Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 17, 2019 | |
Document Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | BOEING CO | |
Entity Central Index Key | 0000012927 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 562,630,423 | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | ||
Revenues | $ 22,917 | $ 23,382 |
Boeing Capital interest expense | (18) | (16) |
Total costs and expenses | (18,645) | (18,824) |
Gross profit | 4,272 | 4,558 |
Income (Loss) from Investments | 20 | 74 |
General and administrative expense | (1,184) | (997) |
Research and development expense, net | (866) | (764) |
Gain on dispositions, net | 108 | 4 |
Earnings from operations | 2,350 | 2,875 |
Other income, net | 106 | 66 |
Interest and debt expense | (123) | (102) |
Earnings before income taxes | 2,333 | 2,839 |
Income tax expense | (184) | (362) |
Net earnings | $ 2,149 | $ 2,477 |
Basic earnings per share | $ 3.79 | $ 4.19 |
Income (Loss) from Continuing Operations, Per Basic Share | 3.79 | 4.19 |
Diluted earnings per share | 3.75 | 4.15 |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 3.75 | $ 4.15 |
Weighted average diluted shares (millions) | 572.4 | 597.2 |
Product [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Revenues | $ 20,225 | $ 20,820 |
Cost of Goods and Services Sold | (16,238) | (16,816) |
Service [Member] | ||
Condensed Income Statements, Captions [Line Items] | ||
Revenues | 2,692 | 2,562 |
Cost of Goods and Services Sold | $ (2,389) | $ (1,992) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net earnings | $ 2,149 | $ 2,477 |
Currency translation adjustments | 1 | 27 |
Unrealized gain/(loss) on certain investments, net of tax of $0, $0, ($1) and $0 | 1 | 2 |
Unrealized (loss)/gain on derivative instruments [Abstract] | ||
Unrealized (loss)/gain arising during period, net of tax of $1, ($22), $27 and ($61) | 11 | (2) |
Reclassification adjustment for losses included in net earnings, net of tax of ($3), ($5), ($5) and ($24) | (2) | 4 |
Total unrealized gain on derivative instruments, net of tax | 9 | 2 |
Defined benefit pension plans & other postretirement benefits [Abstract] | ||
Amortization of prior service credits included in net periodic pension cost, net of tax of $10, $16, $30 and $47 | (23) | (36) |
Amortization of actuarial losses included in net periodic pension cost, net of tax of ($60), ($72), ($182) and ($217) | 118 | 219 |
Pension and postretirement cost related to our equity method investments, net of tax of $0, $0, $1 and $1 | 8 | (3) |
Total defined benefit pension plans and other postretirement benefits, net of tax | 103 | 180 |
Other comprehensive income, net of tax | 114 | 211 |
Comprehensive income related to noncontrolling interests | (1) | |
Comprehensive income, net of tax | $ 2,263 | $ 2,687 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification, Tax [Abstract] | ||
Unrealized loss arising during period, tax | $ (3) | |
Reclassification adjustment for losses included in net earnings, tax | 1 | $ (1) |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax, Portion Attributable to Parent [Abstract] | ||
Amortization of prior service cost included in net periodic pension cost, tax | 6 | 10 |
Amortization of actuarial losses included in net periodic pension cost, tax | (32) | (60) |
Pension and post retirement benefits related to our equity method investments, tax | $ (2) | $ 1 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Financial Position - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |
Assets | |||
Cash and cash equivalents | $ 6,836 | $ 7,637 | |
Short-term and other investments | 893 | 927 | |
Accounts receivable, net | 3,669 | 3,879 | |
Unbilled receivables, net | 10,208 | 10,025 | |
Current portion of customer financing, net | 340 | 460 | |
Inventories | 65,369 | 62,567 | |
Other current assets | 2,194 | 2,335 | |
Total current assets | 89,509 | 87,830 | |
Customer financing, net | 2,236 | 2,418 | |
Property, plant and equipment, net of accumulated depreciation of $18,821 and $18,568 | 12,594 | 12,645 | |
Goodwill | 7,967 | 7,840 | |
Acquired intangible assets, net | 3,498 | 3,429 | |
Deferred income taxes | 281 | 284 | |
Investments | 1,183 | 1,087 | |
Other assets, net of accumulated amortization of $544 and $503 | 2,941 | 1,826 | |
Total assets | 120,209 | 117,359 | |
Liabilities and equity | |||
Accounts payable | 14,693 | 12,916 | |
Accrued liabilities | 13,007 | 14,808 | |
Advances and progress billings | 52,534 | 50,676 | |
Short-term debt and current portion of long-term debt | 3,381 | 3,190 | |
Total current liabilities | 83,615 | 81,590 | |
Deferred income taxes | 1,656 | 1,736 | |
Accrued retiree health care | 4,535 | 4,584 | |
Accrued pension plan liability, net | 15,077 | 15,323 | |
Other long-term liabilities | 3,731 | 3,059 | |
Long-term debt | 11,363 | 10,657 | |
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 | 6,573 | 6,768 | |
Treasury stock, at cost - 448,849,765 and 444,619,970 shares | 54,630 | 52,348 | |
Retained earnings | 58,090 | 55,941 | |
Accumulated other comprehensive loss | [1] | (14,969) | (15,083) |
Total shareholders’ equity | 125 | 339 | |
Noncontrolling interests | 107 | 71 | |
Total equity | 232 | 410 | |
Total liabilities and equity | $ 120,209 | $ 117,359 | |
[1] | Net of tax. |
Condensed Consolidated Statem_5
Condensed Consolidated Statements Of Financial Position (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Property, plant and equipment, accumulated depreciation | $ 18,821 | $ 18,568 |
Other assets, accumulated amortization | $ 544 | $ 503 |
Common stock, par value | $ 5 | $ 5 |
Common stock, authorized | 1,200,000,000 | 1,200,000,000 |
Common stock, shares issued | 1,012,261,159 | 1,012,261,159 |
Treasury stock, shares | 448,849,765 | 444,619,970 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements Of Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Non-Controlling Interest [Member] |
Balance at Dec. 31, 2017 | $ 1,713 | $ 5,061 | $ 6,804 | $ (43,454) | $ 49,618 | $ (16,373) | $ 57 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 2,476 | 2,477 | (1) | ||||
Other comprehensive income, net of tax of ($133) in 2018 and ($255) in 2017 | 211 | 211 | |||||
Share-based compensation and related dividend equivalents | 45 | 45 | |||||
Treasury shares issued for stock options exercised, net | 50 | (25) | 75 | ||||
Treasury shares issued for other share-based plans, net | (217) | (200) | (17) | ||||
Common shares repurchased | (3,000) | (3,000) | |||||
Changes in noncontrolling interests | 20 | 20 | |||||
Balance at Mar. 31, 2018 | 1,298 | 5,061 | 6,624 | (46,396) | 52,095 | (16,162) | 76 |
Balance at Dec. 31, 2018 | 410 | 5,061 | 6,768 | (52,348) | 55,941 | (15,083) | 71 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 2,149 | 2,149 | |||||
Other comprehensive income, net of tax of ($133) in 2018 and ($255) in 2017 | 114 | 114 | |||||
Share-based compensation and related dividend equivalents | 47 | 47 | |||||
Treasury shares issued for stock options exercised, net | 41 | (36) | 77 | ||||
Treasury shares issued for other share-based plans, net | (224) | (206) | (18) | ||||
Common shares repurchased | (2,341) | (2,341) | |||||
Changes in noncontrolling interests | 36 | 36 | |||||
Balance at Mar. 31, 2019 | $ 232 | $ 5,061 | $ 6,573 | $ (54,630) | $ 58,090 | $ (14,969) | $ 107 |
Condensed Consolidated Statem_7
Condensed Consolidated Statements Of Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Other Comprehensive Income, tax, portion attributable to parent | $ (30) | $ (50) |
Condensed Consolidated Statem_8
Condensed Consolidated Statement of Cash Flows Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Cash flows - operation activities: | |||
Net earnings | $ 2,149 | $ 2,477 | |
Non-cash items - | |||
Share-based plans expense | 47 | 45 | |
Depreciation and amortization | 521 | 501 | |
Asset Impairment Charges | 34 | 20 | |
Customer financing valuation (benefit)/expense | 249 | (1) | |
Gain on dispositions, net | (108) | (4) | |
Other charges and credits, net | 74 | 60 | |
Changes in assets and liabilities - | |||
Accounts receivable | 206 | 92 | |
Unbilled receivables | (183) | (1,628) | |
Advances and progress billings | 1,857 | 1,917 | |
Inventories | 2,725 | (283) | |
Other current assets | 164 | (103) | |
Accounts payable | 1,624 | 591 | |
Accrued liabilities | (919) | (1,337) | |
Income taxes receivable, payable and deferred | 116 | 348 | |
Other long-term liabilities | (281) | (243) | |
Pension and other postretirement plans | (188) | (50) | |
Customer financing, net | 152 | 44 | |
Other | (1) | 124 | |
Net cash provided by operating activities | 2,788 | 3,136 | |
Cash flows - investing activities: | |||
Payments to Acquire Property, Plant, and Equipment | (501) | (394) | |
Property, plant and equipment reductions | 110 | 27 | |
Acquisitions, net of cash acquired | (276) | ||
Contributions to investments | (457) | (249) | |
Proceeds from investments | 366 | 752 | |
Purchase of distribution rights | (20) | ||
Other | (9) | 3 | |
Net cash provided/(used) by investing activities | (767) | 119 | |
Cash flows - financing activities: | |||
New borrowings | 5,237 | 2,687 | |
Debt repayments | (4,374) | (1,371) | |
Contributions from noncontrolling interests | 7 | 20 | |
Stock options exercised | 42 | 51 | |
Employee taxes on certain share-based payment arrangements | (233) | (226) | |
Common shares repurchased | (2,341) | (3,000) | |
Dividends paid | (1,161) | (1,006) | |
Net cash used by financing activities | (2,823) | (2,845) | |
Effect of exchange rate changes on cash and cash equivalents, including restricted | 1 | 8 | |
Net (decrease) / increase in cash & cash equivalents, including restricted | (801) | 418 | |
Cash & cash equivalents, including restricted, at beginning of year | 7,813 | 8,887 | |
Cash & cash equivalents, including restricted, at end of period | 7,012 | 9,305 | |
Restricted Cash and Cash Equivalents | [1] | (176) | (70) |
Cash and cash equivalents at end of period | $ 6,836 | $ 9,235 | |
[1] | Reflects amounts restricted in support of our workers’ compensation programs, employee benefit programs, and insurance premiums. |
Summary Of Business Segment Dat
Summary Of Business Segment Data Summary of Business Segment Data (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Summary Of Business Segment Data | The Boeing Company and Subsidiaries Notes to Condensed Consolidated Financial Statements Summary of Business Segment Data (Unaudited) (Dollars in millions) Three months ended March 31 2019 2018 Revenues: Commercial Airplanes $11,822 $12,945 Defense, Space & Security 6,611 6,481 Global Services 4,619 3,950 Boeing Capital 66 65 Unallocated items, eliminations and other (201 ) (59 ) Total revenues $22,917 $23,382 Earnings from operations: Commercial Airplanes $1,173 $1,412 Defense, Space & Security 847 757 Global Services 653 647 Boeing Capital 20 20 Segment operating profit 2,693 2,836 Unallocated items, eliminations and other (707 ) (326 ) FAS/CAS service cost adjustment 364 365 Earnings from operations 2,350 2,875 Other income, net 106 66 Interest and debt expense (123 ) (102 ) Earnings before income taxes 2,333 2,839 Income tax expense (184 ) (362 ) Net earnings $2,149 $2,477 This information is an integral part of the Notes to the Condensed Consolidated Financial Statements. See Note 20 |
Basis Of Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | Basis of Presentation The condensed consolidated interim financial statements included in this report have been prepared by management of The Boeing Company (herein referred to as “Boeing”, the “Company”, “we”, “us”, or “our”). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation are reflected in the interim financial statements. The results of operations for the period ended March 31, 2019 are not necessarily indicative of the operating results for the full year. The interim financial statements should be read in conjunction with the audited Consolidated Financial Statements, including the notes thereto, included in our 2018 Annual Report on Form 10-K. Certain amounts in prior periods have been adjusted to conform with the current year presentation. Standards Issued and Implemented In the first quarter of 2019, we adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) and recognized on our Condensed Consolidated Statement of Financial Position $1,064 of lease liabilities with corresponding right-of-use assets for operating leases. Our accounting for finance leases and lessor contracts remains substantially unchanged. The standard has no impact to cash provided or used by operating, investing, or financing activities on our Condensed Consolidated Statements of Cash Flows. As permitted under the standard, we elected prospective application of the new guidance and prior periods continue to be presented in accordance with Topic 840. Refer to our 2018 Annual Report on Form 10-K for disclosures required by Topic 840. We also elected the package of practical expedients, which among other things, does not require reassessment of lease classification. In the first quarter of 2019, we adopted ASU 2017-12, Derivatives and Hedging (Topic 815), using the modified retrospective method. The standard refines and simplifies hedge accounting requirements for both financial and commodity risks. The impact of the adoption was not material. See Note 17 for additional disclosures. Significant Accounting Policies - Update Our significant accounting policies are described in "Note 1: Summary of Significant Accounting Policies" of our Annual Report on Form 10-K for the year ended December 31, 2018 . Our updated significant accounting policies described below reflect the impact of adopting Topic 842. Leases We determine if an arrangement is, or contains, a lease at the inception date. Operating leases are included in Other assets, with the related liabilities included in Accrued liabilities and Other long-term liabilities. Assets under finance leases are included in Property, plant and equipment, net, with the related liabilities included in Short-term debt and current portion of long-term debt and Long-term debt on the Condensed Consolidated Statements of Financial Position. Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. We use our estimated incremental borrowing rate in determining the present value of lease payments. Variable components of the lease payments such as fair market value adjustments, utilities, and maintenance costs are expensed as incurred and not included in determining the present value. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components which are accounted for as a single lease component. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Changes in estimated revenues, cost of sales and the related effect on operating income are recognized using a cumulative catch-up adjustment which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a long-term contract’s percentage-of-completion. When the current estimates of total sales and costs for a long-term contract indicate a loss, a provision for the entire reach-forward loss on the long-term contract is recognized. Net cumulative catch-up adjustments to prior years' revenue and earnings, including certain reach-forward losses, across all long-term contracts were as follows: (In millions - except per share amounts) Three months ended March 31 2019 2018 Increase to Revenue $160 $117 Increase to Earnings from Operations $147 $78 Increase to Diluted EPS $0.24 $0.11 |
Acquisitions and Joint Ventures
Acquisitions and Joint Ventures Acquistions and Joint Ventures | 3 Months Ended |
Mar. 31, 2019 | |
Acquisitions and Joint Ventures [Abstract] | |
Acquisitions and Joint Ventures | Acquisitions and Joint Ventures Strategic Partnership with Embraer During the first quarter of 2019, we entered into definitive transaction documents with respect to a strategic partnership with Embraer S.A. (Embraer). The partnership contemplates that the parties enter into a joint venture comprising the commercial aircraft and services operations of Embraer, in which Boeing will acquire an 80 percent ownership stake for $4,200 , as well as a joint venture to promote and develop new markets for the multi-mission medium airlift KC-390, in which Boeing will hold a 49 percent ownership stake. Embraer shareholders approved the transaction, which remains subject to regulatory approvals and other customary closing conditions. Assuming approvals are received in a timely manner, the transaction is expected to close by the end of 2019. If the transaction is not completed due to failure to obtain antitrust approvals, we would be required to pay a termination fee of $100 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
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) Three months ended March 31 2019 2018 Net earnings $2,149 $2,477 Less: earnings available to participating securities 2 3 Net earnings available to common shareholders $2,147 $2,474 Basic Basic weighted average shares outstanding 567.7 590.8 Less: participating securities 0.6 0.7 Basic weighted average common shares outstanding 567.1 590.1 Diluted Basic weighted average shares outstanding 567.7 590.8 Dilutive potential common shares (1) 4.7 6.4 Diluted weighted average shares outstanding 572.4 597.2 Less: participating securities 0.6 0.7 Diluted weighted average common shares outstanding 571.8 596.5 Net earnings per share: Basic $3.79 $4.19 Diluted 3.75 4.15 (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) Three months ended March 31 2019 2018 Performance awards 2.6 2.9 Performance-based restricted stock units 0.5 0.5 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective income tax rates were 7.9% and 12.8% for the three months ended March 31, 2019 and 2018. The effective tax rate for the three months ended March 31, 2019 was lower than the comparable prior period primarily due to a higher benefit attributable to applying a lower U.S. tax rate to intangible income derived from serving non-U.S. markets and higher excess tax benefits related to share-based payments. Federal income tax audits have been settled for all years prior to 2015. The Internal Revenue Service (IRS) began the 2015-2017 federal tax audit in the first quarter of 2019. We are also subject to examination in major state and international jurisdictions for the 2001-2017 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 state matters under audit may decrease by up to $465 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: March 31 December 31 Long-term contracts in progress $1,159 $2,129 Commercial aircraft programs 55,490 52,753 Commercial spare parts, used aircraft, general stock materials and other 8,720 7,685 Total $65,369 $62,567 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 $193 and $227 at March 31, 2019 and December 31, 2018 . See indemnifications to ULA in Note 12 . Included in inventories are capitalized precontract costs of $661 at March 31, 2019 and $644 at December 31, 2018 primarily related to the KC-46A Tanker. See Note 11 . Commercial Aircraft Programs At March 31, 2019 and December 31, 2018 , commercial aircraft programs inventory included the following amounts related to the 787 program: $27,749 and $27,852 of work in process (including deferred production costs of $22,029 and $22,967 ), $2,379 and $2,453 of supplier advances, and $2,532 and $2,638 of unamortized tooling and other non-recurring costs. At March 31, 2019 , $16,656 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 $7,905 is expected to be recovered from units included in the program accounting quantity that represent expected future orders. At March 31, 2019 and December 31, 2018 , commercial aircraft programs inventory included $105 and $116 of unamortized tooling costs related to the 747 program. At March 31, 2019 , $100 of unamortized tooling costs are expected to be recovered from units included in the program accounting quantity that have firm orders or commitments. At March 31, 2019 , 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 $2,724 and $2,844 at March 31, 2019 and December 31, 2018 |
Contracts with Customers (Notes
Contracts with Customers (Notes) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Long-term Contracts or Programs Disclosure [Text Block] | Contracts with Customers Unbilled receivables increased from $10,025 at December 31, 2018 to $10,208 at March 31, 2019 , primarily driven by revenue recognized at BDS and BGS in excess of billings . Advances and progress billings increased from $50,676 at December 31, 2018 to $52,534 at March 31, 2019 , primarily driven by advances on orders received in excess of revenue recognized at BCA, BDS and BGS. Revenues recognized during the three months ended March 31, 2019 and 2018 from amounts recorded as Advances and progress billings at the beginning of each year were $5,897 and $6,453 |
Customer Financing
Customer Financing | 3 Months Ended |
Mar. 31, 2019 | |
Customer Financing [Abstract] | |
Customer Financing | Customer Financing Customer financing primarily relates to the Boeing Capital ( BCC ) segment and consisted of the following: March 31 December 31 Financing receivables: Investment in sales-type/finance leases $1,096 $1,125 Notes 609 730 Total financing receivables 1,705 1,855 Operating lease equipment, at cost, less accumulated depreciation of $220 and $203 879 782 Operative lease incentive 250 Gross customer financing 2,584 2,887 Less allowance for losses on receivables (8 ) (9 ) Total $2,576 $2,878 We acquire aircraft to be leased to customers through trades, lease returns, purchases in the secondary market, and new aircraft transferred from our Commercial Airplanes segment. Leasing arrangements typically range in terms from 1 to 12 years and may include options to extend or terminate the lease. Certain leases include provisions to allow the lessee to purchase the underlying aircraft at a specified price. A minority of leases contain variable lease payments based on actual aircraft usage and are paid in arrears. 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 March 31, 2019 and December 31, 2018 , we individually evaluated for impairment customer financing receivables of $406 and $409 , of which $395 and $398 were determined to be impaired. We recorded no allowance for losses on these impaired receivables as the collateral values exceeded the carrying values of the receivables. The adequacy of the allowance for losses is assessed quarterly. Three primary factors influencing the level of our allowance for losses on customer financing receivables are customer credit ratings, default rates and collateral values. We assign internal credit ratings for all customers and determine the creditworthiness of each customer based upon publicly available information and information obtained directly from our customers. Our rating categories are comparable to those used by the major credit rating agencies. Our financing receivable balances by internal credit rating category are shown below: Rating categories March 31 December 31 BBB $638 $883 BB 423 430 B 241 135 CCC 403 407 Total carrying value of financing receivables $1,705 $1,855 At March 31, 2019 , our allowance related to receivables with ratings of B, BB and BBB. We applied default rates that averaged 21.7% , 6.2% and 0.6% , respectively, to the exposure associated with those receivables. Customer Financing Exposure Customer financing is collateralized by security in the related asset. The value of the collateral is closely tied to commercial airline performance and overall market conditions and may be subject to reduced valuation with market decline. Declines in collateral values could result in asset impairments, reduced finance lease income, and an increase in the allowance for losses. Our customer financing collateral is concentrated in out-of-production aircraft and 747-8 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: March 31 December 31 717 Aircraft ($201 and $204 accounted for as operating leases) $882 $918 747-8 Aircraft ($131 and $132 accounted for as operating leases) 475 477 777 Aircraft ($169 and $60 accounted for as operating leases) 288 68 737 Aircraft ($259 and $263 accounted for as operating leases) 285 290 MD-80 Aircraft (accounted for as sales-type finance leases) 207 204 757 Aircraft ($24 and $24 accounted for as operating leases) 195 200 747-400 Aircraft ($42 and $45 accounted for as operating leases) 111 116 As part of selected lease transactions, Boeing may provide incentives to commercial customers. At December 31, 2018 , Customer Financing included $250 of lease incentives with one customer experiencing liquidity issues. At March 31, 2019 , we concluded that these lease incentives were impaired and recorded a charge of $250 . Lease income recorded in Revenue on the Condensed Consolidated Statements of Operations included $16 from sales-type/finance leases and $36 from operating leases. As of March 31, 2019 , undiscounted cash flows for sales-type/finance and operating leases over the next five years and thereafter are as follows: Sales-type/finance leases Operating leases Year 1 $203 $130 Year 2 159 106 Year 3 115 91 Year 4 106 74 Year 5 110 55 Thereafter 167 77 Total lease receipts 860 533 Less imputed interest (189 ) Estimated unguaranteed residual values 425 Total $1,096 $533 At March 31, 2019 and December 31, 2018 unguaranteed residual values remained unchanged. Guaranteed residual values at March 31, 2019 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2019 | |
Investments [Abstract] | |
Investments | Investments Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following: March 31 December 31 Equity method investments (1) $1,143 $1,048 Time deposits 260 255 Available for sale debt instruments 451 491 Equity and other investments 46 44 Restricted cash & cash equivalents (2) 176 176 Total $2,076 $2,014 (1) Dividends received were $63 and $88 for the three months ended March 31, 2019 and 2018 . (2) |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2019 | |
Other Assets [Abstract] | |
Other Assets | Other Assets Sea Launch At March 31, 2019 and December 31, 2018 , Other assets included $244 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. At March 31, 2019 , the net amounts owed to Boeing by each of the partners were as follows: S.P. Koroley Rocket and Space Corporation Energia of Russia (RSC Energia) – $111 , PO Yuzhnoye Mashinostroitelny Zavod of Ukraine – $89 and KB Yuzhnoye of Ukraine – $44 . |
Leases Leases
Leases Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Operating Lease, Lease Income [Table Text Block] | Leases Our operating lease assets primarily represent manufacturing and research and development facilities, warehouses, and offices. Our finance leases primarily represent computer equipment and are not significant. Total operating lease expense was $84 for the three months ended March 31, 2019, of which $14 was attributable to variable lease expenses. For the three months ended March 31, 2019 cash payments against operating lease liabilities totaled $70 and non-cash transactions totaled $25 to recognize operating assets and liabilities for new leases. Supplemental Condensed Consolidated Statement of Financial Position information related to leases was as follows: March 31 Operating leases: Operating lease right-of-use assets $1,008 Current portion of lease liabilities 241 Non-current portion of lease liabilities 823 Total operating lease liabilities $1,064 Weighted average remaining lease term (years) 9 Weighted average discount rate 3.05 % Maturities of lease liabilities were as follows: Operating leases Year 1 $269 Year 2 214 Year 3 167 Year 4 138 Year 5 87 Thereafter 407 Total lease payments 1,282 Less imputed interest (218 ) Total $1,064 As of March 31, 2019 , we have entered into operating leases that have not yet commenced of $220 , primarily related to research and development and manufacturing facilities. These leases will commence between 2019 and 2020 with lease terms of 3 years to 24 |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies 737 MAX Grounding On March 13, 2019, the Federal Aviation Administration (FAA) issued an order to suspend operations of all 737 MAX aircraft in the U.S. and by U.S. aircraft operators following two recent fatal 737 MAX accidents. Non-U.S. civil aviation authorities have issued directives to the same effect. We are working closely with the relevant government authorities to support both accident investigations. We are also fully cooperating with other U.S. government investigations related to the accidents. While production continues on the 737 MAX, deliveries have been suspended until clearance is granted by the appropriate regulatory authorities. We have been developing a software update to the Maneuvering Characteristics Augmentation System (MCAS) on the 737 MAX, together with an associated pilot training and supplementary education program. We continue to work with the FAA and other regulatory agencies worldwide to develop and certify the software update and training program. Charges recognized during the first quarter of 2019 related to the MCAS software update and related pilot training were immaterial. Prior to the grounding, Boeing had delivered 387 737 MAX aircraft of which 57 were delivered in the first quarter of 2019. On April 5, 2019, we announced plans to reduce the production rate from 52 aircraft per month to 42 per month effective April 15, 2019. The resulting impacts, which were reflected in the first quarter, increased costs to produce aircraft included in the current accounting quantity by $1,016 and reduced 737 program and overall BCA segment margins. We will continue to evaluate production rates depending on the timing and conditions surrounding a return to service. Prior to the grounding, we expected MAX deliveries to approximate 90 percent of total 737 deliveries in 2019. In addition to the grounding, the timing of MAX deliveries during the quarter was adversely affected by delays in the supply chain. We may face additional costs, delays in return to service, and/or a prolonged reduction in the production rate. The grounding has reduced revenues, operating earnings and cash flows during the first quarter of 2019 and will continue to adversely affect our results until deliveries resume and production rates increase. We may also experience claims or assertions from customers and/or suppliers in connection with the grounding. We are unable at this time to reasonably estimate potential future financial impacts or a range of loss, if any, because any such estimate would depend on many factors, including the ongoing status of the accident investigations and the timing and conditions surrounding a return to service. Any such impacts could have a material adverse effect on our financial position, results of operations, or cash flows. Environmental The following table summarizes environmental remediation activity during the three months ended March 31, 2019 and 2018 . 2019 2018 Beginning balance – January 1 $555 $524 Reductions for payments made (11 ) (7 ) Changes in estimates 4 22 Ending balance – March 31 $548 $539 The liabilities recorded represent our best estimate or the low end of a range of reasonably possible costs expected to be incurred to remediate sites, including operation and maintenance over periods of up to 30 years. It is reasonably possible that we may incur charges that exceed these recorded amounts because of regulatory agency orders and directives, changes in laws and/or regulations, higher than expected costs and/or the discovery of new or additional contamination. As part of our estimating process, we develop a range of reasonably possible alternate scenarios that includes the high end of a range of reasonably possible cost estimates for all remediation sites for which we have sufficient information based on our experience and existing laws and regulations. There are some potential remediation obligations where the costs of remediation cannot be reasonably estimated. At March 31, 2019 and December 31, 2018 , the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $1,090 and $796 . Product Warranties The following table summarizes product warranty activity recorded during the three months ended March 31, 2019 and 2018 . 2019 2018 Beginning balance – January 1 $1,127 $1,211 Additions for current year deliveries 50 70 Reductions for payments made (8 ) (32 ) Changes in estimates (60 ) (101 ) Ending balance – March 31 $1,109 $1,148 Commercial Aircraft Commitments In conjunction with signing definitive agreements for the sale of new aircraft (Sale Aircraft), we have entered into trade-in commitments with certain customers that give them the right to trade in used aircraft at a specified price upon the purchase of Sale Aircraft. The probability that trade-in commitments will be exercised is determined by using both quantitative information from valuation sources and qualitative information from other sources. The probability of exercise is assessed quarterly, or as events trigger a change, and takes into consideration the current economic and airline industry environments. Trade-in commitments, which can be terminated by mutual consent with the customer, may be exercised only during the period specified in the agreement, and require advance notice by the customer. Trade-in commitment agreements at March 31, 2019 have expiration dates from 2019 through 2026 . At March 31, 2019 , and December 31, 2018 total contractual trade-in commitments were $1,504 and $1,519 . As of March 31, 2019 and December 31, 2018 , we estimated that it was probable we would be obligated to perform on certain of these commitments with net amounts payable to customers totaling $511 and $522 and the fair value of the related trade-in aircraft was $477 and $485 . Financing Commitments Financing commitments related to aircraft on order, including options and those proposed in sales campaigns, and refinancing of delivered aircraft, totaled $18,265 and $19,462 as of March 31, 2019 and December 31, 2018 . The estimated earliest potential funding dates for these commitments as of March 31, 2019 are as follows: Total April through December 2019 $981 2020 3,429 2021 3,087 2022 1,784 2023 3,261 Thereafter 5,723 $18,265 As of March 31, 2019 , $18,012 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 $3,828 and $3,761 as of March 31, 2019 and December 31, 2018 . United States Government Defense Environment Overview The Bipartisan Budget Act of 2018, passed in February 2018, raised the 2011 Budget Control Act spending caps for fiscal years 2018 and 2019 (FY18 and FY19). The consolidated spending bills signed into law in September 2018 provide defense funding for FY19, in compliance with the revised caps. These bills also provided FY19 appropriations for most of the federal government. The Consolidated Appropriations Act, enacted in February 2019, provided FY19 appropriations for the remaining parts of the federal government, including the National Aeronautics and Space Administration (NASA). There continues to be uncertainty with respect to future program-level appropriations for the U.S. DoD and other government agencies, including NASA. The 2011 Budget Control Act continues to mandate spending caps on U.S. government discretionary spending for fiscal years 2020 and 2021 (FY20 and FY21). In March 2019, the Administration submitted its FY20 budget request, which calls for funding for the base national defense budget at the spending caps specified for FY20. The Administration also requested that an additional $98 billion in base national defense requirements be appropriated outside of the base funding request that is subject to the spending caps, in order to avoid raising the caps. The lower budget caps will take effect again in FY20 and FY21 unless Congress acts to raise or appropriate funding outside of the spending caps or to repeal or suspend the law. As a result, continued budget uncertainty and the risk of future sequestration cuts remain. 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, USAF KC-46A Tanker, T-X Trainer, VC-25B Presidential Aircraft, MQ-25 Stingray, 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, we have recorded reach-forward losses on the KC-46A Tanker and we continue to have risk for further losses if we experience further production, technical or quality issues, and delays in flight testing, certification and/or delivery. In addition, in 2018, in connection with winning the T-X Trainer and MQ-25 Stingray competitions, we recorded a loss of $400 associated with options for 346 T-X Trainer aircraft and a loss of $291 related to the MQ-25 Stingray Engineering, Manufacturing and Development (EMD) contract. Moreover, our 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 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 . On September 10, 2018, the USAF authorized an additional 18 aircraft valued at $2.9 billion . In January 2019, we delivered the first KC-46A Tanker to the USAF . At March 31, 2019 , we had approximately $383 of capitalized precontract costs and $784 of potential termination liabilities to suppliers. Recoverable Costs on Government Contracts |
Arrangements With Off-Balance S
Arrangements With Off-Balance Sheet Risk | 3 Months Ended |
Mar. 31, 2019 | |
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 March 31 December 31 March 31 December 31 March 31 December 31 Contingent repurchase commitments $1,642 $1,685 $1,642 $1,685 Indemnifications to ULA: Contributed Delta program launch inventory 35 52 Other Delta contracts 176 176 Credit guarantees 106 106 46 51 30 16 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. See Note 5 . ULA has yet to consume $35 of contributed inventory. 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, through its subsidiary United Launch Services, 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. The court has scheduled a final pre-trial conference on or after November 21, 2019. 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 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | On February 15, 2019 , we issued $1,500 of fixed rate senior notes consisting of $400 due March 1, 2024 that bear an annual interest rate of 2.8% , $400 due March 1, 2029 that bear an annual interest rate of 3.20% , $400 due March 1, 2039 that bear an annual interest rate of 3.5% , and $300 due March 1, 2059 that bear an annual interest rate of 3.825% . The notes are unsecured senior obligations and rank equally in right of payment with our existing and future unsecured and unsubordinated indebtedness. The net proceeds of the issuance totaled $1,451 |
Postretirement Plans
Postretirement Plans | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Postretirement Plans | Postretirement Plans The components of net periodic benefit cost/(income) for the three months ended March 31 were as follows: Pension Postretirement Pension Plans 2019 2018 2019 2018 Service cost $1 $108 $19 $24 Interest cost 731 695 49 49 Expected return on plan assets (965 ) (1,002 ) (2 ) (2 ) Amortization of prior service credits (20 ) (14 ) (9 ) (32 ) Recognized net actuarial loss/(gain) 161 282 (11 ) (3 ) Net periodic benefit cost/(income) ($92 ) $69 $46 $36 Net periodic benefit cost/(income) included in Earnings from operations $78 $82 $22 $22 Net periodic benefit cost/(income) included in Other income, net (93 ) (42 ) 27 24 Net periodic benefit cost/(income) included in Earnings before income taxes ($15 ) $40 $49 $46 |
Share-Based Compensation And Ot
Share-Based Compensation And Other Compensation Arrangements | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation And Other Compensation Arrangements | Share-Based Compensation and Other Compensation Arrangements Restricted Stock Units On February 25, 2019 , we granted to our executives 233,582 restricted stock units ( RSU s) as part of our long-term incentive program with a grant date fair value of $428.22 per unit. The RSU s granted under this program will vest and settle in common stock (on a one-for-one basis) on the third anniversary of the grant date. Performance-Based Restricted Stock Units On February 25, 2019 , we granted to our executives 214,651 performance-based restricted stock units ( PBRSU s) as part of our long-term incentive program with a grant date fair value of $466.04 per unit. Compensation expense for the award is recognized over the three -year performance period based upon the grant date fair value estimated using a Monte-Carlo simulation model. The model used the following assumptions: expected volatility of 23.88% based upon historical stock volatility, a risk-free interest rate of 2.46% , and no expected dividend yield because the units earn dividend equivalents. Performance Awards On February 25, 2019 , we granted to our executives performance awards as part of our long-term incentive program with a payout based on the achievement of financial goals for the three -year period ending December 31, 2021 . At March 31, 2019 , the minimum payout amount is $0 and the maximum amount we could be required to pay out is $398 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Accumulated Other Comprehensive Loss Changes in Accumulated other comprehensive loss (AOCI) by component for the three months ended March 31, 2019 and 2018 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, 2018 ($15 ) ($2 ) $54 ($16,410 ) ($16,373 ) Other comprehensive income/(loss) before reclassifications 27 2 (2 ) (3 ) 24 Amounts reclassified from AOCI 4 183 (2) 187 Net current period Other comprehensive income 27 2 2 180 211 Balance at March 31, 2018 $12 $— $56 ($16,230 ) ($16,162 ) Balance at January 1, 2019 ($101 ) ($62 ) ($14,920 ) ($15,083 ) Other comprehensive income/(loss) before reclassifications 1 1 11 8 21 Amounts reclassified from AOCI (2 ) 95 (2) 93 Net current period Other comprehensive income/(loss) 1 1 9 103 114 Balance at March 31, 2019 ($100 ) $1 ($53 ) ($14,817 ) ($14,969 ) (1) Net of tax. (2) Primarily relates to amortization of actuarial losses for the three months ended March 31, 2019 and 2018 totaling $118 and $219 (net of tax of ($32) and ($60) ). |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Disclosures reflect the adoption of ASU 2017-12, Derivatives and Hedging (Topic 815) , in the first quarter of 2019. Prior period amounts have not been restated. Cash Flow Hedges Our cash flow hedges include foreign currency forward contracts, commodity swaps and commodity purchase contracts. We use foreign currency forward contracts to manage currency risk associated with certain transactions, specifically forecasted sales and purchases made in foreign currencies. Our foreign currency contracts hedge forecasted transactions through 2024 . We use commodity derivatives, such as fixed-price purchase commitments and swaps to hedge against potentially unfavorable price changes for items used in production. Our commodity contracts hedge forecasted transactions through 2023 . 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 Condensed Consolidated Statements of Financial Position were as follows: Notional amounts (1) Other assets Accrued liabilities March 31 December 31 March 31 December 31 March 31 December 31 Derivatives designated as hedging instruments: Foreign exchange contracts $3,337 $3,407 $37 $32 ($94 ) ($132 ) Interest rate contracts 125 125 1 Commodity contracts 822 57 11 9 (20 ) (2 ) Derivatives not receiving hedge accounting treatment: Foreign exchange contracts 663 414 7 11 (5 ) (2 ) Commodity contracts 348 478 Total derivatives $5,295 $4,481 $56 $52 ($119 ) ($136 ) Netting arrangements (22 ) (24 ) 22 24 Net recorded balance $34 $28 ($97 ) ($112 ) (1) Notional amounts represent the gross contract/notional amount of the derivatives outstanding. Gains/(losses) associated with our hedging transactions and forward points recognized in Other comprehensive income are presented in the following table: Three months ended March 31 2019 2018 Recognized in Other comprehensive income, net of taxes: Foreign exchange contracts $22 ($2 ) Commodity contracts (11 ) Gains/(losses) associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table: Three months ended March 31 2019 2018 Foreign exchange contracts Revenues $5 Costs and expenses (5 ) ($5 ) General and administrative 1 Commodity contracts Revenues Costs and expenses 1 General and administrative expense 1 Gains/(losses) related to undesignated derivatives on foreign exchange cash flow hedging transactions recognized in Other income, net were $ 2 and $ 3 for the three months ended March 31, 2019 and 2018. Forward points related to foreign exchange cash flow hedging transactions recognized in Other income, net were $ 6 for the three months ended March 31, 2018. Based on our portfolio of cash flow hedges, we expect to reclassify losses of $44 (pre-tax) out of Accumulated other comprehensive loss into earnings during the next 12 months. We have derivative instruments with credit-risk-related contingent features. For foreign exchange contracts with original maturities of at least five years, our derivative counterparties could require 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 March 31, 2019 was $25 . At March 31, 2019 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs. The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. March 31, 2019 December 31, 2018 Total Level 1 Level 2 Total Level 1 Level 2 Assets Money market funds $2,661 $2,661 $1,737 $1,737 Available-for-sale debt investments: Commercial paper 103 $103 78 $78 Corporate notes 357 357 420 420 Other equity investments 13 13 12 12 Derivatives 34 34 28 28 Total assets $3,168 $2,674 $494 $2,275 $1,749 $526 Liabilities Derivatives ($97 ) ($97 ) ($112 ) ($112 ) Total liabilities ($97 ) ($97 ) ($112 ) ($112 ) 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 three months ended March 31 due to long-lived asset impairment and the fair value and asset classification of the related assets as of the impairment date: 2019 2018 Fair Value Total Losses Fair Value Total Losses Operating lease equipment $20 ($8 ) Investments $90 ($33 ) (12 ) Property, plant and equipment 43 (1 ) Total $133 ($34 ) $20 ($20 ) Investments 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. Fair Value Disclosures The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Condensed Consolidated Statements of Financial Position were as follows: March 31, 2019 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Notes receivable, net $609 $621 $621 Liabilities Debt, excluding capital lease obligations and commercial paper (12,589 ) (13,770 ) (13,707 ) ($63 ) December 31, 2018 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Notes receivable, net $730 $735 $735 Liabilities Debt, excluding capital lease obligations and commercial paper (11,796 ) (12,746 ) (12,682 ) ($64 ) The fair values of notes receivable are estimated with discounted cash flow analysis using interest rates currently offered on loans with similar terms to borrowers of similar credit quality. The fair value of our debt that is traded in the secondary market is classified as Level 2 and is based on current market yields. For our debt that is not traded in the secondary market, the fair value is classified as Level 2 and is based on our indicative borrowing cost derived from dealer quotes or discounted cash flows. The fair values of our debt classified as Level 3 are based on discounted cash flow models using the implied yield from similar securities. With regard to other financial instruments with off-balance sheet risk, it is not practicable to estimate the fair value of our indemnifications and financing commitments because the amount and timing of those arrangements are uncertain. Items not included in the above disclosures include cash, restricted cash, time deposits and other deposits, commercial paper, money market funds, Accounts receivable, Unbilled receivables, Accounts payable and long-term payables. The carrying values of those items, as reflected in the Condensed Consolidated Statements of Financial Position, approximate their fair value at March 31, 2019 and December 31, 2018 |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2019 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | Legal Proceedings Various legal proceedings, claims and investigations related to products, contracts, employment and other matters are pending against us. In addition, we are subject to various U.S. government inquiries and investigations from which civil, criminal or administrative proceedings could result or have resulted in the past. Such proceedings involve or could involve claims by the government for fines, penalties, compensatory and treble damages, restitution and/or forfeitures. Under government regulations, a company, or one or more of its operating divisions or subdivisions, can also be suspended or debarred from government contracts, or lose its export privileges, based on the results of investigations. We believe, based upon current information, that the outcome of any such legal proceeding, claim, or government dispute and investigation will not have a material effect on our financial position, results of operations, or cash flows. Where it is reasonably possible that we will incur losses in excess of recorded amounts in connection with any of the matters set forth below, we will disclose either the amount or range of reasonably possible losses in excess of such amounts or, where no such amount or range can be reasonably estimated, the reasons why no such estimate can be made. |
Segment and Revenue Information
Segment and Revenue Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment and Revenue Information | Segment and Revenue Information Effective at the beginning of 2019, all revenues and costs associated with military derivative aircraft production are reported in the BDS segment. Revenues and costs associated with military derivative aircraft production were previously reported in the BCA and BDS segments. Business segment data for 2018 reflects the realignment for military derivative aircraft, as well as the realignment of certain programs from BDS to BGS. Our primary profitability measurements to review a segment’s operating results are Earnings from operations and operating margins. We operate in four reportable segments: BCA, BDS, BGS, and BCC. All other activities fall within Unallocated items, eliminations and other. See page 6 for the Summary of Business Segment Data, which is an integral part of this note. BCA develops, produces and markets commercial jet aircraft principally to the commercial airline industry worldwide. Revenue on commercial aircraft contracts is recognized at the point in time when an aircraft is completed and accepted by the customer. BDS engages in the research, development, production and modification of the following products and related services: manned and unmanned military aircraft and weapons systems, surveillance and engagement, strategic defense and intelligence systems, satellite systems and space exploration. BDS revenue is generally recognized over the contract term (over time) as costs are incurred. BGS provides parts, maintenance, modifications, logistics support, training, data analytics and information-based services to commercial and government customers worldwide. BGS Segment revenue and costs include certain services provided to other segments Revenue on commercial spare parts contracts is recognized at the point in time when a spare part is delivered to the customer. Revenue on other contracts is generally recognized over the contract term (over time) as costs are incurred. BCC facilitates, arranges, structures and provides selective financing solutions for our Boeing customers. The following tables present BCA, BDS and BGS revenues from contracts with customers disaggregated in a number of ways, such as geographic location, contract type and the method of revenue recognition. We believe these best depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. BCA revenues by customer location consist of the following: (Dollars in millions) Three months ended March 31 2019 2018 Revenue from contracts with customers: Europe $1,661 $3,199 China 1,546 2,047 Asia, other than China 1,628 1,731 Middle East 1,110 461 Other 1,538 1,494 Total non-U.S. revenues 7,483 8,932 United States 4,170 4,000 Total revenues from contracts with customers 11,653 12,932 Intersegment revenues, eliminated on consolidation 169 13 Total segment revenues $11,822 $12,945 Revenue recognized on fixed-price contracts 100 % 100 % Revenue recognized at a point in time 100 % 100 % BDS revenues on contracts with customers, based on the customer's location, consist of the following: (Dollars in millions) Three months ended March 31 2019 2018 Revenue from contracts with customers: U.S. customers $4,907 $4,945 Non U.S. customers (1) 1,704 1,536 Total segment revenue from contracts with customers $6,611 $6,481 Revenue recognized over time 98 % 98 % Revenue recognized on fixed-price contracts 69 % 70 % Revenue from the U.S. government (1) 88 % 89 % (1) Includes revenues earned from foreign military sales through the U.S. government. BGS revenues consist of the following: (Dollars in millions) Three months ended March 31 2019 2018 Revenue from contracts with customers: Commercial $2,585 $2,079 Government 1,997 1,812 Total revenues from contracts with customers 4,582 3,891 Intersegment revenues eliminated on consolidation 37 59 Total segment revenues $4,619 $3,950 Revenue recognized at a point in time 57 % 54 % Revenue recognized on fixed-price contracts 89 % 88 % Revenue from the U.S. government (1) 33 % 37 % (1) Includes revenues earned from foreign military sales through the U.S. government. Backlog Our total backlog represents the estimated transaction prices on performance obligations to our customers for which work remains to be performed. Backlog is converted into revenue in future periods as work is performed, primarily based on the cost incurred or at delivery and acceptance of products, depending on the applicable accounting method. Our backlog at March 31, 2019 was $486,849 . We expect approximately 33% to be converted to revenue through 2020 and approximately 76% through 2023 , with the remainder thereafter. Unallocated Items, Eliminations and other Unallocated items, eliminations and other include common internal services that support Boeing’s global business operations, intercompany guarantees provided to BCC and eliminations of certain sales between segments. Such sales include airplanes accounted for as operating leases and considered transferred to the BCC segment. We generally allocate costs to business segments based on the U.S. federal cost accounting standards. Components of Unallocated items, eliminations and other are shown in the following table. Three months ended March 31 2019 2018 Share-based plans ($14 ) ($18 ) Deferred compensation (102 ) (29 ) Amortization of previously capitalized interest (24 ) (25 ) Research and development expense, net (74 ) 2 Customer financing impairment (250 ) Eliminations and other unallocated items (243 ) (256 ) Unallocated items, eliminations and other ($707 ) ($326 ) Pension FAS/CAS service cost adjustment $274 $283 Postretirement FAS/CAS service cost adjustment 90 82 FAS/CAS service cost adjustment $364 $365 Pension and Other Postretirement Benefit Expense Pension costs, comprising GAAP service and prior service costs, are allocated to BCA and the commercial operations at BGS. Pension costs are allocated to BDS and BGS businesses supporting government customers using U.S. Government Cost Accounting Standards ( CAS ), which employ different actuarial assumptions and accounting conventions than GAAP . These costs are allocable to government contracts. Other postretirement benefit costs are allocated to business segments based on CAS , which is generally based on benefits paid. FAS/CAS service cost adjustment represents the difference between the FAS pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. These expenses are included in Other income, net . Assets Segment assets are summarized in the table below: March 31 December 31 Commercial Airplanes $67,366 $64,788 Defense, Space & Security 19,628 19,594 Global Services 18,360 17,921 Boeing Capital 2,544 2,809 Unallocated items, eliminations and other 12,311 12,247 Total $120,209 $117,359 |
Basis Of Presentation (Policy)
Basis Of Presentation (Policy) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Standards Issued and Implemented In the first quarter of 2019, we adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) and recognized on our Condensed Consolidated Statement of Financial Position $1,064 of lease liabilities with corresponding right-of-use assets for operating leases. Our accounting for finance leases and lessor contracts remains substantially unchanged. The standard has no impact to cash provided or used by operating, investing, or financing activities on our Condensed Consolidated Statements of Cash Flows. As permitted under the standard, we elected prospective application of the new guidance and prior periods continue to be presented in accordance with Topic 840. Refer to our 2018 Annual Report on Form 10-K for disclosures required by Topic 840. We also elected the package of practical expedients, which among other things, does not require reassessment of lease classification. In the first quarter of 2019, we adopted ASU 2017-12, Derivatives and Hedging (Topic 815), using the modified retrospective method. The standard refines and simplifies hedge accounting requirements for both financial and commodity risks. The impact of the adoption was not material. See Note 17 |
Lease policy [Policy Text Block] | Leases We determine if an arrangement is, or contains, a lease at the inception date. Operating leases are included in Other assets, with the related liabilities included in Accrued liabilities and Other long-term liabilities. Assets under finance leases are included in Property, plant and equipment, net, with the related liabilities included in Short-term debt and current portion of long-term debt and Long-term debt on the Condensed Consolidated Statements of Financial Position. Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. We use our estimated incremental borrowing rate in determining the present value of lease payments. Variable components of the lease payments such as fair market value adjustments, utilities, and maintenance costs are expensed as incurred and not included in determining the present value. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Changes in estimated revenues, cost of sales and the related effect on operating income are recognized using a cumulative catch-up adjustment which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a long-term contract’s percentage-of-completion. When the current estimates of total sales and costs for a long-term contract indicate a loss, a provision for the entire reach-forward loss on the long-term contract is recognized. Net cumulative catch-up adjustments to prior years' revenue and earnings, including certain reach-forward losses, across all long-term contracts were as follows: (In millions - except per share amounts) Three months ended March 31 2019 2018 Increase to Revenue $160 $117 Increase to Earnings from Operations $147 $78 Increase to Diluted EPS $0.24 $0.11 |
Earnings Per Share, Policy [Policy Text Block] | Basic and diluted earnings per share are computed using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Basic earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the basic weighted average common shares outstanding. |
Backlog [Policy Text Block] | Our total backlog represents the estimated transaction prices on performance obligations to our customers for which work remains to be performed. Backlog is converted into revenue in future periods as work is performed, primarily based on the cost incurred or at delivery and acceptance of products, depending on the applicable accounting method. |
Customer Financing Customer Fin
Customer Financing Customer Financing (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Customer Financing [Abstract] | |
Impaired Financing Receivable, Policy [Policy Text Block] | We determine a receivable is impaired when, based on current information and events, it is probable that we will be unable to collect amounts due according to the original contractual terms. |
Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts [Policy Text Block] | The adequacy of the allowance for losses is assessed quarterly. Three primary factors influencing the level of our allowance for losses on customer financing receivables are customer credit ratings, default rates and collateral values. We assign internal credit ratings for all customers and determine the creditworthiness of each customer based upon publicly available information and information obtained directly from our customers. Our rating categories are comparable to those used by the major credit rating agencies. |
Commitments And Contingencies C
Commitments And Contingencies Commitments and Contingencies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental | The liabilities recorded represent our best estimate or the low end of a range of reasonably possible costs expected to be incurred to remediate sites, including operation and maintenance over periods of up to 30 years. It is reasonably possible that we may incur charges that exceed these recorded amounts because of regulatory agency orders and directives, changes in laws and/or regulations, higher than expected costs and/or the discovery of new or additional contamination. As part of our estimating process, we develop a range of reasonably possible alternate scenarios that includes the high end of a range of reasonably possible cost estimates for all remediation sites for which we have sufficient information based on our experience and existing laws and regulations. There are some potential remediation obligations where the costs of remediation cannot be reasonably estimated. |
Commitments and Contingencies, Policy [Policy Text Block] | In conjunction with signing definitive agreements for the sale of new aircraft (Sale Aircraft), we have entered into trade-in commitments with certain customers that give them the right to trade in used aircraft at a specified price upon the purchase of Sale Aircraft. The probability that trade-in commitments will be exercised is determined by using both quantitative information from valuation sources and qualitative information from other sources. The probability of exercise is assessed quarterly, or as events trigger a change, and takes into consideration the current economic and airline industry environments. Trade-in commitments, which can be terminated by mutual consent with the customer, may be exercised only during the period specified in the agreement, and require advance notice by the customer. |
Summary Of Business Segment D_2
Summary Of Business Segment Data Summary of Business Segment Data (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (Dollars in millions) Three months ended March 31 2019 2018 Revenues: Commercial Airplanes $11,822 $12,945 Defense, Space & Security 6,611 6,481 Global Services 4,619 3,950 Boeing Capital 66 65 Unallocated items, eliminations and other (201 ) (59 ) Total revenues $22,917 $23,382 Earnings from operations: Commercial Airplanes $1,173 $1,412 Defense, Space & Security 847 757 Global Services 653 647 Boeing Capital 20 20 Segment operating profit 2,693 2,836 Unallocated items, eliminations and other (707 ) (326 ) FAS/CAS service cost adjustment 364 365 Earnings from operations 2,350 2,875 Other income, net 106 66 Interest and debt expense (123 ) (102 ) Earnings before income taxes 2,333 2,839 Income tax expense (184 ) (362 ) Net earnings $2,149 $2,477 |
Basis Of Presentation Basis of
Basis Of Presentation Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Net cumulative catch-up adjustments [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Changes in estimated revenues, cost of sales and the related effect on operating income are recognized using a cumulative catch-up adjustment which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a long-term contract’s percentage-of-completion. When the current estimates of total sales and costs for a long-term contract indicate a loss, a provision for the entire reach-forward loss on the long-term contract is recognized. Net cumulative catch-up adjustments to prior years' revenue and earnings, including certain reach-forward losses, across all long-term contracts were as follows: (In millions - except per share amounts) Three months ended March 31 2019 2018 Increase to Revenue $160 $117 Increase to Earnings from Operations $147 $78 Increase to Diluted EPS $0.24 $0.11 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
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) Three months ended March 31 2019 2018 Net earnings $2,149 $2,477 Less: earnings available to participating securities 2 3 Net earnings available to common shareholders $2,147 $2,474 Basic Basic weighted average shares outstanding 567.7 590.8 Less: participating securities 0.6 0.7 Basic weighted average common shares outstanding 567.1 590.1 Diluted Basic weighted average shares outstanding 567.7 590.8 Dilutive potential common shares (1) 4.7 6.4 Diluted weighted average shares outstanding 572.4 597.2 Less: participating securities 0.6 0.7 Diluted weighted average common shares outstanding 571.8 596.5 Net earnings per share: Basic $3.79 $4.19 Diluted 3.75 4.15 (1) |
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) Three months ended March 31 2019 2018 Performance awards 2.6 2.9 Performance-based restricted stock units 0.5 0.5 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consisted of the following: March 31 December 31 Long-term contracts in progress $1,159 $2,129 Commercial aircraft programs 55,490 52,753 Commercial spare parts, used aircraft, general stock materials and other 8,720 7,685 Total $65,369 $62,567 |
Customer Financing (Tables)
Customer Financing (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Customer Financing [Abstract] | |
Schedule Of Customer Financing | Customer financing primarily relates to the Boeing Capital ( BCC ) segment and consisted of the following: March 31 December 31 Financing receivables: Investment in sales-type/finance leases $1,096 $1,125 Notes 609 730 Total financing receivables 1,705 1,855 Operating lease equipment, at cost, less accumulated depreciation of $220 and $203 879 782 Operative lease incentive 250 Gross customer financing 2,584 2,887 Less allowance for losses on receivables (8 ) (9 ) Total $2,576 $2,878 |
Financing Receivable Credit Quality Indicators | Our financing receivable balances by internal credit rating category are shown below: Rating categories March 31 December 31 BBB $638 $883 BB 423 430 B 241 135 CCC 403 407 Total carrying value of financing receivables $1,705 $1,855 |
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: March 31 December 31 717 Aircraft ($201 and $204 accounted for as operating leases) $882 $918 747-8 Aircraft ($131 and $132 accounted for as operating leases) 475 477 777 Aircraft ($169 and $60 accounted for as operating leases) 288 68 737 Aircraft ($259 and $263 accounted for as operating leases) 285 290 MD-80 Aircraft (accounted for as sales-type finance leases) 207 204 757 Aircraft ($24 and $24 accounted for as operating leases) 195 200 747-400 Aircraft ($42 and $45 accounted for as operating leases) 111 116 |
Customer Financing, Lease Receivable Maturity | As of March 31, 2019 , undiscounted cash flows for sales-type/finance and operating leases over the next five years and thereafter are as follows: Sales-type/finance leases Operating leases Year 1 $203 $130 Year 2 159 106 Year 3 115 91 Year 4 106 74 Year 5 110 55 Thereafter 167 77 Total lease receipts 860 533 Less imputed interest (189 ) Estimated unguaranteed residual values 425 Total $1,096 $533 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments [Abstract] | |
Schedule Of Investments | Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following: March 31 December 31 Equity method investments (1) $1,143 $1,048 Time deposits 260 255 Available for sale debt instruments 451 491 Equity and other investments 46 44 Restricted cash & cash equivalents (2) 176 176 Total $2,076 $2,014 (1) Dividends received were $63 and $88 for the three months ended March 31, 2019 and 2018 . (2) |
Leases Leases (Tables)
Leases Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Supplemental Condensed Consolidated Statement of Financial Position information related to leases was as follows: March 31 Operating leases: Operating lease right-of-use assets $1,008 Current portion of lease liabilities 241 Non-current portion of lease liabilities 823 Total operating lease liabilities $1,064 Weighted average remaining lease term (years) 9 Weighted average discount rate 3.05 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of lease liabilities were as follows: Operating leases Year 1 $269 Year 2 214 Year 3 167 Year 4 138 Year 5 87 Thereafter 407 Total lease payments 1,282 Less imputed interest (218 ) Total $1,064 |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental | The following table summarizes environmental remediation activity during the three months ended March 31, 2019 and 2018 . 2019 2018 Beginning balance – January 1 $555 $524 Reductions for payments made (11 ) (7 ) Changes in estimates 4 22 Ending balance – March 31 $548 $539 |
Product Warranties | The following table summarizes product warranty activity recorded during the three months ended March 31, 2019 and 2018 . 2019 2018 Beginning balance – January 1 $1,127 $1,211 Additions for current year deliveries 50 70 Reductions for payments made (8 ) (32 ) Changes in estimates (60 ) (101 ) Ending balance – March 31 $1,109 $1,148 |
Financing Commitments | The estimated earliest potential funding dates for these commitments as of March 31, 2019 are as follows: Total April through December 2019 $981 2020 3,429 2021 3,087 2022 1,784 2023 3,261 Thereafter 5,723 $18,265 |
Arrangements With Off-Balance_2
Arrangements With Off-Balance Sheet Risk (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Guarantees [Abstract] | |
Third Party Guarantees | The following table provides quantitative data regarding our third party guarantees. The maximum potential payments represent a “worst-case scenario,” and do not necessarily reflect amounts that we expect to pay. Estimated proceeds from collateral and recourse represent the anticipated values of assets we could liquidate or receive from other parties to offset our payments under guarantees. The carrying amount of liabilities represents the amount included in Accrued liabilities. Maximum Potential Payments Estimated Proceeds from Collateral/Recourse Carrying Amount of Liabilities March 31 December 31 March 31 December 31 March 31 December 31 Contingent repurchase commitments $1,642 $1,685 $1,642 $1,685 Indemnifications to ULA: Contributed Delta program launch inventory 35 52 Other Delta contracts 176 176 Credit guarantees 106 106 46 51 30 16 |
Postretirement Plans (Tables)
Postretirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Periodic Benefit Cost | The components of net periodic benefit cost/(income) for the three months ended March 31 were as follows: Pension Postretirement Pension Plans 2019 2018 2019 2018 Service cost $1 $108 $19 $24 Interest cost 731 695 49 49 Expected return on plan assets (965 ) (1,002 ) (2 ) (2 ) Amortization of prior service credits (20 ) (14 ) (9 ) (32 ) Recognized net actuarial loss/(gain) 161 282 (11 ) (3 ) Net periodic benefit cost/(income) ($92 ) $69 $46 $36 Net periodic benefit cost/(income) included in Earnings from operations $78 $82 $22 $22 Net periodic benefit cost/(income) included in Other income, net (93 ) (42 ) 27 24 Net periodic benefit cost/(income) included in Earnings before income taxes ($15 ) $40 $49 $46 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Accumulated other comprehensive income | Changes in Accumulated other comprehensive loss (AOCI) by component for the three months ended March 31, 2019 and 2018 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, 2018 ($15 ) ($2 ) $54 ($16,410 ) ($16,373 ) Other comprehensive income/(loss) before reclassifications 27 2 (2 ) (3 ) 24 Amounts reclassified from AOCI 4 183 (2) 187 Net current period Other comprehensive income 27 2 2 180 211 Balance at March 31, 2018 $12 $— $56 ($16,230 ) ($16,162 ) Balance at January 1, 2019 ($101 ) ($62 ) ($14,920 ) ($15,083 ) Other comprehensive income/(loss) before reclassifications 1 1 11 8 21 Amounts reclassified from AOCI (2 ) 95 (2) 93 Net current period Other comprehensive income/(loss) 1 1 9 103 114 Balance at March 31, 2019 ($100 ) $1 ($53 ) ($14,817 ) ($14,969 ) (1) Net of tax. (2) Primarily relates to amortization of actuarial losses for the three months ended March 31, 2019 and 2018 totaling $118 and $219 (net of tax of ($32) and ($60) ). |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |
Reclassification out of Accumulated Other Comprehensive Income | Gains/(losses) associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table: Three months ended March 31 2019 2018 Foreign exchange contracts Revenues $5 Costs and expenses (5 ) ($5 ) General and administrative 1 Commodity contracts Revenues Costs and expenses 1 General and administrative expense 1 |
Schedule Of Derivative Instruments, Gains/(Losses) | Gains/(losses) associated with our hedging transactions and forward points recognized in Other comprehensive income are presented in the following table: Three months ended March 31 2019 2018 Recognized in Other comprehensive income, net of taxes: Foreign exchange contracts $22 ($2 ) Commodity contracts (11 ) |
Schedule of Derivative Instruments, Notional Amounts and Fair Values | The notional amounts and fair values of derivative instruments in the Condensed Consolidated Statements of Financial Position were as follows: Notional amounts (1) Other assets Accrued liabilities March 31 December 31 March 31 December 31 March 31 December 31 Derivatives designated as hedging instruments: Foreign exchange contracts $3,337 $3,407 $37 $32 ($94 ) ($132 ) Interest rate contracts 125 125 1 Commodity contracts 822 57 11 9 (20 ) (2 ) Derivatives not receiving hedge accounting treatment: Foreign exchange contracts 663 414 7 11 (5 ) (2 ) Commodity contracts 348 478 Total derivatives $5,295 $4,481 $56 $52 ($119 ) ($136 ) Netting arrangements (22 ) (24 ) 22 24 Net recorded balance $34 $28 ($97 ) ($112 ) (1) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets And Liabilities Measured On Recurring Basis | The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs. The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. March 31, 2019 December 31, 2018 Total Level 1 Level 2 Total Level 1 Level 2 Assets Money market funds $2,661 $2,661 $1,737 $1,737 Available-for-sale debt investments: Commercial paper 103 $103 78 $78 Corporate notes 357 357 420 420 Other equity investments 13 13 12 12 Derivatives 34 34 28 28 Total assets $3,168 $2,674 $494 $2,275 $1,749 $526 Liabilities Derivatives ($97 ) ($97 ) ($112 ) ($112 ) Total liabilities ($97 ) ($97 ) ($112 ) ($112 ) |
Fair Value, Assets Measured On Nonrecurring Basis Using Unobservable Inputs | Certain assets have been measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3). The following table presents the nonrecurring losses recognized for the three months ended March 31 due to long-lived asset impairment and the fair value and asset classification of the related assets as of the impairment date: 2019 2018 Fair Value Total Losses Fair Value Total Losses Operating lease equipment $20 ($8 ) Investments $90 ($33 ) (12 ) Property, plant and equipment 43 (1 ) Total $133 ($34 ) $20 ($20 ) |
Fair Values And Related Carrying Values Of Financial Instruments | The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Condensed Consolidated Statements of Financial Position were as follows: March 31, 2019 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Notes receivable, net $609 $621 $621 Liabilities Debt, excluding capital lease obligations and commercial paper (12,589 ) (13,770 ) (13,707 ) ($63 ) December 31, 2018 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Notes receivable, net $730 $735 $735 Liabilities Debt, excluding capital lease obligations and commercial paper (11,796 ) (12,746 ) (12,682 ) ($64 ) |
Segment and Revenue Informati_2
Segment and Revenue Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |
Schedule Of Unallocated Items and Eliminations | Components of Unallocated items, eliminations and other are shown in the following table. Three months ended March 31 2019 2018 Share-based plans ($14 ) ($18 ) Deferred compensation (102 ) (29 ) Amortization of previously capitalized interest (24 ) (25 ) Research and development expense, net (74 ) 2 Customer financing impairment (250 ) Eliminations and other unallocated items (243 ) (256 ) Unallocated items, eliminations and other ($707 ) ($326 ) Pension FAS/CAS service cost adjustment $274 $283 Postretirement FAS/CAS service cost adjustment 90 82 FAS/CAS service cost adjustment $364 $365 |
Reconciliation of Assets from Segment to Consolidated | Segment assets are summarized in the table below: March 31 December 31 Commercial Airplanes $67,366 $64,788 Defense, Space & Security 19,628 19,594 Global Services 18,360 17,921 Boeing Capital 2,544 2,809 Unallocated items, eliminations and other 12,311 12,247 Total $120,209 $117,359 |
Commercial Airplanes Segment [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | BCA revenues by customer location consist of the following: (Dollars in millions) Three months ended March 31 2019 2018 Revenue from contracts with customers: Europe $1,661 $3,199 China 1,546 2,047 Asia, other than China 1,628 1,731 Middle East 1,110 461 Other 1,538 1,494 Total non-U.S. revenues 7,483 8,932 United States 4,170 4,000 Total revenues from contracts with customers 11,653 12,932 Intersegment revenues, eliminated on consolidation 169 13 Total segment revenues $11,822 $12,945 Revenue recognized on fixed-price contracts 100 % 100 % Revenue recognized at a point in time 100 % 100 % |
Defense, Space & Security [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | BDS revenues on contracts with customers, based on the customer's location, consist of the following: (Dollars in millions) Three months ended March 31 2019 2018 Revenue from contracts with customers: U.S. customers $4,907 $4,945 Non U.S. customers (1) 1,704 1,536 Total segment revenue from contracts with customers $6,611 $6,481 Revenue recognized over time 98 % 98 % Revenue recognized on fixed-price contracts 69 % 70 % Revenue from the U.S. government (1) 88 % 89 % (1) |
Global Services [Member] | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | BGS revenues consist of the following: (Dollars in millions) Three months ended March 31 2019 2018 Revenue from contracts with customers: Commercial $2,585 $2,079 Government 1,997 1,812 Total revenues from contracts with customers 4,582 3,891 Intersegment revenues eliminated on consolidation 37 59 Total segment revenues $4,619 $3,950 Revenue recognized at a point in time 57 % 54 % Revenue recognized on fixed-price contracts 89 % 88 % Revenue from the U.S. government (1) 33 % 37 % (1) |
Summary Of Business Segment D_3
Summary Of Business Segment Data (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 22,917 | $ 23,382 |
Earnings from operations | 2,350 | 2,875 |
Other income, net | 106 | 66 |
Interest and debt expense | (123) | (102) |
Earnings before income taxes | 2,333 | 2,839 |
Income tax expense | (184) | (362) |
Net earnings | 2,149 | 2,477 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Earnings from operations | 2,693 | 2,836 |
Operating Segments [Member] | Commercial Airplanes [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 11,822 | 12,945 |
Earnings from operations | 1,173 | 1,412 |
Operating Segments [Member] | Defense, Space & Security [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 6,611 | 6,481 |
Earnings from operations | 847 | 757 |
Operating Segments [Member] | Global Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 4,619 | 3,950 |
Earnings from operations | 653 | 647 |
Operating Segments [Member] | Boeing Capital [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 66 | 65 |
Earnings from operations | 20 | 20 |
Unallocated items, eliminations and other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | (201) | (59) |
Unallocated items, eliminations and other | (707) | (326) |
FAS/CAS service cost adjustment | $ 364 | $ 365 |
Basis Of Presentation (Details)
Basis Of Presentation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Basis of Presentation [Line Items] | ||
Operating Lease, Liability | $ 1,064 | |
Increase/(Decrease) in revenue due to change in accounting estimate | 160 | $ 117 |
Increase/(Decrease) in Earnings from operations due to change in accounting estimate | $ 147 | $ 78 |
Change in Earnings Per Share Due to Change in Accounting Estimate | $ 0.24 | $ 0.11 |
Accounting Standards Update 2016-02 [Member] | ||
Basis of Presentation [Line Items] | ||
Operating Lease, Liability | $ 1,064 |
Acquisitions and Joint Ventur_2
Acquisitions and Joint Ventures Acquisitions and Joint Ventures (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Business Acquisition [Line Items] | |
Controlling Interest Ownership Percentage After Acquisition | 80.00% |
Payments to Acquire Interest in Joint Venture | $ 4,200 |
Joint Venture, Contingent Termination Fee | $ 100 |
KC-390 [Member] | |
Business Acquisition [Line Items] | |
Noncontrolling Interest Ownership Percentage After Acquisition | 49.00% |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Weighted-Average Number Of Shares Outstanding Used To Compute Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Earnings Per Share [Abstract] | |||
Net earnings | $ 2,149 | $ 2,477 | |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 2 | 3 | |
Net earnings available to common shareholders | $ 2,147 | $ 2,474 | |
Basic weighted average shares outstanding | 567.7 | 590.8 | |
Participating securities | 0.6 | 0.7 | |
Basic weighted average common shares outstanding | 567.1 | 590.1 | |
Basic weighted average shares outstanding | 567.7 | 590.8 | |
Dilutive potential common shares | [1] | 4.7 | 6.4 |
Diluted weighted average shares outstanding | 572.4 | 597.2 | |
Participating securities | 0.6 | 0.7 | |
Diluted weighted average common shares outstanding | 571.8 | 596.5 | |
Income (Loss) from Continuing Operations, Per Basic Share | $ 3.79 | $ 4.19 | |
Earnings Per Share, Basic | 3.79 | 4.19 | |
Income (Loss) from Continuing Operations, Per Diluted Share | $ 3.75 | $ 4.15 | |
[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 _2
Earnings Per Share (Schedule Of Weighted Average Number Of Shares Outstanding Excluded From The Computation Of Diluted Earnings Per Share) (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Performance Awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the computation of diluted earnings | 2.6 | 2.9 |
Performance-Based Restricted Stock Units (PBRSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Shares excluded from the computation of diluted earnings | 0.5 | 0.5 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Tax Examination [Line Items] | ||
Effective income tax rate | 7.90% | 12.80% |
State and Local Jurisdiction | ||
Income Tax Examination [Line Items] | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 465 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) $ in Millions | Mar. 31, 2019USD ($)aircraft | Dec. 31, 2018USD ($) |
Inventory [Line Items] | ||
Long-term contracts in progress | $ 1,159 | $ 2,129 |
Other Inventory, Gross | 8,720 | 7,685 |
Airplane Program 787 [Member] | ||
Inventory [Line Items] | ||
Inventory, Work in Process, Gross | 27,749 | 27,852 |
Amount of Deferred Costs Related to Long-term Contracts | 22,029 | 22,967 |
Advances on Inventory Purchases | 2,379 | 2,453 |
Unamortized Tooling | 2,532 | 2,638 |
Recovered Production Costs Excess Recoverable Under Existing Firm Orders | 16,656 | |
Unrecovered Production Costs, Excess Unrecoverable under Existing Firm Orders | 7,905 | |
Airplane Program 747 [Member] | ||
Inventory [Line Items] | ||
Unamortized Tooling | 105 | 116 |
Recovered Production Costs Excess Recoverable Under Existing Firm Orders | $ 100 | |
Unsold Aircraft | aircraft | 1 | |
Ula [Member] | ||
Inventory [Line Items] | ||
Long-term contracts in progress | $ 193 | 227 |
Capitalized Precontract Costs [Member] | ||
Inventory [Line Items] | ||
Inventory Amount, Unpriced Change Orders for Long-term Contracts or Programs | 661 | 644 |
Early Issue Sales Consideration [Member] | ||
Inventory [Line Items] | ||
Inventory Amount, Unpriced Change Orders for Long-term Contracts or Programs | $ 2,724 | $ 2,844 |
Inventories (Inventory Disclosu
Inventories (Inventory Disclosure Table) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Long-term contracts in progress | $ 1,159 | $ 2,129 |
Commercial aircraft programs | 55,490 | 52,753 |
Commercial spare parts, used aircraft, general stock materials and other | 8,720 | 7,685 |
Total | $ 65,369 | $ 62,567 |
Contracts with Customers Contra
Contracts with Customers Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |||
Unbilled receivables, net | $ 10,208 | $ 10,025 | |
Contract with Customer, Asset, Explanation of Change | primarily driven by revenue recognized at BDS and BGS in excess of billings | ||
Advances and progress billings | $ 52,534 | $ 50,676 | |
Contract with Customer, Liability, Explanation of Change | primarily driven by advances on orders received in excess of revenue recognized at BCA, BDS and BGS. | ||
Contract with Customer, Liability, Revenue Recognized | $ 5,897 | $ 6,453 |
Customer Financing (Narrative)
Customer Financing (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Customer Financing [Line Items] | |||
Financing Receivable, Individually Evaluated for Impairment | $ 406 | $ 409 | |
Impaired Financing Receivable, Recorded Investment | 395 | 398 | |
Operative lease incentive | $ 250 | ||
Asset Impairment Charges | 34 | $ 20 | |
Sales-Type and Direct Financing Leases, Lease Income | 16 | ||
Operating Lease, Lease Income | $ 36 | ||
B Credit Rating [Member] | |||
Customer Financing [Line Items] | |||
Percentage of Credit Default Rates Applied to Customers | 21.70% | ||
BB Credit Rating [Member] | |||
Customer Financing [Line Items] | |||
Percentage of Credit Default Rates Applied to Customers | 6.20% | ||
BBB Credit Rating [Member] | |||
Customer Financing [Line Items] | |||
Percentage of Credit Default Rates Applied to Customers | 0.60% | ||
Lease Incentive Receivable [Member] | |||
Customer Financing [Line Items] | |||
Asset Impairment Charges | $ 250 |
Customer Financing (Schedule Of
Customer Financing (Schedule Of Customer Financing) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Customer Financing [Abstract] | |||
Investment in sales-type/finance leases | $ 1,096 | $ 1,125 | |
Notes | 609 | 730 | |
Total financing receivables | 1,705 | 1,855 | |
Operating lease equipment, at cost, less accumulated depreciation of $220 and $203 | 879 | 782 | |
Asset Impairment Charges | 34 | $ 20 | |
Operative lease incentive | 250 | ||
Gross customer financing | 2,584 | 2,887 | |
Less allowance for losses on receivables | (8) | (9) | |
Total | 2,576 | 2,878 | |
Operating lease equipment- Accumulated depreciation | $ 220 | $ 203 |
Customer Financing (Financing R
Customer Financing (Financing Receivable Credit Quality Indicators) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying value of financing receivables | $ 1,705 | $ 1,855 |
BBB Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying value of financing receivables | 638 | 883 |
BB Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying value of financing receivables | 423 | 430 |
B Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying value of financing receivables | 241 | 135 |
CCC Credit Rating [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Carrying value of financing receivables | $ 403 | $ 407 |
Customer Financing (Carrying Va
Customer Financing (Carrying Values Related to Major Aircraft Concentrations) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Customer Financing [Line Items] | ||
Customer financing carrying value | $ 2,584 | $ 2,887 |
Operating leases | 879 | 782 |
B-717 [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 882 | 918 |
Operating leases | 201 | 204 |
B747-8 [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 475 | 477 |
Operating leases | 131 | 132 |
B-777 [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 288 | 68 |
Operating leases | 169 | 60 |
B-737 [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 285 | 290 |
Operating leases | 259 | 263 |
MD 80 Aircraft [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 207 | 204 |
B-757 [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 195 | 200 |
Operating leases | 24 | 24 |
B747-400 aircraft [Member] | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 111 | 116 |
Operating leases | $ 42 | $ 45 |
Customer Financing Customer F_2
Customer Financing Customer Financing (Scheduled Receipts of Customer Financing) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Sales-type and Direct Financing Leases, Lease Receivable, Rolling Maturity [Abstract] | ||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Next Rolling Twelve Months | $ 203 | |
Sales-type and Direct Financing Leases, Lease Receivable, Lease Payments to be Received, Rolling Year Two | 159 | |
Sales-type and Direct Financing Leases, Lease Receivable, Lease Payments to be Received, Rolling Year Three | 115 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Rolling Year Four | 106 | |
Sales-type and Direct Financing Leases, Lease Receivable, Lease Payments to be Received, Rolling Year Five | 110 | |
Sales-type and Direct Financing Leases, Lease Receivable, Lease Payments to be Received, after Rolling Year Five | 167 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | 860 | |
Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount | (189) | |
Sales-type and Direct Financing Leases, Residual Value of Leased Asset | 425 | |
Investment in sales-type/finance leases | 1,096 | $ 1,125 |
Lessor, Operating Lease, Payments, Rolling Maturity [Abstract] | ||
Lessor, Operating Lease, Payments to be Received, Next Rolling Twelve Months | 130 | |
Lessor, Operating Lease, Payments to be Received, Rolling Year Two | 106 | |
Lessor, Operating Lease, Payments to be Received, Rolling Year Three | 91 | |
Lessor, Operating Lease, Payments to be Received, Rolling Year Four | 74 | |
Lessor, Operating Lease, Payments to be Received, Rolling Year Five | 55 | |
Lessor, Operating Lease, Payments to be Received, after Rolling Year Five | 77 | |
Lessor, Operating Lease, Payments to be Received | $ 533 |
Investments (Schedule Of Invest
Investments (Schedule Of Investments) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | ||
Investments [Abstract] | ||||
Equity method investments | [1] | $ 1,143 | $ 1,048 | |
Time deposits | 260 | 255 | ||
Available for sale debt instruments | 451 | 491 | ||
Equity and other investments | 46 | 44 | ||
Restricted Cash and Cash Equivalents | [2] | 176 | $ 70 | 176 |
Total | 2,076 | $ 2,014 | ||
Dividends received | $ 63 | $ 88 | ||
[1] | Dividends received were $63 and $88 for the three months ended March 31, 2019 and 2018 . | |||
[2] | Reflects amounts restricted in support of our workers’ compensation programs, employee benefit programs, and insurance premiums. |
Other Assets (Narrative) (Detai
Other Assets (Narrative) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Other Assets [Line Items] | ||
Other assets, net of accumulated amortization | $ 2,941 | $ 1,826 |
Sea Launch Receivables [Member] | ||
Other Assets [Line Items] | ||
Other assets, net of accumulated amortization | 244 | $ 244 |
Sea Launch Receivables [Member] | S.P. Koroley Rocket And Space Corporation Energia [Member] | ||
Other Assets [Line Items] | ||
Other assets, net of accumulated amortization | 111 | |
Sea Launch Receivables [Member] | PO Yuzhnoye Mashinostroitelny Zavod [Member] | ||
Other Assets [Line Items] | ||
Other assets, net of accumulated amortization | 89 | |
Sea Launch Receivables [Member] | KB Yuzhnoye [Member] | ||
Other Assets [Line Items] | ||
Other assets, net of accumulated amortization | $ 44 |
Leases Leases (Narrative) (Deta
Leases Leases (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Operating Lease, Cost | $ 84 |
Variable Lease, Cost | 14 |
Operating Lease, Payments | 70 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 25 |
Lessee, Operating Lease, Lease Not yet Commenced, Value | $ 220 |
Minimum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 3 years |
Maximum [Member] | |
Lessee, Lease, Description [Line Items] | |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 24 years |
Leases Schedule of supplemental
Leases Schedule of supplemental balance sheet information related to operating leases (Details) $ in Millions | Mar. 31, 2019USD ($) |
Lessor, Lease, Description [Line Items] | |
Operating Lease, Right-of-Use Asset | $ 1,008 |
Operating Lease, Liability, Current | 241 |
Operating Lease, Liability, Noncurrent | 823 |
Operating Lease, Liability | $ 1,064 |
Operating Lease, Weighted Average Remaining Lease Term | 9 years |
Operating Lease, Weighted Average Discount Rate, Percent | 3.05% |
Accounting Standards Update 2016-02 [Member] | |
Lessor, Lease, Description [Line Items] | |
Operating Lease, Liability | $ 1,064 |
Leases Schedule Of Maturities O
Leases Schedule Of Maturities Of Operating Liabilities (Details) $ in Millions | Mar. 31, 2019USD ($) |
Schedule Of Maturities Of Operating Leases [Abstract] | |
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 269 |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two | 214 |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Three | 167 |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Four | 138 |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Five | 87 |
Lessee, Operating Lease, Liability, Payments, Due after Rolling Year Five | 407 |
Lessee, Operating Lease, Liability, Payments, Due | 1,282 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (218) |
Operating Lease, Liability | $ 1,064 |
Commitments And Contingencies_2
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2019 | Sep. 30, 2018 | Dec. 31, 2016 | Dec. 31, 2018 | Sep. 10, 2018 | Jan. 27, 2017 | Dec. 31, 2011 | |
Commitments And Contingencies [Line Items] | |||||||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 1,090 | $ 796 | |||||
Letters of Credit Outstanding, Amount | 3,828 | 3,761 | |||||
Financing Commitment [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Other Commitment | 18,265 | 19,462 | |||||
Total Contractual Trade-In Commitment [Member] | Commercial Aircraft Commitments [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Other Commitment | 1,504 | 1,519 | |||||
Net Amounts Payable to Customers Related to Probable Contractual Trade-In Commitments [Member] | Commercial Aircraft Commitments [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Other Commitment | 511 | 522 | |||||
Fair Value of Trade In Value of Aircraft [Member] | Commercial Aircraft Commitments [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Other Commitment | 477 | $ 485 | |||||
KC-46A Tanker [Member] | Capitalized Precontract Costs [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Loss Contingency, Estimate of Possible Loss | 383 | ||||||
KC-46A Tanker [Member] | Potential Termination Liabilities [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Loss Contingency, Estimate of Possible Loss | 784 | ||||||
KC-46A Tanker [Member] | EMD Contract | |||||||
Commitments And Contingencies [Line Items] | |||||||
Contract Value | $ 4,900 | ||||||
KC-46A Tanker [Member] | Low Rate Initial Production [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Contract Value2 | $ 2,800 | ||||||
KC-46A Tanker [Member] | LRIP 3 [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Contract Value | $ 2,900 | $ 2,100 | |||||
TX-Trainer [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Loss on Contracts | $ 400 | ||||||
MQ-25 [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Loss on Contracts | $ 291 | ||||||
B-737 [Member] | |||||||
Commitments And Contingencies [Line Items] | |||||||
Aircraft Program Costs, Increase | $ 1,016 |
Commitments And Contingencies_3
Commitments And Contingencies (Environmental) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Environmental [Roll Forward] | ||
Beginning balance – January 1 | $ 555 | $ 524 |
Reductions for payments made | (11) | (7) |
Changes in estimates | 4 | 22 |
Ending balance – March 31 | $ 548 | $ 539 |
Commitments And Contingencies_4
Commitments And Contingencies (Product Warranties) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Product Warranties [Roll Forward] | ||
Beginning balance – January 1 | $ 1,127 | $ 1,211 |
Additions for current year deliveries | 50 | 70 |
Reductions for payments made | (8) | (32) |
Changes in estimates | (60) | (101) |
Ending balance – March 31 | $ 1,109 | $ 1,148 |
Commitments And Contingencies_5
Commitments And Contingencies (Financing Commitments) (Details) - Financing Commitment [Member] - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Commitments [Line Items] | ||
April through December 2019 | $ 981 | |
2018 | 3,429 | |
2019 | 3,087 | |
2020 | 1,784 | |
2021 | 3,261 | |
Thereafter | 5,723 | |
Total | 18,265 | $ 19,462 |
External Credit Rating, Non Investment Grade [Member] | ||
Financing Commitments [Line Items] | ||
Total | $ 18,012 |
Arrangements With Off-Balance_3
Arrangements With Off-Balance Sheet Risk (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | ||
Dec. 31, 2011 | Jun. 30, 2011 | Mar. 31, 2019 | Dec. 31, 2018 | |
Guarantees [Line Items] | ||||
Additional potentially unrecoverable deferred production costs | $ 114 | $ 271 | ||
Controlling Interest Ownership Percentage After Acquisition | 80.00% | |||
Payments to Acquire Interest in Joint Venture | $ 4,200 | |||
ULA [Member] | ||||
Guarantees [Line Items] | ||||
Delta launch program inventories included in contributed assets | 1,360 | |||
Delta launch program inventories subject to inventory supply agreement | 1,860 | |||
Contributed Delta Program Launch Inventory [Member] | ULA [Member] | ||||
Guarantees [Line Items] | ||||
Maximum Potential Payments | 35 | $ 52 | ||
Other Delta Contracts [Member] | Deferred support costs [Member] | ||||
Guarantees [Line Items] | ||||
Maximum Potential Payments | 85 | |||
Other Delta Contracts [Member] | Deferred production costs [Member] | ||||
Guarantees [Line Items] | ||||
Maximum Potential Payments | 91 | |||
Other Delta Contracts [Member] | ULA [Member] | ||||
Guarantees [Line Items] | ||||
Maximum Potential Payments | 176 | 176 | ||
Carrying Amount of Liabilities | ||||
Deferred Support and Production Costs [Member] | ||||
Guarantees [Line Items] | ||||
Loss Contingency, Estimate of Possible Loss | 317 | |||
Credit Guarantee [Member] | ||||
Guarantees [Line Items] | ||||
Maximum Potential Payments | 106 | 106 | ||
Carrying Amount of Liabilities | $ 30 | $ 16 |
Arrangements With Off-Balance_4
Arrangements With Off-Balance Sheet Risk (Third Party Guarantees) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Contingent Repurchase Commitments [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | $ 1,642 | $ 1,685 |
Estimated Proceeds from Collateral or Recourse | 1,642 | 1,685 |
Carrying Amount of Liabilities | ||
Credit Guarantee [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 106 | 106 |
Estimated Proceeds from Collateral or Recourse | 46 | 51 |
Carrying Amount of Liabilities | 30 | 16 |
ULA [Member] | Contributed Delta Program Launch Inventory [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 35 | 52 |
ULA [Member] | Other Delta Contracts [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 176 | 176 |
Carrying Amount of Liabilities |
Debt Narrative (Details)
Debt Narrative (Details) $ in Millions | Feb. 15, 2019USD ($) |
Debt Instrument [Line Items] | |
Debt Instrument, Issuance Date | Feb. 15, 2019 |
Debt Instrument, Face Amount | $ 1,500 |
Proceeds from Debt, Net of Issuance Costs | 1,451 |
Two Point Eight Percent due on March 1, 2024 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 400 |
Debt Instrument, Maturity Date | Mar. 1, 2024 |
Debt Instrument, Interest Rate, Stated Percentage | 2.80% |
Three Point Two Percent due on March 1, 2029 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 400 |
Debt Instrument, Maturity Date | Mar. 1, 2029 |
Debt Instrument, Interest Rate, Stated Percentage | 3.20% |
Three Point Five Percent due on March 1, 2039 [Member] [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 400 |
Debt Instrument, Maturity Date | Mar. 1, 2039 |
Debt Instrument, Interest Rate, Stated Percentage | 3.50% |
Three Point Eight Two Five Percent due on March 1, 2059 [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 300 |
Debt Instrument, Maturity Date | Mar. 1, 2059 |
Debt Instrument, Interest Rate, Stated Percentage | 3.825% |
Postretirement Plans (Net Perio
Postretirement Plans (Net Periodic Benefit Cost Tables) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 1 | $ 108 |
Interest cost | 731 | 695 |
Expected return on plan assets | (965) | (1,002) |
Amortization of prior service credits | (20) | (14) |
Recognized net actuarial loss | 161 | 282 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (92) | 69 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 19 | 24 |
Interest cost | 49 | 49 |
Expected return on plan assets | (2) | (2) |
Amortization of prior service credits | (9) | (32) |
Recognized net actuarial loss | (11) | (3) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 46 | 36 |
Operating Income (Loss) [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic benefit cost included in Earnings from operations | 78 | 82 |
Operating Income (Loss) [Member] | Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic benefit cost included in Earnings from operations | 22 | 22 |
Other Income [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic benefit cost included in Earnings from operations | 93 | 42 |
Other Income [Member] | Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic benefit cost included in Earnings from operations | 27 | 24 |
Operating Income (Loss) Before Taxes [Member] | Pension Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic benefit cost included in Earnings from operations | 15 | 40 |
Operating Income (Loss) Before Taxes [Member] | Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net periodic benefit cost included in Earnings from operations | $ 49 | $ 46 |
Share-Based Compensation And _2
Share-Based Compensation And Other Compensation Arrangements (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 25, 2019 | Mar. 31, 2019 |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units (RSUs) granted to executives | 233,582 | |
Restricted stock units (RSUs) granted to executives (fair value per share) | $ 428.22 | |
Share-based payment award vesting period (in years) | 3 years | |
Performance Based Restricted Stock Units (PBRSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units (RSUs) granted to executives (fair value per share) | $ 466.04 | |
Share-based payment award vesting period (in years) | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 23.88% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.46% | |
Performance Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based payment award vesting period (in years) | 3 years | |
Performance award period end date | Dec. 31, 2021 | |
Performance Awards [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Payout Amount, Aggregate | $ 0 | |
2019 PBRSU [Member] | Performance Based Restricted Stock Units (PBRSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units (RSUs) granted to executives | 214,651 | |
2019 performance awards [Member] | Performance Awards [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Payout Amount, Aggregate | $ 398 |
Shareholders' Equity (Accumulat
Shareholders' Equity (Accumulated other comprehensive income) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | [1] | $ (15,083) | $ (16,373) |
OCI before reclassifications | [1] | 21 | 24 |
Amounts reclassified from AOCI | [1] | 93 | 187 |
Net current period Other comprehensive income/(loss) | [1] | 114 | 211 |
Ending Balance | [1] | (14,969) | (16,162) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 118 | 219 | |
Amortization of actuarial losses included in net periodic pension cost, tax | (32) | (60) | |
Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (101) | (15) | |
OCI before reclassifications | 1 | 27 | |
Net current period Other comprehensive income/(loss) | 1 | 27 | |
Ending Balance | (100) | 12 | |
Unrealized Gains and Losses on Certain Investments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (2) | ||
OCI before reclassifications | 1 | 2 | |
Net current period Other comprehensive income/(loss) | 1 | 2 | |
Ending Balance | 1 | 0 | |
Unrealized Gains and Losses on Derivative Instruments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (62) | 54 | |
OCI before reclassifications | 11 | (2) | |
Amounts reclassified from AOCI | (2) | 4 | |
Net current period Other comprehensive income/(loss) | 9 | 2 | |
Ending Balance | (53) | 56 | |
Defined Benefit Pension Plans and Other Postretirement Benefits [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (14,920) | (16,410) | |
OCI before reclassifications | 8 | (3) | |
Amounts reclassified from AOCI | [2] | 95 | 183 |
Net current period Other comprehensive income/(loss) | 103 | 180 | |
Ending Balance | $ (14,817) | $ (16,230) | |
[1] | Net of tax. | ||
[2] | Primarily relates to amortization of actuarial losses for the three months ended March 31, 2019 and 2018 totaling $118 and $219 (net of tax of ($32) and ($60) ). |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Cash flow hedge gain/(loss) to be reclassified during the next 12 months, pre-tax | $ (44) | ||
Fair value of foreign exchange and commodity contracts that have credit-risk-related contingent features that are in a net liability position | $ 25 | ||
Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss) on Derivative, Net | 2 | $ 3 | |
Gain from Components Excluded from Assessment of Cash Flow Hedge Effectiveness | $ 6 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Schedule of Derivative Instruments, Notional Amounts and Fair Values) (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Notional amounts | [1] | $ 5,295 | $ 4,481 |
Other Assets | 56 | 52 | |
Accrued Liabilities | (119) | (136) | |
Netting Arrangements, Other Assets | (22) | (24) | |
Netting Arrangements, Accrued Liabilities | 22 | 24 | |
Net Recorded balance, Other Assets | 34 | 28 | |
Net Recorded balance, Accrued Liabilities | (97) | (112) | |
Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Notional amounts | 3,337 | 3,407 | |
Other Assets | 37 | 32 | |
Accrued Liabilities | (94) | (132) | |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | |||
Derivative [Line Items] | |||
Notional amounts | 125 | 125 | |
Other Assets | 1 | ||
Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Notional amounts | 822 | 57 | |
Other Assets | 11 | 9 | |
Accrued Liabilities | (20) | (2) | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Contract [Member] | |||
Derivative [Line Items] | |||
Notional amounts | 663 | 414 | |
Other Assets | 7 | 11 | |
Accrued Liabilities | (5) | (2) | |
Not Designated as Hedging Instrument [Member] | Commodity Contract [Member] | |||
Derivative [Line Items] | |||
Notional amounts | $ 348 | $ 478 | |
[1] | Notional amounts represent the gross contract/notional amount of the derivatives outstanding. |
Derivative Financial Instrume_5
Derivative Financial Instruments (Schedule Of Derivative Instruments, Gains/(Losses)) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative [Line Items] | ||
Effective portion reclassified out of Accumulated other comprehensive income/(loss) into earnings, net of taxes | $ 2 | $ (4) |
Foreign Exchange Contract [Member] | ||
Derivative [Line Items] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 22 | $ (2) |
Forward points recognized in other income (expense), net | (6) | |
Commodity Contract [Member] | ||
Derivative [Line Items] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ (11) |
Derivative Financial Instrume_6
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Gains/(losses) reclassified from AOCI to Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Expense [Member] | ||
Derivative [Line Items] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ (5) | $ (5) |
Sales [Member] | ||
Derivative [Line Items] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 5 | |
General and Administrative Expense [Member] | ||
Derivative [Line Items] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 1 | |
General and Administrative Expense [Member] | ||
Derivative [Line Items] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 1 | |
Operating Expense [Member] | ||
Derivative [Line Items] | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ 1 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, Assets | $ 34 | $ 28 |
Derivatives, Liabilities | (97) | (112) |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 2,661 | 1,737 |
Commercial Paper, at Carrying Value | 103 | 78 |
Available for sale debt instruments | 357 | 420 |
Investments, Fair Value Disclosure | 13 | 12 |
Derivatives, Assets | 34 | 28 |
Total assets | 3,168 | 2,275 |
Derivatives, Liabilities | (97) | (112) |
Total liabilities | (97) | (112) |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 2,661 | 1,737 |
Available-for-sale Securities, Equity Securities | 13 | 12 |
Total assets | 2,674 | 1,749 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial Paper, at Carrying Value | 103 | 78 |
Available for sale debt instruments | 357 | 420 |
Derivatives, Assets | 34 | 28 |
Total assets | 494 | 526 |
Derivatives, Liabilities | (97) | (112) |
Total liabilities | $ (97) | $ (112) |
Fair Value Measurements Fair _2
Fair Value Measurements Fair Value, Assets Measured on Nonrecurring Basis Using Unobservable Inputs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | $ (34) | $ (20) |
Fair Value Measurements Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (34) | (20) |
Fair Value Measurements Nonrecurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 133 | 20 |
Operating Lease Equipment And Assets Held For Sale Or Re-Lease [Member] | Fair Value Measurements Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (8) | |
Operating Lease Equipment And Assets Held For Sale Or Re-Lease [Member] | Fair Value Measurements Nonrecurring [Member] | Level 3 [Member] | Valuation, Market Approach [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 20 | |
Property, Plant and Equipment [Member] | Fair Value Measurements Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (1) | |
Property, Plant and Equipment [Member] | Fair Value Measurements Nonrecurring [Member] | Level 3 [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 43 | |
Investments [Member] | Fair Value Measurements Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (33) | (12) |
Investments [Member] | Fair Value Measurements Nonrecurring [Member] | Level 3 [Member] | Valuation, Income Approach [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 90 |
Fair Value Measurements Fair _3
Fair Value Measurements Fair Values And Related Carrying Values of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, Fair value | $ 621 | $ 735 |
Debt, excluding capital lease obligations, Fair value | (13,770) | (12,746) |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, Fair value | 621 | 735 |
Debt, excluding capital lease obligations, Fair value | (13,707) | (12,682) |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, excluding capital lease obligations, Fair value | (63) | (64) |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, net Carrying amount | 609 | 730 |
Debt, excluding capital lease obligations, Carrying amount | $ (12,589) | $ (11,796) |
Segment and Revenue Informati_3
Segment and Revenue Information Segment and Revenue Information (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($)segments | |
Segment Reporting Information [Line Items] | |
Number of Reportable Segments | segments | 4 |
Revenue, Remaining Performance Obligation, Amount | $ | $ 486,849 |
Within Next 2 Fiscal Years [Member] | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Percent Recognized | 33.00% |
Within Next 5 Fiscal Years [Member] | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Percent Recognized | 76.00% |
Segment and Revenue Informati_4
Segment and Revenue Information Segment and Revenue Information (Schedule of Revenue Disaggregation) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 22,917 | $ 23,382 |
Unallocated items, eliminations and other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | (201) | (59) |
Global Services [Member] | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 4,619 | 3,950 |
Global Services [Member] | Operating Segments [Member] | Commercial Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,585 | 2,079 |
Global Services [Member] | Operating Segments [Member] | Government Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,997 | 1,812 |
Global Services [Member] | Operating Segments [Member] | External Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 4,582 | $ 3,891 |
Global Services [Member] | Operating Segments [Member] | U S Government Contracts [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 33.00% | 37.00% |
Global Services [Member] | Operating Segments [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 89.00% | 88.00% |
Global Services [Member] | Operating Segments [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 57.00% | 54.00% |
Global Services [Member] | Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 37 | $ 59 |
Commercial Airplanes Segment [Member] | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 11,822 | 12,945 |
Commercial Airplanes Segment [Member] | Operating Segments [Member] | External Customers [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 11,653 | $ 12,932 |
Commercial Airplanes Segment [Member] | Operating Segments [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 100.00% | 100.00% |
Commercial Airplanes Segment [Member] | Operating Segments [Member] | Transferred at Point in Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 100.00% | 100.00% |
Commercial Airplanes Segment [Member] | Operating Segments [Member] | Non-US [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 7,483 | $ 8,932 |
Commercial Airplanes Segment [Member] | Operating Segments [Member] | Europe | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,661 | 3,199 |
Commercial Airplanes Segment [Member] | Operating Segments [Member] | China | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,546 | 2,047 |
Commercial Airplanes Segment [Member] | Operating Segments [Member] | Asia Other Than China | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,628 | 1,731 |
Commercial Airplanes Segment [Member] | Operating Segments [Member] | Middle East | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,110 | 461 |
Commercial Airplanes Segment [Member] | Operating Segments [Member] | Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,538 | 1,494 |
Commercial Airplanes Segment [Member] | Operating Segments [Member] | United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | 4,170 | 4,000 |
Commercial Airplanes Segment [Member] | Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | 169 | 13 |
Defense, Space & Security [Member] | Operating Segments [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenues | $ 6,611 | $ 6,481 |
Defense, Space & Security [Member] | Operating Segments [Member] | U S Government Contracts [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 88.00% | 89.00% |
Defense, Space & Security [Member] | Operating Segments [Member] | Fixed-price Contract [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 69.00% | 70.00% |
Defense, Space & Security [Member] | Operating Segments [Member] | Transferred over Time [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 98.00% | 98.00% |
Defense, Space & Security [Member] | Operating Segments [Member] | Non-US [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,704 | $ 1,536 |
Defense, Space & Security [Member] | Operating Segments [Member] | United States | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 4,907 | $ 4,945 |
Schedule Of Unallocated Items a
Schedule Of Unallocated Items and Eliminations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Share-based plans | $ (47) | $ (45) |
Research and Development Expense | (866) | (764) |
Asset Impairment Charges | (34) | (20) |
Unallocated items, eliminations and other [Member] | ||
Segment Reporting Information [Line Items] | ||
Share-based plans | (14) | (18) |
Deferred compensation | (102) | (29) |
Amortization of previously capitalized interest | (24) | (25) |
Research and Development Expense | (74) | 2 |
Asset Impairment Charges | (250) | |
Eliminations and other unallocated items | (243) | (256) |
Unallocated items, eliminations and other | (707) | (326) |
FAS/CAS service cost adjustment | 364 | 365 |
Unallocated items, eliminations and other [Member] | Pension Plans, Defined Benefit [Member] | ||
Segment Reporting Information [Line Items] | ||
FAS/CAS service cost adjustment | 274 | 283 |
Unallocated items, eliminations and other [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | ||
Segment Reporting Information [Line Items] | ||
FAS/CAS service cost adjustment | $ 90 | $ 82 |
Reconciliation of Assets from S
Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Assets | $ 120,209 | $ 117,359 |
Operating Segments [Member] | Commercial Airplanes [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 67,366 | 64,788 |
Operating Segments [Member] | Defense, Space & Security [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 19,628 | 19,594 |
Operating Segments [Member] | Global Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 18,360 | 17,921 |
Operating Segments [Member] | Boeing Capital [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 2,544 | 2,809 |
Unallocated items, eliminations and other [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 12,311 | $ 12,247 |