustment which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a contract’s percent complete. Net cumulative catch-up adjustments to prior years’ earnings, including reach-forward losses, across all contracts were as follows: 2017 2016 2015 Increase/(decrease) to Earnings from Operations $14 ($912 ) ($224 ) Increase/(decrease) to Diluted EPS $0.02 ($1.25 ) ($0.23 ) Significant adjustments during the three years ended December 31, 2017 included reach-forward losses of $471 , $1,128 and $835 on the USAF KC-46A Tanker contract recorded during 2017, 2016 and 2015. We combine contracts for accounting purposes when they are negotiated as a package with an overall profit margin objective. These essentially represent an agreement to do a single project for a single customer, involve interrelated construction activities with substantial common costs, and are performed concurrently or sequentially. When a group of contracts is combined, revenue and profit are earned uniformly over the performance of the combined contracts. Similarly, we may segment a single contract or group of contracts when a clear economic decision has been made during contract negotiations that would produce different rates of profitability for each element or phase of the contract. Sales related to fixed-price contracts are recognized as deliveries are made, except for certain fixed-price contracts that require substantial performance over an extended period before deliveries begin, for which sales are recorded based on the attainment of performance milestones. Sales related to contracts in which we are reimbursed for costs incurred plus an agreed upon profit are recorded as costs are incurred. The Federal Acquisition Regulations provide guidance on the types of cost that will be reimbursed in establishing contract price. Contracts may contain provisions to earn incentive and award fees if specified targets are achieved. Incentive and award fees that can be reasonably estimated and are probable are recorded over the performance period of the contract. Incentive and award fees that cannot be reasonably estimated are recorded when awarded. Program Accounting Our Commercial Airplanes segment uses program accounting to account for cost of sales related to its programs. Program accounting is applicable to products manufactured for delivery under production-type contracts where profitability is realized over multiple contracts and years. Under program accounting, inventoriable production costs, program tooling and other non-recurring costs, and warranty costs are accumulated and charged to cost of sales by program instead of by individual units or contracts. A program consists of the estimated number of units (accounting quantity) of a product to be produced in a continuing, long-term production effort for delivery under existing and anticipated contracts. The determination of the accounting quantity is limited by the ability to make reasonably dependable estimates of the revenue and cost of existing and anticipated contracts. To establish the relationship of sales to cost of sales, program accounting requires estimates of (a) the number of units to be produced and sold in a program, (b) the period over which the units can reasonably be expected to be produced, and (c) the units’ expected sales prices, production costs, program tooling and other non-recurring costs, and routine warranty costs for the total program. We recognize sales for commercial airplane deliveries as each unit is completed and accepted by the customer. Sales recognized represent the price negotiated with the customer, adjusted by an escalation formula as specified in the customer agreement. The amount reported as cost of sales is determined by applying the estimated cost of sales percentage for the total remaining program to the amount of sales recognized for airplanes delivered and accepted by the customer. Changes in estimated revenues, cost of sales and the related effects on program margins are recognized prospectively except in cases where the program is determined to have a reach-forward loss in which case the loss is recognized in the current period. Reductions to a reach-forward loss are spread over all undelivered units in the accounting quantity, whereas increases to the estimated loss are recorded immediately. See Note 11 . Concession Sharing Arrangements We account for sales concessions to our customers in consideration of their purchase of products and services as a reduction to revenue when the related products and services are delivered. The sales concessions incurred may be partially reimbursed by certain suppliers in accordance with concession sharing arrangements. We record these reimbursements, which are presumed to represent reductions in the price of the vendor’s products or services, as a reduction in Cost of products. Spare Parts Revenue We recognize sales of spare parts upon delivery and the amount reported as cost of sales is recorded at average cost. Service Revenue Service revenue is recognized when the service is performed with the exception of U.S. government service agreements, which are accounted for using contract accounting. Service activities primarily include: support agreements associated with military aircraft and helicopter contracts, space travel on Commercial Crew, ongoing maintenance of International Space Station, military and commercial aircraft training contracts, fleet care, and technical and flight operation services for commercial aircraft. Service revenue and associated cost of sales from pay-in-advance subscription fees are deferred and recognized as services are rendered. Financial Services Revenue We record financial services revenue associated with sales-type/finance leases, operating leases, and notes receivable. Lease and financing revenue arrangements are included in Sales of services on the Consolidated Statements of Operations. For sales-type/finance leases, we record an asset at lease inception. This asset is recorded at the aggregate of future minimum lease payments, estimated residual value of the leased equipment, and deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. Residual values, which are reviewed periodically, represent the estimated amount we expect to receive at lease termination from the disposition of the leased equipment. Actual residual values realized could differ from these estimates. Declines in estimated residual value that are deemed other-than-temporary are recognized in the period in which the declines occur. For operating leases, revenue on leased aircraft and equipment is recorded on a straight-line basis over the term of the lease. Operating lease assets, included in Customer financing, are recorded at cost and depreciated over the period that we project we will hold the asset to an estimated residual value, using the straight-line method. We periodically review our estimates of residual value and recognize forecasted changes by prospectively adjusting depreciation expense. For notes receivable, notes are recorded net of any unamortized discounts and deferred incremental direct costs. Interest income and amortization of any discounts are recorded ratably over the related term of the note. Reinsurance Revenue Our wholly-owned insurance subsidiary, Astro Ltd., participates in a reinsurance pool for workers’ compensation. The member agreements and practices of the reinsurance pool minimize any participating members’ individual risk. Reinsurance revenues were $141 , $147 and $136 during 2017 , 2016 and 2015 , respectively. Reinsurance costs related to premiums and claims paid to the reinsurance pool were $144 , $139 and $132 during 2017 , 2016 and 2015 , respectively. Revenues and costs are presented net in Cost of sales in the Consolidated Statements of Operations. Fleet Support We provide assistance and support to facilitate efficient and safe aircraft operation to the operators of all our commercial airplane models. Collectively known as fleet support, these activities and support services include flight and maintenance training, field service support, engineering support, and technical data and documents. Fleet support activity begins prior to aircraft delivery as the customer receives training, manuals, and technical consulting support. This activity continues throughout the aircraft’s operational life. Services provided after delivery include field service support, consulting on maintenance, repair, and operational issues brought forth by the customer or regulators, updating manuals and engineering data, and the issuance of service bulletins that impact the entire model’s fleet. Field service support involves our personnel located at customer facilities providing and coordinating fleet support activities and requests. The costs for fleet support are expensed as incurred as Cost of services. Research and Development Research and development includes costs incurred for experimentation, design, and testing, as well as bid and proposal efforts related to government products and services which are expensed as incurred unless the costs are related to certain contractual arrangements with customers. Costs that are incurred pursuant to such contractual arrangements are recorded over the period that revenue is recognized, consistent with our contract accounting policy. We have certain research and development arrangements that meet the requirement for best efforts research and development accounting. Accordingly, the amounts funded by the customer are recognized as an offset to our research and development expense rather than as contract revenues. Research and development expense included bid and proposal costs of $288 , $311 and $286 in 2017 , 2016 and 2015 , respectively. Share-Based Compensation We provide various forms of share-based compensation to our employees. For awards settled in shares, we measure compensation expense based on the grant-date fair value net of estimated forfeitures. For awards settled in cash, or that may be settled in cash, we measure compensation expense based on the fair value at each reporting date net of estimated forfeitures. The expense is recognized over the requisite service period, which is generally the vesting period of the award. Income Taxes Provisions for U.S. federal, state and local, and non-U.S. income taxes are calculated on reported Earnings before income taxes based on current tax law and also include, in the current period, the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provisions differ from the amounts currently receivable or payable because certain items of income and expense are recognized in different time periods for financial reporting purposes than for income tax purposes. Significant judgment is required in determining income tax provisions and evaluating tax positions. The accounting for uncertainty in income taxes requires a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. We record a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on our tax return. To the extent that our assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. Tax-related interest and penalties are classified as a component of Income tax expense. Postretirement Plans The majority of our employees have earned benefits under defined benefit pension plans. Nonunion and the majority of union employees that had participated in defined benefit pension plans transitioned to a company-funded defined contribution retirement savings plan in 2016. We also provide postretirement benefit plans other than pensions, consisting principally of health care coverage to eligible retirees and qualifying dependents. Benefits under the pension and other postretirement benefit plans are generally based on age at retirement and years of service and, for some pension plans, benefits are also based on the employee’s annual earnings. The net periodic cost of our pension and other postretirement plans is determined using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate, the long-term rate of asset return, and medical trend (rate of growth for medical costs). A portion of net periodic pension and other postretirement income or expense is not recognized in net earnings in the year incurred because it is allocated to production as product costs, and reflected in inventory at the end of a reporting period. Actuarial gains and losses, which occur when actual experience differs from actuarial assumptions, are reflected in Shareholders’ equity (net of taxes). If actuarial gains and losses exceed ten percent of the greater of plan assets or plan liabilities we amortize them over the average future service period of employees. The funded status of our pension and postretirement plans is reflected on the Consolidated Statements of Financial Position. Postemployment Plans We record a liability for postemployment benefits, such as severance or job training, when payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have vested or accumulated. Environmental Remediation We are subject to federal and state requirements for protection of the environment, including those for discharge of hazardous materials and remediation of contaminated sites. We routinely assess, based on in-depth studies, expert analyses and legal reviews, our contingencies, obligations, and commitments for remediation of contaminated sites, including assessments of ranges and probabilities of recoveries from other responsible parties and/or insurance carriers. Our policy is to accrue and charge to current expense identified exposures related to environmental remediation sites when it is probable that a liability has been incurred and the amount can be reasonably estimated. The amount of the liability is based on our best estimate or the low end of a range of reasonably possible exposure for investigation, cleanup, and monitoring costs to be incurred. Estimated remediation costs are not discounted to present value as the timing of payments cannot be reasonably estimated. We may be able to recover a portion of the remediation costs from insurers or other third parties. Such recoveries are recorded when realization of the claim for recovery is deemed probable. Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid instruments, such as commercial paper, time deposits, and other money market instruments, which have original maturities of three months or less. We aggregate our cash balances by bank where conditions for right of set-off are met, and reclassify any negative balances, consisting mainly of uncleared checks, to Accounts payable. Negative balances reclassified to Accounts payable were $116 and $77 at December 31, 2017 and 2016 . Inventories Inventoried costs on commercial aircraft programs and long-term contracts include direct engineering, production and tooling and other non-recurring costs, and applicable overhead, which includes fringe benefits, production related indirect and plant management salaries and plant services, not in excess of estimated net realizable value. To the extent a material amount of such costs are related to an abnormal event or are fixed costs not appropriately attributable to our programs or contracts, they are expensed in the current period rather than inventoried. Inventoried costs include amounts relating to programs and contracts with long-term production cycles, a portion of which is not expected to be realized within one year. Included in inventory for federal government contracts is an allocation of allowable costs related to manufacturing process reengineering. Commercial aircraft programs inventory includes deferred production costs and supplier advances. Deferred production costs represent actual costs incurred for production of early units that exceed the estimated average cost of all units in the program accounting quantity. Higher production costs are experienced at the beginning of a new or derivative airplane program. Units produced early in a program require substantially more effort (labor and other resources) than units produced later in a program because of volume efficiencies and the effects of learning. We expect that these deferred costs will be fully recovered when all units included in the accounting quantity are delivered as the expected unit cost for later deliveries is below the estimated average cost of all units in the program. Supplier advances represent payments for parts we have contracted to receive from suppliers in the future. As parts are received, supplier advances are amortized to work in process. The determination of net realizable value of long-term contract costs is based upon quarterly reviews that estimate costs to be incurred to complete all contract requirements. When actual contract costs and the estimate to complete exceed total estimated contract revenues, a loss provision is recorded. The determination of net realizable value of commercial aircraft program costs is based upon quarterly program reviews that estimate revenue and cost to be incurred to complete the program accounting quantity. When estimated costs to complete exceed estimated program revenues to go, a program loss provision is recorded in the current period for the estimated loss on all undelivered units in the accounting quantity. Used aircraft purchased by the Commercial Airplanes segment and general stock materials are stated at cost not in excess of net realizable value. See ‘Aircraft Valuation’ within this Note for a discussion of our valuation of used aircraft. Spare parts inventory is stated at lower of average unit cost or net realizable value. We review our commercial spare parts and general stock materials quarterly to identify impaired inventory, including excess or obsolete inventory, based on historical sales trends, expected production usage, and the size and age of the aircraft fleet using the part. Impaired inventories are charged to Cost of products in the period the impairment occurs. Included in inventory for commercial aircraft programs are amounts paid or credited in cash, or other consideration to certain airline customers, that are referred to as early issue sales consideration. Early issue sales consideration is recognized as a reduction to revenue when the delivery of the aircraft under contract occurs. If an airline customer does not perform and take delivery of the contracted aircraft, we believe that we would have the ability to recover amounts paid. However, to the extent early issue sales consideration exceeds advances and is not considered to be otherwise recoverable, it would be written off in the current period. We net advances and progress billings on long-term contracts against inventory in the Consolidated Statements of Financial Position. Advances and progress billings in excess of related inventory are reported in Advances and billings in excess of related costs. Precontract Costs We may, from time to time, incur costs in excess of the amounts required for existing contracts. If we determine the costs are probable of recovery from future orders, then we capitalize the precontract costs we incur, excluding start-up costs which are expensed as incurred. Capitalized precontract costs are included in Inventories, net of advances and progress billings, in the accompanying Consolidated Statements of Financial Position. Should future orders not materialize or we determine the costs are no longer probable of recovery, the capitalized costs would be written off. Property, Plant and Equipment Property, plant and equipment are recorded at cost, including applicable construction-period interest, less accumulated depreciation and are depreciated principally over the following estimated useful lives: new buildings and land improvements, from 10 to 40 years; and new machinery and equipment, from 4 to 20 years. The principal methods of depreciation are as follows: buildings and land improvements, 150% declining balance; and machinery and equipment, sum-of-the-years’ digits. Capitalized internal use software is included in Other assets and amortized using the straight line method over 5 years. We periodically evaluate the appropriateness of remaining depreciable lives assigned to long-lived assets, including assets that may be subject to a management plan for disposition. Long-lived assets held for sale are stated at the lower of cost or fair value less cost to sell. Long-lived assets held for use are subject to an impairment assessment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset. Asset Retirement Obligations We record all known asset retirement obligations for which the liability’s fair value can be reasonably estimated, including certain asbestos removal, asset decommissioning and contractual lease restoration obligations. Recorded amounts are not material. We also have known conditional asset retirement obligations, such as certain asbestos remediation and asset decommissioning activities to be performed in the future, that are not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, these obligations have not been recorded in the Consolidated Financial Statements. A liability for these obligations will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. In addition, there may be conditional asset retirement obligations that we have not yet discovered (e.g., asbestos may exist in certain buildings but we have not become aware of it through the normal course of business), and therefore, these obligations also have not been included in the Consolidated Financial Statements. Goodwill and Other Acquired Intangibles Goodwill and other acquired intangible assets with indefinite lives are not amortized, but are tested for impairment annually and when an event occurs or circumstances change such that it is more likely than not that an impairment may exist. Our annual testing date is April 1. We test goodwill for impairment by performing a qualitative assessment or using a two-step impairment process. If we choose to perform a qualitative assessment and determine it is more likely than not that the carrying value of the net assets is more than the fair value of the related operations, the two-step impairment process is then performed; otherwise, no further testing is required. For operations where the two-step impairment process is used, we first compare the carrying value of net assets to the fair value of the related operations. If the fair value is determined to be less than carrying value, a second step is performed to compute the amount of the impairment. In this process, a fair value for goodwill is estimated, based in part on the fair value of the operations, and is compared to its carrying value. The shortfall of the fair value below carrying value represents the amount of goodwill impairment. Indefinite-lived intangibles consist of brand and trade names acquired in business combinations. We test these intangibles for impairment by comparing their carrying value to current projections of discounted cash flows attributable to the brand and trade names. Any excess carrying value over the amount of discounted cash flows represents the amount of the impairment. Our finite-lived acquired intangible assets are amortized on a straight-line basis over their estimated useful lives as follows: developed technology, from 4 to 14 years; product know-how, from 3 to 30 years; customer base, from 3 to 17 years; distribution rights, from 3 to 27 years; and other, from 2 to 32 years. We evaluate the potential impairment of finite-lived acquired intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset. Investments Time deposits are held-to-maturity investments that are carried at cost. Available-for-sale securities include commercial paper, U.S. government agency securities, and corporate debt securities. Available-for-sale securities are recorded at fair value, and unrealized gains and losses are recorded, net of tax, as a component of accumulated other comprehensive income. Realized gains and losses on available-for-sale securities are recognized based on the specific identification method. Available-for-sale securities are assessed for impairment quarterly. The equity method of accounting is used to account for investments for which we have the ability to exercise significant influence, but not control, over an investee. Significant influence is generally deemed to exist if we have an ownership interest in the voting stock of an investee of between 20% and 50% . We classify investment income and loss on our Consolidated Statements of Operations based on whether the investment is operating or non-operating in nature. Operating investments align strategically and are integrated with our operations. Earnings from operating investments, including our share of income or loss from equity method investments, dividend income from certain cost method investments, and any impairments or gain/loss on the disposition of these investments, are recorded in Income from operating investments, net. Non-operating investments are those we hold for non-strategic purposes. Earnings from non-operating investments, including interest and dividends on marketable securities, and any impairments or gain/loss on the disposition of these investments are recorded in Other income/(expense), net. Derivatives All derivative instruments are recognized in the financial statements and measured at fair value regardless of the purpose or intent of holding them. We use derivative instruments to principally manage a variety of market risks. For derivatives designated as hedges of the exposure to changes in fair value of the recognized asset or liability or a firm commitment (referred to as fair value hedges), the gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. The effect of that accounting is to include in earnings the extent to which the hedge is not effective in achieving offsetting changes in fair value. For our cash flow hedges, the effective portion of the derivative’s gain or loss is initially reported in comprehensive income and is subsequently reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The ineffective portion of the gain or loss of a cash flow hedge is reported in earnings immediately. We have agreements to purchase and sell aluminum to address long-term strategic sourcing objectives and international business requirements. These agreements are derivatives for accounting purposes but are not designated for hedge accounting treatment. We also hold certain derivative instruments for economic purposes that are not designated for hedge accounting treatment. For these aluminum agreements and for other derivative instruments not designated for hedge accounting treatment, the changes in their fair value are recorded in earnings immediately. Aircraft Valuation Used aircraft under trade-in commitments and aircraft under repurchase commitments In conjunction with signing a definitive agreement for the sale of new aircraft (Sale Aircraft), we have entered into trade-in commitments with certain customers that give them the right to trade in used aircraft at a specified price upon the purchase of Sale Aircraft. Additionally, we have entered into contingent repurchase commitments with certain customers wherein we agree to repurchase the Sale Aircraft at a specified price, generally 10 to 15 years after delivery of the Sale Aircraft. Our repurchase of the Sale Aircraft is contingent upon a future, mutually acceptable agreement for the sale of additional new aircraft. If we execute an agreement for the sale of additional new aircraft, and if the customer exercises its right to sell the Sale Aircraft to us, a contingent repurchase commitment would become a trade-in commitment. Our historical experience is that contingent repurchase commitments infrequently become trade-in commitments. Exposure related to trade-in commitments may take the form of: (1) adjustments to revenue for the difference between the contractual trade-in price in the definitive agreement and our best estimate of the fair value of the trade-in aircraft as of the date of such agreement, which would be recognized upon delivery of the Sale Aircraft, and/or (2) charges to cost of products for adverse changes in the fair value of trade-in aircraft that occur subsequent to signing of a definitive agreement for Sale Aircraft but prior to the purchase of the used trade-in aircraft. Estimates based on current aircraft values would be included in Accrued liabilities. The fair value of trade-in aircraft is determined using aircraft-specific data such as model, age and condition, market conditions for specific aircraft and similar models, and multiple valuation sources. This process uses our assessment of the market for |
Goodwill And Acquired Intangibl
Goodwill And Acquired Intangibles | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangibles | Goodwill and Acquired Intangibles Changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2017 and 2016 were as follows: Commercial Airplanes Defense, Space & Security Global Services Total Balance at January 1, 2016 $992 $2,648 $1,486 $5,126 Acquisitions (1) 206 206 Goodwill adjustments (8 ) (8 ) Balance at December 31, 2016 $992 $2,854 $1,478 $5,324 Acquisitions (1) 220 220 Goodwill adjustments 15 15 Balance at December 31, 2017 (1) $992 $3,074 $1,493 $5,559 (1) The increase in goodwill is primarily the result of acquisitions in the fourth quarter of 2016 and 2017. As of December 31, 2017 and 2016 , we had indefinite-lived intangible assets with carrying amounts of $490 relating to trade names. The gross carrying amounts and accumulated amortization of our acquired finite-lived intangible assets were as follows at December 31: 2017 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Distribution rights $2,445 $943 $2,281 $797 Product know-how 522 298 503 271 Customer base 650 479 595 436 Developed technology 556 406 523 376 Other 213 177 194 166 Total $4,386 $2,303 $4,096 $2,046 Amortization expense for acquired finite-lived intangible assets for the years ended December 31, 2017 and 2016 was $240 and $220 . Estimated amortization expense for the five succeeding years is as follows: 2018 2019 2020 2021 2022 Estimated amortization expense $236 $213 $183 $174 $165 During 2017 and 2016 we acquired $298 and $113 of finite-lived intangible assets, of which $55 and $31 related to non-cash investing and financing transactions. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 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) Years ended December 31, 2017 2016 2015 Net earnings $8,197 $4,895 $5,176 Less: earnings available to participating securities 6 3 4 Net earnings available to common shareholders $8,191 $4,892 $5,172 Basic Basic weighted average shares outstanding 603.2 636.5 688.0 Less: participating securities 0.7 1 1.1 Basic weighted average common shares outstanding 602.5 635.5 686.9 Diluted Basic weighted average shares outstanding 603.2 636.5 688.0 Dilutive potential common shares (1) 7.5 7.3 8.1 Diluted weighted average shares outstanding 610.7 643.8 696.1 Less: participating securities 0.7 1.0 1.1 Diluted weighted average common shares outstanding 610.0 642.8 695.0 Net earnings per share: Basic $13.60 $7.70 $7.52 Diluted 13.43 7.61 7.44 (1) Diluted earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards. The following table includes the number of shares that may be dilutive potential common shares in the future. These shares were not included in the computation of diluted earnings per share because the effect was either antidilutive or the performance condition was not met. (Shares in millions) Years ended December 31, 2017 2016 2015 Performance awards 4.1 6.5 5.6 Performance-based restricted stock units 0.5 2.5 2.3 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of earnings before income taxes were: Years ended December 31, 2017 2016 2015 U.S. $9,615 $5,175 $6,828 Non-U.S. 432 393 327 Total $10,047 $5,568 $7,155 Income tax expense/(benefit) consisted of the following: Years ended December 31, 2017 2016 2015 Current tax expense U.S. federal $1,276 $1,193 $2,102 Non-U.S. 149 133 122 U.S. state 23 15 21 Total current 1,448 1,341 2,245 Deferred tax expense U.S. federal 405 (618 ) (297 ) Non-U.S. (1 ) (4 ) 4 U.S. state (2 ) (46 ) 27 Total deferred 402 (668 ) (266 ) Total income tax expense $1,850 $673 $1,979 Net income tax payments were $896 , $1,460 and $1,490 in 2017, 2016 and 2015 , respectively. The following is a reconciliation of the U.S. federal statutory tax rate of 35% to our effective income tax rates: Years ended December 31, 2017 2016 2015 U.S. federal statutory tax 35.0 % 35.0 % 35.0 % Impact of Tax Cuts and Jobs Act (1) (10.5 ) Tax basis adjustment (2) (7.9 ) Federal audit settlements (3) (3.2 ) Excess tax benefits (4) (2.1 ) (1.9 ) Research and development credits (1.6 ) (5.2 ) (3.4 ) U.S. manufacturing activity tax benefit (1.3 ) (3.8 ) (2.9 ) Tax on non-US activities (0.9 ) (0.5 ) (0.6 ) Other provision adjustments (0.2 ) (0.4 ) (0.4 ) Effective income tax rate 18.4 % 12.1 % 27.7 % (1) On December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was enacted. The TCJA revises the U.S. corporate income tax by, among other things, lowering the rate from 35% to 21% effective January 1, 2018, implementing a territorial tax system and imposing a one-time tax on deemed repatriated earnings of non-U.S. subsidiaries. In the fourth quarter of 2017, we recorded provisional tax benefits of $1,210 related to the remeasurement of our net U.S. deferred tax liabilities to reflect the reduction in the corporate tax rate. We also recorded a provisional tax expense of $159 related to tax on non-U.S. activities resulting from the TCJA. (2) In the third quarter of 2016, we recorded incremental tax benefits of $440 related to the application of a 2012 Federal Court of Claims decision which held that the tax basis in certain assets could be increased (tax basis adjustment). (3) In the third quarter of 2016, a tax benefit of $177 was recorded as a result of the settlement of the 2011-2012 federal tax audit. (4) In 2017 and 2016, we recorded excess tax benefits related to employee share-based payments of $207 and $105 . Significant components of our deferred tax (liabilities)/assets at December 31 were as follows: 2017 2016 Inventory and long-term contract methods of income recognition (6,290 ) (9,954 ) Pension benefits 3,690 7,385 Retiree health care benefits 1,319 2,268 Fixed assets, intangibles and goodwill (net of valuation allowance of $16 and $16) (1,259 ) (2,007 ) Other employee benefits 847 1,225 Customer and commercial financing (369 ) (730 ) Accrued expenses and reserves 347 587 Net operating loss, credit and capital loss carryovers (net of valuation allowance of $53 and $79) (1) 299 277 Other (82 ) (57 ) Net deferred tax (liabilities)/assets (2) ($1,498 ) ($1,006 ) (1) Of the deferred tax asset for net operating loss and credit carryovers, $278 expires on or before December 31, 2036 and $21 may be carried over indefinitely. (2) Included in the net deferred tax (liabilities)/assets as of December 31, 2017 and 2016 are deferred tax assets in the amounts of $4,636 and $7,701 related to Accumulated other comprehensive loss. Net deferred tax (liabilities)/assets at December 31 were as follows: 2017 2016 Deferred tax assets $8,459 $13,591 Deferred tax liabilities (9,888 ) (14,502 ) Valuation allowance (69 ) (95 ) Net deferred tax (liabilities)/assets ($1,498 ) ($1,006 ) The deferred tax assets are reduced by a valuation allowance if, based upon available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The TCJA one-time repatriation tax liability effectively taxed the undistributed earnings previously deferred from U.S. income taxes. We have not provided for foreign withholding tax on the undistributed earnings from our non-U.S. subsidiaries because such earnings are considered to be indefinitely reinvested. If such earnings were to be distributed, any foreign withholding tax would not be significant. In accordance with U.S. Securities and Exchange Commission Staff Accounting Bulletin No. 118 the amounts recorded in the fourth quarter of 2017 related to the TCJA represent reasonable estimates based on our analysis to date and are considered to be provisional and subject to revision during 2018. Provisional amounts were recorded for the repatriation tax, the remeasurement of our 2017 U.S. net deferred tax liabilities and ancillary state tax effects. These amounts are considered to be provisional as we continue to assess available tax methods and elections and refine our computations. In addition, further regulatory guidance related to the TCJA is expected to be issued in 2018 which may result in changes to our current estimates. Any revisions to the estimated impacts of TCJA will be recorded quarterly until the computations are complete which is expected no later than the fourth quarter of 2018. As of December 31, 2017 and 2016 , the amounts accrued for the payment of income tax-related interest and penalties included in the Consolidated Statements of Financial Position were not significant. The amounts of interest benefit included in the Consolidated Statements of Operations were not significant for the years ended December 31, 2017, 2016 and 2015 . A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2017 2016 2015 Unrecognized tax benefits – January 1 $1,557 $1,617 $1,312 Gross increases – tax positions in prior periods 3 17 38 Gross decreases – tax positions in prior periods (44 ) (348 ) (25 ) Gross increases – current-period tax positions 220 344 292 Settlements (73 ) Unrecognized tax benefits – December 31 $1,736 $1,557 $1,617 As of December 31 , 2017, 2016 and 2015 , the total amount of unrecognized tax benefits was $1,736 , $1,557 and $1,617 , respectively, of which $1,568 , $1,402 and $1,479 would affect the effective tax rate, if recognized. As of December 31, 2017 , these amounts are primarily associated with U.S. federal tax issues such as the amount of research tax credits claimed, the U.S. manufacturing activity tax benefit and tax basis adjustments. Also included in these amounts are accruals for domestic state tax issues such as the allocation of income among various state tax jurisdictions and the amount of state tax credits claimed. Federal income tax audits have been settled for all years prior to 2013. The Internal Revenue Service (IRS) began the 2013-2014 federal tax audit in the fourth quarter of 2016. We are also subject to examination in major state and non-U.S. 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. Audit outcomes and the timing of audit settlements are subject to significant uncertainty. It is reasonably possible that within the next 12 months unrecognized tax benefits related to federal and state matters under audit may decrease by up to $540 and $430 , respectively, based on current estimates. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2017 | |
Accounts Receivable, Net [Abstract] | |
Accounts Receivable | Accounts Receivable, net Accounts receivable at December 31 consisted of the following: 2017 2016 U.S. government contracts $5,989 $4,639 Commercial Airplanes 1,542 1,375 Global Services (1) 1,472 1,257 Defense, Space & Security (1) 760 533 Reinsurance receivables 467 526 Other 348 567 Less valuation allowance (62 ) (65 ) Total $10,516 $8,832 (1) Excludes U.S. government contracts The following table summarizes our accounts receivable under long-term contracts that were unbillable or related to outstanding claims as of December 31 : Unbillable Claims 2017 2016 2017 2016 Current $2,876 $1,919 $4 $38 Expected to be collected after one year 1,564 2,011 $55 91 Total $4,440 $3,930 $59 $129 Under contract accounting unbillable receivables on long-term contracts arise when the sales or revenues based on performance attainment, though appropriately recognized, cannot be billed yet under terms of the contract as of the balance sheet date. Any adjustment for the credit quality of unbillable receivables, if required, would be recorded as a direct reduction of revenue. Factors considered in assessing the collectability of unbillable receivables include, but are not limited to, a customer’s extended delinquency, requests for restructuring and filings for bankruptcy. Unbillable receivables related to commercial customers expected to be collected after one year were $172 and $172 at December 31, 2017 and 2016 . Accounts receivable related to claims are items that we believe are earned, but are subject to uncertainty concerning their determination or ultimate realization. Accounts receivable, other than those described above, expected to be collected after one year are not material. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories at December 31 consisted of the following: 2017 2016 Long-term contracts in progress $13,889 $12,801 Commercial aircraft programs 52,861 52,048 Commercial spare parts, used aircraft, general stock materials and other 5,688 5,446 Inventory before advances and progress billings 72,438 70,295 Less advances and progress billings (28,094 ) (27,096 ) Total $44,344 $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 $164 and $220 ) at December 31, 2017 and 2016 . See indemnifications to ULA in Note 12 . Included in inventories at December 31, 2017 and 2016 are capitalized precontract costs of $933 and $729 primarily related to KC-46A Tanker, C-17 and F/A-18. See Note 11 . Commercial Aircraft Programs At December 31, 2017 and 2016 , commercial aircraft programs inventory included the following amounts related to the 787 program: $30,695 and $32,501 of work in process (including deferred production costs of $25,358 and $27,308 ), $3,189 and $2,398 of supplier advances, and $3,173 and $3,625 of unamortized tooling and other non-recurring costs. At December 31, 2017 , $22,220 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 $6,311 is expected to be recovered from units included in the program accounting quantity that represent expected future orders. At December 31, 2017 and 2016 , commercial aircraft programs inventory included $151 and $284 of unamortized tooling costs related to the 747 program. At December 31, 2017 , $146 of 747 unamortized tooling costs are expected to be recovered from units included in the program accounting quantity that have firm orders or commitments. The program accounting quantity includes one already completed aircraft which is being remarketed. Commercial aircraft programs inventory included amounts credited in cash or other consideration (early issue sales consideration) to airline customers totaling $2,976 and $3,117 at December 31, 2017 and 2016 . |
Customer Financing
Customer Financing | 12 Months Ended |
Dec. 31, 2017 | |
Customer Financing [Abstract] | |
Customer Financing | Customer Financing Customer financing primarily relates to the BCC segment and consisted of the following at December 31: 2017 2016 Financing receivables: Investment in sales-type/finance leases $1,364 $1,482 Notes 677 807 Total financing receivables 2,041 2,289 Operating lease equipment, at cost, less accumulated depreciation of $320 and $359 1,020 1,922 Gross customer financing 3,061 4,211 Less allowance for losses on receivables (12 ) (10 ) Total $3,049 $4,201 The components of investment in sales-type/finance leases at December 31 were as follows: 2017 2016 Minimum lease payments receivable $1,159 $1,321 Estimated residual value of leased assets 495 505 Unearned income (290 ) (344 ) Total $1,364 $1,482 Operating lease equipment primarily includes large commercial jet aircraft. Financing receivable balances evaluated for impairment at December 31 were as follows: 2017 2016 Individually evaluated for impairment $77 $55 Collectively evaluated for impairment 1,964 2,234 Total financing receivables $2,041 $2,289 We determine a receivable is impaired when, based on current information and events, it is probable that we will be unable to collect amounts due according to the original contractual terms. At December 31, 2017 and 2016 , we individually evaluated for impairment customer financing receivables of $77 and $55 , of which $66 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. Income recognition is generally suspended for financing receivables at the date full recovery of income and principal becomes not probable. Income is recognized when financing receivables become contractually current and performance is demonstrated by the customer . The average recorded investment in impaired financing receivables for the year ended December 31, 2017 was $46 and the related interest income was insignificant. The change in the allowance for losses on financing receivables for the years ended December 31, 2017, 2016 and 2015 , consisted of the following: 2017 2016 2015 Beginning balance - January 1 ($10 ) ($16 ) ($21 ) Customer financing valuation (cost)/benefit (2 ) 6 5 Ending balance - December 31 ($12 ) ($10 ) ($16 ) Collectively evaluated for impairment ($12 ) ($10 ) ($16 ) The adequacy of the allowance for losses is assessed quarterly. Three primary factors influencing the level of our allowance for losses on customer financing receivables are customer credit ratings, default rates and collateral values. We assign internal credit ratings for all customers and determine the creditworthiness of each customer based upon publicly available information and information obtained directly from our customers. Our rating categories are comparable to those used by the major credit rating agencies. Our financing receivable balances at December 31 by internal credit rating category are shown below: Rating categories 2017 2016 BBB $1,170 $1,324 BB 627 538 B 177 383 CCC 67 44 Total carrying value of financing receivables $2,041 $2,289 At December 31, 2017 , our allowance related to receivables with ratings of B, BB and BBB. We applied default rates that averaged 22.6% , 4.7% and 0.9% 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 at December 31: 2017 2016 717 Aircraft ($269 and $301 accounted for as operating leases) $1,081 $1,282 747-8 Aircraft ($467 and $1,086 accounted for as operating leases) 467 1,111 MD-80 Aircraft (Accounted for as sales-type finance leases) 231 259 757 Aircraft ($27 and $43 accounted for as operating leases) 217 246 747-400 Aircraft ($88 and $149 Accounted for as operating leases) 170 149 737 Aircraft ($127 and $103 Accounted for as operating leases) 161 103 767 Aircraft ($25 and $85 accounted for as operating leases) 98 170 777 Aircraft (Accounted for as notes) 14 165 Charges related to customer financing asset impairment for the years ended December 31 were as follows: 2017 2016 2015 Boeing Capital $13 $45 $162 Other Boeing 30 21 Total $43 $66 $162 Scheduled receipts on customer financing are as follows: Year 2018 2019 2020 2021 2022 Beyond 2022 Principal payments on notes receivable $149 $167 $132 $175 $37 $17 Sales-type/finance lease payments receivable 236 223 185 120 107 288 Operating lease equipment payments receivable 417 86 69 53 40 62 |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant And Equipment | Property, Plant and Equipment Property, plant and equipment at December 31 consisted of the following: 2017 2016 Land $530 $535 Buildings and land improvements 14,125 13,796 Machinery and equipment 14,577 13,569 Construction in progress 1,081 1,790 Gross property, plant and equipment 30,313 29,690 Less accumulated depreciation (17,641 ) (16,883 ) Total $12,672 $12,807 Depreciation expense was $1,548 , $1,418 and $1,357 for the years ended December 31, 2017, 2016 and 2015 , respectively. Interest capitalized during the years ended December 31, 2017, 2016 and 2015 totaled $110 , $170 and $158 , respectively. Rental expense for leased properties was $283 , $287 and $267 , for the years ended December 31, 2017, 2016 and 2015 , respectively. At December 31, 2017 , minimum rental payments under capital leases aggregated $147 . Minimum rental payments under operating leases with initial or remaining terms of one year or more aggregated $1,355 , net of sublease payments of $13 at December 31, 2017 . Payments due under operating and capital leases net of sublease amounts and non-cancellable future rentals during the next five years are as follows: 2018 2019 2020 2021 2022 Minimum operating lease payments, net of sublease amounts $216 $201 $157 $115 $96 Minimum capital lease payments 55 37 24 12 4 Accounts payable related to purchases of property, plant and equipment were $196 and $292 for the years ended December 31, 2017 and 2016 . |
Investments
Investments | 12 Months Ended |
Dec. 31, 2017 | |
Investments [Abstract] | |
Investments | Investments Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following at December 31: 2017 2016 Equity method investments (1) $1,214 $1,242 Time deposits 613 665 Available-for-sale investments 508 537 Other investments 30 33 Restricted cash & cash equivalents (2) 74 68 Total $2,439 $2,545 (1) Dividends received were $247 and $314 during 2017 and 2016 . Retained earnings at December 31, 2017 include undistributed earnings from our equity method investments of $307 . (2) Reflects amounts restricted in support of our workers’ compensation programs, employee benefit programs, and insurance premiums. Equity Method Investments Our equity method investments consisted of the following as of December 31: Segment Ownership Percentages Investment Balance 2017 2016 United Launch Alliance BDS 50% $889 $914 Other BCA, BDS, and BGS 325 328 Total equity method investments $1,214 $1,242 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets [Abstract] | |
Other Assets | Other Assets Sea Launch At December 31, 2017 and 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 . In 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. In 2016, the United States District Court for the Central District of California issued a judgment in favor of Boeing. Later that year, we reached an agreement which we believe will enable us to recover the outstanding receivable balance from RSC Energia over the next several years. We continue to pursue collection efforts against the former Ukrainian partners in connection with the court judgment. We 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 RSC Energia and the Ukrainian Sea Launch partners, we could incur additional charges. Spirit AeroSystems As of December 31, 2017 and 2016 , Other assets included $137 and $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. During 2017, the court ruled against Boeing and denied our claim. In January 2018, Boeing filed a notice of appeal with the Delaware Supreme Court. We believe we have substantial arguments on appeal and expect to fully recover from Spirit. |
Liabilities, Commitments And Co
Liabilities, Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Liabilities, Commitments And Contingencies | Liabilities, Commitments and Contingencies Accrued Liabilities Accrued liabilities at December 31 consisted of the following: 2017 2016 Accrued compensation and employee benefit costs $6,659 $5,720 Environmental 524 562 Product warranties 1,211 1,414 Forward loss recognition 1,683 1,385 Dividends payable 1,005 866 Income Taxes Payable 380 89 Other 3,830 4,655 Total $15,292 $14,691 Environmental The following table summarizes environmental remediation activity during the years ended December 31, 2017 and 2016 . 2017 2016 Beginning balance – January 1 $562 $566 Reductions for payments made (45 ) (47 ) Changes in estimates 7 43 Ending balance – December 31 $524 $562 The liabilities recorded represent our best estimate or the low end of a range of reasonably possible costs expected to be incurred to remediate sites, including operation and maintenance over periods of up to 30 years. It is reasonably possible that we may incur charges that exceed these recorded amounts because of regulatory agency orders and directives, changes in laws and/or regulations, higher than expected costs and/or the discovery of new or additional contamination. As part of our estimating process, we develop a range of reasonably possible alternate scenarios that includes the high end of a range of reasonably possible cost estimates for all remediation sites for which we have sufficient information based on our experience and existing laws and regulations. There are some potential remediation obligations where the costs of remediation cannot be reasonably estimated. At December 31, 2017 and 2016 , the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $868 and $857 . Product Warranties The following table summarizes product warranty activity recorded during the years ended December 31, 2017 and 2016 . 2017 2016 Beginning balance – January 1 $1,414 $1,485 Additions for current year deliveries 274 356 Reductions for payments made (241 ) (309 ) Changes in estimates (236 ) (118 ) Ending balance – December 31 $1,211 $1,414 Commercial Aircraft Commitments In conjunction with signing definitive agreements for the sale of new aircraft (Sale Aircraft), we have entered into trade-in commitments with certain customers that give them the right to trade in used aircraft at a specified price upon the purchase of Sale Aircraft. The probability that trade-in commitments will be exercised is determined by using both quantitative information from valuation sources and qualitative information from other sources. The probability of exercise is assessed quarterly, or as events trigger a change, and takes into consideration the current economic and airline industry environments. Trade-in commitments, which can be terminated by mutual consent with the customer, may be exercised only during the period specified in the agreement, and require advance notice by the customer. Trade-in commitment agreements at December 31, 2017 have expiration dates from 2018 through 2026 . At December 31, 2017 and 2016 , total contractual trade-in commitments were $1,462 and $1,485 . As of December 31, 2017 and 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 $155 and $126 and the fair value of the related trade-in aircraft was $155 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 $10,221 and $14,847 as of December 31, 2017 and 2016 . The estimated earliest potential funding dates for these commitments as of December 31, 2017 are as follows: Total 2018 $2,047 2019 2,975 2020 1,396 2021 1,322 2022 935 Thereafter 1,546 $10,221 As of December 31, 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 $3,708 and $4,701 as of December 31, 2017 and 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 December 31, 2017 , ULA’s total remaining obligation to Boeing under the inventory supply agreement was $120 . See Note 6 . F/A-18 At December 31, 2017 , our backlog included 26 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 December 31, 2017 , we had $155 of capitalized precontract costs and $855 of potential termination liabilities to suppliers associated with F/A-18 aircraft not yet ordered. Company Owned Life Insurance McDonnell Douglas Corporation insured its executives with Company Owned Life Insurance (COLI), which are life insurance policies with a cash surrender value. Although we do not use COLI currently, these obligations from the merger with McDonnell Douglas are still a commitment at this time. We have loans in place to cover costs paid or incurred to carry the underlying life insurance policies. As of December 31, 2017 and 2016 , the cash surrender value was $489 and $483 and the total loans were $470 and $456 . As we have the right to offset the loans against the cash surrender value of the policies, we present the net asset in Other assets on the Consolidated Statements of Financial Position as of December 31, 2017 and 2016 . United States Government Defense Environment Overview In November 2017, Congress passed the National Defense Authorization Act for fiscal year 2018 (FY2018), which authorizes a U.S. DoD budget topline higher than the administration’s budget request from May. While the appropriations process for FY2018 remains incomplete, both the House and Senate appropriations committees have also produced bills that increase the U.S. DoD budget topline above the administration’s request . On February 9, 2018, Congress passed a fifth Continuing Resolution that maintains current funding levels through March 23, 2018 and includes increases to the Budget Control Act caps for defense and non-defense spending for FY2018 and FY2019. However, the Budget Control Act continues to mandate limits on U.S. government discretionary spending and remains in effect. As a result, continued budget uncertainty and the risk of future sequestration cuts will remain unless Congress acts to repeal or suspend this law. Funding timeliness also remains a risk. If Congress is unable to pass appropriations bills or an omnibus spending bill before the expiration of the current Continuing Resolution, 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, the Department of Transportation, or other government agencies could result in payment delays, impair our ability to perform work on existing contracts, and/or negatively impact future orders. 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. BDS Fixed-Price Development Contracts Fixed-price development work is inherently uncertain and subject to significant variability in estimates of the cost and time required to complete the work. BDS fixed-price contracts with significant development work include Commercial Crew, Saudi F-15, USAF KC-46A Tanker and commercial and military satellites. The operational and technical complexities of these contracts create financial risk, which could trigger termination provisions, order cancellations or other financially significant exposure. Changes to cost and revenue estimates could result in lower margins or material charges for reach-forward losses. For example, during 2017, we recorded additional reach-forward losses of $471 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 U.S. Air Force (USAF) to design, develop, manufacture and deliver four next generation aerial refueling tankers. This Engineering, Manufacturing and Development (EMD) contract is a fixed-price incentive fee contract valued at $4.9 billion and involves highly complex designs and systems integration. In 2016, the USAF authorized two 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 December 31, 2017 , we had approximately $347 of capitalized precontract costs and $1,024 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. |
Arrangements With Off-Balance S
Arrangements With Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 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 December 31, 2017 2016 2017 2016 2017 2016 Contingent repurchase commitments $1,605 $1,306 $1,605 $1,306 $9 $9 Indemnifications to ULA: Contributed Delta program launch inventory 72 77 Contract pricing 261 261 7 7 Other Delta contracts 191 216 5 Credit guarantees 109 29 55 27 16 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 $1,528 through December 31, 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. In 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, which subsequently 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. The discovery phase of the litigation completed in 2017, and during the fourth quarter, Boeing filed a motion for summary judgment for full recovery of its costs. 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 11 . 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 . Industrial Revenue Bonds Industrial Revenue Bonds (IRB) issued by St. Louis County were used to finance the purchase and/or construction of real and personal property at our St. Louis site. Tax benefits associated with IRBs include a twelve-year property tax abatement and sales tax exemption from St. Louis County. We record these properties on our Consolidated Statements of Financial Position. We have also purchased the IRBs and therefore are the bondholders as well as the borrower/lessee of the properties purchased with the IRB proceeds. The liabilities and IRB assets are equal and are reported net in the Consolidated Statements of Financial Position. As of December 31, 2017 and 2016 , the assets and liabilities associated with the IRBs were $166 and $64 . |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt 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 $871 , after deducting underwriting discounts, commissions and offering expenses. Interest incurred, including amounts capitalized, was $541 , $535 and $497 for the years ended December 31, 2017, 2016 and 2015 , respectively. Interest expense recorded by BCC is reflected as Boeing Capital interest expense on our Consolidated Statements of Operations. Total Company interest payments were $527 , $523 and $488 for the years ended December 31, 2017, 2016 and 2015 , respectively. We have $5,000 currently available under credit line agreements, of which $2,500 is a 364-day revolving credit facility expiring in October 2018 , $2,470 expires in November 2022 , and $30 expires in November 2021 . The 364-day credit facility has a one-year term out option which allows us to extend the maturity of any borrowings one year beyond the aforementioned expiration date. We continue to be in full compliance with all covenants contained in our debt or credit facility agreements. Short-term debt and current portion of long-term debt at December 31 consisted of the following: 2017 2016 Unsecured debt securities $599 $255 Non-recourse debt and notes 33 33 Capital lease obligations 52 57 Commercial Paper 600 Other notes 51 39 Total $1,335 $384 Debt at December 31 consisted of the following: 2017 2016 Unsecured debt securities 0.95% - 4.88% due through 2047 $6,127 5,250 5.80% - 6.88% due through 2043 2,386 2,383 7.25% - 8.75% due through 2043 1,637 1,641 Commercial paper 600 Variable rate: 3-month USD LIBOR plus 12.5 basis points due 2017 $250 Non-recourse debt and notes 6.98% - 7.38% notes due through 2021 94 127 Capital lease obligations due through 2034 138 138 Other notes 135 163 Total debt $11,117 $9,952 As of December 31, 2017 , borrowings of commercial paper of $600 , with a weighted-average interest rate of 1.4% , were supported by unused commitments under the revolving credit agreement. We had no commercial paper borrowings in 2016. Total debt is attributable to: 2017 2016 BCC $2,523 $2,864 Other Boeing 8,594 7,088 Total debt $11,117 $9,952 At December 31, 2017 , $94 of debt (non-recourse debt, notes and capital lease obligations) was collateralized by customer financing assets totaling $231 . Scheduled principal payments for debt and minimum capital lease obligations for the next five years are as follows: 2018 2019 2020 2021 2022 Scheduled principal payments $1,340 $1,275 $1,148 $728 $554 |
Postretirement Plans
Postretirement Plans | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits, Description [Abstract] | |
Postretirement Plans | Postretirement Plans The majority of our employees have earned benefits under defined benefit pension plans. Nonunion and the majority of union employees that had participated in defined benefit pension plans transitioned to a company-funded defined contribution retirement savings plan in 2016. We fund our major pension plans through trusts. Pension assets are placed in trust solely for the benefit of the plans’ participants, and are structured to maintain liquidity that is sufficient to pay benefit obligations as well as to keep pace over the long-term with the growth of obligations for future benefit payments. We also have other postretirement benefits (OPB) other than pensions which consist principally of health care coverage for eligible retirees and qualifying dependents, and to a lesser extent, life insurance to certain groups of retirees. Retiree health care is provided principally until age 65 for approximately half those retirees who are eligible for health care coverage. Certain employee groups, including employees covered by most United Auto Workers bargaining agreements, are provided lifetime health care coverage. The funded status of the plans is measured as the difference between the plan assets at fair value and the projected benefit obligation (PBO). We have recognized the aggregate of all overfunded plans in Other assets, and the aggregate of all underfunded plans in either Accrued retiree health care or Accrued pension plan liability, net. The portion of the amount by which the actuarial present value of benefits included in the PBO exceeds the fair value of plan assets, payable in the next 12 months, is reflected in Accrued liabilities. The components of net periodic benefit cost were as follows: Pension Other Postretirement Benefits Years ended December 31, 2017 2016 2015 2017 2016 2015 Service cost $402 $604 $1,764 $106 $128 $140 Interest cost 2,991 3,050 2,990 229 262 248 Expected return on plan assets (3,847 ) (3,999 ) (4,031 ) (7 ) (8 ) (8 ) Amortization of prior service (credits)/costs (39 ) 38 196 (137 ) (126 ) (136 ) Recognized net actuarial loss 804 790 1,577 10 22 31 Settlement/curtailment/other losses 1 40 290 10 Net periodic benefit cost $312 $523 $2,786 $201 $278 $285 Net periodic benefit cost included in Earnings from operations $639 $1,979 $2,366 $262 $274 $288 The following tables show changes in the benefit obligation, plan assets and funded status of both pensions and OPB for the years ended December 31, 2017 and 2016 . Benefit obligation balances presented below reflect the PBO for our pension plans, and accumulated postretirement benefit obligations (APBO) for our OPB plans. Pension Other Postretirement Benefits 2017 2016 2017 2016 Change in benefit obligation Beginning balance $76,745 $74,388 $6,431 $7,138 Service cost 402 604 106 128 Interest cost 2,991 3,050 229 262 Plan participants’ contributions 1 Amendments (7 ) 6 (35 ) (57 ) Actuarial loss/(gain) 5,653 2,669 (204 ) (612 ) Settlement/curtailment/other (751 ) (63 ) Gross benefits paid (4,658 ) (3,903 ) (481 ) (469 ) Subsidies 33 37 Exchange rate adjustment 18 (7 ) 6 4 Ending balance $80,393 $76,745 $6,085 $6,431 Change in plan assets Beginning balance at fair value $56,692 $56,514 134 $132 Actual return on plan assets 8,552 3,885 15 7 Company contribution 4,025 113 6 6 Plan participants’ contributions 1 4 7 Settlement payments (744 ) (24 ) Benefits paid (4,530 ) (3,791 ) (16 ) (18 ) Exchange rate adjustment 16 (6 ) Ending balance at fair value $64,011 $56,692 $143 $134 Amounts recognized in statement of financial position at December 31 consist of: Other assets $218 $3 Other accrued liabilities (129 ) (113 ) (397 ) (381 ) Accrued retiree health care (5,545 ) (5,916 ) Accrued pension plan liability, net (16,471 ) (19,943 ) Net amount recognized ($16,382 ) ($20,053 ) ($5,942 ) ($6,297 ) Amounts recognized in Accumulated other comprehensive loss at December 31 were as follows: Pension Other Postretirement Benefits 2017 2016 2017 2016 Net actuarial loss/(gain) $22,942 $22,802 ($59 ) $152 Prior service (credits) (1,211 ) (1,243 ) (226 ) (328 ) Total recognized in Accumulated other comprehensive loss $21,731 $21,559 ($285 ) ($176 ) The estimated amount that will be amortized from Accumulated other comprehensive loss into net periodic benefit cost during the year ending December 31, 2018 is as follows: Pension Other Postretirement Benefits Recognized net actuarial loss/(gain) $1,128 ($10 ) Amortization of prior service (credits) (56 ) (126 ) Total $1,072 ($136 ) The accumulated benefit obligation (ABO) for all pension plans was $77,414 and $74,240 at December 31, 2017 and 2016 . Key information for our plans with ABO in excess of plan assets as of December 31 was as follows: 2017 2016 Projected benefit obligation $74,953 $76,586 Accumulated benefit obligation 71,975 74,081 Fair value of plan assets $58,353 $56,530 Assumptions The following assumptions, which are the weighted average for all plans, are used to calculate the benefit obligation at December 31 of each year and the net periodic benefit cost for the subsequent year. December 31, 2017 2016 2015 Discount rate: Pension 3.60 % 4.00 % 4.20 % Other postretirement benefits 3.30 % 3.70 % 3.80 % Expected return on plan assets 6.80 % 6.80 % 7.00 % Rate of compensation increase 5.30 % 4.40 % 4.00 % The discount rate for each plan is determined based on the plans’ expected future benefit payments using a yield curve developed from high quality bonds that are rated as Aa or better by at least half of the four rating agencies utilized as of the measurement date. The yield curve is fitted to yields developed from bonds at various maturity points. Bonds with the ten percent highest and the ten percent lowest yields are omitted. A portfolio of about 400 bonds is used to construct the yield curve. Since corporate bond yields are generally not available at maturities beyond 30 years, it is assumed that spot rates will remain level beyond that 30-year point. The present value of each plan’s benefits is calculated by applying the discount rates to projected benefit cash flows. All bonds are U.S. issues, with a minimum outstanding of $50. The pension fund’s expected return on plan assets assumption is derived from a review of actual historical returns achieved by the pension trust and anticipated future long-term performance of individual asset classes. While consideration is given to recent trust performance and historical returns, the assumption represents a long-term, prospective return. The expected return on plan assets component of the net periodic benefit cost for the upcoming plan year is determined based on the expected return on plan assets assumption and the market-related value of plan assets (MRVA). Since our adoption of the accounting standard for pensions in 1987, we have determined the MRVA based on a five -year moving average of plan assets. As of December 31, 2017 , the MRVA was approximately $2,260 less than the fair market value of assets. Assumed health care cost trend rates were as follows: December 31, 2017 2016 2015 Health care cost trend rate assumed next year 6.00 % 6.50 % 6.50 % Ultimate trend rate 4.50 % 5.00 % 5.00 % Year that trend reached ultimate rate 2021 2021 2021 Assumed health care cost trend rates have a significant effect on the amounts reported for the health care plans. To determine the health care cost trend rates we look at a combination of information including ongoing claims cost monitoring, annual statistical analyses of claims data, reconciliation of forecast claims against actual claims, review of trend assumptions of other plan sponsors and national health trends, and adjustments for plan design changes, workforce changes, and changes in plan participant behavior. A one-percentage-point change in assumed health care cost trend rates would have the following effect: Increase Decrease Effect on total of service and interest cost $45 ($37 ) Effect on postretirement benefit obligation 529 (448 ) Plan Assets Investment Strategy The overall objective of our pension assets is to earn a rate of return over time to satisfy the benefit obligations of the pension plans and to maintain sufficient liquidity to pay benefits and address other cash requirements of the pension fund. Specific investment objectives for our long-term investment strategy include reducing the volatility of pension assets relative to pension liabilities, achieving a competitive total investment return, achieving diversification between and within asset classes and managing other risks. Investment objectives for each asset class are determined based on specific risks and investment opportunities identified. We periodically update our long-term, strategic asset allocations. We use various analytics to determine the optimal asset mix and consider plan liability characteristics, liquidity characteristics, funding requirements, expected rates of return and the distribution of returns. We identify investment benchmarks to evaluate performance for the asset classes in the strategic asset allocation that are market-based and investable where possible. Actual allocations to each asset class vary from target allocations due to periodic investment strategy changes, market value fluctuations, the length of time it takes to fully implement investment allocation positions, and the timing of benefit payments and contributions. Short-term investments and exchange-traded derivatives are used to rebalance the actual asset allocation to the target asset allocation. The asset allocation is monitored and rebalanced on a monthly basis. The actual and target allocations by asset class for the pension assets at December 31 were as follows: Actual Allocations Target Allocations Asset Class 2017 2016 2017 2016 Fixed income 46 % 48 % 47 % 47 % Global equity 31 28 29 29 Private equity 5 5 5 5 Real estate and real assets 8 9 9 9 Hedge funds 10 10 10 10 Total 100 % 100 % 100 % 100 % Fixed income securities are invested primarily in a diversified portfolio of long duration instruments. Global equity securities are invested in a diversified portfolio of U.S. and non-U.S. companies, across various industries and market capitalizations. Real estate and real assets include global private investments that may be held through an investment in a limited partnership (LP) or other fund structures and publicly traded investments (such as Real Estate Investment Trusts (REITs) in the case of real estate). Real estate includes, but is not limited to, investments in office, retail, apartment and industrial properties. Real assets include, but are not limited to, investments in natural resources (such as energy, farmland and timber), commodities and infrastructure. Private equity investment vehicles are primarily limited partnerships (LPs) that mainly invest in U.S. and non-U.S. leveraged buyout, venture capital and special situation strategies. Hedge fund investments seek to capitalize on inefficiencies identified across and within different asset classes or markets. Hedge fund strategy types include, but are not limited to directional, event driven, relative value, long-short and multi-strategy. Investment managers are retained for explicit investment roles specified by contractual investment guidelines. Certain investment managers are authorized to use derivatives, such as equity or bond futures, swaps, options and currency futures or forwards. Derivatives are used to achieve the desired market exposure of a security or an index, transfer value-added performance between asset classes, achieve the desired currency exposure, adjust portfolio duration or rebalance the total portfolio to the target asset allocation. As a percentage of total pension plan assets, derivative net notional amounts were 5.0% and 6.0% for fixed income, including to-be-announced mortgage-backed securities and treasury forwards, and 6.9% and 1.2% for global equity and commodities at December 31, 2017 and 2016 . In August 2017, the Company elected to contribute $3,500 of our common stock to the pension fund. An independent fiduciary was retained to manage and liquidate the stock over time at its discretion. The liquidation of the common stock holdings was completed during the fourth quarter of 2017. Risk Management In managing the plan assets, we review and manage risk associated with funded status risk, interest rate risk, market risk, counterparty risk, liquidity risk and operational risk. Liability matching and asset class diversification are central to our risk management approach and are integral to the overall investment strategy. Further, asset classes are constructed to achieve diversification by investment strategy, by investment manager, by industry or sector and by holding. Investment manager guidelines for publicly traded assets are specified and are monitored regularly through the custodian. Credit parameters for counterparties have been established for managers permitted to trade over-the-counter derivatives. Valuation is governed through several types of procedures, including reviews of manager valuation policies, custodian valuation processes, pricing vendor practices, pricing reconciliation, and periodic, security-specific valuation testing . Fair Value Measurements The following table presents our plan assets using the fair value hierarchy as of December 31, 2017 and 2016 . The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs. December 31, 2017 December 31, 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Fixed income securities: Corporate $19,603 $19,591 $12 $16,730 $16,723 $7 U.S. government and agencies 5,430 5,430 4,876 4,875 1 Mortgage backed and asset backed 760 460 300 706 370 336 Municipal 1,355 1,355 1,398 1,398 Sovereign 1,237 1,237 782 782 Other 118 $59 59 74 $9 65 Derivatives: Assets 49 49 40 40 Liabilities (25 ) (25 ) (38 ) (38 ) Cash equivalents and other short-term investments 1,778 1,778 1,037 1,037 Equity securities: U.S. common and preferred stock 4,615 4,615 5,374 5,373 1 Non-U.S. common and preferred stock 6,204 6,204 5,746 5,746 Derivatives: Assets 4 1 3 6 6 Liabilities (4 ) (4 ) (8 ) (8 ) Private equity Real estate and real assets: Real estate 462 462 468 468 Real assets 705 449 253 3 672 372 295 5 Derivatives: Assets 17 17 4 4 Liabilities (3 ) (3 ) (1 ) (1 ) Total $42,305 $11,790 $30,200 $315 $37,866 $11,968 $25,548 $350 Fixed income common/collective/pooled funds $1,257 $1,625 Fixed income other 303 227 Equity common/collective pooled funds 6,786 4,962 Private equity 2,767 2,639 Real estate and real assets 3,744 3,625 Hedge funds 6,440 5,441 Total investments measured at NAV as a practical expedient $21,297 $18,519 Cash $170 $160 Receivables 436 374 Payables (197 ) (227 ) Total $64,011 $56,692 Fixed income securities are primarily valued upon a market approach, using matrix pricing and considering a security’s relationship to other securities for which quoted prices in an active market may be available, or an income approach, converting future cash flows to a single present value amount. Inputs used in developing fair value estimates include reported trades, broker quotes, benchmark yields, and base spreads. Common/collective/pooled funds are typically common or collective trusts valued at their NAVs that are calculated by the investment manager or sponsor of the fund and have daily or monthly liquidity. Derivatives included in the table above are over-the-counter and are primarily valued using an income approach with inputs that include benchmark yields, swap curves, cash flow analysis, rating agency data and interdealer broker rates. Exchange-traded derivative positions are reported in accordance with changes in daily variation margin which is settled daily and therefore reflected in the payables and receivables portion of the table. Cash equivalents and other short-term investments (which are used to pay benefits) are held in a separate account which consists of a commingled fund (with daily liquidity) and separately held short-term securities and cash equivalents. All of the investments in this cash vehicle are valued daily using a market approach with inputs that include quoted market prices for similar instruments. In the event a market price is not available for instruments with an original maturity of one year or less, amortized cost is used as a proxy for fair value. Common and preferred stock equity securities are primarily valued using a market approach based on the quoted market prices of identical instruments. Private equity and private debt NAV valuations are based on the valuation of the underlying investments, which include inputs such as cost, operating results, discounted future cash flows and market based comparable data. For those investments reported on a one-quarter lagged basis (primarily LPs) we use NAVs, adjusted for subsequent cash flows and significant events. Real estate and real asset NAV valuations are based on valuation of the underlying investments, which include inputs such as cost, discounted future cash flows, independent appraisals and market based comparable data. For those investments reported on a one-quarter lagged basis (primarily LPs) NAVs are adjusted for subsequent cash flows and significant events. Publicly traded REITs and infrastructure stocks are valued using a market approach based on quoted market prices of identical instruments. Exchange-traded commodities futures positions are reported in accordance with changes in daily variation margin which is settled daily and therefore reflected in the payables and receivables portion of the table. Hedge fund NAVs are generally based on the valuation of the underlying investments. This is primarily done by applying a market or income valuation methodology depending on the specific type of security or instrument held. Investments in private equity, private debt, real estate, real assets, and hedge funds are primarily calculated and reported by the General Partner (GP), fund manager or third party administrator. Additionally, some investments in fixed income and equity are made via commingled vehicles and are valued in a similar fashion. Pension assets invested in commingled and limited partnership structures rely on the NAV of these investments as the practical expedient for the valuations. The following tables present a reconciliation of Level 3 assets (excluding investments which are valued using NAVs as a practical expedient) held during the years ended December 31, 2017 and 2016 . Transfers into and out of Level 3 are reported at the beginning-of-year values. January 1 Net Realized and Unrealized Gains/(Losses) Net Purchases, Issuances and Settlements Net Transfers Out of Level 3 December 31 Fixed income securities: Corporate (1) $12 $1 ($1 ) $12 U.S. government and agencies 1 (1 ) Mortgage backed and asset backed (1) 331 $10 (39 ) (2 ) 300 Equity securities: U.S. common and preferred stock 1 (1 ) Real assets 5 (2 ) 3 Total $350 $9 ($40 ) ($4 ) $315 January 1 Net Realized and Unrealized Gains/(Losses) Net Purchases, Issuances and Settlements Net Transfers Out of Level 3 December 31 Fixed income securities: Corporate (1) $11 ($1 ) ($3 ) $7 U.S. government and agencies 1 1 Mortgage backed and asset backed (1) 440 $7 (93 ) (18 ) 336 Equity securities: U.S. common and preferred stock 1 1 Non-U.S. common and preferred stock 2 (2 ) Private equity 3 (3 ) Real assets 6 (1 ) 5 Total $464 $4 ($97 ) ($21 ) $350 (1) Certain fixed income securities were reclassified between mortgage backed and asset backed to corporate on January 1, 2017 and 2016. The changes in unrealized gains for Level 3 mortgage backed and asset backed fixed income securities still held at December 31, 2017 and 2016 were $6 and $4 . OPB Plan Assets The majority of OPB plan assets are invested in a balanced index fund which is comprised of approximately 60% equities and 40% debt securities. The index fund is valued using a market approach based on the quoted market price of an identical instrument (Level 1). The expected rate of return on these assets does not have a material effect on the net periodic benefit cost. Cash Flows Contributions Required pension contributions under the Employee Retirement Income Security Act ( ERISA ), as well as rules governing funding of our non-US pension plans, are not expected to be significant in 2018 . During the third quarter of 2017, we contributed $500 in cash and $3,500 in common stock. We do not expect to make contributions to our pension plans in 2018 . Estimated Future Benefit Payments The table below reflects the total pension benefits expected to be paid from the plans or from our assets, including both our share of the benefit cost and the participants’ share of the cost, which is funded by participant contributions. OPB payments reflect our portion only. Year(s) 2018 2019 2020 2021 2022 2023-2027 Pensions $4,758 $4,712 $4,740 $4,703 $4,631 $22,770 Other postretirement benefits: Gross benefits paid 496 507 517 520 516 2,364 Subsidies (16 ) (16 ) (17 ) (17 ) (17 ) (87 ) Net other postretirement benefits $480 $491 $500 $503 $499 $2,277 Termination Provisions Certain of the pension plans provide that, in the event there is a change in control of the Company which is not approved by the Board of Directors and the plans are terminated within five years thereafter, the assets in the plan first will be used to provide the level of retirement benefits required by ERISA , and then any surplus will be used to fund a trust to continue present and future payments under the postretirement medical and life insurance benefits in our group insurance benefit programs. Should we terminate certain pension plans under conditions in which the plan’s assets exceed that plan’s obligations, the U.S. government will be entitled to a fair allocation of any of the plan’s assets based on plan contributions that were reimbursed under U.S. government contracts. Defined Contribution Plans We provide certain defined contribution plans to all eligible employees. The principal plans are the Company-sponsored 401(k) plans. The expense for these defined contribution plans was $1,522 , $1,413 and $768 in 2017, 2016 and 2015 , respectively. |
Share-Based Compensation And Ot
Share-Based Compensation And Other Compensation Arrangements | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation And Other Compensation Arrangements | Share-Based Compensation and Other Compensation Arrangements Share-Based Compensation Our 2003 Incentive Stock Plan, as amended and restated, permits awards of incentive and non-qualified stock options, stock appreciation rights, restricted stock or units, performance shares, performance restricted stock or units, performance units and other stock and cash-based awards to our employees, officers, directors, consultants, and independent contractors. The aggregate number of shares of our stock authorized for issuance under the plan is 87,000,000 . Shares issued as a result of stock option exercises or conversion of stock unit awards will be funded out of treasury shares, except to the extent there are insufficient treasury shares, in which case new shares will be issued. We believe we currently have adequate treasury shares to satisfy these issuances during 2018 . Share-based plans expense is primarily included in General and administrative expense since it is incentive compensation issued primarily to our executives. The share-based plans expense and related income tax benefit were as follows: Years ended December 31, 2017 2016 2015 Stock options $4 $30 Restricted stock units and other awards 212 189 160 Share-based plans expense $212 $193 $190 Income tax benefit $46 $69 $68 Stock Options We discontinued granting options in 2014, replacing them with performance-based restricted stock units. Options granted through January 2014 had an exercise price equal to the fair market value of our stock on the date of grant and expire ten years after the date of grant. The stock options vested over a period of three years and were fully vested at December 31, 2017 . Stock option activity for the year ended December 31, 2017 is as follows: Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Number of shares under option: Outstanding at beginning of year 8,646,612 $72.64 Exercised (4,224,194) 73.61 Expired (5,200) 89.65 Outstanding at end of year 4,417,218 $71.69 3.93 $986 Exercisable at end of year 4,417,218 $71.69 3.93 $986 The total intrinsic value of options exercised during the years ended December 31, 2017, 2016 and 2015 was $491 , $265 and $385 , with a related tax benefit of $175 , $94 and $135 , respectively. The grant date fair value of stock options vested during the years ended December 31, 2017, 2016 and 2015 was $0 , $27 and $56 , respectively. Restricted Stock Units In February 2017, 2016 and 2015 , we granted to our executives 523,835 , 777,837 and 590,778 restricted stock units (RSUs) as part of our long-term incentive program with grant date fair values of $178.72 , $117.50 and $154.64 per unit, respectively. The RSUs granted under this program will vest and settle in common stock (on a one-for-one basis) on the third anniversary of the grant date. If an executive terminates employment because of retirement, involuntary layoff, disability, or death, the employee (or beneficiary) will receive a proration of stock units based on active employment during the three-year service period. In all other cases, the RSUs will not vest and all rights to the stock units will terminate. In addition to RSUs awarded under our long-term incentive program, we grant RSUs to certain executives and employees to encourage retention or to reward various achievements. These RSUs are labeled other RSUs in the table below. The fair values of all RSUs are estimated using the average of the high and low stock prices on the date of grant. RSU activity for the year ended December 31, 2017 was as follows: Long-Term Incentive Program Other Number of units: Outstanding at beginning of year 1,814,644 1,077,920 Granted 570,538 390,152 Dividends 45,799 30,477 Forfeited (142,907 ) (40,670 ) Distributed (660,972 ) (301,417 ) Outstanding at end of year 1,627,102 1,156,462 Unrecognized compensation cost $98 $82 Weighted average remaining contractual life (years) 1.8 3.4 The number of vested but undistributed RSUs at December 31, 2017 was not significant. Performance-Based Restricted Stock Units Performance-Based Restricted Stock Units (PBRSUs) are stock units that pay out based on the Company’s total shareholder return as compared to a group of peer companies over a three-year period. The award payout can range from 0% to 200% of the initial PBRSU grant, but will not exceed 400% of the initial value (excluding dividend equivalent credits). The PBRSUs granted under this program will vest at the payout amount and settle in common stock (on a one-for-one basis) on the third anniversary of the grant date. If an executive terminates employment because of retirement, involuntary layoff, disability, or death, the employee (or beneficiary) remains eligible under the award and, if the award is earned, will receive a proration of stock units based on active employment during the three-year service period. In all other cases, the PBRSUs will not vest and all rights to the stock units will terminate. In February 2017, 2016 and 2015 , we granted to our executives 492,273 , 721,176 and 556,203 PBRSUs as part of our long-term incentive program. Compensation expense for the award is recognized over the three-year performance period based upon the grant date fair value. The grant date fair values were estimated using a Monte-Carlo simulation model with the assumptions presented below. The model includes no expected dividend yield as the units earn dividend equivalents. Grant Year Grant Date Performance Period Expected Volatility Risk Free Interest Rate Grant Date Fair Value 2017 2/27/2017 3 years 21.37 % 1.46 % 190.17 2016 2/22/2016 3 years 22.44 % 0.92 % 126.74 2015 2/23/2015 3 years 20.35 % 1.03 % 164.26 PBRSU activity for the year ended December 31, 2017 was as follows: Long-Term Incentive Program Number of units: Outstanding at beginning of year 1,746,511 Granted 492,273 Performance based adjustment (1) 137,363 Dividends 54,683 Forfeited (130,367 ) Distributed (748,729 ) Outstanding at end of year 1,551,734 Unrecognized compensation cost $90 Weighted average remaining contractual life (years) 1.8 (1) Represents net incremental number of units issued at vesting based on TSR for units granted in 2014 Other Compensation Arrangements Performance Awards Performance Awards are cash units that pay out based on the achievement of long-term financial goals at the end of a three-year period. Each unit has an initial value of $100 dollars. The amount payable at the end of the three-year performance period may be anywhere from $0 to $200 dollars per unit, depending on the Company’s performance against plan for a three-year period. The Compensation Committee has the discretion to pay these awards in cash, stock, or a combination of both after the three-year performance period. Compensation expense, based on the estimated performance payout, is recognized ratably over the performance period. During 2017, 2016 and 2015 , we granted Performance Awards to our executives as part of our long-term incentive program with the payout based on the achievement of financial goals for each three -year period following the grant date. The minimum payout amount is $0 and the maximum amount we could be required to pay out for the 2017, 2016 and 2015 Performance Awards is $352 , $318 and $312 , respectively. The 2015 grant is expected to be paid out in cash in March 2018 . Deferred Compensation The Company has deferred compensation plans which permit employees to defer a portion of their salary, bonus, certain other incentive awards, and retirement contributions. Participants can diversify these amounts among 22 investment funds including a Boeing stock unit account. Total expense related to deferred compensation was $240 , $46 and $63 in 2017, 2016 and 2015 , respectively. As of December 31, 2017 and 2016 , the deferred compensation liability which is being marked to market was $1,547 and $1,289 . |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity On December 11, 2017 , the Board approved a new repurchase plan for up to $18,000 of common stock, replacing the previously authorized program. The program will expire when we have used all authorized funds or is otherwise terminated. As of December 31, 2017 and 2016 , there were 1,200,000,000 shares of common stock and 20,000,000 shares of preferred stock authorized. No preferred stock has been issued. Changes in Share Balances The following table shows changes in each class of shares: Common Stock Treasury Stock Balance at January 1, 2015 1,012,261,159 305,533,606 Issued (7,288,113 ) Acquired 47,391,861 Balance at December 31, 2015 1,012,261,159 345,637,354 Issued (6,376,868 ) Acquired 55,849,082 Balance at December 31, 2016 1,012,261,159 395,109,568 Issued (20,746,426 ) Acquired 46,859,184 Balance at December 31, 2017 1,012,261,159 421,222,326 Accumulated Other Comprehensive Loss Changes in Accumulated other comprehensive loss (AOCI) by component for the years ended December 31, 2017 , 2016 and 2015 were as follows: Currency Translation Adjustments Unrealized Gains and Losses on Certain Investments Unrealized Gains and Losses on Derivative Instruments Defined Benefit Pension Plans & Other Postretirement Benefits Total (1) Balance at January 1, 2015 $53 ($8 ) ($136 ) ($13,812 ) ($13,903 ) Other comprehensive (loss)/income before reclassifications (92 ) 8 (140 ) 173 (51 ) Amounts reclassified from AOCI 79 1,127 (2) 1,206 Net current period Other comprehensive (loss)/income (92 ) 8 (61 ) 1,300 1,155 Balance at December 31, 2015 ($39 ) $— ($197 ) ($12,512 ) ($12,748 ) Other comprehensive loss before reclassifications (104 ) (2 ) (8 ) (1,320 ) (1,434 ) Amounts reclassified from AOCI 78 481 (2) 559 Net current period Other comprehensive (loss)/income (104 ) (2 ) 70 (839 ) (875 ) Balance at December 31, 2016 ($143 ) ($2 ) ($127 ) ($13,351 ) ($13,623 ) Other comprehensive income/(loss) before reclassifications 128 1 119 (478 ) (230 ) Amounts reclassified from AOCI 52 425 (2) 477 Net current period Other comprehensive income/(loss) 128 1 171 (53 ) 247 Balance at December 31, 2017 ($15 ) ($1 ) $44 ($13,404 ) ($13,376 ) (1) Net of tax. (2) Primarily relates to amortization of actuarial losses for the years ended December 31, 2017 , 2016 , and 2015 totaling $542 , $524 , and $1,038 (net of tax of ($272) , ($288) , and ($570) ), respectively. These are included in the net periodic pension cost of which a portion is allocated to production as inventoried costs. See Note 14 . |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Derivative Instruments [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 2024 . 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 2021 . 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 non-U.S. business requirements. These agreements are derivative instruments for accounting purposes. The quantities of aluminum in these agreements offset and are priced at prevailing market prices. We also hold certain foreign currency forward contracts which do not qualify for hedge accounting treatment. Notional Amounts and Fair Values The notional amounts and fair values of derivative instruments in the Consolidated Statements of Financial Position as of December 31 were as follows: Notional amounts (1) Other assets Accrued liabilities 2017 2016 2017 2016 2017 2016 Derivatives designated as hedging instruments: Foreign exchange contracts $2,930 $2,584 $131 $34 ($63 ) ($225 ) Interest rate contracts 125 125 3 6 Commodity contracts 56 53 4 7 (6 ) (5 ) Derivatives not receiving hedge accounting treatment: Foreign exchange contracts 406 465 16 21 (5 ) (17 ) Commodity contracts 563 648 — Total derivatives $4,080 $3,875 154 68 (74 ) (247 ) Netting arrangements (61 ) (45 ) 61 45 Net recorded balance $93 $23 ($13 ) ($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: Years ended December 31, 2017 2016 Effective portion recognized in Other comprehensive income/(loss), net of taxes: Foreign exchange contracts $123 ($9 ) Commodity contracts (4 ) 1 Effective portion reclassified out of Accumulated other comprehensive loss into earnings, net of taxes: Foreign exchange contracts (50 ) (70 ) Commodity contracts (2 ) (8 ) Forward points recognized in Other income, net: Foreign exchange contracts 8 13 Undesignated derivatives recognized in Other income, net: Foreign exchange contracts 8 (2 ) Based on our portfolio of cash flow hedges, we expect to reclassify losses of $12 (pre-tax) out of Accumulated other comprehensive loss into earnings during the next 12 months. Ineffectiveness related to our hedges recognized in Other income was insignificant for the years ended December 31, 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 December 31, 2017 was $13 . At December 31, 2017 , there was no collateral posted related to our derivatives. |
Significant Group Concentration
Significant Group Concentrations Of Risk | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Significant Group Concentrations Of Risk | Significant Group Concentrations of Risk Credit Risk Financial instruments involving potential credit risk are predominantly with commercial aircraft customers and the U.S. government. Of the $13,639 in gross accounts receivable and gross customer financing included in the Consolidated Statements of Financial Position as of December 31, 2017 , $5,572 related predominantly to commercial aircraft customers ( $2,512 of accounts receivable and $3,060 of customer financing) and $5,989 related to the U.S. government. Of the $3,061 in gross customer financing, $1,828 related to customers we believe have less than investment-grade credit including Silk Way, American, and Hawaiian Airlines who were associated with 14% , 8% , and 7% , respectively, of our financing portfolio. Financing for aircraft is collateralized by security in the related asset and in some instances security in other assets as well. Other Risk As of December 31, 2017 , approximately 37% of our total workforce was represented by collective bargaining agreements. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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. December 31, 2017 December 31, 2016 Total Level 1 Level 2 Total Level 1 Level 2 Assets Money market funds $1,582 $1,582 $2,858 $2,858 Available-for-sale investments: Commercial paper 70 70 162 162 Corporate notes 382 382 271 271 U.S. government agencies 47 47 63 63 Other 18 18 46 46 Derivatives 93 93 23 $23 Total assets $2,192 $1,600 $592 $3,423 $2,904 $519 Liabilities Derivatives ($13 ) ($13 ) ($202 ) ($202 ) Total liabilities ($13 ) ($13 ) ($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 years ended December 31 due to long-lived asset impairment, and the fair value and asset classification of the related assets as of the impairment date: 2017 2016 Fair Value Total Losses Fair Value Total Losses Investments $1 ($44 ) Operating lease equipment 90 (32 ) $84 ($52 ) Other assets and Acquired intangible assets 14 (23 ) 12 (10 ) Property, plant and equipment 8 (2 ) 10 (9 ) Total $113 ($101 ) $106 ($71 ) Investments, Acquired intangible assets and Property, plant and equipment 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 year ended December 31, 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 $90 Market approach Aircraft value publications $140 - $191 (1) Median $167 Aircraft condition adjustments ($77) - $0 (2) Net ($77) (1) The range represents the sum of the highest and lowest values for all aircraft subject to fair value measurement, according to the third party aircraft valuation publications that we use in our valuation process. (2) The negative amount represents the sum, for all aircraft subject to fair value measurement, of all downward adjustments based on consideration of individual aircraft attributes and condition. The positive amount represents the sum of all such upward adjustments. Fair Value Disclosures The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Consolidated Statements of Financial Position at December 31 were as follows: December 31, 2017 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Notes receivable, net $677 $682 $682 Liabilities Debt, excluding capital lease obligations and commercial paper (10,380 ) (11,923 ) (11,823 ) ($100 ) 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 Consolidated Statements of Financial Position, approximate their fair value at December 31, 2017 and 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 | 12 Months Ended |
Dec. 31, 2017 | |
Loss Contingency, Information about Litigation Matters [Abstract] | |
Legal Proceedings | Legal Proceedings Various legal proceedings, claims and investigations related to products, contracts, employment and other matters are pending against us. In addition, we are subject to various U.S. government inquiries and investigations from which civil, criminal or administrative proceedings could result or have resulted in the past. Such proceedings involve or could involve claims by the government for fines, penalties, compensatory and treble damages, restitution and/or forfeitures. Under government regulations, a company, or one or more of its operating divisions or subdivisions, can also be suspended or debarred from government contracts, or lose its export privileges, based on the results of investigations. 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 | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Effective July 1, 2017, we now operate in four reportable segments: BCA , BDS , BGS , and BCC. The new segment, BGS, brings together the Commercial Aviation Services businesses, previously included in the BCA segment, and certain BDS businesses (primarily those previously included in the Global Services & Support segment). All other activities fall within Unallocated items, eliminations and other. See page 51 for the Summary of Business Segment Data, which is an integral part of this note. Prior year numbers have been revised to conform to the current segment presentation. BCA develops, produces and markets commercial jet aircraft principally to the commercial airline industry worldwide. BDS is engaged in the research, development, production and modification of the following products and related services: manned and unmanned military aircraft and weapons systems, surveillance and engagement, strategic defense and intelligence systems, satellite systems and space exploration. BGS provides parts, maintenance, modifications, logistics support, training, data analytics and information-based services to commercial and government customers worldwide. BCC facilitates, arranges, structures and provides selective financing solutions for our Boeing customers. Unallocated items, eliminations and other include common internal services that support Boeing’s global business operations, intercompany guarantees provided to BCC and eliminations of certain sales between segments. Revenues, including foreign military sales, are reported by customer location and consist of the following: Years ended December 31, 2017 2016 2015 Asia, other than China $8,899 $10,553 $13,433 Europe 11,457 13,790 12,248 China 11,911 10,312 12,556 Middle East 12,287 13,297 10,846 Oceania 2,061 1,843 2,601 Canada 2,197 2,076 1,870 Africa 755 1,999 1,398 Latin America, Caribbean and other 1,494 1,936 1,875 Total non-U.S. revenues 51,061 55,806 56,827 United States 42,331 38,765 39,287 Total revenues $93,392 $94,571 $96,114 Revenues from the U.S. government (including foreign military sales through the U.S. government), primarily recorded at BDS and BGS, represented 31% , 23% and 27% of consolidated revenues for 2017 , 2016 and 2015 , respectively. Approximately 5% and 4% of operating assets were located outside the United States as of December 31, 2017 and 2016 . The information in the following tables is derived directly from the segments’ internal financial reporting used for corporate management purposes. Depreciation and Amortization Years ended December 31, 2017 2016 2015 Commercial Airplanes $521 $442 $388 Defense, Space, & Security 252 220 248 Global Services 322 312 317 Boeing Capital Corporation 70 83 87 Unallocated items, eliminations and other 904 853 793 Total $2,069 $1,910 $1,833 Capital Expenditures Years ended December 31, 2017 2016 2015 Commercial Airplanes $636 $830 $819 Defense, Space, & Security 210 290 226 Global Services 180 209 132 Unallocated items, eliminations and other 713 1,284 1,273 Total $1,739 $2,613 $2,450 Unallocated capital expenditures relate primarily to assets managed centrally on behalf of the five principal segments. We recorded Earnings from operations associated with our equity method investments of $233 , $303 and $274 , primarily in our BDS segment, for the years ended December 31, 2017 , 2016 and 2015 , respectively. For segment reporting purposes, we record Commercial Airplanes segment revenues and cost of sales for airplanes transferred to other segments. Such transfers may include airplanes accounted for as operating leases and considered transferred to the BCC segment and airplanes transferred to the BDS segment for further modification prior to delivery to the customer. In addition, BGS segment revenue and costs include certain services provided to other segments. The revenues and cost of sales for these transfers are eliminated in the Unallocated items and eliminations caption. For segment reporting purposes, we record BDS revenues and cost of sales for the modification performed on airplanes received from Commercial Airplanes when the airplane is delivered to the customer or at the attainment of performance milestones. Intersegment revenues, eliminated in Unallocated items, eliminations and other, are shown in the following table. Years ended December 31, 2017 2016 2015 Commercial Airplanes $1,571 $2,001 $1,700 Global Services 49 75 95 Boeing Capital 28 16 15 Total $1,648 $2,092 $1,810 Unallocated Items, Eliminations and other Unallocated items, eliminations and other includes costs not attributable to business segments as well as intercompany profit eliminations. We generally allocate costs to business segments based on the U.S. federal cost accounting standards. Components of Unallocated items, eliminations and other are shown in the following table. Years ended December 31, 2017 2016 2015 Share-based plans ($77 ) ($66 ) ($76 ) Deferred compensation (240 ) (46 ) (63 ) Amortization of previously capitalized interest (98 ) (94 ) (90 ) Eliminations and other unallocated items (640 ) (527 ) (511 ) Sub-total (1,055 ) (733 ) (740 ) Pension 1,120 217 (421 ) Postretirement 188 153 123 Pension and Postretirement 1,308 370 (298 ) Total $253 ($363 ) ($1,038 ) 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 and BGS businesses supporting government customers using U.S. Government Cost Accounting Standards ( CAS ), which employ different actuarial assumptions and accounting conventions than GAAP . These costs are allocable to government contracts. Other postretirement benefit costs are allocated to business segments based on CAS , which is generally based on benefits paid. Assets Segment assets are summarized in the table below. December 31, 2017 2016 Commercial Airplanes $47,737 $46,745 Defense, Space & Security 15,865 14,123 Global Services 12,353 11,490 Boeing Capital 3,156 4,139 Unallocated items, eliminations and other 13,222 13,500 Total $92,333 $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. |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (unaudited) | Quarterly Financial Data (Unaudited) 2017 2016 4th 3rd 2nd 1st 4th 3rd 2nd 1st Total revenues $25,368 $24,309 $22,739 $20,976 $23,286 $23,898 $24,755 $22,632 Total costs and expenses (20,427 ) (19,987 ) (18,388 ) (17,264 ) (19,464 ) (19,904 ) (22,325 ) (19,097 ) Earnings from operations 3,030 2,689 2,535 2,024 2,183 2,282 (419 ) 1,788 Net earnings/(loss) 3,132 1,853 1,761 1,451 1,631 2,279 (234 ) 1,219 Basic earnings/(loss) per share 5.25 3.10 2.93 2.36 2.63 3.64 (0.37 ) 1.85 Diluted earnings/(loss) per share 5.18 3.06 2.89 2.34 2.59 3.60 (0.37 ) 1.83 Cash dividends declared per share 3.13 2.84 2.51 2.18 Common stock sales price per share: High 299.33 259.30 204.39 185.71 160.07 139.45 137.89 141.70 Low 253.53 197.75 175.47 155.21 130.74 123.96 122.35 102.10 Quarter end 294.91 254.21 197.75 176.86 155.68 131.74 129.87 126.94 Gross profit is calculated as Total revenues minus Total costs and expenses. Total costs and expenses includes Cost of products, Cost of services and Boeing Capital interest expense. During the fourth quarter of 2017, as a result of the enactment of the TCJA, we recorded incremental tax benefits of $1,051 , primarily related to the remeasurement of net U.S. deferred tax liabilities. During 2017 and 2016, higher estimated costs to complete the KC-46A Tanker contract for the U.S. Air Force resulted in reach-forward losses. We recorded $329 and $142 in the third and first quarter of 2017. We recorded $312 , $573 and $243 in the fourth, second and first quarter of 2016, respectively. During the third quarter of 2016, delays in completion of engineering and supply chain activities for the Commercial Crew program resulted in a charge of $162 . During the second quarter of 2016 and first quarter of 2016, we recorded reach-forward losses of $1,188 and $70 on the 747 program. During the second quarter of 2016, we determined that the fourth and fifth flight test aircraft for the 787 program are not commercially saleable, and we reclassified costs of $1,235 associated with these aircraft from 787 program inventory to research and development expense. During the third quarter of 2016, we recorded an incremental tax benefit of $440 that related to the application of a 2012 Federal Court of Claims decision. We also recorded a tax benefit of $177 as a result of the 2011-2012 federal tax audit settlements. We increased our quarterly dividend from $1.09 to $1.42 in December 2016 and to $1.71 in December 2017. |
Summary Of Significant Accoun33
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles Of Consolidation And Basis Of Presentation | Principles of Consolidation and Basis of Presentation The Consolidated Financial Statements included in this report have been prepared by management of The Boeing Company (herein referred to as “Boeing,” the “Company,” “we,” “us,” or “our”). These statements include the accounts of all majority-owned subsidiaries and variable interest entities that are required to be consolidated. All significant intercompany accounts and transactions have been eliminated. As described in Note 21 , effective July 1, 2017, we now operate in four reportable segments: Commercial Airplanes (BCA); Defense, Space & Security (BDS), Global Services (BGS), and Boeing Capital (BCC). Amounts in prior periods have been reclassified to conform to the current year presentation. |
Description of New Accounting Pronouncements Not yet Adopted | 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 plan to adopt the new lease standard in 2019 and do not expect it to have a material effect on our financial position, results of operations or cash flows. We are adopting ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) in the first quarter of 2018 using the retrospective transition method which will require 2016 and 2017 financial statements to be restated. The new standard requires 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. Most of our defense contracts at BDS and BGS that have historically recognized revenue as deliveries are made or based on the attainment of performance milestones will recognize revenue under the new standard over time as costs are incurred. Certain military derivative aircraft contracts included in our BCA segment 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. In addition, the timing of cost of sales recognition for these contracts will be accelerated, resulting in a decrease in Inventories from long-term contracts in progress. The new standard will not affect revenue recognition or the use of program accounting for commercial airplane contracts. We will continue to recognize revenue for these contracts at the point in time when the customer accepts delivery of the airplane. 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 $1,300 of associated operating earnings will be accelerated into years ending prior to January 1, 2016. The restatement will result in a cumulative adjustment to increase retained earnings by $900 effective January 1, 2016. Restated income statements for 2016 and 2017 are shown below. We are also adopting ASU No. 2017-07 , Compensation - Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost in the first quarter of 2018. The standard requires non-service cost components of net periodic benefit cost to be presented in non-operating earnings using a retrospective transition method which will require us to restate 2016 and 2017 in the first quarter of 2018. In addition, only service costs may be allocated to production costs and capitalized in inventory on a prospective basis effective January 1, 2018. Adoption in the first quarter of 2018 is expected to result in a reclassification of non-service cost components of net periodic benefit cost of $6 in 2017 and $478 in 2016 from Earnings from Operations to Other income/(loss), net. We applied a practical expedient as the estimation basis for this reclassification. Adoption of the new pension standard will not affect previously reported financial position, earnings per share, or cash flows. The impact to our 2017 and 2016 operating results as a result of adopting ASC Topic 606 and ASU No. 2017-07 is presented in the tables below: Reported Restated Reported Restated Years ended December 31, 2017 2017 2016 2016 Revenues: Commercial Airplanes $56,729 $58,014 $58,012 $59,378 Defense, Space & Security 21,057 20,561 22,563 20,180 Global Services 14,639 14,581 13,925 13,819 Boeing Capital 307 307 298 298 Unallocated items, eliminations and other 660 542 (227 ) (179 ) Total revenues $93,392 $94,005 $94,571 $93,496 Earnings from operations: Commercial Airplanes $5,432 $5,452 $1,995 $1,981 Defense, Space & Security 2,223 2,193 1,966 1,678 Global Services 2,256 2,246 2,177 2,159 Boeing Capital 114 114 59 59 Segment operating profit 10,025 10,005 6,197 5,877 Unallocated items, eliminations and other 253 (1,099 ) (363 ) (707 ) FAS/CAS service cost adjustment (1) 1,438 1,357 Earnings from operations 10,278 10,344 5,834 6,527 Other income/(loss), net (1) 129 123 40 (438 ) Interest and debt expense (360 ) (360 ) (306 ) (306 ) Earnings before income taxes 10,047 10,107 5,568 5,783 Income tax expense (1,850 ) (1,649 ) (673 ) (749 ) Net earnings $8,197 $8,458 $4,895 $5,034 Diluted earnings per share $13.43 $13.85 $7.61 $7.83 (1) The FAS/CAS service cost adjustment represents the difference between the pension and postretirement service costs calculated under Generally Accepted Accounting Principles (GAAP) and costs allocated to the business segments which are based on U.S. Government Cost Accounting Standards for our defense businesses. Restated Other income/(loss), net includes the non-service cost components of net periodic benefit cost. In addition to the income statement changes described above, adoption of ASC Topic 606 is expected to increase total assets and total liabilities at December 31, 2017 and 2016 by approximately $20,000 and $19,000 primarily due to classifying certain advances from customers as liabilities under the new standard, whereas these advances were netted against inventory under existing GAAP. Adoption of ASU No. 2017-07 has no impact on total assets and total liabilities. The new standards have no impact on cash flows reported in 2017 and 2016. The impact of the new revenue standard on our 2017 and 2016 financial results may not be representative of the impact on our financial position and operating results in subsequent years. ASC Topic 606 requires additional detailed disclosures regarding the Company’s contracts with customers, including disclosure of remaining unsatisfied performance obligations, in the first quarter of 2018 which we are continuing to assess. We have identified and implemented changes to the Company’s business processes, systems and controls to support adoption of the new standard. |
Use Of Estimates | Use of Estimates Management makes assumptions and estimates to prepare financial statements in conformity with accounting principles generally accepted in the United States of America. Those assumptions and estimates directly affect the amounts reported in the Consolidated Financial Statements. Significant estimates for which changes in the near term are considered reasonably possible and that may have a material impact on the financial statements are disclosed in these Notes to the Consolidated Financial Statements. |
Operating Cycle | Operating Cycle For classification of certain current assets and liabilities, we use the duration of the related contract or program as our operating cycle, which is generally longer than one year . |
Revenue And Related Cost Recognition | Revenue and Related Cost Recognition Contract Accounting Contract accounting is used for development and production activities predominantly by BDS and for defense contracts at BGS. The majority of these activities are performed under contracts with the U.S. government and other customers that extend over several years. Contract accounting involves a judgmental process of estimating total sales and costs for each contract resulting in the development of estimated cost of sales percentages. For each contract, the amount reported as cost of sales is determined by applying the estimated cost of sales percentage to the amount of revenue recognized. When the current estimates of total sales and costs for a contract indicate a loss, a provision for the entire loss on the contract is recognized. Changes in estimated revenues, cost of sales and the related effect on operating income are recognized using a cumulative catch-up adjustment which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a contract’s percent complete. Net cumulative catch-up adjustments to prior years’ earnings, including reach-forward losses, across all contracts were as follows: 2017 2016 2015 Increase/(decrease) to Earnings from Operations $14 ($912 ) ($224 ) Increase/(decrease) to Diluted EPS $0.02 ($1.25 ) ($0.23 ) Significant adjustments during the three years ended December 31, 2017 included reach-forward losses of $471 , $1,128 and $835 on the USAF KC-46A Tanker contract recorded during 2017, 2016 and 2015. We combine contracts for accounting purposes when they are negotiated as a package with an overall profit margin objective. These essentially represent an agreement to do a single project for a single customer, involve interrelated construction activities with substantial common costs, and are performed concurrently or sequentially. When a group of contracts is combined, revenue and profit are earned uniformly over the performance of the combined contracts. Similarly, we may segment a single contract or group of contracts when a clear economic decision has been made during contract negotiations that would produce different rates of profitability for each element or phase of the contract. Sales related to fixed-price contracts are recognized as deliveries are made, except for certain fixed-price contracts that require substantial performance over an extended period before deliveries begin, for which sales are recorded based on the attainment of performance milestones. Sales related to contracts in which we are reimbursed for costs incurred plus an agreed upon profit are recorded as costs are incurred. The Federal Acquisition Regulations provide guidance on the types of cost that will be reimbursed in establishing contract price. Contracts may contain provisions to earn incentive and award fees if specified targets are achieved. Incentive and award fees that can be reasonably estimated and are probable are recorded over the performance period of the contract. Incentive and award fees that cannot be reasonably estimated are recorded when awarded. Program Accounting Our Commercial Airplanes segment uses program accounting to account for cost of sales related to its programs. Program accounting is applicable to products manufactured for delivery under production-type contracts where profitability is realized over multiple contracts and years. Under program accounting, inventoriable production costs, program tooling and other non-recurring costs, and warranty costs are accumulated and charged to cost of sales by program instead of by individual units or contracts. A program consists of the estimated number of units (accounting quantity) of a product to be produced in a continuing, long-term production effort for delivery under existing and anticipated contracts. The determination of the accounting quantity is limited by the ability to make reasonably dependable estimates of the revenue and cost of existing and anticipated contracts. To establish the relationship of sales to cost of sales, program accounting requires estimates of (a) the number of units to be produced and sold in a program, (b) the period over which the units can reasonably be expected to be produced, and (c) the units’ expected sales prices, production costs, program tooling and other non-recurring costs, and routine warranty costs for the total program. We recognize sales for commercial airplane deliveries as each unit is completed and accepted by the customer. Sales recognized represent the price negotiated with the customer, adjusted by an escalation formula as specified in the customer agreement. The amount reported as cost of sales is determined by applying the estimated cost of sales percentage for the total remaining program to the amount of sales recognized for airplanes delivered and accepted by the customer. Changes in estimated revenues, cost of sales and the related effects on program margins are recognized prospectively except in cases where the program is determined to have a reach-forward loss in which case the loss is recognized in the current period. Reductions to a reach-forward loss are spread over all undelivered units in the accounting quantity, whereas increases to the estimated loss are recorded immediately. See Note 11 . Concession Sharing Arrangements We account for sales concessions to our customers in consideration of their purchase of products and services as a reduction to revenue when the related products and services are delivered. The sales concessions incurred may be partially reimbursed by certain suppliers in accordance with concession sharing arrangements. We record these reimbursements, which are presumed to represent reductions in the price of the vendor’s products or services, as a reduction in Cost of products. Spare Parts Revenue We recognize sales of spare parts upon delivery and the amount reported as cost of sales is recorded at average cost. Service Revenue Service revenue is recognized when the service is performed with the exception of U.S. government service agreements, which are accounted for using contract accounting. Service activities primarily include: support agreements associated with military aircraft and helicopter contracts, space travel on Commercial Crew, ongoing maintenance of International Space Station, military and commercial aircraft training contracts, fleet care, and technical and flight operation services for commercial aircraft. Service revenue and associated cost of sales from pay-in-advance subscription fees are deferred and recognized as services are rendered. Financial Services Revenue We record financial services revenue associated with sales-type/finance leases, operating leases, and notes receivable. Lease and financing revenue arrangements are included in Sales of services on the Consolidated Statements of Operations. For sales-type/finance leases, we record an asset at lease inception. This asset is recorded at the aggregate of future minimum lease payments, estimated residual value of the leased equipment, and deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. Residual values, which are reviewed periodically, represent the estimated amount we expect to receive at lease termination from the disposition of the leased equipment. Actual residual values realized could differ from these estimates. Declines in estimated residual value that are deemed other-than-temporary are recognized in the period in which the declines occur. For operating leases, revenue on leased aircraft and equipment is recorded on a straight-line basis over the term of the lease. Operating lease assets, included in Customer financing, are recorded at cost and depreciated over the period that we project we will hold the asset to an estimated residual value, using the straight-line method. We periodically review our estimates of residual value and recognize forecasted changes by prospectively adjusting depreciation expense. For notes receivable, notes are recorded net of any unamortized discounts and deferred incremental direct costs. Interest income and amortization of any discounts are recorded ratably over the related term of the note. Reinsurance Revenue Our wholly-owned insurance subsidiary, Astro Ltd., participates in a reinsurance pool for workers’ compensation. The member agreements and practices of the reinsurance pool minimize any participating members’ individual risk. Reinsurance revenues were $141 , $147 and $136 during 2017 , 2016 and 2015 , respectively. Reinsurance costs related to premiums and claims paid to the reinsurance pool were $144 , $139 and $132 during 2017 , 2016 and 2015 , respectively. Revenues and costs are presented net in Cost of sales in the Consolidated Statements of Operations. |
Fleet Support | Fleet Support We provide assistance and support to facilitate efficient and safe aircraft operation to the operators of all our commercial airplane models. Collectively known as fleet support, these activities and support services include flight and maintenance training, field service support, engineering support, and technical data and documents. Fleet support activity begins prior to aircraft delivery as the customer receives training, manuals, and technical consulting support. This activity continues throughout the aircraft’s operational life. Services provided after delivery include field service support, consulting on maintenance, repair, and operational issues brought forth by the customer or regulators, updating manuals and engineering data, and the issuance of service bulletins that impact the entire model’s fleet. Field service support involves our personnel located at customer facilities providing and coordinating fleet support activities and requests. The costs for fleet support are expensed as incurred as Cost of services. |
Research And Development | Research and Development Research and development includes costs incurred for experimentation, design, and testing, as well as bid and proposal efforts related to government products and services which are expensed as incurred unless the costs are related to certain contractual arrangements with customers. Costs that are incurred pursuant to such contractual arrangements are recorded over the period that revenue is recognized, consistent with our contract accounting policy. We have certain research and development arrangements that meet the requirement for best efforts research and development accounting. Accordingly, the amounts funded by the customer are recognized as an offset to our research and development expense rather than as contract revenues. Research and development expense included bid and proposal costs of $288 , $311 and $286 in 2017 , 2016 and 2015 , respectively. |
Share-Based Compensation | Share-Based Compensation We provide various forms of share-based compensation to our employees. For awards settled in shares, we measure compensation expense based on the grant-date fair value net of estimated forfeitures. For awards settled in cash, or that may be settled in cash, we measure compensation expense based on the fair value at each reporting date net of estimated forfeitures. The expense is recognized over the requisite service period, which is generally the vesting period of the award. |
Income Taxes | Income Taxes Provisions for U.S. federal, state and local, and non-U.S. income taxes are calculated on reported Earnings before income taxes based on current tax law and also include, in the current period, the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provisions differ from the amounts currently receivable or payable because certain items of income and expense are recognized in different time periods for financial reporting purposes than for income tax purposes. Significant judgment is required in determining income tax provisions and evaluating tax positions. The accounting for uncertainty in income taxes requires a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. We record a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on our tax return. To the extent that our assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. Tax-related interest and penalties are classified as a component of Income tax expense. |
Postretirement Plans | Postretirement Plans The majority of our employees have earned benefits under defined benefit pension plans. Nonunion and the majority of union employees that had participated in defined benefit pension plans transitioned to a company-funded defined contribution retirement savings plan in 2016. We also provide postretirement benefit plans other than pensions, consisting principally of health care coverage to eligible retirees and qualifying dependents. Benefits under the pension and other postretirement benefit plans are generally based on age at retirement and years of service and, for some pension plans, benefits are also based on the employee’s annual earnings. The net periodic cost of our pension and other postretirement plans is determined using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate, the long-term rate of asset return, and medical trend (rate of growth for medical costs). A portion of net periodic pension and other postretirement income or expense is not recognized in net earnings in the year incurred because it is allocated to production as product costs, and reflected in inventory at the end of a reporting period. Actuarial gains and losses, which occur when actual experience differs from actuarial assumptions, are reflected in Shareholders’ equity (net of taxes). If actuarial gains and losses exceed ten percent of the greater of plan assets or plan liabilities we amortize them over the average future service period of employees. The funded status of our pension and postretirement plans is reflected on the Consolidated Statements of Financial Position. |
Postemployment Plans | Postemployment Plans We record a liability for postemployment benefits, such as severance or job training, when payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have vested or accumulated. |
Environmental Remediation | Environmental Remediation We are subject to federal and state requirements for protection of the environment, including those for discharge of hazardous materials and remediation of contaminated sites. We routinely assess, based on in-depth studies, expert analyses and legal reviews, our contingencies, obligations, and commitments for remediation of contaminated sites, including assessments of ranges and probabilities of recoveries from other responsible parties and/or insurance carriers. Our policy is to accrue and charge to current expense identified exposures related to environmental remediation sites when it is probable that a liability has been incurred and the amount can be reasonably estimated. The amount of the liability is based on our best estimate or the low end of a range of reasonably possible exposure for investigation, cleanup, and monitoring costs to be incurred. Estimated remediation costs are not discounted to present value as the timing of payments cannot be reasonably estimated. We may be able to recover a portion of the remediation costs from insurers or other third parties. Such recoveries are recorded when realization of the claim for recovery is deemed probable. The liabilities recorded represent our best estimate or the low end of a range of reasonably possible costs expected to be incurred to remediate sites, including operation and maintenance over periods of up to 30 years. It is reasonably possible that we may incur charges that exceed these recorded amounts because of regulatory agency orders and directives, changes in laws and/or regulations, higher than expected costs and/or the discovery of new or additional contamination. As part of our estimating process, we develop a range of reasonably possible alternate scenarios that includes the high end of a range of reasonably possible cost estimates for all remediation sites for which we have sufficient information based on our experience and existing laws and regulations. There are some potential remediation obligations where the costs of remediation cannot be reasonably estimated. At December 31, 2017 and 2016 , the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $868 and $857 . |
Cash And Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid instruments, such as commercial paper, time deposits, and other money market instruments, which have original maturities of three months or less. We aggregate our cash balances by bank where conditions for right of set-off are met, and reclassify any negative balances, consisting mainly of uncleared checks, to Accounts payable. Negative balances reclassified to Accounts payable were $116 and $77 at December 31, 2017 and 2016 . |
Inventories | Inventories Inventoried costs on commercial aircraft programs and long-term contracts include direct engineering, production and tooling and other non-recurring costs, and applicable overhead, which includes fringe benefits, production related indirect and plant management salaries and plant services, not in excess of estimated net realizable value. To the extent a material amount of such costs are related to an abnormal event or are fixed costs not appropriately attributable to our programs or contracts, they are expensed in the current period rather than inventoried. Inventoried costs include amounts relating to programs and contracts with long-term production cycles, a portion of which is not expected to be realized within one year. Included in inventory for federal government contracts is an allocation of allowable costs related to manufacturing process reengineering. Commercial aircraft programs inventory includes deferred production costs and supplier advances. Deferred production costs represent actual costs incurred for production of early units that exceed the estimated average cost of all units in the program accounting quantity. Higher production costs are experienced at the beginning of a new or derivative airplane program. Units produced early in a program require substantially more effort (labor and other resources) than units produced later in a program because of volume efficiencies and the effects of learning. We expect that these deferred costs will be fully recovered when all units included in the accounting quantity are delivered as the expected unit cost for later deliveries is below the estimated average cost of all units in the program. Supplier advances represent payments for parts we have contracted to receive from suppliers in the future. As parts are received, supplier advances are amortized to work in process. The determination of net realizable value of long-term contract costs is based upon quarterly reviews that estimate costs to be incurred to complete all contract requirements. When actual contract costs and the estimate to complete exceed total estimated contract revenues, a loss provision is recorded. The determination of net realizable value of commercial aircraft program costs is based upon quarterly program reviews that estimate revenue and cost to be incurred to complete the program accounting quantity. When estimated costs to complete exceed estimated program revenues to go, a program loss provision is recorded in the current period for the estimated loss on all undelivered units in the accounting quantity. Used aircraft purchased by the Commercial Airplanes segment and general stock materials are stated at cost not in excess of net realizable value. See ‘Aircraft Valuation’ within this Note for a discussion of our valuation of used aircraft. Spare parts inventory is stated at lower of average unit cost or net realizable value. We review our commercial spare parts and general stock materials quarterly to identify impaired inventory, including excess or obsolete inventory, based on historical sales trends, expected production usage, and the size and age of the aircraft fleet using the part. Impaired inventories are charged to Cost of products in the period the impairment occurs. Included in inventory for commercial aircraft programs are amounts paid or credited in cash, or other consideration to certain airline customers, that are referred to as early issue sales consideration. Early issue sales consideration is recognized as a reduction to revenue when the delivery of the aircraft under contract occurs. If an airline customer does not perform and take delivery of the contracted aircraft, we believe that we would have the ability to recover amounts paid. However, to the extent early issue sales consideration exceeds advances and is not considered to be otherwise recoverable, it would be written off in the current period. We net advances and progress billings on long-term contracts against inventory in the Consolidated Statements of Financial Position. Advances and progress billings in excess of related inventory are reported in Advances and billings in excess of related costs. |
Precontract Costs | Precontract Costs We may, from time to time, incur costs in excess of the amounts required for existing contracts. If we determine the costs are probable of recovery from future orders, then we capitalize the precontract costs we incur, excluding start-up costs which are expensed as incurred. Capitalized precontract costs are included in Inventories, net of advances and progress billings, in the accompanying Consolidated Statements of Financial Position. Should future orders not materialize or we determine the costs are no longer probable of recovery, the capitalized costs would be written off. |
Property, Plant And Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost, including applicable construction-period interest, less accumulated depreciation and are depreciated principally over the following estimated useful lives: new buildings and land improvements, from 10 to 40 years; and new machinery and equipment, from 4 to 20 years. The principal methods of depreciation are as follows: buildings and land improvements, 150% declining balance; and machinery and equipment, sum-of-the-years’ digits. Capitalized internal use software is included in Other assets and amortized using the straight line method over 5 years. We periodically evaluate the appropriateness of remaining depreciable lives assigned to long-lived assets, including assets that may be subject to a management plan for disposition. Long-lived assets held for sale are stated at the lower of cost or fair value less cost to sell. Long-lived assets held for use are subject to an impairment assessment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset. |
Asset Retirement Obligations | Asset Retirement Obligations We record all known asset retirement obligations for which the liability’s fair value can be reasonably estimated, including certain asbestos removal, asset decommissioning and contractual lease restoration obligations. Recorded amounts are not material. We also have known conditional asset retirement obligations, such as certain asbestos remediation and asset decommissioning activities to be performed in the future, that are not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, these obligations have not been recorded in the Consolidated Financial Statements. A liability for these obligations will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. In addition, there may be conditional asset retirement obligations that we have not yet discovered (e.g., asbestos may exist in certain buildings but we have not become aware of it through the normal course of business), and therefore, these obligations also have not been included in the Consolidated Financial Statements. |
Goodwill And Other Acquired Intangibles | Goodwill and Other Acquired Intangibles Goodwill and other acquired intangible assets with indefinite lives are not amortized, but are tested for impairment annually and when an event occurs or circumstances change such that it is more likely than not that an impairment may exist. Our annual testing date is April 1. We test goodwill for impairment by performing a qualitative assessment or using a two-step impairment process. If we choose to perform a qualitative assessment and determine it is more likely than not that the carrying value of the net assets is more than the fair value of the related operations, the two-step impairment process is then performed; otherwise, no further testing is required. For operations where the two-step impairment process is used, we first compare the carrying value of net assets to the fair value of the related operations. If the fair value is determined to be less than carrying value, a second step is performed to compute the amount of the impairment. In this process, a fair value for goodwill is estimated, based in part on the fair value of the operations, and is compared to its carrying value. The shortfall of the fair value below carrying value represents the amount of goodwill impairment. Indefinite-lived intangibles consist of brand and trade names acquired in business combinations. We test these intangibles for impairment by comparing their carrying value to current projections of discounted cash flows attributable to the brand and trade names. Any excess carrying value over the amount of discounted cash flows represents the amount of the impairment. Our finite-lived acquired intangible assets are amortized on a straight-line basis over their estimated useful lives as follows: developed technology, from 4 to 14 years; product know-how, from 3 to 30 years; customer base, from 3 to 17 years; distribution rights, from 3 to 27 years; and other, from 2 to 32 years. We evaluate the potential impairment of finite-lived acquired intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset. |
Investments | Investments Time deposits are held-to-maturity investments that are carried at cost. Available-for-sale securities include commercial paper, U.S. government agency securities, and corporate debt securities. Available-for-sale securities are recorded at fair value, and unrealized gains and losses are recorded, net of tax, as a component of accumulated other comprehensive income. Realized gains and losses on available-for-sale securities are recognized based on the specific identification method. Available-for-sale securities are assessed for impairment quarterly. The equity method of accounting is used to account for investments for which we have the ability to exercise significant influence, but not control, over an investee. Significant influence is generally deemed to exist if we have an ownership interest in the voting stock of an investee of between 20% and 50% . We classify investment income and loss on our Consolidated Statements of Operations based on whether the investment is operating or non-operating in nature. Operating investments align strategically and are integrated with our operations. Earnings from operating investments, including our share of income or loss from equity method investments, dividend income from certain cost method investments, and any impairments or gain/loss on the disposition of these investments, are recorded in Income from operating investments, net. Non-operating investments are those we hold for non-strategic purposes. Earnings from non-operating investments, including interest and dividends on marketable securities, and any impairments or gain/loss on the disposition of these investments are recorded in Other income/(expense), net. |
Derivatives | Derivatives All derivative instruments are recognized in the financial statements and measured at fair value regardless of the purpose or intent of holding them. We use derivative instruments to principally manage a variety of market risks. For derivatives designated as hedges of the exposure to changes in fair value of the recognized asset or liability or a firm commitment (referred to as fair value hedges), the gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. The effect of that accounting is to include in earnings the extent to which the hedge is not effective in achieving offsetting changes in fair value. For our cash flow hedges, the effective portion of the derivative’s gain or loss is initially reported in comprehensive income and is subsequently reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. The ineffective portion of the gain or loss of a cash flow hedge is reported in earnings immediately. We have agreements to purchase and sell aluminum to address long-term strategic sourcing objectives and international business requirements. These agreements are derivatives for accounting purposes but are not designated for hedge accounting treatment. We also hold certain derivative instruments for economic purposes that are not designated for hedge accounting treatment. For these aluminum agreements and for other derivative instruments not designated for hedge accounting treatment, the changes in their fair value are recorded in earnings immediately. |
Aircraft Valuation | Aircraft Valuation Used aircraft under trade-in commitments and aircraft under repurchase commitments In conjunction with signing a definitive agreement for the sale of new aircraft (Sale Aircraft), we have entered into trade-in commitments with certain customers that give them the right to trade in used aircraft at a specified price upon the purchase of Sale Aircraft. Additionally, we have entered into contingent repurchase commitments with certain customers wherein we agree to repurchase the Sale Aircraft at a specified price, generally 10 to 15 years after delivery of the Sale Aircraft. Our repurchase of the Sale Aircraft is contingent upon a future, mutually acceptable agreement for the sale of additional new aircraft. If we execute an agreement for the sale of additional new aircraft, and if the customer exercises its right to sell the Sale Aircraft to us, a contingent repurchase commitment would become a trade-in commitment. Our historical experience is that contingent repurchase commitments infrequently become trade-in commitments. Exposure related to trade-in commitments may take the form of: (1) adjustments to revenue for the difference between the contractual trade-in price in the definitive agreement and our best estimate of the fair value of the trade-in aircraft as of the date of such agreement, which would be recognized upon delivery of the Sale Aircraft, and/or (2) charges to cost of products for adverse changes in the fair value of trade-in aircraft that occur subsequent to signing of a definitive agreement for Sale Aircraft but prior to the purchase of the used trade-in aircraft. Estimates based on current aircraft values would be included in Accrued liabilities. The fair value of trade-in aircraft is determined using aircraft-specific data such as model, age and condition, market conditions for specific aircraft and similar models, and multiple valuation sources. This process uses our assessment of the market for each trade-in aircraft, which in most instances begins years before the return of the aircraft. There are several possible markets in which we continually pursue opportunities to place used aircraft. These markets include, but are not limited to, the resale market, which could potentially include the cost of long-term storage; the leasing market, with the potential for refurbishment costs to meet the leasing customer’s requirements; or the scrap market. Trade-in aircraft valuation varies significantly depending on which market we determine is most likely for each aircraft. On a quarterly basis, we update our valuation analysis based on the actual activities associated with placing each aircraft into a market or using current published third-party aircraft valuations based on the type and age of the aircraft, adjusted for individual attributes and known conditions. Used aircraft acquired by the Commercial Airplanes segment are included in Inventories at the lower of cost or net realizable value as it is our intent to sell these assets. To mitigate costs and enhance marketability, aircraft may be placed on operating lease. While on operating lease, the assets are included in Customer financing. Customer financing Customer financing includes operating lease equipment, notes receivable, and sales-type/finance leases. Sales-type/finance leases are treated as receivables, and allowances for losses are established as necessary. We assess the fair value of the assets we own, including equipment under operating leases, assets held for sale or re-lease, and collateral underlying receivables, to determine if their fair values are less than the related assets’ carrying values. Differences between carrying values and fair values of sales-type/finance leases and notes and other receivables, as determined by collateral value, are considered in determining the allowance for losses on receivables. We use a median calculated from published collateral values from multiple third-party aircraft value publications based on the type and age of the aircraft to determine the fair value of aircraft. Under certain circumstances, we apply judgment based on the attributes of the specific aircraft or equipment, usually when the features or use of the aircraft vary significantly from the more generic aircraft attributes covered by outside publications. Impairment review for assets under operating leases and held for sale or re-lease We evaluate for impairment assets under operating lease or assets held for sale or re-lease when events or changes in circumstances indicate that the expected undiscounted cash flow from the asset may be less than the carrying value. We use various assumptions when determining the expected undiscounted cash flow, including our intentions for how long we will hold an asset subject to operating lease before it is sold, the expected future lease rates, lease terms, residual value of the asset, periods in which the asset may be held in preparation for a follow-on lease, maintenance costs, remarketing costs and the remaining economic life of the asset. We record assets held for sale at the lower of carrying value or fair value less costs to sell. When we determine that impairment is indicated for an asset, the amount of impairment expense recorded is the excess of the carrying value over the fair value of the asset. Allowance for losses on customer financing receivables We record the potential impairment of customer financing receivables in a valuation account, the balance of which is an accounting estimate of probable but unconfirmed losses. The allowance for losses on receivables relates to two components of receivables: (a) receivables that are evaluated individually for impairment and (b) all other receivables. We determine a receivable is impaired when, based on current information and events, it is probable that we will be unable to collect amounts due according to the original contractual terms of the receivable agreement, without regard to any subsequent restructurings. Factors considered in assessing collectability include, but are not limited to, a customer’s extended delinquency, requests for restructuring and filings for bankruptcy. We determine a specific impairment allowance based on the difference between the carrying value of the receivable and the estimated fair value of the related collateral we would expect to realize. We review the adequacy of the allowance attributable to the remaining receivables (after excluding receivables subject to a specific impairment allowance) by assessing both the collateral exposure and the applicable cumulative default rate. Collateral exposure for a particular receivable is the excess of the carrying value of the receivable over the fair value of the related collateral. A receivable with an estimated fair value in excess of the carrying value is considered to have no collateral exposure. The applicable cumulative default rate is determined using two components: customer credit ratings and weighted average remaining contract term. Internally assigned credit ratings, our credit quality indicator, are determined for each customer in the portfolio. Those ratings are updated based upon public information and information obtained directly from our customers. We have entered into agreements with certain customers that would entitle us to look beyond the specific collateral underlying the receivable for purposes of determining the collateral exposure as described above. Should the proceeds from the sale of the underlying collateral asset resulting from a default condition be insufficient to cover the carrying value of our receivable (creating a shortfall condition), these agreements would, for example, permit us to take the actions necessary to sell or retain certain other assets in which the customer has an equity interest and use the proceeds to cover the shortfall. Each quarter we review customer credit ratings, published historical credit default rates for different rating categories, and multiple third-party aircraft value publications as a basis to validate the reasonableness of the allowance for losses on receivables. There can be no assurance that actual results will not differ from estimates or that the consideration of these factors in the future will not result in an increase or decrease to the allowance for losses on receivables. |
Warranties | Warranties In conjunction with certain product sales, we provide warranties that cover factors such as non-conformance to specifications and defects in material and design. The majority of our warranties are issued by our Commercial Airplanes segment. Generally, aircraft sales are accompanied by a three to four -year standard warranty for systems, accessories, equipment, parts, and software manufactured by us or manufactured to certain standards under our authorization. These warranties are included in the programs’ estimate at completion. On occasion we have made commitments beyond the standard warranty obligation to correct fleet-wide major issues of a particular model, resulting in additional accrued warranty expense. Warranties issued by our BDS segment principally relate to sales of military aircraft and weapons hardware and are included in the contract cost estimates. These sales are generally accompanied by a six month to two -year warranty period and cover systems, accessories, equipment, parts, and software manufactured by us to certain contractual specifications. Estimated costs related to standard warranties are recorded in the period in which the related product sales occur. The warranty liability recorded at each balance sheet date reflects the estimated number of months of warranty coverage outstanding for products delivered times the average of historical monthly warranty payments, as well as additional amounts for certain major warranty issues that exceed a normal claims level. Estimated costs of these additional warranty issues are considered changes to the initial liability estimate. We provide guarantees to certain commercial airplane customers which include compensation provisions for failure to meet specified aircraft performance targets. We account for these performance guarantees as warranties. The estimated liability for these warranties is based on known and anticipated operational characteristics and forecasted customer operation of the aircraft relative to contractually specified performance targets, and anticipated settlements when contractual remedies are not specified. Estimated payments are recorded as a reduction of revenue at delivery of the related aircraft. We have agreements that require certain suppliers to compensate us for amounts paid to customers for failure of supplied equipment to meet specified performance targets. Claims against suppliers under these agreements are included in Inventories and recorded as a reduction in Cost of products at delivery of the related aircraft. These performance warranties and claims against suppliers are included in the programs’ estimate at completion. |
Supplier Penalties | Supplier Penalties We record an accrual for supplier penalties when an event occurs that makes it probable that a supplier penalty will be incurred and the amount is reasonably estimable. Until an event occurs, we fully anticipate accepting all products procured under production-related contracts. |
Guarantees | Guarantees We record a liability in Accrued liabilities for the fair value of guarantees that are issued or modified after December 31, 2002. For a residual value guarantee where we received a cash premium, the liability is equal to the cash premium received at the guarantee’s inception. For credit guarantees, the liability is equal to the present value of the expected loss. We determine the expected loss by multiplying the creditor’s default rate by the guarantee amount reduced by the expected recovery, if applicable, for each future period the credit guarantee will be outstanding. If at inception of a guarantee, we determine there is a probable related contingent loss, we will recognize a liability for the greater of (a) the fair value of the guarantee as described above or (b) the probable contingent loss amount. |
Earnings Per Share (Policy)
Earnings Per Share (Policy) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy | Basic and diluted earnings per share are computed using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Basic earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the basic weighted average common shares outstanding. Diluted earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the diluted weighted average common shares outstanding. |
Liabilities, Commitments And 35
Liabilities, Commitments And Contingencies Environmental Remediation (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental Remediation | Environmental Remediation We are subject to federal and state requirements for protection of the environment, including those for discharge of hazardous materials and remediation of contaminated sites. We routinely assess, based on in-depth studies, expert analyses and legal reviews, our contingencies, obligations, and commitments for remediation of contaminated sites, including assessments of ranges and probabilities of recoveries from other responsible parties and/or insurance carriers. Our policy is to accrue and charge to current expense identified exposures related to environmental remediation sites when it is probable that a liability has been incurred and the amount can be reasonably estimated. The amount of the liability is based on our best estimate or the low end of a range of reasonably possible exposure for investigation, cleanup, and monitoring costs to be incurred. Estimated remediation costs are not discounted to present value as the timing of payments cannot be reasonably estimated. We may be able to recover a portion of the remediation costs from insurers or other third parties. Such recoveries are recorded when realization of the claim for recovery is deemed probable. The liabilities recorded represent our best estimate or the low end of a range of reasonably possible costs expected to be incurred to remediate sites, including operation and maintenance over periods of up to 30 years. It is reasonably possible that we may incur charges that exceed these recorded amounts because of regulatory agency orders and directives, changes in laws and/or regulations, higher than expected costs and/or the discovery of new or additional contamination. As part of our estimating process, we develop a range of reasonably possible alternate scenarios that includes the high end of a range of reasonably possible cost estimates for all remediation sites for which we have sufficient information based on our experience and existing laws and regulations. There are some potential remediation obligations where the costs of remediation cannot be reasonably estimated. At December 31, 2017 and 2016 , the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $868 and $857 . |
Summary of Business Segment D36
Summary of Business Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | (Dollars in millions) Years ended December 31, 2017 2016 2015 Revenues: Commercial Airplanes $56,729 $58,012 $59,399 Defense, Space & Security 21,057 22,563 23,708 Global Services 14,639 13,925 13,293 Boeing Capital 307 298 413 Unallocated items, eliminations and other 660 (227 ) (699 ) Total revenues $93,392 $94,571 $96,114 Earnings from operations: Commercial Airplanes $5,432 $1,995 $4,284 Defense, Space & Security 2,223 1,966 2,312 Global Services 2,256 2,177 1,835 Boeing Capital 114 59 50 Segment operating profit 10,025 6,197 8,481 Unallocated items, eliminations and other 253 (363 ) (1,038 ) Earnings from operations 10,278 5,834 7,443 Other income/(loss), net 129 40 (13 ) Interest and debt expense (360 ) (306 ) (275 ) Earnings before income taxes 10,047 5,568 7,155 Income tax expense (1,850 ) (673 ) (1,979 ) Net earnings $8,197 $4,895 $5,176 |
Summary Of Significant Accoun37
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Standards Issued, Not Yet Implemented Disclosure [Abstract] | |
Schedule of Prospective Adoption of New Accounting Pronouncements | The impact to our 2017 and 2016 operating results as a result of adopting ASC Topic 606 and ASU No. 2017-07 is presented in the tables below: Reported Restated Reported Restated Years ended December 31, 2017 2017 2016 2016 Revenues: Commercial Airplanes $56,729 $58,014 $58,012 $59,378 Defense, Space & Security 21,057 20,561 22,563 20,180 Global Services 14,639 14,581 13,925 13,819 Boeing Capital 307 307 298 298 Unallocated items, eliminations and other 660 542 (227 ) (179 ) Total revenues $93,392 $94,005 $94,571 $93,496 Earnings from operations: Commercial Airplanes $5,432 $5,452 $1,995 $1,981 Defense, Space & Security 2,223 2,193 1,966 1,678 Global Services 2,256 2,246 2,177 2,159 Boeing Capital 114 114 59 59 Segment operating profit 10,025 10,005 6,197 5,877 Unallocated items, eliminations and other 253 (1,099 ) (363 ) (707 ) FAS/CAS service cost adjustment (1) 1,438 1,357 Earnings from operations 10,278 10,344 5,834 6,527 Other income/(loss), net (1) 129 123 40 (438 ) Interest and debt expense (360 ) (360 ) (306 ) (306 ) Earnings before income taxes 10,047 10,107 5,568 5,783 Income tax expense (1,850 ) (1,649 ) (673 ) (749 ) Net earnings $8,197 $8,458 $4,895 $5,034 Diluted earnings per share $13.43 $13.85 $7.61 $7.83 (1) The FAS/CAS service cost adjustment represents the difference between the pension and postretirement service costs calculated under Generally Accepted Accounting Principles (GAAP) and costs allocated to the business segments which are based on U.S. Government Cost Accounting Standards for our defense businesses. Restated Other income/(loss), net includes the non-service cost components of net periodic benefit cost. |
Goodwill And Acquired Intangi38
Goodwill And Acquired Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Goodwill By Reportable Segment | Changes in the carrying amount of goodwill by reportable segment for the years ended December 31, 2017 and 2016 were as follows: Commercial Airplanes Defense, Space & Security Global Services Total Balance at January 1, 2016 $992 $2,648 $1,486 $5,126 Acquisitions (1) 206 206 Goodwill adjustments (8 ) (8 ) Balance at December 31, 2016 $992 $2,854 $1,478 $5,324 Acquisitions (1) 220 220 Goodwill adjustments 15 15 Balance at December 31, 2017 (1) $992 $3,074 $1,493 $5,559 (1) The increase in goodwill is primarily the result of acquisitions in the fourth quarter of 2016 and 2017. |
Schedule Of Finite-Lived Intangible Assets | The gross carrying amounts and accumulated amortization of our acquired finite-lived intangible assets were as follows at December 31: 2017 2016 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Distribution rights $2,445 $943 $2,281 $797 Product know-how 522 298 503 271 Customer base 650 479 595 436 Developed technology 556 406 523 376 Other 213 177 194 166 Total $4,386 $2,303 $4,096 $2,046 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated amortization expense for the five succeeding years is as follows: 2018 2019 2020 2021 2022 Estimated amortization expense $236 $213 $183 $174 $165 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 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) Years ended December 31, 2017 2016 2015 Net earnings $8,197 $4,895 $5,176 Less: earnings available to participating securities 6 3 4 Net earnings available to common shareholders $8,191 $4,892 $5,172 Basic Basic weighted average shares outstanding 603.2 636.5 688.0 Less: participating securities 0.7 1 1.1 Basic weighted average common shares outstanding 602.5 635.5 686.9 Diluted Basic weighted average shares outstanding 603.2 636.5 688.0 Dilutive potential common shares (1) 7.5 7.3 8.1 Diluted weighted average shares outstanding 610.7 643.8 696.1 Less: participating securities 0.7 1.0 1.1 Diluted weighted average common shares outstanding 610.0 642.8 695.0 Net earnings per share: Basic $13.60 $7.70 $7.52 Diluted 13.43 7.61 7.44 (1) Diluted earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards. |
Schedule Of Weighted Average Number Of Shares Outstanding Excluded From The Computation Of Diluted Earnings Per Share | The following table includes the number of shares that may be dilutive potential common shares in the future. These shares were not included in the computation of diluted earnings per share because the effect was either antidilutive or the performance condition was not met. (Shares in millions) Years ended December 31, 2017 2016 2015 Performance awards 4.1 6.5 5.6 Performance-based restricted stock units 0.5 2.5 2.3 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Components Of Earnings Before Income Taxes Between Domestic and Foreign Jurisdictions | The components of earnings before income taxes were: Years ended December 31, 2017 2016 2015 U.S. $9,615 $5,175 $6,828 Non-U.S. 432 393 327 Total $10,047 $5,568 $7,155 |
Schedule Of Income Tax Expense/(Benefit) | Income tax expense/(benefit) consisted of the following: Years ended December 31, 2017 2016 2015 Current tax expense U.S. federal $1,276 $1,193 $2,102 Non-U.S. 149 133 122 U.S. state 23 15 21 Total current 1,448 1,341 2,245 Deferred tax expense U.S. federal 405 (618 ) (297 ) Non-U.S. (1 ) (4 ) 4 U.S. state (2 ) (46 ) 27 Total deferred 402 (668 ) (266 ) Total income tax expense $1,850 $673 $1,979 |
Reconciliation Of U.S. Federal Statutory Tax Rate To Our Effective Income Tax Rate schedule | The following is a reconciliation of the U.S. federal statutory tax rate of 35% to our effective income tax rates: Years ended December 31, 2017 2016 2015 U.S. federal statutory tax 35.0 % 35.0 % 35.0 % Impact of Tax Cuts and Jobs Act (1) (10.5 ) Tax basis adjustment (2) (7.9 ) Federal audit settlements (3) (3.2 ) Excess tax benefits (4) (2.1 ) (1.9 ) Research and development credits (1.6 ) (5.2 ) (3.4 ) U.S. manufacturing activity tax benefit (1.3 ) (3.8 ) (2.9 ) Tax on non-US activities (0.9 ) (0.5 ) (0.6 ) Other provision adjustments (0.2 ) (0.4 ) (0.4 ) Effective income tax rate 18.4 % 12.1 % 27.7 % (1) On December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was enacted. The TCJA revises the U.S. corporate income tax by, among other things, lowering the rate from 35% to 21% effective January 1, 2018, implementing a territorial tax system and imposing a one-time tax on deemed repatriated earnings of non-U.S. subsidiaries. In the fourth quarter of 2017, we recorded provisional tax benefits of $1,210 related to the remeasurement of our net U.S. deferred tax liabilities to reflect the reduction in the corporate tax rate. We also recorded a provisional tax expense of $159 related to tax on non-U.S. activities resulting from the TCJA. (2) In the third quarter of 2016, we recorded incremental tax benefits of $440 related to the application of a 2012 Federal Court of Claims decision which held that the tax basis in certain assets could be increased (tax basis adjustment). (3) In the third quarter of 2016, a tax benefit of $177 was recorded as a result of the settlement of the 2011-2012 federal tax audit. (4) In 2017 and 2016, we recorded excess tax benefits related to employee share-based payments of $207 and $105 . |
Significant Components Of Deferred Tax Assets Net Of Deferred Tax Liabilities | Significant components of our deferred tax (liabilities)/assets at December 31 were as follows: 2017 2016 Inventory and long-term contract methods of income recognition (6,290 ) (9,954 ) Pension benefits 3,690 7,385 Retiree health care benefits 1,319 2,268 Fixed assets, intangibles and goodwill (net of valuation allowance of $16 and $16) (1,259 ) (2,007 ) Other employee benefits 847 1,225 Customer and commercial financing (369 ) (730 ) Accrued expenses and reserves 347 587 Net operating loss, credit and capital loss carryovers (net of valuation allowance of $53 and $79) (1) 299 277 Other (82 ) (57 ) Net deferred tax (liabilities)/assets (2) ($1,498 ) ($1,006 ) (1) Of the deferred tax asset for net operating loss and credit carryovers, $278 expires on or before December 31, 2036 and $21 may be carried over indefinitely. (2) Included in the net deferred tax (liabilities)/assets as of December 31, 2017 and 2016 are deferred tax assets in the amounts of $4,636 and $7,701 related to Accumulated other comprehensive loss. |
Net Deferred Tax Assets and Liabilities | Net deferred tax (liabilities)/assets at December 31 were as follows: 2017 2016 Deferred tax assets $8,459 $13,591 Deferred tax liabilities (9,888 ) (14,502 ) Valuation allowance (69 ) (95 ) Net deferred tax (liabilities)/assets ($1,498 ) ($1,006 ) |
Schedule Of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2017 2016 2015 Unrecognized tax benefits – January 1 $1,557 $1,617 $1,312 Gross increases – tax positions in prior periods 3 17 38 Gross decreases – tax positions in prior periods (44 ) (348 ) (25 ) Gross increases – current-period tax positions 220 344 292 Settlements (73 ) Unrecognized tax benefits – December 31 $1,736 $1,557 $1,617 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounts Receivable, Net [Abstract] | |
Schedule Of Accounts Receivable | Accounts receivable at December 31 consisted of the following: 2017 2016 U.S. government contracts $5,989 $4,639 Commercial Airplanes 1,542 1,375 Global Services (1) 1,472 1,257 Defense, Space & Security (1) 760 533 Reinsurance receivables 467 526 Other 348 567 Less valuation allowance (62 ) (65 ) Total $10,516 $8,832 (1) Excludes U.S. government contracts |
Schedule Of Accounts Receivable Under Long-Term Contracts | The following table summarizes our accounts receivable under long-term contracts that were unbillable or related to outstanding claims as of December 31 : Unbillable Claims 2017 2016 2017 2016 Current $2,876 $1,919 $4 $38 Expected to be collected after one year 1,564 2,011 $55 91 Total $4,440 $3,930 $59 $129 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories at December 31 consisted of the following: 2017 2016 Long-term contracts in progress $13,889 $12,801 Commercial aircraft programs 52,861 52,048 Commercial spare parts, used aircraft, general stock materials and other 5,688 5,446 Inventory before advances and progress billings 72,438 70,295 Less advances and progress billings (28,094 ) (27,096 ) Total $44,344 $43,199 |
Customer Financing (Tables)
Customer Financing (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Customer Financing [Abstract] | |
Schedule Of Customer Financing | Customer financing primarily relates to the BCC segment and consisted of the following at December 31: 2017 2016 Financing receivables: Investment in sales-type/finance leases $1,364 $1,482 Notes 677 807 Total financing receivables 2,041 2,289 Operating lease equipment, at cost, less accumulated depreciation of $320 and $359 1,020 1,922 Gross customer financing 3,061 4,211 Less allowance for losses on receivables (12 ) (10 ) Total $3,049 $4,201 |
Components Of Investment In Sales Type Or Finance Leases | The components of investment in sales-type/finance leases at December 31 were as follows: 2017 2016 Minimum lease payments receivable $1,159 $1,321 Estimated residual value of leased assets 495 505 Unearned income (290 ) (344 ) Total $1,364 $1,482 |
Financing Receivable Balances Evaluated For Impairment | Financing receivable balances evaluated for impairment at December 31 were as follows: 2017 2016 Individually evaluated for impairment $77 $55 Collectively evaluated for impairment 1,964 2,234 Total financing receivables $2,041 $2,289 |
Allowance for Losses on Financing Receivables | The change in the allowance for losses on financing receivables for the years ended December 31, 2017, 2016 and 2015 , consisted of the following: 2017 2016 2015 Beginning balance - January 1 ($10 ) ($16 ) ($21 ) Customer financing valuation (cost)/benefit (2 ) 6 5 Ending balance - December 31 ($12 ) ($10 ) ($16 ) Collectively evaluated for impairment ($12 ) ($10 ) ($16 ) |
Financing Receivable Credit Quality Indicators | Our financing receivable balances at December 31 by internal credit rating category are shown below: Rating categories 2017 2016 BBB $1,170 $1,324 BB 627 538 B 177 383 CCC 67 44 Total carrying value of financing receivables $2,041 $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 at December 31: 2017 2016 717 Aircraft ($269 and $301 accounted for as operating leases) $1,081 $1,282 747-8 Aircraft ($467 and $1,086 accounted for as operating leases) 467 1,111 MD-80 Aircraft (Accounted for as sales-type finance leases) 231 259 757 Aircraft ($27 and $43 accounted for as operating leases) 217 246 747-400 Aircraft ($88 and $149 Accounted for as operating leases) 170 149 737 Aircraft ($127 and $103 Accounted for as operating leases) 161 103 767 Aircraft ($25 and $85 accounted for as operating leases) 98 170 777 Aircraft (Accounted for as notes) 14 165 |
Customer Financing Asset Impairment Charges | Charges related to customer financing asset impairment for the years ended December 31 were as follows: 2017 2016 2015 Boeing Capital $13 $45 $162 Other Boeing 30 21 Total $43 $66 $162 |
Scheduled Receipts On Customer Financing | Scheduled receipts on customer financing are as follows: Year 2018 2019 2020 2021 2022 Beyond 2022 Principal payments on notes receivable $149 $167 $132 $175 $37 $17 Sales-type/finance lease payments receivable 236 223 185 120 107 288 Operating lease equipment payments receivable 417 86 69 53 40 62 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | Property, plant and equipment at December 31 consisted of the following: 2017 2016 Land $530 $535 Buildings and land improvements 14,125 13,796 Machinery and equipment 14,577 13,569 Construction in progress 1,081 1,790 Gross property, plant and equipment 30,313 29,690 Less accumulated depreciation (17,641 ) (16,883 ) Total $12,672 $12,807 |
Payments Due Under Operating And Capital Leases Net Of Sublease Amounts And Non-Cancellable Future Rentals | Payments due under operating and capital leases net of sublease amounts and non-cancellable future rentals during the next five years are as follows: 2018 2019 2020 2021 2022 Minimum operating lease payments, net of sublease amounts $216 $201 $157 $115 $96 Minimum capital lease payments 55 37 24 12 4 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments [Abstract] | |
Schedule Of Investments | Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following at December 31: 2017 2016 Equity method investments (1) $1,214 $1,242 Time deposits 613 665 Available-for-sale investments 508 537 Other investments 30 33 Restricted cash & cash equivalents (2) 74 68 Total $2,439 $2,545 (1) Dividends received were $247 and $314 during 2017 and 2016 . Retained earnings at December 31, 2017 include undistributed earnings from our equity method investments of $307 . (2) Reflects amounts restricted in support of our workers’ compensation programs, employee benefit programs, and insurance premiums. |
Schedule of Equity Method Investments | Our equity method investments consisted of the following as of December 31: Segment Ownership Percentages Investment Balance 2017 2016 United Launch Alliance BDS 50% $889 $914 Other BCA, BDS, and BGS 325 328 Total equity method investments $1,214 $1,242 |
Liabilities, Commitments And 46
Liabilities, Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities at December 31 consisted of the following: 2017 2016 Accrued compensation and employee benefit costs $6,659 $5,720 Environmental 524 562 Product warranties 1,211 1,414 Forward loss recognition 1,683 1,385 Dividends payable 1,005 866 Income Taxes Payable 380 89 Other 3,830 4,655 Total $15,292 $14,691 |
Schedule Of Environmental Remediation Activity | The following table summarizes environmental remediation activity during the years ended December 31, 2017 and 2016 . 2017 2016 Beginning balance – January 1 $562 $566 Reductions for payments made (45 ) (47 ) Changes in estimates 7 43 Ending balance – December 31 $524 $562 |
Schedule Of Product Warranty Activity | The following table summarizes product warranty activity recorded during the years ended December 31, 2017 and 2016 . 2017 2016 Beginning balance – January 1 $1,414 $1,485 Additions for current year deliveries 274 356 Reductions for payments made (241 ) (309 ) Changes in estimates (236 ) (118 ) Ending balance – December 31 $1,211 $1,414 |
Contractual Obligation, Fiscal Year Maturity Schedule | The estimated earliest potential funding dates for these commitments as of December 31, 2017 are as follows: Total 2018 $2,047 2019 2,975 2020 1,396 2021 1,322 2022 935 Thereafter 1,546 $10,221 |
Arrangements With Off-Balance47
Arrangements With Off-Balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Guarantees [Abstract] | |
Schedule Of Guarantor Obligations | The following table provides quantitative data regarding our third party guarantees. The maximum potential payments represent a “worst-case scenario,” and do not necessarily reflect amounts that we expect to pay. Estimated proceeds from collateral and recourse represent the anticipated values of assets we could liquidate or receive from other parties to offset our payments under guarantees. The carrying amount of liabilities represents the amount included in Accrued liabilities. Maximum Potential Payments Estimated Proceeds from Collateral/ Recourse Carrying Amount of Liabilities December 31, 2017 2016 2017 2016 2017 2016 Contingent repurchase commitments $1,605 $1,306 $1,605 $1,306 $9 $9 Indemnifications to ULA: Contributed Delta program launch inventory 72 77 Contract pricing 261 261 7 7 Other Delta contracts 191 216 5 Credit guarantees 109 29 55 27 16 2 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule Of Short-Term Debt And Current Portion Of Long-Term Debt | Short-term debt and current portion of long-term debt at December 31 consisted of the following: 2017 2016 Unsecured debt securities $599 $255 Non-recourse debt and notes 33 33 Capital lease obligations 52 57 Commercial Paper 600 Other notes 51 39 Total $1,335 $384 |
Schedule Of Debt | Debt at December 31 consisted of the following: 2017 2016 Unsecured debt securities 0.95% - 4.88% due through 2047 $6,127 5,250 5.80% - 6.88% due through 2043 2,386 2,383 7.25% - 8.75% due through 2043 1,637 1,641 Commercial paper 600 Variable rate: 3-month USD LIBOR plus 12.5 basis points due 2017 $250 Non-recourse debt and notes 6.98% - 7.38% notes due through 2021 94 127 Capital lease obligations due through 2034 138 138 Other notes 135 163 Total debt $11,117 $9,952 |
Schedule of Debt Instruments | Total debt is attributable to: 2017 2016 BCC $2,523 $2,864 Other Boeing 8,594 7,088 Total debt $11,117 $9,952 |
Scheduled Principal Payments For Debt And Capital Lease Obligations | Scheduled principal payments for debt and minimum capital lease obligations for the next five years are as follows: 2018 2019 2020 2021 2022 Scheduled principal payments $1,340 $1,275 $1,148 $728 $554 |
Postretirement Plans (Tables)
Postretirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Retirement Benefits, Description [Abstract] | |
Components Of Net Periodic Benefit Cost | The components of net periodic benefit cost were as follows: Pension Other Postretirement Benefits Years ended December 31, 2017 2016 2015 2017 2016 2015 Service cost $402 $604 $1,764 $106 $128 $140 Interest cost 2,991 3,050 2,990 229 262 248 Expected return on plan assets (3,847 ) (3,999 ) (4,031 ) (7 ) (8 ) (8 ) Amortization of prior service (credits)/costs (39 ) 38 196 (137 ) (126 ) (136 ) Recognized net actuarial loss 804 790 1,577 10 22 31 Settlement/curtailment/other losses 1 40 290 10 Net periodic benefit cost $312 $523 $2,786 $201 $278 $285 Net periodic benefit cost included in Earnings from operations $639 $1,979 $2,366 $262 $274 $288 |
Schedule Of Changes In The Benefit Obligation, Plan Assets And Funded Status Of Pensions And OPB | The following tables show changes in the benefit obligation, plan assets and funded status of both pensions and OPB for the years ended December 31, 2017 and 2016 . Benefit obligation balances presented below reflect the PBO for our pension plans, and accumulated postretirement benefit obligations (APBO) for our OPB plans. Pension Other Postretirement Benefits 2017 2016 2017 2016 Change in benefit obligation Beginning balance $76,745 $74,388 $6,431 $7,138 Service cost 402 604 106 128 Interest cost 2,991 3,050 229 262 Plan participants’ contributions 1 Amendments (7 ) 6 (35 ) (57 ) Actuarial loss/(gain) 5,653 2,669 (204 ) (612 ) Settlement/curtailment/other (751 ) (63 ) Gross benefits paid (4,658 ) (3,903 ) (481 ) (469 ) Subsidies 33 37 Exchange rate adjustment 18 (7 ) 6 4 Ending balance $80,393 $76,745 $6,085 $6,431 Change in plan assets Beginning balance at fair value $56,692 $56,514 134 $132 Actual return on plan assets 8,552 3,885 15 7 Company contribution 4,025 113 6 6 Plan participants’ contributions 1 4 7 Settlement payments (744 ) (24 ) Benefits paid (4,530 ) (3,791 ) (16 ) (18 ) Exchange rate adjustment 16 (6 ) Ending balance at fair value $64,011 $56,692 $143 $134 Amounts recognized in statement of financial position at December 31 consist of: Other assets $218 $3 Other accrued liabilities (129 ) (113 ) (397 ) (381 ) Accrued retiree health care (5,545 ) (5,916 ) Accrued pension plan liability, net (16,471 ) (19,943 ) Net amount recognized ($16,382 ) ($20,053 ) ($5,942 ) ($6,297 ) |
Schedule Of Amounts Recognized In Accumulated Other Comprehensive Loss | Amounts recognized in Accumulated other comprehensive loss at December 31 were as follows: Pension Other Postretirement Benefits 2017 2016 2017 2016 Net actuarial loss/(gain) $22,942 $22,802 ($59 ) $152 Prior service (credits) (1,211 ) (1,243 ) (226 ) (328 ) Total recognized in Accumulated other comprehensive loss $21,731 $21,559 ($285 ) ($176 ) |
Schedule Of Estimated Amount That Will Be Amortized From Accumulated Other Comprehensive Loss Into Net Periodic Benefit Cost | The estimated amount that will be amortized from Accumulated other comprehensive loss into net periodic benefit cost during the year ending December 31, 2018 is as follows: Pension Other Postretirement Benefits Recognized net actuarial loss/(gain) $1,128 ($10 ) Amortization of prior service (credits) (56 ) (126 ) Total $1,072 ($136 ) |
Schedule Of Key Information For All Plans With ABO In Excess Of Plan Assets | Key information for our plans with ABO in excess of plan assets as of December 31 was as follows: 2017 2016 Projected benefit obligation $74,953 $76,586 Accumulated benefit obligation 71,975 74,081 Fair value of plan assets $58,353 $56,530 |
Schedule Of Assumptions Used To Calculate The Benefit Obligation and Net Periodic Benefit Costs | The following assumptions, which are the weighted average for all plans, are used to calculate the benefit obligation at December 31 of each year and the net periodic benefit cost for the subsequent year. December 31, 2017 2016 2015 Discount rate: Pension 3.60 % 4.00 % 4.20 % Other postretirement benefits 3.30 % 3.70 % 3.80 % Expected return on plan assets 6.80 % 6.80 % 7.00 % Rate of compensation increase 5.30 % 4.40 % 4.00 % |
Schedule Of Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates were as follows: December 31, 2017 2016 2015 Health care cost trend rate assumed next year 6.00 % 6.50 % 6.50 % Ultimate trend rate 4.50 % 5.00 % 5.00 % Year that trend reached ultimate rate 2021 2021 2021 |
Schedule Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates | A one-percentage-point change in assumed health care cost trend rates would have the following effect: Increase Decrease Effect on total of service and interest cost $45 ($37 ) Effect on postretirement benefit obligation 529 (448 ) |
Schedule of actual allocations for pension assets and target allocations by asset class [Table Text Block] | The actual and target allocations by asset class for the pension assets at December 31 were as follows: Actual Allocations Target Allocations Asset Class 2017 2016 2017 2016 Fixed income 46 % 48 % 47 % 47 % Global equity 31 28 29 29 Private equity 5 5 5 5 Real estate and real assets 8 9 9 9 Hedge funds 10 10 10 10 Total 100 % 100 % 100 % 100 % |
Schedule of Allocation of Plan Assets | The following table presents our plan assets using the fair value hierarchy as of December 31, 2017 and 2016 . The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs. December 31, 2017 December 31, 2016 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Fixed income securities: Corporate $19,603 $19,591 $12 $16,730 $16,723 $7 U.S. government and agencies 5,430 5,430 4,876 4,875 1 Mortgage backed and asset backed 760 460 300 706 370 336 Municipal 1,355 1,355 1,398 1,398 Sovereign 1,237 1,237 782 782 Other 118 $59 59 74 $9 65 Derivatives: Assets 49 49 40 40 Liabilities (25 ) (25 ) (38 ) (38 ) Cash equivalents and other short-term investments 1,778 1,778 1,037 1,037 Equity securities: U.S. common and preferred stock 4,615 4,615 5,374 5,373 1 Non-U.S. common and preferred stock 6,204 6,204 5,746 5,746 Derivatives: Assets 4 1 3 6 6 Liabilities (4 ) (4 ) (8 ) (8 ) Private equity Real estate and real assets: Real estate 462 462 468 468 Real assets 705 449 253 3 672 372 295 5 Derivatives: Assets 17 17 4 4 Liabilities (3 ) (3 ) (1 ) (1 ) Total $42,305 $11,790 $30,200 $315 $37,866 $11,968 $25,548 $350 Fixed income common/collective/pooled funds $1,257 $1,625 Fixed income other 303 227 Equity common/collective pooled funds 6,786 4,962 Private equity 2,767 2,639 Real estate and real assets 3,744 3,625 Hedge funds 6,440 5,441 Total investments measured at NAV as a practical expedient $21,297 $18,519 Cash $170 $160 Receivables 436 374 Payables (197 ) (227 ) Total $64,011 $56,692 |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | The following tables present a reconciliation of Level 3 assets (excluding investments which are valued using NAVs as a practical expedient) held during the years ended December 31, 2017 and 2016 . Transfers into and out of Level 3 are reported at the beginning-of-year values. January 1 Net Realized and Unrealized Gains/(Losses) Net Purchases, Issuances and Settlements Net Transfers Out of Level 3 December 31 Fixed income securities: Corporate (1) $12 $1 ($1 ) $12 U.S. government and agencies 1 (1 ) Mortgage backed and asset backed (1) 331 $10 (39 ) (2 ) 300 Equity securities: U.S. common and preferred stock 1 (1 ) Real assets 5 (2 ) 3 Total $350 $9 ($40 ) ($4 ) $315 January 1 Net Realized and Unrealized Gains/(Losses) Net Purchases, Issuances and Settlements Net Transfers Out of Level 3 December 31 Fixed income securities: Corporate (1) $11 ($1 ) ($3 ) $7 U.S. government and agencies 1 1 Mortgage backed and asset backed (1) 440 $7 (93 ) (18 ) 336 Equity securities: U.S. common and preferred stock 1 1 Non-U.S. common and preferred stock 2 (2 ) Private equity 3 (3 ) Real assets 6 (1 ) 5 Total $464 $4 ($97 ) ($21 ) $350 (1) Certain fixed income securities were reclassified between mortgage backed and asset backed to corporate on January 1, 2017 and 2016. |
Schedule Of Estimated Future Benefit Payments | The table below reflects the total pension benefits expected to be paid from the plans or from our assets, including both our share of the benefit cost and the participants’ share of the cost, which is funded by participant contributions. OPB payments reflect our portion only. Year(s) 2018 2019 2020 2021 2022 2023-2027 Pensions $4,758 $4,712 $4,740 $4,703 $4,631 $22,770 Other postretirement benefits: Gross benefits paid 496 507 517 520 516 2,364 Subsidies (16 ) (16 ) (17 ) (17 ) (17 ) (87 ) Net other postretirement benefits $480 $491 $500 $503 $499 $2,277 |
Share-Based Compensation And 50
Share-Based Compensation And Other Compensation Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of share-based plans expense and related income tax benefit | The share-based plans expense and related income tax benefit were as follows: Years ended December 31, 2017 2016 2015 Stock options $4 $30 Restricted stock units and other awards 212 189 160 Share-based plans expense $212 $193 $190 Income tax benefit $46 $69 $68 |
Schedule of Stock Options Activity | Stock option activity for the year ended December 31, 2017 is as follows: Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Number of shares under option: Outstanding at beginning of year 8,646,612 $72.64 Exercised (4,224,194) 73.61 Expired (5,200) 89.65 Outstanding at end of year 4,417,218 $71.69 3.93 $986 Exercisable at end of year 4,417,218 $71.69 3.93 $986 |
Schedule of Restricted Stock Units Award Activity | RSU activity for the year ended December 31, 2017 was as follows: Long-Term Incentive Program Other Number of units: Outstanding at beginning of year 1,814,644 1,077,920 Granted 570,538 390,152 Dividends 45,799 30,477 Forfeited (142,907 ) (40,670 ) Distributed (660,972 ) (301,417 ) Outstanding at end of year 1,627,102 1,156,462 Unrecognized compensation cost $98 $82 Weighted average remaining contractual life (years) 1.8 3.4 |
Schedule of Performance Based Restricted Stock Units Award Grant Fair Values | The grant date fair values were estimated using a Monte-Carlo simulation model with the assumptions presented below. The model includes no expected dividend yield as the units earn dividend equivalents. Grant Year Grant Date Performance Period Expected Volatility Risk Free Interest Rate Grant Date Fair Value 2017 2/27/2017 3 years 21.37 % 1.46 % 190.17 2016 2/22/2016 3 years 22.44 % 0.92 % 126.74 2015 2/23/2015 3 years 20.35 % 1.03 % 164.26 |
Schedule of Performance Based Restricted Stock Units Award Activity | PBRSU activity for the year ended December 31, 2017 was as follows: Long-Term Incentive Program Number of units: Outstanding at beginning of year 1,746,511 Granted 492,273 Performance based adjustment (1) 137,363 Dividends 54,683 Forfeited (130,367 ) Distributed (748,729 ) Outstanding at end of year 1,551,734 Unrecognized compensation cost $90 Weighted average remaining contractual life (years) 1.8 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule Of Common Stock Outstanding Roll Forward | The following table shows changes in each class of shares: Common Stock Treasury Stock Balance at January 1, 2015 1,012,261,159 305,533,606 Issued (7,288,113 ) Acquired 47,391,861 Balance at December 31, 2015 1,012,261,159 345,637,354 Issued (6,376,868 ) Acquired 55,849,082 Balance at December 31, 2016 1,012,261,159 395,109,568 Issued (20,746,426 ) Acquired 46,859,184 Balance at December 31, 2017 1,012,261,159 421,222,326 |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in Accumulated other comprehensive loss (AOCI) by component for the years ended December 31, 2017 , 2016 and 2015 were as follows: Currency Translation Adjustments Unrealized Gains and Losses on Certain Investments Unrealized Gains and Losses on Derivative Instruments Defined Benefit Pension Plans & Other Postretirement Benefits Total (1) Balance at January 1, 2015 $53 ($8 ) ($136 ) ($13,812 ) ($13,903 ) Other comprehensive (loss)/income before reclassifications (92 ) 8 (140 ) 173 (51 ) Amounts reclassified from AOCI 79 1,127 (2) 1,206 Net current period Other comprehensive (loss)/income (92 ) 8 (61 ) 1,300 1,155 Balance at December 31, 2015 ($39 ) $— ($197 ) ($12,512 ) ($12,748 ) Other comprehensive loss before reclassifications (104 ) (2 ) (8 ) (1,320 ) (1,434 ) Amounts reclassified from AOCI 78 481 (2) 559 Net current period Other comprehensive (loss)/income (104 ) (2 ) 70 (839 ) (875 ) Balance at December 31, 2016 ($143 ) ($2 ) ($127 ) ($13,351 ) ($13,623 ) Other comprehensive income/(loss) before reclassifications 128 1 119 (478 ) (230 ) Amounts reclassified from AOCI 52 425 (2) 477 Net current period Other comprehensive income/(loss) 128 1 171 (53 ) 247 Balance at December 31, 2017 ($15 ) ($1 ) $44 ($13,404 ) ($13,376 ) (1) Net of tax. (2) Primarily relates to amortization of actuarial losses for the years ended December 31, 2017 , 2016 , and 2015 totaling $542 , $524 , and $1,038 (net of tax of ($272) , ($288) , and ($570) ), respectively. These are included in the net periodic pension cost of which a portion is allocated to production as inventoried costs. See Note 14 . |
Derivative Financial Instrume52
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Derivative Instruments [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The notional amounts and fair values of derivative instruments in the Consolidated Statements of Financial Position as of December 31 were as follows: Notional amounts (1) Other assets Accrued liabilities 2017 2016 2017 2016 2017 2016 Derivatives designated as hedging instruments: Foreign exchange contracts $2,930 $2,584 $131 $34 ($63 ) ($225 ) Interest rate contracts 125 125 3 6 Commodity contracts 56 53 4 7 (6 ) (5 ) Derivatives not receiving hedge accounting treatment: Foreign exchange contracts 406 465 16 21 (5 ) (17 ) Commodity contracts 563 648 — Total derivatives $4,080 $3,875 154 68 (74 ) (247 ) Netting arrangements (61 ) (45 ) 61 45 Net recorded balance $93 $23 ($13 ) ($202 ) (1) Notional amounts represent the gross contract/notional amount of the derivatives outstanding. |
Schedule Of Derivative Instruments, Gains/(Losses) In Statement Of Financial Performance | Gains/(losses) associated with our cash flow and undesignated hedging transactions and their effect on Other comprehensive income/(loss) and Net earnings were as follows: Years ended December 31, 2017 2016 Effective portion recognized in Other comprehensive income/(loss), net of taxes: Foreign exchange contracts $123 ($9 ) Commodity contracts (4 ) 1 Effective portion reclassified out of Accumulated other comprehensive loss into earnings, net of taxes: Foreign exchange contracts (50 ) (70 ) Commodity contracts (2 ) (8 ) Forward points recognized in Other income, net: Foreign exchange contracts 8 13 Undesignated derivatives recognized in Other income, net: Foreign exchange contracts 8 (2 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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. December 31, 2017 December 31, 2016 Total Level 1 Level 2 Total Level 1 Level 2 Assets Money market funds $1,582 $1,582 $2,858 $2,858 Available-for-sale investments: Commercial paper 70 70 162 162 Corporate notes 382 382 271 271 U.S. government agencies 47 47 63 63 Other 18 18 46 46 Derivatives 93 93 23 $23 Total assets $2,192 $1,600 $592 $3,423 $2,904 $519 Liabilities Derivatives ($13 ) ($13 ) ($202 ) ($202 ) Total liabilities ($13 ) ($13 ) ($202 ) ($202 ) |
Fair Value, Assets Measured On Nonrecurring Basis Using Unobservable Inputs | The following table presents the nonrecurring losses recognized for the years ended December 31 due to long-lived asset impairment, and the fair value and asset classification of the related assets as of the impairment date: 2017 2016 Fair Value Total Losses Fair Value Total Losses Investments $1 ($44 ) Operating lease equipment 90 (32 ) $84 ($52 ) Other assets and Acquired intangible assets 14 (23 ) 12 (10 ) Property, plant and equipment 8 (2 ) 10 (9 ) Total $113 ($101 ) $106 ($71 ) |
Fair Value, Assets Measured On Nonrecurring Basis, Valuation Techniques | For Level 3 assets that were measured at fair value on a nonrecurring basis during the year ended December 31, 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 $90 Market approach Aircraft value publications $140 - $191 (1) Median $167 Aircraft condition adjustments ($77) - $0 (2) Net ($77) (1) The range represents the sum of the highest and lowest values for all aircraft subject to fair value measurement, according to the third party aircraft valuation publications that we use in our valuation process. (2) The negative amount represents the sum, for all aircraft subject to fair value measurement, of all downward adjustments based on consideration of individual aircraft attributes and condition. The positive amount represents the sum of all such upward adjustments. |
Fair Values And Related Carrying Values Of Financial Instruments | The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Consolidated Statements of Financial Position at December 31 were as follows: December 31, 2017 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Notes receivable, net $677 $682 $682 Liabilities Debt, excluding capital lease obligations and commercial paper (10,380 ) (11,923 ) (11,823 ) ($100 ) 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) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | Revenues, including foreign military sales, are reported by customer location and consist of the following: Years ended December 31, 2017 2016 2015 Asia, other than China $8,899 $10,553 $13,433 Europe 11,457 13,790 12,248 China 11,911 10,312 12,556 Middle East 12,287 13,297 10,846 Oceania 2,061 1,843 2,601 Canada 2,197 2,076 1,870 Africa 755 1,999 1,398 Latin America, Caribbean and other 1,494 1,936 1,875 Total non-U.S. revenues 51,061 55,806 56,827 United States 42,331 38,765 39,287 Total revenues $93,392 $94,571 $96,114 |
Schedule Of Depreciation And Amortization Expense By Segment | Depreciation and Amortization Years ended December 31, 2017 2016 2015 Commercial Airplanes $521 $442 $388 Defense, Space, & Security 252 220 248 Global Services 322 312 317 Boeing Capital Corporation 70 83 87 Unallocated items, eliminations and other 904 853 793 Total $2,069 $1,910 $1,833 |
Schedule Of Capital Expenditures By Segment | Capital Expenditures Years ended December 31, 2017 2016 2015 Commercial Airplanes $636 $830 $819 Defense, Space, & Security 210 290 226 Global Services 180 209 132 Unallocated items, eliminations and other 713 1,284 1,273 Total $1,739 $2,613 $2,450 |
Schedule Of Intersegment Revenues, Eliminated in Unallocated Items and Eliminations | Intersegment revenues, eliminated in Unallocated items, eliminations and other, are shown in the following table. Years ended December 31, 2017 2016 2015 Commercial Airplanes $1,571 $2,001 $1,700 Global Services 49 75 95 Boeing Capital 28 16 15 Total $1,648 $2,092 $1,810 |
Schedule Of Unallocated Items and Eliminations | Components of Unallocated items, eliminations and other are shown in the following table. Years ended December 31, 2017 2016 2015 Share-based plans ($77 ) ($66 ) ($76 ) Deferred compensation (240 ) (46 ) (63 ) Amortization of previously capitalized interest (98 ) (94 ) (90 ) Eliminations and other unallocated items (640 ) (527 ) (511 ) Sub-total (1,055 ) (733 ) (740 ) Pension 1,120 217 (421 ) Postretirement 188 153 123 Pension and Postretirement 1,308 370 (298 ) Total $253 ($363 ) ($1,038 ) |
Reconciliation of Assets from Segment to Consolidated | Segment assets are summarized in the table below. December 31, 2017 2016 Commercial Airplanes $47,737 $46,745 Defense, Space & Security 15,865 14,123 Global Services 12,353 11,490 Boeing Capital 3,156 4,139 Unallocated items, eliminations and other 13,222 13,500 Total $92,333 $89,997 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Financial Data | 2017 2016 4th 3rd 2nd 1st 4th 3rd 2nd 1st Total revenues $25,368 $24,309 $22,739 $20,976 $23,286 $23,898 $24,755 $22,632 Total costs and expenses (20,427 ) (19,987 ) (18,388 ) (17,264 ) (19,464 ) (19,904 ) (22,325 ) (19,097 ) Earnings from operations 3,030 2,689 2,535 2,024 2,183 2,282 (419 ) 1,788 Net earnings/(loss) 3,132 1,853 1,761 1,451 1,631 2,279 (234 ) 1,219 Basic earnings/(loss) per share 5.25 3.10 2.93 2.36 2.63 3.64 (0.37 ) 1.85 Diluted earnings/(loss) per share 5.18 3.06 2.89 2.34 2.59 3.60 (0.37 ) 1.83 Cash dividends declared per share 3.13 2.84 2.51 2.18 Common stock sales price per share: High 299.33 259.30 204.39 185.71 160.07 139.45 137.89 141.70 Low 253.53 197.75 175.47 155.21 130.74 123.96 122.35 102.10 Quarter end 294.91 254.21 197.75 176.86 155.68 131.74 129.87 126.94 |
Summary Of Business Segment D56
Summary Of Business Segment Data (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 25,368 | $ 24,309 | $ 22,739 | $ 20,976 | $ 23,286 | $ 23,898 | $ 24,755 | $ 22,632 | $ 93,392 | $ 94,571 | $ 96,114 |
Earnings from operations | 3,030 | 2,689 | 2,535 | 2,024 | 2,183 | 2,282 | (419) | 1,788 | 10,278 | 5,834 | 7,443 |
Other income/(loss), net | 129 | 40 | (13) | ||||||||
Interest and debt expense | (360) | (306) | (275) | ||||||||
Earnings before income taxes | 10,047 | 5,568 | 7,155 | ||||||||
Income tax expense | (1,850) | (673) | (1,979) | ||||||||
Net earnings | $ 3,132 | $ 1,853 | $ 1,761 | $ 1,451 | $ 1,631 | $ 2,279 | $ (234) | $ 1,219 | 8,197 | 4,895 | 5,176 |
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Earnings from operations | 10,025 | 6,197 | 8,481 | ||||||||
Operating Segments [Member] | Commercial Airplanes [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 56,729 | 58,012 | 59,399 | ||||||||
Earnings from operations | 5,432 | 1,995 | 4,284 | ||||||||
Operating Segments [Member] | Defense, Space & Security [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 21,057 | 22,563 | 23,708 | ||||||||
Earnings from operations | 2,223 | 1,966 | 2,312 | ||||||||
Operating Segments [Member] | Global Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 14,639 | 13,925 | 13,293 | ||||||||
Earnings from operations | 2,256 | 2,177 | 1,835 | ||||||||
Operating Segments [Member] | Boeing Capital Corporation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 307 | 298 | 413 | ||||||||
Earnings from operations | 114 | 59 | 50 | ||||||||
Unallocated items, eliminations and other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 660 | (227) | (699) | ||||||||
Earnings from operations | $ 253 | $ (363) | $ (1,038) |
Summary Of Significant Accoun57
Summary Of Significant Accounting Policies (Narrative) (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017USD ($)$ / shares | Sep. 30, 2017USD ($)$ / shares | Jun. 30, 2017USD ($)$ / shares | Mar. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Sep. 30, 2016USD ($)$ / shares | Jun. 30, 2016USD ($)$ / shares | Mar. 31, 2016USD ($)$ / shares | Dec. 31, 2017USD ($)segments$ / shares | Dec. 31, 2016USD ($)$ / shares | Dec. 31, 2015USD ($)$ / shares | Jan. 01, 2016USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Number of Reportable Segments | segments | 4 | |||||||||||
Net earnings | $ 3,132 | $ 1,853 | $ 1,761 | $ 1,451 | $ 1,631 | $ 2,279 | $ (234) | $ 1,219 | $ 8,197 | $ 4,895 | $ 5,176 | |
Duration of operating cycle | generally longer than one year | |||||||||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | $ 14 | $ (912) | $ (224) | |||||||||
Earnings Per Share impact, change in accounting estimate | $ / shares | $ 0.02 | $ (1.25) | $ (0.23) | |||||||||
Reinsurance costs | $ 144 | $ 139 | $ 132 | |||||||||
Reinsurance revenues | 141 | 147 | 136 | |||||||||
Research and development expense | 3,179 | 4,627 | $ 3,331 | |||||||||
Accounts Payable, Current | $ 12,202 | $ 11,190 | $ 12,202 | $ 11,190 | ||||||||
Repurchase commitments, maturities | generally 10 to 15 years | |||||||||||
Diluted earnings/(loss) per share | $ / shares | $ 5.18 | $ 3.06 | $ 2.89 | $ 2.34 | $ 2.59 | $ 3.60 | $ (0.37) | $ 1.83 | $ 13.43 | $ 7.61 | $ 7.44 | |
Net Cash Provided by (Used in) Operating Activities | $ 13,344 | $ 10,499 | $ 9,363 | |||||||||
Net Cash Provided by (Used in) Financing Activities | (11,350) | (9,587) | (7,920) | |||||||||
Other income/(loss), net | 129 | 40 | (13) | |||||||||
Interest and Debt Expense | (360) | (306) | (275) | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 10,047 | 5,568 | 7,155 | |||||||||
Income Tax Expense (Benefit) | $ (1,850) | $ (673) | $ (1,979) | |||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ / shares | $ 13.43 | $ 7.61 | $ 7.44 | |||||||||
Minimum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | ||||||||||
Maximum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||||||
Bank Overdrafts [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Accounts Payable, Current | $ 116 | $ 77 | $ 116 | $ 77 | ||||||||
Commercial Airplanes [Member] | Minimum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Standard warranty term | 3 years | |||||||||||
Commercial Airplanes [Member] | Maximum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Standard warranty term | 4 years | |||||||||||
Defense, Space & Security [Member] | Minimum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Standard warranty term | 6 months | |||||||||||
Defense, Space & Security [Member] | Maximum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Standard warranty term | 2 years | |||||||||||
Developed Technology [Member] | Minimum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite-lived acquired intangible assets, useful lives (in years) | 4 years | |||||||||||
Developed Technology [Member] | Maximum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite-lived acquired intangible assets, useful lives (in years) | 14 years | |||||||||||
Product Know-How [Member] | Minimum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite-lived acquired intangible assets, useful lives (in years) | 3 years | |||||||||||
Product Know-How [Member] | Maximum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite-lived acquired intangible assets, useful lives (in years) | 30 years | |||||||||||
Customer Base [Member] | Minimum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite-lived acquired intangible assets, useful lives (in years) | 3 years | |||||||||||
Customer Base [Member] | Maximum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite-lived acquired intangible assets, useful lives (in years) | 17 years | |||||||||||
Distribution Rights [Member] | Minimum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite-lived acquired intangible assets, useful lives (in years) | 3 years | |||||||||||
Distribution Rights [Member] | Maximum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite-lived acquired intangible assets, useful lives (in years) | 27 years | |||||||||||
Other Intangible Assets [Member] | Minimum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite-lived acquired intangible assets, useful lives (in years) | 2 years | |||||||||||
Other Intangible Assets [Member] | Maximum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Finite-lived acquired intangible assets, useful lives (in years) | 32 years | |||||||||||
Buildings And Land Improvements [Member] | Minimum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property, plant and equipment, estimated useful lives (in years) | 10 years | |||||||||||
Buildings And Land Improvements [Member] | Maximum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property, plant and equipment, estimated useful lives (in years) | 40 years | |||||||||||
Machinery And Equipment [Member] | Minimum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property, plant and equipment, estimated useful lives (in years) | 4 years | |||||||||||
Machinery And Equipment [Member] | Maximum [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property, plant and equipment, estimated useful lives (in years) | 20 years | |||||||||||
Capitalized Internal Use Software [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property, plant and equipment, estimated useful lives (in years) | 5 years | |||||||||||
Bid And Proposal Costs [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Research and development expense | $ 288 | 311 | $ 286 | |||||||||
KC-46A Tanker [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | $ (329) | $ (142) | $ (312) | $ (573) | $ (243) | (471) | (1,128) | $ (835) | ||||
Pro Forma [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Net earnings | 8,458 | 5,034 | ||||||||||
Other income/(loss), net | 123 | (438) | ||||||||||
Interest and Debt Expense | (360) | (306) | ||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 10,107 | 5,783 | ||||||||||
Income Tax Expense (Benefit) | $ (1,649) | $ (749) | ||||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ / shares | $ 13.85 | $ 7.83 | ||||||||||
Sales Revenue, Net [Member] | Pro Forma [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 10,000 | |||||||||||
Operating Income (Loss) [Member] | Pro Forma [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 1,300 | |||||||||||
Retained Earnings [Member] | Pro Forma [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 900 | |||||||||||
Other Income [Member] | Pro Forma [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ (6) | $ (478) | ||||||||||
Assets [Member] | Pro Forma [Member] | ||||||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 20,000 | $ (19,000) |
Summary Of Significant Accoun58
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies (Schedule of ASC 606 Adoption) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 01, 2016 | |
Item Effected [Line Items] | ||||||||||||
Revenues | $ 25,368 | $ 24,309 | $ 22,739 | $ 20,976 | $ 23,286 | $ 23,898 | $ 24,755 | $ 22,632 | $ 93,392 | $ 94,571 | $ 96,114 | |
Earnings from operations | 3,030 | 2,689 | 2,535 | 2,024 | 2,183 | 2,282 | (419) | 1,788 | 10,278 | 5,834 | 7,443 | |
Other income/(loss), net | 129 | 40 | (13) | |||||||||
Interest and Debt Expense | (360) | (306) | (275) | |||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 10,047 | 5,568 | 7,155 | |||||||||
Income Tax Expense (Benefit) | (1,850) | (673) | (1,979) | |||||||||
Net earnings | $ 3,132 | $ 1,853 | $ 1,761 | $ 1,451 | $ 1,631 | $ 2,279 | $ (234) | $ 1,219 | $ 8,197 | $ 4,895 | $ 5,176 | |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 13.43 | $ 7.61 | $ 7.44 | |||||||||
Operating Segments [Member] | ||||||||||||
Item Effected [Line Items] | ||||||||||||
Earnings from operations | $ 10,025 | $ 6,197 | $ 8,481 | |||||||||
Unallocated items, eliminations and other [Member] | ||||||||||||
Item Effected [Line Items] | ||||||||||||
Revenues | 660 | (227) | (699) | |||||||||
Earnings from operations | 253 | (363) | (1,038) | |||||||||
Commercial Airplanes [Member] | Operating Segments [Member] | ||||||||||||
Item Effected [Line Items] | ||||||||||||
Revenues | 56,729 | 58,012 | 59,399 | |||||||||
Earnings from operations | 5,432 | 1,995 | 4,284 | |||||||||
Defense, Space & Security [Member] | Operating Segments [Member] | ||||||||||||
Item Effected [Line Items] | ||||||||||||
Revenues | 21,057 | 22,563 | 23,708 | |||||||||
Earnings from operations | 2,223 | 1,966 | 2,312 | |||||||||
Global Services [Member] | Operating Segments [Member] | ||||||||||||
Item Effected [Line Items] | ||||||||||||
Revenues | 14,639 | 13,925 | 13,293 | |||||||||
Earnings from operations | 2,256 | 2,177 | 1,835 | |||||||||
Boeing Capital Corporation [Member] | Operating Segments [Member] | ||||||||||||
Item Effected [Line Items] | ||||||||||||
Revenues | 307 | 298 | 413 | |||||||||
Earnings from operations | 114 | 59 | $ 50 | |||||||||
Pro Forma [Member] | ||||||||||||
Item Effected [Line Items] | ||||||||||||
Revenues | 94,005 | 93,496 | ||||||||||
Earnings from operations | 10,344 | 6,527 | ||||||||||
FAS/CAS Service Cost Adjustment | 1,438 | 1,357 | ||||||||||
Other income/(loss), net | 123 | (438) | ||||||||||
Interest and Debt Expense | (360) | (306) | ||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 10,107 | 5,783 | ||||||||||
Income Tax Expense (Benefit) | (1,649) | (749) | ||||||||||
Net earnings | $ 8,458 | $ 5,034 | ||||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ 13.85 | $ 7.83 | ||||||||||
Pro Forma [Member] | Operating Segments [Member] | ||||||||||||
Item Effected [Line Items] | ||||||||||||
Earnings from operations | $ 10,005 | $ 5,877 | ||||||||||
Pro Forma [Member] | Unallocated items, eliminations and other [Member] | ||||||||||||
Item Effected [Line Items] | ||||||||||||
Revenues | 542 | (179) | ||||||||||
Earnings from operations | (1,099) | (707) | ||||||||||
Pro Forma [Member] | Commercial Airplanes [Member] | Operating Segments [Member] | ||||||||||||
Item Effected [Line Items] | ||||||||||||
Revenues | 58,014 | 59,378 | ||||||||||
Earnings from operations | 5,452 | 1,981 | ||||||||||
Pro Forma [Member] | Defense, Space & Security [Member] | Operating Segments [Member] | ||||||||||||
Item Effected [Line Items] | ||||||||||||
Revenues | 20,561 | 20,180 | ||||||||||
Earnings from operations | 2,193 | 1,678 | ||||||||||
Pro Forma [Member] | Global Services [Member] | Operating Segments [Member] | ||||||||||||
Item Effected [Line Items] | ||||||||||||
Revenues | 14,581 | 13,819 | ||||||||||
Earnings from operations | 2,246 | 2,159 | ||||||||||
Pro Forma [Member] | Boeing Capital Corporation [Member] | Operating Segments [Member] | ||||||||||||
Item Effected [Line Items] | ||||||||||||
Revenues | 307 | 298 | ||||||||||
Earnings from operations | 114 | 59 | ||||||||||
Sales Revenue, Net [Member] | Pro Forma [Member] | ||||||||||||
Item Effected [Line Items] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 10,000 | |||||||||||
Operating Income (Loss) [Member] | Pro Forma [Member] | ||||||||||||
Item Effected [Line Items] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 1,300 | |||||||||||
Retained Earnings [Member] | Pro Forma [Member] | ||||||||||||
Item Effected [Line Items] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 900 | |||||||||||
Other Income [Member] | Pro Forma [Member] | ||||||||||||
Item Effected [Line Items] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | 6 | 478 | ||||||||||
Liability [Member] | Pro Forma [Member] | ||||||||||||
Item Effected [Line Items] | ||||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 20,000 | $ 19,000 |
Goodwill And Acquired Intangi59
Goodwill And Acquired Intangibles (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Carrying amount of indefinite-lived intangible assets relating to trade names | $ 490 | $ 490 |
Amortization expense of acquired finite-lived intangible assets | 240 | 220 |
Finite-lived Intangible Assets Acquired | 298 | 113 |
Non-cash investing and financing transactions related to acquired finite-lived intangibles | $ 55 | $ 31 |
Goodwill And Acquired Intangi60
Goodwill And Acquired Intangibles (Schedule Of Goodwill By Reportable Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | $ 5,324 | $ 5,126 | |
Acquisitions | 220 | 206 | |
Goodwill adjustments | 15 | (8) | |
Goodwill, Ending Balance | 5,559 | 5,324 | |
Operating Segments [Member] | Commercial Airplanes [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 992 | 992 | |
Acquisitions | |||
Goodwill adjustments | |||
Goodwill, Ending Balance | 992 | 992 | |
Operating Segments [Member] | Defense, Space & Security [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 2,854 | 2,648 | |
Acquisitions | [1] | 220 | 206 |
Goodwill adjustments | |||
Goodwill, Ending Balance | 3,074 | 2,854 | |
Operating Segments [Member] | Global Services [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Beginning Balance | 1,478 | 1,486 | |
Acquisitions | |||
Goodwill adjustments | 15 | (8) | |
Goodwill, Ending Balance | $ 1,493 | $ 1,478 | |
[1] | The increase in goodwill is primarily the result of acquisitions in the fourth quarter of 2016 and 2017. |
Goodwill And Acquired Intangi61
Goodwill And Acquired Intangibles (Schedule Of Finite-Lived Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,386 | $ 4,096 |
Accumulated Amortization | 2,303 | 2,046 |
Distribution Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,445 | 2,281 |
Accumulated Amortization | 943 | 797 |
Product Know-How [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 522 | 503 |
Accumulated Amortization | 298 | 271 |
Customer Base [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 650 | 595 |
Accumulated Amortization | 479 | 436 |
Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 556 | 523 |
Accumulated Amortization | 406 | 376 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 213 | 194 |
Accumulated Amortization | $ 177 | $ 166 |
Goodwill And Acquired Intangi62
Goodwill And Acquired Intangibles (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated amortization expense, next 12 months | $ 236 |
Estimated amortization expense, Year 2 | 213 |
Estimated amortization expense, Year 3 | 183 |
Estimated amortization expense, Year 4 | 174 |
Estimated amortization expense, Year 5 | $ 165 |
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 | 12 Months Ended | ||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Earnings Per Share [Abstract] | ||||||||||||
Net earnings | $ 3,132 | $ 1,853 | $ 1,761 | $ 1,451 | $ 1,631 | $ 2,279 | $ (234) | $ 1,219 | $ 8,197 | $ 4,895 | $ 5,176 | |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 6 | 3 | 4 | |||||||||
Net earnings available to common shareholders | $ 8,191 | $ 4,892 | $ 5,172 | |||||||||
Basic weighted average shares outstanding | 603.2 | 636.5 | 688 | |||||||||
Participating securities | 0.7 | 1 | 1.1 | |||||||||
Basic weighted average common shares outstanding | 602.5 | 635.5 | 686.9 | |||||||||
Basic weighted average shares outstanding | 603.2 | 636.5 | 688 | |||||||||
Dilutive potential common shares | [1] | 7.5 | 7.3 | 8.1 | ||||||||
Dilutive weighted average shares outstanding | 610.7 | 643.8 | 696.1 | |||||||||
Participating securities | 0.7 | 1 | 1.1 | |||||||||
Diluted weighted average common shares outstanding | 610 | 642.8 | 695 | |||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 13.60 | $ 7.70 | $ 7.52 | |||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ 13.43 | $ 7.61 | $ 7.44 | |||||||||
[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 64
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 | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Performance Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the computation of diluted earnings | 4.1 | 6.5 | 5.6 |
Performance Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the computation of diluted earnings | 0.5 | 2.5 | 2.3 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Net income tax payments/(refunds) | $ 896 | $ 1,460 | $ 1,490 | |
Unrecognized tax benefits that would affect the effective tax rate, if recognized | 1,568 | 1,402 | 1,479 | |
Unrecognized tax benefits | 1,736 | $ 1,557 | $ 1,617 | $ 1,312 |
United States [member] | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 540 | |||
State and Local Jurisdiction [Member] | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 430 |
Income Taxes (Components of Ear
Income Taxes (Components of Earnings Before Income Taxes Between Domestic and Foreign Jurisdictions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 9,615 | $ 5,175 | $ 6,828 |
Non-U.S. | 432 | 393 | 327 |
Earnings before income taxes | $ 10,047 | $ 5,568 | $ 7,155 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense/(Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. federal | $ 1,276 | $ 1,193 | $ 2,102 |
Non-U.S. | 149 | 133 | 122 |
U.S. state | 23 | 15 | 21 |
Total Current Income Tax Expense (Benefit) | 1,448 | 1,341 | 2,245 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. federal | 405 | (618) | (297) |
Non-U.S. | (1) | (4) | 4 |
U.S. state | (2) | (46) | 27 |
Total deferred | 402 | (668) | (266) |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Total income tax expense | $ 1,850 | $ 673 | $ 1,979 |
Income Taxes (Schedule Of Recon
Income Taxes (Schedule Of Reconciliation Of U.S. Federal Statutory Tax Rate To Our Effective Income Tax Rate) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Income Tax Examination [Line Items] | |||||||
U.S. federal statutory tax | 21.00% | 35.00% | 35.00% | 35.00% | |||
Impact of Tax Cuts and Jobs Act(1) | [1] | (10.50%) | |||||
Tax basis adjustment(2) | [2] | (7.90%) | |||||
Federal audit settlements(3) | [3] | (3.20%) | |||||
Excess tax benefits(4) | [4] | (2.10%) | (1.90%) | ||||
Research and development credits | (1.60%) | (5.20%) | (3.40%) | ||||
U.S. manufacturing activity tax benefit | (1.30%) | (3.80%) | (2.90%) | ||||
Tax on non-US activities | (0.90%) | (0.50%) | (0.60%) | ||||
Other provision adjustments | (0.20%) | (0.40%) | (0.40%) | ||||
Effective income tax rate | 18.40% | 12.10% | 27.70% | ||||
Effective Income Tax Rate Reconciliation, Impact of tax reform legislation, Amount | $ 1,051 | ||||||
Incremental tax benefit related to tax basis adjustment | $ 440 | ||||||
Excess tax benefits related to employee share-based payments | $ 207 | $ 105 | |||||
Tax Year 2011-2012 [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
Tax benefit related to settlement of federal tax audit | $ (177) | ||||||
Reduction in Taxes [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
Effective Income Tax Rate Reconciliation, Impact of tax reform legislation, Amount | 1,210 | ||||||
Foreign Tax Authority [Member] | Reduction in Taxes [Member] | |||||||
Income Tax Examination [Line Items] | |||||||
Effective Income Tax Rate Reconciliation, Impact of tax reform legislation, Amount | $ (159) | ||||||
[1] | Of the deferred tax asset for net operating loss and credit carryovers, $278 expires on or before December 31, 2036 and $21 may be carried over indefinitely. | ||||||
[2] | In the third quarter of 2016, we recorded incremental tax benefits of $440 related to the application of a 2012 Federal Court of Claims decision which held that the tax basis in certain assets could be increased (tax basis adjustment). | ||||||
[3] | In the third quarter of 2016, a tax benefit of $177 was recorded as a result of the settlement of the 2011-2012 federal tax audit. | ||||||
[4] | In 2017 and 2016, we recorded excess tax benefits related to employee share-based payments of $207 and $105. |
Income Taxes (Significant Compo
Income Taxes (Significant Components Of Deferred Tax Assets Net Of Deferred Tax Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Valuation Allowance [Line Items] | |||
Inventory and long-term contract methods of income recognition | $ (6,290) | $ (9,954) | |
Pension benefits | 3,690 | 7,385 | |
Retiree health care benefits | 1,319 | 2,268 | |
Fixed assets, intangibles and goodwill (net of valuation allowance of $16 and $16) | (1,259) | (2,007) | |
Other employee benefits | 847 | 1,225 | |
Customer and commercial financing | (369) | (730) | |
Accrued expenses and reserves | 347 | 587 | |
Net operating loss, credit and capital loss carryovers (net of valuation allowance of $53 and $79)(1) | [1] | 299 | 277 |
Other | (82) | (57) | |
Net deferred tax (liabilities)/assets(2) | [2] | 1,498 | 1,006 |
Valuation Allowance - Fixed assets, intangibles, and goodwill deferred tax assets | 69 | 95 | |
Valuation Allowance - Net operating loss, credit and capital loss carryovers | 53 | 79 | |
Deferred tax asset for net operating loss and credit carryovers each year through December 31, 2035 | 278 | ||
Deferred tax asset for net operating loss and credit carryovers indefinitely | 21 | ||
Deferred tax assets related to Accumulated other comprehensive loss | 4,636 | 7,701 | |
Valuation Allowance, Property Plant and Equipment, Intangibles and Goodwill [Member] | |||
Valuation Allowance [Line Items] | |||
Valuation Allowance - Fixed assets, intangibles, and goodwill deferred tax assets | $ 16 | $ 16 | |
[1] | Of the deferred tax asset for net operating loss and credit carryovers, $278 expires on or before December 31, 2036 and $21 may be carried over indefinitely. | ||
[2] | Included in the net deferred tax (liabilities)/assets as of December 31, 2017 and 2016 are deferred tax assets in the amounts of $4,636 and $7,701 related to Accumulated other comprehensive loss. |
Income Taxes (Net Deferred Tax
Income Taxes (Net Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Deferred tax assets | $ 8,459 | $ 13,591 | |
Deferred tax liabilities | (9,888) | (14,502) | |
Valuation allowance | (69) | (95) | |
Deferred Tax Liabilities, Net | [1] | $ 1,498 | $ 1,006 |
[1] | Included in the net deferred tax (liabilities)/assets as of December 31, 2017 and 2016 are deferred tax assets in the amounts of $4,636 and $7,701 related to Accumulated other comprehensive loss. |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits Roll Forward) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits – January 1 | $ 1,557 | $ 1,617 | $ 1,312 |
Gross increases – tax positions in prior periods | 3 | 17 | 38 |
Gross decreases – tax positions in prior periods | (44) | (348) | (25) |
Gross increases – current-period tax positions | 220 | 344 | 292 |
Settlements | (73) | ||
Unrecognized tax benefits – December 31 | $ 1,736 | $ 1,557 | $ 1,617 |
Accounts Receivable (Narrative)
Accounts Receivable (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts Receivable [Line Items] | ||
Unbillable, expected to be collected after one year | $ 1,564 | $ 2,011 |
Commercial Customers [Member] | ||
Accounts Receivable [Line Items] | ||
Unbillable, expected to be collected after one year | $ 172 | $ 172 |
Accounts Receivable (Schedule O
Accounts Receivable (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts Receivables [Line Items] | |||
Less valuation allowance, Current | $ (62) | $ (65) | |
Accounts receivable, Net, Current | 10,516 | 8,832 | |
U S Government Contracts [Member] | |||
Accounts Receivables [Line Items] | |||
Accounts Receivable, Gross, Current | 5,989 | 4,639 | |
Commercial Airplanes Accounts Receivable [Member] | |||
Accounts Receivables [Line Items] | |||
Accounts Receivable, Gross, Current | 1,542 | 1,375 | |
Global Services Accounts Receivable Excluding US Government Contracts [Member] | |||
Accounts Receivables [Line Items] | |||
Accounts Receivable, Gross, Current | [1] | 1,472 | 1,257 |
Defense, Space & Security Customers Excluding US Government Contracts [Member] | |||
Accounts Receivables [Line Items] | |||
Accounts Receivable, Gross, Current | [1] | 760 | 533 |
Reinsurance Receivables [Member] | |||
Accounts Receivables [Line Items] | |||
Accounts Receivable, Gross, Current | 467 | 526 | |
Other Account Receivable [Member] | |||
Accounts Receivables [Line Items] | |||
Accounts Receivable, Gross, Current | $ 348 | $ 567 | |
[1] | Excludes U.S. government contracts |
Accounts Receivable (Schedule74
Accounts Receivable (Schedule Of Accounts Receivable Under Long-Term Contracts) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Unbilled Receivables, Not Billable, Fiscal Year Maturity [Abstract] | ||
Unbillable, current | $ 2,876 | $ 1,919 |
Unbillable, expected to be collected after one year | 1,564 | 2,011 |
Total Unbillable | 4,440 | 3,930 |
Contracts Receivable, Claims and Uncertain Amounts, Fiscal Year Maturity [Abstract] | ||
Claims, current | 4 | 38 |
Claims, expected to be collected after one year | 55 | 91 |
Total Claims | $ 59 | $ 129 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) $ in Millions | 3 Months Ended | ||
Jun. 30, 2016USD ($) | Dec. 31, 2017USD ($)aircraft | Dec. 31, 2016USD ($) | |
Inventories [Line Items] | |||
Progress Payments Netted Against Inventory for Long-term Contracts or Programs | $ 28,094 | $ 27,096 | |
Inventory Write-down | $ 1,235 | ||
Commercial spare parts, used aircraft, general stock materials and other | 5,688 | 5,446 | |
Airplane Program 787 [Member] | |||
Inventories [Line Items] | |||
Inventory, work in process | 30,695 | 32,501 | |
Deferred production costs | 25,358 | 27,308 | |
Supplier advances | 3,189 | 2,398 | |
Unamortized tooling and other non-recurring costs | 3,173 | 3,625 | |
Deferred production, unamortized tooling and other nonrecurring costs to be recovered from firm orders at the balance sheet date | 22,220 | ||
Deferred production, unamortized tooling and other nonrecurring costs to be recovered from future orders | 6,311 | ||
Airplane Program 747 [Member] | |||
Inventories [Line Items] | |||
Unamortized tooling and other non-recurring costs | 151 | 284 | |
Deferred production, unamortized tooling and other nonrecurring costs to be recovered from firm orders at the balance sheet date | $ 146 | ||
Unsold Aircraft | aircraft | 1 | ||
ULA [Member] | |||
Inventories [Line Items] | |||
Inventory subject to uncertainty | $ 120 | ||
Progress Payments Netted Against Inventory for Long-term Contracts or Programs | 164 | 220 | |
Capitalized Precontract Costs [Member] | |||
Inventories [Line Items] | |||
Inventory subject to uncertainty | 933 | 729 | |
Early Issue Sales Consideration [Member] | |||
Inventories [Line Items] | |||
Inventory subject to uncertainty | $ 2,976 | $ 3,117 |
Inventories (Inventory Disclosu
Inventories (Inventory Disclosure Table) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Long-term contracts in progress | $ 13,889 | $ 12,801 |
Commercial aircraft programs | 52,861 | 52,048 |
Commercial spare parts, used aircraft, general stock materials and other | 5,688 | 5,446 |
Inventory before advances and progress billings | 72,438 | 70,295 |
Less advances and progress billings | (28,094) | (27,096) |
Total | $ 44,344 | $ 43,199 |
Customer Financing (Narrative)
Customer Financing (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Customer Financing [Line Items] | ||
Individually evaluated for impairment | $ 77 | $ 55 |
Impaired financing receivables | 66 | $ 44 |
Average recorded investment in impaired receivables | $ 46 | |
B Credit Rating [Member] | ||
Customer Financing [Line Items] | ||
Percentage Of Credit Default Rates Applied To Customers | 22.60% | |
BB Credit Rating [Member] | ||
Customer Financing [Line Items] | ||
Percentage Of Credit Default Rates Applied To Customers | 4.70% | |
BBB Credit Rating [Member] | ||
Customer Financing [Line Items] | ||
Percentage Of Credit Default Rates Applied To Customers | 0.90% |
Customer Financing (Schedule Of
Customer Financing (Schedule Of Customer Financing) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Customer Financing [Abstract] | ||||
Investment in sales-type/finance leases | $ 1,364 | $ 1,482 | ||
Notes | 677 | 807 | ||
Total financing receivables | 2,041 | 2,289 | ||
Operating lease equipment, at cost, less accumulated depreciation of $320 and $359 | 1,020 | 1,922 | ||
Gross customer financing | 3,061 | 4,211 | ||
Less allowance for losses on receivables | (12) | (10) | $ (16) | $ (21) |
Total | 3,049 | 4,201 | ||
Operating lease equipment, accumulated depreciation | $ 320 | $ 359 |
Customer Financing (Components
Customer Financing (Components Of Investment In Sales-Type Or Finance Leases) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Customer Financing [Abstract] | ||
Minimum lease payments receivable | $ 1,159 | $ 1,321 |
Estimated residual value of leased assets | 495 | 505 |
Unearned income | (290) | (344) |
Total | $ 1,364 | $ 1,482 |
Customer Financing (Financing R
Customer Financing (Financing Receivable Balances Evaluated For Impairment) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Customer Financing [Abstract] | ||
Individually evaluated for impairment | $ 77 | $ 55 |
Collectively evaluated for impairment | 1,964 | 2,234 |
Total financing receivables | $ 2,041 | $ 2,289 |
Customer Financing (Allowance F
Customer Financing (Allowance For Losses On Financing Receivables) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning balance - January 1 | $ (10) | $ (16) | $ (21) |
Write-offs | (2) | 6 | 5 |
Ending balance - December 31 | (12) | (10) | (16) |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Collectively evaluated for impairment | $ (12) | $ (10) | $ (16) |
Customer Financing (Financing82
Customer Financing (Financing Receivable Credit Quality Indicators) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | $ 2,041 | $ 2,289 |
BBB Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 1,170 | 1,324 |
BB Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 627 | 538 |
B Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | 177 | 383 |
CCC Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total financing receivables | $ 67 | $ 44 |
Customer Financing (Schedule 83
Customer Financing (Schedule of Customer Financing Carrying Values Related to Major Aircraft Concentrations) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Customer Financing [Line Items] | ||
Gross customer financing | $ 3,061 | $ 4,211 |
Operating lease equipment | 1,020 | 1,922 |
B-717 Aircraft [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 1,081 | 1,282 |
Operating lease equipment | 269 | 301 |
B-747-8 [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 467 | 1,111 |
Operating lease equipment | 467 | 1,086 |
MD-80 Aircraft [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 231 | 259 |
B-757 Aircraft [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 217 | 246 |
Operating lease equipment | 27 | 43 |
B-747-400 aircraft [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 170 | 149 |
Operating lease equipment | 88 | 149 |
B-737 Aircraft [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 161 | 103 |
Operating lease equipment | 127 | 103 |
B-767 Aircraft [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 98 | 170 |
Operating lease equipment | 25 | 85 |
B-777 [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | $ 14 | $ 165 |
Customer Financing (Customer Fi
Customer Financing (Customer Financing Asset Impairment Charges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Customer Financing [Line Items] | |||
Impairment charges | $ 113 | $ 90 | $ 167 |
Customer Financing [Member] | |||
Customer Financing [Line Items] | |||
Impairment charges | 43 | 66 | 162 |
Customer Financing [Member] | Boeing Capital Corporation [Member] | |||
Customer Financing [Line Items] | |||
Impairment charges | 13 | 45 | 162 |
Customer Financing [Member] | Other Boeing [Member] | |||
Customer Financing [Line Items] | |||
Impairment charges | $ 30 | $ 21 |
Customer Financing (Scheduled R
Customer Financing (Scheduled Receipts On Customer Financing) (Details) - Customer Financing [Member] $ in Millions | Dec. 31, 2017USD ($) |
Principal payments on notes receivable [Abstract] | |
2,018 | $ 149 |
2,019 | 167 |
2,020 | 132 |
2,021 | 175 |
2,022 | 37 |
Beyond 2,022 | 17 |
Sales-type/finance lease payments receivable [Abstract] | |
2,018 | 236 |
2,019 | 223 |
2,020 | 185 |
2,021 | 120 |
2,022 | 107 |
Beyond 2,022 | 288 |
Operating lease equipment payments receivable [Abstract] | |
2,018 | 417 |
2,019 | 86 |
2,020 | 69 |
2,021 | 53 |
2,022 | 40 |
Beyond 2,022 | $ 62 |
Property, Plant And Equipment86
Property, Plant And Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 2,069 | $ 1,910 | $ 1,833 |
Interest capitalized | 110 | 170 | 158 |
Rental expense for leased properties | 283 | 287 | 267 |
Minimum rental payments under capital leases, total | 147 | ||
Minimum rental payments under operating leases with initial or remaining terms of one year or more, total | 1,355 | ||
Sublease payments under operating lease | 13 | ||
Property, plant and equipment included in accounts payable | 196 | 292 | |
Property, Plant and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $ 1,548 | $ 1,418 | $ 1,357 |
Property, Plant And Equipment87
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 530 | $ 535 |
Buildings and land improvements | 14,125 | 13,796 |
Machinery and equipment | 14,577 | 13,569 |
Construction in progress | 1,081 | 1,790 |
Gross property, plant and equipment | 30,313 | 29,690 |
Less accumulated depreciation | (17,641) | (16,883) |
Total | $ 12,672 | $ 12,807 |
Property, Plant And Equipment88
Property, Plant And Equipment (Payments Due Under Operating And Capital Leases Net Of Sublease Amounts And Non-Cancellable Future Rentals) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | $ 216 |
2,019 | 201 |
2,020 | 157 |
2,021 | 115 |
2,022 | 96 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | 55 |
2,019 | 37 |
2,020 | 24 |
2,021 | 12 |
2,022 | $ 4 |
Investments (Schedule Of Invest
Investments (Schedule Of Investments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Investments Schedule [Abstract] | |||
Equity method investments | [1] | $ 1,214 | $ 1,242 |
Time deposits | 613 | 665 | |
Available-for-sale investments | 508 | 537 | |
Other investments | 30 | 33 | |
Restricted Cash and Cash Equivalents | [2] | 74 | 68 |
Total | 2,439 | 2,545 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Dividends received from equity method investments | 247 | $ 314 | |
Undistributed earnings from equity method investments | $ 307 | ||
[1] | Dividends received were $247 and $314 during 2017 and 2016. Retained earnings at December 31, 2017 include undistributed earnings from our equity method investments of $307. | ||
[2] | Reflects amounts restricted in support of our workers’ compensation programs, employee benefit programs, and insurance premiums. |
Investments (Schedule Of Owners
Investments (Schedule Of Ownership Percentages And Balances Of Equity Method Investments) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | [1] | $ 1,214 | $ 1,242 |
Defense, Space & Security [Member] | United Launch Alliance [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |
Equity method investments | $ 889 | $ 914 | |
Commercial Airplanes, Defense, Space & Security, and Global Services [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 325 | $ 328 | |
[1] | Dividends received were $247 and $314 during 2017 and 2016. Retained earnings at December 31, 2017 include undistributed earnings from our equity method investments of $307. |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Other Assets [Line Items] | ||
Net receivable balance recorded in Other assets | $ 2,027 | $ 1,416 |
Spirit Aerosystems [Member] | ||
Other Assets [Line Items] | ||
Loss Contingency, Receivable | 137 | 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 | |
Sea Launch Receivables [Member] | PO Yuzhnoye Mashinostroitelny Zavod [Member] | ||
Other Assets [Line Items] | ||
Net receivable balance recorded in Other assets | 89 | |
Sea Launch Receivables [Member] | KB Yuzhnoye [Member] | ||
Other Assets [Line Items] | ||
Net receivable balance recorded in Other assets | $ 44 |
Liabilities, Commitments And 92
Liabilities, Commitments And Contingencies (Narrative) (Details) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)aircraft | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2011USD ($) | |
Liabilities Commitments And Contingencies [Line Items] | ||||||||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | $ 14,000,000 | $ (912,000,000) | $ (224,000,000) | |||||||
Amount by which estimated range of reasonably possible remediation costs exceeded recorded liabilities | $ 857,000,000 | 868,000,000 | 857,000,000 | |||||||
Contingent liabilities on outstanding letters of credit agreements and surety bonds | 4,701,000,000 | 3,708,000,000 | 4,701,000,000 | |||||||
Cash surrender value of life insurance policies | 483,000,000 | 489,000,000 | 483,000,000 | |||||||
Total value of loans against underlying life insurance policies | 456,000,000 | 470,000,000 | 456,000,000 | |||||||
Commercial Aircraft Commitments [Member] | Total Contractual Trade In Value Maximum [Member] | ||||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||||
Other Commitment | 1,485,000,000 | 1,462,000,000 | 1,485,000,000 | |||||||
Commercial Aircraft Commitments [Member] | Net amounts payable to customers related to probable contractual trade-in commitments [Member] | ||||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||||
Other Commitment | 126,000,000 | 155,000,000 | 126,000,000 | |||||||
Commercial Aircraft Commitments [Member] | Probable Contractual Trade In Value [Member] | ||||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||||
Other Commitment | 126,000,000 | 155,000,000 | 126,000,000 | |||||||
Financing Commitment [Member] | ||||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||||
Other Commitment | 14,847,000,000 | 10,221,000,000 | 14,847,000,000 | |||||||
Financing Commitment [Member] | External Credit Rating, Non Investment Grade [Member] | ||||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||||
Other Commitment | $ 10,221,000,000 | |||||||||
Minimum [Member] | ||||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||||
Trade-In Commitment Expiration Date | 2,018 | |||||||||
Maximum [Member] | ||||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||||
Trade-In Commitment Expiration Date | 2,026 | |||||||||
F/A-18 Program [Member] | Capitalized Precontract Costs [Member] | ||||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||||
Loss Contingency, Estimate of Possible Loss | $ 155,000,000 | |||||||||
F/A-18 Program [Member] | Potential Termination Liabilities [Member] | ||||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||||
Loss Contingency, Estimate of Possible Loss | 855,000,000 | |||||||||
KC-46A Tanker [Member] | ||||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | $ (329,000,000) | $ (142,000,000) | $ (312,000,000) | $ (573,000,000) | $ (243,000,000) | (471,000,000) | (1,128,000,000) | $ (835,000,000) | ||
KC-46A Tanker [Member] | Capitalized Precontract Costs [Member] | ||||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||||
Loss Contingency, Estimate of Possible Loss | 347,000,000 | |||||||||
KC-46A Tanker [Member] | Potential Termination Liabilities [Member] | ||||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||||
Loss Contingency, Estimate of Possible Loss | 1,024,000,000 | |||||||||
B747 aircraft [Member] | ||||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||||
Reach-forward loss on commercial aircraft | $ (1,188,000,000) | $ (70,000,000) | ||||||||
Commercial Crew [Member] | ||||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | $ 162,000,000 | |||||||||
EMD Contract [Member] | KC-46A Tanker [Member] | ||||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||||
Contract Value | $ 4,900,000,000 | |||||||||
Low Rate Initial Production [Member] | KC-46A Tanker [Member] | ||||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||||
Contract Value2 | $ 2,800,000,000 | |||||||||
Ula [Member] | ||||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||||
Inventory Amount, Unpriced Change Orders for Long-term Contracts or Programs | $ 120,000,000 | |||||||||
U.S. Navy [Member] | F/A-18 Program [Member] | ||||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||||
Number Of Aircraft Included Within Backlog | aircraft | 26 |
Liabilities, Commitments And 93
Liabilities, Commitments And Contingencies (Schedule Of Accrued Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | |||
Accrued compensation and employee benefit costs | $ 6,659 | $ 5,720 | |
Environmental | 524 | 562 | $ 566 |
Product warranties | 1,211 | 1,414 | $ 1,485 |
Forward loss recognition | 1,683 | 1,385 | |
Dividends payable | 1,005 | 866 | |
Taxes Payable | 380 | 89 | |
Other | 3,830 | 4,655 | |
Total | $ 15,292 | $ 14,691 |
Liabilities, Commitments And 94
Liabilities, Commitments And Contingencies (Schedule Of Environmental Remediation Activity) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Beginning balance - January 1 | $ 562 | $ 566 |
Reductions for payments made | (45) | (47) |
Changes in estimates | 7 | 43 |
Ending balance - December 31 | $ 524 | $ 562 |
Liabilities, Commitments And 95
Liabilities, Commitments And Contingencies (Schedule Of Product Warranty Activity) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning balance - January 1 | $ 1,414 | $ 1,485 |
Additions for current year deliveries | 274 | 356 |
Reductions for payments made | (241) | (309) |
Changes in estimates | (236) | (118) |
Ending balance - December 31 | $ 1,211 | $ 1,414 |
Liabilities, Commitments And 96
Liabilities, Commitments And Contingencies (Schedule Of Estimated Potential Funding Dates For Financing Commitments) (Details) - Financing Commitment [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Other Commitments, Fiscal Year Maturity [Line Items] | ||
2,016 | $ 2,047 | |
2,017 | 2,975 | |
2,018 | 1,396 | |
2,019 | 1,322 | |
2,020 | 935 | |
Thereafter | 1,546 | |
Total | 10,221 | $ 14,847 |
External Credit Rating, Non Investment Grade [Member] | ||
Other Commitments, Fiscal Year Maturity [Line Items] | ||
Total | $ 10,221 |
Arrangements With Off-Balance97
Arrangements With Off-Balance Sheet Risk (Narrative) (Details) $ in Millions | 1 Months Ended | 231 Months Ended | |||
Dec. 31, 2011USD ($) | Jun. 30, 2011USD ($) | Dec. 31, 2036 | Dec. 31, 2017USD ($)satellites | Dec. 31, 2016USD ($) | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Number of satellite missions | satellites | 4 | ||||
Potentially Unrecoverable Costs Under Contracts | $ 114 | $ 271 | |||
Offsetting capital lease obligation and IRB asset | $ 166 | $ 64 | |||
ULA [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Delta launch program inventories included in contributed assets | 1,360 | ||||
Delta launch program inventories subject to an inventory supply agreement | 1,860 | ||||
Contributed inventories consumed by ULA | 1,288 | ||||
Inventory Supply Agreement Payments Received | 1,740 | ||||
Payments made under inventory supply agreement | 48 | ||||
Inventory Supply Agreement Revenue and Costs of Sales Recorded | (1,528) | ||||
Contributed Delta Program Launch Inventory [Member] | ULA [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Maximum Potential Payments | $ 72 | 77 | |||
Indemnification Agreement [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Number of satellite missions | satellites | 3 | ||||
Other Delta Contracts [Member] | Deferred support costs [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Maximum Potential Payments | $ 85 | ||||
Other Delta Contracts [Member] | Deferred production costs [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Maximum Potential Payments | 91 | ||||
Other Delta Contracts [Member] | ULA [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Maximum Potential Payments | 191 | 216 | |||
Carrying Amount of Liabilities | 5 | ||||
Deferred Support and Production Costs [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss | 317 | ||||
Credit Guarantees [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Maximum Potential Payments | 109 | 29 | |||
Carrying Amount of Liabilities | 16 | $ 2 | |||
Guarantor Obligations, Term | 2,036 | ||||
Maximum [Member] | Indemnification Agreement [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Loss Contingency, Estimate of Possible Loss | $ 277 |
Arrangements With Off-Balance98
Arrangements With Off-Balance Sheet Risk (Schedule Of Arrangements With Off-Balance Sheet Risk) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Contingent Repurchase Commitment [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | $ 1,605 | $ 1,306 |
Estimated Proceeds from Collateral/ Recourse | 1,605 | 1,306 |
Carrying Amount of Liabilities | 9 | 9 |
Credit Guarantees [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 109 | 29 |
Estimated Proceeds from Collateral/ Recourse | 55 | 27 |
Carrying Amount of Liabilities | 16 | 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 | 191 | 216 |
Carrying Amount of Liabilities | $ 5 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Millions | Feb. 16, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||||
Debt Instrument, Issuance Date | Feb. 16, 2017 | |||
Debt Instrument, Face Amount | $ 900 | |||
Proceeds from Debt, Net of Issuance Costs | 871 | |||
Interest Costs Incurred | $ 541 | $ 535 | $ 497 | |
Interest Paid | 527 | 523 | $ 488 | |
Total debt | 11,117 | $ 9,952 | ||
Customer Financing [Member] | ||||
Debt Instrument [Line Items] | ||||
Customer Financing Asset Used For Collateralizing Debt | 231 | |||
Secured Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Total debt | 94 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Available amount under credit facility | 5,000 | |||
Revolving Credit Facility [Member] | 364-day Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Available amount under credit facility | $ 2,500 | |||
Maturity date of credit line agreements | Oct. 31, 2018 | |||
Revolving Credit Facility [Member] | Five Year Credit Facility [Member] | Five Year Expiration [Member] | ||||
Debt Instrument [Line Items] | ||||
Available amount under credit facility | $ 2,470 | |||
Maturity date of credit line agreements | Nov. 1, 2022 | |||
Revolving Credit Facility [Member] | Five Year Credit Facility [Member] | Next twelve months Expiration [Member] | ||||
Debt Instrument [Line Items] | ||||
Available amount under credit facility | $ 30 | |||
Maturity date of credit line agreements | Nov. 2, 2021 | |||
Two Point One Two Five Percent due on March 1, 2022 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 300 | |||
Debt 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 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 maturity date | Mar. 1, 2047 | |||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% |
Debt (Schedule Of Short-Term De
Debt (Schedule Of Short-Term Debt And Current Portion Of Long-Term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Unsecured debt securities | $ 599 | $ 255 |
Non-recourse debt and notes | 33 | 33 |
Capital lease obligations | 52 | 57 |
Commercial Paper | 600 | |
Other notes | 51 | 39 |
Short-term debt and current portion of long-term debt | $ 1,335 | $ 384 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 16, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Debt Instrument, Face Amount | $ 900 | ||
Commercial Paper | $ 600 | ||
Other notes | 135 | 163 | |
Total debt | 11,117 | 9,952 | |
0.95% - 4.88% due through 2047 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured debt securities | $ 6,127 | 5,250 | |
Debt Instrument, Maturity Date | Mar. 1, 2047 | ||
5.80% - 6.88% due through 2043 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured debt securities | $ 2,386 | 2,383 | |
Debt Instrument, Maturity Date | Dec. 31, 2043 | ||
7.25% – 8.75% due through 2043 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured debt securities | $ 1,637 | 1,641 | |
Debt Instrument, Maturity Date | Dec. 31, 2043 | ||
Commercial Paper [Member] | |||
Debt Instrument [Line Items] | |||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 1.40% | ||
3-month USD LIBOR plus 12.5 basis points due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Unsecured debt securities | 250 | ||
6.98% - 7.38% notes due through 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Non-recourse debt and notes | $ 94 | 127 | |
Debt Instrument, Maturity Date | Dec. 31, 2021 | ||
Due Through Two Thousand Thirty-four [Member] | |||
Debt Instrument [Line Items] | |||
Capital lease obligations | $ 138 | $ 138 | |
Debt Instrument, Maturity Date | Dec. 31, 2034 | ||
Minimum [Member] | 0.95% - 4.88% due through 2047 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 0.95% | ||
Minimum [Member] | 5.80% - 6.88% due through 2043 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | ||
Minimum [Member] | 7.25% – 8.75% due through 2043 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | ||
Minimum [Member] | 6.98% - 7.38% notes due through 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.98% | ||
Maximum [Member] | 0.95% - 4.88% due through 2047 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | ||
Maximum [Member] | 5.80% - 6.88% due through 2043 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | ||
Maximum [Member] | 7.25% – 8.75% due through 2043 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | ||
Maximum [Member] | 6.98% - 7.38% notes due through 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 7.38% |
Debt (Scheduled Principal Payme
Debt (Scheduled Principal Payments For Debt And Capital Lease Obligations) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 1,340 |
2,017 | 1,275 |
2,018 | 1,148 |
2,019 | 728 |
2,020 | $ 554 |
Debt Debt (Schedule of Long-ter
Debt Debt (Schedule of Long-term debt instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Total debt | $ 11,117 | $ 9,952 |
Boeing Capital Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 2,523 | 2,864 |
Other Boeing Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 8,594 | $ 7,088 |
Postretirement Plans (Narrative
Postretirement Plans (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Amount by which fair value of plan assets exceeds market-related value of plan assets (MRVA) | $ 2,260 | |||
Derivative net notional amount for fixed income as percentage of total plan assets | 5.00% | 6.00% | ||
Derivative net notional amount for global equity, currency overlay and commodities as a percentage of total plan assets | 6.90% | 1.20% | ||
Company contribution | $ 3,500 | |||
Expense for defined contribution plans | 1,522 | $ 1,413 | $ 768 | |
Pension Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Accumulated benefit obligation (ABO) for all pension plans | 77,414 | 74,240 | ||
Company contribution | $ 4,025 | $ 113 | ||
Defined benefit plan, actual plan asset allocations | 100.00% | 100.00% | ||
Pension Plans [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, actual plan asset allocations | 46.00% | 48.00% | ||
Pension Plans [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, actual plan asset allocations | 31.00% | 28.00% | ||
Pension Plans [Member] | Level 3 [Member] | Fixed Income Securities [Member] | Mortgage backed and asset backed | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | $ 6 | $ 4 | ||
Other Postretirement Benefits Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Company contribution | $ 6 | $ 6 | ||
Other Postretirement Benefits Plans [Member] | Fixed Income Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, actual plan asset allocations | 40.00% | |||
Other Postretirement Benefits Plans [Member] | Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined benefit plan, actual plan asset allocations | 60.00% | |||
Cash Contribution [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Company contribution | $ 500 | |||
Non-Cash Contribution [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Company contribution | $ 3,500 |
Postretirement Plans (Component
Postretirement Plans (Components Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 402 | $ 604 | $ 1,764 |
Interest cost | 2,991 | 3,050 | 2,990 |
Expected return on plan assets | (3,847) | (3,999) | (4,031) |
Amortization of prior service (credits)/costs | (39) | 38 | 196 |
Recognized net actuarial loss | 804 | 790 | 1,577 |
Settlement/curtailment/other losses | 1 | 40 | 290 |
Net periodic benefit cost | 312 | 523 | 2,786 |
Net periodic benefit cost included in Earnings from operations | 639 | 1,979 | 2,366 |
Other Postretirement Benefits Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 106 | 128 | 140 |
Interest cost | 229 | 262 | 248 |
Expected return on plan assets | (7) | (8) | (8) |
Amortization of prior service (credits)/costs | (137) | (126) | (136) |
Recognized net actuarial loss | 10 | 22 | 31 |
Settlement/curtailment/other losses | 10 | ||
Net periodic benefit cost | 201 | 278 | 285 |
Net periodic benefit cost included in Earnings from operations | $ 262 | $ 274 | $ 288 |
Postretirement Plans (Schedule
Postretirement Plans (Schedule Of Changes In The Benefit Obligation, Plan Assets And Funded Status Of Both Pensions And OPB) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Company contribution | $ 3,500 | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Accrued pension plan liability, net | (16,471) | $ (19,943) | |
Pension Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Beginning balance | 76,745 | 74,388 | |
Service cost | 402 | 604 | $ 1,764 |
Interest cost | 2,991 | 3,050 | 2,990 |
Plan participants’ contributions | 1 | ||
Amendments | (7) | 6 | |
Actuarial loss/(gain) | 5,653 | 2,669 | |
Settlement/curtailment/other | (751) | (63) | |
Gross benefits paid | (4,658) | (3,903) | |
Exchange rate adjustment | 18 | (7) | |
Ending balance | 80,393 | 76,745 | 74,388 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Beginning balance at fair value | 56,692 | 56,514 | |
Actual return on plan assets | 8,552 | 3,885 | |
Company contribution | 4,025 | 113 | |
Plan participants’ contributions | 1 | ||
Settlement payments | (744) | (24) | |
Benefits paid | (4,530) | (3,791) | |
Exchange rate adjustment | 16 | (6) | |
Ending balance at fair value | 64,011 | 56,692 | 56,514 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Other assets | 218 | 3 | |
Other accrued liabilities | (129) | (113) | |
Accrued pension plan liability, net | (16,471) | (19,943) | |
Net amount recognized | (16,382) | (20,053) | |
Other Postretirement Benefits Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Beginning balance | 6,431 | 7,138 | |
Service cost | 106 | 128 | 140 |
Interest cost | 229 | 262 | 248 |
Amendments | (35) | (57) | |
Actuarial loss/(gain) | (204) | (612) | |
Settlement/curtailment/other | |||
Gross benefits paid | (481) | (469) | |
Subsidies | 33 | 37 | |
Exchange rate adjustment | 6 | 4 | |
Ending balance | 6,085 | 6,431 | 7,138 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Beginning balance at fair value | 134 | 132 | |
Actual return on plan assets | 15 | 7 | |
Company contribution | 6 | 6 | |
Plan participants’ contributions | 4 | 7 | |
Benefits paid | (16) | (18) | |
Ending balance at fair value | 143 | 134 | $ 132 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Other accrued liabilities | (397) | (381) | |
Accrued retiree health care | (5,545) | (5,916) | |
Net amount recognized | $ (5,942) | $ (6,297) |
Postretirement Plans (Schedu107
Postretirement Plans (Schedule Of Amounts Recognized In Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss/(gain) | $ 22,942 | $ 22,802 |
Prior service (credits) | (1,211) | (1,243) |
Total recognized in Accumulated other comprehensive loss | 21,731 | 21,559 |
Other Postretirement Benefits Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss/(gain) | (59) | 152 |
Prior service (credits) | (226) | (328) |
Total recognized in Accumulated other comprehensive loss | $ (285) | $ (176) |
Postretirement Plans (Schedu108
Postretirement Plans (Schedule Of Estimated Amount That Will Be Amortized From Accumulated Other Comprehensive Loss Into Net Periodic Benefit Cost) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Recognized net actuarial loss/(gain) | $ 1,128 |
Amortization of prior service (credits) | (56) |
Total | 1,072 |
Other Postretirement Benefits Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Recognized net actuarial loss/(gain) | (10) |
Amortization of prior service (credits) | (126) |
Total | $ (136) |
Postretirement Plans (Schedu109
Postretirement Plans (Schedule Of Key Information For All Plans With ABO In Excess Of Plan Assets) (Details) - Pension Plans [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Projected benefit obligation | $ 74,953 | $ 76,586 |
Accumulated benefit obligation | 71,975 | 74,081 |
Fair value of plan assets | $ 58,353 | $ 56,530 |
Postretirement Plans (Schedu110
Postretirement Plans (Schedule Of Assumptions Used To Calculate The Benefit Obligation) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 6.80% | 6.80% | 7.00% |
Rate of compensation increase | 5.30% | 4.40% | 4.00% |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.60% | 4.00% | 4.20% |
Other Postretirement Benefits Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.30% | 3.70% | 3.80% |
Postretirement Plans (Schedu111
Postretirement Plans (Schedule Of Assumed Health Care Cost Trend Rates) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Retirement Benefits, Description [Abstract] | |||
Health care cost trend rate assumed next year | 6.00% | 6.50% | 6.50% |
Ultimate trend rate | 4.50% | 5.00% | 5.00% |
Year that trend reached ultimate rate | 2,021 | 2,021 | 2,021 |
Postretirement Plans (Schedu112
Postretirement Plans (Schedule Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Retirement Benefits, Description [Abstract] | |
Effect on total of service and interest cost, Increase | $ 45 |
Effect on total of service and interest cost, Decrease | (37) |
Effect on postretirement benefit obligation, Increase | 529 |
Effect on postretirement benefit obligation, Decrease | $ (448) |
Postretirement Plans (Schedu113
Postretirement Plans (Schedule Of Actual Allocations For The Pension Assets And Target Allocations By Asset Class) (Details) - Pension Plans [Member] | Dec. 31, 2017 | Dec. 31, 2016 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 100.00% | 100.00% |
Defined benefit plan, target plan asset allocations | 100.00% | 100.00% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 46.00% | 48.00% |
Defined benefit plan, target plan asset allocations | 47.00% | 47.00% |
Equity securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 31.00% | 28.00% |
Defined benefit plan, target plan asset allocations | 29.00% | 29.00% |
Private Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 5.00% | 5.00% |
Defined benefit plan, target plan asset allocations | 5.00% | 5.00% |
Real estate and real assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 8.00% | 9.00% |
Defined benefit plan, target plan asset allocations | 9.00% | 9.00% |
Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 10.00% | 10.00% |
Defined benefit plan, target plan asset allocations | 10.00% | 10.00% |
Postretirement Plans (Schedu114
Postretirement Plans (Schedule Of Allocation of Plan Assets) (Details) - Pension Plans [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Measurement [Domain] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ 42,305 | $ 37,866 | ||
Defined Benefit Plan, Fair Value of Plan Assets | 64,011 | 56,692 | $ 56,514 | |
Defined Benefit Plan, Plan Assets Measured at Net Asset Value | 21,297 | 18,519 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 11,790 | 11,968 | ||
Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 30,200 | 25,548 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 315 | 350 | 464 | |
Fixed Income Securities [Member] | Corporate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 19,603 | 16,730 | ||
Fixed Income Securities [Member] | Corporate [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 19,591 | 16,723 | ||
Fixed Income Securities [Member] | Corporate [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 12 | 12 | |
Fixed Income Securities [Member] | Corporate and other [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 7 | 11 | |
Fixed Income Securities [Member] | US Government and agencies [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 5,430 | 4,876 | ||
Fixed Income Securities [Member] | US Government and agencies [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 5,430 | 4,875 | ||
Fixed Income Securities [Member] | US Government and agencies [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | 1 | ||
Fixed Income Securities [Member] | Mortgage backed, asset back, and other securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 760 | |||
Fixed Income Securities [Member] | Mortgage backed, asset back, and other securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 460 | |||
Fixed Income Securities [Member] | Mortgage backed, asset back, and other securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 300 | 331 | |
Fixed Income Securities [Member] | Mortgage backed and asset backed securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 706 | |||
Fixed Income Securities [Member] | Mortgage backed and asset backed securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 370 | |||
Fixed Income Securities [Member] | Mortgage backed and asset backed securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | [1] | 336 | 440 | |
Fixed Income Securities [Member] | Municipal [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,355 | 1,398 | ||
Fixed Income Securities [Member] | Municipal [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,355 | 1,398 | ||
Fixed Income Securities [Member] | Sovereign [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,237 | 782 | ||
Fixed Income Securities [Member] | Sovereign [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,237 | 782 | ||
Fixed Income Securities [Member] | Other Debt Obligations [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 118 | 74 | ||
Defined Benefit Plan, Plan Assets Measured at Net Asset Value | 303 | 227 | ||
Fixed Income Securities [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 59 | 9 | ||
Fixed Income Securities [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 59 | 65 | ||
Fixed Income Securities [Member] | Derivative Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 49 | 40 | ||
Fixed Income Securities [Member] | Derivative Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 49 | 40 | ||
Fixed Income Securities [Member] | Derivative Liabilities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | (25) | (38) | ||
Fixed Income Securities [Member] | Derivative Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | (25) | (38) | ||
Fixed Income Securities [Member] | Common Or Collective Or Pooled Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets Measured at Net Asset Value | 1,257 | 1,625 | ||
Cash Equivalents And Other Short-Term Investments [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,778 | 1,037 | ||
Cash Equivalents And Other Short-Term Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 1,778 | 1,037 | ||
Equity securities [Member] | Derivative Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 4 | 6 | ||
Equity securities [Member] | Derivative Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | |||
Equity securities [Member] | Derivative Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 3 | 6 | ||
Equity securities [Member] | Derivative Liabilities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | (4) | (8) | ||
Equity securities [Member] | Derivative Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | (4) | (8) | ||
Equity securities [Member] | Common Or Collective Or Pooled Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets Measured at Net Asset Value | 6,786 | 4,962 | ||
Equity securities [Member] | United States Common And Preferred Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 4,615 | 5,374 | ||
Equity securities [Member] | United States Common And Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 4,615 | 5,373 | ||
Equity securities [Member] | United States Common And Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 1 | 1 | ||
Equity securities [Member] | Non United States Common And Preferred Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 6,204 | 5,746 | ||
Equity securities [Member] | Non United States Common And Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 6,204 | 5,746 | ||
Equity securities [Member] | Non United States Common And Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 2 | |||
Private Equity Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets Measured at Net Asset Value | 2,767 | 2,639 | ||
Private Equity Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 3 | |||
Real estate and real assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets Measured at Net Asset Value | 3,744 | 3,625 | ||
Real estate and real assets [Member] | Derivative Assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 17 | 4 | ||
Real estate and real assets [Member] | Derivative Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 17 | 4 | ||
Real estate and real assets [Member] | Derivative Liabilities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | (3) | (1) | ||
Real estate and real assets [Member] | Derivative Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | (3) | (1) | ||
Real estate and real assets [Member] | Real Estate [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 462 | 468 | ||
Real estate and real assets [Member] | Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 462 | 468 | ||
Real estate and real assets [Member] | Real assets [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 705 | 672 | ||
Real estate and real assets [Member] | Real assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 449 | 372 | ||
Real estate and real assets [Member] | Real assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 253 | 295 | ||
Real estate and real assets [Member] | Real assets [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 3 | 5 | $ 6 | |
Hedge Funds [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Plan Assets Measured at Net Asset Value | 6,440 | 5,441 | ||
Cash On Hand [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 170 | 160 | ||
Receivables [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | 436 | 374 | ||
Payables [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Fair Value of Plan Assets | $ (197) | $ (227) | ||
[1] | Certain fixed income securities were reclassified between mortgage backed and asset backed to corporate on January 1, 2017 and 2016. |
Postretirement Plans (Reconcili
Postretirement Plans (Reconciliation Of Level 3 Assets Held) (Details) - Pension Plans [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Beginning balance at fair value | $ 56,692 | $ 56,514 | |
Net Realized and Unrealized Gains/(Losses) | 8,552 | 3,885 | |
Net Purchases, Issuances and Settlements | (744) | (24) | |
Ending balance at fair value | 64,011 | 56,692 | |
Level 3 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Beginning balance at fair value | 350 | 464 | |
Net Realized and Unrealized Gains/(Losses) | 9 | 4 | |
Net Purchases, Issuances and Settlements | (40) | (97) | |
Net Transfers Into/(Out of) Level 3 | (4) | (21) | |
Ending balance at fair value | 315 | 350 | |
Fixed Income Securities [Member] | Corporate [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Beginning balance at fair value | 16,730 | ||
Ending balance at fair value | 19,603 | 16,730 | |
Fixed Income Securities [Member] | Corporate [Member] | Level 3 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Beginning balance at fair value | [1] | 12 | |
Net Purchases, Issuances and Settlements | [1] | 1 | |
Net Transfers Into/(Out of) Level 3 | [1] | (1) | |
Ending balance at fair value | [1] | 12 | 12 |
Fixed Income Securities [Member] | US Treasury and Government [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Beginning balance at fair value | 4,876 | ||
Ending balance at fair value | 5,430 | 4,876 | |
Fixed Income Securities [Member] | US Treasury and Government [Member] | Level 3 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Beginning balance at fair value | 1 | 1 | |
Net Transfers Into/(Out of) Level 3 | (1) | ||
Ending balance at fair value | 1 | ||
Fixed Income Securities [Member] | Mortgage backed, asset back, and other securities [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Ending balance at fair value | 760 | ||
Fixed Income Securities [Member] | Mortgage backed, asset back, and other securities [Member] | Level 3 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Beginning balance at fair value | [1] | 331 | |
Net Realized and Unrealized Gains/(Losses) | [1] | 10 | |
Net Purchases, Issuances and Settlements | [1] | (39) | |
Net Transfers Into/(Out of) Level 3 | [1] | (2) | |
Ending balance at fair value | [1] | 300 | 331 |
Fixed Income Securities [Member] | Mortgage backed and asset backed | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Beginning balance at fair value | 706 | ||
Ending balance at fair value | 706 | ||
Fixed Income Securities [Member] | Mortgage backed and asset backed | Level 3 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Beginning balance at fair value | [1] | 336 | 440 |
Net Realized and Unrealized Gains/(Losses) | [1] | 7 | |
Net Purchases, Issuances and Settlements | [1] | (93) | |
Net Transfers Into/(Out of) Level 3 | [1] | (18) | |
Ending balance at fair value | [1] | 336 | |
Fixed Income Securities [Member] | Corporate and other [Member] | Level 3 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Beginning balance at fair value | [1] | 7 | 11 |
Net Purchases, Issuances and Settlements | [1] | (1) | |
Net Transfers Into/(Out of) Level 3 | [1] | (3) | |
Ending balance at fair value | [1] | 7 | |
Fixed Income Securities [Member] | Other Debt Obligations [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Beginning balance at fair value | 74 | ||
Ending balance at fair value | 118 | 74 | |
Equity securities [Member] | United States Common And Preferred Stock [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Beginning balance at fair value | 5,374 | ||
Ending balance at fair value | 4,615 | 5,374 | |
Equity securities [Member] | United States Common And Preferred Stock [Member] | Level 3 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Beginning balance at fair value | 1 | 1 | |
Net Realized and Unrealized Gains/(Losses) | (1) | ||
Ending balance at fair value | 1 | ||
Equity securities [Member] | Non United States Common And Preferred Stock [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Beginning balance at fair value | 5,746 | ||
Ending balance at fair value | 6,204 | 5,746 | |
Equity securities [Member] | Non United States Common And Preferred Stock [Member] | Level 3 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Beginning balance at fair value | 2 | ||
Net Purchases, Issuances and Settlements | (2) | ||
Private Equity Funds [Member] | Level 3 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Beginning balance at fair value | 3 | ||
Net Realized and Unrealized Gains/(Losses) | (3) | ||
Real estate and real assets [Member] | Real assets [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Beginning balance at fair value | 672 | ||
Ending balance at fair value | 705 | 672 | |
Real estate and real assets [Member] | Real assets [Member] | Level 3 [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | |||
Beginning balance at fair value | 5 | 6 | |
Net Purchases, Issuances and Settlements | (2) | (1) | |
Ending balance at fair value | $ 3 | $ 5 | |
[1] | Certain fixed income securities were reclassified between mortgage backed and asset backed to corporate on January 1, 2017 and 2016. |
Postretirement Plans (Schedu116
Postretirement Plans (Schedule Of Estimated Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected future benefit payments, 2018 | $ 4,758 |
Expected future benefit payments, 2019 | 4,712 |
Expected future benefit payments, 2020 | 4,740 |
Expected future benefit payments, 2021 | 4,703 |
Expected future benefit payments, 2022 | 4,631 |
Expected future benefit payments, 2023-2027 | 22,770 |
Other Postretirement Benefits Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected future benefit payments, 2018 | 480 |
Expected future benefit payments, 2019 | 491 |
Expected future benefit payments, 2020 | 500 |
Expected future benefit payments, 2021 | 503 |
Expected future benefit payments, 2022 | 499 |
Expected future benefit payments, 2023-2027 | 2,277 |
Gross benefits paid, 2018 | 496 |
Gross benefits paid, 2019 | 507 |
Gross benefits paid, 2020 | 517 |
Gross benefits paid, 2021 | 520 |
Gross benefits paid, 2022 | 516 |
Gross benefits paid, 2023-2027 | 2,364 |
Subsidies, 2018 | (16) |
Subsidies, 2019 | (16) |
Subsidies, 2020 | (17) |
Subsidies, 2021 | (17) |
Subsidies, 2022 | (17) |
Subsidies, 2023-2027 | $ (87) |
Share-Based Compensation And117
Share-Based Compensation And Other Compensation Arrangements (Narrative) (Details) - USD ($) | Feb. 27, 2017 | Feb. 22, 2016 | Feb. 23, 2015 | Feb. 29, 2016 | Feb. 28, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 28, 2017 | Feb. 28, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Aggregate number of shares of stock available for issuance | 87,000,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 4,417,218 | 8,646,612 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 491,000,000 | $ 265,000,000 | $ 385,000,000 | |||||||
Stock options exercised | 311,000,000 | 321,000,000 | 399,000,000 | |||||||
Employee Service Share-based Compensation, Tax Benefit from Exercise of Stock Options | 175,000,000 | 94,000,000 | 135,000,000 | |||||||
Grant date fair value of stock options vested | 0 | 27,000,000 | 56,000,000 | |||||||
Deferred compensation | 240,000,000 | 46,000,000 | 63,000,000 | |||||||
Deferred compensation liability which is being marked to market | $ 1,547,000,000 | 1,289,000,000 | ||||||||
Stock Options [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Share-based payment award options expiration term (in years) | 10 years | |||||||||
Award vesting period (in years) | 3 years | |||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted stock units (RSUs) granted | 523,835 | 777,837 | 590,778 | |||||||
Restricted stock units (RSUs) granted (fair value per share) | $ 178.72 | $ 117.50 | $ 154.64 | |||||||
Performance Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period (in years) | 3 years | |||||||||
Performance Awards [Member] | 2016 Performance Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Initial Value Of Performance Awards (per unit) | $ 100 | |||||||||
Performance Awards [Member] | 2015 Performance Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period (in years) | 3 years | |||||||||
Performance Awards [Member] | 2014 Performance Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period (in years) | 3 years | |||||||||
Performance Awards [Member] | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Performance Award Payout Amount, Aggregate | $ 0 | |||||||||
Performance Awards [Member] | Minimum [Member] | 2016 Performance Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Amount payable at end of three-year performance period3 | 0 | |||||||||
Performance Awards [Member] | Maximum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Amount payable at end of three-year performance period3 | $ 200 | $ 200 | ||||||||
Performance Award Payout Amount, Aggregate | $ 352,000,000 | |||||||||
Performance Awards [Member] | Maximum [Member] | 2016 Performance Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Amount payable at end of three-year performance period3 | $ 200 | |||||||||
Performance Awards [Member] | Maximum [Member] | 2015 Performance Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Performance Award Payout Amount, Aggregate | $ 318,000,000 | |||||||||
Performance Awards [Member] | Maximum [Member] | 2014 Performance Awards [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Performance Award Payout Amount, Aggregate | $ 312,000,000 | |||||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting period (in years) | 3 years | 3 years | 3 years | |||||||
Restricted stock units (RSUs) granted | 492,273 | 721,176 | 556,203 | |||||||
Restricted stock units (RSUs) granted (fair value per share) | $ 190.17 | $ 126.74 | $ 164.26 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 21.37% | 22.44% | 20.35% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.46% | 0.92% | 1.03% | |||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | 2016 PBRSU [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Initial PBRSU value, percentage of value it cannot exceed | 400.00% | |||||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | 2015 PBRSU [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Initial PBRSU value, percentage of value it cannot exceed | 400.00% | |||||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | 2014 PBRSU [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Initial PBRSU value, percentage of value it cannot exceed | 400.00% | |||||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | Minimum [Member] | 2016 PBRSU [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award Payout Range | 0.00% | |||||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | Minimum [Member] | 2015 PBRSU [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award Payout Range | 0.00% | |||||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | Minimum [Member] | 2014 PBRSU [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award Payout Range | 0.00% | |||||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | Maximum [Member] | 2016 PBRSU [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award Payout Range | 200.00% | |||||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | Maximum [Member] | 2015 PBRSU [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award Payout Range | 200.00% | |||||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | Maximum [Member] | 2014 PBRSU [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award Payout Range | 200.00% |
Share-Based Compensation And118
Share-Based Compensation And Other Compensation Arrangements (Schedule Of Share-Based Plans Expense And Related Income Tax Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based plans expense | $ 212 | $ 193 | $ 190 |
Income tax benefit | 46 | 69 | 68 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based plans expense | 4 | 30 | |
Restricted Stock Units and Other Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based plans expense | $ 212 | $ 189 | $ 160 |
Share-Based Compensation And119
Share-Based Compensation And Other Compensation Arrangements (Schedule Of Stock Option Activity) (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Shares, Outstanding at beginning of year | shares | 8,646,612 |
Shares, Exercised | shares | (4,224,194) |
Shares, Expired | shares | (5,200) |
Shares, Outstanding at end of year | shares | 4,417,218 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Weighted Average Exercise Price Per Share, Outstanding at beginning of year | $ / shares | $ 72.64 |
Weighted Average Exercise Price Per Share, Exercised | $ / shares | 73.61 |
Weighted Average Exercise Price Per Share, Expired | $ / shares | 89.65 |
Weighted Average Exercise Price Per Share, Outstanding at end of year | $ / shares | $ 71.69 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Weighted Average Remaining Contractual Life (Years), Outstanding at end of year | 3 years 11 months 5 days |
Aggregate Intrinsic Value, Outstanding at end of year | $ | $ 986 |
Shares, Exercisable at end of year | shares | 4,417,218 |
Weighted Average Exercise Price Per Share, Exercisable at end of year | $ / shares | $ 71.69 |
Weighted Average Remaining Contractual Life (Years), Exercisable at end of year | 3 years 11 months 5 days |
Aggregate Intrinsic Value, Exercisable at end of year | $ | $ 986 |
Share-Based Compensation And120
Share-Based Compensation And Other Compensation Arrangements Schedule of PBRSUs Grant Fair Values (Details) - Performance Based Restricted Stock Units (PBRSUs) [Member] - $ / shares | Feb. 27, 2017 | Feb. 22, 2016 | Feb. 23, 2015 |
Schedule of Performance Based Restricted Stock Units Grant Date Fair values [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | 3 years |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 190.17 | $ 126.74 | $ 164.26 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 21.37% | 22.44% | 20.35% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.46% | 0.92% | 1.03% |
Share-Based Compensation And121
Share-Based Compensation And Other Compensation Arrangements (Schedule Of Stock Unit Activity) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2017USD ($)shares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 11 months 5 days | |
Incentive Program Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Number of units, Outstanding at beginning of year | 1,814,644 | |
Number of units, Granted | 570,538 | |
Number of units, Dividends | 45,799 | |
Number of units, Forfeited | (142,907) | |
Number of units, Distributed | (660,972) | |
Number of units, Outstanding at end of year | 1,627,102 | |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||
Unrecognized compensation cost | $ | $ 98 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 9 months 22 days | |
Other Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Number of units, Outstanding at beginning of year | 1,077,920 | |
Number of units, Granted | 390,152 | |
Number of units, Dividends | 30,477 | |
Number of units, Forfeited | (40,670) | |
Number of units, Distributed | (301,417) | |
Number of units, Outstanding at end of year | 1,156,462 | |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||
Unrecognized compensation cost | $ | $ 82 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 4 months 22 days | |
Incentive Program Performance Based Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Number of units, Outstanding at beginning of year | 1,746,511 | |
Number of units, Granted | 492,273 | |
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | 137,363 | [1] |
Number of units, Dividends | 54,683 | |
Number of units, Forfeited | (130,367) | |
Number of units, Distributed | (748,729) | |
Number of units, Outstanding at end of year | 1,551,734 | |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||
Unrecognized compensation cost | $ | $ 90 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 9 months 22 days | |
[1] | Represents net incremental number of units issued at vesting based on TSR for units granted in 2014 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 11, 2017 | Dec. 31, 2016 |
Equity, Class of Treasury Stock [Line Items] | |||
Common stock, authorized | 1,200,000,000 | 1,200,000,000 | |
Preferred shares, authorized | 20,000,000 | 20,000,000 | |
2017 Program [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Amount approved to repurchase, shares, maximum | $ 18,000 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule Of Changes In Each Class Of Shares) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Beginning balance, Common Stock | 1,012,261,159 | 1,012,261,159 | 1,012,261,159 |
Ending balance, Common Stock | 1,012,261,159 | 1,012,261,159 | 1,012,261,159 |
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract] | |||
Beginning balance, Treasury Stock | 395,109,568 | 345,637,354 | 305,533,606 |
Stock Issued During Period, Shares, Treasury Stock Reissued | 20,746,426 | 6,376,868 | 7,288,113 |
Acquired, Treasury Stock | 46,859,184 | 55,849,082 | 47,391,861 |
Ending balance, Treasury Stock | 421,222,326 | 395,109,568 | 345,637,354 |
Shareholders' Equity (Accumulat
Shareholders' Equity (Accumulated other comprehensive income) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Balance | [1] | $ (13,623) | $ (12,748) | $ (13,903) |
OCI before reclassifications | [1] | (230) | (1,434) | (51) |
Amounts reclassified from AOCI | [1] | 477 | 559 | 1,206 |
Net current period OCI | [1] | 247 | (875) | 1,155 |
Balance | [1] | (13,376) | (13,623) | (12,748) |
Defined benefit pension plans & other postretirement benefits: | ||||
Amortization of actuarial losses included in net periodic pension cost, net of tax of ($570), ($367), and ($849) | 542 | 524 | 1,038 | |
Amortization of actuarial losses included in net periodic pension cost, tax | (272) | (288) | (570) | |
Currency Translation Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Balance | (143) | (39) | 53 | |
OCI before reclassifications | 128 | (104) | (92) | |
Amounts reclassified from AOCI | ||||
Net current period OCI | 128 | (104) | (92) | |
Balance | (15) | (143) | (39) | |
Unrealized Gains and Losses on Certain Investments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Balance | (2) | 0 | (8) | |
OCI before reclassifications | 1 | (2) | 8 | |
Amounts reclassified from AOCI | ||||
Net current period OCI | 1 | (2) | 8 | |
Balance | (1) | (2) | 0 | |
Unrealized Gains and Losses on Derivative Instruments | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Balance | (127) | (197) | (136) | |
OCI before reclassifications | 119 | (8) | (140) | |
Amounts reclassified from AOCI | 52 | 78 | 79 | |
Net current period OCI | 171 | 70 | (61) | |
Balance | 44 | (127) | (197) | |
Defined Benefit Pension Plans and Other Postretirement Benefits | ||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||
Balance | (13,351) | (12,512) | (13,812) | |
OCI before reclassifications | (478) | (1,320) | 173 | |
Amounts reclassified from AOCI | [2] | 425 | 481 | 1,127 |
Net current period OCI | (53) | (839) | 1,300 | |
Balance | $ (13,404) | $ (13,351) | $ (12,512) | |
[1] | Net of tax. | |||
[2] | Primarily relates to amortization of actuarial losses for the years ended December 31, 2017, 2016, and 2015 totaling $542, $524, and $1,038 (net of tax of ($272), ($288), and ($570)), respectively. These are included in the net periodic pension cost of which a portion is allocated to production as inventoried costs. See Note 14. |
Derivative Financial Instrum125
Derivative Financial Instruments (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Derivative [Line Items] | |
Cash flow hedge gain/(loss) to be reclassified during the next 12 months, pre-tax | $ (12) |
Fair value of foreign exchange and commodity contracts that have credit-risk-related contingent features that are in a net liability position | $ 13 |
Derivative Financial Instrum126
Derivative Financial Instruments (Schedule Of Notional Amounts And Fair Values Of Derivative Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Notional amounts | [1] | $ 4,080 | $ 3,875 |
Other assets | 154 | 68 | |
Accrued liabilities | (74) | (247) | |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | (61) | (45) | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 61 | 45 | |
Net recorded balance, Other assets | 93 | 23 | |
Net recorded balance, Accrued liabilities | (13) | (202) | |
Foreign Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amounts | 2,930 | 2,584 | |
Other assets | 131 | 34 | |
Accrued liabilities | (63) | (225) | |
Foreign Exchange Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amounts | 406 | 465 | |
Other assets | 16 | 21 | |
Accrued liabilities | (5) | (17) | |
Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amounts | 125 | 125 | |
Other assets | 3 | 6 | |
Commodity Contracts [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amounts | 56 | 53 | |
Other assets | 4 | 7 | |
Accrued liabilities | (6) | (5) | |
Commodity Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Notional amounts | $ 563 | $ 648 | |
[1] | Notional amounts represent the gross contract/notional amount of the derivatives outstanding. |
Derivative Financial Instrum127
Derivative Financial Instruments (Schedule Of Derivative Instruments, Gains/(Losses) In Statement Of Financial Performance) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Effective portion recognized in other comprehensive loss, net of taxes | $ 119 | $ (8) | $ (140) |
Effective portion reclassified out of Accumulated other comprehensive loss into earnings, net of taxes | (52) | (78) | $ (79) |
Foreign Exchange Contracts [Member] | |||
Derivative [Line Items] | |||
Effective portion recognized in other comprehensive loss, net of taxes | 123 | (9) | |
Effective portion reclassified out of Accumulated other comprehensive loss into earnings, net of taxes | (50) | (70) | |
Forward points recognized in Other income, net | 8 | 13 | |
Undesignated derivatives recognized in Other income, net: | 8 | (2) | |
Commodity Contracts [Member] | |||
Derivative [Line Items] | |||
Effective portion recognized in other comprehensive loss, net of taxes | (4) | 1 | |
Effective portion reclassified out of Accumulated other comprehensive loss into earnings, net of taxes | $ (2) | $ (8) |
Significant Group Concentrat128
Significant Group Concentrations Of Risk (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Concentration Risk [Line Items] | ||
Gross accounts receivable and gross customer financing | $ 13,639 | |
Gross customer financing | 3,061 | $ 4,211 |
External Credit Rating, Non Investment Grade [Member] | ||
Concentration Risk [Line Items] | ||
Gross customer financing | $ 1,828 | |
Workforce Subject To Collective Bargaining Arrangements [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 37.00% | |
Commercial Aircraft Customers [Member] | ||
Concentration Risk [Line Items] | ||
Gross accounts receivable and gross customer financing | $ 5,572 | |
Accounts Receivable, Gross, Current | 2,512 | |
Gross customer financing | 3,060 | |
U S Government Contracts [Member] | ||
Concentration Risk [Line Items] | ||
Accounts Receivable, Gross, Current | $ 5,989 | $ 4,639 |
Silk Way Airlines [Member] | Customer Financing [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 14.00% | |
American Airlines [Member] | Customer Financing [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 8.00% | |
Hawaiian Airlines [Member] | Customer Financing [Member] | External Credit Rating, Non Investment Grade [Member] | ||
Concentration Risk [Line Items] | ||
Concentration Risk, Percentage | 7.00% |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivatives | $ 93 | $ 23 |
Derivatives | (13) | (202) |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Money market funds | 1,582 | 2,858 |
Commercial Paper, at Carrying Value | 70 | 162 |
Available-for-sale Securities, Debt Securities | 382 | 271 |
Available for Sale Securities, Government Agencies | 47 | 63 |
Available-for-sale Securities, Equity Securities | 18 | 46 |
Derivatives | 93 | 23 |
Total assets | 2,192 | 3,423 |
Derivatives | (13) | (202) |
Total liabilities | (13) | (202) |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Money market funds | 1,582 | 2,858 |
Available-for-sale Securities, Equity Securities | 18 | 46 |
Total assets | 1,600 | 2,904 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Commercial Paper, at Carrying Value | 70 | 162 |
Available-for-sale Securities, Debt Securities | 382 | 271 |
Available for Sale Securities, Government Agencies | 47 | 63 |
Derivatives | 93 | 23 |
Total assets | 592 | 519 |
Derivatives | (13) | (202) |
Total liabilities | $ (13) | $ (202) |
Fair Value Measurements Fair130
Fair Value Measurements Fair Value, Assets Measured on Nonrecurring Basis Using Unobservable Inputs (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||||
Nonrecurring fair value losses | $ (113) | $ (90) | $ (167) | |
Fair Value Measurements Nonrecurring [Member] | Investments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||||
Nonrecurring fair value losses | (44) | |||
Fair Value Measurements Nonrecurring [Member] | Operating Lease Equipment [Member] | ||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||||
Nonrecurring fair value losses | (32) | (52) | ||
Fair Value Measurements Nonrecurring [Member] | Property, Plant and Equipment [Member] | ||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||||
Nonrecurring fair value losses | (2) | (9) | ||
Fair Value Measurements Nonrecurring [Member] | Other assets and Acquired intangible assets [Member] | ||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||||
Nonrecurring fair value losses | (23) | (10) | ||
Fair Value Measurements Nonrecurring [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||||
Total Fair Value | 113 | 106 | ||
Nonrecurring fair value losses | (101) | (71) | ||
Fair Value Measurements Nonrecurring [Member] | Level 3 [Member] | Market Approach Valuation Technique [Member] | ||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||||
Operating Lease Equipment, Fair Value | 90 | 84 | ||
Fair Value Measurements Nonrecurring [Member] | Level 3 [Member] | Income Approach Valuation Technique [Member] | ||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | ||||
Investments, Fair Value Disclosure | 1 | |||
Property, Plant, and Equipment, Fair Value | 8 | 10 | ||
Other assets and Acquired intangible assets, Fair Value | $ 14 | $ 12 |
Fair Value Measurements Fair131
Fair Value Measurements Fair Value, Assets Measured On Nonrecurring Basis, Valuation Techniques (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Aircraft Value Publications [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Equipment under operating leases & Assets held for sale or re-lease, Median | $ 167 | ||
Aircraft Value Publications [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Equipment under operating leases & Assets held for sale or re-lease, Range | [1] | 140 | |
Aircraft Value Publications [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Equipment under operating leases & Assets held for sale or re-lease, Range | [1] | 191 | |
Aircraft Condition Adjustments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Equipment under operating leases & Assets held for sale or re-lease, Net | (77) | ||
Aircraft Condition Adjustments [Member] | Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Equipment under operating leases & Assets held for sale or re-lease, Range | [2] | (77) | |
Aircraft Condition Adjustments [Member] | Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |||
Equipment under operating leases & Assets held for sale or re-lease, Range | [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, Fair Value | $ 90 | $ 84 | |
[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 Fair132
Fair Value Measurements Fair Values And Related Carrying Values of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, Fair Value | $ 682 | $ 803 |
Debt, excluding capital lease obligations, Fair Value | (11,923) | (11,209) |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, Fair Value | 682 | 803 |
Debt, excluding capital lease obligations, Fair Value | (11,823) | (11,078) |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, excluding capital lease obligations, Fair Value | (100) | (131) |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, net | 677 | 807 |
Debt, excluding capital lease obligations, Carrying Amount | $ (10,380) | $ (9,815) |
Segment Information (Narrative)
Segment Information (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)segments | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of Reportable Segments | segments | 4 | ||
Percent of operating assets located outside the United States | 5.00% | 4.00% | |
Earnings from operations associated with our cost and equity method investments | $ | $ 233 | $ 303 | $ 274 |
U S Government Contracts [Member] | Sales [Member] | |||
Segment Reporting Information [Line Items] | |||
Entity-Wide Revenue, Major Customer, Percentage | 31.00% | 23.00% | 27.00% |
Segment Information (Schedule O
Segment Information (Schedule Of Revenue from External Customers Attributed to Foreign Countries by Geographic Area) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 25,368 | $ 24,309 | $ 22,739 | $ 20,976 | $ 23,286 | $ 23,898 | $ 24,755 | $ 22,632 | $ 93,392 | $ 94,571 | $ 96,114 |
Non-U.S. [member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 51,061 | 55,806 | 56,827 | ||||||||
Asia, Other Than China [member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 8,899 | 10,553 | 13,433 | ||||||||
Europe [member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 11,457 | 13,790 | 12,248 | ||||||||
China [member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 11,911 | 10,312 | 12,556 | ||||||||
Middle East [member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 12,287 | 13,297 | 10,846 | ||||||||
Oceania [member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,061 | 1,843 | 2,601 | ||||||||
Canada [member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,197 | 2,076 | 1,870 | ||||||||
Africa [member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 755 | 1,999 | 1,398 | ||||||||
Latin America, Caribbean And Other [member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,494 | 1,936 | 1,875 | ||||||||
United States [member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 42,331 | $ 38,765 | $ 39,287 |
Segment Information (Schedul135
Segment Information (Schedule Of Depreciation And Amortization Expense By Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 2,069 | $ 1,910 | $ 1,833 |
Operating Segments [Member] | Commercial Airplanes [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 521 | 442 | 388 |
Operating Segments [Member] | Defense, Space & Security [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 252 | 220 | 248 |
Operating Segments [Member] | Global Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 322 | 312 | 317 |
Operating Segments [Member] | Boeing Capital Corporation [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 70 | 83 | 87 |
Unallocated items, eliminations and other [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | $ 904 | $ 853 | $ 793 |
Segment Information (Schedul136
Segment Information (Schedule Of Capital Expenditures By Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 1,739 | $ 2,613 | $ 2,450 |
Operating Segments [Member] | Commercial Airplanes [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 636 | 830 | 819 |
Operating Segments [Member] | Defense, Space & Security [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 210 | 290 | 226 |
Operating Segments [Member] | Global Services [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 180 | 209 | 132 |
Unallocated items, eliminations and other [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 713 | $ 1,284 | $ 1,273 |
Segment Information (Schedul137
Segment Information (Schedule of Intersegment Revenues, Eliminated In Unallocated Items and Eliminations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Intersegment Revenues | $ 25,368 | $ 24,309 | $ 22,739 | $ 20,976 | $ 23,286 | $ 23,898 | $ 24,755 | $ 22,632 | $ 93,392 | $ 94,571 | $ 96,114 |
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intersegment Revenues | 1,648 | 2,092 | 1,810 | ||||||||
Commercial Airplanes [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intersegment Revenues | 1,571 | 2,001 | 1,700 | ||||||||
Global Services [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intersegment Revenues | 49 | 75 | 95 | ||||||||
Boeing Capital Corporation [Member] | Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Intersegment Revenues | $ 28 | $ 16 | $ 15 |
Segment Information (Schedul138
Segment Information (Schedule Of Unallocated Items and Eliminations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Share-based plans | $ (202) | $ (190) | $ (189) | ||||||||
Deferred compensation | (240) | (46) | (63) | ||||||||
Amortization of previously capitalized interest | (110) | (170) | (158) | ||||||||
Total | $ 3,030 | $ 2,689 | $ 2,535 | $ 2,024 | $ 2,183 | $ 2,282 | $ (419) | $ 1,788 | 10,278 | 5,834 | 7,443 |
Pension [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Pension and Postretirement | (639) | (1,979) | (2,366) | ||||||||
Postretirement [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Pension and Postretirement | (262) | (274) | (288) | ||||||||
Unallocated Items And Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Share-based plans | (77) | (66) | (76) | ||||||||
Deferred compensation | (240) | (46) | (63) | ||||||||
Amortization of previously capitalized interest | (98) | (94) | (90) | ||||||||
Eliminations and other unallocated items | (640) | (527) | (511) | ||||||||
Operating Loss Excluding Unallocated Pension and Postretirement Adjustments | (1,055) | (733) | (740) | ||||||||
Pension and Postretirement | 1,308 | 370 | (298) | ||||||||
Total | 253 | (363) | (1,038) | ||||||||
Unallocated Items And Eliminations [Member] | Pension [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Pension and Postretirement | 1,120 | 217 | (421) | ||||||||
Unallocated Items And Eliminations [Member] | Postretirement [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Pension and Postretirement | $ 188 | $ 153 | $ 123 |
Segment Information (Reconcilia
Segment Information (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Assets | $ 92,333 | $ 89,997 |
Operating Segments [Member] | Commercial Airplanes [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 47,737 | 46,745 |
Operating Segments [Member] | Defense, Space & Security [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 15,865 | 14,123 |
Operating Segments [Member] | Global Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 12,353 | 11,490 |
Operating Segments [Member] | Boeing Capital Corporation [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 3,156 | 4,139 |
Unallocated items, eliminations and other [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 13,222 | $ 13,500 |
Quarterly Financial Data (Narra
Quarterly Financial Data (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||||
Effective Income Tax Rate Reconciliation, Impact of tax reform legislation, Amount | $ 1,051,000,000 | |||||||||||||
Inventory Write-down | $ 1,235,000,000 | |||||||||||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | $ 14,000,000 | $ (912,000,000) | $ (224,000,000) | |||||||||||
Incremental tax benefit related to tax basis adjustment | $ 440,000,000 | |||||||||||||
Cash dividends declared, per share | $ 1.71 | $ 1.42 | $ 1.09 | $ 3.13 | $ 2.84 | $ 2.51 | $ 2.18 | $ 5.97 | $ 4.69 | $ 3.82 | ||||
Pension Plans [Member] | ||||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | $ (1,000,000) | $ (40,000,000) | $ (290,000,000) | |||||||||||
B747 aircraft [Member] | ||||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||||
Reach-forward loss on commercial aircraft | $ (1,188,000,000) | $ (70,000,000) | ||||||||||||
KC-46A Tanker [Member] | ||||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | $ (329,000,000) | $ (142,000,000) | $ (312,000,000) | $ (573,000,000) | $ (243,000,000) | $ (471,000,000) | $ (1,128,000,000) | $ (835,000,000) | ||||||
Commercial Crew [Member] | ||||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | 162,000,000 | |||||||||||||
Tax Year 2011-2012 [Member] | ||||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||||
Tax benefit related to settlement of federal tax audit | $ 177,000,000 |
Quarterly Financial Data (Sched
Quarterly Financial Data (Schedule Of Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||||
Total revenues | $ 25,368 | $ 24,309 | $ 22,739 | $ 20,976 | $ 23,286 | $ 23,898 | $ 24,755 | $ 22,632 | $ 93,392 | $ 94,571 | $ 96,114 | |||
Total costs and expenses | (20,427) | (19,987) | (18,388) | (17,264) | (19,464) | (19,904) | (22,325) | (19,097) | (76,066) | (80,790) | (82,088) | |||
Earnings from operations | 3,030 | 2,689 | 2,535 | 2,024 | 2,183 | 2,282 | (419) | 1,788 | 10,278 | 5,834 | 7,443 | |||
Net earnings | $ 3,132 | $ 1,853 | $ 1,761 | $ 1,451 | $ 1,631 | $ 2,279 | $ (234) | $ 1,219 | $ 8,197 | $ 4,895 | $ 5,176 | |||
Basic earnings per share | $ 5.25 | $ 3.10 | $ 2.93 | $ 2.36 | $ 2.63 | $ 3.64 | $ (0.37) | $ 1.85 | $ 13.60 | $ 7.70 | $ 7.52 | |||
Diluted earnings/(loss) per share | 5.18 | 3.06 | 2.89 | 2.34 | 2.59 | 3.60 | (0.37) | 1.83 | 13.43 | 7.61 | 7.44 | |||
Cash dividends declared, per share | $ 1.71 | $ 1.42 | $ 1.09 | 3.13 | 2.84 | 2.51 | 2.18 | 5.97 | 4.69 | $ 3.82 | ||||
Common stock sales price per share, Quarter end | $ 294.91 | $ 155.68 | 294.91 | 254.21 | 197.75 | 176.86 | 155.68 | 131.74 | 129.87 | 126.94 | $ 294.91 | $ 155.68 | ||
Maximum [Member] | ||||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||||
Common stock sales price per share | 299.33 | 259.30 | 204.39 | 185.71 | 160.07 | 139.45 | 137.89 | 141.70 | ||||||
Minimum [Member] | ||||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||||
Common stock sales price per share | $ 253.53 | $ 197.75 | $ 175.47 | $ 155.21 | $ 130.74 | $ 123.96 | $ 122.35 | $ 102.10 |