Document And Entity Information
Document And Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 24, 2020 | Jun. 30, 2019 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 1-442 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 100 N. Riverside Plaza, | ||
Entity Address, City or Town | Chicago, | ||
Entity Address, State or Province | IL | ||
Entity Address, Postal Zip Code | 60606-1596 | ||
Entity Tax Identification Number | 91-0425694 | ||
City Area Code | (312) | ||
Local Phone Number | 544-2000 | ||
Title of 12(b) Security | Common Stock, $5.00 Par Value | ||
Trading Symbol | BA | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 204.8 | ||
Entity Common Stock, Shares Outstanding | 563,152,208 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | BOEING CO | ||
Entity Central Index Key | 0000012927 | ||
Current Fiscal Year End Date | --12-31 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Income Statements, Captions [Line Items] | |||
Total revenues | $ 76,559 | $ 101,127 | $ 94,005 |
Boeing Capital interest expense | (62) | (69) | (70) |
Total costs and expenses | (72,093) | (81,490) | (76,612) |
Gross profit | 4,466 | 19,637 | 17,393 |
(Loss)/income from operating investments, net | (4) | 111 | 204 |
General and administrative expense | (3,909) | (4,567) | (4,095) |
Research and development expense, net | (3,219) | (3,269) | (3,179) |
Gain/(loss) on dispositions, net | 691 | 75 | 21 |
(Loss)/earnings from operations | (1,975) | 11,987 | 10,344 |
Other income, net | 438 | 92 | 123 |
Interest and debt expense | (722) | (475) | (360) |
(Loss)/earnings before income taxes | (2,259) | 11,604 | 10,107 |
Income tax benefit/(expense) | 1,623 | (1,144) | (1,649) |
Net (loss)/earnings | $ (636) | $ 10,460 | $ 8,458 |
Basic (loss)/earnings per share | $ (1.12) | $ 18.05 | $ 14.03 |
Diluted earnings per share | $ (1.12) | $ 17.85 | $ 13.85 |
Product [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Total revenues | $ 66,094 | $ 90,229 | $ 83,740 |
Cost of Goods and Services Sold | (62,877) | (72,922) | (68,879) |
Service [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Total revenues | 10,465 | 10,898 | 10,265 |
Cost of Goods and Services Sold | $ (9,154) | $ (8,499) | $ (7,663) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Retained Earnings (Accumulated Deficit) | $ 50,644 | $ 55,941 | |
Net (loss)/earnings | (636) | 10,460 | $ 8,458 |
Currency translation adjustments | (27) | (86) | 128 |
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax of ($1), $1, and ($5) | 1 | 2 | 1 |
Derivative instruments: | |||
Unrealized (loss)/gain arising during period, net of tax of $13, $40, and ($66) | (48) | (146) | 119 |
Reclassification adjustment for loss included in net earnings, net of tax of ($7), ($8), and ($28) | 26 | 30 | 52 |
Total derivative instruments, net of tax | (22) | (116) | 171 |
Defined benefit pension plans & other postretirement benefits: | |||
Net actuarial (loss)/gain arising during the period, net of tax of $405, ($105), and $248 | (1,413) | 384 | (495) |
Amortization of actuarial losses included in net periodic pension cost, net of tax of ($133), ($242), and ($272) | 464 | 878 | 542 |
Settlements and curtailments included in net income, net of tax of $0, ($2), and $0 | (8) | ||
Pension and postretirement benefit/(cost) related to our equity method investments, net of tax ($5), ($6), and $5 | 17 | 22 | (11) |
Amortization of prior service credits included in net periodic pension cost, net of tax of $25, $39, and $59 | (89) | (143) | (117) |
Prior service (credit)/cost arising during the period, net of tax of $0, ($94), and ($14) | (1) | 341 | 28 |
Total defined benefit pension plans & other postretirement benefits, net of tax | (1,022) | 1,490 | (53) |
Other comprehensive (loss)/income, net of tax | (1,070) | 1,290 | 247 |
Comprehensive loss related to noncontrolling interests | (41) | (21) | (2) |
Comprehensive (loss)/income, net of tax | $ (1,747) | $ 11,729 | $ 8,703 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Unrealized gain on certain investments, tax | $ (1) | $ (1) | |
Unrealized (loss)/gain on derivative instruments: | |||
Unrealized loss arising during period, tax | 13 | 40 | (66) |
Reclassification adjustment for loss/(gain) included in net earnings, tax | (7) | (8) | (28) |
Defined benefit pension plans & other postretirement benefits: | |||
Net actuarial gain/(loss) arising during the period, tax | 405 | (105) | 248 |
Amortization of actuarial losses included in net periodic pension cost, tax | (133) | (242) | (272) |
Settlements and curtailments included in net income, tax | (2) | ||
Pension and post retirement benefits related to our equity method investments, tax | (5) | (6) | 5 |
Amortization of prior service cost included in net periodic pension cost, tax | 25 | 39 | 59 |
Prior service cost arising during the period, tax | $ (94) | $ (14) |
Consolidated Statements Of Fina
Consolidated Statements Of Financial Position - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets | |||
Cash and cash equivalents | $ 9,485 | $ 7,637 | |
Short-term and other investments | 545 | 927 | |
Accounts receivable, net | 3,266 | 3,879 | |
Unbilled receivables, net | 9,043 | 10,025 | |
Current portion of customer financing, net | 162 | 460 | |
Inventories | 76,622 | 62,567 | |
Other current assets | 3,106 | 2,335 | |
Total current assets | 102,229 | 87,830 | |
Customer financing, net | 2,136 | 2,418 | |
Property, plant and equipment, net | 12,502 | 12,645 | |
Goodwill | 8,060 | 7,840 | |
Acquired intangible assets, net | 3,338 | 3,429 | |
Deferred income taxes | 683 | 284 | |
Investments | 1,092 | 1,087 | |
Other assets, net of accumulated amortization of $580 and $503 | 3,585 | 1,826 | |
Total assets | 133,625 | 117,359 | |
Liabilities and equity | |||
Accounts payable | 15,553 | 12,916 | |
Accrued liabilities | 22,868 | 14,808 | |
Advances and progress billings | 51,551 | 50,676 | |
Short-term debt and current portion of long-term debt | 7,340 | 3,190 | |
Total current liabilities | 97,312 | 81,590 | |
Deferred income taxes | 413 | 1,736 | |
Accrued retiree health care | 4,540 | 4,584 | |
Accrued pension plan liability, net | 16,276 | 15,323 | |
Other long-term liabilities | 3,422 | 3,059 | |
Long-term debt | 19,962 | 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 | 6,745 | 6,768 | |
Treasury stock, at cost | (54,914) | (52,348) | |
Retained earnings | 50,644 | 55,941 | |
Accumulated other comprehensive loss | [1] | (16,153) | (15,083) |
Total shareholders’ equity | (8,617) | 339 | |
Noncontrolling interests | 317 | 71 | |
Total equity | (8,300) | 410 | |
Total liabilities and equity | $ 133,625 | $ 117,359 | |
[1] | Net of tax. |
Consolidated Statements Of Fi_2
Consolidated Statements Of Financial Position (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Other assets, accumulated amortization | $ 580 | $ 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 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |||
Cash flows - operation activities: | |||||
Net (loss)/earnings | $ (636) | $ 10,460 | $ 8,458 | ||
Non-cash items - | |||||
Share-based plans expense | 212 | 202 | 202 | ||
Depreciation and amortization | 2,271 | 2,114 | 2,047 | ||
Investment/asset impairment charges, net | 443 | 93 | 113 | ||
Customer financing valuation adjustments | 250 | (3) | 2 | ||
Gain/(loss) on dispositions, net | (691) | (75) | (21) | ||
Other charges and credits, net | 334 | 247 | 293 | ||
Changes in assets and liabilities – | |||||
Accounts receivable | 603 | (795) | (840) | ||
Unbilled receivables | 982 | (1,826) | (1,600) | ||
Advances and progress billings | 737 | 2,636 | 4,700 | ||
Inventories | (12,391) | 568 | (1,403) | ||
Other current assets | (682) | 98 | (19) | ||
Accounts payable | 1,600 | 2 | 130 | ||
Accrued liabilities | 7,781 | 1,117 | 335 | ||
Income taxes receivable, payable and deferred | (2,476) | (180) | 656 | ||
Other long-term liabilities | (621) | 87 | 94 | ||
Pension and other postretirement plans | (777) | (153) | (582) | ||
Customer financing, net | 419 | 120 | 1,041 | ||
Other | 196 | 610 | (260) | ||
Net cash (used)/provided by operating activities | (2,446) | 15,322 | 13,346 | ||
Cash flows - investing activities: | |||||
Property, plant and equipment additions | (1,834) | (1,722) | (1,739) | ||
Property, plant and equipment reductions | 334 | 120 | 92 | ||
Acquisitions, net of cash acquired | (455) | (3,230) | (324) | ||
Proceeds from Divestiture of Businesses | 464 | ||||
Contributions to investments | (1,658) | (2,607) | (3,569) | ||
Proceeds from investments | 1,759 | 2,898 | 3,607 | ||
Purchase of distribution rights | (127) | (69) | (131) | ||
Other | (13) | (11) | 6 | ||
Net cash used by investing activities | (1,530) | (4,621) | (2,058) | ||
Cash flows - financing activities | |||||
New borrowings | 25,389 | 8,548 | 2,077 | ||
Debt repayments | (12,171) | (7,183) | (953) | ||
Contributions from noncontrolling interests | 7 | 35 | |||
Stock options exercised | 58 | 81 | 311 | ||
Employee taxes on certain share-based payment arrangements | (248) | (257) | (132) | ||
Common shares repurchased | (2,651) | (9,000) | (9,236) | ||
Dividends paid | (4,630) | (3,946) | (3,417) | ||
Proceeds from (Payments for) Other Financing Activities | (15) | ||||
Net cash provided/(used) by financing activities | 5,739 | (11,722) | (11,350) | ||
Effect of exchange rate changes on cash and cash equivalents | (5) | (53) | 80 | ||
Net increase/(decrease) in cash & cash equivalents, including restricted | 1,758 | (1,074) | 18 | ||
Cash & cash equivalents, including restricted, at beginning of year | 7,813 | 8,887 | 8,869 | ||
Cash & cash equivalents, including restricted, at end of year | 9,571 | 7,813 | 8,887 | ||
Less restricted cash & cash equivalents, included in Investments | (86) | [1] | (176) | [1] | (74) |
Cash and cash equivalents at end of year | $ 9,485 | $ 7,637 | $ 8,813 | ||
[1] | (2) Reflects amounts restricted in support of our workers’ compensation programs, employee benefit programs, and insurance premiums. |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Non-Controlling Interest [Member] | |
Accumulated Other Comprehensive Income (Loss), Net of Tax | [1] | $ (13,623) | ||||||
Net (loss)/earnings | 8,458 | |||||||
Beginning Balance at Dec. 31, 2016 | 1,917 | $ 5,061 | $ 4,762 | $ (36,097) | $ 41,754 | $ (13,623) | $ 60 | |
Net earnings/(loss) | 8,456 | 8,458 | (2) | |||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 247 | 247 | ||||||
Share-based compensation and related dividend equivalents | 203 | 238 | (35) | |||||
Treasury shares issued for stock options exercised, net | 311 | (88) | 399 | |||||
Treasury shares issued for other share-based plans, net | (128) | (190) | 62 | |||||
Treasury shares contributed to pension plans | 3,500 | 2,082 | 1,418 | |||||
Common shares repurchased | (9,236) | (9,236) | ||||||
Cash dividends declared of $5.97 per share in 2017, $4.69 per share in 2016, and $3.82 per share in 2015 | (3,556) | (3,556) | ||||||
Changes in noncontrolling interests | (1) | (1) | ||||||
Ending Balance at Dec. 31, 2017 | 1,713 | 5,061 | 6,804 | (43,454) | 49,618 | (16,373) | 57 | |
Retained Earnings (Accumulated Deficit) | Accounting Standards Update 2018-02 [Member] | 2,997 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | [1] | (16,373) | ||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | Accounting Standards Update 2018-02 [Member] | (2,997) | |||||||
Net (loss)/earnings | 10,460 | 10,460 | ||||||
Net earnings/(loss) | 10,439 | (21) | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 1,290 | 1,290 | ||||||
Share-based compensation and related dividend equivalents | 202 | 238 | (36) | |||||
Treasury shares issued for stock options exercised, net | 81 | (45) | 126 | |||||
Treasury shares issued for other share-based plans, net | (249) | (229) | (20) | |||||
Common shares repurchased | (9,000) | (9,000) | ||||||
Cash dividends declared of $5.97 per share in 2017, $4.69 per share in 2016, and $3.82 per share in 2015 | (4,101) | (4,101) | ||||||
Changes in noncontrolling interests | 35 | 35 | ||||||
Ending Balance at Dec. 31, 2018 | 410 | 5,061 | 6,768 | (52,348) | 55,941 | (15,083) | 71 | |
Retained Earnings (Accumulated Deficit) | 55,941 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | [1] | (15,083) | ||||||
Net (loss)/earnings | (636) | |||||||
Net earnings/(loss) | (677) | (41) | ||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | (1,070) | (1,070) | ||||||
Share-based compensation and related dividend equivalents | 212 | 245 | (33) | |||||
Treasury shares issued for stock options exercised, net | 57 | (47) | 104 | |||||
Treasury shares issued for other share-based plans, net | (240) | (221) | (19) | |||||
Common shares repurchased | (2,651) | (2,651) | ||||||
Cash dividends declared of $5.97 per share in 2017, $4.69 per share in 2016, and $3.82 per share in 2015 | (4,628) | (4,628) | ||||||
Changes in noncontrolling interests | 287 | 287 | ||||||
Ending Balance at Dec. 31, 2019 | (8,300) | $ 5,061 | $ 6,745 | $ (54,914) | $ 50,644 | $ (16,153) | $ 317 | |
Retained Earnings (Accumulated Deficit) | 50,644 | |||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | [1] | $ (16,153) | ||||||
[1] | Net of tax. |
Consolidated Statements Of Eq_2
Consolidated Statements Of Equity (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Other Comprehensive Income (loss), Tax | $ 298 | $ (379) | $ (69) |
Cash dividends declared, per share | $ 8.22 | $ 7.19 | $ 5.97 |
Summary of Business Segment Dat
Summary of Business Segment Data | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Summary Of Business Segment Data | The Boeing Company and Subsidiaries Notes to the Consolidated Financial Statements Summary of Business Segment Data (Dollars in millions) Years ended December 31, 2019 2018 2017 Revenues: Commercial Airplanes $32,255 $57,499 $54,612 Defense, Space & Security 26,227 26,392 23,938 Global Services 18,468 17,056 14,611 Boeing Capital 244 274 307 Unallocated items, eliminations and other (635 ) (94 ) 537 Total revenues $76,559 $101,127 $94,005 (Loss)/earnings from operations: Commercial Airplanes ($6,657 ) $7,830 $5,285 Defense, Space & Security 2,608 1,657 2,383 Global Services 2,697 2,536 2,251 Boeing Capital 28 79 114 Segment operating (loss)/profit (1,324 ) 12,102 10,033 Unallocated items, eliminations and other (2,066 ) (1,442 ) (1,127 ) FAS/CAS service cost adjustment 1,415 1,327 1,438 (Loss)/earnings from operations (1,975 ) 11,987 10,344 Other income, net 438 92 123 Interest and debt expense (722 ) (475 ) (360 ) (Loss)/earnings before income taxes (2,259 ) 11,604 10,107 Income tax benefit/(expense) 1,623 (1,144 ) (1,649 ) Net (loss)/earnings ($636 ) $10,460 $8,458 This information is an integral part of the Notes to the Consolidated Financial Statements. See Note 23 for further segment results. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The Consolidated Financial Statements included in this report have been prepared by management of The Boeing Company (herein referred to as “Boeing,” the “Company,” “we,” “us,” or “our”). These statements include the accounts of all majority-owned subsidiaries and variable interest entities that are required to be consolidated. All significant intercompany accounts and transactions have been eliminated. As described in Note 23 , we operate in four reportable segments: Commercial Airplanes (BCA); Defense, Space & Security (BDS), Global Services (BGS), and Boeing Capital (BCC). Effective at the beginning of 2019, all revenues and costs associated with military derivative aircraft production are reported in the BDS segment. Amounts in prior periods have been reclassified to conform to the current year presentation. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Operating Cycle For classification of certain current assets and liabilities, we use the duration of the related contract or program as our operating cycle, which is generally longer than one year . 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 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 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. We also elected the package of practical expedients, which among other things, does not require reassessment of lease classification. See Note 9 and 13 for additional disclosures. 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 20 for additional disclosures. Revenue and Related Cost Recognition Commercial aircraft contracts The majority of our BCA segment revenue is derived from commercial aircraft contracts. For each contract, we determine the transaction price based on the consideration expected to be received. We allocate the transaction price to each commercial aircraft performance obligation based on relative standalone selling prices adjusted by an escalation formula as specified in the customer agreement. Revenue is recognized for each commercial aircraft performance obligation at the point in time when the aircraft is completed and accepted by the customer. We use program accounting to determine the amount reported as cost of sales. In certain situations, where an aircraft is still in our possession, and title and risk of loss has passed to the customer (known as a bill-and-hold arrangement), revenue will be recognized when all specific requirements for transfer of control under a bill-and-hold arrangement have been met. Payments for commercial aircraft sales are received in accordance with the customer agreement, which generally includes a deposit upon order and additional payments in accordance with a payment schedule, with the balance being due immediately prior to or at aircraft delivery. Advances and progress billings (contract liabilities) are normal and customary for commercial aircraft contracts and not considered a significant financing component as they are intended to protect us from the other party failing to adequately complete some or all of its obligations under the contract. Long-term contracts Substantially all contracts at BDS and certain contracts at BGS are long-term contracts with the U.S. government and other customers that generally extend over several years. Products sales under long-term contracts primarily include fighter jets, rotorcraft, cybersecurity products, surveillance suites, advanced weapons, missile defense, military derivative aircraft, satellite systems, and modification of commercial passenger aircraft to cargo freighters. Services sales under long-term contracts primarily include support and maintenance agreements associated with our commercial and defense products and space travel on Commercial Crew. For each long-term contract, we determine the transaction price based on the consideration expected to be received. We allocate the transaction price to each distinct performance obligation to deliver a good or service, or a collection of goods and/or services, based on the relative standalone selling prices. A long-term contract will typically represent a single distinct performance obligation due to the highly interdependent and interrelated nature of the underlying goods and/or services and the significant service of integration that we provide. While the scope and price on certain long-term contracts may be modified over their life, the transaction price is based on current rights and obligations under the contract and does not include potential modifications until they are agreed upon with the customer. When applicable, a cumulative adjustment or separate recognition for the additional scope and price may result. Long-term contracts can be negotiated with a fixed price or a price in which we are reimbursed for costs incurred plus an agreed upon profit. The Federal Acquisition Regulations provide guidance on the types of cost that will be reimbursed in establishing the price for contracts with the U.S. government. Certain long-term contracts include in the transaction price variable consideration, such as incentive and award fees, if specified targets are achieved. The amount included in the transaction price represents the expected value, based on a weighted probability, or the most likely amount. Long-term contract revenue is recognized over the contract term (over time) as the work progresses, either as products are produced or as services are rendered. We generally recognize revenue over time as we perform on long-term contracts because of continuous transfer of control to the customer. For U.S. government contracts, this continuous transfer of control to the customer is supported by clauses in the contract that allow the customer to unilaterally terminate the contract for convenience, pay us for costs incurred plus a reasonable profit and take control of any work in process. Similarly, for non-U.S. government contracts, the customer typically controls the work in process as evidenced either by contractual termination clauses or by our rights to payment of the transaction price associated with work performed to date on products or services that do not have an alternative use to the Company. The accounting for long-term contracts involves a judgmental process of estimating total sales , costs and profit for each performance obligation. Cost of sales is recognized as incurred. The amount reported as revenues is determined by adding a proportionate amount of the estimated profit to the amount reported as cost of sales. Recognizing revenue as costs are incurred provides an objective measure of progress on the long-term contract and thereby best depicts the extent of transfer of control to the customer. 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: 2019 2018 2017 Increase to Revenue $54 $137 $559 (Decrease)/increase to (Loss)/earnings from Operations ($111 ) ($190 ) $250 (Decrease)/increase to Diluted EPS ($0.06 ) ($0.29 ) $0.34 Significant adjustments during the three years ended December 31, 2019 included reach-forward losses of $148 , $736 and $445 on KC-46A Tanker recorded during 2019, 2018, and 2017, as well as reach-forward losses on Commercial Crew of $489 during 2019. Due to the significance of judgment in the estimation process, changes in underlying assumptions/estimates, supplier performance, or circumstances may adversely or positively affect financial performance in future periods. Payments under long-term contracts may be received before or after revenue is recognized. The U.S. government customer typically withholds payment of a small portion of the contract price until contract completion. Therefore, long-term contracts typically generate Unbilled receivables (contract assets) but may generate Advances and progress billings (contract liabilities). Long-term contract Unbilled receivables and Advances and progress billings are not considered a significant financing component because they are intended to protect either the customer or the Company in the event that some or all of the obligations under the contract are not completed. Commercial spare parts contracts Certain contracts at our BGS segment include sales of commercial spare parts. For each contract, we determine the transaction price based on the consideration expected to be received. The spare parts have discrete unit prices that represent fair value. We generally consider each spare part to be a separate performance obligation. Revenue is recognized for each commercial spare part performance obligation at the point in time of delivery to the customer. We may provide our customers with a right to return a commercial spare part where a customer may receive a full or partial refund, a credit applied to amounts owed, a different product in exchange, or any combination of these items. We consider the potential for customer returns in the estimated transaction price. The amount reported as cost of sales is recorded at average cost. Payments for commercial spare parts sales are typically received shortly after delivery. Other service revenue contracts Certain contracts at our BGS segment are for sales of services to commercial customers including maintenance, training, data analytics and information-based services. We recognize revenue for these service performance obligations over time as the services are rendered. The method of measuring progress (such as straight-line or billable amount) varies depending upon which method best depicts the transfer of control to the customer based on the type of service performed. Cost of sales is recorded as incurred. Concession Sharing Arrangements We account for sales concessions to our customers in consideration of their purchase of products and services as a reduction of the transaction price and the revenue that is recognized for the related performance obligations. The sales concessions incurred may be partially reimbursed by certain suppliers in accordance with concession sharing arrangements. We record these reimbursements, which are presumed to represent reductions in the price of the vendor’s products or services, as a reduction in Cost of products. Unbilled Receivables and Advances and Progress Billings Unbilled receivables (contract assets) arise when the Company recognizes revenue for amounts which cannot yet be billed under terms of the contract with the customer. Advances and progress billings (contract liabilities) arise when the Company receives payments from customers in advance of recognizing revenue. The amount of Unbilled receivables or Advances and progress billings is determined for each contract . Financial Services Revenue We record financial services revenue associated with sales-type/finance leases, operating leases, and notes receivable. Lease and financing revenue arrangements are included in Sales of services on the Consolidated Statements of Operations. For sales-type/finance leases, we record financing receivables at lease inception. A financing receivable is recorded at the aggregate of future minimum lease payments, estimated residual value of the leased equipment, and deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. Income recognition is generally suspended for financing receivables at the date full recovery of income and principal becomes not probable. Income is recognized when financing receivables become contractually current and performance is demonstrated by the customer . Residual values, which are reviewed periodically, represent the estimated amount we expect to receive at lease termination from the disposition of the leased equipment. Actual residual values realized could differ from these estimates. Declines in estimated residual value that are deemed other-than-temporary are recognized in the period in which the declines occur. For operating leases, revenue on leased aircraft and equipment is recorded on a straight-line basis over the term of the lease. Operating lease assets, included in Customer financing, are recorded at cost and depreciated over the period that we project we will hold the asset to an estimated residual value, using the straight-line method. We periodically review our estimates of residual value and recognize forecasted changes by prospectively adjusting depreciation expense. For notes receivable, notes are recorded net of any unamortized discounts and deferred incremental direct costs. Interest income and amortization of any discounts are recorded ratably over the related term of the note. Reinsurance Revenue Our wholly-owned insurance subsidiary, Astro Ltd., participates in a reinsurance pool for workers’ compensation. The member agreements and practices of the reinsurance pool minimize any participating members’ individual risk. Reinsurance revenues were $151 , $145 and $141 during 2019 , 2018 and 2017 , respectively. Reinsurance costs related to premiums and claims paid to the reinsurance pool were $150 , $136 and $144 during 2019 , 2018 and 2017 , respectively. Revenues and costs are presented net in Cost of sales in the Consolidated Statements of Operations. Fleet Support We provide assistance and support to facilitate efficient and safe aircraft operation to the operators of all our commercial airplane models. Collectively known as fleet support, these activities and support services include flight and maintenance training, field service support, engineering support, and technical data and documents. Fleet support activity begins prior to aircraft delivery as the customer receives training, manuals, and technical consulting support. This activity continues throughout the aircraft’s operational life. Services provided after delivery include field service support, consulting on maintenance, repair, and operational issues brought forth by the customer or regulators, updating manuals and engineering data, and the issuance of service bulletins that impact the entire model’s fleet. Field service support involves our personnel located at customer facilities providing and coordinating fleet support activities and requests. The costs for fleet support are expensed as incurred as Cost of services. Research and Development Research and development includes costs incurred for experimentation, design, and testing, as well as bid and proposal efforts related to government products and services which are expensed as incurred unless the costs are related to certain contractual arrangements with customers. Costs that are incurred pursuant to such contractual arrangements are recorded over the period that revenue is recognized, consistent with our contract accounting policy. We have certain research and development arrangements that meet the requirement for best efforts research and development accounting. Accordingly, the amounts funded by the customer are recognized as an offset to our research and development expense rather than as contract revenues. Research and development expense included bid and proposal costs of $214 , $234 and $288 in 2019 , 2018 and 2017 , respectively. Share-Based Compensation We provide various forms of share-based compensation to our employees. For awards settled in shares, we measure compensation expense based on the grant-date fair value net of estimated forfeitures. For awards settled in cash, or that may be settled in cash, we measure compensation expense based on the fair value at each reporting date net of estimated forfeitures. The expense is recognized over the requisite service period, which is generally the vesting period of the award. Income Taxes Provisions for U.S. federal, state and local, and non-U.S. income taxes are calculated on reported (Loss)/earnings before income taxes based on current tax law and also include, in the current period, the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provisions differ from the amounts currently receivable or payable because certain items of income and expense are recognized in different time periods for financial reporting purposes than for income tax purposes. Significant judgment is required in determining income tax provisions and evaluating tax positions. The accounting for uncertainty in income taxes requires a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. We record a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on our tax return. To the extent that our assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. Tax-related interest and penalties are classified as a component of Income tax benefit/(expense). Postretirement Plans The majority of our employees have earned benefits under defined benefit pension plans. Nonunion and the majority of union employees that had participated in defined benefit pension plans transitioned to a company-funded defined contribution retirement savings plan in 2016. We also provide postretirement benefit plans other than pensions, consisting principally of health care coverage to eligible retirees and qualifying dependents. Benefits under the pension and other postretirement benefit plans are generally based on age at retirement and years of service and, for some pension plans, benefits are also based on the employee’s annual earnings. The net periodic cost of our pension and other postretirement plans is determined using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate, the long-term rate of asset return, and medical trend (rate of growth for medical costs). A portion of the service cost component of net periodic pension and other postretirement income or expense is not recognized in net earnings in the year incurred because it is allocated to production as product costs, and reflected in inventory at the end of a reporting period. Actuarial gains and losses, which occur when actual experience differs from actuarial assumptions, are reflected in Shareholders’ equity (net of taxes). If actuarial gains and losses exceed ten percent of the greater of plan assets or plan liabilities we amortize them over the average expected future lifetime of participants. The funded status of our pension and postretirement plans is reflected on the Consolidated Statements of Financial Position. Postemployment Plans We record a liability for postemployment benefits, such as severance or job training, when payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have vested or accumulated. Environmental Remediation We are subject to federal and state requirements for protection of the environment, including those for discharge of hazardous materials and remediation of contaminated sites. We routinely assess, based on in-depth studies, expert analyses and legal reviews, our contingencies, obligations, and commitments for remediation of contaminated sites, including assessments of ranges and probabilities of recoveries from other responsible parties and/or insurance carriers. Our policy is to accrue and charge to current expense identified exposures related to environmental remediation sites when it is probable that a liability has been incurred and the amount can be reasonably estimated. The amount of the liability is based on our best estimate or the low end of a range of reasonably possible exposure for investigation, cleanup, and monitoring costs to be incurred. Estimated remediation costs are not discounted to present value as the timing of payments cannot be reasonably estimated. We may be able to recover a portion of the remediation costs from insurers or other third parties. Such recoveries are recorded when realization of the claim for recovery is deemed probable. Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid instruments, such as commercial paper, time deposits, and other money market instruments, which have original maturities of three months or less. We aggregate our cash balances by bank where conditions for right of set-off are met, and reclassify any negative balances, consisting mainly of uncleared checks, to Accounts payable. Negative balances reclassified to Accounts payable were $101 and $127 at December 31, 2019 and 2018 . Inventories Inventoried costs on commercial aircraft programs and long-term contracts include direct engineering, production and tooling and other non-recurring costs, and applicable overhead, which includes fringe benefits, production related indirect and plant management salaries and plant services, not in excess of estimated net realizable value. To the extent a material amount of such costs are related to an abnormal event or are fixed costs not appropriately attributable to our programs or contracts, they are expensed in the current period rather than inventoried. Inventoried costs include amounts relating to programs and contracts with long-term production cycles, a portion of which is not expected to be realized within one year. Included in inventory for federal government contracts is an allocation of allowable costs related to manufacturing process reengineering. Commercial aircraft programs inventory includes deferred production costs and supplier advances. Deferred production costs represent actual costs incurred for production of early units that exceed the estimated average cost of all units in the program accounting quantity. Higher production costs are experienced at the beginning of a new or derivative airplane program. Units produced early in a program require substantially more effort (labor and other resources) than units produced later in a program because of volume efficiencies and the effects of learning. We expect that these deferred costs will be fully recovered when all units included in the accounting quantity are delivered as the expected unit cost for later deliveries is below the estimated average cost of all units in the program. Supplier advances represent payments for parts we have contracted to receive from suppliers in the future. As parts are received, supplier advances are amortized to work in process. The determination of net realizable value of long-term contract costs is based upon quarterly reviews that estimate costs to be incurred to complete all contract requirements. When actual contract costs and the estimate to complete exceed total estimated contract revenues, a loss provision is recorded. The determination of net realizable value of commercial aircraft program costs is based upon quarterly program reviews that estimate revenue and cost to be incurred to complete the program accounting quantity. When estimated costs to complete exceed estimated program revenues to go, a program loss provision is recorded in the current period for the estimated loss on all undelivered units in the accounting quantity. Used aircraft purchased by the Commercial Airplanes segment and general stock materials are stated at cost not in excess of net realizable value. See ‘Aircraft Valuation’ within this Note for a discussion of our valuation of used aircraft. Spare parts inventory is stated at lower of average unit cost or net realizable value. We review our commercial spare parts and general stock materials quarterly to identify impaired inventory, including excess or obsolete inventory, based on historical sales trends, expected production usage, and the size and age of the aircraft fleet using the part. Impaired inventories are charged to Cost of products in the period the impairment occurs. Included in inventory for commercial aircraft programs are amounts paid or credited in cash, or other consideration to certain airline customers, that are referred to as early issue sales consideration. Early issue sales consideration is recognized as a reduction to revenue when the delivery of the aircraft under contract occurs. If an airline customer does not perform and take delivery of the contracted aircraft, we believe that we would have the ability to recover amounts paid. However, to the extent early issue sales consideration exceeds advances and is not considered to be otherwise recoverable, it would be written off in the current period. Precontract Costs We may, from time to time, incur costs in excess of the amounts required for existing contracts. If we determine the costs are probable of recovery from future orders, then we capitalize the precontract costs we incur, excluding start-up costs which are expensed as incurred. Capitalized precontract costs are included in Inventories in the accompanying Consolidated Statements of Financial Position. Should future orders not materialize or we determine the costs are no longer probable of recovery, the capitalized costs would be written off. Property, Plant and Equipment Property, plant and equipment are recorded at cost, including applicable construction-period interest, less accumulated depreciation and are depreciated principally over the following estimated useful lives: new buildings and land improvements, from 10 to 40 years; and new machinery and equipment, from 4 to 20 years. The principal methods of depreciation are as follows: buildings and land improvements, 150% declining balance; and machinery and equipment, sum-of-the-years’ digits. Capitalized internal use software is included in Other assets and amortized using the straight line method over 5 years. Capitalized software as a service is included in Other assets and amortized using the straight line method over the term of the hosting arrangement which is typically no greater than 10 years. We periodically evaluate the appropriateness of remaining depreciable lives assigned to long-lived assets, including assets that may be subject to a management plan for disposition. Long-lived assets held for sale are stated at the lower of cost or fair value less cost to sell. Long-lived assets held for use are subject to an impairment assessment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset. Leases We determine if an arrangement is, or contains, a lease 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, which primarily represent computer equipment, are included in Property, plant and equipment, net, with the related liabilities included in Short-term debt and current portion of long-term debt and Long-term debt on the Consolidated Statements of Financial Position. Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. We use our estimated incremental borrowing rate in determining the present value of lease payments. Variable components of the lease payments such as fair market value adjustments, utilities, and maintenance costs are expensed as incurred and not included in determining the present value. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense 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. Asset Retirement Obligations We record all known asset retirement obligations for which the liability’s fair value can be reasonably estimated, including certain asbestos removal, asset decommissioning and contractual lease restoration obligations. Recorded amounts are not material. We also have known conditional asset retirement obligations, such as certain asbestos remediation and asset decommissioning activities to be performed in the future, that are not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, these obligations have not been recorded in the Consolidated Financial Statements. A liability for these obligations will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. In addition, there may be conditional asset retirement obligations that we have not yet discovered (e.g. asbestos may exist in certain buildings but we have not become aware of it through the normal course of business), and therefore, these obligations also have not been included in the Consolidated Financial Statements. Goodwill and Other Acquired Intangibles Goodwill and other acquired intangible assets with indefinite lives are not amortized, but are tested for impairment annually and when an event occurs or circumstances change such that it is more likely than not that an impairment may exist. Our annual testing date is April 1. We test goodwill for impairment by performing a qualitative assessment or using a two-step impairment process. If we choose to perform a qualitative assessment and determine it is more likely than not that the carrying value of the net assets is more than the fair value of the related operations, the two-step impairment process is then performed; otherwise, no further testing is required. For operations where the two-step impairment process is used, we first compare the carrying value of net assets to the fair value of the related operations. If the fair value is determined to be less than carrying value, a second step is performed to compute the amount of the impairment. In this process, a fair value for goodwill is estimated, based in part on the fair value of the operations, and is compared to its carrying value. The shortfall of the fair value below carrying value represents the amount of goodwill impairment. Indefinite-lived intangibles consist of brand and trade names acquired in business combinations. We test these intangibles for impairment by comparing their carrying value to current projections of discounted cash flows attributable to the brand and trade names. Any excess carrying value over the amount of discounted cash flows represents the amount of the impairment. Our finite-lived acquired in | Standards Issued and Not Yet Implemented In June 2016, the Financial Accounting Standards Board issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). The new standard is effective for reporting periods beginning after December 15, 2019. The standard replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. The standard requires a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We plan to adopt the new credit loss standard effective January 1, 2020. We do not expect the new credit loss standard to have a material effect on our financial position, results of operations or cash flows. |
Acquisitions and Joint Ventures
Acquisitions and Joint Ventures Acquisitions and Joint Ventures | 12 Months Ended |
Dec. 31, 2019 | |
Acquisitions and Joint Ventures Disclosure [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 C-390 Millennium, 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. We are actively engaged with the European Commission and have obtained unconditional clearance to close in all other required jurisdictions, including the United States, China, and Japan. In Brazil, the Administrative Council for Economic Defense (CADE)’s General-Superintendence (SG) has provided unconditional approval; the decision will become final in mid-February unless a review is requested by CADE Commissioners. We continue to be engaged with the European Commission as it progresses its Phase II investigation of the transaction. Pending timely resolution of the remaining regulatory approvals, the transaction is expected to close in the first half of 2020. If the transaction is not completed due to failure to obtain antitrust approvals, we would be required to pay a termination fee of $100 . KLX Inc. On October 9, 2018, we acquired all the outstanding shares of KLX Inc. (KLX). KLX is a global provider of aviation parts and services in the aerospace industry. Its capabilities include distribution and supply chain services. The KLX acquisition is intended to accelerate growth in our services business by allowing Boeing to offer commercial, defense, business and general aviation customers a broader range of offerings. The results of KLX’s operations have been included in our Global Services segment from the acquisition date. KLX’s revenues and earnings from operations from October 9, 2018 through December 31, 2018 were $356 and $50 . The final allocation of the purchase price was as follows: Cash and cash equivalents $225 Accounts receivable 260 Inventories 1,298 Other current assets 43 Property, plant & equipment 36 Goodwill 2,056 Intangible assets 963 Other assets 78 Current liabilities (350 ) Other long-term liabilities (113 ) Long-term debt (1,210 ) Total net assets acquired $3,286 The goodwill has been allocated to the Global Services and Commercial Airplanes segments based on revenue synergies expected to be realized from the integration of KLX’s products and services and expected cost synergies primarily resulting from the consolidation of procurement spending and functional support. Approximately $533 of the acquired goodwill and intangible assets is deductible for tax purposes. The acquired intangible assets primarily relate to customer and supplier relationships and have a weighted-average useful life of 17.5 years . |
Goodwill And Acquired Intangibl
Goodwill And Acquired Intangibles | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Acquired Intangibles | Goodwill and Acquired Intangibles Changes in the carrying amount of goodwill for the years ended December 31, 2019 and 2018 were as follows: Commercial Airplanes Defense, Space & Security Global Services Other Total Balance at January 1, 2018 $992 $3,074 $1,493 $5,559 KLX acquisition 249 1,861 2,110 Other acquisitions 180 3 183 Goodwill adjustments (12 ) (12 ) Balance at December 31, 2018 $1,241 $3,254 $3,345 $7,840 KLX acquisition adjustments (51 ) (51 ) Acquisitions 72 188 $62 322 Dispositions (49 ) (49 ) Goodwill adjustments (10 ) 8 (2 ) Balance at December 31, 2019 $1,313 $3,244 $3,441 $62 $8,060 As of December 31, 2019 and 2018 , we had indefinite-lived intangible assets with carrying amounts of $197 and $490 relating to trade names. During 2019, we recorded an impairment of $293 within Cost of Sales, as a result of our decision to retire the Aviall brand and trade name . As of December 31, 2019 , we had indefinite-lived intangible assets with a carrying amount of $202 related to in process research and development. The gross carrying amounts and accumulated amortization of our acquired finite-lived intangible assets were as follows at December 31: 2019 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Distribution rights $2,989 $1,262 $2,879 $1,101 Product know-how 553 354 536 324 Customer base 1,364 599 1,284 523 Developed technology 653 485 595 439 Other 280 200 218 186 Total $5,839 $2,900 $5,512 $2,573 Amortization expense for acquired finite-lived intangible assets for the years ended December 31, 2019 and 2018 was $331 and $272 . Estimated amortization expense for the five succeeding years is as follows: 2020 2021 2022 2023 2024 Estimated amortization expense $320 $298 $287 $259 $248 During 2019 and 2018 , we acquired $563 and $1,133 of finite-lived intangible assets, of which $30 and $0 related to non-cash investing and financing transactions. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 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) Years ended December 31, 2019 2018 2017 Net (loss)/earnings ($636 ) $10,460 $8,458 Less: earnings available to participating securities 7 6 Net (loss)/earnings available to common shareholders ($636 ) $10,453 $8,452 Basic Basic weighted average shares outstanding 566.0 579.9 603.2 Less: participating securities 0.6 0.7 0.7 Basic weighted average common shares outstanding 565.4 579.2 602.5 Diluted Basic weighted average shares outstanding 566.0 579.9 603.2 Dilutive potential common shares (1) 6.3 7.5 Diluted weighted average shares outstanding 566.0 586.2 610.7 Less: participating securities 0.6 0.7 0.7 Diluted weighted average common shares outstanding 565.4 585.5 610.0 Net (loss)/earnings per share: Basic ($1.12 ) $18.05 $14.03 Diluted (1.12 ) 17.85 13.85 (1) Diluted (loss)/earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards. As a result of incurring a net loss for the year ended December 31, 2019, potential common shares of 4.1 million were excluded from diluted loss per share because the effect would have been antidilutive. In addition, 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 (loss)/earnings per share because the effect was either antidilutive or the performance condition was not met. (Shares in millions) Years ended December 31, 2019 2018 2017 Performance awards 2.8 2.5 4.1 Performance-based restricted stock units 0.6 0.3 0.5 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of earnings before income taxes were: Years ended December 31, 2019 2018 2017 U.S. ($2,792 ) $11,166 $9,660 Non-U.S. 533 438 447 Total ($2,259 ) $11,604 $10,107 Income tax (benefit)/expense consisted of the following: Years ended December 31, 2019 2018 2017 Current tax (benefit)/expense U.S. federal ($308 ) $1,873 $1,276 Non-U.S. 169 169 149 U.S. state (161 ) 97 23 Total current (300 ) 2,139 1,448 Deferred tax (benefit)/expense U.S. federal (953 ) (996 ) 204 Non-U.S. (3 ) (4 ) 3 U.S. state (367 ) 5 (6 ) Total deferred (1,323 ) (995 ) 201 Total income tax (benefit)/expense ($1,623 ) $1,144 $1,649 Net income tax payments were $837 , $1,326 and $896 in 2019, 2018 and 2017 , respectively. The following is a reconciliation of the U.S. federal statutory tax to actual income tax expense: Years ended December 31, 2019 2018 2017 Amount Rate Amount Rate Amount Rate U.S. federal statutory tax ($474 ) 21.0 % $2,437 21.0 % $3,537 35.0 % Research and development credits (382 ) 16.9 (207 ) (1.8 ) (162 ) (1.6 ) Audit settlements (1) (371 ) 16.4 (412 ) (3.6 ) Foreign derived intangible income (2) (229 ) 10.1 (549 ) (4.7 ) Excess tax benefits (3) (180 ) 8.0 (181 ) (1.6 ) (207 ) (2.1 ) Other provision adjustments 66 (3.0 ) 91 1.0 26 0.3 Tax deductible dividends (53 ) 2.4 (48 ) (0.4 ) (68 ) (0.7 ) Tax on non-US activities 43 (1.9 ) 40 0.3 (95 ) (0.9 ) State income tax provision, net of effects on U.S. federal tax (43 ) 1.9 84 0.7 17 0.2 Impact of Tax Cuts and Jobs Act (4) (111 ) (1.0 ) (1,271 ) (12.6 ) U.S. manufacturing activity tax benefit (128 ) (1.3 ) Income tax (benefit)/expense ($1,623 ) 71.8 % $1,144 9.9 % $1,649 16.3 % (1) In the fourth quarter of 2019, we recorded a tax benefit of $371 related to the settlement of state tax audits spanning 15 tax years. In the third quarter of 2018, we recorded a tax benefit of $412 related to the settlement of the 2013-2014 federal tax audit. (2) On December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was enacted. The TCJA revised the U.S. corporate income tax by, among other things, lowering the rate from 35% to 21% effective January 1, 2018, implementing a territorial tax system and imposing a one-time tax on deemed repatriated earnings of non-U.S. subsidiaries. The TCJA also enacted provisions which effectively apply a lower U.S. tax rate to intangible income derived from serving non-U.S. markets. In 2019 and 2018, we recorded tax benefits related to foreign derived intangible income of $229 and $549 . (3) In 2019, 2018 and 2017, we recorded excess tax benefits related to employee share-based payments of $180 , $181 and $207 , respectively. (4) In accordance with U.S. Securities and Exchange Commission Staff Accounting Bulletin No. 118 (SAB 118), in the fourth quarter of 2017, we recorded provisional tax benefits of $1,430 related to the remeasurement of our net U.S. deferred tax liabilities to reflect the reduction in the corporate tax rate and a provisional tax expense of $159 related to tax on non-U.S. activities resulting from the TCJA. During the fourth quarter of 2018 and in accordance with SAB 118, the Company completed its accounting for the provisional amounts recognized at December 31, 2017 and recorded an incremental benefit related to refinements to these provisional amounts which was not significant. Significant components of our deferred tax assets/(liabilities) at December 31 were as follows: 2019 2018 Inventory and long-term contract methods of income recognition ($6,048 ) ($5,422 ) Pension benefits 3,495 3,344 737 MAX customer concessions and other considerations 1,626 Fixed assets, intangibles and goodwill (net of valuation allowance of $16 and $16) (1,560 ) (1,616 ) Retiree health care benefits 1,120 1,124 Other employee benefits 849 873 Accrued expenses and reserves 627 411 Net operating loss, credit and capital loss carryovers (net of valuation allowance of $102 and $77) (1) 595 258 Customer and commercial financing (268 ) (309 ) Other (166 ) (115 ) Net deferred tax assets/(liabilities) (2) $270 ($1,452 ) (1) Of the deferred tax asset for net operating loss and credit carryovers, $251 expires on or before December 31, 2039 and $344 may be carried over indefinitely. (2) Included in the net deferred tax assets/(liabilities) as of December 31, 2019 and 2018 are deferred tax assets in the amounts of $4,589 and $4,275 related to Accumulated other comprehensive loss. Net deferred tax assets/(liabilities) at December 31 were as follows: 2019 2018 Deferred tax assets $10,722 $8,835 Deferred tax liabilities (10,334 ) (10,194 ) Valuation allowance (118 ) (93 ) Net deferred tax assets/(liabilities) $270 ($1,452 ) The deferred tax assets are reduced by a valuation allowance if, based upon available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The TCJA one-time repatriation tax and Global Intangible Low Tax Income liabilities effectively taxed the undistributed earnings previously deferred from U.S. income taxes. We have not provided for foreign withholding tax on the undistributed earnings from our non-U.S. subsidiaries because such earnings are considered to be indefinitely reinvested. If such earnings were to be distributed, any foreign withholding tax would not be significant. As of December 31, 2019 and 2018 , the amounts accrued for the payment of income tax-related interest and penalties included in the Consolidated Statements of Financial Position were not significant. The amounts of interest included in the Consolidated Statements of Operations were not significant for the years ended December 31, 2019, 2018 and 2017 . A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2019 2018 2017 Unrecognized tax benefits – January 1 $2,412 $1,736 $1,557 Gross increases – tax positions in prior periods 100 87 3 Gross decreases – tax positions in prior periods (1,418 ) (410 ) (44 ) Gross increases – current-period tax positions 344 1,208 220 Gross decreases - current period tax positions (1 ) Settlements 39 (206 ) Statute Lapse (3 ) Unrecognized tax benefits – December 31 $1,476 $2,412 $1,736 As of December 31 , 2019, 2018 and 2017 , the total amount of unrecognized tax benefits was $1,476 , $2,412 and $1,736 , respectively, of which $1,287 , $1,405 and $1,568 would affect the effective tax rate, if recognized. As of December 31, 2019 , these amounts are primarily associated with the amount of research tax credits claimed, uncertainties in the TCJA, tax basis adjustments and the U.S. manufacturing activity tax benefit. 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 2007-2018 tax years. We believe appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years. Audit outcomes and the timing of audit settlements are subject to significant uncertainty. It is reasonably possible that within the next 12 months unrecognized tax benefits related to federal matters under audit may decrease by up to $710 |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2019 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Accounts Receivable | Accounts Receivable, net Accounts receivable at December 31 consisted of the following: 2019 2018 U.S. government contracts (1) $1,121 $1,877 Commercial Airplanes 29 51 Global Services (2) 1,967 1,783 Defense, Space, & Security (2) 220 222 Other 2 3 Less valuation allowance (73 ) (57 ) Total $3,266 $3,879 (1) Includes foreign military sales through the U.S. government (2) Excludes U.S. government contracts Accounts receivable expected to be collected after one year are not material. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories at December 31 consisted of the following: 2019 2018 Long-term contracts in progress $1,187 $2,129 Commercial aircraft programs 66,016 52,753 Commercial spare parts, used aircraft, general stock materials and other 9,419 7,685 Total $76,622 $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 $176 and $227 at December 31, 2019 and 2018 . See indemnifications to ULA in Note 15 . Included in inventories are capitalized precontract costs of $711 at December 31, 2019 , primarily related to the KC-46A Tanker and Commercial Crew, and $644 at December 31, 2018 primarily related to KC-46A Tanker. See Note 14 . Commercial Aircraft Programs At December 31, 2019 and 2018 , commercial aircraft programs inventory included the following amounts related to the 737 program: $1,313 and $463 of deferred production costs and $521 and $471 of unamortized tooling and other non-recurring costs. At December 31, 2019 , $1,829 of 737 deferred production costs, unamortized tooling and other non-recurring costs are expected to be recovered from units included in the program accounting quantity that have firm orders and $5 is expected to be recovered from units included in the program accounting quantity that represent expected future orders. At December 31, 2019 and 2018 , commercial aircraft programs inventory included the following amounts related to the 777X program: $5,628 and $3,067 of work in process and $2,914 and $2,512 of unamortized tooling and other non-recurring costs. At December 31, 2019 and 2018 , commercial aircraft programs inventory included the following amounts related to the 787 program: $24,772 and $27,852 of work in process (including deferred production costs of $18,716 and $22,967 ), $2,202 and $2,453 of supplier advances, and $2,092 and $2,638 of unamortized tooling and other non-recurring costs. At December 31, 2019 , $14,386 of 787 deferred production costs, unamortized tooling and other non-recurring costs are expected to be recovered from units included in the program accounting quantity that have firm orders and $6,422 is expected to be recovered from units included in the program accounting quantity that represent expected future orders. Commercial aircraft programs inventory included amounts credited in cash or other consideration (early issue sales consideration) to airline customers totaling $2,863 and $2,844 at December 31, 2019 and 2018 . |
Contracts with Customers Contra
Contracts with Customers Contracts with Customers | 12 Months Ended |
Dec. 31, 2019 | |
Contracts with Customers [Abstract] | |
Long-term Contracts or Programs Disclosure | Contracts with Customers Unbilled receivables decreased from $10,025 at December 31, 2018 to $9,043 at December 31, 2019 , primarily driven by timing of billings at BDS and BGS. Advances and progress billings increased from $50,676 at December 31, 2018 to $51,551 at December 31, 2019 , primarily driven by advances on orders received in excess of revenue recognized at BDS, BGS, and BCA . Revenues recognized for the years ended December 31, 2019 and 2018 from amounts recorded as Advances and progress billings at the beginning of each year were $16,778 and $24,737 . Certain commercial airplane customers are experiencing liquidity issues and seeking additional capital. Should these customers fail to address their liquidity issues, accounts receivable, unbilled receivables and certain inventory could become impaired. In addition we would have to remove contracts related to these customers from backlog and remarket any undelivered aircraft. The following table summarizes our contract assets under long-term contracts that were unbillable or related to outstanding claims as of December 31: Unbilled Claims 2019 2018 2019 2018 Current $6,931 $7,178 $9 $1 Expected to be collected after one year 2,112 2,847 14 2 Total $9,043 $10,025 $23 $3 Unbilled receivables related to commercial customer incentives expected to be collected after one year were $211 and $150 at December 31 , 2019 and 2018 . Unbilled receivables related to claims are items that we believe are earned, but are subject to uncertainty concerning their determination or ultimate realization. |
Customer Financing
Customer Financing | 12 Months Ended |
Dec. 31, 2019 | |
Customer Financing [Abstract] | |
Customer Financing | Customer Financing Customer financing primarily relates to our BCC segment. Customer financing consisted of the following at December 31: 2019 2018 Financing receivables: Investment in sales-type/finance leases $1,029 $1,125 Notes 443 730 Total financing receivables 1,472 1,855 Operating lease equipment, at cost, less accumulated depreciation of $235 and $203 834 782 Operating lease incentive 250 Gross customer financing 2,306 2,887 Less allowance for losses on receivables (8 ) (9 ) Total $2,298 $2,878 The components of investment in sales-type/finance leases at December 31 were as follows: 2019 2018 Minimum lease payments receivable $799 $908 Estimated residual value of leased assets 393 425 Unearned income (163 ) (208 ) Total $1,029 $1,125 Operating lease equipment primarily includes large commercial jet aircraft. Financing receivable balances evaluated for impairment at December 31 were as follows: 2019 2018 Individually evaluated for impairment $400 $409 Collectively evaluated for impairment 1,072 1,446 Total financing receivables $1,472 $1,855 We determine a receivable is impaired when, based on current information and events, it is probable that we will be unable to collect amounts due according to the original contractual terms. At December 31, 2019 and 2018 , we individually evaluated for impairment customer financing receivables of $400 and $409 , of which $388 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. Income recognition is generally suspended for financing receivables at the date full recovery of income and principal becomes not probable. Income is recognized when financing receivables become contractually current and performance is demonstrated by the customer . The average recorded investment in impaired financing receivables for the year ended December 31, 2019 was $392 , and the related interest income was insignificant. The change in the allowance for losses on financing receivables for the years ended December 31, 2019, 2018 and 2017 , consisted of the following: 2019 2018 2017 Beginning balance - January 1 ($9 ) ($12 ) ($10 ) Customer financing valuation benefit/(cost) 1 3 (2 ) Ending balance - December 31 ($8 ) ($9 ) ($12 ) Collectively evaluated for impairment ($8 ) ($9 ) ($12 ) The adequacy of the allowance for losses is assessed quarterly. Three primary factors influencing the level of our allowance for losses on customer financing receivables are customer credit ratings, default rates and collateral values. We assign internal credit ratings for all customers and determine the creditworthiness of each customer based upon publicly available information and information obtained directly from our customers. Our rating categories are comparable to those used by the major credit rating agencies. Our financing receivable balances at December 31 by internal credit rating category are shown below: Rating categories 2019 2018 BBB $573 $883 BB 385 430 B 122 135 CCC 392 407 Total carrying value of financing receivables $1,472 $1,855 At December 31, 2019 , our allowance related to receivables with ratings of B, BB and BBB. We applied default rates that averaged 22.1% , 5.3% 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 747-8 and out-of-production aircraft. Generally, out-of-production aircraft have experienced greater collateral value declines than in-production aircraft. The majority of customer financing carrying values are concentrated in the following aircraft models at December 31: 2019 2018 717 Aircraft ($124 and $204 accounted for as operating leases) $736 $918 747-8 Aircraft ($130 and $132 accounted for as operating leases) 475 477 737 Aircraft ($240 and $263 Accounted for as operating leases) 263 290 777 Aircraft ($236 and $60 accounted for as operating leases) 240 68 MD-80 Aircraft (Accounted for as sales-type finance leases) 186 204 757 Aircraft ($22 and $24 accounted for as operating leases) 182 200 747-400 Aircraft ($31 and $45 Accounted for as operating leases) 90 116 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 that experienced liquidity issues. In the first quarter of 2019, we concluded that these lease incentives were impaired and recorded a charge of $250 . Charges related to customer financing asset impairment for the years ended December 31 were as follows: 2019 2018 2017 Boeing Capital $53 $1 $13 Other Boeing 217 38 30 Total $270 $39 $43 Lease income recorded in Revenue on the Consolidated Statements of Operations for the year ended December 31, 2019 included $62 from sales-type/finance leases and $139 from operating leases, of which $8 related to variable operating lease payments. As of December 31, 2019 , undiscounted cash flows for notes receivable, sales-type/finance and operating leases over the next five years and thereafter are as follows: Notes receivable Sales-type/finance leases Operating leases Year 1 $382 $191 $130 Year 2 7 141 103 Year 3 37 127 89 Year 4 17 118 74 Year 5 98 58 Thereafter 124 41 Total lease receipts 443 799 495 Less imputed interest (163 ) Estimated unguaranteed residual values 393 Total $443 $1,029 $495 At December 31, 2019 and December 31, 2018 unguaranteed residual values were $393 and $425 . Guaranteed residual values at December 31, 2019 |
Property, Plant And Equipment
Property, Plant And Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant And Equipment | Property, Plant and Equipment Property, plant and equipment at December 31 consisted of the following: 2019 2018 Land $527 $546 Buildings and land improvements 14,288 14,109 Machinery and equipment 15,723 15,221 Construction in progress 1,306 1,337 Gross property, plant and equipment 31,844 31,213 Less accumulated depreciation (19,342 ) (18,568 ) Total $12,502 $12,645 Depreciation expense was $1,567 , $1,556 and $1,548 for the years ended December 31, 2019, 2018 and 2017 , respectively. Interest capitalized during the years ended December 31, 2019, 2018 and 2017 totaled $83 , $81 and $110 , respectively. During 2019 and 2018 , we acquired $128 and $78 of property, plant and equipment through non-cash investing and financing transactions. Accounts payable related to purchases of property, plant and equipment were $256 and $338 for the years ended December 31, 2019 and 2018 . |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | Investments Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following at December 31: 2019 2018 Equity method investments (1) $1,031 $1,048 Time deposits 50 255 Available for sale debt instruments 405 491 Equity and other investments 65 44 Restricted cash & cash equivalents (2) 86 176 Total $1,637 $2,014 (1) Dividends received were $164 and $325 during 2019 and 2018 . Retained earnings at December 31, 2019 include undistributed earnings from our equity method investments of $156 . (2) Reflects amounts restricted in support of our workers’ compensation programs, employee benefit programs, and insurance premiums. Equity Method Investments Our equity method investments consisted of the following as of December 31: Segment Ownership Percentages Investment Balance 2019 2018 United Launch Alliance BDS 50% $771 $768 Other BCA, BDS, BGS and Other 260 280 Total equity method investments $1,031 $1,048 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Other Assets | Other Assets Sea Launch At December 31, 2019 and 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. The net amounts owed to Boeing by each of the partners are as follows: S.P. Koroley Rocket and Space Corporation Energia of Russia (RSC Energia) – $111 , PO Yuzhnoye Mashinostroitelny Zavod of Ukraine – $89 and KB Yuzhnoye of Ukraine – $44 . In 2013, we filed an action in the United States District Court for the Central District of California seeking reimbursement from the other Sea Launch partners. In 2016, the United States District Court for the Central District of California issued a judgment in favor of Boeing. |
Leases Leases
Leases Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lessee, Operating Leases [Text Block] | Leases Our operating lease assets primarily represent manufacturing and research and development facilities, warehouses, and offices. Total operating lease expense was $326 for the year ended December 31, 2019, of which $55 was attributable to variable lease expenses. For the year ended December 31, 2019, cash payments against operating lease liabilities totaled $277 and non-cash transactions totaled $371 to recognize operating assets and liabilities for new leases. Supplemental Consolidated Statement of Financial Position information related to leases was as follows: December 31 Operating leases: Operating lease right-of-use assets $1,182 Current portion of lease liabilities 252 Non-current portion of lease liabilities 978 Total operating lease liabilities $1,230 Weighted average remaining lease term (years) 9 Weighted average discount rate 3.35 % Maturities of operating lease liabilities for the next five years are as follows: Operating leases 2020 $287 2021 235 2022 194 2023 151 2024 98 Thereafter 609 Total lease payments 1,574 Less imputed interest (344 ) Total $1,230 As of December 31, 2019 , we have entered into an operating lease that has not yet commenced of $160 , primarily related to research and development and manufacturing facilities. This lease will commence in 2020 with a lease term of 15 years. Payments due under operating leases net of sublease amounts and non-cancellable future rentals under ASC 840 as of December 31, 2018 were as follows: Operating leases 2019 $272 2020 232 2021 194 2022 165 2023 126 Thereafter 849 Total lease payments $1,838 |
Liabilities, Commitments And Co
Liabilities, Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Liabilities, Commitments And Contingencies | Liabilities, Commitments and Contingencies Accrued Liabilities Accrued liabilities at December 31 consisted of the following: 2019 2018 Accrued compensation and employee benefit costs $5,582 $6,841 737 MAX customer concessions and other considerations 7,389 Environmental 570 555 Product warranties 1,267 1,127 Forward loss recognition 1,681 1,488 Dividends payable 1,159 1,160 Income taxes payable 670 485 Other 4,550 3,152 Total $22,868 $14,808 737 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 fatal 737 MAX accidents. Non-U.S. civil aviation authorities have issued directives to the same effect. Deliveries of the 737 MAX have been suspended until clearance is granted by the appropriate regulatory authorities. In addition, multiple legal actions have been filed against us as a result of the accidents. We also are fully cooperating with U.S. government investigations related to the accidents and the 737 MAX program, including investigations by the U.S. Department of Justice and the Securities and Exchange Commission. We cannot reasonably estimate a range of loss, if any, not covered by available insurance that may result given the ongoing status of these law suits, investigations and inquiries. We have developed software and pilot training updates for the 737 MAX and continue to work with the FAA and non-U.S. civil aviation authorities to complete remaining steps toward certification and readiness for return to service including addressing their questions on the software updates and how pilots will interact with the airplane controls and displays in different flight scenarios. We have assumed that computer and simulator training will be required and as a result, we have provisioned for certain training costs. Prior to the grounding, the 737 production rate was 52 per month and we had planned to increase the rate to 57 per month during 2019. Beginning in the second quarter of 2019, we reduced the production rate to 42 per month. We have continued to produce at a rate of 42 per month through December 2019, which has resulted in approximately 400 airplanes in inventory as of December 31, 2019. In December 2019, we announced the temporary suspension of 737 MAX production beginning in January 2020 due to a number of factors, including the 737 MAX grounding continuing longer than expected, our decision to prioritize delivery of stored aircraft, and uncertainty about the timing and conditions of return to service and global training approvals. We have assumed that we will resume 737 MAX aircraft production at low rates in 2020 as timing and conditions of return to service are better understood, and then we expect to gradually increase to previously planned production rates over the next few years. We have assumed that regulatory approval will enable 737 MAX deliveries to resume during mid-2020. The cumulative impacts of changes to assumptions regarding timing of return to service and timing of planned production rates and deliveries have increased the estimated costs to produce and deliver aircraft included in the current accounting quantity by approximately $6,300 , which will be recorded in program inventory. This will result in lower 737 program margins in future periods after deliveries resume. In addition, the suspension of 737 MAX production and abnormally low production rates once production resumes will result in approximately $4,000 of abnormal production costs during 2020 and 2021 that will be expensed as incurred. We are working with our customers to minimize the impact to their operations from grounded and undelivered aircraft. During the second quarter of 2019, we recorded an earnings charge (reduction in revenue) and a corresponding liability of $6,110 in connection with estimated potential concessions and other considerations to customers for disruptions related to the 737 MAX grounding and associated delivery delays. We have insurance coverage for up to $500 of costs arising due to grounded aircraft and have received $500 from our insurance carriers, which partially offset the earnings charges. We continue to reassess the liability for estimated potential concessions and other considerations to customers on a quarterly basis, and in the third and fourth quarters of 2019, we recorded additional charges totaling $2,649 . This reassessment includes updating estimates to reflect revised return to service and updated delivery and production rate assumptions, as well as latest information based on engagements with 737 MAX customers. The liability represents our current best estimate of future concessions and other considerations to customers, and is necessarily based on a series of assumptions. The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during 2019. 2019 Beginning balance – January 1 Initial liability recorded in the second quarter of 2019 $6,110 Reductions for payments made (1,237 ) Reductions for concessions and other in-kind considerations (133 ) Changes in estimates 2,649 Ending balance – December 31 $7,389 We have also recorded additional expenses of $328 as a result of the 737 MAX grounding. These expenses include costs related to storage, pilot training and software updates. The FAA and other non-U.S. civil aviation authorities will determine the timing and conditions of return to service. Our assumptions reflect our current best estimate, but actual timing and conditions of return to service and resumption of deliveries could differ from this estimate, the effect of which could be material. We are unable at this time to reasonably estimate potential future additional financial impacts or a range of loss, if any, due to continued uncertainties related to the timing and conditions of return to service, future changes to the production rate, supply chain impacts or the results of negotiations with particular customers. Any such impacts, including any changes in our estimates, could have a material adverse effect on our financial position, results of operations, and/or cash flows. For example, we expect that, in the event that we are unable to resume aircraft deliveries consistent with our assumptions, the continued absence of revenue, earnings, and cash flows associated with 737 MAX deliveries would continue to have the most material impact on our operating results. In the event that future production rate increases occur at a slower rate or take longer than we are currently assuming we expect that the growth in inventory and other cash flow impacts associated with production would decrease. However, while any prolonged production suspension or delays in planned production rate increases could mitigate the impact on our liquidity it could significantly increase the overall expected costs to produce aircraft included in the accounting quantity, which would reduce 737 program margins and/or increase abnormal production costs in the future. 737NG Structure (Pickle Fork) During the third quarter of 2019, we detected cracks in the "pickle forks," a component of the structure connecting the wings to the fuselages, of three 737-800NGs we were converting into freighters. We notified the FAA, which issued a directive requiring that 737NG airplanes with over 30,000 flight cycles be inspected for this condition by October 10, 2019, and that airplanes with over 22,600 flight cycles be inspected over the next 1,000 flight cycles. To date, all airplanes with over 30,000 flight cycles and approximately half of the airplanes with over 22,600 flights cycles have been inspected and this condition has been found on a small percentage of aircraft, and those aircraft will be repaired. A small percentage of airplanes with fewer than 22,600 flight cycles have also been inspected. We have estimated the number of aircraft that will have to be repaired in the future and provisioned for the estimated costs of completing the repairs. We recognized charges of $135 in 2019 for current and projected future aircraft repairs. However, we cannot estimate a range of reasonably possible losses, if any, in excess of amounts recognized due to the ongoing nature of the inspections and repairs and pending the completion of investigations into the cause of the condition. Environmental The following table summarizes environmental remediation activity during the years ended December 31, 2019 and 2018 . 2019 2018 Beginning balance – January 1 $555 $524 Reductions for payments made (47 ) (37 ) Changes in estimates 62 68 Ending balance – December 31 $570 $555 The liabilities recorded represent our best estimate or the low end of a range of reasonably possible costs expected to be incurred to remediate sites, including operation and maintenance over periods of up to 30 years. It is reasonably possible that we may incur charges that exceed these recorded amounts because of regulatory agency orders and directives, changes in laws and/or regulations, higher than expected costs and/or the discovery of new or additional contamination. As part of our estimating process, we develop a range of reasonably possible alternate scenarios that includes the high end of a range of reasonably possible cost estimates for all remediation sites for which we have sufficient information based on our experience and existing laws and regulations. There are some potential remediation obligations where the costs of remediation cannot be reasonably estimated. At December 31, 2019 and 2018 , the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $1,077 and $796 . Product Warranties The following table summarizes product warranty activity recorded during the years ended December 31, 2019 and 2018 . 2019 2018 Beginning balance – January 1 $1,127 $1,211 Additions for current year deliveries 188 232 Reductions for payments made (249 ) (193 ) Changes in estimates 201 (123 ) Ending balance – December 31 $1,267 $1,127 Commercial Aircraft Commitments In conjunction with signing definitive agreements for the sale of new aircraft (Sale Aircraft), we have entered into trade-in commitments with certain customers that give them the right to trade in used aircraft at a specified price upon the purchase of Sale Aircraft. The probability that trade-in commitments will be exercised is determined by using both quantitative information from valuation sources and qualitative information from other sources. The probability of exercise is assessed quarterly, or as events trigger a change, and takes into consideration the current economic and airline industry environments. Trade-in commitments, which can be terminated by mutual consent with the customer, may be exercised only during the period specified in the agreement, and require advance notice by the customer. Trade-in commitment agreements at December 31, 2019 have expiration dates from 2020 through 2026 . At December 31, 2019 and 2018 , total contractual trade-in commitments were $1,407 and $1,519 . As of December 31, 2019 and 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 $711 and $522 and the fair value of the related trade-in aircraft was $678 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 $13,377 and $19,462 as of December 31, 2019 and 2018 . The estimated earliest potential funding dates for these commitments as of December 31, 2019 are as follows: Total 2020 $3,506 2021 2,981 2022 1,343 2023 2,163 2024 1,407 Thereafter 1,977 $13,377 As of December 31, 2019 , all of these financing commitments relate to customers we believe have less than investment-grade credit. We have concluded that no reserve for future potential losses is required for these financing commitments based upon the terms, such as collateralization and interest rates, under which funding would be provided. Funding Commitments We have commitments to make additional capital contributions of $246 to joint ventures over the next eight years. Standby Letters of Credit and Surety Bonds We have entered into standby letters of credit and surety bonds with financial institutions primarily relating to the guarantee of our future performance on certain contracts. Contingent liabilities on outstanding letters of credit agreements and surety bonds aggregated approximately $3,769 and $3,761 as of December 31, 2019 and 2018 . Company Owned Life Insurance McDonnell Douglas Corporation insured its executives with Company Owned Life Insurance (COLI), which are life insurance policies with a cash surrender value. Although we do not use COLI currently, these obligations from the merger with McDonnell Douglas are still a commitment at this time. We have loans in place to cover costs paid or incurred to carry the underlying life insurance policies. As of December 31, 2019 and 2018 , the cash surrender value was $448 and $466 and the total loans were $431 and $447 . As we have the right to offset the loans against the cash surrender value of the policies, we present the net asset in Other assets on the Consolidated Statements of Financial Position as of December 31, 2019 and 2018 . United States Government Defense Environment Overview The Bipartisan Budget Act of 2019 raised the Budget Control Act limits on federal discretionary defense and non-defense spending for fiscal years 2020 and 2021 (FY20 and FY21), reducing budget uncertainty and the risk of sequestration. The consolidated appropriations acts for FY20, enacted in December 2019, provided FY20 appropriations for government departments and agencies, including the United States Department of Defense (U.S. DoD), the National Aeronautics and Space Administration (NASA) and the FAA. The enacted FY20 appropriations included funding for Boeing’s major programs, such as the F/A-18 Super Hornet, F-15EX, CH-47 Chinook, AH-64 Apache, V-22 Osprey, KC-46A Tanker, P-8 Poseidon and Space Launch System. However, there continues to be uncertainty with respect to future program-level appropriations for the U.S. DoD and other government agencies, including NASA. Future budget cuts or investment priority changes, including changes associated with the authorizations and appropriations process, could result in reductions, cancellations and/or delays of existing contracts or programs. Any of these impacts could have a material effect on our results of 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, KC-46A Tanker, T-7A Red Hawk (formerly T-X Trainer), VC-25B Presidential Aircraft, MQ-25, 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 of $148 on KC-46A Tanker and $489 on Commercial Crew in 2019. Moreover, our fixed-price development programs remain subject to additional reach-forward losses if we experience further production, 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 and involves highly complex designs and systems integration. Since 2016, the USAF has authorized five low rate initial production (LRIP) lots for a total of 67 aircraft. The EMD contract and authorized LRIP lots are valued at approximately $15 billion . At December 31, 2019 , we had approximately $331 of capitalized precontract costs and $225 of potential termination liabilities to suppliers. Recoverable Costs on Government Contracts Our final incurred costs for each year are subject to audit and review for allowability by the U.S. government, which can result in payment demands related to costs they believe should be disallowed. We work with the U.S. government to assess the merits of claims and where appropriate reserve for amounts disputed. If we are unable to satisfactorily resolve disputed costs, we could be required to record an earnings charge and/or provide refunds to the U.S. government. |
Arrangements With Off-Balance S
Arrangements With Off-Balance Sheet Risk | 12 Months Ended |
Dec. 31, 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 Estimated Proceeds from Collateral/ Recourse Carrying Amount of Liabilities December 31, 2019 2018 2019 2018 2019 2018 Contingent repurchase commitments $1,570 $1,685 $1,570 $1,685 Indemnifications to ULA: Contributed Delta inventory 30 52 Inventory supply agreement 34 85 Questioned costs 317 317 $48 Credit guarantees 92 106 36 51 16 $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 7 . ULA has yet to consume $30 of contributed inventory. 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 parties have since agreed to engage in alternative dispute resolution, and the court has stayed the litigation pending that process. 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 up to $269 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 14 . Credit Guarantees We have issued credit guarantees where we are obligated to make payments to a guaranteed party in the event that the original lessee or debtor does not make payments or perform certain specified services. Generally, these guarantees have been extended on behalf of guaranteed parties with less than investment-grade credit and are collateralized by certain assets. Current outstanding credit guarantees expire through 2036 . Industrial Revenue Bonds Industrial Revenue Bonds (IRB) issued by St. Louis County were used to finance the purchase and/or construction of real and personal property at our St. Louis site. Tax benefits associated with IRBs include a twelve-year property tax abatement and sales tax exemption from St. Louis County. We record these properties on our Consolidated Statements of Financial Position. We have also purchased the IRBs and therefore are the bondholders as well as the borrower/lessee of the properties purchased with the IRB proceeds. The liabilities and IRB assets are equal and are reported net in the Consolidated Statements of Financial Position. As of December 31, 2019 and 2018 , the assets and liabilities associated with the IRBs were $271 . |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt In the first quarter of 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 3.2% , $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 , after deducting underwriting discounts, commissions and offering expenses. In the second quarter of 2019, we issued $3,500 of fixed rate senior notes consisting of $600 due May 1, 2022 that bear an annual interest rate of 2.7% , $650 due May 1, 2026 that bear an annual interest rate of 3.1% , $600 due March 1, 2029 that bear an annual interest rate of 3.2% , $850 due May 1, 2034 that bear an annual interest rate of 3.6% , and $800 due May 1, 2049 that bear an annual interest rate of 3.9% . 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 $3,454 , after deducting underwriting discounts, commissions and offering expenses. In the third quarter of 2019, we issued $5,500 of fixed rate senior notes consisting of $750 due August 1, 2021 that bear an annual interest rate of 2.3% , $1,000 due February 1, 2027 that bear an annual interest rate of 2.7% , $750 due February 1, 2030 that bear an annual interest rate of 2.95% , $750 due February 1, 2035 that bear an annual interest rate of 3.25% , $1,250 due February 1, 2050 that bear an annual interest rate of 3.75% , and $1,000 due August 1, 2059 that bear an annual interest rate of 3.95% . 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 $5,442 , after deducting underwriting discounts, commissions and offering expenses. Interest incurred, including amounts capitalized, was $867 , $624 and $541 for the years ended December 31, 2019, 2018 and 2017 , respectively. Interest expense recorded by BCC is reflected as Boeing Capital interest expense on our Consolidated Statements of Operations. Total Company interest payments were $973 , $616 and $527 for the years ended December 31, 2019, 2018 and 2017 , respectively. We have $9,600 currently available under credit line agreements, of which $3,200 is a 364-day revolving credit facility expiring in October 2020 , $3,200 expires in October 2022 , and $3,200 expires in October 2024 . The 364-day credit facility has a one-year term out option which allows us to extend the maturity of any borrowings one year beyond the aforementioned expiration date. We continue to be in full compliance with all covenants contained in our debt or credit facility agreements. Short-term debt and current portion of long-term debt at December 31 consisted of the following: 2019 2018 Unsecured debt securities $1,099 $1,151 Non-recourse debt and notes 21 25 Finance lease obligations 71 57 Commercial paper 6,109 1,895 Other notes 40 62 Total $7,340 $3,190 Debt at December 31 consisted of the following: 2019 2018 Unsecured debt securities 1.65% - 4.88% due through 2059 $17,404 $7,538 5.80% - 6.88% due through 2043 1,740 2,388 7.25% - 8.75% due through 2043 1,639 1,638 Commercial paper 6,109 1,895 Non-recourse debt and notes 6.98% notes due through 2021 37 62 Finance lease obligations due through 2044 229 156 Other notes 144 170 Total debt $27,302 $13,847 At December 31, 2019 and 2018 , commercial paper borrowings totaling $6,109 and $1,895 , with a weighted-average interest rate of 2.2% and 2.5% , were supported by unused commitments under the revolving credit agreement. Total debt at December 31 is attributable to: 2019 2018 BCC $1,960 $2,487 Other Boeing 25,342 11,360 Total debt $27,302 $13,847 At December 31, 2019 , $37 of debt (non-recourse debt) was collateralized by customer financing assets totaling $186 . Scheduled principal payments for debt and minimum finance lease obligations for the next five years are as follows: 2020 2021 2022 2023 2024 Debt $7,306 $1,484 $1,214 $780 $1,000 Minimum finance lease obligations $71 $56 $42 $20 $6 |
Postretirement Plans
Postretirement Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits, Description [Abstract] | |
Postretirement Plans | Postretirement Plans The majority of our employees have earned benefits under defined benefit pension plans. Nonunion and the majority of union employees that had participated in defined benefit pension plans transitioned to a company-funded defined contribution retirement savings plan in 2016. Additional union employees transitioned to company-funded defined contribution retirement savings plans effective January 1, 2019. We fund our major pension plans through trusts. Pension assets are placed in trust solely for the benefit of the plans’ participants, and are structured to maintain liquidity that is sufficient to pay benefit obligations as well as to keep pace over the long-term with the growth of obligations for future benefit payments. We also have other postretirement benefits (OPB) other than pensions which consist principally of health care coverage for eligible retirees and qualifying dependents, and to a lesser extent, life insurance to certain groups of retirees. Retiree health care is provided principally until age 65 for approximately two-thirds of those participants who are eligible for health care coverage. Certain employee groups, including employees covered by most United Auto Workers bargaining agreements, are provided lifetime health care coverage. The funded status of the plans is measured as the difference between the plan assets at fair value and the projected benefit obligation (PBO). We have recognized the aggregate of all overfunded plans in Other assets, and the aggregate of all underfunded plans in either Accrued retiree health care or Accrued pension plan liability, net. The portion of the amount by which the actuarial present value of benefits included in the PBO exceeds the fair value of plan assets, payable in the next 12 months, is reflected in Accrued liabilities. The components of net periodic benefit (income)/cost were as follows: Pension Other Postretirement Benefits Years ended December 31, 2019 2018 2017 2019 2018 2017 Service cost $2 $430 $402 $77 $94 $106 Interest cost 2,925 2,781 2,991 196 194 229 Expected return on plan assets (3,863 ) (4,009 ) (3,847 ) (8 ) (8 ) (7 ) Amortization of prior service credits (79 ) (56 ) (39 ) (35 ) (126 ) (137 ) Recognized net actuarial loss/(gain) 643 1,130 804 (46 ) (10 ) 10 Settlement/curtailment/other losses 44 1 Net periodic benefit (income)/cost ($372 ) $320 $312 $184 $144 $201 Net periodic benefit cost included in (Loss)/earnings from operations $313 $313 $510 $88 $84 $107 Net periodic benefit (income)/cost included in Other income, net (374 ) (143 ) (117 ) 107 101 123 Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes ($61 ) $170 $393 $195 $185 $230 The following tables show changes in the benefit obligation, plan assets and funded status of both pensions and OPB for the years ended December 31, 2019 and 2018 . Benefit obligation balances presented below reflect the PBO for our pension plans, and accumulated postretirement benefit obligations (APBO) for our OPB plans. Pension Other Postretirement Benefits 2019 2018 2019 2018 Change in benefit obligation Beginning balance $71,424 $80,393 $5,114 $6,085 Service cost 2 430 77 94 Interest cost 2,925 2,781 196 194 Amendments (377 ) 1 (58 ) Actuarial (gain)/loss 8,695 (6,352 ) 127 (732 ) Settlement/curtailment/other (756 ) (730 ) Gross benefits paid (4,658 ) (4,700 ) (474 ) (487 ) Subsidies 36 24 Exchange rate adjustment 13 (21 ) 3 (6 ) Ending balance $77,645 $71,424 $5,080 $5,114 Change in plan assets Beginning balance at fair value $56,102 $64,011 $132 $143 Actual return on plan assets 10,851 (2,585 ) 26 (3 ) Company contribution 16 16 1 2 Plan participants’ contributions 6 7 Settlement payments (756 ) (764 ) Benefits paid (4,514 ) (4,557 ) (16 ) (17 ) Exchange rate adjustment 12 (19 ) Ending balance at fair value $61,711 $56,102 $149 $132 Amounts recognized in statement of financial position at December 31 consist of: Other assets $484 $138 Other accrued liabilities (142 ) (137 ) ($391 ) ($398 ) Accrued retiree health care (4,540 ) (4,584 ) Accrued pension plan liability, net (16,276 ) (15,323 ) Net amount recognized ($15,934 ) ($15,322 ) ($4,931 ) ($4,982 ) Amounts recognized in Accumulated other comprehensive loss at December 31 were as follows: Pension Other Postretirement Benefits 2019 2018 2019 2018 Net actuarial loss/(gain) $23,124 $22,061 ($625 ) ($783 ) Prior service credits (1,467 ) (1,546 ) (122 ) (158 ) Total recognized in Accumulated other comprehensive loss $21,657 $20,515 ($747 ) ($941 ) The accumulated benefit obligation (ABO) for all pension plans was $75,787 and $69,376 at December 31, 2019 and 2018 . Key information for our plans with ABO and PBO in excess of plan assets as of December 31 was as follows: 2019 2018 Accumulated benefit obligation $70,466 $66,306 Fair value of plan assets 55,907 52,894 2019 2018 Projected benefit obligation $72,325 $68,354 Fair value of plan assets 55,907 52,894 Assumptions The following assumptions, which are the weighted average for all plans, are used to calculate the benefit obligation at December 31 of each year and the net periodic benefit cost for the subsequent year. December 31, 2019 2018 2017 Discount rate: Pension 3.30 % 4.20 % 3.60 % Other postretirement benefits 3.00 % 4.00 % 3.30 % Expected return on plan assets 6.80 % 6.80 % 6.80 % Rate of compensation increase 4.30 % 5.30 % 5.30 % Interest crediting rates for cash balance plans 5.15 % 5.15 % 5.15 % The discount rate for each plan is determined based on the plans’ expected future benefit payments using a yield curve developed from high quality bonds that are rated as Aa or better by at least half of the four rating agencies utilized as of the measurement date. The yield curve is fitted to yields developed from bonds at various maturity points. Bonds with the ten percent highest and the ten percent lowest yields are omitted. The present value of each plan’s benefits is calculated by applying the discount rates to projected benefit cash flows. The pension fund’s expected return on plan assets assumption is derived from a review of actual historical returns achieved by the pension trust and anticipated future long-term performance of individual asset classes. While consideration is given to recent trust performance and historical returns, the assumption represents a long-term, prospective return. The expected return on plan assets component of the net periodic benefit cost for the upcoming plan year is determined based on the expected return on plan assets assumption and the market-related value of plan assets (MRVA). Since our adoption of the accounting standard for pensions in 1987, we have determined the MRVA based on a five -year moving average of plan assets. As of December 31, 2019 , the MRVA was approximately $3,674 less than the fair market value of assets. Assumed health care cost trend rates were as follows: December 31, 2019 2018 2017 Health care cost trend rate assumed next year 5.00 % 5.50 % 6.00 % Ultimate trend rate 4.50 % 4.50 % 4.50 % Year that trend reached ultimate rate 2021 2021 2021 Plan Assets Investment Strategy The overall objective of our pension assets is to earn a rate of return over time to satisfy the benefit obligations of the pension plans and to maintain sufficient liquidity to pay benefits and address other cash requirements of the pension fund. Specific investment objectives for our long-term investment strategy include reducing the volatility of pension assets relative to pension liabilities, achieving a competitive total investment return, achieving diversification between and within asset classes and managing other risks. Investment objectives for each asset class are determined based on specific risks and investment opportunities identified. We periodically update our long-term, strategic asset allocations. We use various analytics to determine the optimal asset mix and consider plan liability characteristics, liquidity characteristics, funding requirements, expected rates of return and the distribution of returns. We identify investment benchmarks to evaluate performance for the asset classes in the strategic asset allocation that are market-based and investable where possible. Actual allocations to each asset class vary from target allocations due to periodic investment strategy changes, market value fluctuations, the length of time it takes to fully implement investment allocation positions, and the timing of benefit payments and contributions. Short-term investments and exchange-traded derivatives are used to rebalance the actual asset allocation to the target asset allocation. The asset allocation is monitored and rebalanced periodically. The actual and target allocations by asset class for the pension assets at December 31 were as follows: Actual Allocations Target Allocations Asset Class 2019 2018 2019 2018 Fixed income 49 % 48 % 47 % 47 % Global equity 29 28 29 29 Private equity 5 5 5 5 Real estate and real assets 8 9 9 9 Hedge funds 9 10 10 10 Total 100 % 100 % 100 % 100 % Fixed income securities are invested primarily in a diversified portfolio of long duration instruments. Global equity securities are invested in a diversified portfolio of U.S. and non-U.S. companies, across various industries and market capitalizations. Private equity investment vehicles are primarily limited partnerships (LPs) that mainly invest in U.S. and non-U.S. leveraged buyout, venture capital and special situation strategies. Real estate and real assets include global private investments that may be held through an investment in a limited partnership (LP) or other fund structures and publicly traded investments (such as Real Estate Investment Trusts (REITs) in the case of real estate). Real estate includes, but is not limited to, investments in office, retail, apartment and industrial properties. Real assets include, but are not limited to, investments in natural resources (such as energy, farmland and timber), commodities and infrastructure. Hedge fund investments seek to capitalize on inefficiencies identified across and within different asset classes or markets. Hedge fund strategy types include, but are not limited to directional, event driven, relative value, long-short and multi-strategy. Investment managers are retained for explicit investment roles specified by contractual investment guidelines. Certain investment managers are authorized to use derivatives, such as equity or bond futures, swaps, options and currency futures or forwards. Derivatives are used to achieve the desired market exposure of a security or an index, transfer value-added performance between asset classes, achieve the desired currency exposure, adjust portfolio duration or rebalance the total portfolio to the target asset allocation. As a percentage of total pension assets, derivative net notional amounts were 4.3% and 4.4% for fixed income, including to-be-announced mortgage-backed securities and treasury forwards, and 3.6% and 5.5% for global equity and commodities at December 31, 2019 and 2018 . Risk Management In managing the pension assets, we review and manage risk associated with funded status risk, interest rate risk, market risk, counterparty risk, liquidity risk and operational risk. Liability matching and asset class diversification are central to our risk management approach and are integral to the overall investment strategy. Further, asset classes are constructed to achieve diversification by investment strategy, by investment manager, by industry or sector and by holding. Investment manager guidelines for publicly traded assets are specified and are monitored regularly through the custodian. Credit parameters for counterparties have been established for managers permitted to trade over-the-counter derivatives. Valuation is governed through several types of procedures, including reviews of manager valuation policies, custodian valuation processes, pricing vendor practices, pricing reconciliation, and periodic, security-specific valuation testing . Fair Value Measurements The following table presents our plan assets using the fair value hierarchy as of December 31, 2019 and 2018 . The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs. December 31, 2019 December 31, 2018 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Fixed income securities: Corporate $19,341 $19,336 $5 $17,481 $17,479 $2 U.S. government and agencies 5,759 5,759 5,589 5,589 Mortgage backed and asset backed 1,181 720 461 722 410 312 Municipal 1,317 1,317 1,255 1,255 Sovereign 1,076 1,076 967 967 Other 55 $7 48 106 $53 53 Derivatives: Assets Liabilities (143 ) (143 ) (51 ) (51 ) Cash equivalents and other short-term investments 769 769 1,068 1,068 Equity securities: U.S. common and preferred stock 4,866 4,866 3,744 3,744 Non-U.S. common and preferred stock 5,529 5,527 2 4,850 4,846 4 Derivatives: Assets 6 6 3 3 Liabilities (5 ) (5 ) (9 ) (9 ) Real estate and real assets: Real estate 454 454 422 422 Real assets 810 649 157 4 659 311 344 4 Derivatives: Assets 5 1 4 4 4 Liabilities (2 ) (2 ) (17 ) (1 ) (16 ) Total $41,018 $11,504 $29,042 $472 $36,793 $9,375 $27,100 $318 Fixed income common/collective/pooled funds $959 $938 Fixed income other 512 442 Equity common/collective pooled funds 6,301 5,264 Private equity 3,184 2,934 Real estate and real assets 3,605 3,792 Hedge funds 5,688 5,484 Total investments measured at NAV as a practical expedient $20,249 $18,854 Cash $207 $205 Receivables 383 404 Payables (146 ) (154 ) Total $61,711 $56,102 Fixed income securities are primarily valued upon a market approach, using matrix pricing and considering a security’s relationship to other securities for which quoted prices in an active market may be available, or an income approach, converting future cash flows to a single present value amount. Inputs used in developing fair value estimates include reported trades, broker quotes, benchmark yields, and base spreads. Common/collective/pooled funds are typically common or collective trusts valued at their net asset values (NAVs) that are calculated by the investment manager or sponsor of the fund and have daily or monthly liquidity. Derivatives included in the table above are over-the-counter and are primarily valued using an income approach with inputs that include benchmark yields, swap curves, cash flow analysis, rating agency data and interdealer broker rates. Exchange-traded derivative positions are reported in accordance with changes in daily variation margin which is settled daily and therefore reflected in the payables and receivables portion of the table. Cash equivalents and other short-term investments (which are used to pay benefits) are held in a separate account which consists of a commingled fund (with daily liquidity) and separately held short-term securities and cash equivalents. All of the investments in this cash vehicle are valued daily using a market approach with inputs that include quoted market prices for similar instruments. In the event a market price is not available for instruments with an original maturity of one year or less, amortized cost is used as a proxy for fair value. Common and preferred stock equity securities are primarily valued using a market approach based on the quoted market prices of identical instruments. Private equity and private debt NAV valuations are based on the valuation of the underlying investments, which include inputs such as cost, operating results, discounted future cash flows and market based comparable data. For those investments reported on a one-quarter lagged basis (primarily LPs) we use NAVs, adjusted for subsequent cash flows and significant events. Real estate and real asset NAV valuations are based on valuation of the underlying investments, which include inputs such as cost, discounted future cash flows, independent appraisals and market based comparable data. For those investments reported on a one-quarter lagged basis (primarily LPs) NAVs are adjusted for subsequent cash flows and significant events. Publicly traded REITs and infrastructure stocks are valued using a market approach based on quoted market prices of identical instruments. Exchange-traded commodities futures positions are reported in accordance with changes in daily variation margin which is settled daily and therefore reflected in the payables and receivables portion of the table. Hedge fund NAVs are generally based on the valuation of the underlying investments. This is primarily done by applying a market or income valuation methodology depending on the specific type of security or instrument held. Investments in private equity, private debt, real estate, real assets, and hedge funds are primarily calculated and reported by the General Partner (GP), fund manager or third party administrator. Additionally, some investments in fixed income and equity are made via commingled vehicles and are valued in a similar fashion. Pension assets invested in commingled and limited partnership structures rely on the NAV of these investments as the practical expedient for the valuations. The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2019 and 2018 . Transfers into and out of Level 3 are reported at the beginning-of-year values. January 1 Net Realized and Unrealized Gains/(Losses) Net Purchases, Issuances and Settlements Net Transfers Into/(Out of) Level 3 December 31 Fixed income securities: Corporate $2 $3 $5 Mortgage backed and asset backed 312 $11 137 $1 461 Equity securities: Non-U.S. common and preferred stock 1 1 2 Real assets 4 4 Total $318 $11 $141 $2 $472 January 1 Net Realized and Unrealized Gains/(Losses) Net Purchases, Issuances and Settlements Net Transfers Into/(Out of) Level 3 December 31 Fixed income securities: Corporate $2 $2 Mortgage backed and asset backed 310 ($3 ) $3 $2 312 Real assets 3 1 4 Total $315 ($3 ) $3 $3 $318 The changes in unrealized gains/(losses) for Level 3 mortgage backed and asset backed fixed income securities still held at December 31, 2019 and 2018 were a gain of $10 and a loss of $4 . The changes in unrealized losses for Level 3 non-U.S. common and preferred stock equity securities still held at December 31, 2019 and 2018 were $1 and $0 . OPB Plan Assets The majority of OPB plan assets are invested in a balanced index fund which is comprised of approximately 60% equities and 40% debt securities. The index fund is valued using a market approach based on the quoted market price of an identical instrument (Level 1). The expected rate of return on these assets does not have a material effect on the net periodic benefit cost. Cash Flows Contributions Required pension contributions under the Employee Retirement Income Security Act ( ERISA ), as well as rules governing funding of our non-US pension plans, are not expected to be significant in 2020 . We do not expect to make discretionary contributions to our pension plans in 2020 . Estimated Future Benefit Payments The table below reflects the total pension benefits expected to be paid from the plans or from our assets, including both our share of the benefit cost and the participants’ share of the cost, which is funded by participant contributions. OPB payments reflect our portion only. Year(s) 2020 2021 2022 2023 2024 2025-2029 Pensions $4,838 $4,808 $4,744 $4,650 $4,608 $21,757 Other postretirement benefits: Gross benefits paid 479 470 462 450 435 1,867 Subsidies (18 ) (18 ) (18 ) (18 ) (18 ) (93 ) Net other postretirement benefits $461 $452 $444 $432 $417 $1,774 Termination Provisions Certain of the pension plans provide that, in the event there is a change in control of the Company which is not approved by the Board of Directors and the plans are terminated within five years thereafter, the assets in the plan first will be used to provide the level of retirement benefits required by ERISA , and then any surplus will be used to fund a trust to continue present and future payments under the postretirement medical and life insurance benefits in our group insurance benefit programs. Should we terminate certain pension plans under conditions in which the plan’s assets exceed that plan’s obligations, the U.S. government will be entitled to a fair allocation of any of the plan’s assets based on plan contributions that were reimbursed under U.S. government contracts. Defined Contribution Plans We provide certain defined contribution plans to all eligible employees. The principal plans are the Company-sponsored 401(k) plans. The expense for these defined contribution plans was $1,533 , $1,480 and $1,522 in 2019, 2018 and 2017 , respectively. |
Share-Based Compensation And Ot
Share-Based Compensation And Other Compensation Arrangements | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation And Other Compensation Arrangements | Share-Based Compensation and Other Compensation Arrangements Share-Based Compensation Our 2003 Incentive Stock Plan, as amended and restated, permits awards of incentive and non-qualified stock options, stock appreciation rights, restricted stock or units, performance shares, performance restricted stock or units, performance units and other stock and cash-based awards to our employees, officers, directors, consultants, and independent contractors. The aggregate number of shares of our stock authorized for issuance under the plan is 87,000,000 . Shares issued as a result of stock option exercises or conversion of stock unit awards will be funded out of treasury shares, except to the extent there are insufficient treasury shares, in which case new shares will be issued. We believe we currently have adequate treasury shares to satisfy these issuances during 2020 . Share-based plans expense is primarily included in General and administrative expense since it is incentive compensation issued primarily to our executives. The share-based plans expense and related income tax benefit were as follows: Years ended December 31, 2019 2018 2017 Restricted stock units and other awards $217 $213 $212 Income tax benefit $47 $46 $46 Stock Options We discontinued granting options in 2014, replacing them with performance-based restricted stock units. Options granted through January 2014 had an exercise price equal to the fair market value of our stock on the date of grant and expire ten years after the date of grant. The stock options vested over a period of three years and were fully vested as of December 31, 2017. Stock option activity for the year ended December 31, 2019 is as follows: Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Number of shares under option: Outstanding at beginning of year 3,252,083 $72.47 Exercised (870,821) 66.16 Expired (5,679) 69.23 Outstanding at end of year 2,375,583 $74.79 2.44 $596 Exercisable at end of year 2,375,583 $74.79 2.44 $596 The total intrinsic value of options exercised during the years ended December 31, 2019, 2018 and 2017 was $279 , $320 and $491 , with a related tax benefit of $61 , $70 and $175 , respectively. No options vested during the years ended December 31, 2019, 2018 and 2017. Restricted Stock Units In February 2019, 2018 and 2017 , we granted to our executives 233,582 , 260,730 and 523,835 restricted stock units (RSUs) as part of our long-term incentive program with grant date fair values of $428.22 , $361.13 and $178.72 per unit, respectively. The RSUs granted under this program will vest and settle in common stock (on a one-for-one basis) on the third anniversary of the grant date. If an executive terminates employment because of retirement, involuntary layoff, disability, or death, the employee (or beneficiary) will receive a proration of stock units based on active employment during the three-year service period. In all other cases, the RSUs will not vest and all rights to the stock units will terminate. In addition to RSUs awarded under our long-term incentive program, we grant RSUs to certain executives and employees to encourage retention or to reward various achievements. These RSUs are labeled other RSUs in the table below. The fair values of all RSUs are estimated using the average of the high and low stock prices on the date of grant. RSU activity for the year ended December 31, 2019 was as follows: Long-Term Incentive Program Other Number of units: Outstanding at beginning of year 1,322,251 984,235 Granted 259,791 247,673 Dividends 22,571 20,576 Forfeited (73,591 ) (121,344 ) Distributed (625,997 ) (222,819 ) Outstanding at end of year 905,025 908,321 Unrecognized compensation cost $102 $132 Weighted average remaining contractual life (years) 1.8 2.6 The number of vested but undistributed RSUs at December 31, 2019 was not significant. Performance-Based Restricted Stock Units Performance-Based Restricted Stock Units (PBRSUs) are stock units that pay out based on the Company’s total shareholder return as compared to a group of peer companies over a three-year period. The award payout can range from 0% to 200% of the initial PBRSU grant. PBRSUs granted in February 2017 and 2016 will not exceed 400% of the initial value (excluding dividend equivalent credits). The PBRSUs granted under this program will vest at the payout amount and settle in common stock (on a one-for-one basis) on the third anniversary of the grant date. If an executive terminates employment because of retirement, involuntary layoff, disability, or death, the employee (or beneficiary) remains eligible under the award and, if the award is earned, will receive a proration of stock units based on active employment during the three-year service period. In all other cases, the PBRSUs will not vest and all rights to the stock units will terminate. In February 2019, 2018 and 2017 , we granted to our executives 214,651 , 241,284 and 492,273 PBRSUs as part of our long-term incentive program. Compensation expense for the award is recognized over the three-year performance period based upon the grant date fair value. The grant date fair values were estimated using a Monte-Carlo simulation model with the assumptions presented below. The model includes no expected dividend yield as the units earn dividend equivalents. Grant Year Grant Date Performance Period Expected Volatility Risk Free Interest Rate Grant Date Fair Value 2019 2/25/2019 3 years 23.88 % 2.46 % $466.04 2018 2/26/2018 3 years 22.11 % 2.36 % 390.27 2017 2/27/2017 3 years 21.37 % 1.46 % 190.17 PBRSU activity for the year ended December 31, 2019 was as follows: Long-Term Incentive Program Number of units: Outstanding at beginning of year 1,268,667 Granted 214,651 Performance based adjustment (1) 115,613 Dividends 65,042 Forfeited (60,755 ) Distributed (777,092 ) Outstanding at end of year 826,126 Unrecognized compensation cost $91 Weighted average remaining contractual life (years) 1.8 (1) Represents net incremental number of units issued at vesting based on TSR for units granted in 2016 Other Compensation Arrangements Performance Awards Performance Awards are cash units that pay out based on the achievement of long-term financial goals at the end of a three-year period. Each unit has an initial value of $100 dollars. The amount payable at the end of the three-year performance period may be anywhere from $0 to $200 dollars per unit, depending on the Company’s performance against plan for a three-year period. The Compensation Committee has the discretion to pay these awards in cash, stock, or a combination of both after the three-year performance period. Compensation expense, based on the estimated performance payout, is recognized ratably over the performance period. During 2019, 2018 and 2017 , we granted Performance Awards to our executives as part of our long-term incentive program with the payout based on the achievement of financial goals for each three-year period following the grant date. The minimum payout amount is $0 and the maximum amount we could be required to pay out for the 2019, 2018 and 2017 Performance Awards is $392 , $355 and $325 , respectively. Deferred Compensation The Company has deferred compensation plans which permit employees to defer a portion of their salary, bonus, certain other incentive awards, and retirement contributions. Participants can diversify these amounts among 22 investment funds including a Boeing stock unit account. Total expense related to deferred compensation was $174 , $19 and $240 in 2019, 2018 and 2017 , respectively. As of December 31, 2019 and 2018 , the deferred compensation liability which is being marked to market was $1,779 and $1,572 . |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders’ Equity On December 17, 2018 , the Board approved a repurchase plan for up to $20,000 of common stock. Share repurchases under this plan are currently suspended. The program will expire when we have used all authorized funds or is otherwise terminated. As of December 31, 2019 and 2018 , there were 1,200,000,000 shares of common stock and 20,000,000 shares of preferred stock authorized. No preferred stock has been issued. Changes in Share Balances The following table shows changes in each class of shares: Common Stock Treasury Stock Balance at January 1, 2017 1,012,261,159 395,109,568 Issued (20,746,426 ) Acquired 46,859,184 Balance at December 31, 2017 1,012,261,159 421,222,326 Issued (3,409,330 ) Acquired 26,806,974 Balance at December 31, 2018 1,012,261,159 444,619,970 Issued (2,797,002 ) Acquired 7,529,437 Balance at December 31, 2019 1,012,261,159 449,352,405 Accumulated Other Comprehensive Loss Changes in Accumulated other comprehensive loss (AOCI) by component for the years ended December 31, 2019 , 2018 and 2017 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, 2017 ($143 ) ($2 ) ($127 ) ($13,351 ) ($13,623 ) Other comprehensive (loss)/income before reclassifications 128 1 119 (478 ) (230 ) Amounts reclassified from AOCI 52 425 (2) 477 Net current period Other comprehensive (loss)/income 128 1 171 (53 ) 247 Impact of ASU 2018-02 (1 ) 10 (3,006 ) (2,997 ) Balance at December 31, 2017 ($15 ) ($2 ) $54 ($16,410 ) ($16,373 ) Other comprehensive income/(loss) before reclassifications (86 ) 2 (146 ) 747 517 Amounts reclassified from AOCI 30 743 (2) 773 Net current period Other comprehensive income/(loss) (86 ) 2 (116 ) 1,490 1,290 Balance at December 31, 2018 ($101 ) $— ($62 ) ($14,920 ) ($15,083 ) Other comprehensive (loss)/income before reclassifications (27 ) 1 (48 ) (1,397 ) (1,471 ) Amounts reclassified from AOCI 26 375 (2) 401 Net current period Other comprehensive (loss)/income (27 ) 1 (22 ) (1,022 ) (1,070 ) Balance at December 31, 2019 ($128 ) $1 ($84 ) ($15,942 ) ($16,153 ) (1) Net of tax. (2) Primarily relates to amortization of actuarial losses for the years ended December 31, 2019 , 2018 , and 2017 totaling $464 , $878 , and $542 (net of tax of ($133) , ($242) , and ($272) ), respectively. These are included in the net periodic pension cost. See Note 17 . |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Derivative Instruments [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 2025 . 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. As of December 31, 2019 , there are no fair value hedges reported on the Consolidated Statements of Financial Position. Derivative Instruments Not Receiving Hedge Accounting Treatment We have entered into agreements to purchase and sell aluminum to address long-term strategic sourcing objectives and non-U.S. business requirements. These agreements are derivative instruments for accounting purposes. The quantities of aluminum in these agreements offset and are priced at prevailing market prices. We also hold certain foreign currency forward contracts which do not qualify for hedge accounting treatment. Notional Amounts and Fair Values The notional amounts and fair values of derivative instruments in the Consolidated Statements of Financial Position as of December 31 were as follows: Notional amounts (1) Other assets Accrued liabilities 2019 2018 2019 2018 2019 2018 Derivatives designated as hedging instruments: Foreign exchange contracts $2,590 $3,407 $29 $32 ($60 ) ($132 ) Interest rate contracts 125 Commodity contracts 645 57 4 9 (72 ) (2 ) Derivatives not receiving hedge accounting treatment: Foreign exchange contracts 285 414 1 11 (6 ) (2 ) Commodity contracts 1,644 478 Total derivatives $5,164 $4,481 34 52 (138 ) (136 ) Netting arrangements (20 ) (24 ) 20 24 Net recorded balance $14 $28 ($118 ) ($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: Years ended December 31, 2019 2018 Recognized in Other comprehensive income, net of taxes: Foreign exchange contracts $15 ($156 ) Commodity contracts (63 ) 10 Gains/(losses) associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table: Years ended December 31, 2019 2018 Foreign exchange contracts Revenues Costs and expenses ($26 ) ($30 ) General and administrative (9 ) (12 ) Commodity contracts Revenues Costs and expenses $1 $2 General and administrative expense 1 2 Gains/(losses) related to undesignated derivatives on foreign exchange cash flow hedging transactions recognized in Other income, net were insignificant for the years ended December 31, 2019 and 2018 . Forward points related to foreign exchange cash flow hedging transactions recognized in Other income, net was a gain of $1 for the year ended December 31, 2018. Based on our portfolio of cash flow hedges, we expect to reclassify losses of $8 (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 December 31, 2019 was $19 . At December 31, 2019 , there was no collateral posted related to our derivatives. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 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. December 31, 2019 December 31, 2018 Total Level 1 Level 2 Total Level 1 Level 2 Assets Money market funds $2,562 $2,562 $1,737 $1,737 Available-for-sale debt investments: Commercial paper 108 $108 78 $78 Corporate notes 242 242 420 420 U.S. government agencies 55 55 Other equity investments 33 33 12 12 Derivatives 14 14 28 $28 Total assets $3,014 $2,650 $364 $2,275 $1,749 $526 Liabilities Derivatives ($118 ) ($118 ) ($112 ) ($112 ) Total liabilities ($118 ) ($118 ) ($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 years ended December 31 due to long-lived asset impairment, and the fair value and asset classification of the related assets as of the impairment date: 2019 2018 Fair Value Total Losses Fair Value Total Losses Investments $27 ($109 ) ($50 ) Customer financing assets 111 (20 ) $101 (39 ) Other assets and Acquired intangible assets 4 (310 ) Property, plant and equipment 41 (4 ) 44 (4 ) Total $183 ($443 ) $145 ($93 ) Investments, Acquired intangible assets and Property, plant and equipment were primarily valued using an income approach based on the discounted cash flows associated with the underlying assets. The fair value of the impaired customer financing assets includes operating lease equipment and investments in sales type-leases/finance leases, and is derived by calculating a median collateral value from a consistent group of third party aircraft value publications. The values provided by the third party aircraft publications are derived from their knowledge of market trades and other market factors. Management reviews the publications quarterly to assess the continued appropriateness and consistency with market trends. Under certain circumstances, we adjust values based on the attributes and condition of the specific aircraft or equipment, usually when the features or use of the aircraft vary significantly from the more generic aircraft attributes covered by third party publications, or on the expected net sales price for the aircraft. For Level 3 assets that were measured at fair value on a nonrecurring basis during the year ended December 31, 2019 , the following table presents the fair value of those assets as of the measurement date, valuation techniques and related unobservable inputs of those assets. Fair Value Valuation Technique(s) Unobservable Input Range Median or Average Customer financing assets $111 Market approach Aircraft value publications $98 - $158 (1) Median $123 Aircraft condition adjustments ($13) - $1 (2) Net ($12) (1) The range represents the sum of the highest and lowest values for all aircraft subject to fair value measurement, according to the third party aircraft valuation publications that we use in our valuation process. (2) The negative amount represents the sum, for all aircraft subject to fair value measurement, of all downward adjustments based on consideration of individual aircraft attributes and condition. The positive amount represents the sum of all such upward adjustments. Fair Value Disclosures The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Consolidated Statements of Financial Position at December 31 were as follows: December 31, 2019 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Notes receivable, net $443 $444 $444 Liabilities Debt, excluding finance lease obligations and commercial paper (20,964 ) (23,119 ) (23,081 ) ($38 ) December 31, 2018 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Notes receivable, net $730 $735 $735 Liabilities Debt, excluding finance 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, Other current assets, Accounts payable and long-term payables. The carrying values of those items, as reflected in the Consolidated Statements of Financial Position, approximate their fair value at December 31, 2019 and 2018 . The fair value of assets and liabilities whose carrying value approximates fair value is determined using Level 2 inputs, with the exception of cash (Level 1). |
Legal Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2019 | |
Loss Contingency, Information about Litigation Matters [Abstract] | |
Legal Proceedings | Legal Proceedings Various legal proceedings, claims and investigations related to products, contracts, employment and other matters are pending against us. In addition, we are subject to various U.S. government inquiries and investigations from which civil, criminal or administrative proceedings could result or have resulted in the past. Such proceedings involve or could involve claims by the government for fines, penalties, compensatory and treble damages, restitution and/or forfeitures. Under government regulations, a company, or one or more of its operating divisions or subdivisions, can also be suspended or debarred from government contracts, or lose its export privileges, based on the results of investigations. We believe, based upon current information, that the outcome of any such legal proceeding, claim, or government dispute and investigation will not have a material effect on our financial position, results of operations, or cash flows. Where it is reasonably possible that we will incur losses in excess of recorded amounts in connection with any of the matters set forth below, we will disclose either the amount or range of reasonably possible losses in excess of such amounts or, where no such amount or range can be reasonably estimated, the reasons why no such estimate can be made. Multiple legal actions have been filed against us as a result of the October 29, 2018 accident of Lion Air Flight 610 and the March 10, 2019 accident of Ethiopian Airlines Flight 302. Further, we are subject to ongoing governmental and regulatory investigations and inquiries relating to the accidents and the 737 MAX, including investigations by the U.S. Department of Justice and the Securities and Exchange Commission. We cannot reasonably estimate a range of loss, if any, not covered by available insurance that may result given the ongoing status of these lawsuits, investigations, and inquiries. |
Segment and Revenue Information
Segment and Revenue Information | 12 Months Ended |
Dec. 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 and 2017 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 56 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. While our principal operations are in the United States, Canada and Australia, some key suppliers and subcontractors are located in Europe and Japan. Revenues, including foreign military sales, are reported by customer location and consist of the following: Years ended December 31, 2019 2018 2017 Asia, other than China $10,662 $12,141 $9,195 Europe 10,366 12,976 11,240 Middle East 9,272 9,745 11,433 China 5,684 13,764 11,932 Canada 2,019 2,583 2,212 Oceania 2,006 2,298 1,931 Africa 1,113 1,486 815 Latin America, Caribbean and other 1,015 1,458 1,541 Total non-U.S. revenues 42,137 56,451 50,299 United States 42,681 44,676 43,706 Estimated potential concessions and other considerations to 737 MAX customers, net (1) (8,259 ) Total revenues $76,559 $101,127 $94,005 (1) Net of insurance recoveries Revenues from the U.S. government (including foreign military sales through the U.S. government), primarily recorded at BDS and BGS, represented 39% , 31% , and 31% of consolidated revenues for 2019 , 2018 , and 2017 , respectively. Approximately 4% of operating assets were located outside the United States as of December 31, 2019 and 2018 . 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: Years ended December 31, 2019 2018 2017 Revenue from contracts with customers: Asia, other than China $7,395 $8,274 $6,482 Europe 5,829 9,719 8,478 Middle East 5,761 5,876 8,927 China 5,051 13,068 10,982 Other 3,450 5,185 4,365 Total non-U.S. revenues 27,486 42,122 39,234 United States 12,676 15,347 15,182 Estimated potential concessions and other considerations to 737 MAX customers, net (1) (8,259 ) Total revenues from contracts with customers 31,903 57,469 54,416 Intersegment revenues, eliminated on consolidation 352 30 196 Total segment revenues $32,255 $57,499 $54,612 Revenue recognized on fixed-price contracts 100 % 100 % 100 % Revenue recognized at a point in time 100 % 100 % 100 % (1) Net of insurance recoveries BDS revenues on contracts with customers, based on the customer's location, consist of the following: Years ended December 31, 2019 2018 2017 Revenue from contracts with customers: U.S. customers $19,573 $19,576 $18,984 Non-U.S. customers (1) 6,654 6,816 4,954 Total segment revenue from contracts with customers $26,227 $26,392 $23,938 Revenue recognized over time 98 % 98 % 97 % Revenue recognized on fixed-price contracts 70 % 70 % 69 % Revenue from the U.S. government (1) 89 % 88 % 89 % (1) Includes revenues earned from foreign military sales through the U.S. government. BGS revenues consist of the following: Years ended December 31, 2019 2018 2017 Revenue from contracts with customers: Commercial $10,167 $9,227 $7,622 Government 8,107 7,658 6,940 Total revenues from contracts with customers 18,274 16,885 14,562 Intersegment revenues eliminated on consolidation 194 171 49 Total segment revenues $18,468 $17,056 $14,611 Revenue recognized at a point in time 55 % 54 % 50 % Revenue recognized on fixed-price contracts 90 % 90 % 89 % Revenue from the U.S. government (1) 34 % 36 % 39 % (1) Includes revenues earned from foreign military sales through the U.S. government. Earnings in Equity Method Investments We recorded Earnings from operations associated with our equity method investments of $90 , $167 and $233 , primarily in our BDS segment, for the years ended December 31, 2019 , 2018 and 2017 , respectively. 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 December 31, 2019 was $463,403 . We expect approximately 17% to be converted to revenue through 2020 and approximately 63% 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. Years ended December 31, 2019 2018 2017 Share-based plans ($65 ) ($76 ) ($77 ) Deferred compensation (174 ) (19 ) (240 ) Amortization of previously capitalized interest (89 ) (92 ) (96 ) Research and development expense, net (384 ) (132 ) 42 Customer financing impairment (250 ) Litigation (109 ) (148 ) Eliminations and other unallocated items (995 ) (975 ) (756 ) Unallocated items, eliminations and other ($2,066 ) ($1,442 ) ($1,127 ) Pension FAS/CAS service cost adjustment $1,071 $1,005 $1,127 Postretirement FAS/CAS service cost adjustment 344 322 311 FAS/CAS service cost adjustment $1,415 $1,327 $1,438 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 . Effective in 2019, certain centrally managed assets that were previously recorded in the BCA, BDS and BGS segments have been realigned to Unallocated items, eliminations and other. Business segment data in the following tables for 2019, 2018 and 2017 reflects the realignment of these assets. Assets Segment assets are summarized in the table below. December 31, 2019 2018 Commercial Airplanes $73,995 $61,116 Defense, Space & Security 15,977 18,023 Global Services 18,605 17,856 Boeing Capital 2,269 2,809 Unallocated items, eliminations and other 22,779 17,555 Total $133,625 $117,359 Assets included in Unallocated items, eliminations and other primarily consist of Cash and cash equivalents, Short-term and other investments, deferred tax assets, capitalized interest, and assets managed centrally on behalf of the four principle business segments and intercompany eliminations. Capital Expenditures Years ended December 31, 2019 2018 2017 Commercial Airplanes $433 $604 $636 Defense, Space & Security 202 208 210 Global Services 218 231 180 Unallocated items, eliminations and other 981 679 713 Total $1,834 $1,722 $1,739 Capital expenditures for Unallocated items, eliminations and other relate primarily to assets managed centrally on behalf of the four principal business segments. Depreciation and Amortization Years ended December 31, 2019 2018 2017 Commercial Airplanes $580 $565 $521 Defense, Space & Security 274 290 252 Global Services 424 348 322 Boeing Capital Corporation 64 58 70 Centrally Managed Assets (1) 929 853 882 Total $2,271 $2,114 $2,047 (1) Amounts shown in the table represent depreciation and amortization expense recorded by the individual business segments. Depreciation and amortization for centrally managed assets are included in segment operating earnings based on usage and occupancy. In 2019, $717 was included in the primary business segments, of which $407 , $257 , and $53 was included in BCA, BDS and BGS, respectively. In 2018, $692 was included in the primary business segments, of which $417 , $213 , and $62 was included in BCA, BDS and BGS, respectively. In 2017, $730 was included in the primary business segments, of which $427 , $243 , and $60 |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (unaudited) | Quarterly Financial Data (Unaudited) 2019 2018 4th 3rd 2nd 1st 4th 3rd 2nd 1st Total revenues $17,911 $19,980 $15,751 $22,917 $28,341 $25,146 $24,258 $23,382 Total costs and expenses (18,708 ) (16,930 ) (17,810 ) (18,645 ) (22,090 ) (21,040 ) (19,536 ) (18,824 ) (Loss)/earnings from operations (2,204 ) 1,259 (3,380 ) 2,350 4,175 2,227 2,710 2,875 Net (loss)/earnings (1,010 ) 1,167 (2,942 ) 2,149 3,424 2,363 2,196 2,477 Basic (loss)/earnings per share (1.79 ) 2.07 (5.21 ) 3.79 6.00 4.11 3.77 4.19 Diluted (loss)/earnings per share (1.79 ) 2.05 (5.21 ) 3.75 5.93 4.07 3.73 4.15 Gross profit is calculated as Total revenues minus Total costs and expenses. Total costs and expenses includes Cost of products, Cost of services and Boeing Capital interest expense. During the first quarter of 2019, we concluded that lease incentives granted to a customer that experienced liquidity issues were impaired and recorded a charge of $250 . During the first quarter of 2018, we recorded a reach-forward loss on KC-46A Tanker of $81 . During the second quarter of 2019, we recorded a reduction to revenue of $5,610 , related to estimated potential concessions and other considerations to customers for disruptions and associated delivery delays related to the 737 MAX grounding, net of insurance recoveries. Additionally, we recorded a charge of $109 related to ongoing litigation associated with recoverable costs on U.S. government contracts. During the second quarter of 2018, we recorded a charge of $148 related to the outcome of the Spirit litigation and a reach-forward loss on KC-46A Tanker of $426 . During the third quarter of 2018, we recorded a tax benefit of $412 related to the settlement of the 2013-2014 federal tax audit. Additionally, we recorded reach-forward losses on KC-46A Tanker of $179 , on T-7A Red Hawk of $400 , and on MQ-25 of $291 . During the fourth quarter of 2019, we recorded an additional reduction to revenue of $2,619 for estimated potential concessions and other considerations to customers and associated delivery delays related to the 737 MAX grounding. During the fourth quarter of 2019, we recorded a divestiture gain of $395 and a tax benefit of $371 related to the settlement of state tax audits spanning 15 tax years. Additionally, we recorded an impairment of $293 as a result of our decision to retire the Aviall brand and trade name , and reach-forward losses on Commercial Crew of $410 and on KC-46A Tanker of $108 . During the fourth quarter of 2018, we recorded a reach-forward loss on KC-46A Tanker of $50 . We increased our quarterly dividend from $1.71 to $2.055 in December 2018. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | ||
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, which primarily represent computer equipment, are included in Property, plant and equipment, net, with the related liabilities included in Short-term debt and current portion of long-term debt and Long-term debt on the Consolidated Statements of Financial Position. Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. We use our estimated incremental borrowing rate in determining the present value of lease payments. Variable components of the lease payments such as fair market value adjustments, utilities, and maintenance costs are expensed as incurred and not included in determining the present value. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense 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. | |
Principles Of Consolidation And Basis Of Presentation | Principles of Consolidation and Basis of Presentation The Consolidated Financial Statements included in this report have been prepared by management of The Boeing Company (herein referred to as “Boeing,” the “Company,” “we,” “us,” or “our”). These statements include the accounts of all majority-owned subsidiaries and variable interest entities that are required to be consolidated. All significant intercompany accounts and transactions have been eliminated. As described in Note 23 , we operate in four reportable segments: Commercial Airplanes (BCA); Defense, Space & Security (BDS), Global Services (BGS), and Boeing Capital (BCC). Effective at the beginning of 2019, all revenues and costs associated with military derivative aircraft production are reported in the BDS segment. Amounts in prior periods have been reclassified to conform to the current year presentation. | |
Description of New Accounting Pronouncements Not yet Adopted | Standards Issued and Not Yet Implemented In June 2016, the Financial Accounting Standards Board issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326). The new standard is effective for reporting periods beginning after December 15, 2019. The standard replaces the incurred loss impairment methodology under current GAAP with a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and other financial instruments. The standard requires a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. We plan to adopt the new credit loss standard effective January 1, 2020. We do not expect the new credit loss standard to have a material effect on our financial position, results of operations or cash flows. | |
Use Of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Operating Cycle | Operating Cycle For classification of certain current assets and liabilities, we use the duration of the related contract or program as our operating cycle, which is generally longer than one year . | |
Revenue And Related Cost Recognition | Revenue and Related Cost Recognition Commercial aircraft contracts The majority of our BCA segment revenue is derived from commercial aircraft contracts. For each contract, we determine the transaction price based on the consideration expected to be received. We allocate the transaction price to each commercial aircraft performance obligation based on relative standalone selling prices adjusted by an escalation formula as specified in the customer agreement. Revenue is recognized for each commercial aircraft performance obligation at the point in time when the aircraft is completed and accepted by the customer. We use program accounting to determine the amount reported as cost of sales. In certain situations, where an aircraft is still in our possession, and title and risk of loss has passed to the customer (known as a bill-and-hold arrangement), revenue will be recognized when all specific requirements for transfer of control under a bill-and-hold arrangement have been met. Payments for commercial aircraft sales are received in accordance with the customer agreement, which generally includes a deposit upon order and additional payments in accordance with a payment schedule, with the balance being due immediately prior to or at aircraft delivery. Advances and progress billings (contract liabilities) are normal and customary for commercial aircraft contracts and not considered a significant financing component as they are intended to protect us from the other party failing to adequately complete some or all of its obligations under the contract. Long-term contracts Substantially all contracts at BDS and certain contracts at BGS are long-term contracts with the U.S. government and other customers that generally extend over several years. Products sales under long-term contracts primarily include fighter jets, rotorcraft, cybersecurity products, surveillance suites, advanced weapons, missile defense, military derivative aircraft, satellite systems, and modification of commercial passenger aircraft to cargo freighters. Services sales under long-term contracts primarily include support and maintenance agreements associated with our commercial and defense products and space travel on Commercial Crew. For each long-term contract, we determine the transaction price based on the consideration expected to be received. We allocate the transaction price to each distinct performance obligation to deliver a good or service, or a collection of goods and/or services, based on the relative standalone selling prices. A long-term contract will typically represent a single distinct performance obligation due to the highly interdependent and interrelated nature of the underlying goods and/or services and the significant service of integration that we provide. While the scope and price on certain long-term contracts may be modified over their life, the transaction price is based on current rights and obligations under the contract and does not include potential modifications until they are agreed upon with the customer. When applicable, a cumulative adjustment or separate recognition for the additional scope and price may result. Long-term contracts can be negotiated with a fixed price or a price in which we are reimbursed for costs incurred plus an agreed upon profit. The Federal Acquisition Regulations provide guidance on the types of cost that will be reimbursed in establishing the price for contracts with the U.S. government. Certain long-term contracts include in the transaction price variable consideration, such as incentive and award fees, if specified targets are achieved. The amount included in the transaction price represents the expected value, based on a weighted probability, or the most likely amount. Long-term contract revenue is recognized over the contract term (over time) as the work progresses, either as products are produced or as services are rendered. We generally recognize revenue over time as we perform on long-term contracts because of continuous transfer of control to the customer. For U.S. government contracts, this continuous transfer of control to the customer is supported by clauses in the contract that allow the customer to unilaterally terminate the contract for convenience, pay us for costs incurred plus a reasonable profit and take control of any work in process. Similarly, for non-U.S. government contracts, the customer typically controls the work in process as evidenced either by contractual termination clauses or by our rights to payment of the transaction price associated with work performed to date on products or services that do not have an alternative use to the Company. The accounting for long-term contracts involves a judgmental process of estimating total sales , costs and profit for each performance obligation. Cost of sales is recognized as incurred. The amount reported as revenues is determined by adding a proportionate amount of the estimated profit to the amount reported as cost of sales. Recognizing revenue as costs are incurred provides an objective measure of progress on the long-term contract and thereby best depicts the extent of transfer of control to the customer. 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: 2019 2018 2017 Increase to Revenue $54 $137 $559 (Decrease)/increase to (Loss)/earnings from Operations ($111 ) ($190 ) $250 (Decrease)/increase to Diluted EPS ($0.06 ) ($0.29 ) $0.34 Significant adjustments during the three years ended December 31, 2019 included reach-forward losses of $148 , $736 and $445 on KC-46A Tanker recorded during 2019, 2018, and 2017, as well as reach-forward losses on Commercial Crew of $489 during 2019. Due to the significance of judgment in the estimation process, changes in underlying assumptions/estimates, supplier performance, or circumstances may adversely or positively affect financial performance in future periods. Payments under long-term contracts may be received before or after revenue is recognized. The U.S. government customer typically withholds payment of a small portion of the contract price until contract completion. Therefore, long-term contracts typically generate Unbilled receivables (contract assets) but may generate Advances and progress billings (contract liabilities). Long-term contract Unbilled receivables and Advances and progress billings are not considered a significant financing component because they are intended to protect either the customer or the Company in the event that some or all of the obligations under the contract are not completed. Commercial spare parts contracts Certain contracts at our BGS segment include sales of commercial spare parts. For each contract, we determine the transaction price based on the consideration expected to be received. The spare parts have discrete unit prices that represent fair value. We generally consider each spare part to be a separate performance obligation. Revenue is recognized for each commercial spare part performance obligation at the point in time of delivery to the customer. We may provide our customers with a right to return a commercial spare part where a customer may receive a full or partial refund, a credit applied to amounts owed, a different product in exchange, or any combination of these items. We consider the potential for customer returns in the estimated transaction price. The amount reported as cost of sales is recorded at average cost. Payments for commercial spare parts sales are typically received shortly after delivery. Other service revenue contracts Certain contracts at our BGS segment are for sales of services to commercial customers including maintenance, training, data analytics and information-based services. We recognize revenue for these service performance obligations over time as the services are rendered. The method of measuring progress (such as straight-line or billable amount) varies depending upon which method best depicts the transfer of control to the customer based on the type of service performed. Cost of sales is recorded as incurred. Concession Sharing Arrangements We account for sales concessions to our customers in consideration of their purchase of products and services as a reduction of the transaction price and the revenue that is recognized for the related performance obligations. The sales concessions incurred may be partially reimbursed by certain suppliers in accordance with concession sharing arrangements. We record these reimbursements, which are presumed to represent reductions in the price of the vendor’s products or services, as a reduction in Cost of products. Unbilled Receivables and Advances and Progress Billings Unbilled receivables (contract assets) arise when the Company recognizes revenue for amounts which cannot yet be billed under terms of the contract with the customer. Advances and progress billings (contract liabilities) arise when the Company receives payments from customers in advance of recognizing revenue. The amount of Unbilled receivables or Advances and progress billings is determined for each contract . Financial Services Revenue We record financial services revenue associated with sales-type/finance leases, operating leases, and notes receivable. Lease and financing revenue arrangements are included in Sales of services on the Consolidated Statements of Operations. For sales-type/finance leases, we record financing receivables at lease inception. A financing receivable is recorded at the aggregate of future minimum lease payments, estimated residual value of the leased equipment, and deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. Income recognition is generally suspended for financing receivables at the date full recovery of income and principal becomes not probable. Income is recognized when financing receivables become contractually current and performance is demonstrated by the customer . Residual values, which are reviewed periodically, represent the estimated amount we expect to receive at lease termination from the disposition of the leased equipment. Actual residual values realized could differ from these estimates. Declines in estimated residual value that are deemed other-than-temporary are recognized in the period in which the declines occur. For operating leases, revenue on leased aircraft and equipment is recorded on a straight-line basis over the term of the lease. Operating lease assets, included in Customer financing, are recorded at cost and depreciated over the period that we project we will hold the asset to an estimated residual value, using the straight-line method. We periodically review our estimates of residual value and recognize forecasted changes by prospectively adjusting depreciation expense. For notes receivable, notes are recorded net of any unamortized discounts and deferred incremental direct costs. Interest income and amortization of any discounts are recorded ratably over the related term of the note. Reinsurance Revenue Our wholly-owned insurance subsidiary, Astro Ltd., participates in a reinsurance pool for workers’ compensation. The member agreements and practices of the reinsurance pool minimize any participating members’ individual risk. Reinsurance revenues were $151 , $145 and $141 during 2019 , 2018 and 2017 , respectively. Reinsurance costs related to premiums and claims paid to the reinsurance pool were $150 , $136 and $144 during 2019 , 2018 and 2017 , respectively. Revenues and costs are presented net in Cost of sales in the Consolidated Statements of Operations. | |
Fleet Support | Fleet Support We provide assistance and support to facilitate efficient and safe aircraft operation to the operators of all our commercial airplane models. Collectively known as fleet support, these activities and support services include flight and maintenance training, field service support, engineering support, and technical data and documents. Fleet support activity begins prior to aircraft delivery as the customer receives training, manuals, and technical consulting support. This activity continues throughout the aircraft’s operational life. Services provided after delivery include field service support, consulting on maintenance, repair, and operational issues brought forth by the customer or regulators, updating manuals and engineering data, and the issuance of service bulletins that impact the entire model’s fleet. Field service support involves our personnel located at customer facilities providing and coordinating fleet support activities and requests. The costs for fleet support are expensed as incurred as Cost of services. | |
Research And Development | Research and Development Research and development includes costs incurred for experimentation, design, and testing, as well as bid and proposal efforts related to government products and services which are expensed as incurred unless the costs are related to certain contractual arrangements with customers. Costs that are incurred pursuant to such contractual arrangements are recorded over the period that revenue is recognized, consistent with our contract accounting policy. We have certain research and development arrangements that meet the requirement for best efforts research and development accounting. Accordingly, the amounts funded by the customer are recognized as an offset to our research and development expense rather than as contract revenues. Research and development expense included bid and proposal costs of $214 , $234 and $288 in 2019 , 2018 and 2017 , respectively. | |
Share-Based Compensation | Share-Based Compensation We provide various forms of share-based compensation to our employees. For awards settled in shares, we measure compensation expense based on the grant-date fair value net of estimated forfeitures. For awards settled in cash, or that may be settled in cash, we measure compensation expense based on the fair value at each reporting date net of estimated forfeitures. The expense is recognized over the requisite service period, which is generally the vesting period of the award. | |
Income Taxes | Income Taxes Provisions for U.S. federal, state and local, and non-U.S. income taxes are calculated on reported (Loss)/earnings before income taxes based on current tax law and also include, in the current period, the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provisions differ from the amounts currently receivable or payable because certain items of income and expense are recognized in different time periods for financial reporting purposes than for income tax purposes. Significant judgment is required in determining income tax provisions and evaluating tax positions. The accounting for uncertainty in income taxes requires a more-likely-than-not threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. We record a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on our tax return. To the extent that our assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made. Tax-related interest and penalties are classified as a component of Income tax benefit/(expense). | |
Postretirement Plans | Postretirement Plans The majority of our employees have earned benefits under defined benefit pension plans. Nonunion and the majority of union employees that had participated in defined benefit pension plans transitioned to a company-funded defined contribution retirement savings plan in 2016. We also provide postretirement benefit plans other than pensions, consisting principally of health care coverage to eligible retirees and qualifying dependents. Benefits under the pension and other postretirement benefit plans are generally based on age at retirement and years of service and, for some pension plans, benefits are also based on the employee’s annual earnings. The net periodic cost of our pension and other postretirement plans is determined using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate, the long-term rate of asset return, and medical trend (rate of growth for medical costs). A portion of the service cost component of net periodic pension and other postretirement income or expense is not recognized in net earnings in the year incurred because it is allocated to production as product costs, and reflected in inventory at the end of a reporting period. Actuarial gains and losses, which occur when actual experience differs from actuarial assumptions, are reflected in Shareholders’ equity (net of taxes). If actuarial gains and losses exceed ten percent of the greater of plan assets or plan liabilities we amortize them over the average expected future lifetime of participants. The funded status of our pension and postretirement plans is reflected on the Consolidated Statements of Financial Position. | |
Postemployment Plans | Postemployment Plans We record a liability for postemployment benefits, such as severance or job training, when payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have vested or accumulated. | |
Environmental Remediation | Environmental Remediation We are subject to federal and state requirements for protection of the environment, including those for discharge of hazardous materials and remediation of contaminated sites. We routinely assess, based on in-depth studies, expert analyses and legal reviews, our contingencies, obligations, and commitments for remediation of contaminated sites, including assessments of ranges and probabilities of recoveries from other responsible parties and/or insurance carriers. Our policy is to accrue and charge to current expense identified exposures related to environmental remediation sites when it is probable that a liability has been incurred and the amount can be reasonably estimated. The amount of the liability is based on our best estimate or the low end of a range of reasonably possible exposure for investigation, cleanup, and monitoring costs to be incurred. Estimated remediation costs are not discounted to present value as the timing of payments cannot be reasonably estimated. We may be able to recover a portion of the remediation costs from insurers or other third parties. Such recoveries are recorded when realization of the claim for recovery is deemed probable. The liabilities recorded represent our best estimate or the low end of a range of reasonably possible costs expected to be incurred to remediate sites, including operation and maintenance over periods of up to 30 years. It is reasonably possible that we may incur charges that exceed these recorded amounts because of regulatory agency orders and directives, changes in laws and/or regulations, higher than expected costs and/or the discovery of new or additional contamination. As part of our estimating process, we develop a range of reasonably possible alternate scenarios that includes the high end of a range of reasonably possible cost estimates for all remediation sites for which we have sufficient information based on our experience and existing laws and regulations. There are some potential remediation obligations where the costs of remediation cannot be reasonably estimated. At December 31, 2019 and 2018 , the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $1,077 and $796 . | |
Cash And Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid instruments, such as commercial paper, time deposits, and other money market instruments, which have original maturities of three months or less. We aggregate our cash balances by bank where conditions for right of set-off are met, and reclassify any negative balances, consisting mainly of uncleared checks, to Accounts payable. Negative balances reclassified to Accounts payable were $101 and $127 at December 31, 2019 and 2018 . | |
Inventories | Inventories Inventoried costs on commercial aircraft programs and long-term contracts include direct engineering, production and tooling and other non-recurring costs, and applicable overhead, which includes fringe benefits, production related indirect and plant management salaries and plant services, not in excess of estimated net realizable value. To the extent a material amount of such costs are related to an abnormal event or are fixed costs not appropriately attributable to our programs or contracts, they are expensed in the current period rather than inventoried. Inventoried costs include amounts relating to programs and contracts with long-term production cycles, a portion of which is not expected to be realized within one year. Included in inventory for federal government contracts is an allocation of allowable costs related to manufacturing process reengineering. Commercial aircraft programs inventory includes deferred production costs and supplier advances. Deferred production costs represent actual costs incurred for production of early units that exceed the estimated average cost of all units in the program accounting quantity. Higher production costs are experienced at the beginning of a new or derivative airplane program. Units produced early in a program require substantially more effort (labor and other resources) than units produced later in a program because of volume efficiencies and the effects of learning. We expect that these deferred costs will be fully recovered when all units included in the accounting quantity are delivered as the expected unit cost for later deliveries is below the estimated average cost of all units in the program. Supplier advances represent payments for parts we have contracted to receive from suppliers in the future. As parts are received, supplier advances are amortized to work in process. The determination of net realizable value of long-term contract costs is based upon quarterly reviews that estimate costs to be incurred to complete all contract requirements. When actual contract costs and the estimate to complete exceed total estimated contract revenues, a loss provision is recorded. The determination of net realizable value of commercial aircraft program costs is based upon quarterly program reviews that estimate revenue and cost to be incurred to complete the program accounting quantity. When estimated costs to complete exceed estimated program revenues to go, a program loss provision is recorded in the current period for the estimated loss on all undelivered units in the accounting quantity. Used aircraft purchased by the Commercial Airplanes segment and general stock materials are stated at cost not in excess of net realizable value. See ‘Aircraft Valuation’ within this Note for a discussion of our valuation of used aircraft. Spare parts inventory is stated at lower of average unit cost or net realizable value. We review our commercial spare parts and general stock materials quarterly to identify impaired inventory, including excess or obsolete inventory, based on historical sales trends, expected production usage, and the size and age of the aircraft fleet using the part. Impaired inventories are charged to Cost of products in the period the impairment occurs. Included in inventory for commercial aircraft programs are amounts paid or credited in cash, or other consideration to certain airline customers, that are referred to as early issue sales consideration. Early issue sales consideration is recognized as a reduction to revenue when the delivery of the aircraft under contract occurs. If an airline customer does not perform and take delivery of the contracted aircraft, we believe that we would have the ability to recover amounts paid. However, to the extent early issue sales consideration exceeds advances and is not considered to be otherwise recoverable, it would be written off in the current period. | |
Precontract Costs | Precontract Costs We may, from time to time, incur costs in excess of the amounts required for existing contracts. If we determine the costs are probable of recovery from future orders, then we capitalize the precontract costs we incur, excluding start-up costs which are expensed as incurred. Capitalized precontract costs are included in Inventories in the accompanying Consolidated Statements of Financial Position. Should future orders not materialize or we determine the costs are no longer probable of recovery, the capitalized costs would be written off. | |
Property, Plant And Equipment | Property, Plant and Equipment Property, plant and equipment are recorded at cost, including applicable construction-period interest, less accumulated depreciation and are depreciated principally over the following estimated useful lives: new buildings and land improvements, from 10 to 40 years; and new machinery and equipment, from 4 to 20 years. The principal methods of depreciation are as follows: buildings and land improvements, 150% declining balance; and machinery and equipment, sum-of-the-years’ digits. Capitalized internal use software is included in Other assets and amortized using the straight line method over 5 years. Capitalized software as a service is included in Other assets and amortized using the straight line method over the term of the hosting arrangement which is typically no greater than 10 years. We periodically evaluate the appropriateness of remaining depreciable lives assigned to long-lived assets, including assets that may be subject to a management plan for disposition. Long-lived assets held for sale are stated at the lower of cost or fair value less cost to sell. Long-lived assets held for use are subject to an impairment assessment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset. | |
Asset Retirement Obligations | Asset Retirement Obligations We record all known asset retirement obligations for which the liability’s fair value can be reasonably estimated, including certain asbestos removal, asset decommissioning and contractual lease restoration obligations. Recorded amounts are not material. We also have known conditional asset retirement obligations, such as certain asbestos remediation and asset decommissioning activities to be performed in the future, that are not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, these obligations have not been recorded in the Consolidated Financial Statements. A liability for these obligations will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. In addition, there may be conditional asset retirement obligations that we have not yet discovered (e.g. asbestos may exist in certain buildings but we have not become aware of it through the normal course of business), and therefore, these obligations also have not been included in the Consolidated Financial Statements. | |
Goodwill And Other Acquired Intangibles | Goodwill and Other Acquired Intangibles Goodwill and other acquired intangible assets with indefinite lives are not amortized, but are tested for impairment annually and when an event occurs or circumstances change such that it is more likely than not that an impairment may exist. Our annual testing date is April 1. We test goodwill for impairment by performing a qualitative assessment or using a two-step impairment process. If we choose to perform a qualitative assessment and determine it is more likely than not that the carrying value of the net assets is more than the fair value of the related operations, the two-step impairment process is then performed; otherwise, no further testing is required. For operations where the two-step impairment process is used, we first compare the carrying value of net assets to the fair value of the related operations. If the fair value is determined to be less than carrying value, a second step is performed to compute the amount of the impairment. In this process, a fair value for goodwill is estimated, based in part on the fair value of the operations, and is compared to its carrying value. The shortfall of the fair value below carrying value represents the amount of goodwill impairment. Indefinite-lived intangibles consist of brand and trade names acquired in business combinations. We test these intangibles for impairment by comparing their carrying value to current projections of discounted cash flows attributable to the brand and trade names. Any excess carrying value over the amount of discounted cash flows represents the amount of the impairment. Our finite-lived acquired intangible assets are amortized on a straight-line basis over their estimated useful lives as follows: developed technology, from 2 to 14 years; product know-how, from 6 to 30 years; customer base, from 3 to 17 years; distribution rights, from 3 to 27 years; and other, from 1 to 32 years. We evaluate the potential impairment of finite-lived acquired intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset. | |
Investments | Investments Time deposits are held-to-maturity investments that are carried at cost. Available-for-sale debt securities include commercial paper, U.S. government agency securities, and corporate debt securities. Available-for-sale debt securities are recorded at fair value, and unrealized gains and losses are recorded, net of tax, as a component of accumulated other comprehensive income. Realized gains and losses on available-for-sale debt securities are recognized based on the specific identification method. Available-for-sale debt securities are assessed for impairment quarterly. The equity method of accounting is used to account for investments for which we have the ability to exercise significant influence, but not control, over an investee. Significant influence is generally deemed to exist if we have an ownership interest in the voting stock of an investee of between 20% and 50% . The cumulative earnings approach is used for cash flow classification of distributions received from equity method investments. Other Equity investments are recorded at fair value, with gains and losses recorded through net earnings. Equity investments without readily determinable fair value are measured at cost, less impairments, plus or minus observable price changes. Equity investments without readily determinable fair value are assessed for impairment quarterly. We classify investment income and loss on our Consolidated Statements of Operations based on whether the investment is operating or non-operating in nature. Operating investments align strategically and are integrated with our operations. Earnings from operating investments, including our share of income or loss from equity method investments, dividend income from other equity investments, and any impairments or gain/loss on the disposition of these investments, are recorded in Income from operating investments, net. Non-operating investments are those we hold for non-strategic purposes. Earnings from non-operating investments, including interest and dividends on marketable securities, and any impairments or gain/loss on the disposition of these investments are recorded in Other income/(loss), net. | |
Derivatives | Derivatives All derivative instruments are recognized in the financial statements and measured at fair value regardless of the purpose or intent of holding them. We use derivative instruments to principally manage a variety of market risks. For derivatives designated as hedges of the exposure to changes in fair value of the recognized asset or liability or a firm commitment (referred to as fair value hedges), the gain or loss is recognized in earnings in the period of change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. The effect of that accounting is to include in earnings the extent to which the hedge is not effective in achieving offsetting changes in fair value. For our cash flow hedges, the derivative’s gain or loss is initially reported in comprehensive income and is subsequently reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. We have agreements to purchase and sell aluminum to address long-term strategic sourcing objectives and international business requirements. These agreements are derivatives for accounting purposes but are not designated for hedge accounting treatment. We also hold certain derivative instruments for economic purposes that are not designated for hedge accounting treatment. For these aluminum agreements and for other derivative instruments not designated for hedge accounting treatment, the changes in their fair value are recorded in earnings immediately. | |
Aircraft Valuation | Aircraft Valuation Used aircraft under trade-in commitments and aircraft under repurchase commitments In conjunction with signing a definitive agreement for the sale of new aircraft (Sale Aircraft), we have entered into trade-in commitments with certain customers that give them the right to trade in used aircraft at a specified price upon the purchase of Sale Aircraft. Additionally, we have entered into contingent repurchase commitments with certain customers wherein we agree to repurchase the Sale Aircraft at a specified price, generally 10 to 15 years after delivery of the Sale Aircraft. Our repurchase of the Sale Aircraft is contingent upon a future, mutually acceptable agreement for the sale of additional new aircraft. If we execute an agreement for the sale of additional new aircraft, and if the customer exercises its right to sell the Sale Aircraft to us, a contingent repurchase commitment would become a trade-in commitment. Our historical experience is that contingent repurchase commitments infrequently become trade-in commitments. Exposure related to trade-in commitments may take the form of: (1) adjustments to revenue for the difference between the contractual trade-in price in the definitive agreement and our best estimate of the fair value of the trade-in aircraft as of the date of such agreement, which would be recognized upon delivery of the Sale Aircraft, and/or (2) charges to cost of products for adverse changes in the fair value of trade-in aircraft that occur subsequent to signing of a definitive agreement for Sale Aircraft but prior to the purchase of the used trade-in aircraft. Estimates based on current aircraft values would be included in Accrued liabilities. The fair value of trade-in aircraft is determined using aircraft-specific data such as model, age and condition, market conditions for specific aircraft and similar models, and multiple valuation sources. This process uses our assessment of the market for each trade-in aircraft, which in most instances begins years before the return of the aircraft. There are several possible markets in which we continually pursue opportunities to place used aircraft. These markets include, but are not limited to, the resale market, which could potentially include the cost of long-term storage; the leasing market, with the potential for refurbishment costs to meet the leasing customer’s requirements; or the scrap market. Trade-in aircraft valuation varies significantly depending on which market we determine is most likely for each aircraft. On a quarterly basis, we update our valuation analysis based on the actual activities associated with placing each aircraft into a market or using current published third-party aircraft valuations based on the type and age of the aircraft, adjusted for individual attributes and known conditions. Used aircraft acquired by the Commercial Airplanes segment are included in Inventories at the lower of cost or net realizable value as it is our intent to sell these assets. To mitigate costs and enhance marketability, aircraft may be placed on operating lease. While on operating lease, the assets are included in Customer financing. Customer financing Customer financing includes operating lease equipment, notes receivable, and sales-type/finance leases. Sales-type/finance leases are treated as receivables, and allowances for losses are established as necessary. We assess the fair value of the assets we own, including equipment under operating leases, assets held for sale or re-lease, and collateral underlying receivables, to determine if their fair values are less than the related assets’ carrying values. Differences between carrying values and fair values of sales-type/finance leases and notes and other receivables, as determined by collateral value, are considered in determining the allowance for losses on receivables. We use a median calculated from published collateral values from multiple third-party aircraft value publications based on the type and age of the aircraft to determine the fair value of aircraft. Under certain circumstances, we apply judgment based on the attributes of the specific aircraft or equipment, usually when the features or use of the aircraft vary significantly from the more generic aircraft attributes covered by outside publications. Impairment review for assets under operating leases and held for sale or re-lease We evaluate for impairment assets under operating lease or assets held for sale or re-lease when events or changes in circumstances indicate that the expected undiscounted cash flow from the asset may be less than the carrying value. We use various assumptions when determining the expected undiscounted cash flow, including our intentions for how long we will hold an asset subject to operating lease before it is sold, the expected future lease rates, lease terms, residual value of the asset, periods in which the asset may be held in preparation for a follow-on lease, maintenance costs, remarketing costs and the remaining economic life of the asset. We record assets held for sale at the lower of carrying value or fair value less costs to sell. When we determine that impairment is indicated for an asset, the amount of impairment expense recorded is the excess of the carrying value over the fair value of the asset. Allowance for losses on customer financing receivables We record the potential impairment of customer financing receivables in a valuation account, the balance of which is an accounting estimate of probable but unconfirmed losses. The allowance for losses on receivables relates to two components of receivables: (a) receivables that are evaluated individually for impairment and (b) all other receivables. We determine a receivable is impaired when, based on current information and events, it is probable that we will be unable to collect amounts due according to the original contractual terms of the receivable agreement, without regard to any subsequent restructurings. Factors considered in assessing collectability include, but are not limited to, a customer’s extended delinquency, requests for restructuring and filings for bankruptcy. We determine a specific impairment allowance based on the difference between the carrying value of the receivable and the estimated fair value of the related collateral we would expect to realize. We review the adequacy of the allowance attributable to the remaining receivables (after excluding receivables subject to a specific impairment allowance) by assessing both the collateral exposure and the applicable cumulative default rate. Collateral exposure for a particular receivable is the excess of the carrying value of the receivable over the fair value of the related collateral. A receivable with an estimated fair value in excess of the carrying value is considered to have no collateral exposure. The applicable cumulative default rate is determined using two components: customer credit ratings and weighted average remaining contract term. Internally assigned credit ratings, our credit quality indicator, are determined for each customer in the portfolio. Those ratings are updated based upon public information and information obtained directly from our customers. We have entered into agreements with certain customers that would entitle us to look beyond the specific collateral underlying the receivable for purposes of determining the collateral exposure as described above. Should the proceeds from the sale of the underlying collateral asset resulting from a default condition be insufficient to cover the carrying value of our receivable (creating a shortfall condition), these agreements would, for example, permit us to take the actions necessary to sell or retain certain other assets in which the customer has an equity interest and use the proceeds to cover the shortfall. Each quarter we review customer credit ratings, published historical credit default rates for different rating categories, and multiple third-party aircraft value publications as a basis to validate the reasonableness of the allowance for losses on receivables. There can be no assurance that actual results will not differ from estimates or that the consideration of these factors in the future will not result in an increase or decrease to the allowance for losses on receivables. | |
Warranties | Warranties In conjunction with certain product sales, we provide warranties that cover factors such as non-conformance to specifications and defects in material and design. The majority of our warranties are issued by our Commercial Airplanes segment. Generally, aircraft sales are accompanied by a 3 to 4 -year standard warranty for systems, accessories, equipment, parts, and software manufactured by us or manufactured to certain standards under our authorization. These warranties are included in the programs’ estimate at completion. On occasion we have made commitments beyond the standard warranty obligation to correct fleet-wide major issues of a particular model, resulting in additional accrued warranty expense. Warranties issued by our BDS segment principally relate to sales of military aircraft and weapons systems. These sales are generally accompanied by a six month to two -year warranty period and cover systems, accessories, equipment, parts, and software manufactured by us to certain contractual specifications. Estimated costs related to standard warranties are recorded in the period in which the related product delivery occurs. The warranty liability recorded at each balance sheet date reflects the estimated number of months of warranty coverage outstanding for products delivered times the average of historical monthly warranty payments, as well as additional amounts for certain major warranty issues that exceed a normal claims level. Estimated costs of these additional warranty issues are considered changes to the initial liability estimate. We provide guarantees to certain commercial airplane customers which include compensation provisions for failure to meet specified aircraft performance targets. We account for these performance guarantees as warranties. The estimated liability for these warranties is based on known and anticipated operational characteristics and forecasted customer operation of the aircraft relative to contractually specified performance targets, and anticipated settlements when contractual remedies are not specified. Estimated payments are recorded as a reduction of revenue at delivery of the related aircraft. We have agreements that require certain suppliers to compensate us for amounts paid to customers for failure of supplied equipment to meet specified performance targets. Claims against suppliers under these agreements are included in Inventories and recorded as a reduction in Cost of products at delivery of the related aircraft. These performance warranties and claims against suppliers are included in the programs’ estimate at completion. | |
Supplier Penalties | Supplier Penalties We record an accrual for supplier penalties when an event occurs that makes it probable that a supplier penalty will be incurred and the amount is reasonably estimable. Until an event occurs, we fully anticipate accepting all products procured under production-related contracts. | |
Guarantees | Guarantees We record a liability in Accrued liabilities for the fair value of guarantees that are issued or modified after December 31, 2002. For credit guarantees, the liability is equal to the present value of the expected loss. We determine the expected loss by multiplying the creditor’s default rate by the guarantee amount reduced by the expected recovery, if applicable, for each future period the credit guarantee will be outstanding. If at inception of a guarantee, we determine there is a probable related contingent loss, we will recognize a liability for the greater of (a) the fair value of the guarantee as described above or (b) the probable contingent loss amount. | |
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 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 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. We also elected the package of practical expedients, which among other things, does not require reassessment of lease classification. See Note 9 and 13 for additional disclosures. 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 20 for additional disclosures. |
Earnings Per Share (Policy)
Earnings Per Share (Policy) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy | Basic and diluted earnings per share are computed using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Basic earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the basic weighted average common shares outstanding. Diluted earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the diluted weighted average common shares outstanding. |
Liabilities, Commitments And _2
Liabilities, Commitments And Contingencies Environmental Remediation (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental Remediation | Environmental Remediation We are subject to federal and state requirements for protection of the environment, including those for discharge of hazardous materials and remediation of contaminated sites. We routinely assess, based on in-depth studies, expert analyses and legal reviews, our contingencies, obligations, and commitments for remediation of contaminated sites, including assessments of ranges and probabilities of recoveries from other responsible parties and/or insurance carriers. Our policy is to accrue and charge to current expense identified exposures related to environmental remediation sites when it is probable that a liability has been incurred and the amount can be reasonably estimated. The amount of the liability is based on our best estimate or the low end of a range of reasonably possible exposure for investigation, cleanup, and monitoring costs to be incurred. Estimated remediation costs are not discounted to present value as the timing of payments cannot be reasonably estimated. We may be able to recover a portion of the remediation costs from insurers or other third parties. Such recoveries are recorded when realization of the claim for recovery is deemed probable. The liabilities recorded represent our best estimate or the low end of a range of reasonably possible costs expected to be incurred to remediate sites, including operation and maintenance over periods of up to 30 years. It is reasonably possible that we may incur charges that exceed these recorded amounts because of regulatory agency orders and directives, changes in laws and/or regulations, higher than expected costs and/or the discovery of new or additional contamination. As part of our estimating process, we develop a range of reasonably possible alternate scenarios that includes the high end of a range of reasonably possible cost estimates for all remediation sites for which we have sufficient information based on our experience and existing laws and regulations. There are some potential remediation obligations where the costs of remediation cannot be reasonably estimated. At December 31, 2019 and 2018 , the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $1,077 and $796 . |
Summary of Business Segment D_2
Summary of Business Segment Data (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Schedule Of Segment Reporting Information, By Segment | (Dollars in millions) Years ended December 31, 2019 2018 2017 Revenues: Commercial Airplanes $32,255 $57,499 $54,612 Defense, Space & Security 26,227 26,392 23,938 Global Services 18,468 17,056 14,611 Boeing Capital 244 274 307 Unallocated items, eliminations and other (635 ) (94 ) 537 Total revenues $76,559 $101,127 $94,005 (Loss)/earnings from operations: Commercial Airplanes ($6,657 ) $7,830 $5,285 Defense, Space & Security 2,608 1,657 2,383 Global Services 2,697 2,536 2,251 Boeing Capital 28 79 114 Segment operating (loss)/profit (1,324 ) 12,102 10,033 Unallocated items, eliminations and other (2,066 ) (1,442 ) (1,127 ) FAS/CAS service cost adjustment 1,415 1,327 1,438 (Loss)/earnings from operations (1,975 ) 11,987 10,344 Other income, net 438 92 123 Interest and debt expense (722 ) (475 ) (360 ) (Loss)/earnings before income taxes (2,259 ) 11,604 10,107 Income tax benefit/(expense) 1,623 (1,144 ) (1,649 ) Net (loss)/earnings ($636 ) $10,460 $8,458 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Standards Issued, Not Yet Implemented Disclosure [Abstract] | |
Schedule of Change in Accounting Estimate [Table Text Block] | Net cumulative catch-up adjustments to prior years' revenue and earnings, including certain reach-forward losses, across all long-term contracts were as follows: 2019 2018 2017 Increase to Revenue $54 $137 $559 (Decrease)/increase to (Loss)/earnings from Operations ($111 ) ($190 ) $250 (Decrease)/increase to Diluted EPS ($0.06 ) ($0.29 ) $0.34 Significant adjustments during the three years ended December 31, 2019 included reach-forward losses of $148 , $736 and $445 on KC-46A Tanker recorded during 2019, 2018, and 2017, as well as reach-forward losses on Commercial Crew of $489 during 2019. |
Acquisitions and Joint Ventur_2
Acquisitions and Joint Ventures Acquisitions and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Acquisitions and Joint Ventures Disclosure [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The final allocation of the purchase price was as follows: Cash and cash equivalents $225 Accounts receivable 260 Inventories 1,298 Other current assets 43 Property, plant & equipment 36 Goodwill 2,056 Intangible assets 963 Other assets 78 Current liabilities (350 ) Other long-term liabilities (113 ) Long-term debt (1,210 ) Total net assets acquired $3,286 |
Goodwill And Acquired Intangi_2
Goodwill And Acquired Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule Of Goodwill By Reportable Segment | Changes in the carrying amount of goodwill for the years ended December 31, 2019 and 2018 were as follows: Commercial Airplanes Defense, Space & Security Global Services Other Total Balance at January 1, 2018 $992 $3,074 $1,493 $5,559 KLX acquisition 249 1,861 2,110 Other acquisitions 180 3 183 Goodwill adjustments (12 ) (12 ) Balance at December 31, 2018 $1,241 $3,254 $3,345 $7,840 KLX acquisition adjustments (51 ) (51 ) Acquisitions 72 188 $62 322 Dispositions (49 ) (49 ) Goodwill adjustments (10 ) 8 (2 ) Balance at December 31, 2019 $1,313 $3,244 $3,441 $62 $8,060 |
Schedule Of Finite-Lived Intangible Assets | The gross carrying amounts and accumulated amortization of our acquired finite-lived intangible assets were as follows at December 31: 2019 2018 Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Distribution rights $2,989 $1,262 $2,879 $1,101 Product know-how 553 354 536 324 Customer base 1,364 599 1,284 523 Developed technology 653 485 595 439 Other 280 200 218 186 Total $5,839 $2,900 $5,512 $2,573 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated amortization expense for the five succeeding years is as follows: 2020 2021 2022 2023 2024 Estimated amortization expense $320 $298 $287 $259 $248 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 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) Years ended December 31, 2019 2018 2017 Net (loss)/earnings ($636 ) $10,460 $8,458 Less: earnings available to participating securities 7 6 Net (loss)/earnings available to common shareholders ($636 ) $10,453 $8,452 Basic Basic weighted average shares outstanding 566.0 579.9 603.2 Less: participating securities 0.6 0.7 0.7 Basic weighted average common shares outstanding 565.4 579.2 602.5 Diluted Basic weighted average shares outstanding 566.0 579.9 603.2 Dilutive potential common shares (1) 6.3 7.5 Diluted weighted average shares outstanding 566.0 586.2 610.7 Less: participating securities 0.6 0.7 0.7 Diluted weighted average common shares outstanding 565.4 585.5 610.0 Net (loss)/earnings per share: Basic ($1.12 ) $18.05 $14.03 Diluted (1.12 ) 17.85 13.85 (1) Diluted (loss)/earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards. |
Schedule Of Weighted Average Number Of Shares Outstanding Excluded From The Computation Of Diluted Earnings Per Share | As a result of incurring a net loss for the year ended December 31, 2019, potential common shares of 4.1 million were excluded from diluted loss per share because the effect would have been antidilutive. In addition, 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 (loss)/earnings per share because the effect was either antidilutive or the performance condition was not met. (Shares in millions) Years ended December 31, 2019 2018 2017 Performance awards 2.8 2.5 4.1 Performance-based restricted stock units 0.6 0.3 0.5 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Components Of Earnings Before Income Taxes Between Domestic and Foreign Jurisdictions | The components of earnings before income taxes were: Years ended December 31, 2019 2018 2017 U.S. ($2,792 ) $11,166 $9,660 Non-U.S. 533 438 447 Total ($2,259 ) $11,604 $10,107 |
Schedule Of Income Tax Expense/(Benefit) | Income tax (benefit)/expense consisted of the following: Years ended December 31, 2019 2018 2017 Current tax (benefit)/expense U.S. federal ($308 ) $1,873 $1,276 Non-U.S. 169 169 149 U.S. state (161 ) 97 23 Total current (300 ) 2,139 1,448 Deferred tax (benefit)/expense U.S. federal (953 ) (996 ) 204 Non-U.S. (3 ) (4 ) 3 U.S. state (367 ) 5 (6 ) Total deferred (1,323 ) (995 ) 201 Total income tax (benefit)/expense ($1,623 ) $1,144 $1,649 |
Reconciliation Of U.S. Federal Statutory Tax Rate To Our Effective Income Tax Rate schedule | The following is a reconciliation of the U.S. federal statutory tax to actual income tax expense: Years ended December 31, 2019 2018 2017 Amount Rate Amount Rate Amount Rate U.S. federal statutory tax ($474 ) 21.0 % $2,437 21.0 % $3,537 35.0 % Research and development credits (382 ) 16.9 (207 ) (1.8 ) (162 ) (1.6 ) Audit settlements (1) (371 ) 16.4 (412 ) (3.6 ) Foreign derived intangible income (2) (229 ) 10.1 (549 ) (4.7 ) Excess tax benefits (3) (180 ) 8.0 (181 ) (1.6 ) (207 ) (2.1 ) Other provision adjustments 66 (3.0 ) 91 1.0 26 0.3 Tax deductible dividends (53 ) 2.4 (48 ) (0.4 ) (68 ) (0.7 ) Tax on non-US activities 43 (1.9 ) 40 0.3 (95 ) (0.9 ) State income tax provision, net of effects on U.S. federal tax (43 ) 1.9 84 0.7 17 0.2 Impact of Tax Cuts and Jobs Act (4) (111 ) (1.0 ) (1,271 ) (12.6 ) U.S. manufacturing activity tax benefit (128 ) (1.3 ) Income tax (benefit)/expense ($1,623 ) 71.8 % $1,144 9.9 % $1,649 16.3 % (1) In the fourth quarter of 2019, we recorded a tax benefit of $371 related to the settlement of state tax audits spanning 15 tax years. In the third quarter of 2018, we recorded a tax benefit of $412 related to the settlement of the 2013-2014 federal tax audit. (2) On December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was enacted. The TCJA revised the U.S. corporate income tax by, among other things, lowering the rate from 35% to 21% effective January 1, 2018, implementing a territorial tax system and imposing a one-time tax on deemed repatriated earnings of non-U.S. subsidiaries. The TCJA also enacted provisions which effectively apply a lower U.S. tax rate to intangible income derived from serving non-U.S. markets. In 2019 and 2018, we recorded tax benefits related to foreign derived intangible income of $229 and $549 . (3) In 2019, 2018 and 2017, we recorded excess tax benefits related to employee share-based payments of $180 , $181 and $207 , respectively. (4) In accordance with U.S. Securities and Exchange Commission Staff Accounting Bulletin No. 118 (SAB 118), in the fourth quarter of 2017, we recorded provisional tax benefits of $1,430 related to the remeasurement of our net U.S. deferred tax liabilities to reflect the reduction in the corporate tax rate and a provisional tax expense of $159 related to tax on non-U.S. activities resulting from the TCJA. During the fourth quarter of 2018 and in accordance with SAB 118, the Company completed its accounting for the provisional amounts recognized at December 31, 2017 and recorded an incremental benefit related to refinements to these provisional amounts which was not significant. |
Significant Components Of Deferred Tax Assets Net Of Deferred Tax Liabilities | Significant components of our deferred tax assets/(liabilities) at December 31 were as follows: 2019 2018 Inventory and long-term contract methods of income recognition ($6,048 ) ($5,422 ) Pension benefits 3,495 3,344 737 MAX customer concessions and other considerations 1,626 Fixed assets, intangibles and goodwill (net of valuation allowance of $16 and $16) (1,560 ) (1,616 ) Retiree health care benefits 1,120 1,124 Other employee benefits 849 873 Accrued expenses and reserves 627 411 Net operating loss, credit and capital loss carryovers (net of valuation allowance of $102 and $77) (1) 595 258 Customer and commercial financing (268 ) (309 ) Other (166 ) (115 ) Net deferred tax assets/(liabilities) (2) $270 ($1,452 ) (1) Of the deferred tax asset for net operating loss and credit carryovers, $251 expires on or before December 31, 2039 and $344 may be carried over indefinitely. (2) Included in the net deferred tax assets/(liabilities) as of December 31, 2019 and 2018 are deferred tax assets in the amounts of $4,589 and $4,275 related to Accumulated other comprehensive loss. |
Net Deferred Tax Assets and Liabilities | Net deferred tax assets/(liabilities) at December 31 were as follows: 2019 2018 Deferred tax assets $10,722 $8,835 Deferred tax liabilities (10,334 ) (10,194 ) Valuation allowance (118 ) (93 ) Net deferred tax assets/(liabilities) $270 ($1,452 ) |
Schedule Of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 2019 2018 2017 Unrecognized tax benefits – January 1 $2,412 $1,736 $1,557 Gross increases – tax positions in prior periods 100 87 3 Gross decreases – tax positions in prior periods (1,418 ) (410 ) (44 ) Gross increases – current-period tax positions 344 1,208 220 Gross decreases - current period tax positions (1 ) Settlements 39 (206 ) Statute Lapse (3 ) Unrecognized tax benefits – December 31 $1,476 $2,412 $1,736 |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |
Schedule Of Accounts Receivable | Accounts receivable at December 31 consisted of the following: 2019 2018 U.S. government contracts (1) $1,121 $1,877 Commercial Airplanes 29 51 Global Services (2) 1,967 1,783 Defense, Space, & Security (2) 220 222 Other 2 3 Less valuation allowance (73 ) (57 ) Total $3,266 $3,879 (1) Includes foreign military sales through the U.S. government (2) Excludes U.S. government contracts |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories at December 31 consisted of the following: 2019 2018 Long-term contracts in progress $1,187 $2,129 Commercial aircraft programs 66,016 52,753 Commercial spare parts, used aircraft, general stock materials and other 9,419 7,685 Total $76,622 $62,567 |
Contracts with Customers Cont_2
Contracts with Customers Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Contracts with Customers [Abstract] | |
Contract with Customer, Asset and Claims | The following table summarizes our contract assets under long-term contracts that were unbillable or related to outstanding claims as of December 31: Unbilled Claims 2019 2018 2019 2018 Current $6,931 $7,178 $9 $1 Expected to be collected after one year 2,112 2,847 14 2 Total $9,043 $10,025 $23 $3 |
Customer Financing (Tables)
Customer Financing (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Customer Financing [Abstract] | |
Schedule Of Customer Financing | Customer financing consisted of the following at December 31: 2019 2018 Financing receivables: Investment in sales-type/finance leases $1,029 $1,125 Notes 443 730 Total financing receivables 1,472 1,855 Operating lease equipment, at cost, less accumulated depreciation of $235 and $203 834 782 Operating lease incentive 250 Gross customer financing 2,306 2,887 Less allowance for losses on receivables (8 ) (9 ) Total $2,298 $2,878 |
Components Of Investment In Sales Type Or Finance Leases | The components of investment in sales-type/finance leases at December 31 were as follows: 2019 2018 Minimum lease payments receivable $799 $908 Estimated residual value of leased assets 393 425 Unearned income (163 ) (208 ) Total $1,029 $1,125 |
Financing Receivable Balances Evaluated For Impairment | Financing receivable balances evaluated for impairment at December 31 were as follows: 2019 2018 Individually evaluated for impairment $400 $409 Collectively evaluated for impairment 1,072 1,446 Total financing receivables $1,472 $1,855 |
Allowance for Losses on Financing Receivables | The change in the allowance for losses on financing receivables for the years ended December 31, 2019, 2018 and 2017 , consisted of the following: 2019 2018 2017 Beginning balance - January 1 ($9 ) ($12 ) ($10 ) Customer financing valuation benefit/(cost) 1 3 (2 ) Ending balance - December 31 ($8 ) ($9 ) ($12 ) Collectively evaluated for impairment ($8 ) ($9 ) ($12 ) |
Financing Receivable Credit Quality Indicators | Our financing receivable balances at December 31 by internal credit rating category are shown below: Rating categories 2019 2018 BBB $573 $883 BB 385 430 B 122 135 CCC 392 407 Total carrying value of financing receivables $1,472 $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 at December 31: 2019 2018 717 Aircraft ($124 and $204 accounted for as operating leases) $736 $918 747-8 Aircraft ($130 and $132 accounted for as operating leases) 475 477 737 Aircraft ($240 and $263 Accounted for as operating leases) 263 290 777 Aircraft ($236 and $60 accounted for as operating leases) 240 68 MD-80 Aircraft (Accounted for as sales-type finance leases) 186 204 757 Aircraft ($22 and $24 accounted for as operating leases) 182 200 747-400 Aircraft ($31 and $45 Accounted for as operating leases) 90 116 |
Customer Financing Asset Impairment Charges | Charges related to customer financing asset impairment for the years ended December 31 were as follows: 2019 2018 2017 Boeing Capital $53 $1 $13 Other Boeing 217 38 30 Total $270 $39 $43 |
Customer Financing, Lease Receivable Maturity | As of December 31, 2019 , undiscounted cash flows for notes receivable, sales-type/finance and operating leases over the next five years and thereafter are as follows: Notes receivable Sales-type/finance leases Operating leases Year 1 $382 $191 $130 Year 2 7 141 103 Year 3 37 127 89 Year 4 17 118 74 Year 5 98 58 Thereafter 124 41 Total lease receipts 443 799 495 Less imputed interest (163 ) Estimated unguaranteed residual values 393 Total $443 $1,029 $495 |
Property, Plant And Equipment (
Property, Plant And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property, Plant And Equipment | Property, plant and equipment at December 31 consisted of the following: 2019 2018 Land $527 $546 Buildings and land improvements 14,288 14,109 Machinery and equipment 15,723 15,221 Construction in progress 1,306 1,337 Gross property, plant and equipment 31,844 31,213 Less accumulated depreciation (19,342 ) (18,568 ) Total $12,502 $12,645 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments [Abstract] | |
Schedule of Investments [Table Text Block] | Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following at December 31: 2019 2018 Equity method investments (1) $1,031 $1,048 Time deposits 50 255 Available for sale debt instruments 405 491 Equity and other investments 65 44 Restricted cash & cash equivalents (2) 86 176 Total $1,637 $2,014 (1) Dividends received were $164 and $325 during 2019 and 2018 . Retained earnings at December 31, 2019 include undistributed earnings from our equity method investments of $156 . (2) Reflects amounts restricted in support of our workers’ compensation programs, employee benefit programs, and insurance premiums. |
Schedule of Equity Method Investments | Our equity method investments consisted of the following as of December 31: Segment Ownership Percentages Investment Balance 2019 2018 United Launch Alliance BDS 50% $771 $768 Other BCA, BDS, BGS and Other 260 280 Total equity method investments $1,031 $1,048 |
Leases Leases (Tables)
Leases Leases (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||
Schedule Of Supplemental Balance Sheet Information Related To Leases [Table Text Block] | Supplemental Consolidated Statement of Financial Position information related to leases was as follows: December 31 Operating leases: Operating lease right-of-use assets $1,182 Current portion of lease liabilities 252 Non-current portion of lease liabilities 978 Total operating lease liabilities $1,230 Weighted average remaining lease term (years) 9 Weighted average discount rate 3.35 % | |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Maturities of operating lease liabilities for the next five years are as follows: Operating leases 2020 $287 2021 235 2022 194 2023 151 2024 98 Thereafter 609 Total lease payments 1,574 Less imputed interest (344 ) Total $1,230 | |
Schedule of Future Minimum Rental And Lease Payments for Operating and Capital Leases [Table Text Block] | Payments due under operating leases net of sublease amounts and non-cancellable future rentals under ASC 840 as of December 31, 2018 were as follows: Operating leases 2019 $272 2020 232 2021 194 2022 165 2023 126 Thereafter 849 Total lease payments $1,838 |
Liabilities, Commitments And _3
Liabilities, Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities at December 31 consisted of the following: 2019 2018 Accrued compensation and employee benefit costs $5,582 $6,841 737 MAX customer concessions and other considerations 7,389 Environmental 570 555 Product warranties 1,267 1,127 Forward loss recognition 1,681 1,488 Dividends payable 1,159 1,160 Income taxes payable 670 485 Other 4,550 3,152 Total $22,868 $14,808 |
Schedule of 737 MAX Liability Activity | The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during 2019. 2019 Beginning balance – January 1 Initial liability recorded in the second quarter of 2019 $6,110 Reductions for payments made (1,237 ) Reductions for concessions and other in-kind considerations (133 ) Changes in estimates 2,649 Ending balance – December 31 $7,389 |
Schedule Of Environmental Remediation Activity | The following table summarizes environmental remediation activity during the years ended December 31, 2019 and 2018 . 2019 2018 Beginning balance – January 1 $555 $524 Reductions for payments made (47 ) (37 ) Changes in estimates 62 68 Ending balance – December 31 $570 $555 |
Schedule Of Product Warranty Activity | The following table summarizes product warranty activity recorded during the years ended December 31, 2019 and 2018 . 2019 2018 Beginning balance – January 1 $1,127 $1,211 Additions for current year deliveries 188 232 Reductions for payments made (249 ) (193 ) Changes in estimates 201 (123 ) Ending balance – December 31 $1,267 $1,127 |
Contractual Obligation, Fiscal Year Maturity Schedule | The estimated earliest potential funding dates for these commitments as of December 31, 2019 are as follows: Total 2020 $3,506 2021 2,981 2022 1,343 2023 2,163 2024 1,407 Thereafter 1,977 $13,377 |
Arrangements With Off-Balance_2
Arrangements With Off-Balance Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Guarantees [Abstract] | |
Schedule Of Guarantor Obligations | The following table provides quantitative data regarding our third party guarantees. The maximum potential payments represent a “worst-case scenario,” and do not necessarily reflect amounts that we expect to pay. Estimated proceeds from collateral and recourse represent the anticipated values of assets we could liquidate or receive from other parties to offset our payments under guarantees. The carrying amount of liabilities represents the amount included in Accrued liabilities. Maximum Estimated Proceeds from Collateral/ Recourse Carrying Amount of Liabilities December 31, 2019 2018 2019 2018 2019 2018 Contingent repurchase commitments $1,570 $1,685 $1,570 $1,685 Indemnifications to ULA: Contributed Delta inventory 30 52 Inventory supply agreement 34 85 Questioned costs 317 317 $48 Credit guarantees 92 106 36 51 16 $16 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule Of Short-Term Debt And Current Portion Of Long-Term Debt | Short-term debt and current portion of long-term debt at December 31 consisted of the following: 2019 2018 Unsecured debt securities $1,099 $1,151 Non-recourse debt and notes 21 25 Finance lease obligations 71 57 Commercial paper 6,109 1,895 Other notes 40 62 Total $7,340 $3,190 |
Schedule Of Debt | Debt at December 31 consisted of the following: 2019 2018 Unsecured debt securities 1.65% - 4.88% due through 2059 $17,404 $7,538 5.80% - 6.88% due through 2043 1,740 2,388 7.25% - 8.75% due through 2043 1,639 1,638 Commercial paper 6,109 1,895 Non-recourse debt and notes 6.98% notes due through 2021 37 62 Finance lease obligations due through 2044 229 156 Other notes 144 170 Total debt $27,302 $13,847 |
Schedule of Debt Instruments | Total debt at December 31 is attributable to: 2019 2018 BCC $1,960 $2,487 Other Boeing 25,342 11,360 Total debt $27,302 $13,847 |
Scheduled Principal Payments For Debt And Capital Lease Obligations | Scheduled principal payments for debt and minimum finance lease obligations for the next five years are as follows: 2020 2021 2022 2023 2024 Debt $7,306 $1,484 $1,214 $780 $1,000 Minimum finance lease obligations $71 $56 $42 $20 $6 |
Postretirement Plans (Tables)
Postretirement Plans (Tables) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits, Description [Abstract] | ||
Components Of Net Periodic Benefit Cost | The components of net periodic benefit (income)/cost were as follows: Pension Other Postretirement Benefits Years ended December 31, 2019 2018 2017 2019 2018 2017 Service cost $2 $430 $402 $77 $94 $106 Interest cost 2,925 2,781 2,991 196 194 229 Expected return on plan assets (3,863 ) (4,009 ) (3,847 ) (8 ) (8 ) (7 ) Amortization of prior service credits (79 ) (56 ) (39 ) (35 ) (126 ) (137 ) Recognized net actuarial loss/(gain) 643 1,130 804 (46 ) (10 ) 10 Settlement/curtailment/other losses 44 1 Net periodic benefit (income)/cost ($372 ) $320 $312 $184 $144 $201 Net periodic benefit cost included in (Loss)/earnings from operations $313 $313 $510 $88 $84 $107 Net periodic benefit (income)/cost included in Other income, net (374 ) (143 ) (117 ) 107 101 123 Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes ($61 ) $170 $393 $195 $185 $230 | |
Schedule Of Changes In The Benefit Obligation, Plan Assets And Funded Status Of Pensions And OPB | The following tables show changes in the benefit obligation, plan assets and funded status of both pensions and OPB for the years ended December 31, 2019 and 2018 . Benefit obligation balances presented below reflect the PBO for our pension plans, and accumulated postretirement benefit obligations (APBO) for our OPB plans. Pension Other Postretirement Benefits 2019 2018 2019 2018 Change in benefit obligation Beginning balance $71,424 $80,393 $5,114 $6,085 Service cost 2 430 77 94 Interest cost 2,925 2,781 196 194 Amendments (377 ) 1 (58 ) Actuarial (gain)/loss 8,695 (6,352 ) 127 (732 ) Settlement/curtailment/other (756 ) (730 ) Gross benefits paid (4,658 ) (4,700 ) (474 ) (487 ) Subsidies 36 24 Exchange rate adjustment 13 (21 ) 3 (6 ) Ending balance $77,645 $71,424 $5,080 $5,114 Change in plan assets Beginning balance at fair value $56,102 $64,011 $132 $143 Actual return on plan assets 10,851 (2,585 ) 26 (3 ) Company contribution 16 16 1 2 Plan participants’ contributions 6 7 Settlement payments (756 ) (764 ) Benefits paid (4,514 ) (4,557 ) (16 ) (17 ) Exchange rate adjustment 12 (19 ) Ending balance at fair value $61,711 $56,102 $149 $132 Amounts recognized in statement of financial position at December 31 consist of: Other assets $484 $138 Other accrued liabilities (142 ) (137 ) ($391 ) ($398 ) Accrued retiree health care (4,540 ) (4,584 ) Accrued pension plan liability, net (16,276 ) (15,323 ) Net amount recognized ($15,934 ) ($15,322 ) ($4,931 ) ($4,982 ) | |
Schedule Of Amounts Recognized In Accumulated Other Comprehensive Loss | Amounts recognized in Accumulated other comprehensive loss at December 31 were as follows: Pension Other Postretirement Benefits 2019 2018 2019 2018 Net actuarial loss/(gain) $23,124 $22,061 ($625 ) ($783 ) Prior service credits (1,467 ) (1,546 ) (122 ) (158 ) Total recognized in Accumulated other comprehensive loss $21,657 $20,515 ($747 ) ($941 ) | |
Schedule Of Key Information For All Plans With ABO In Excess Of Plan Assets | Key information for our plans with ABO and PBO in excess of plan assets as of December 31 was as follows: 2019 2018 Accumulated benefit obligation $70,466 $66,306 Fair value of plan assets 55,907 52,894 2019 2018 Projected benefit obligation $72,325 $68,354 Fair value of plan assets 55,907 52,894 | |
Schedule Of Assumptions Used To Calculate The Benefit Obligation and Net Periodic Benefit Costs | The following assumptions, which are the weighted average for all plans, are used to calculate the benefit obligation at December 31 of each year and the net periodic benefit cost for the subsequent year. December 31, 2019 2018 2017 Discount rate: Pension 3.30 % 4.20 % 3.60 % Other postretirement benefits 3.00 % 4.00 % 3.30 % Expected return on plan assets 6.80 % 6.80 % 6.80 % Rate of compensation increase 4.30 % 5.30 % 5.30 % Interest crediting rates for cash balance plans 5.15 % 5.15 % 5.15 % | |
Schedule Of Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates were as follows: December 31, 2019 2018 2017 Health care cost trend rate assumed next year 5.00 % 5.50 % 6.00 % Ultimate trend rate 4.50 % 4.50 % 4.50 % Year that trend reached ultimate rate 2021 2021 2021 | |
Schedule of actual allocations for pension assets and target allocations by asset class [Table Text Block] | The actual and target allocations by asset class for the pension assets at December 31 were as follows: Actual Allocations Target Allocations Asset Class 2019 2018 2019 2018 Fixed income 49 % 48 % 47 % 47 % Global equity 29 28 29 29 Private equity 5 5 5 5 Real estate and real assets 8 9 9 9 Hedge funds 9 10 10 10 Total 100 % 100 % 100 % 100 % | |
Schedule of Allocation of Plan Assets | The following table presents our plan assets using the fair value hierarchy as of December 31, 2019 and 2018 . The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs. December 31, 2019 December 31, 2018 Total Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Fixed income securities: Corporate $19,341 $19,336 $5 $17,481 $17,479 $2 U.S. government and agencies 5,759 5,759 5,589 5,589 Mortgage backed and asset backed 1,181 720 461 722 410 312 Municipal 1,317 1,317 1,255 1,255 Sovereign 1,076 1,076 967 967 Other 55 $7 48 106 $53 53 Derivatives: Assets Liabilities (143 ) (143 ) (51 ) (51 ) Cash equivalents and other short-term investments 769 769 1,068 1,068 Equity securities: U.S. common and preferred stock 4,866 4,866 3,744 3,744 Non-U.S. common and preferred stock 5,529 5,527 2 4,850 4,846 4 Derivatives: Assets 6 6 3 3 Liabilities (5 ) (5 ) (9 ) (9 ) Real estate and real assets: Real estate 454 454 422 422 Real assets 810 649 157 4 659 311 344 4 Derivatives: Assets 5 1 4 4 4 Liabilities (2 ) (2 ) (17 ) (1 ) (16 ) Total $41,018 $11,504 $29,042 $472 $36,793 $9,375 $27,100 $318 Fixed income common/collective/pooled funds $959 $938 Fixed income other 512 442 Equity common/collective pooled funds 6,301 5,264 Private equity 3,184 2,934 Real estate and real assets 3,605 3,792 Hedge funds 5,688 5,484 Total investments measured at NAV as a practical expedient $20,249 $18,854 Cash $207 $205 Receivables 383 404 Payables (146 ) (154 ) Total $61,711 $56,102 | |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets [Table Text Block] | The following tables present a reconciliation of Level 3 assets held during the years ended December 31, 2019 and 2018 . Transfers into and out of Level 3 are reported at the beginning-of-year values. January 1 Net Realized and Unrealized Gains/(Losses) Net Purchases, Issuances and Settlements Net Transfers Into/(Out of) Level 3 December 31 Fixed income securities: Corporate $2 $3 $5 Mortgage backed and asset backed 312 $11 137 $1 461 Equity securities: Non-U.S. common and preferred stock 1 1 2 Real assets 4 4 Total $318 $11 $141 $2 $472 | January 1 Net Realized and Unrealized Gains/(Losses) Net Purchases, Issuances and Settlements Net Transfers Into/(Out of) Level 3 December 31 Fixed income securities: Corporate $2 $2 Mortgage backed and asset backed 310 ($3 ) $3 $2 312 Real assets 3 1 4 Total $315 ($3 ) $3 $3 $318 |
Schedule Of Estimated Future Benefit Payments | The table below reflects the total pension benefits expected to be paid from the plans or from our assets, including both our share of the benefit cost and the participants’ share of the cost, which is funded by participant contributions. OPB payments reflect our portion only. Year(s) 2020 2021 2022 2023 2024 2025-2029 Pensions $4,838 $4,808 $4,744 $4,650 $4,608 $21,757 Other postretirement benefits: Gross benefits paid 479 470 462 450 435 1,867 Subsidies (18 ) (18 ) (18 ) (18 ) (18 ) (93 ) Net other postretirement benefits $461 $452 $444 $432 $417 $1,774 |
Share-Based Compensation And _2
Share-Based Compensation And Other Compensation Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of share-based plans expense and related income tax benefit | The share-based plans expense and related income tax benefit were as follows: Years ended December 31, 2019 2018 2017 Restricted stock units and other awards $217 $213 $212 Income tax benefit $47 $46 $46 |
Schedule of Stock Options Activity | Stock option activity for the year ended December 31, 2019 is as follows: Shares Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Number of shares under option: Outstanding at beginning of year 3,252,083 $72.47 Exercised (870,821) 66.16 Expired (5,679) 69.23 Outstanding at end of year 2,375,583 $74.79 2.44 $596 Exercisable at end of year 2,375,583 $74.79 2.44 $596 |
Schedule of Restricted Stock Units Award Activity | RSU activity for the year ended December 31, 2019 was as follows: Long-Term Incentive Program Other Number of units: Outstanding at beginning of year 1,322,251 984,235 Granted 259,791 247,673 Dividends 22,571 20,576 Forfeited (73,591 ) (121,344 ) Distributed (625,997 ) (222,819 ) Outstanding at end of year 905,025 908,321 Unrecognized compensation cost $102 $132 Weighted average remaining contractual life (years) 1.8 2.6 |
Schedule of Performance Based Restricted Stock Units Award Grant Fair Values | The grant date fair values were estimated using a Monte-Carlo simulation model with the assumptions presented below. The model includes no expected dividend yield as the units earn dividend equivalents. Grant Year Grant Date Performance Period Expected Volatility Risk Free Interest Rate Grant Date Fair Value 2019 2/25/2019 3 years 23.88 % 2.46 % $466.04 2018 2/26/2018 3 years 22.11 % 2.36 % 390.27 2017 2/27/2017 3 years 21.37 % 1.46 % 190.17 |
Schedule of Performance Based Restricted Stock Units Award Activity | PBRSU activity for the year ended December 31, 2019 was as follows: Long-Term Incentive Program Number of units: Outstanding at beginning of year 1,268,667 Granted 214,651 Performance based adjustment (1) 115,613 Dividends 65,042 Forfeited (60,755 ) Distributed (777,092 ) Outstanding at end of year 826,126 Unrecognized compensation cost $91 Weighted average remaining contractual life (years) 1.8 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule Of Common Stock Outstanding Roll Forward | The following table shows changes in each class of shares: Common Stock Treasury Stock Balance at January 1, 2017 1,012,261,159 395,109,568 Issued (20,746,426 ) Acquired 46,859,184 Balance at December 31, 2017 1,012,261,159 421,222,326 Issued (3,409,330 ) Acquired 26,806,974 Balance at December 31, 2018 1,012,261,159 444,619,970 Issued (2,797,002 ) Acquired 7,529,437 Balance at December 31, 2019 1,012,261,159 449,352,405 |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in Accumulated other comprehensive loss (AOCI) by component for the years ended December 31, 2019 , 2018 and 2017 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, 2017 ($143 ) ($2 ) ($127 ) ($13,351 ) ($13,623 ) Other comprehensive (loss)/income before reclassifications 128 1 119 (478 ) (230 ) Amounts reclassified from AOCI 52 425 (2) 477 Net current period Other comprehensive (loss)/income 128 1 171 (53 ) 247 Impact of ASU 2018-02 (1 ) 10 (3,006 ) (2,997 ) Balance at December 31, 2017 ($15 ) ($2 ) $54 ($16,410 ) ($16,373 ) Other comprehensive income/(loss) before reclassifications (86 ) 2 (146 ) 747 517 Amounts reclassified from AOCI 30 743 (2) 773 Net current period Other comprehensive income/(loss) (86 ) 2 (116 ) 1,490 1,290 Balance at December 31, 2018 ($101 ) $— ($62 ) ($14,920 ) ($15,083 ) Other comprehensive (loss)/income before reclassifications (27 ) 1 (48 ) (1,397 ) (1,471 ) Amounts reclassified from AOCI 26 375 (2) 401 Net current period Other comprehensive (loss)/income (27 ) 1 (22 ) (1,022 ) (1,070 ) Balance at December 31, 2019 ($128 ) $1 ($84 ) ($15,942 ) ($16,153 ) (1) Net of tax. (2) Primarily relates to amortization of actuarial losses for the years ended December 31, 2019 , 2018 , and 2017 totaling $464 , $878 , and $542 (net of tax of ($133) , ($242) , and ($272) ), respectively. These are included in the net periodic pension cost. See Note 17 . |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Derivative Instruments [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The notional amounts and fair values of derivative instruments in the Consolidated Statements of Financial Position as of December 31 were as follows: Notional amounts (1) Other assets Accrued liabilities 2019 2018 2019 2018 2019 2018 Derivatives designated as hedging instruments: Foreign exchange contracts $2,590 $3,407 $29 $32 ($60 ) ($132 ) Interest rate contracts 125 Commodity contracts 645 57 4 9 (72 ) (2 ) Derivatives not receiving hedge accounting treatment: Foreign exchange contracts 285 414 1 11 (6 ) (2 ) Commodity contracts 1,644 478 Total derivatives $5,164 $4,481 34 52 (138 ) (136 ) Netting arrangements (20 ) (24 ) 20 24 Net recorded balance $14 $28 ($118 ) ($112 ) (1) Notional amounts represent the gross contract/notional amount of the derivatives outstanding. |
Schedule Of Derivative Instruments, Gains/(Losses) In Statement Of Financial Performance | Gains/(losses) associated with our hedging transactions and forward points recognized in Other comprehensive income are presented in the following table: Years ended December 31, 2019 2018 Recognized in Other comprehensive income, net of taxes: Foreign exchange contracts $15 ($156 ) Commodity contracts (63 ) 10 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | Gains/(losses) associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table: Years ended December 31, 2019 2018 Foreign exchange contracts Revenues Costs and expenses ($26 ) ($30 ) General and administrative (9 ) (12 ) Commodity contracts Revenues Costs and expenses $1 $2 General and administrative expense 1 2 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 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. December 31, 2019 December 31, 2018 Total Level 1 Level 2 Total Level 1 Level 2 Assets Money market funds $2,562 $2,562 $1,737 $1,737 Available-for-sale debt investments: Commercial paper 108 $108 78 $78 Corporate notes 242 242 420 420 U.S. government agencies 55 55 Other equity investments 33 33 12 12 Derivatives 14 14 28 $28 Total assets $3,014 $2,650 $364 $2,275 $1,749 $526 Liabilities Derivatives ($118 ) ($118 ) ($112 ) ($112 ) Total liabilities ($118 ) ($118 ) ($112 ) ($112 ) |
Fair Value, Assets Measured On Nonrecurring Basis Using Unobservable Inputs | The following table presents the nonrecurring losses recognized for the years ended December 31 due to long-lived asset impairment, and the fair value and asset classification of the related assets as of the impairment date: 2019 2018 Fair Value Total Losses Fair Value Total Losses Investments $27 ($109 ) ($50 ) Customer financing assets 111 (20 ) $101 (39 ) Other assets and Acquired intangible assets 4 (310 ) Property, plant and equipment 41 (4 ) 44 (4 ) Total $183 ($443 ) $145 ($93 ) |
Fair Value, Assets Measured On Nonrecurring Basis, Valuation Techniques | For Level 3 assets that were measured at fair value on a nonrecurring basis during the year ended December 31, 2019 , the following table presents the fair value of those assets as of the measurement date, valuation techniques and related unobservable inputs of those assets. Fair Value Valuation Technique(s) Unobservable Input Range Median or Average Customer financing assets $111 Market approach Aircraft value publications $98 - $158 (1) Median $123 Aircraft condition adjustments ($13) - $1 (2) Net ($12) (1) The range represents the sum of the highest and lowest values for all aircraft subject to fair value measurement, according to the third party aircraft valuation publications that we use in our valuation process. (2) The negative amount represents the sum, for all aircraft subject to fair value measurement, of all downward adjustments based on consideration of individual aircraft attributes and condition. The positive amount represents the sum of all such upward adjustments. |
Fair Values And Related Carrying Values Of Financial Instruments | The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Consolidated Statements of Financial Position at December 31 were as follows: December 31, 2019 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Notes receivable, net $443 $444 $444 Liabilities Debt, excluding finance lease obligations and commercial paper (20,964 ) (23,119 ) (23,081 ) ($38 ) December 31, 2018 Carrying Amount Total Fair Value Level 1 Level 2 Level 3 Assets Notes receivable, net $730 $735 $735 Liabilities Debt, excluding finance lease obligations and commercial paper (11,796 ) (12,746 ) (12,682 ) ($64 ) |
Segment and Revenue Informati_2
Segment and Revenue Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | Revenues, including foreign military sales, are reported by customer location and consist of the following: Years ended December 31, 2019 2018 2017 Asia, other than China $10,662 $12,141 $9,195 Europe 10,366 12,976 11,240 Middle East 9,272 9,745 11,433 China 5,684 13,764 11,932 Canada 2,019 2,583 2,212 Oceania 2,006 2,298 1,931 Africa 1,113 1,486 815 Latin America, Caribbean and other 1,015 1,458 1,541 Total non-U.S. revenues 42,137 56,451 50,299 United States 42,681 44,676 43,706 Estimated potential concessions and other considerations to 737 MAX customers, net (1) (8,259 ) Total revenues $76,559 $101,127 $94,005 (1) Net of insurance recoveries |
Schedule Of Depreciation And Amortization Expense By Segment | Depreciation and Amortization Years ended December 31, 2019 2018 2017 Commercial Airplanes $580 $565 $521 Defense, Space & Security 274 290 252 Global Services 424 348 322 Boeing Capital Corporation 64 58 70 Centrally Managed Assets (1) 929 853 882 Total $2,271 $2,114 $2,047 (1) Amounts shown in the table represent depreciation and amortization expense recorded by the individual business segments. Depreciation and amortization for centrally managed assets are included in segment operating earnings based on usage and occupancy. In 2019, $717 was included in the primary business segments, of which $407 , $257 , and $53 was included in BCA, BDS and BGS, respectively. In 2018, $692 was included in the primary business segments, of which $417 , $213 , and $62 was included in BCA, BDS and BGS, respectively. In 2017, $730 was included in the primary business segments, of which $427 , $243 , and $60 |
Schedule Of Capital Expenditures By Segment | Capital Expenditures Years ended December 31, 2019 2018 2017 Commercial Airplanes $433 $604 $636 Defense, Space & Security 202 208 210 Global Services 218 231 180 Unallocated items, eliminations and other 981 679 713 Total $1,834 $1,722 $1,739 Capital expenditures for Unallocated items, eliminations and other relate primarily to assets managed centrally on behalf of the four principal business segments. |
Schedule Of Unallocated Items and Eliminations | Components of Unallocated items, eliminations and other are shown in the following table. Years ended December 31, 2019 2018 2017 Share-based plans ($65 ) ($76 ) ($77 ) Deferred compensation (174 ) (19 ) (240 ) Amortization of previously capitalized interest (89 ) (92 ) (96 ) Research and development expense, net (384 ) (132 ) 42 Customer financing impairment (250 ) Litigation (109 ) (148 ) Eliminations and other unallocated items (995 ) (975 ) (756 ) Unallocated items, eliminations and other ($2,066 ) ($1,442 ) ($1,127 ) Pension FAS/CAS service cost adjustment $1,071 $1,005 $1,127 Postretirement FAS/CAS service cost adjustment 344 322 311 FAS/CAS service cost adjustment $1,415 $1,327 $1,438 |
Reconciliation of Assets from Segment to Consolidated | Segment assets are summarized in the table below. December 31, 2019 2018 Commercial Airplanes $73,995 $61,116 Defense, Space & Security 15,977 18,023 Global Services 18,605 17,856 Boeing Capital 2,269 2,809 Unallocated items, eliminations and other 22,779 17,555 Total $133,625 $117,359 Assets included in Unallocated items, eliminations and other primarily consist of Cash and cash equivalents, Short-term and other investments, deferred tax assets, capitalized interest, and assets managed centrally on behalf of the four principle business segments and intercompany eliminations. |
Commercial Airplanes | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | BCA revenues by customer location consist of the following: Years ended December 31, 2019 2018 2017 Revenue from contracts with customers: Asia, other than China $7,395 $8,274 $6,482 Europe 5,829 9,719 8,478 Middle East 5,761 5,876 8,927 China 5,051 13,068 10,982 Other 3,450 5,185 4,365 Total non-U.S. revenues 27,486 42,122 39,234 United States 12,676 15,347 15,182 Estimated potential concessions and other considerations to 737 MAX customers, net (1) (8,259 ) Total revenues from contracts with customers 31,903 57,469 54,416 Intersegment revenues, eliminated on consolidation 352 30 196 Total segment revenues $32,255 $57,499 $54,612 Revenue recognized on fixed-price contracts 100 % 100 % 100 % Revenue recognized at a point in time 100 % 100 % 100 % (1) Net of insurance recoveries |
Defense, Space & Security | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | BDS revenues on contracts with customers, based on the customer's location, consist of the following: Years ended December 31, 2019 2018 2017 Revenue from contracts with customers: U.S. customers $19,573 $19,576 $18,984 Non-U.S. customers (1) 6,654 6,816 4,954 Total segment revenue from contracts with customers $26,227 $26,392 $23,938 Revenue recognized over time 98 % 98 % 97 % Revenue recognized on fixed-price contracts 70 % 70 % 69 % Revenue from the U.S. government (1) 89 % 88 % 89 % (1) Includes revenues earned from foreign military sales through the U.S. government. |
Global Services | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | BGS revenues consist of the following: Years ended December 31, 2019 2018 2017 Revenue from contracts with customers: Commercial $10,167 $9,227 $7,622 Government 8,107 7,658 6,940 Total revenues from contracts with customers 18,274 16,885 14,562 Intersegment revenues eliminated on consolidation 194 171 49 Total segment revenues $18,468 $17,056 $14,611 Revenue recognized at a point in time 55 % 54 % 50 % Revenue recognized on fixed-price contracts 90 % 90 % 89 % Revenue from the U.S. government (1) 34 % 36 % 39 % (1) Includes revenues earned from foreign military sales through the U.S. government. |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule Of Quarterly Financial Data | 2019 2018 4th 3rd 2nd 1st 4th 3rd 2nd 1st Total revenues $17,911 $19,980 $15,751 $22,917 $28,341 $25,146 $24,258 $23,382 Total costs and expenses (18,708 ) (16,930 ) (17,810 ) (18,645 ) (22,090 ) (21,040 ) (19,536 ) (18,824 ) (Loss)/earnings from operations (2,204 ) 1,259 (3,380 ) 2,350 4,175 2,227 2,710 2,875 Net (loss)/earnings (1,010 ) 1,167 (2,942 ) 2,149 3,424 2,363 2,196 2,477 Basic (loss)/earnings per share (1.79 ) 2.07 (5.21 ) 3.79 6.00 4.11 3.77 4.19 Diluted (loss)/earnings per share (1.79 ) 2.05 (5.21 ) 3.75 5.93 4.07 3.73 4.15 |
Summary Of Business Segment D_3
Summary Of Business Segment Data (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 17,911 | $ 19,980 | $ 15,751 | $ 22,917 | $ 28,341 | $ 25,146 | $ 24,258 | $ 23,382 | $ 76,559 | $ 101,127 | $ 94,005 |
Earnings from operations | (2,204) | 1,259 | (3,380) | 2,350 | 4,175 | 2,227 | 2,710 | 2,875 | (1,975) | 11,987 | 10,344 |
Other income, net | 438 | 92 | 123 | ||||||||
Interest and debt expense | (722) | (475) | (360) | ||||||||
(Loss)/earnings before income taxes | (2,259) | 11,604 | 10,107 | ||||||||
Income tax benefit/(expense) | 1,623 | (1,144) | (1,649) | ||||||||
Net (loss)/earnings | $ (1,010) | $ 1,167 | $ (2,942) | $ 2,149 | $ 3,424 | $ 2,363 | $ 2,196 | $ 2,477 | (636) | 10,460 | 8,458 |
Operating Segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Earnings from operations | (1,324) | 12,102 | 10,033 | ||||||||
Operating Segments | Commercial Airplanes | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 32,255 | 57,499 | 54,612 | ||||||||
Earnings from operations | (6,657) | 7,830 | 5,285 | ||||||||
Operating Segments | Defense, Space & Security | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 26,227 | 26,392 | 23,938 | ||||||||
Earnings from operations | 2,608 | 1,657 | 2,383 | ||||||||
Operating Segments | Global Services | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 18,468 | 17,056 | 14,611 | ||||||||
Earnings from operations | 2,697 | 2,536 | 2,251 | ||||||||
Operating Segments | Boeing Capital Corporation [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 244 | 274 | 307 | ||||||||
Earnings from operations | 28 | 79 | 114 | ||||||||
Unallocated items, eliminations and other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | (635) | (94) | 537 | ||||||||
Operating Income (Loss) Excluding Unallocated Pension and Postretirement Adjustments | 2,066 | 1,442 | 1,127 | ||||||||
FAS/CAS Service Cost Adjustment | $ (1,415) | $ (1,327) | $ (1,438) |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2019USD ($)$ / shares | Sep. 30, 2019USD ($)$ / shares | Jun. 30, 2019USD ($)$ / shares | Mar. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($)$ / shares | Sep. 30, 2018USD ($)$ / shares | Jun. 30, 2018USD ($)$ / shares | Mar. 31, 2018USD ($)$ / shares | Dec. 31, 2019USD ($)segments$ / shares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($) | ||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Operating Lease, Liability | $ 1,230 | $ 1,230 | |||||||||||
Increase/(Decrease) in Revenue due to change in accounting estimate | $ 54 | $ 137 | $ 559 | ||||||||||
Number of Reportable Segments | segments | 4 | ||||||||||||
Net (loss)/earnings | (1,010) | $ 1,167 | $ (2,942) | $ 2,149 | $ 3,424 | $ 2,363 | $ 2,196 | $ 2,477 | $ (636) | 10,460 | 8,458 | ||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | $ (111) | $ (190) | $ 250 | ||||||||||
Earnings Per Share impact, change in accounting estimate | $ / shares | $ (0.06) | $ (0.29) | $ 0.34 | ||||||||||
Reinsurance costs | $ 150 | $ 136 | $ 144 | ||||||||||
Reinsurance revenues | 151 | 145 | 141 | ||||||||||
Research and development expense, net | 3,219 | 3,269 | $ 3,179 | ||||||||||
Accounts payable | $ 15,553 | $ 12,916 | $ 15,553 | $ 12,916 | |||||||||
Diluted earnings per share | $ / shares | $ (1.79) | $ 2.05 | $ (5.21) | $ 3.75 | $ 5.93 | $ 4.07 | $ 3.73 | $ 4.15 | $ (1.12) | $ 17.85 | $ 13.85 | ||
Net cash (used)/provided by operating activities | $ (2,446) | $ 15,322 | $ 13,346 | ||||||||||
Net cash provided/(used) by financing activities | 5,739 | (11,722) | (11,350) | ||||||||||
Other income, net | 438 | 92 | 123 | ||||||||||
Interest and debt expense | (722) | (475) | (360) | ||||||||||
Earnings before income taxes | (2,259) | 11,604 | 10,107 | ||||||||||
Income tax benefit/(expense) | 1,623 | (1,144) | $ (1,649) | ||||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ / shares | $ 13.85 | ||||||||||||
Retained earnings | $ 50,644 | $ 55,941 | 50,644 | 55,941 | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | [1] | $ (16,153) | (15,083) | $ (16,153) | (15,083) | $ (16,373) | $ (13,623) | ||||||
Minimum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | |||||||||||
Maximum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||||||||||
Bank Overdrafts [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Accounts payable | $ 101 | 127 | $ 101 | 127 | |||||||||
Commercial Airplanes | Minimum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Standard warranty term | 3 years | ||||||||||||
Commercial Airplanes | Maximum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Standard warranty term | 4 years | ||||||||||||
Defense, Space & Security | Minimum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Standard warranty term | 6 months | ||||||||||||
Defense, Space & Security | Maximum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Standard warranty term | 2 years | ||||||||||||
Developed Technology [Member] | Minimum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Finite-lived acquired intangible assets, useful lives (in years) | 2 years | ||||||||||||
Developed Technology [Member] | Maximum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Finite-lived acquired intangible assets, useful lives (in years) | 14 years | ||||||||||||
Product Know-How [Member] | Minimum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Finite-lived acquired intangible assets, useful lives (in years) | 6 years | ||||||||||||
Product Know-How [Member] | Maximum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Finite-lived acquired intangible assets, useful lives (in years) | 30 years | ||||||||||||
Customer Base [Member] | Minimum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Finite-lived acquired intangible assets, useful lives (in years) | 3 years | ||||||||||||
Customer Base [Member] | Maximum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Finite-lived acquired intangible assets, useful lives (in years) | 17 years | ||||||||||||
Distribution Rights [Member] | Minimum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Finite-lived acquired intangible assets, useful lives (in years) | 3 years | ||||||||||||
Distribution Rights [Member] | Maximum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Finite-lived acquired intangible assets, useful lives (in years) | 27 years | ||||||||||||
Other Intangible Assets [Member] | Minimum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Finite-lived acquired intangible assets, useful lives (in years) | 1 year | ||||||||||||
Other Intangible Assets [Member] | Maximum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Finite-lived acquired intangible assets, useful lives (in years) | 32 years | ||||||||||||
Buildings And Land Improvements [Member] | Minimum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Property, plant and equipment, estimated useful lives (in years) | 10 years | ||||||||||||
Buildings And Land Improvements [Member] | Maximum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Property, plant and equipment, estimated useful lives (in years) | 40 years | ||||||||||||
Machinery And Equipment [Member] | Minimum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Property, plant and equipment, estimated useful lives (in years) | 4 years | ||||||||||||
Machinery And Equipment [Member] | Maximum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Property, plant and equipment, estimated useful lives (in years) | 20 years | ||||||||||||
Capitalized Internal Use Software [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Property, plant and equipment, estimated useful lives (in years) | 5 years | ||||||||||||
7372 Services, Prepackaged Software [Member] | Maximum [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Property, plant and equipment, estimated useful lives (in years) | 10 years | ||||||||||||
Bid And Proposal Costs [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Research and development expense, net | $ 214 | 234 | 288 | ||||||||||
KC-46A Tanker [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | (108) | $ (50) | $ (179) | $ (426) | $ (81) | (148) | (736) | (445) | |||||
Commercial Crew [Member] | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | $ (410) | (489) | |||||||||||
Unallocated items, eliminations and other | |||||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||
Research and development expense, net | $ 384 | $ 132 | $ (42) | ||||||||||
[1] | Net of tax. |
Acquisitions and Joint Ventur_3
Acquisitions and Joint Ventures Acquisitions and Joint Ventures (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | |||
Controlling Interest Ownership Percentage After Acquisition | 80.00% | ||
Joint Venture, Contingent Termination Fee | $ 100 | ||
KLX Inc. | |||
Business Acquisition [Line Items] | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 356 | ||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 50 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 17 years 6 months | ||
Business Acquisition, Goodwill, Expected Tax Deductible Amount | $ 533 | ||
KC-390 [Member] | |||
Business Acquisition [Line Items] | |||
Noncontrolling Interest Ownership Percentage After Acquisition | 49.00% | ||
Within Next fiscal Year [Member] | |||
Business Acquisition [Line Items] | |||
Payments to Acquire Interest in Joint Venture | $ 4,200 |
Acquisitions and Joint Ventur_4
Acquisitions and Joint Ventures Acquisitions and Joint Ventures (Schedule of Business Acquisitions) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||
Goodwill | $ 8,060 | $ 7,840 | $ 5,559 |
KLX Inc. | |||
Business Acquisition [Line Items] | |||
Cash and cash equivalents | 225 | ||
Accounts receivable | 260 | ||
Inventories | 1,298 | ||
Other current assets | 43 | ||
Property, plant & equipment | 36 | ||
Goodwill | 2,056 | ||
Intangible assets | 963 | ||
Other assets | 78 | ||
Current liabilities | (350) | ||
Other long-term liabilities | (113) | ||
Long-term debt | (1,210) | ||
Total net assets acquired | $ 3,286 |
Goodwill And Acquired Intangi_3
Goodwill And Acquired Intangibles (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite and Indefinite-lived Intangible Assets [Line Items] | |||
Carrying amount of indefinite-lived intangible assets relating to trade names | $ 197 | $ 197 | $ 490 |
Indefinite-Lived Research and Development | 202 | 202 | |
Amortization expense of acquired finite-lived intangible assets | 331 | 272 | |
Finite-lived Intangible Assets Acquired | 563 | 1,133 | |
Non-cash investing and financing transactions related to acquired finite-lived intangibles | 30 | $ 0 | |
Trade Names [Member] | Operating Segments | Global Services | |||
Finite and Indefinite-lived Intangible Assets [Line Items] | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 293 | $ 293 |
Goodwill And Acquired Intangi_4
Goodwill And Acquired Intangibles (Schedule Of Goodwill By Reportable Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | $ 7,840 | $ 5,559 |
Acquisitions | 322 | 183 |
Dispositions | (49) | |
Goodwill adjustments | (2) | (12) |
Goodwill, Ending Balance | 8,060 | 7,840 |
Operating Segments | Commercial Airplanes | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 1,241 | 992 |
Acquisitions | 72 | |
Goodwill, Ending Balance | 1,313 | 1,241 |
Operating Segments | Defense, Space & Security | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 3,254 | 3,074 |
Acquisitions | 180 | |
Goodwill adjustments | (10) | |
Goodwill, Ending Balance | 3,244 | 3,254 |
Operating Segments | Global Services | ||
Goodwill [Roll Forward] | ||
Goodwill, Beginning Balance | 3,345 | 1,493 |
Acquisitions | 188 | 3 |
Dispositions | (49) | |
Goodwill adjustments | 8 | (12) |
Goodwill, Ending Balance | 3,441 | 3,345 |
Operating Segments | Unallocated items, eliminations and other | ||
Goodwill [Roll Forward] | ||
Acquisitions | 62 | |
Goodwill, Ending Balance | 62 | |
KLX Inc. | ||
Goodwill [Roll Forward] | ||
Acquisitions | 2,110 | |
Goodwill, Purchase Accounting Adjustments | (51) | |
Goodwill, Ending Balance | 2,056 | |
KLX Inc. | Operating Segments | Commercial Airplanes | ||
Goodwill [Roll Forward] | ||
Acquisitions | 249 | |
KLX Inc. | Operating Segments | Global Services | ||
Goodwill [Roll Forward] | ||
Acquisitions | $ 1,861 | |
Goodwill, Purchase Accounting Adjustments | $ (51) |
Goodwill And Acquired Intangi_5
Goodwill And Acquired Intangibles (Schedule Of Finite-Lived Intangible Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 5,839 | $ 5,512 |
Accumulated Amortization | 2,900 | 2,573 |
Distribution Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,989 | 2,879 |
Accumulated Amortization | 1,262 | 1,101 |
Product Know-How [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 553 | 536 |
Accumulated Amortization | 354 | 324 |
Customer Base [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,364 | 1,284 |
Accumulated Amortization | 599 | 523 |
Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 653 | 595 |
Accumulated Amortization | 485 | 439 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 280 | 218 |
Accumulated Amortization | $ 200 | $ 186 |
Goodwill And Acquired Intangi_6
Goodwill And Acquired Intangibles (Schedule of Finite-Lived Intangible Assets, Future Amortization Expense) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated amortization expense, next 12 months | $ 320 |
Estimated amortization expense, Year 2 | 298 |
Estimated amortization expense, Year 3 | 287 |
Estimated amortization expense, Year 4 | 259 |
Estimated amortization expense, Year 5 | $ 248 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Weighted-Average Number Of Shares Outstanding Used To Compute Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Earnings Per Share [Abstract] | ||||||||||||
Net (loss)/earnings | $ (1,010) | $ 1,167 | $ (2,942) | $ 2,149 | $ 3,424 | $ 2,363 | $ 2,196 | $ 2,477 | $ (636) | $ 10,460 | $ 8,458 | |
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | 7 | 6 | ||||||||||
Net earnings available to common shareholders | $ (636) | $ 10,453 | $ 8,452 | |||||||||
Basic weighted average shares outstanding | 566 | 579.9 | 603.2 | |||||||||
Participating securities | 0.6 | 0.7 | 0.7 | |||||||||
Basic weighted average common shares outstanding | 565.4 | 579.2 | 602.5 | |||||||||
Basic weighted average shares outstanding | 566 | 579.9 | 603.2 | |||||||||
Dilutive potential common shares | 6.3 | 7.5 | [1] | |||||||||
Dilutive weighted average shares outstanding | 566 | 586.2 | 610.7 | |||||||||
Participating securities | 0.6 | 0.7 | 0.7 | |||||||||
Diluted weighted average common shares outstanding | 565.4 | 585.5 | 610 | |||||||||
Earnings Per Share, Basic | $ (1.79) | $ 2.07 | $ (5.21) | $ 3.79 | $ 6 | $ 4.11 | $ 3.77 | $ 4.19 | $ (1.12) | $ 18.05 | $ 14.03 | |
Income (Loss) from Continuing Operations, Per Basic Share | 14.03 | |||||||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ 13.85 | |||||||||||
[1] | Diluted (loss)/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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the computation of diluted earnings | 4.1 | ||
Performance Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the computation of diluted earnings | 2.8 | 2.5 | 4.1 |
Performance Shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the computation of diluted earnings | 0.6 | 0.3 | 0.5 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Net income tax payments/(refunds) | $ 837 | $ 1,326 | $ 896 | |
Unrecognized tax benefits that would affect the effective tax rate, if recognized | 1,287 | 1,405 | 1,568 | |
Unrecognized tax benefits | 1,476 | $ 2,412 | $ 1,736 | $ 1,557 |
State and Local Jurisdiction [Member] | ||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | ||||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $ 710 |
Income Taxes (Components of Ear
Income Taxes (Components of Earnings Before Income Taxes Between Domestic and Foreign Jurisdictions) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ (2,792) | $ 11,166 | $ 9,660 |
Non-U.S. | 533 | 438 | 447 |
(Loss)/earnings before income taxes | $ (2,259) | $ 11,604 | $ 10,107 |
Income Taxes (Schedule Of Incom
Income Taxes (Schedule Of Income Tax Expense/(Benefit)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. federal | $ (308) | $ 1,873 | $ 1,276 |
Non-U.S. | 169 | 169 | 149 |
U.S. state | (161) | 97 | 23 |
Total Current Income Tax Expense (Benefit) | (300) | 2,139 | 1,448 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.S. federal | (953) | (996) | 204 |
Non-U.S. | (3) | (4) | 3 |
U.S. state | (367) | 5 | (6) |
Total deferred | (1,323) | (995) | 201 |
Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Total income tax (benefit)/expense | $ (1,623) | $ 1,144 | $ 1,649 |
Income Taxes (Schedule Of Recon
Income Taxes (Schedule Of Reconciliation Of U.S. Federal Statutory Tax Rate To Our Effective Income Tax Rate) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Income Tax Examination [Line Items] | ||||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (474,000,000) | $ 2,437,000,000 | $ 3,537,000,000 | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | (382,000,000) | (207,000,000) | (162,000,000) | |||
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount | $ 371,000,000 | 371,000,000 | 412,000,000 | |||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Transition Tax on Accumulated Foreign Earnings, Amount | (229,000,000) | (549,000,000) | ||||
Effective Tax Rate Reconciliation, Nondeductible Expenses, Share-based Payments, Amount | (180,000,000) | (181,000,000) | (207,000,000) | |||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | 66,000,000 | 91,000,000 | 26,000,000 | |||
Effective Income Tax Rate Reconciliation, Deduction, Dividends, Amount | (53,000,000) | (48,000,000) | (68,000,000) | |||
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount | 43,000,000 | 40,000,000 | (95,000,000) | |||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | (43,000,000) | 84,000,000 | 17,000,000 | |||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Amount | (111,000,000) | (1,271,000,000) | ||||
Effective Income Tax Rate Reconciliation, Deduction, Qualified Production Activity, Amount | [1] | (128,000,000) | ||||
Total income tax (benefit)/expense | $ (1,623,000,000) | $ 1,144,000,000 | $ 1,649,000,000 | |||
Effective Income Tax Rate Reconciliation, U.S. Federal Statutory Tax, Percent | 21.00% | 21.00% | 35.00% | |||
Effective Tax Rate Reconciliation, Tax Credit, Research, Percent | 16.90% | (1.80%) | (1.60%) | |||
Effective Tax Rate Reconciliation, Tax Settlement, Percent | [2] | 16.40% | (3.60%) | |||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Transition Tax on Accumulated Foreign Earnings, Percent | [3] | 0.101 | (0.047) | |||
Effective Tax Rate Reconciliation, Nondeductible Expenses, Share-based Payments, Percent | [4] | 8.00% | (1.60%) | (2.10%) | ||
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent | (3.00%) | 1.00% | 0.30% | |||
Effective Income Tax Rate Reconciliation, Deduction, Dividend, Percent | 2.40% | (0.40%) | (0.70%) | |||
Effective Income Tax Reconciliation, Non-US Activities, Percent | (1.90%) | 0.30% | (0.90%) | |||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent | 1.90% | 0.70% | 0.20% | |||
Effective Income Tax Rate Reconciliation, Tax Cuts and Jobs Act, Percent | (0.010) | (0.126) | ||||
EffectiveIncome Tax Rate Reconciliation, Deduction, Qualified Production Activity, Percent | (1.30%) | |||||
Effective income tax rate | 71.80% | 9.90% | 16.30% | |||
Tax Year 2013-2014 [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount | $ 412,000,000 | |||||
Reduction in Taxes [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, Impact Of Tax Reform Legislation, Amount | $ 1,430,000,000 | |||||
Foreign Tax Authority [Member] | Reduction in Taxes [Member] | ||||||
Income Tax Examination [Line Items] | ||||||
Effective Income Tax Rate Reconciliation, Impact Of Tax Reform Legislation, Amount | $ (159,000,000) | |||||
[1] | (4) In accordance with U.S. Securities and Exchange Commission Staff Accounting Bulletin No. 118 (SAB 118), in the fourth quarter of 2017, we recorded provisional tax benefits of $1,430 related to the remeasurement of our net U.S. deferred tax liabilities to reflect the reduction in the corporate tax rate and a provisional tax expense of $159 related to tax on non-U.S. activities resulting from the TCJA. During the fourth quarter of 2018 and in accordance with SAB 118, the Company completed its accounting for the provisional amounts recognized at December 31, 2017 and recorded an incremental benefit related to refinements to these provisional amounts which was not significant. | |||||
[2] | (2) On December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was enacted. The TCJA revised the U.S. corporate income tax by, among other things, lowering the rate from 35% to 21% effective January 1, 2018, implementing a territorial tax system and imposing a one-time tax on deemed repatriated earnings of non-U.S. subsidiaries. The TCJA also enacted provisions which effectively apply a lower U.S. tax rate to intangible income derived from serving non-U.S. markets. In 2019 and 2018, we recorded tax benefits related to foreign derived intangible income of $229 and $549 . | |||||
[3] | (1) In the fourth quarter of 2019, we recorded a tax benefit of $371 related to the settlement of state tax audits spanning 15 tax years. In the third quarter of 2018, we recorded a tax benefit of $412 related to the settlement of the 2013-2014 federal tax audit. | |||||
[4] | (3) In 2019, 2018 and 2017, we recorded excess tax benefits related to employee share-based payments of $180 , $181 and $207 , respectively. |
Income Taxes (Significant Compo
Income Taxes (Significant Components Of Deferred Tax Assets Net Of Deferred Tax Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Valuation Allowance [Line Items] | |||
Inventory and long-term contract methods of income recognition | $ (6,048) | $ (5,422) | |
Pension benefits | 3,495 | 3,344 | |
Deferred Tax Assets, 737 MAX customer considerations | 1,626 | ||
Fixed assets, intangibles and goodwill (net of valuation allowance of $16 and $16) | (1,560) | (1,616) | |
Retiree health care benefits | 1,120 | 1,124 | |
Other employee benefits | 849 | 873 | |
Accrued expenses and reserves | 627 | 411 | |
Net operating loss, credit and capital loss carryovers (net of valuation allowance of $102 and $77)(1) | 595 | 258 | |
Customer and commercial financing | (268) | (309) | |
Other | (166) | (115) | |
Net deferred tax assets/(liabilities) | [1] | 270 | (1,452) |
Deferred tax asset for net operating loss and credit carryovers each year through December 31, 2035 | 251 | ||
Deferred tax asset for net operating loss and credit carryovers indefinitely | 344 | ||
Deferred tax assets related to Accumulated other comprehensive loss | 4,589 | 4,275 | |
Valuation Allowance - Fixed assets, intangibles, and goodwill deferred tax assets | 118 | 93 | |
Valuation Allowance - Net operating loss, credit and capital loss carryovers | 102 | 77 | |
Valuation Allowance, Property Plant and Equipment, Intangibles and Goodwill [Member] | |||
Valuation Allowance [Line Items] | |||
Valuation Allowance - Fixed assets, intangibles, and goodwill deferred tax assets | $ 16 | $ 16 | |
[1] | (2) Included in the net deferred tax assets/(liabilities) as of December 31, 2019 and 2018 are deferred tax assets in the amounts of $4,589 and $4,275 related to Accumulated other comprehensive loss. |
Income Taxes (Net Deferred Tax
Income Taxes (Net Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Components of Deferred Tax Assets and Liabilities [Abstract] | |||
Deferred tax assets | $ 10,722 | $ 8,835 | |
Deferred tax liabilities | (10,334) | (10,194) | |
Valuation allowance | (118) | (93) | |
Net deferred tax assets/(liabilities) | [1] | $ 270 | $ (1,452) |
[1] | (2) Included in the net deferred tax assets/(liabilities) as of December 31, 2019 and 2018 are deferred tax assets in the amounts of $4,589 and $4,275 related to Accumulated other comprehensive loss. |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits Roll Forward) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits – January 1 | $ 2,412 | $ 1,736 | $ 1,557 |
Gross increases – tax positions in prior periods | 100 | 87 | 3 |
Gross decreases – tax positions in prior periods | (1,418) | (410) | (44) |
Gross increases – current-period tax positions | 344 | 1,208 | 220 |
Gross decreases - current period tax positions | (1) | ||
Settlements | 39 | 206 | |
Statute Lapse | 3 | ||
Unrecognized tax benefits – December 31 | $ 1,476 | $ 2,412 | $ 1,736 |
Accounts Receivable (Schedule O
Accounts Receivable (Schedule Of Accounts Receivable) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Receivables [Line Items] | ||
Less valuation allowance, Current | $ 73 | $ 57 |
Accounts receivable, net | 3,266 | 3,879 |
U.S. Government Contracts [Member] | ||
Accounts Receivables [Line Items] | ||
Accounts Receivable, before Allowance for Credit Loss, Current | 1,121 | 1,877 |
Commercial Airplanes Accounts Receivable [Member] | ||
Accounts Receivables [Line Items] | ||
Accounts Receivable, before Allowance for Credit Loss, Current | 29 | 51 |
Global Services Accounts Receivable [Member] | ||
Accounts Receivables [Line Items] | ||
Accounts Receivable, before Allowance for Credit Loss, Current | 1,967 | 1,783 |
Defense, Space, & Security Accounts Receivable [Member] | ||
Accounts Receivables [Line Items] | ||
Accounts Receivable, before Allowance for Credit Loss, Current | 220 | 222 |
Other Accounts Receivable [Member] | ||
Accounts Receivables [Line Items] | ||
Accounts Receivable, before Allowance for Credit Loss, Current | $ 2 | $ 3 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventories [Line Items] | ||
Long-term contracts in progress | $ 1,187 | $ 2,129 |
Commercial spare parts, used aircraft, general stock materials and other | 9,419 | 7,685 |
Airplane Program 737 [Member] | ||
Inventories [Line Items] | ||
Deferred production costs | 1,313 | 463 |
Unamortized tooling and other non-recurring costs | 521 | 471 |
Deferred production, unamortized tooling and other nonrecurring costs to be recovered from firm orders at the balance sheet date | 1,829 | |
Deferred production, unamortized tooling and other nonrecurring costs to be recovered from future orders | 5 | |
Airplane Program 777x | ||
Inventories [Line Items] | ||
Inventory, work in process | 5,628 | 3,067 |
Unamortized tooling and other non-recurring costs | 2,914 | 2,512 |
Airplane Program 787 | ||
Inventories [Line Items] | ||
Inventory, work in process | 24,772 | 27,852 |
Deferred production costs | 18,716 | 22,967 |
Supplier advances | 2,202 | 2,453 |
Unamortized tooling and other non-recurring costs | 2,092 | 2,638 |
Deferred production, unamortized tooling and other nonrecurring costs to be recovered from firm orders at the balance sheet date | 14,386 | |
Deferred production, unamortized tooling and other nonrecurring costs to be recovered from future orders | 6,422 | |
ULA [Member] | ||
Inventories [Line Items] | ||
Long-term contracts in progress | 176 | 227 |
Capitalized Precontract Costs [Member] | ||
Inventories [Line Items] | ||
Inventory subject to uncertainty | 711 | 644 |
Early Issue Sales Consideration [Member] | ||
Inventories [Line Items] | ||
Inventory subject to uncertainty | $ 2,863 | $ 2,844 |
Inventories (Inventory Disclosu
Inventories (Inventory Disclosure Table) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Long-term contracts in progress | $ 1,187 | $ 2,129 |
Commercial aircraft programs | 66,016 | 52,753 |
Commercial spare parts, used aircraft, general stock materials and other | 9,419 | 7,685 |
Total | $ 76,622 | $ 62,567 |
Contracts with Customers Cont_3
Contracts with Customers Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Contract Assets and Claims [Line Items] | ||
Unbilled receivables, net | $ 9,043 | $ 10,025 |
Contract with Customer, Asset, Explanation of Change | primarily driven by timing of billings at BDS and BGS. | |
Advances and progress billings | $ 51,551 | 50,676 |
Contract with Customer, Liability, Explanation of Change | primarily driven by advances on orders received in excess of revenue recognized at BDS, BGS, and BCA | |
Contract with Customer, Liability, Revenue Recognized | $ 16,778 | 24,737 |
Unbilled receivables, expected to be collected after one year | 2,112 | 2,847 |
Commercial Customers [Member] | ||
Schedule of Contract Assets and Claims [Line Items] | ||
Unbilled receivables, expected to be collected after one year | $ 211 | $ 150 |
Contracts with Customers Cont_4
Contracts with Customers Contracts with Customers (Schedule of Unbilled Receivables and Claims) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Contracts with Customers [Abstract] | ||
Unbilled receivables, current | $ 6,931 | $ 7,178 |
Unbilled receivables, expected to be collected after one year | 2,112 | 2,847 |
Total Unbilled Receivables | 9,043 | 10,025 |
Claims, current | 9 | 1 |
Claims, expected to be collected after one year | 14 | 2 |
Total Claims | $ 23 | $ 3 |
Customer Financing (Narrative)
Customer Financing (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Customer Financing [Line Items] | ||||
Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount | $ 393 | |||
Sales-Type and Direct Financing Leases, Lease Income | 62 | |||
Operating Lease, Lease Income | 139 | |||
Operating Lease, Variable Lease Income | $ 8 | |||
Document Period End Date | Dec. 31, 2019 | |||
Operating lease incentive | $ 250 | |||
Individually evaluated for impairment | 400 | 409 | ||
Impaired financing receivables | 388 | 398 | ||
Average recorded investment in impaired receivables | 392 | |||
Sales-type, Direct Financing Leases, Residual Value of Leased Asset | (163) | 425 | ||
Asset Impairment Charges | $ 443 | $ 93 | $ 113 | |
B Credit Rating [Member] | ||||
Customer Financing [Line Items] | ||||
Percentage Of Credit Default Rates Applied To Customers | 22.10% | |||
BB Credit Rating [Member] | ||||
Customer Financing [Line Items] | ||||
Percentage Of Credit Default Rates Applied To Customers | 5.30% | |||
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 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Customer Financing [Abstract] | ||||
Sales-type and Direct Financing Leases, Lease Receivable | $ 1,029 | |||
Investment in sales-type/finance leases | 1,029 | $ 1,125 | ||
Notes | 443 | 730 | ||
Total financing receivables | 1,472 | 1,855 | ||
Operating lease equipment, at cost, less accumulated depreciation of $235 and $203 | 834 | 782 | ||
Operating lease incentive | 250 | |||
Gross customer financing | 2,306 | 2,887 | ||
Less allowance for losses on receivables | (8) | (9) | $ (12) | $ (10) |
Total | 2,298 | 2,878 | ||
Operating lease equipment, accumulated depreciation | $ 235 | $ 203 |
Customer Financing (Components
Customer Financing (Components Of Investment In Sales-Type Or Finance Leases) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Customer Financing [Abstract] | ||
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | $ 799 | |
Minimum lease payments receivable | $ 908 | |
Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount | 393 | |
Estimated residual value of leased assets | 425 | |
Sales-type, Direct Financing Leases, Residual Value of Leased Asset | (163) | 425 |
Unearned income | (208) | |
Total | $ 1,029 | $ 1,125 |
Customer Financing (Financing R
Customer Financing (Financing Receivable Balances Evaluated For Impairment) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Customer Financing [Abstract] | ||
Individually evaluated for impairment | $ 400 | $ 409 |
Collectively evaluated for impairment | 1,072 | 1,446 |
Total financing receivables | $ 1,472 | $ 1,855 |
Customer Financing (Allowance F
Customer Financing (Allowance For Losses On Financing Receivables) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance - January 1 | $ (9) | $ (12) | $ (10) |
Write-offs | 1 | 3 | (2) |
Ending balance - December 31 | (8) | (9) | (12) |
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract] | |||
Collectively evaluated for impairment | $ (8) | $ (9) | $ (12) |
Customer Financing (Financing_2
Customer Financing (Financing Receivable Credit Quality Indicators) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total financing receivables | $ 1,472 | $ 1,855 |
BBB Credit Rating [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total financing receivables | 573 | 883 |
BB Credit Rating [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total financing receivables | 385 | 430 |
B Credit Rating [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total financing receivables | 122 | 135 |
CCC Credit Rating [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total financing receivables | $ 392 | $ 407 |
Customer Financing (Schedule _2
Customer Financing (Schedule of Customer Financing Carrying Values Related to Major Aircraft Concentrations) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Customer Financing [Line Items] | ||
Gross customer financing | $ 2,306 | $ 2,887 |
Operating lease equipment | 834 | 782 |
B-717 Aircraft [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 736 | 918 |
Operating lease equipment | 124 | 204 |
B-747-8 [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 475 | 477 |
Operating lease equipment | 130 | 132 |
B-737 [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 263 | 290 |
Operating lease equipment | 240 | 263 |
B-777 [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 240 | 68 |
Operating lease equipment | 236 | 60 |
MD-80 Aircraft [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 186 | 204 |
B-757 Aircraft [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 182 | 200 |
Operating lease equipment | 22 | 24 |
B-747-400 aircraft [Member] | ||
Customer Financing [Line Items] | ||
Gross customer financing | 90 | 116 |
Operating lease equipment | $ 31 | $ 45 |
Customer Financing (Customer Fi
Customer Financing (Customer Financing Asset Impairment Charges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Customer Financing [Line Items] | |||
Asset Impairment Charges | $ 443 | $ 93 | $ 113 |
Customer Financing [Member] | |||
Customer Financing [Line Items] | |||
Asset Impairment Charges | 270 | 39 | 43 |
Customer Financing [Member] | Boeing Capital Corporation [Member] | |||
Customer Financing [Line Items] | |||
Asset Impairment Charges | 53 | 1 | 13 |
Customer Financing [Member] | Other Boeing [Member] | |||
Customer Financing [Line Items] | |||
Asset Impairment Charges | $ 217 | $ 38 | $ 30 |
Customer Financing (Scheduled R
Customer Financing (Scheduled Receipts On Customer Financing) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
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 | 103 | |
Lessor, Operating Lease, Payments to be Received, Rolling Year Three | 89 | |
Lessor, Operating Lease, Payments to be Received, Rolling Year Four | 74 | |
Lessor, Operating Lease, Payments to be Received, Rolling Year Five | 58 | |
Lessor, Operating Lease, Payments to be Received, after Rolling Year Five | 41 | |
Lessor, Operating Lease, Payments to be Received | 495 | |
Sales-type, Direct Financing Leases, Residual Value of Leased Asset | (163) | $ 425 |
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 | 191 | |
Sales-type and Direct Financing Leases, Lease Receivable, Lease Payments to be Received, Rolling Year Two | 141 | |
Sales-type and Direct Financing Leases, Lease Receivable, Lease Payments to be Received, Rolling Year Three | 127 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Rolling Year Four | 118 | |
Sales-type and Direct Financing Leases, Lease Receivable, Lease Payments to be Received, Rolling Year Five | 98 | |
Sales-type and Direct Financing Leases, Lease Receivable, Lease Payments to be Received, after Rolling Year Five | 124 | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | 799 | |
Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount | 393 | |
Total | 1,029 | |
Notes Receivable, Net, Rolling Maturity [Abstract] | ||
Notes Receivable, Future Payments Receivable, Next Rolling Twelve Months | 382 | |
Notes Receivable, Future Payments Receivable, Due in Rolling Year Two | 7 | |
Notes Receivable, Future Payments Receivable, Due in Rolling Year Three | 37 | |
Notes Receivable, Future Payments Receivable, Due in Rolling Year Four | 17 | |
Notes Receivable, Future Payments Receivable, Due in Rolling Year Five | ||
Notes Receivable, Future Payments Receivable, after Rolling Year Five | ||
Notes Receivable, Future Payments Receivable | $ 443 |
Property, Plant And Equipment_2
Property, Plant And Equipment (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Interest capitalized | $ 83 | $ 81 | $ 110 |
Property, plant and equipment included in accounts payable | 256 | 338 | |
Property, plant and equipment additions, non-cash | 128 | 78 | |
Property, Plant and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 1,567 | $ 1,556 | $ 1,548 |
Property, Plant And Equipment_3
Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 527 | $ 546 |
Buildings and land improvements | 14,288 | 14,109 |
Machinery and equipment | 15,723 | 15,221 |
Construction in progress | 1,306 | 1,337 |
Gross property, plant and equipment | 31,844 | 31,213 |
Less accumulated depreciation | (19,342) | (18,568) |
Total | $ 12,502 | $ 12,645 |
Investments (Schedule Of Invest
Investments (Schedule Of Investments) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Investments Schedule [Abstract] | ||||||
Equity method investments | [1] | $ 1,031 | $ 1,048 | |||
Time deposits | 50 | 255 | ||||
Available for sale debt instruments | 405 | 491 | ||||
Equity and other investments | 65 | 44 | ||||
Restricted Cash and Cash Equivalents | 86 | [2] | 176 | [2] | $ 74 | |
Total | 1,637 | 2,014 | ||||
Equity Method Investments and Joint Ventures [Abstract] | ||||||
Dividends received from equity method investments | 164 | $ 325 | ||||
Undistributed earnings from equity method investments | $ 156 | |||||
[1] | (1) Dividends received were $164 and $325 during 2019 and 2018 . Retained earnings at December 31, 2019 include undistributed earnings from our equity method investments of $156 . | |||||
[2] | (2) Reflects amounts restricted in support of our workers’ compensation programs, employee benefit programs, and insurance premiums. |
Investments (Schedule Of Owners
Investments (Schedule Of Ownership Percentages And Balances Of Equity Method Investments) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | [1] | $ 1,031 | $ 1,048 |
Defense, Space & Security | United Launch Alliance [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |
Equity method investments | $ 771 | $ 768 | |
Commercial Airplanes, Defense, Space & Security, and Global Services [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity method investments | $ 260 | $ 280 | |
[1] | (1) Dividends received were $164 and $325 during 2019 and 2018 . Retained earnings at December 31, 2019 include undistributed earnings from our equity method investments of $156 . |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Other Assets [Line Items] | ||
Other assets, net of accumulated amortization | $ 3,585 | $ 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 | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lessee Disclosure [Abstract] | |
Operating Lease, Cost | $ 326 |
Variable Lease, Cost | 55 |
Operating Lease, Payments | 277 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 371 |
Lessee, Operating Lease, Lease Not yet Commenced, Value | $ 160 |
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 15 years |
Leases Schedule Of Supplemental
Leases Schedule Of Supplemental Balance Sheet Information Related To Operating Leases (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Mar. 31, 2019 |
Lessor, Lease, Description [Line Items] | ||
Operating Lease, Right-of-Use Asset | $ 1,182 | |
Operating Lease, Liability, Current | 252 | |
Operating Lease, Liability, Noncurrent | 978 | |
Operating Lease, Liability | $ 1,230 | |
Operating Lease, Weighted Average Remaining Lease Term | 9 years | |
Operating Lease, Weighted Average Discount Rate, Percent | 3.35% | |
Accounting Standards Update 2016-02 [Member] | ||
Lessor, Lease, Description [Line Items] | ||
Operating Lease, Liability | $ 1,230 | $ 1,064 |
Leases Schedule Of Maturities O
Leases Schedule Of Maturities Of Operating Liabilities (Details) $ in Millions | Dec. 31, 2019USD ($) |
Schedule Of Maturities Of Operating Leases [Abstract] | |
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months | $ 287 |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two | 235 |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Three | 194 |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Four | 151 |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Five | 98 |
Lessee, Operating Lease, Liability, Payments, Due after Rolling Year Five | 609 |
Lessee, Operating Lease, Liability, Payments, Due | 1,574 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | 344 |
Operating Lease, Liability | $ 1,230 |
Leases Schedule of Payments due
Leases Schedule of Payments due under operating leases net of sublease amounts and non-cancellable future rentals (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule Of Maturities Of Operating Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Rolling Twelve Months | $ 287 | |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Two | 235 | |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Three | 194 | |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Four | 151 | |
Lessee, Operating Lease, Liability, Payments, Due in Rolling Year Five | 98 | |
Lessee, Operating Lease, Liability, Payments, Due after Rolling Year Five | 609 | |
Lessee, Operating Lease, Liability, Payments, Due | $ 1,574 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 272 | |
Operating Leases, Future Minimum Payments, Due in Two Years | 232 | |
Operating Leases, Future Minimum Payments, Due in Three Years | 194 | |
Operating Leases, Future Minimum Payments, Due in Four Years | 165 | |
Operating Leases, Future Minimum Payments, Due in Five Years | 126 | |
Operating Leases, Future Minimum Payments, Due Thereafter | 849 | |
Operating Leases, Future Minimum Payments Due | $ 1,838 |
Liabilities, Commitments And _4
Liabilities, Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2019 | ||
Liabilities Commitments And Contingencies [Line Items] | ||||||||
Amount by which estimated range of reasonably possible remediation costs exceeded recorded liabilities | $ 1,077 | $ 1,077 | $ 1,077 | $ 796 | ||||
Contingent liabilities on outstanding letters of credit agreements and surety bonds | 3,769 | 3,769 | 3,769 | 3,761 | ||||
Cash surrender value of life insurance policies | 448 | 448 | 448 | 466 | ||||
Total value of loans against underlying life insurance policies | 431 | 431 | 431 | 447 | ||||
Liabilities, Current | 97,312 | 97,312 | 97,312 | 81,590 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | (76,559) | (101,127) | $ (94,005) | |||||
Commercial Aircraft Commitments [Member] | Total Contractual Trade In Value Maximum [Member] | ||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||
Other Commitment | 1,407 | 1,407 | 1,407 | 1,519 | ||||
Commercial Aircraft Commitments [Member] | Net amounts payable to customers related to probable contractual trade-in commitments [Member] | ||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||
Other Commitment | 711 | 711 | 711 | 522 | ||||
Commercial Aircraft Commitments [Member] | Probable Contractual Trade In Value [Member] | ||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||
Other Commitment | 678 | 678 | 678 | 485 | ||||
Financing Commitment [Member] | ||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||
Other Commitment | 13,377 | 13,377 | 13,377 | $ 19,462 | ||||
joint venture [Member] | ||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||
Other Commitment | $ 246 | |||||||
KC-46A Tanker [Member] | ||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||
Contract Value | 15,000 | 15,000 | 15,000 | |||||
KC-46A Tanker [Member] | Capitalized Precontract Costs [Member] | ||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||
Loss Contingency, Estimate of Possible Loss | 331 | 331 | 331 | |||||
KC-46A Tanker [Member] | Potential Termination Liabilities [Member] | ||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||
Loss Contingency, Estimate of Possible Loss | 225 | 225 | 225 | |||||
B-737 [Member] | ||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||
Aircraft Program Costs, Increase | 6,300 | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,649 | |||||||
737 MAX storage, pilot training and software updates [Domain] | ||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||
Additional expenses as a result of the 737 MAX grounding | 328 | |||||||
B737NG Structure (Picklefork) [Member] | ||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||
Interim Period, Costs Not Allocable Amount, Second Item | 135 | |||||||
Operating Segments | Commercial Airplanes | B-737-Max [Member] | ||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||
Proceeds from Insurance Settlement, Operating Activities | 500 | |||||||
Operating Segments | Commercial Airplanes | B-737-Max [Member] | Maximum [Member] | ||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||
Proceeds from Insurance Settlement, Operating Activities | 500 | |||||||
Customer Concessions [Member] | Operating Segments | Commercial Airplanes | B-737-Max [Member] | ||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||
Liabilities, Current | $ 6,110 | |||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 2,619 | $ 5,610 | 8,259 | [1] | ||||
B-737-Max [Member] | Operating Segments | Commercial Airplanes | B-737-Max [Member] | ||||||||
Liabilities Commitments And Contingencies [Line Items] | ||||||||
Abnormal Production cost. | $ 4,000 | |||||||
[1] | (1) Net of insurance recoveries |
Liabilities, Commitments And _5
Liabilities, Commitments And Contingencies (Schedule Of Accrued Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued Liabilities [Line Items] | ||||
Accrued compensation and employee benefit costs | $ 5,582 | $ 6,841 | ||
Accrued Liability 737 MAX | 7,389 | |||
Environmental | 570 | 555 | $ 524 | |
Product warranties | 1,267 | 1,127 | $ 1,211 | |
Forward loss recognition | 1,681 | 1,488 | ||
Dividends payable | 1,159 | 1,160 | ||
Income taxes payable | 670 | 485 | ||
Other | 4,550 | 3,152 | ||
Total | $ 22,868 | $ 14,808 | ||
B-737-Max [Member] | ||||
Accrued Liabilities [Line Items] | ||||
Accrued Liability 737 MAX | $ 6,110 |
Liabilities, Commitments And _6
Liabilities, Commitments And Contingencies Liabilities, Commitments, and Contingencies (Schedule of 737 MAX Liability) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Dec. 31, 2019 | Jun. 30, 2019 | |
Loss Contingencies [Line Items] | ||
Accrued Liability 737 MAX | $ 7,389 | |
B-737-Max [Member] | ||
Loss Contingencies [Line Items] | ||
Concessions and other in-kind consideration to customers | (133) | |
Revenue from Contract with Customer, Excluding Assessed Tax | 2,649 | |
B-737-Max [Member] | ||
Loss Contingencies [Line Items] | ||
Payments made to customers | $ (1,237) | |
Accrued Liability 737 MAX | $ 6,110 |
Liabilities, Commitments And _7
Liabilities, Commitments And Contingencies (Schedule Of Environmental Remediation Activity) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accrual for Environmental Loss Contingencies [Roll Forward] | ||
Beginning balance - January 1 | $ 555 | $ 524 |
Reductions for payments made | (47) | (37) |
Changes in estimates | 62 | 68 |
Ending balance - December 31 | $ 570 | $ 555 |
Liabilities, Commitments And _8
Liabilities, Commitments And Contingencies (Schedule Of Product Warranty Activity) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | ||
Beginning balance - January 1 | $ 1,127 | $ 1,211 |
Additions for current year deliveries | 188 | 232 |
Reductions for payments made | (249) | (193) |
Changes in estimates | 201 | (123) |
Ending balance - December 31 | $ 1,267 | $ 1,127 |
Liabilities, Commitments And _9
Liabilities, Commitments And Contingencies (Schedule Of Estimated Potential Funding Dates For Financing Commitments) (Details) - Financing Commitment [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Other Commitments, Fiscal Year Maturity [Line Items] | ||
2016 | $ 3,506 | |
2017 | 2,981 | |
2018 | 1,343 | |
2019 | 2,163 | |
2020 | 1,407 | |
Thereafter | 1,977 | |
Total | $ 13,377 | $ 19,462 |
Arrangements With Off-Balance_3
Arrangements With Off-Balance Sheet Risk (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Dec. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2019 | Dec. 31, 2018 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Offsetting capital lease obligation and IRB asset | $ 271 | |||
ULA [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Delta launch program inventories included in contributed assets | 1,360 | |||
Delta launch program inventories subject to an inventory supply agreement | 1,860 | |||
Contributed Delta Program Launch Inventory [Member] | ULA [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Maximum Potential Payments | 30 | $ 52 | ||
Contract Pricing [Member] | ULA [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Maximum Potential Payments | 34 | 85 | ||
Carrying Amount of Liabilities | ||||
Other Delta Contracts [Member] | Deferred support costs [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Potentially Unrecoverable Costs Under Contracts | $ 271 | |||
Other Delta Contracts [Member] | Deferred production costs [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Potentially Unrecoverable Costs Under Contracts | $ 114 | |||
Other Delta Contracts [Member] | ULA [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Maximum Potential Payments | 317 | 317 | ||
Carrying Amount of Liabilities | 48 | |||
Deferred Support and Production Costs [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Maximum Potential Payments | 317 | |||
Loss Contingency, Estimate of Possible Loss | 269 | |||
Credit Guarantees [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Maximum Potential Payments | 92 | 106 | ||
Carrying Amount of Liabilities | $ 16 | $ 16 |
Arrangements With Off-Balance_4
Arrangements With Off-Balance Sheet Risk (Schedule Of Arrangements With Off-Balance Sheet Risk) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Contingent Repurchase Commitment [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | $ 1,570 | $ 1,685 |
Estimated Proceeds from Collateral/ Recourse | 1,570 | 1,685 |
Carrying Amount of Liabilities | ||
Credit Guarantees [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 92 | 106 |
Estimated Proceeds from Collateral/ Recourse | 36 | 51 |
Carrying Amount of Liabilities | 16 | 16 |
ULA [Member] | Contributed Delta Program Launch Inventory [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 30 | 52 |
ULA [Member] | Contract Pricing [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 34 | 85 |
Carrying Amount of Liabilities | ||
ULA [Member] | Other Delta Contracts [Member] | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 317 | 317 |
Carrying Amount of Liabilities | $ 48 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 3,500 | $ 1,500 | $ 5,500 | |||
Proceeds from Debt, Net of Issuance Costs | $ 5,442 | 3,454 | 1,451 | |||
Interest Costs Incurred | 867 | $ 624 | $ 541 | |||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | 973 | 616 | $ 527 | |||
Total debt | 27,302 | $ 13,847 | ||||
Customer Financing [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Customer Financing Asset Used For Collateralizing Debt | 186 | |||||
Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Total debt | 37 | |||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Available amount under credit facility | $ 9,600 | |||||
364-day Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt maturity date | Oct. 31, 2020 | |||||
Available amount under credit facility | $ 3,200 | |||||
Five Year Credit Facility [Member] | Three Year Expiration [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt maturity date | Oct. 31, 2022 | |||||
Five Year Credit Facility [Member] | Five Year Expiration [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt maturity date | Oct. 31, 2024 | |||||
Available amount under credit facility | $ 3,200 | |||||
Three Year Credit Facility [Member] | Three Year Expiration [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Available amount under credit facility | 3,200 | |||||
Two Point Eight Percent due on March 1, 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 400 | |||||
Debt maturity date | Mar. 1, 2024 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | |||||
Three Point Eight Two Five Percent due on March 1, 2059 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 300 | |||||
Debt maturity date | Mar. 1, 2059 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.825% | |||||
Three Point Two Percent due on March 1, 2029 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 600 | $ 400 | ||||
Debt maturity date | Mar. 1, 2029 | Mar. 1, 2029 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.20% | 3.20% | ||||
Three Point Five Percent due on March 1, 2039 [Member] [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 400 | |||||
Debt maturity date | Mar. 1, 2039 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.50% | |||||
Two Point Seven Percent due on May 1, 2022 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 600 | |||||
Debt maturity date | May 1, 2022 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | |||||
Three Point One Percent Due May 1, 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 650 | |||||
Debt maturity date | May 1, 2026 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.10% | |||||
Three Point Six Percent Due May 1, 2034 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 850 | |||||
Debt maturity date | May 1, 2034 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | |||||
Three Point Nine Percent Due May 1, 2049 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 800 | |||||
Debt maturity date | May 1, 2049 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | |||||
Two Point Three Percent due on August 1, 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 750 | |||||
Debt maturity date | Aug. 1, 2021 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.30% | |||||
Two Point Seven Percent due on February 1, 2027 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 1,000 | |||||
Debt maturity date | Feb. 1, 2027 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.70% | |||||
Two Point Nine Five Percent due on February 1, 2030 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 750 | |||||
Debt maturity date | Feb. 1, 2030 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.95% | |||||
Three Point Two Five Percent due on February 1, 2035 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 750 | |||||
Debt maturity date | Feb. 1, 2035 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | |||||
Three Point Seven Five Percent due on February 1, 2050 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 1,250 | |||||
Debt maturity date | Feb. 1, 2050 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||||
Three Point Nine Five Percent due on August 1, 2059 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 1,000 | |||||
Debt maturity date | Aug. 1, 2059 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.95% |
Debt (Schedule Of Short-Term De
Debt (Schedule Of Short-Term Debt And Current Portion Of Long-Term Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Unsecured debt securities | $ 1,099 | $ 1,151 |
Non-recourse debt and notes | 21 | 25 |
Finance lease obligations | 71 | 57 |
Commercial paper | 6,109 | 1,895 |
Other notes | 40 | 62 |
Short-term debt and current portion of long-term debt | $ 7,340 | $ 3,190 |
Debt (Schedule Of Debt) (Detail
Debt (Schedule Of Debt) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 3,500 | $ 1,500 | $ 5,500 | ||
Commercial paper | 6,109 | $ 1,895 | |||
Other notes | 144 | 170 | |||
Total debt | 27,302 | 13,847 | |||
Proceeds from Debt, Net of Issuance Costs | $ 5,442 | $ 3,454 | $ 1,451 | ||
0.95% - 4.88% due through 2048 [Member] | |||||
Debt Instrument [Line Items] | |||||
Unsecured debt securities | $ 17,404 | 7,538 | |||
Debt Instrument, Maturity Date | Dec. 31, 2059 | ||||
5.80% - 6.88% due through 2043 [Member] | |||||
Debt Instrument [Line Items] | |||||
Unsecured debt securities | $ 1,740 | 2,388 | |||
Debt Instrument, Maturity Date | Dec. 31, 2043 | ||||
7.25% – 8.75% due through 2043 [Member] | |||||
Debt Instrument [Line Items] | |||||
Unsecured debt securities | $ 1,639 | $ 1,638 | |||
Debt Instrument, Maturity Date | Dec. 31, 2043 | ||||
Commercial Paper [Member] | |||||
Debt Instrument [Line Items] | |||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 2.20% | 2.50% | |||
6.98% - 7.38% notes due through 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Non-recourse debt and notes | $ 37 | $ 62 | |||
Debt Instrument, Maturity Date | Dec. 31, 2021 | ||||
Due Through Two Thousand Thirty-four [Member] | |||||
Debt Instrument [Line Items] | |||||
Capital lease obligations | $ 229 | $ 156 | |||
Debt Instrument, Maturity Date | Dec. 31, 2044 | ||||
Minimum [Member] | 0.95% - 4.88% due through 2048 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 1.65% | ||||
Minimum [Member] | 5.80% - 6.88% due through 2043 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | ||||
Minimum [Member] | 7.25% – 8.75% due through 2043 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.25% | ||||
Minimum [Member] | 6.98% - 7.38% notes due through 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.98% | ||||
Maximum [Member] | 0.95% - 4.88% due through 2048 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.88% | ||||
Maximum [Member] | 5.80% - 6.88% due through 2043 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.88% | ||||
Maximum [Member] | 7.25% – 8.75% due through 2043 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 8.75% | ||||
Maximum [Member] | 6.98% - 7.38% notes due through 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 7.38% |
Debt Debt (Schedule of Long-ter
Debt Debt (Schedule of Long-term debt instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Total debt | $ 27,302 | $ 13,847 |
Boeing Capital Corporation [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 1,960 | 2,487 |
Other Boeing Debt [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 25,342 | $ 11,360 |
Debt (Scheduled Principal Payme
Debt (Scheduled Principal Payments For Debt And Finance Lease Obligations) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 7,306 |
2021 | 1,484 |
2022 | 1,214 |
2023 | 780 |
2024 | 1,000 |
Finance Lease, Liability, Payments, Due Year Two | 56 |
Finance Lease, Liability, Payments, Due Year Three | 42 |
Finance Lease, Liability, Payments, Due Year Four | 20 |
Finance Lease, Liability, Payments, Due Year Five | 6 |
Finance Lease, Liability, Payments, Due Next Twelve Months | $ 71 |
Postretirement Plans (Narrative
Postretirement Plans (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Amount by which fair value of plan assets exceeds market-related value of plan assets (MRVA) | $ 3,674 | ||
Derivative net notional amount for fixed income as percentage of total plan assets | 4.30% | 4.40% | |
Derivative net notional amount for global equity, currency overlay and commodities as a percentage of total plan assets | 3.60% | 5.50% | |
Company contribution | $ 3,500 | ||
Expense for defined contribution plans | $ 1,533 | $ 1,480 | $ 1,522 |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Accumulated benefit obligation (ABO) for all pension plans | 75,787 | 69,376 | |
Company contribution | $ 16 | $ 16 | |
Defined benefit plan, actual plan asset allocations | 100.00% | 100.00% | |
Pension Plans [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, actual plan asset allocations | 49.00% | 48.00% | |
Pension Plans [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, actual plan asset allocations | 29.00% | 28.00% | |
Pension Plans [Member] | Level 3 [Member] | Fixed Income Securities [Member] | Mortgage backed and asset backed | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | $ 10 | $ (4) | |
Pension Plans [Member] | Level 3 [Member] | Equity Securities [Member] | Non United States Common And Preferred Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Still Held | (1) | 0 | |
Other Postretirement Benefits Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Company contribution | $ 1 | $ 2 | |
Other Postretirement Benefits Plans [Member] | Fixed Income Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, actual plan asset allocations | 40.00% | ||
Other Postretirement Benefits Plans [Member] | Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined benefit plan, actual plan asset allocations | 60.00% |
Postretirement Plans (Component
Postretirement Plans (Components Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 2 | $ 430 | $ 402 |
Interest cost | 2,925 | 2,781 | 2,991 |
Expected return on plan assets | (3,863) | (4,009) | (3,847) |
Amortization of prior service credits | (79) | (56) | (39) |
Recognized net actuarial loss/(gain) | 643 | 1,130 | 804 |
Settlement/curtailment/other losses | 44 | 1 | |
Net periodic benefit (income)/cost | (372) | 320 | 312 |
Other Postretirement Benefits Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 77 | 94 | 106 |
Interest cost | 196 | 194 | 229 |
Expected return on plan assets | (8) | (8) | (7) |
Amortization of prior service credits | (35) | (126) | (137) |
Recognized net actuarial loss/(gain) | (46) | (10) | 10 |
Net periodic benefit (income)/cost | 184 | 144 | 201 |
Operating Income (Loss) [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | 313 | 313 | 510 |
Operating Income (Loss) [Member] | Other Postretirement Benefits Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | 88 | 84 | 107 |
Other Income [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | (374) | (143) | (117) |
Other Income [Member] | Other Postretirement Benefits Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | 107 | 101 | 123 |
Operating Income (Loss) Before Taxes [Member] | Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | (61) | 170 | 393 |
Operating Income (Loss) Before Taxes [Member] | Other Postretirement Benefits Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | $ 195 | $ 185 | $ 230 |
Postretirement Plans (Schedule
Postretirement Plans (Schedule Of Changes In The Benefit Obligation, Plan Assets And Funded Status Of Both Pensions And OPB) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Company contribution | $ 3,500 | ||
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Accrued pension plan liability, net | $ (16,276) | $ (15,323) | |
Pension Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Beginning balance | 71,424 | 80,393 | |
Service cost | 2 | 430 | 402 |
Interest cost | 2,925 | 2,781 | 2,991 |
Amendments | (377) | ||
Actuarial (gain)/loss | 8,695 | (6,352) | |
Settlement/curtailment/other | (756) | (730) | |
Gross benefits paid | (4,658) | (4,700) | |
Exchange rate adjustment | 13 | (21) | |
Ending balance | 77,645 | 71,424 | 80,393 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Beginning balance at fair value | 56,102 | 64,011 | |
Actual return on plan assets | 10,851 | (2,585) | |
Company contribution | 16 | 16 | |
Settlement payments | (756) | (764) | |
Benefits paid | (4,514) | (4,557) | |
Exchange rate adjustment | 12 | (19) | |
Ending balance at fair value | 61,711 | 56,102 | 64,011 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Other assets | 484 | 138 | |
Other accrued liabilities | (142) | (137) | |
Accrued pension plan liability, net | (16,276) | (15,323) | |
Net amount recognized | (15,934) | (15,322) | |
Other Postretirement Benefits Plans [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Beginning balance | 5,114 | 6,085 | |
Service cost | 77 | 94 | 106 |
Interest cost | 196 | 194 | 229 |
Amendments | 1 | (58) | |
Actuarial (gain)/loss | 127 | (732) | |
Settlement/curtailment/other | |||
Gross benefits paid | (474) | (487) | |
Subsidies | 36 | 24 | |
Exchange rate adjustment | 3 | (6) | |
Ending balance | 5,080 | 5,114 | 6,085 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Beginning balance at fair value | 132 | 143 | |
Actual return on plan assets | 26 | (3) | |
Company contribution | 1 | 2 | |
Plan participants' contributions | 6 | 7 | |
Benefits paid | (16) | (17) | |
Ending balance at fair value | 149 | 132 | $ 143 |
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract] | |||
Other accrued liabilities | (391) | (398) | |
Accrued retiree health care | (4,540) | (4,584) | |
Net amount recognized | $ (4,931) | $ (4,982) |
Postretirement Plans (Schedul_2
Postretirement Plans (Schedule Of Amounts Recognized In Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Pension Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss/(gain) | $ 23,124 | $ 22,061 |
Prior service credits | (1,467) | (1,546) |
Total recognized in Accumulated other comprehensive loss | 21,657 | 20,515 |
Other Postretirement Benefits Plans [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Net actuarial loss/(gain) | (625) | (783) |
Prior service credits | (122) | (158) |
Total recognized in Accumulated other comprehensive loss | $ (747) | $ (941) |
Postretirement Plans (Schedul_3
Postretirement Plans (Schedule Of Key Information For All Plans With ABO In Excess Of Plan Assets) (Details) - Pension Plans [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation | $ 70,466 | $ 66,306 |
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets | 55,907 | 52,894 |
Projected benefit obligation | 72,325 | 68,354 |
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets | $ 55,907 | $ 52,894 |
Postretirement Plans (Schedul_4
Postretirement Plans (Schedule Of Assumptions Used To Calculate The Benefit Obligation) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Expected return on plan assets | 6.80% | 6.80% | 6.80% |
Rate of compensation increase | 4.30% | 5.30% | 5.30% |
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Interest Crediting Rates For Cash Balance Plans | 5.15% | 5.15% | 5.15% |
Pension Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.30% | 4.20% | 3.60% |
Other Postretirement Benefits Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.00% | 4.00% | 3.30% |
Postretirement Plans (Schedul_5
Postretirement Plans (Schedule Of Assumed Health Care Cost Trend Rates) (Details) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Retirement Benefits, Description [Abstract] | |||
Health care cost trend rate assumed next year | 5.00% | 5.50% | 6.00% |
Ultimate trend rate | 4.50% | 4.50% | 4.50% |
Postretirement Plans (Schedul_6
Postretirement Plans (Schedule Of Actual Allocations For The Pension Assets And Target Allocations By Asset Class) (Details) - Pension Plans [Member] | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 100.00% | 100.00% |
Defined benefit plan, target plan asset allocations | 100.00% | 100.00% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 49.00% | 48.00% |
Defined benefit plan, target plan asset allocations | 47.00% | 47.00% |
Equity securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 29.00% | 28.00% |
Defined benefit plan, target plan asset allocations | 29.00% | 29.00% |
Private Equity Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 5.00% | 5.00% |
Defined benefit plan, target plan asset allocations | 5.00% | 5.00% |
Real estate and real assets [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 8.00% | 9.00% |
Defined benefit plan, target plan asset allocations | 9.00% | 9.00% |
Hedge Funds [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Defined benefit plan, actual plan asset allocations | 9.00% | 10.00% |
Defined benefit plan, target plan asset allocations | 10.00% | 10.00% |
Postretirement Plans (Schedul_7
Postretirement Plans (Schedule Of Allocation of Plan Assets) (Details) - Pension Plans [Member] - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Measurement [Domain] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ 41,018 | $ 36,793 | |
Defined Benefit Plan, Plan Assets, Amount | 61,711 | 56,102 | $ 64,011 |
Defined Benefit Plan, Plan Assets Measured at Net Asset Value | 20,249 | 18,854 | |
Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 11,504 | 9,375 | |
Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 29,042 | 27,100 | |
Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 472 | 318 | 315 |
Fixed Income Securities [Member] | Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 19,341 | 17,481 | |
Fixed Income Securities [Member] | Corporate | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 19,336 | 17,479 | |
Fixed Income Securities [Member] | Corporate | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 5 | 2 | |
Fixed Income Securities [Member] | US Treasury and Government [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 5,759 | 5,589 | |
Fixed Income Securities [Member] | US Treasury and Government [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 5,759 | 5,589 | |
Fixed Income Securities [Member] | US Treasury and Government [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | |||
Fixed Income Securities [Member] | Mortgage backed, asset back, and other securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,181 | ||
Fixed Income Securities [Member] | Mortgage backed, asset back, and other securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 720 | ||
Fixed Income Securities [Member] | Mortgage backed, asset back, and other securities [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 461 | 312 | |
Fixed Income Securities [Member] | Mortgage backed and asset backed securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 722 | ||
Fixed Income Securities [Member] | Mortgage backed and asset backed securities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 410 | ||
Fixed Income Securities [Member] | Mortgage backed and asset backed securities [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 312 | 310 | |
Fixed Income Securities [Member] | Municipal [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,317 | 1,255 | |
Fixed Income Securities [Member] | Municipal [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,317 | 1,255 | |
Fixed Income Securities [Member] | Sovereign [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,076 | 967 | |
Fixed Income Securities [Member] | Sovereign [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1,076 | 967 | |
Fixed Income Securities [Member] | Other Debt Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 55 | 106 | |
Defined Benefit Plan, Plan Assets Measured at Net Asset Value | 512 | 442 | |
Fixed Income Securities [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 7 | 53 | |
Fixed Income Securities [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 48 | 53 | |
Fixed Income Securities [Member] | Derivative Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | |||
Fixed Income Securities [Member] | Derivative Assets [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | |||
Fixed Income Securities [Member] | Derivative Liabilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (143) | (51) | |
Fixed Income Securities [Member] | Derivative Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (143) | (51) | |
Fixed Income Securities [Member] | Common Or Collective Or Pooled Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets Measured at Net Asset Value | 959 | 938 | |
Corporate and other [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2 | ||
Cash and Cash Equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 769 | 1,068 | |
Cash and Cash Equivalents | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 769 | 1,068 | |
Equity securities [Member] | Derivative Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 6 | 3 | |
Equity securities [Member] | Derivative Assets [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | |||
Equity securities [Member] | Derivative Assets [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 6 | 3 | |
Equity securities [Member] | Derivative Liabilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (5) | (9) | |
Equity securities [Member] | Derivative Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (5) | (9) | |
Equity securities [Member] | Common Or Collective Or Pooled Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets Measured at Net Asset Value | 6,301 | 5,264 | |
Equity securities [Member] | United States Common And Preferred Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 4,866 | 3,744 | |
Equity securities [Member] | United States Common And Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 4,866 | 3,744 | |
Equity securities [Member] | United States Common And Preferred Stock [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | |||
Equity securities [Member] | Non United States Common And Preferred Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 5,529 | 4,850 | |
Equity securities [Member] | Non United States Common And Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 5,527 | 4,846 | |
Equity securities [Member] | Non United States Common And Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 4 | ||
Equity securities [Member] | Non United States Common And Preferred Stock [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 2 | ||
Private Equity Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets Measured at Net Asset Value | 3,184 | 2,934 | |
Real estate and real assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets Measured at Net Asset Value | 3,605 | 3,792 | |
Real estate and real assets [Member] | Derivative Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 5 | 4 | |
Real estate and real assets [Member] | Derivative Assets [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 1 | ||
Real estate and real assets [Member] | Derivative Assets [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 4 | 4 | |
Real estate and real assets [Member] | Derivative Liabilities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (2) | (17) | |
Real estate and real assets [Member] | Derivative Liabilities [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (1) | ||
Real estate and real assets [Member] | Derivative Liabilities [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | (2) | (16) | |
Real estate and real assets [Member] | Real Estate [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 454 | 422 | |
Real estate and real assets [Member] | Real Estate [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 454 | 422 | |
Real estate and real assets [Member] | Real assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 810 | 659 | |
Real estate and real assets [Member] | Real assets [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 649 | 311 | |
Real estate and real assets [Member] | Real assets [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 157 | 344 | |
Real estate and real assets [Member] | Real assets [Member] | Level 3 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 4 | 4 | $ 3 |
Hedge Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets Measured at Net Asset Value | 5,688 | 5,484 | |
Cash On Hand [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 207 | 205 | |
Receivables [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | 383 | 404 | |
Payables [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Amount | $ (146) | $ (154) |
Postretirement Plans (Reconcili
Postretirement Plans (Reconciliation Of Level 3 Assets Held) (Details) - Pension Plans [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | $ 56,102 | $ 64,011 |
Net Realized and Unrealized Gains/(Losses) | 10,851 | (2,585) |
Net Purchases, Issuances and Settlements | (756) | (764) |
Ending balance at fair value | 61,711 | 56,102 |
Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 318 | 315 |
Net Realized and Unrealized Gains/(Losses) | 11 | (3) |
Net Purchases, Issuances and Settlements | 141 | 3 |
Net Transfers Into/(Out of) Level 3 | 2 | 3 |
Ending balance at fair value | 472 | 318 |
Fixed Income Securities [Member] | Corporate | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 17,481 | |
Ending balance at fair value | 19,341 | 17,481 |
Fixed Income Securities [Member] | Corporate | Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 2 | |
Net Purchases, Issuances and Settlements | 3 | |
Ending balance at fair value | 5 | 2 |
Fixed Income Securities [Member] | US Treasury and Government [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 5,589 | |
Ending balance at fair value | 5,759 | 5,589 |
Fixed Income Securities [Member] | US Treasury and Government [Member] | Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | ||
Ending balance at fair value | ||
Fixed Income Securities [Member] | Mortgage backed, asset back, and other securities [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Ending balance at fair value | 1,181 | |
Fixed Income Securities [Member] | Mortgage backed, asset back, and other securities [Member] | Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 312 | |
Net Realized and Unrealized Gains/(Losses) | 11 | |
Net Purchases, Issuances and Settlements | 137 | |
Net Transfers Into/(Out of) Level 3 | 1 | |
Ending balance at fair value | 461 | 312 |
Fixed Income Securities [Member] | Mortgage backed and asset backed | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 722 | |
Ending balance at fair value | 722 | |
Fixed Income Securities [Member] | Mortgage backed and asset backed | Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 312 | 310 |
Net Realized and Unrealized Gains/(Losses) | (3) | |
Net Purchases, Issuances and Settlements | 3 | |
Net Transfers Into/(Out of) Level 3 | 2 | |
Ending balance at fair value | 312 | |
Fixed Income Securities [Member] | Corporate and other [Member] | Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 2 | 2 |
Ending balance at fair value | 2 | |
Fixed Income Securities [Member] | Other Debt Obligations [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 106 | |
Ending balance at fair value | 55 | 106 |
Fixed Income Securities [Member] | Real assets [Member] | Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Net Transfers Into/(Out of) Level 3 | 1 | |
Equity securities [Member] | United States Common And Preferred Stock [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 3,744 | |
Ending balance at fair value | 4,866 | 3,744 |
Equity securities [Member] | United States Common And Preferred Stock [Member] | Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | ||
Ending balance at fair value | ||
Equity securities [Member] | Non United States Common And Preferred Stock [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 4,850 | |
Ending balance at fair value | 5,529 | 4,850 |
Equity securities [Member] | Non United States Common And Preferred Stock [Member] | Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Net Purchases, Issuances and Settlements | 1 | |
Net Transfers Into/(Out of) Level 3 | 1 | |
Ending balance at fair value | 2 | |
Real estate and real assets [Member] | Real assets [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 659 | |
Ending balance at fair value | 810 | 659 |
Real estate and real assets [Member] | Real assets [Member] | Level 3 [Member] | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Beginning balance at fair value | 4 | 3 |
Ending balance at fair value | $ 4 | $ 4 |
Postretirement Plans (Schedul_8
Postretirement Plans (Schedule Of Estimated Future Benefit Payments) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Pension Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected future benefit payments, 2018 | $ 4,838 |
Expected future benefit payments, 2019 | 4,808 |
Expected future benefit payments, 2020 | 4,744 |
Expected future benefit payments, 2021 | 4,650 |
Expected future benefit payments, 2022 | 4,608 |
Expected future benefit payments, 2023-2027 | 21,757 |
Other Postretirement Benefits Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Expected future benefit payments, 2018 | 461 |
Expected future benefit payments, 2019 | 452 |
Expected future benefit payments, 2020 | 444 |
Expected future benefit payments, 2021 | 432 |
Expected future benefit payments, 2022 | 417 |
Expected future benefit payments, 2023-2027 | 1,774 |
Gross benefits paid, 2018 | 479 |
Gross benefits paid, 2019 | 470 |
Gross benefits paid, 2020 | 462 |
Gross benefits paid, 2021 | 450 |
Gross benefits paid, 2022 | 435 |
Gross benefits paid, 2023-2027 | 1,867 |
Subsidies, 2018 | (18) |
Subsidies, 2019 | (18) |
Subsidies, 2020 | (18) |
Subsidies, 2021 | (18) |
Subsidies, 2022 | (18) |
Subsidies, 2023-2027 | $ (93) |
Share-Based Compensation And _3
Share-Based Compensation And Other Compensation Arrangements (Narrative) (Details) - USD ($) | Feb. 25, 2019 | Feb. 26, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Aggregate number of shares of stock available for issuance | 87,000,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 2,375,583 | 3,252,083 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 279,000,000 | $ 320,000,000 | $ 491,000,000 | ||||||
Stock options exercised | 58,000,000 | 81,000,000 | 311,000,000 | ||||||
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | 61,000,000 | 70,000,000 | 175,000,000 | ||||||
Deferred compensation | 174,000,000 | 19,000,000 | $ 240,000,000 | ||||||
Deferred compensation liability which is being marked to market | 1,779,000,000 | 1,572,000,000 | |||||||
Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Restricted stock units (RSUs) granted | 233,582 | 260,730 | 523,835 | ||||||
Restricted stock units (RSUs) granted (fair value per share) | $ 428.22 | $ 361.13 | $ 178.72 | ||||||
Performance Awards [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period (in years) | 3 years | ||||||||
Performance Awards [Member] | 2017 Performance Awards [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period (in years) | 3 years | ||||||||
Performance Awards [Member] | 2018PerformanceAwardMember [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Initial Value Of Performance Awards (per unit) | $ 100 | ||||||||
Performance Awards [Member] | 2018 performance awards [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period (in years) | 3 years | ||||||||
Performance Awards [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Performance Award Payout Amount, Aggregate | 0 | ||||||||
Performance Awards [Member] | Minimum [Member] | 2018PerformanceAwardMember [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Amount payable at end of three-year performance period3 | 0 | ||||||||
Performance Awards [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Amount payable at end of three-year performance period3 | $ 200 | $ 200 | |||||||
Performance Awards [Member] | Maximum [Member] | 2017 Performance Awards [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Performance Award Payout Amount, Aggregate | $ 325,000,000 | ||||||||
Performance Awards [Member] | Maximum [Member] | 2018PerformanceAwardMember [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Amount payable at end of three-year performance period3 | $ 200 | ||||||||
Performance Award Payout Amount, Aggregate | $ 355,000,000 | ||||||||
Performance Awards [Member] | Maximum [Member] | 2019 performance awards [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Performance Award Payout Amount, Aggregate | $ 392,000,000 | ||||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting period (in years) | 3 years | 3 years | 3 years | ||||||
Restricted stock units (RSUs) granted (fair value per share) | $ 466.04 | $ 390.27 | $ 190.17 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 23.88% | 22.11% | 21.37% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.46% | 2.36% | 1.46% | ||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | 2018 PBRSU [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Restricted stock units (RSUs) granted | 241,284 | ||||||||
Initial PBRSU value, percentage of value it cannot exceed | 400.00% | ||||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | 2017 PBRSU [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Restricted stock units (RSUs) granted | 492,273 | ||||||||
Initial PBRSU value, percentage of value it cannot exceed | 400.00% | ||||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | 2019 PBRSU [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Restricted stock units (RSUs) granted | 214,651 | ||||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | 2016 PBRSU [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Initial PBRSU value, percentage of value it cannot exceed | 400.00% | ||||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | Minimum [Member] | 2018 PBRSU [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award Payout Range | 0.00% | ||||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | Minimum [Member] | 2017 PBRSU [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award Payout Range | 0.00% | ||||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | Minimum [Member] | 2019 PBRSU [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award Payout Range | 0.00% | ||||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | Maximum [Member] | 2018 PBRSU [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award Payout Range | 200.00% | ||||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | Maximum [Member] | 2017 PBRSU [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award Payout Range | 200.00% | ||||||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | Maximum [Member] | 2019 PBRSU [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award Payout Range | 200.00% |
Share-Based Compensation And _4
Share-Based Compensation And Other Compensation Arrangements (Schedule Of Share-Based Plans Expense And Related Income Tax Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Income tax benefit | $ 47 | $ 46 | $ 46 |
Restricted Stock Units and Other Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based plans expense | $ 217 | $ 213 | $ 212 |
Share-Based Compensation And _5
Share-Based Compensation And Other Compensation Arrangements (Schedule Of Stock Option Activity) (Details) $ / shares in Units, $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Shares, Outstanding at beginning of year | shares | 3,252,083 |
Shares, Exercised | shares | (870,821) |
Shares, Outstanding at end of year | shares | 2,375,583 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Weighted Average Exercise Price Per Share, Outstanding at beginning of year | $ / shares | $ 72.47 |
Weighted Average Exercise Price Per Share, Exercised | $ / shares | 66.16 |
Weighted Average Exercise Price Per Share, Outstanding at end of year | $ / shares | $ 74.79 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Weighted Average Remaining Contractual Life (Years), Outstanding at end of year | 2 years 5 months 8 days |
Aggregate Intrinsic Value, Outstanding at end of year | $ | $ 596 |
Shares, Exercisable at end of year | shares | 2,375,583 |
Weighted Average Exercise Price Per Share, Exercisable at end of year | $ / shares | $ 74.79 |
Weighted Average Remaining Contractual Life (Years), Exercisable at end of year | 2 years 5 months 8 days |
Aggregate Intrinsic Value, Exercisable at end of year | $ | $ 596 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period | shares | 5,679 |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price | $ / shares | $ 69.23 |
Share-Based Compensation And _6
Share-Based Compensation And Other Compensation Arrangements Schedule of PBRSUs Grant Fair Values (Details) - USD ($) | Feb. 25, 2019 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | Feb. 26, 2018 |
Performance Awards [Member] | |||||
Schedule of Performance Based Restricted Stock Units Grant Date Fair values [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
Performance Based Restricted Stock Units (PBRSUs) [Member] | |||||
Schedule of Performance Based Restricted Stock Units Grant Date Fair values [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 466.04 | $ 390.27 | $ 190.17 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 23.88% | 22.11% | 21.37% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.46% | 2.36% | 1.46% | ||
Maximum [Member] | Performance Awards [Member] | |||||
Schedule of Performance Based Restricted Stock Units Grant Date Fair values [Line Items] | |||||
Amount payable at end of three-year performance period3 | $ 200 | $ 200 | |||
2018 performance awards [Member] | Performance Awards [Member] | |||||
Schedule of Performance Based Restricted Stock Units Grant Date Fair values [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
2017 Performance Awards [Member] | Performance Awards [Member] | |||||
Schedule of Performance Based Restricted Stock Units Grant Date Fair values [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||
2018 PBRSU [Member] | Performance Based Restricted Stock Units (PBRSUs) [Member] | |||||
Schedule of Performance Based Restricted Stock Units Grant Date Fair values [Line Items] | |||||
Initial PBRSU value, percentage of value it cannot exceed | 400.00% | ||||
2018 PBRSU [Member] | Maximum [Member] | Performance Based Restricted Stock Units (PBRSUs) [Member] | |||||
Schedule of Performance Based Restricted Stock Units Grant Date Fair values [Line Items] | |||||
Award Payout Range | 200.00% | ||||
2018 PBRSU [Member] | Minimum [Member] | Performance Based Restricted Stock Units (PBRSUs) [Member] | |||||
Schedule of Performance Based Restricted Stock Units Grant Date Fair values [Line Items] | |||||
Award Payout Range | 0.00% | ||||
2017 PBRSU [Member] | Performance Based Restricted Stock Units (PBRSUs) [Member] | |||||
Schedule of Performance Based Restricted Stock Units Grant Date Fair values [Line Items] | |||||
Initial PBRSU value, percentage of value it cannot exceed | 400.00% | ||||
2017 PBRSU [Member] | Maximum [Member] | Performance Based Restricted Stock Units (PBRSUs) [Member] | |||||
Schedule of Performance Based Restricted Stock Units Grant Date Fair values [Line Items] | |||||
Award Payout Range | 200.00% | ||||
2017 PBRSU [Member] | Minimum [Member] | Performance Based Restricted Stock Units (PBRSUs) [Member] | |||||
Schedule of Performance Based Restricted Stock Units Grant Date Fair values [Line Items] | |||||
Award Payout Range | 0.00% |
Share-Based Compensation And _7
Share-Based Compensation And Other Compensation Arrangements (Schedule Of Stock Unit Activity) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)shares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 5 months 8 days | |
Incentive Program Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Number of units, Outstanding at beginning of year | 1,322,251 | |
Number of units, Granted | 259,791 | |
Number of units, Dividends | 22,571 | |
Number of units, Forfeited | (73,591) | |
Number of units, Distributed | (625,997) | |
Number of units, Outstanding at end of year | 905,025 | |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||
Unrecognized compensation cost | $ | $ 102 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 9 months 18 days | |
Other Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Number of units, Outstanding at beginning of year | 984,235 | |
Number of units, Granted | 247,673 | |
Number of units, Dividends | 20,576 | |
Number of units, Forfeited | (121,344) | |
Number of units, Distributed | (222,819) | |
Number of units, Outstanding at end of year | 908,321 | |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||
Unrecognized compensation cost | $ | $ 132 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 2 years 7 months 6 days | |
Incentive Program Performance Based Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Number of units, Outstanding at beginning of year | 1,268,667 | |
Number of units, Granted | 214,651 | |
Share-based Compensation Arrangement by Share-based Payment Award, Other Share Increase (Decrease) | 115,613 | [1] |
Number of units, Dividends | 65,042 | |
Number of units, Forfeited | (60,755) | |
Number of units, Distributed | (777,092) | |
Number of units, Outstanding at end of year | 826,126 | |
Share-based Compensation Arrangement by Share-based Payment Award, Additional General Disclosures [Abstract] | ||
Unrecognized compensation cost | $ | $ 91 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 1 year 9 months 18 days | |
[1] | Represents net incremental number of units issued at vesting based on TSR for units granted in 2016 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 17, 2018 |
Equity, Class of Treasury Stock [Line Items] | |||
Common stock, authorized | 1,200,000,000 | 1,200,000,000 | |
Preferred shares, authorized | 20,000,000 | 20,000,000 | |
2018 Program [Member] | |||
Equity, Class of Treasury Stock [Line Items] | |||
Amount approved to repurchase, shares, maximum | $ 20,000 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule Of Changes In Each Class Of Shares) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |||
Beginning balance, Common Stock | 1,012,261,159 | 1,012,261,159 | 1,012,261,159 |
Ending balance, Common Stock | 1,012,261,159 | 1,012,261,159 | 1,012,261,159 |
Treasury Stock, Number of Shares and Restriction Disclosures [Abstract] | |||
Beginning balance, Treasury Stock | 444,619,970 | 421,222,326 | 395,109,568 |
Stock Issued During Period, Shares, Treasury Stock Reissued | 2,797,002 | 3,409,330 | 20,746,426 |
Acquired, Treasury Stock | 7,529,437 | 26,806,974 | 46,859,184 |
Ending balance, Treasury Stock | 449,352,405 | 444,619,970 | 421,222,326 |
Shareholders' Equity (Accumulat
Shareholders' Equity (Accumulated other comprehensive income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance | [1] | $ (15,083) | $ (16,373) | $ (13,623) | |
OCI before reclassifications | [1] | (1,471) | 517 | (230) | |
Amounts reclassified from AOCI | [1] | 401 | 773 | 477 | |
Net current period OCI | [1] | (1,070) | 1,290 | 247 | |
Balance | [1] | (16,153) | (15,083) | (16,373) | |
Defined benefit pension plans & other postretirement benefits: | |||||
Amortization of actuarial losses included in net periodic pension cost, net of tax of ($570), ($367), and ($849) | 464 | 878 | 542 | ||
Amortization of actuarial losses included in net periodic pension cost, tax | (133) | (242) | (272) | ||
Currency Translation Adjustments [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance | (101) | (15) | (143) | ||
OCI before reclassifications | (27) | (86) | 128 | ||
Amounts reclassified from AOCI | |||||
Net current period OCI | (27) | (86) | 128 | ||
Balance | (128) | (101) | (15) | ||
Unrealized Gains and Losses on Certain Investments | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance | 0 | (2) | (2) | ||
OCI before reclassifications | 1 | 2 | 1 | ||
Amounts reclassified from AOCI | |||||
Net current period OCI | 1 | 2 | 1 | ||
Balance | 1 | 0 | (2) | ||
Unrealized Gains and Losses on Derivative Instruments | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance | (62) | 54 | (127) | ||
OCI before reclassifications | (48) | (146) | 119 | ||
Amounts reclassified from AOCI | 26 | 30 | 52 | ||
Net current period OCI | (22) | (116) | 171 | ||
Balance | (84) | (62) | 54 | ||
Defined Benefit Pension Plans and Other Postretirement Benefits | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance | (14,920) | (16,410) | (13,351) | ||
OCI before reclassifications | (1,397) | 747 | (478) | ||
Amounts reclassified from AOCI | 375 | 743 | 425 | [2] | |
Net current period OCI | (1,022) | 1,490 | (53) | ||
Balance | $ (15,942) | (14,920) | (16,410) | ||
Accounting Standards Update 2018-02 [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Balance | (2,997) | ||||
Net current period OCI | [1] | (2,997) | |||
Balance | $ (2,997) | ||||
Accounting Standards Update 2018-02 [Member] | Unrealized Gains and Losses on Derivative Instruments | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Net current period OCI | 10 | ||||
Accounting Standards Update 2018-02 [Member] | Defined Benefit Pension Plans and Other Postretirement Benefits | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Net current period OCI | (3,006) | ||||
Accounting Standards Update 2018-02 [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Noncontrolling Interest [Member] | |||||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||
Net current period OCI | $ (1) | ||||
[1] | Net of tax. | ||||
[2] | Primarily relates to amortization of actuarial losses for the years ended December 31, 2019 , 2018 , and 2017 totaling $464 , $878 , and $542 (net of tax of ($133) , ($242) , and ($272) ), respectively. These are included in the net periodic pension cost. See Note 17 . |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Summary of Derivative Instruments [Abstract] | |
Cash flow hedge gain/(loss) to be reclassified during the next 12 months, pre-tax | $ (8) |
Fair value of foreign exchange and commodity contracts that have credit-risk-related contingent features that are in a net liability position | $ 19 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Schedule Of Notional Amounts And Fair Values Of Derivative Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Derivative, Notional Amount | [1] | $ 5,164 | $ 4,481 |
Other assets | 34 | 52 | |
Accrued liabilities | (138) | (136) | |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | (20) | (24) | |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 20 | 24 | |
Net recorded balance, Other assets | 14 | 28 | |
Net recorded balance, Accrued liabilities | (118) | (112) | |
Foreign Exchange Contracts [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 2,590 | 3,407 | |
Other assets | 29 | 32 | |
Accrued liabilities | (60) | (132) | |
Foreign Exchange Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 285 | 414 | |
Other assets | 1 | 11 | |
Accrued liabilities | (6) | (2) | |
Interest Rate Contracts [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 125 | ||
Commodity Contracts [Member] | Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 645 | 57 | |
Other assets | 4 | 9 | |
Accrued liabilities | (72) | (2) | |
Commodity Contracts [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 1,644 | $ 478 | |
[1] | 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) In Statement Of Financial Performance) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Effective portion recognized in other comprehensive loss, net of taxes | $ (48) | $ (146) | $ 119 |
Effective portion reclassified out of Accumulated other comprehensive loss into earnings, net of taxes | (26) | (30) | $ (52) |
Foreign Exchange Contracts [Member] | |||
Derivative [Line Items] | |||
Gain from Components Excluded from Assessment of Cash Flow Hedge Effectiveness | 1 | ||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | 15 | (156) | |
Commodity Contracts [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | (63) | 10 | |
General and Administrative Expense [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (9) | (12) | |
Operating Expense [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (26) | (30) | |
Sales [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | |||
General and Administrative Expense [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 1 | 2 | |
Operating Expense [Member] | |||
Derivative [Line Items] | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ 1 | $ 2 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Derivatives | $ 14 | $ 28 |
Derivatives | (118) | (112) |
Available for sale debt instruments | 405 | 491 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Money market funds | 2,562 | 1,737 |
Commercial Paper, at Carrying Value | 108 | 78 |
Debt Securities, Available-for-sale | 242 | 420 |
Available for Sale Securities, Government Agencies | 55 | |
Available-for-sale Securities, Equity Securities | 33 | 12 |
Derivatives | 14 | 28 |
Total assets | 3,014 | 2,275 |
Derivatives | (118) | (112) |
Total liabilities | (118) | (112) |
Fair Value, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Money market funds | 2,562 | 1,737 |
Available for Sale Securities, Government Agencies | 55 | |
Available-for-sale Securities, Equity Securities | 33 | 12 |
Total assets | 2,650 | 1,749 |
Fair Value, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Commercial Paper, at Carrying Value | 108 | 78 |
Debt Securities, Available-for-sale | 242 | 420 |
Available for Sale Securities, Government Agencies | ||
Derivatives | 14 | 28 |
Total assets | 364 | 526 |
Derivatives | (118) | (112) |
Total liabilities | $ (118) | $ (112) |
Fair Value Measurements Fair _2
Fair Value Measurements Fair Value, Assets Measured on Nonrecurring Basis Using Unobservable Inputs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | $ 443 | $ 93 | $ 113 |
Fair Value Measurements Nonrecurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | 443 | 93 | |
Assets, Fair Value Disclosure | 183 | 145 | |
Property, Plant and Equipment [Member] | Fair Value Measurements Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | 4 | 4 | |
Property, Plant and Equipment [Member] | Fair Value Measurements Nonrecurring [Member] | Level 3 [Member] | Valuation, Income Approach [Member] | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 41 | 44 | |
Other assets and Acquired intangible assets [Member] | Fair Value Measurements Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | 310 | ||
Other assets and Acquired intangible assets [Member] | Fair Value Measurements Nonrecurring [Member] | Level 3 [Member] | Valuation, Income Approach [Member] | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 4 | ||
Operating Lease Equipment And Assets Held For Sale Or Re-Lease [Member] | Fair Value Measurements Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | 20 | 39 | |
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 Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 111 | 101 | |
Investments [Member] | Fair Value Measurements Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Asset Impairment Charges | 109 | 50 | |
Investments [Member] | Fair Value Measurements Nonrecurring [Member] | Level 3 [Member] | Valuation, Income Approach [Member] | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 27 |
Fair Value Measurements Fair _3
Fair Value Measurements Fair Value, Assets Measured On Nonrecurring Basis, Valuation Techniques (Details) $ in Millions | Dec. 31, 2019USD ($) |
Aircraft Value Publications [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Equipment under operating leases & Assets held for sale or re-lease, Median | $ 123 |
Aircraft Value Publications [Member] | Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Equipment under operating leases & Assets held for sale or re-lease, Range | 98 |
Aircraft Value Publications [Member] | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Equipment under operating leases & Assets held for sale or re-lease, Range | 158 |
Aircraft Condition Adjustments [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Equipment under operating leases & Assets held for sale or re-lease, Net | (12) |
Aircraft Condition Adjustments [Member] | Minimum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Equipment under operating leases & Assets held for sale or re-lease, Range | (13) |
Aircraft Condition Adjustments [Member] | Maximum [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | |
Equipment under operating leases & Assets held for sale or re-lease, Range | $ 1 |
Fair Value Measurements Fair _4
Fair Value Measurements Fair Values And Related Carrying Values of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, Fair Value | $ 444 | $ 735 |
Debt, excluding capital lease obligations, Fair Value | (23,119) | (12,746) |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, Fair Value | 444 | 735 |
Debt, excluding capital lease obligations, Fair Value | (23,081) | (12,682) |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, excluding capital lease obligations, Fair Value | (38) | (64) |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, net | 443 | 730 |
Debt, excluding capital lease obligations, Carrying Amount | $ (20,964) | $ (11,796) |
Segment and Revenue Informatio
Segment and Revenue Information (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)segments | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of Reportable Segments | segments | 4 | ||
Percent of operating assets located outside the United States | 4.00% | ||
Revenue, Remaining Performance Obligation, Amount | $ 463,403 | ||
Earnings from operations associated with our cost and equity method investments | $ 90 | $ 167 | $ 233 |
Within Next fiscal Year [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue, Remaining Performance Obligation, Percent Recognized | 17.00% | ||
Within Next 4 Fiscal Years [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue, Remaining Performance Obligation, Percent Recognized | 63.00% | ||
Sales [Member] | U.S. Government Contracts [Member] | |||
Segment Reporting Information [Line Items] | |||
Entity-Wide Revenue, Major Customer, Percentage | 39.00% | 31.00% | 31.00% |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Allocation of depreciation and amortization from centrally managed assets to the primary business segments based on usage and occupancy | $ 717 | $ 692 | $ 730 |
Commercial Airplanes | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Allocation of depreciation and amortization from centrally managed assets to the primary business segments based on usage and occupancy | 407 | 417 | 427 |
Defense, Space & Security | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Allocation of depreciation and amortization from centrally managed assets to the primary business segments based on usage and occupancy | 257 | 213 | 243 |
Global Services | Operating Segments | |||
Segment Reporting Information [Line Items] | |||
Allocation of depreciation and amortization from centrally managed assets to the primary business segments based on usage and occupancy | $ 53 | $ 62 | $ 60 |
Segment and Revenue Informati_3
Segment and Revenue Information (Schedule Of Revenue from External Customers Attributed to Foreign Countries by Geographic Area) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 17,911 | $ 19,980 | $ 15,751 | $ 22,917 | $ 28,341 | $ 25,146 | $ 24,258 | $ 23,382 | $ 76,559 | $ 101,127 | $ 94,005 |
Non-U.S. | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 42,137 | 56,451 | 50,299 | ||||||||
Asia, Other Than China | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 10,662 | 12,141 | 9,195 | ||||||||
Europe | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 10,366 | 12,976 | 11,240 | ||||||||
China | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 5,684 | 13,764 | 11,932 | ||||||||
Middle East | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 9,272 | 9,745 | 11,433 | ||||||||
Oceania | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,006 | 2,298 | 1,931 | ||||||||
Canada | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,019 | 2,583 | 2,212 | ||||||||
Africa | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,113 | 1,486 | 815 | ||||||||
Latin America, Caribbean And Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 1,015 | 1,458 | 1,541 | ||||||||
United States | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 42,681 | $ 44,676 | $ 43,706 |
Segment and Revenue Informati_4
Segment and Revenue Information Segment and Revenue Information (Schedule of Revenue Disaggregation) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 76,559 | $ 101,127 | $ 94,005 | ||||||||
Revenues | $ 17,911 | $ 19,980 | $ 15,751 | $ 22,917 | $ 28,341 | $ 25,146 | $ 24,258 | $ 23,382 | 76,559 | 101,127 | 94,005 |
Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 10,366 | 12,976 | 11,240 | ||||||||
China | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 5,684 | 13,764 | 11,932 | ||||||||
Asia, Other Than China | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 10,662 | 12,141 | 9,195 | ||||||||
Middle East | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 9,272 | 9,745 | 11,433 | ||||||||
Non-U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 42,137 | 56,451 | 50,299 | ||||||||
United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 42,681 | 44,676 | 43,706 | ||||||||
Operating Segments | Commercial Airplanes | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 32,255 | 57,499 | 54,612 | ||||||||
Operating Segments | Commercial Airplanes | External Customers [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 31,903 | $ 57,469 | $ 54,416 | ||||||||
Operating Segments | Commercial Airplanes | Fixed-price Contract [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 100.00% | 100.00% | 100.00% | ||||||||
Operating Segments | Commercial Airplanes | Transferred at Point in Time [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 100.00% | 100.00% | 100.00% | ||||||||
Operating Segments | Commercial Airplanes | Europe | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 5,829 | $ 9,719 | $ 8,478 | ||||||||
Operating Segments | Commercial Airplanes | China | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,051 | 13,068 | 10,982 | ||||||||
Operating Segments | Commercial Airplanes | Asia, Other Than China | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 7,395 | 8,274 | 6,482 | ||||||||
Operating Segments | Commercial Airplanes | Middle East | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,761 | 5,876 | 8,927 | ||||||||
Operating Segments | Commercial Airplanes | Other [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3,450 | 5,185 | 4,365 | ||||||||
Operating Segments | Commercial Airplanes | Non-U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 27,486 | 42,122 | 39,234 | ||||||||
Operating Segments | Commercial Airplanes | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 12,676 | 15,347 | 15,182 | ||||||||
Operating Segments | Defense, Space & Security | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 26,227 | $ 26,392 | $ 23,938 | ||||||||
Operating Segments | Defense, Space & Security | U.S. Government Contracts [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 89.00% | 88.00% | 89.00% | ||||||||
Operating Segments | Defense, Space & Security | Transferred over Time [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 98.00% | 98.00% | 97.00% | ||||||||
Operating Segments | Defense, Space & Security | Fixed-price Contract [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 70.00% | 70.00% | 69.00% | ||||||||
Operating Segments | Defense, Space & Security | Non-U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 6,654 | $ 6,816 | $ 4,954 | ||||||||
Operating Segments | Defense, Space & Security | United States | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 19,573 | 19,576 | 18,984 | ||||||||
Operating Segments | Global Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 18,468 | 17,056 | 14,611 | ||||||||
Operating Segments | Global Services | Commercial Customers [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 10,167 | 9,227 | 7,622 | ||||||||
Operating Segments | Global Services | Government Customers [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 8,107 | $ 7,658 | $ 6,940 | ||||||||
Operating Segments | Global Services | U.S. Government Contracts [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 34.00% | 36.00% | 39.00% | ||||||||
Operating Segments | Global Services | External Customers [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 18,274 | $ 16,885 | $ 14,562 | ||||||||
Operating Segments | Global Services | Transferred at Point in Time [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 55.00% | 54.00% | 50.00% | ||||||||
Operating Segments | Global Services | Fixed-price Contract [Member] | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 90.00% | 90.00% | 89.00% | ||||||||
Intersegment Eliminations [Member] | Commercial Airplanes | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 352 | $ 30 | $ 196 | ||||||||
Intersegment Eliminations [Member] | Global Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 194 | $ 171 | $ 49 |
Segment and Revenue Informati_5
Segment and Revenue Information (Schedule Of Depreciation And Amortization Expense By Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | $ 2,271 | $ 2,114 | $ 2,047 | |
Operating Segments | Commercial Airplanes | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 580 | 565 | 521 | |
Operating Segments | Defense, Space & Security | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 274 | 290 | 252 | |
Operating Segments | Global Services | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 424 | 348 | 322 | |
Operating Segments | Boeing Capital Corporation [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | 64 | 58 | 70 | |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Depreciation and amortization | [1] | $ 929 | $ 853 | $ 882 |
[1] | (1) Amounts shown in the table represent depreciation and amortization expense recorded by the individual business segments. Depreciation and amortization for centrally managed assets are included in segment operating earnings based on usage and occupancy. In 2019, $717 was included in the primary business segments, of which $407 , $257 , and $53 was included in BCA, BDS and BGS, respectively. In 2018, $692 was included in the primary business segments, of which $417 , $213 , and $62 was included in BCA, BDS and BGS, respectively. In 2017, $730 was included in the primary business segments, of which $427 , $243 , and $60 was included in BCA, BDS and BGS, respectively. |
Segment and Revenue Informati_6
Segment and Revenue Information (Schedule Of Capital Expenditures By Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 1,834 | $ 1,722 | $ 1,739 |
Operating Segments | Commercial Airplanes | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 433 | 604 | 636 |
Operating Segments | Defense, Space & Security | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 202 | 208 | 210 |
Operating Segments | Global Services | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | 218 | 231 | 180 |
Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Capital expenditures | $ 981 | $ 679 | $ 713 |
Segment and Revenue Informati_7
Segment and Revenue Information (Schedule Of Unallocated Items and Eliminations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | ||||
Share-based plans | $ (212) | $ (202) | $ (202) | |
Deferred compensation | (174) | (19) | (240) | |
Amortization of previously capitalized interest | (83) | (81) | (110) | |
Research and Development Expense | (3,219) | (3,269) | (3,179) | |
Asset Impairment Charges | (443) | (93) | (113) | |
Litigation Settlement, Expense | $ (148) | |||
Unallocated items, eliminations and other | ||||
Segment Reporting Information [Line Items] | ||||
Share-based plans | (65) | (76) | (77) | |
Deferred compensation | (174) | (19) | (240) | |
Amortization of previously capitalized interest | (89) | (92) | (96) | |
Research and Development Expense | (384) | (132) | 42 | |
Asset Impairment Charges | (250) | |||
Litigation Settlement, Expense | (148) | |||
Eliminations and other unallocated items | 995 | 975 | 756 | |
Operating Loss Excluding Unallocated Pension and Postretirement Adjustments | (2,066) | (1,442) | (1,127) | |
FAS/CAS Service Cost Adjustment | 1,415 | 1,327 | 1,438 | |
Unallocated items, eliminations and other | Pension [Member] | ||||
Segment Reporting Information [Line Items] | ||||
FAS/CAS Service Cost Adjustment | 1,071 | 1,005 | 1,127 | |
Unallocated items, eliminations and other | Postretirement [Member] | ||||
Segment Reporting Information [Line Items] | ||||
FAS/CAS Service Cost Adjustment | $ 344 | $ 322 | $ 311 |
Segment and Revenue Informati_8
Segment and Revenue Information (Reconciliation of Assets from Segment to Consolidated) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Segment Reporting Information [Line Items] | ||
Assets | $ 133,625 | $ 117,359 |
Operating Segments | Commercial Airplanes | ||
Segment Reporting Information [Line Items] | ||
Assets | 73,995 | 61,116 |
Operating Segments | Defense, Space & Security | ||
Segment Reporting Information [Line Items] | ||
Assets | 15,977 | 18,023 |
Operating Segments | Global Services | ||
Segment Reporting Information [Line Items] | ||
Assets | 18,605 | 17,856 |
Operating Segments | Boeing Capital Corporation [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | 2,269 | 2,809 |
Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 22,779 | $ 17,555 |
Quarterly Financial Data (Narra
Quarterly Financial Data (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||
Asset Impairment Charges | $ 443,000,000 | $ 93,000,000 | $ 113,000,000 | |||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 76,559,000,000 | 101,127,000,000 | 94,005,000,000 | |||||||||
Litigation Settlement, Expense | $ 148,000,000 | |||||||||||
Gain (Loss) on Disposition of Business | $ 395 | |||||||||||
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount | 371,000,000 | 371,000,000 | 412,000,000 | |||||||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | $ (111,000,000) | $ (190,000,000) | $ 250,000,000 | |||||||||
Cash dividends declared, per share | $ 2.055 | $ 1.71 | $ 8.22 | $ 7.19 | $ 5.97 | |||||||
KC-46A Tanker [Member] | ||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | (108,000,000) | $ (50,000,000) | $ (179,000,000) | $ (426,000,000) | $ (81,000,000) | $ (148,000,000) | $ (736,000,000) | $ (445,000,000) | ||||
Commercial Crew [Member] | ||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||
Increase/(Decrease) in Earnings from operations due to change in accounting estimate. | (410,000,000) | (489,000,000) | ||||||||||
MQ-25 [Member] | ||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||
Loss on Contracts | 291,000,000 | |||||||||||
T-7A Red Hawk [Member] | ||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||
Loss on Contracts | 400,000,000 | |||||||||||
Tax Year 2013-2014 [Member] | ||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount | $ 412,000,000 | |||||||||||
Tax benefit related to settlement of federal tax audit | $ 412,000,000 | |||||||||||
Operating Segments | ||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||
Litigation Settlement, Expense | $ 109,000,000 | |||||||||||
Commercial Airplanes | Operating Segments | B-737-Max [Member] | Customer Concessions [Member] | ||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax | (2,619,000,000) | $ (5,610,000,000) | (8,259,000,000) | [1] | ||||||||
Global Services | Operating Segments | Trade Names [Member] | ||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 293,000,000 | $ 293,000,000 | ||||||||||
Lease Incentive Receivable [Member] | ||||||||||||
Schedule of Quarterly Financial Information [Line Items] | ||||||||||||
Asset Impairment Charges | $ 250,000,000 | |||||||||||
[1] | (1) Net of insurance recoveries |
Quarterly Financial Data (Sched
Quarterly Financial Data (Schedule Of Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 17,911 | $ 19,980 | $ 15,751 | $ 22,917 | $ 28,341 | $ 25,146 | $ 24,258 | $ 23,382 | $ 76,559 | $ 101,127 | $ 94,005 |
Cost of Revenue | 18,708 | 16,930 | 17,810 | 18,645 | 22,090 | 21,040 | 19,536 | 18,824 | 72,093 | 81,490 | 76,612 |
Earnings from operations | (2,204) | 1,259 | (3,380) | 2,350 | 4,175 | 2,227 | 2,710 | 2,875 | (1,975) | 11,987 | 10,344 |
Net (loss)/earnings | $ (1,010) | $ 1,167 | $ (2,942) | $ 2,149 | $ 3,424 | $ 2,363 | $ 2,196 | $ 2,477 | $ (636) | $ 10,460 | $ 8,458 |
Basic (loss)/earnings per share | $ (1.79) | $ 2.07 | $ (5.21) | $ 3.79 | $ 6 | $ 4.11 | $ 3.77 | $ 4.19 | $ (1.12) | $ 18.05 | $ 14.03 |
Diluted earnings per share | $ (1.79) | $ 2.05 | $ (5.21) | $ 3.75 | $ 5.93 | $ 4.07 | $ 3.73 | $ 4.15 | $ (1.12) | $ 17.85 | $ 13.85 |