Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 21, 2020 | |
Document Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 1-442 | |
Entity Registrant Name | BOEING CO | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 91-0425694 | |
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 | |
City Area Code | (312) | |
Local Phone Number | 544-2000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, $5.00 Par Value | |
Trading Symbol | BA | |
Security Exchange Name | NYSE | |
Entity Common Stock, Shares Outstanding | 564,529,686 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000012927 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | $ 14,139 | $ 19,980 | $ 42,854 | $ 58,648 |
Boeing Capital interest expense | (10) | (15) | (33) | (49) |
Total costs and expenses | (13,105) | (16,930) | (42,851) | (53,385) |
Gross profit | 1,034 | 3,050 | 3 | 5,263 |
Loss from operating investments, net | (14) | (8) | (61) | (3) |
General and administrative expense | (955) | (1,001) | (2,989) | (2,857) |
Research and development expense, net | (574) | (778) | (1,871) | (2,470) |
Gain/(loss) on dispositions, net | 108 | (4) | 200 | 296 |
(Loss)/earnings from operations | (401) | 1,259 | (4,718) | 229 |
Other income, net | 119 | 121 | 325 | 334 |
Interest and debt expense | (643) | (203) | (1,458) | (480) |
(Loss)/earnings before income taxes | (925) | 1,177 | (5,851) | 83 |
Income tax benefit/(expense) | 459 | (10) | 2,349 | 291 |
Net (loss)/earnings | (466) | 1,167 | (3,502) | 374 |
Less: net loss attributable to noncontrolling interest | (17) | (49) | ||
Net (loss)/earnings attributable to Boeing Shareholders | $ (449) | $ 1,167 | $ (3,453) | $ 374 |
Basic (loss)/earnings per share | $ (0.79) | $ 2.07 | $ (6.10) | $ 0.66 |
Diluted (loss)/earnings per share | $ (0.79) | $ 2.05 | $ (6.10) | $ 0.66 |
Weighted average diluted shares (millions) | 566.6 | 569.2 | 566.3 | 570.4 |
Product [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | $ 11,402 | $ 17,195 | $ 34,656 | $ 50,514 |
Cost of Goods and Services Sold | (10,910) | (14,674) | (36,001) | (46,584) |
Service [Member] | ||||
Condensed Income Statements, Captions [Line Items] | ||||
Revenues | 2,737 | 2,785 | 8,198 | 8,134 |
Cost of Goods and Services Sold | $ (2,185) | $ (2,241) | $ (6,817) | $ (6,752) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements Of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net (loss)/earnings | $ (466) | $ 1,167 | $ (3,502) | $ 374 |
Currency translation adjustments | 48 | (59) | 15 | (61) |
Unrealized gain on certain investments, net of tax of $0, $0, $0 and $0 | 1 | |||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment, Tax | 0 | |||
Unrealized (loss)/gain on derivative instruments [Abstract] | ||||
Unrealized (loss)/gain arising during period, net of tax of $31, $30, ($23) and $25 | 79 | (89) | (107) | (106) |
Unrealized loss arising during period, tax | (23) | 25 | 31 | 30 |
Reclassification adjustment for losses/(gains) included in net (loss)/earnings, net of tax of ($6), ($6), ($2) and ($7) | 8 | 25 | 20 | 22 |
Reclassification adjustment for losses included in net earnings, tax | (2) | (7) | (6) | (6) |
Total unrealized (loss)/gain on derivative instruments, net of tax | 87 | (64) | (87) | (84) |
Defined benefit pension plans & other postretirement benefits [Abstract] | ||||
Prior service credit arising during the period, net of tax of ($4), $0, ($4) and $0 | 13 | 13 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Tax | (4) | (4) | ||
Amortization of prior service credits included in net periodic pension cost, net of tax of $22, $18, $10 and $5 | (22) | (22) | (67) | (67) |
Amortization of prior service cost included in net periodic pension cost, tax | 10 | 5 | 22 | 18 |
Net actuarial loss arising during the period, net of tax of $19, $0, $16 and $0 | (53) | (65) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | 16 | 19 | ||
Amortization of actuarial losses included in net periodic pension cost, net of tax of ($179), ($97), ($76) and ($32) | 172 | 117 | 562 | 350 |
Amortization of actuarial losses included in net periodic pension cost, tax | (76) | (32) | (179) | (97) |
Settlements and curtailments included in net loss, net of tax of ($1), $0, $0 and $0 | 1 | 3 | ||
Other Comprehensive Income, Settlements and curtailments included in net income, tax | 0 | (1) | ||
Pension and postretirement cost related to our equity method investments, net of tax of $0, ($5), $0, and ($3) | 9 | 17 | ||
Pension and post retirement benefits related to our equity method investments, tax | (3) | (5) | ||
Total defined benefit pension plans and other postretirement benefits, net of tax | 111 | 104 | 446 | 300 |
Other comprehensive income, net of tax | 246 | (19) | 374 | 156 |
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (17) | (15) | (49) | (22) |
Comprehensive (loss)/income, net of tax | (220) | 1,133 | (3,128) | 508 |
Comprehensive (loss)/income attributable to Boeing Shareholders, net of tax | $ (203) | $ 1,148 | $ (3,079) | $ 530 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements Of Financial Position - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Assets | |||
Cash and cash equivalents | $ 10,564 | $ 9,485 | |
Short-term and other investments | 16,552 | 545 | |
Accounts receivable, net | 2,762 | 3,266 | |
Unbilled receivables, net | 8,860 | 9,043 | |
Current portion of customer financing, net | 100 | 162 | |
Inventories | 86,961 | 76,622 | |
Other current assets, net | 5,213 | 3,106 | |
Total current assets | 131,012 | 102,229 | |
Customer financing, net | 2,010 | 2,136 | |
Property, plant and equipment, net of accumulated depreciation | 11,969 | 12,502 | |
Property, plant and equipment, net of accumulated depreciation of $20,241 and $19,342 | 20,241 | 19,342 | |
Goodwill | 8,071 | 8,060 | |
Acquired intangible assets, net | 2,941 | 3,338 | |
Deferred income taxes | 704 | 683 | |
Investments | 1,052 | 1,092 | |
Other assets, net of accumulated amortization of $671 and $580 | 3,502 | 3,585 | |
Other assets, accumulated amortization | 671 | 580 | |
Total assets | 161,261 | 133,625 | |
Liabilities and equity | |||
Accounts payable | 14,479 | 15,553 | |
Accrued liabilities | 22,220 | 22,868 | |
Advances and progress billings | 51,974 | 51,551 | |
Short-term debt and current portion of long-term debt | 3,634 | 7,340 | |
Total current liabilities | 92,307 | 97,312 | |
Deferred income taxes | 503 | 413 | |
Accrued retiree health care | 4,429 | 4,540 | |
Accrued pension plan liability, net | 15,343 | 16,276 | |
Other long-term liabilities | 2,907 | 3,422 | |
Long-term debt | 57,325 | 19,962 | |
Total liabilities | 172,814 | 141,925 | |
Shareholders' equity: | |||
Common stock, par value $5.00 — 1,200,000,000 shares authorized; 1,012,261,159 shares issued | $ 5,061 | $ 5,061 | |
Common Stock, Par Value | $ 5 | $ 5 | |
Common Stock, Shares Authorized | 1,200,000,000 | 1,200,000,000 | |
Common Stock, Shares, Issued | 1,012,261,159 | 1,012,261,159 | |
Additional paid-in capital | $ 6,687 | $ 6,745 | |
Treasury stock, at cost - 447,744,896 and 449,352,405 shares | 447,744,896 | 449,352,405 | |
Treasury stock, at cost | $ 54,819 | $ 54,914 | |
Retained earnings | 47,029 | 50,644 | |
Accumulated other comprehensive loss | [1] | (15,779) | (16,153) |
Total shareholders’ equity | (11,821) | (8,617) | |
Noncontrolling interests | 268 | 317 | |
Total equity | (11,553) | (8,300) | |
Total liabilities and equity | $ 161,261 | $ 133,625 | |
[1] | Net of tax. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements Of Equity - USD ($) $ in Millions | Total | Common Stock | Additional Paid-In Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Non-Controlling Interest | Less: Noncontrolling Interest not presented on Income Statement [Member] |
Balance at Dec. 31, 2018 | $ 410 | $ 5,061 | $ 6,768 | $ (52,348) | $ 55,941 | $ (15,083) | $ 71 | |
Net Income (Loss) Attributable to Parent | 374 | 374 | ||||||
Net (loss)/earnings | 374 | (22) | $ 352 | |||||
Less: net loss attributable to noncontrolling interest | ||||||||
Other comprehensive income, net of tax | 156 | 156 | ||||||
Other Comprehensive Income, tax, portion attrib to parent | 60 | |||||||
Share-based compensation and related dividend equivalents | 160 | 176 | (16) | |||||
Treasury shares issued for stock options exercised, net | 40 | (42) | 82 | |||||
Treasury shares issued for other share-based plans, net | (221) | (214) | (7) | |||||
Common shares repurchased | (2,651) | (2,651) | ||||||
Dividends, Common Stock, Cash | $ (2,313) | (2,313) | ||||||
Common Stock, Dividends, Per Share, Declared | $ 4.11 | |||||||
Changes in noncontrolling interests | $ 258 | 258 | ||||||
Balance at Sep. 30, 2019 | (3,809) | 5,061 | 6,688 | (54,924) | 53,986 | (14,927) | 307 | |
Other Comprehensive Income (Loss), Tax | (60) | |||||||
Balance at Jun. 30, 2019 | (4,943) | 5,061 | 6,638 | (54,932) | 52,819 | (14,908) | 379 | |
Net Income (Loss) Attributable to Parent | 1,167 | 1,167 | ||||||
Net (loss)/earnings | 1,167 | (15) | $ 1,152 | |||||
Less: net loss attributable to noncontrolling interest | ||||||||
Other comprehensive income, net of tax | (19) | (19) | ||||||
Other Comprehensive Income, tax, portion attrib to parent | 12 | |||||||
Share-based compensation and related dividend equivalents | 56 | 56 | ||||||
Treasury shares issued for stock options exercised, net | (3) | (3) | ||||||
Treasury shares issued for other share-based plans, net | 5 | (3) | 8 | |||||
Changes in noncontrolling interests | (57) | (57) | ||||||
Balance at Sep. 30, 2019 | (3,809) | 5,061 | 6,688 | (54,924) | 53,986 | (14,927) | 307 | |
Other Comprehensive Income (Loss), Tax | (12) | |||||||
Balance at Dec. 31, 2019 | (8,300) | 5,061 | 6,745 | (54,914) | 50,644 | (16,153) | 317 | |
Net Income (Loss) Attributable to Parent | (3,453) | |||||||
Net (loss)/earnings | (3,502) | |||||||
Less: net loss attributable to noncontrolling interest | (49) | |||||||
Other comprehensive income, net of tax | 374 | 374 | ||||||
Other Comprehensive Income, tax, portion attrib to parent | 118 | |||||||
Share-based compensation and related dividend equivalents | 165 | 165 | ||||||
Treasury shares issued for stock options exercised, net | 31 | (22) | 53 | |||||
Treasury shares issued for other share-based plans, net | (159) | (201) | 42 | |||||
Balance at Sep. 30, 2020 | (11,553) | 5,061 | 6,687 | (54,819) | 47,029 | (15,779) | 268 | |
Other Comprehensive Income (Loss), Tax | (118) | |||||||
Balance at Jun. 30, 2020 | (11,382) | 5,061 | 6,648 | (54,829) | 47,478 | (16,025) | 285 | |
Net Income (Loss) Attributable to Parent | (449) | |||||||
Net (loss)/earnings | (466) | |||||||
Less: net loss attributable to noncontrolling interest | (17) | |||||||
Other comprehensive income, net of tax | 246 | 246 | ||||||
Other Comprehensive Income, tax, portion attrib to parent | 79 | |||||||
Share-based compensation and related dividend equivalents | 50 | 50 | ||||||
Treasury shares issued for stock options exercised, net | 4 | (2) | 6 | |||||
Treasury shares issued for other share-based plans, net | (5) | (9) | 4 | |||||
Balance at Sep. 30, 2020 | (11,553) | $ 5,061 | $ 6,687 | $ (54,819) | $ 47,029 | $ (15,779) | $ 268 | |
Other Comprehensive Income (Loss), Tax | $ (79) |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Cash Flows Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | ||
Cash flows - operation activities: | |||
Net (loss)/earnings | $ (3,502) | $ 374 | |
Non-cash items - | |||
Share-based plans expense | 165 | 160 | |
Depreciation and amortization | 1,668 | 1,643 | |
Investment/asset impairment charges, net | 317 | 106 | |
Customer financing valuation adjustments | 12 | 249 | |
Gain on dispositions, net | (200) | (296) | |
Other charges and credits, net | 912 | 190 | |
Changes in assets and liabilities - | |||
Accounts receivable | 125 | 315 | |
Unbilled receivables | 56 | (1,053) | |
Advances and progress billings | 428 | 2,355 | |
Inventories | 9,653 | 9,565 | |
Other current assets | 319 | (224) | |
Accounts payable | (3,303) | 1,626 | |
Accrued liabilities | 967 | 5,495 | |
Income taxes receivable, payable and deferred | (2,404) | (989) | |
Other long-term liabilities | (149) | (577) | |
Pension and other postretirement plans | (556) | (570) | |
Customer financing, net | 108 | 391 | |
Other | 289 | 144 | |
Net cash used by operating activities | (14,401) | (226) | |
Cash flows - investing activities: | |||
Property, plant and equipment additions | (1,038) | (1,387) | |
Property, plant and equipment reductions | 275 | 334 | |
Acquisitions, net of cash acquired | (492) | ||
Contributions to investments | (25,846) | (1,439) | |
Proceeds from investments | 9,772 | 967 | |
Purchase of distribution rights | 20 | ||
Other | 14 | (10) | |
Net cash used by investing activities | (16,823) | (2,047) | |
Cash flows - financing activities: | |||
New borrowings | 42,362 | 19,621 | |
Debt repayments | (8,792) | (8,978) | |
Contributions from noncontrolling interests | 7 | ||
Stock options exercised | 31 | 51 | |
Employee taxes on certain share-based payment arrangements | (169) | (241) | |
Common shares repurchased | (2,651) | ||
Dividends paid | (1,158) | (3,473) | |
Net cash provided by financing activities | 32,274 | 4,336 | |
Effect of exchange rate changes on cash and cash equivalents, including restricted | 26 | (27) | |
Net increase in cash & cash equivalents, including restricted | 1,076 | 2,036 | |
Cash & cash equivalents, including restricted, at beginning of year | 9,571 | 7,813 | |
Cash & cash equivalents, including restricted, at end of period | 10,647 | 9,849 | |
Restricted Cash and Cash Equivalents | (83) | [1] | (86) |
Cash and cash equivalents at end of period | $ 10,564 | $ 9,763 | |
[1] | Reflects amounts restricted in support of our workers’ compensation programs, employee benefit programs, and insurance premiums. |
Summary Of Business Segment Dat
Summary Of Business Segment Data Summary of Business Segment Data (Notes) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Summary Of Business Segment Data | The Boeing Company and Subsidiaries Notes to Condensed Consolidated Financial Statements Summary of Business Segment Data (Unaudited) (Dollars in millions) Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 Revenues: Commercial Airplanes $11,434 $24,793 $3,596 $8,249 Defense, Space & Security 19,478 20,168 6,848 7,002 Global Services 11,810 13,820 3,694 4,658 Boeing Capital 205 207 71 66 Unallocated items, eliminations and other (73) (340) (70) 5 Total revenues $42,854 $58,648 $14,139 $19,980 Earnings/(loss) from operations: Commercial Airplanes ($6,199) ($3,813) ($1,369) ($40) Defense, Space & Security 1,037 2,581 628 754 Global Services 307 2,013 271 673 Boeing Capital 47 86 30 29 Segment operating (loss)/earnings (4,808) 867 (440) 1,416 Unallocated items, eliminations and other (965) (1,731) (314) (521) FAS/CAS service cost adjustment 1,055 1,093 353 364 (Loss)/earnings from operations (4,718) 229 (401) 1,259 Other income, net 325 334 119 121 Interest and debt expense (1,458) (480) (643) (203) (Loss)/earnings before income taxes (5,851) 83 (925) 1,177 Income tax benefit/(expense) 2,349 291 459 (10) Net (loss)/earnings (3,502) 374 (466) 1,167 Less: Net loss attributable to noncontrolling interest (49) (17) Net (loss)/earnings attributable to Boeing Shareholders ($3,453) $374 ($449) $1,167 This information is an integral part of the Notes to the Condensed Consolidated Financial Statements. See Note 19 for further segment results. |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Presentation | Basis of Presentation The condensed consolidated interim financial statements included in this report have been prepared by management of The Boeing Company (herein referred to as “Boeing”, the “Company”, “we”, “us”, or “our”). In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation are reflected in the interim financial statements. The results of operations for the period ended September 30, 2020 are not necessarily indicative of the operating results for the full year. The interim financial statements should be read in conjunction with the audited Consolidated Financial Statements, including the notes thereto, included in our 2019 Annual Report on Form 10-K. Certain amounts in prior periods have been adjusted to conform with the current year presentation. Liquidity Matters The global outbreak of COVID-19 and the ongoing grounding of the 737 MAX airplane are having a significant adverse impact on our business and are expected to continue to negatively impact revenue, earnings and operating cash flow in future quarters. The COVID-19 pandemic has caused an unprecedented shock to demand for air travel, creating a tremendous challenge for our customers, our business and the entire aerospace manufacturing and services sector. We currently expect it will take approximately three years for travel to return to 2019 levels and a few years beyond that for the industry to return to long-term trend growth. There is significant uncertainty with respect to when commercial air traffic levels will recover, and whether and at what point capacity will return to and/or exceed pre-COVID-19 levels. During the first nine months of 2020, net cash used by operating activities was $14.4 billion and we expect negative operating cash flows in future quarters until commercial deliveries ramp up. In the first quarter of 2020, we entered into and fully drew on a $13.8 billion two-year delayed draw term loan credit agreement (delayed draw term loan facility). In the second quarter of 2020, we issued $25 billion of fixed rate senior notes that mature between 2023 and 2060. As a result, our cash and short-term investment balance was $27.1 billion and our debt balance was $61.0 billion at September 30, 2020. The major credit rating agencies downgraded our short term and long term credit ratings during the first half of 2020, and there is risk for further downgrades. At September 30, 2020, debt includes $1.9 billion of commercial paper, all of which matures in the fourth quarter of 2020, down from $6.1 billion at December 31, 2019. In the current environment, we may have limited future access to the commercial paper market. In addition, we have term notes of $350 maturing in the fourth quarter of 2020 and $1,450 maturing in 2021. At September 30, 2020, trade payables included $4.8 billion payable to suppliers who have elected to participate in supply chain financing programs. While access to supply chain financing has been reduced due to our current credit ratings and debt levels, we do not believe that these or future changes in the availability of supply chain financing will have a significant impact on our liquidity. At September 30, 2020 and December 31, 2019, we had $9.6 billion of unused borrowing capacity on revolving credit agreements. We anticipate that these credit lines will primarily serve as back-up liquidity to support our general corporate borrowing needs. $3.2 billion of the $9.6 billion is a 364-day revolving credit facility, which was set to expire in October 2020. We renewed that 364-day revolving credit facility at $3.1 billion, which now expires in October 2021. In addition to our debt issuances, we have taken a number of actions to improve liquidity. During the first quarter of 2020, our Board of Directors terminated its prior authorization to repurchase shares of the Company’s outstanding common stock and suspended the declaration and/or payment of dividends until further notice. We have also reduced production rates in our commercial business to reflect the impact of COVID-19 on the industry. We have furloughed certain employees and are executing on our plans to reduce our workforce through a combination of voluntary and involuntary layoffs and natural turnover. In the second and third quarters of 2020, we recorded severance costs for approximately 26,000 employees, of which approximately half have left the Company as of September 30, 2020, and the remainder are expected to leave in 2020 and 2021. We are also working with our customers and supply chain to accelerate receipts and conserve cash. For example, the United States Department of Defense (U.S. DoD) has taken steps to work with its industry partners to increase liquidity in the form of increased progress payment rates and reductions in withholds among other initiatives. We are also deferring certain tax payments pursuant to the Coronavirus Aid, Relief, and Economic Security (CARES) Act. In the fourth quarter of 2020, the Company plans to begin using our common stock in lieu of cash to fund Company contributions to our 401(k) plans for the foreseeable future. Common stock would be contributed to our 401(k) plans following each pay period. We expect this measure to further enable the Company to conserve cash. We have reduced discretionary spending, including reducing or deferring research and development and capital expenditures. In July 2020, we announced our business transformation efforts to assess our business across five key pillars – infrastructure, overhead and organization, portfolio and investments, supply chain health and operational excellence. Within the infrastructure pillar we are assessing our overall facility requirements in light of reduced demand in our commercial businesses and remote and virtual work opportunities for large numbers of our workforce. The overhead and organization pillar is focused on our cost structure and how we are organized so we can right size our workforce and simplify and reduce management layers and bureaucracy. The portfolio and investments pillar is working on aligning our portfolio and investments to focus on our core business and the changes in market conditions. The supply chain pillar is focused on supply chain health and stability, reducing indirect procurement spend and streamlining our transportation, logistics and warehousing approach. The operational excellence pillar is focused on improving performance, enhancing quality and reducing rework. Successful execution of these measures will improve near term liquidity and long term cost competitiveness. Apart from severance, we did not incur significant restructuring charges during the quarter. Based on our current best estimates of market demand, planned production rates, timing of cash receipts and expenditures, our ability to successfully implement further actions to improve liquidity as well our ability to access additional liquidity, if needed, we believe it is probable that we will be able to fund our operations for the foreseeable future. Standards Issued and Implemented In the first quarter of 2020, we adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instr uments (ASU 2016-13), using a modified retrospective method, which resulted in the recognition of allowances for credit losses on our Condensed Consolidated Statement of Financial Position as of January 1, 2020 and a $162 cumulative-effect adjustment to retained earnings to align our credit loss methodology with the new standard. The standard replaces the incurred loss impairment methodology under Topic 310 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 certain other financial assets. See Note 5, 8 and 9 for additional disclosures. In the first quarter of 2020, we also adopted ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ( ASU 2017-04). See Note 2 for additional disclosures. Significant Accounting Policies - Update Our significant accounting policies are described in "Note 1: Summary of Significant Accounting Policies" of our Annual Report on Form 10-K for the year ended December 31, 2019. Our updated significant accounting policies described below reflect the impact of adopting Topic 326. Allowances for losses on certain financial assets We establish allowances for credit losses on accounts receivable, unbilled receivables, customer financing receivables, and certain other financial assets. The adequacy of these allowances are assessed quarterly through consideration of factors including, but not limited to, customer credit ratings, bankruptcy filings, published or estimated credit default rates, age of the receivable, expected loss rates and collateral exposures. 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 major credit rating agencies. 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. We believe that the accounting estimates and assumptions are appropriate given the increased uncertainties surrounding the severity and duration of the impacts of the COVID-19 pandemic, however actual results could differ from those estimates. Changes in estimated revenues, cost of sales and the related effect on operating income are recognized using a cumulative catch-up adjustment which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a long-term contract’s percentage-of-completion. When the current estimates of total sales and costs for a long-term contract indicate a loss, a provision for the entire reach-forward loss on the long-term contract is recognized. Net cumulative catch-up adjustments to prior periods' revenue and earnings, including certain reach-forward losses, across all long-term contracts were as follows: (In millions - except per share amounts) Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 (Decrease)/increase to Revenue ($265) $166 $25 ($63) (Decrease)/increase to (Loss)/earnings from operations ($787) $152 ($38) ($23) (Decrease)/increase to Diluted EPS ($0.83) $1.20 ($0.03) ($0.04) |
Goodwill and Acquired Intangibl
Goodwill and Acquired Intangibles Goodwill and Acquired Intangibles | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangibles | Goodwill and Acquired Intangibles In the first quarter of 2020, we adopted ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The standard simplifies the quantitative impairment test from a two-step process to a one-step process. The quantitative test is performed by comparing the carrying value of net assets to the estimated fair value of the related operations. If the fair value is determined to be less than carrying value, the shortfall up to the carrying value of the goodwill represents the amount of goodwill impairment. The standard continues to permit a company to test goodwill for impairment by performing a qualitative assessment or using the quantitative test. We completed our annual assessment of goodwill as of April 1, 2020 and determined that the fair value of each reporting unit exceeded its corresponding carrying value and that there is no impairment of goodwill. As a result of the continuing significant adverse impacts of the COVID-19 pandemic on our Commercial Airplanes and Commercial Services businesses, we concluded it is a triggering event for testing whether goodwill recorded by our Commercial Airplanes and Commercial Services reporting units is impaired. At September 30, 2020, Commercial Airplanes has $1,315 of goodwill and Commercial Services has $3,078. We performed a qualitative assessment and determined it is not more likely than not that the fair values of our Commercial Airplane and Commercial Services reporting units were less than their carrying |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings Per Share Basic and diluted earnings per share are computed using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Basic earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the basic weighted average common shares outstanding. Diluted earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the diluted weighted average common shares outstanding. The elements used in the computation of basic and diluted earnings per share were as follows: (In millions - except per share amounts) Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 Net (loss)/earnings attributable to Boeing Shareholders ($3,453) $374 ($449) $1,167 Less: earnings available to participating securities 1 Net (loss)/earnings available to common shareholders ($3,453) $374 ($449) $1,166 Basic Basic weighted average shares outstanding 566.3 566.2 566.6 565.2 Less: participating securities 0.5 0.6 0.5 0.6 Basic weighted average common shares outstanding 565.8 565.6 566.1 564.6 Diluted Basic weighted average shares outstanding 566.3 566.2 566.6 565.2 Dilutive potential common shares (1) 4.2 4.0 Diluted weighted average shares outstanding 566.3 570.4 566.6 569.2 Less: participating securities 0.5 0.6 0.5 0.6 Diluted weighted average common shares outstanding 565.8 569.8 566.1 568.6 Net (loss)/earnings per share: Basic ($6.10) $0.66 ($0.79) $2.07 Diluted (6.10) 0.66 (0.79) 2.05 (1) Diluted 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 nine and three months ended September 30, 2020 potential common shares of 1.6 million and 1.3 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 per share because the effect was either antidilutive or the performance condition was not met. (Shares in millions) Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 Performance awards 6.1 2.6 6.0 2.6 Performance-based restricted stock units 1.4 0.6 1.3 0.6 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective income tax rates were 40.1% and 49.6% for the nine and three months ended September 30, 2020 and (350.6)% and 0.8% for the same periods in the prior year. The 2020 tax rate includes tax benefits from the CARES Act enacted on March 27, 2020 due to the Act's five year net operating loss carry back provision while the 2019 tax rate reflects tax benefits associated with intangible income derived from serving non-U.S. markets. The carry back provisions enable us to benefit from certain losses and re-measure certain deferred tax assets and liabilities at the former federal tax rate of 35%. The tax rates in 2020 and 2019 also reflect research and development tax credits and excess tax benefits related to share-based payments. The year to date tax rate variance is primarily due to low pre-tax income in 2019, resulting in larger 2019 discrete tax rate benefits. The Company has deferred income tax assets that can be used in future years to offset taxable income and reduce income taxes payable. The deferred income tax assets relate primarily to U.S. federal and state tax jurisdictions. Management has determined, based on the Company's history of prior operating earnings and its expectations for the future, and all other evidence, that future U.S. federal taxable income will more likely than not be sufficient to realize deferred income tax assets. We have valuation allowances for certain U.S. state deferred tax assets in jurisdictions where we have determined it is not more likely than not that future taxable income will be sufficient to realize deferred income tax assets. If, however, our expectations for future income and/or other evidence changes, including assumptions regarding 737 MAX return to service, we may record additional valuation allowances in future periods that may be material. 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 $680 based on current estimates. |
Allowance for Losses on Financi
Allowance for Losses on Financial Assets Allowance for Losses on Financial Assets | 9 Months Ended |
Sep. 30, 2020 | |
Allowance for Losses on Financial Assets [Abstract] | |
Credit Loss, Financial Instrument | Allowances for Losses on Financial Assets Upon adoption of ASU 2016-13, we recorded a $162 cumulative-effect adjustment to retained earnings to increase our allowances for credit losses, resulting in a balance of $337 as of January 1, 2020. The change in allowances for expected credit losses for the nine months ended September 30, 2020 consisted of the following: Accounts receivable, net Unbilled receivables, net Other Current Assets, net Customer financing, net Other Assets, net Total Balance at January 1, 2020 ($138) ($81) ($38) ($5) ($75) ($337) Changes in estimates (296) (46) (20) (12) (3) (377) Write-offs 3 3 Balance at September 30, 2020 ($431) ($127) ($58) ($17) ($78) ($711) |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories consisted of the following: September 30 December 31 Long-term contracts in progress $871 $1,187 Commercial aircraft programs 75,170 66,016 Commercial spare parts, used aircraft, general stock materials and other 10,920 9,419 Total $86,961 $76,622 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 at September 30, 2020 and December 31, 2019. See indemnifications to ULA in Note 11. Commercial spare parts, used aircraft, general stock materials and other includes capitalized precontract costs of $821 at September 30, 2020 and $711 at December 31, 2019 primarily related to KC-46A Tanker and Commercial Crew. See Note 10. Commercial Aircraft Programs The increase in commercial airplane programs inventory during 2020 reflects the large number of undelivered aircraft due to the 737 MAX grounding, lower wide-body deliveries driven by the impacts of the COVID-19 pandemic and 787 quality issues and associated rework, and increases in 777X inventory prior to entry into service. We are currently remarketing certain aircraft and may have to remarket additional aircraft in future periods. If we are unable to successfully remarket the aircraft, determine further production rates reductions are necessary, and/or contract the program accounting quantities, future earnings may be reduced and/or the 787 or 777X programs may be in a reach-forward loss position. At September 30, 2020 and December 31, 2019, commercial aircraft programs inventory included $1,852 and $1,313 of deferred production costs and $512 and $521 of unamortized tooling and other non-recurring costs related to the 737 program. At September 30, 2020, $2,305 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 $59 is expected to be recovered from units included in the program accounting quantity that represent expected future orders. At September 30, 2020 and December 31, 2019, commercial aircraft programs inventory included the following amounts related to the 777X program: $7,634 and $5,628 of work in process and $3,175 and $2,914 of unamortized tooling and other non-recurring costs. At September 30, 2020 and December 31, 2019, commercial aircraft programs inventory included the following amounts related to the 787 program: $28,730 and $24,772 of work in process (including deferred production costs of $15,432 and $18,716), $1,921 and $2,202 of supplier advances, and $1,877 and $2,092 of unamortized tooling and other non-recurring costs. At September 30, 2020, $13,996 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 $3,313 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 $2,960 and $2,863 at September 30, 2020 and December 31, 2019. |
Contracts with Customers Contra
Contracts with Customers Contracts with Customers | 9 Months Ended |
Sep. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Long-term Contracts or Programs Disclosure | Contracts with Customers Unbilled receivables decreased from $9,043 at December 31, 2019 to $8,860 at September 30, 2020, primarily driven by an increase in billings at Defense, Space & Security (BDS) and Global Services (BGS), as well as an increase in allowances for expected credit losses at BGS. Advances and progress billings increased from $51,551 at December 31, 2019 to $51,974 at September 30, 2020, primarily driven by advances on orders received in excess of revenue recognized at Commercial Airplanes (BCA), BDS and BGS, partially offset by the return of customer advances at BCA. Revenues recognized during the nine months ended September 30, 2020 and 2019 from amounts recorded as Advances and progress billings at the beginning of each year were $6,752 and $13,216. Revenues recognized during the three months ended September 30, 2020 and 2019 from amounts recorded as Advances and progress billings at the beginning of each year were $1,497 and $3,100. |
Customer Financing
Customer Financing | 9 Months Ended |
Sep. 30, 2020 | |
Customer Financing [Abstract] | |
Customer Financing | Customer Financing Customer financing primarily relates to the Boeing Capital (BCC) segment and consisted of the following: September 30 December 31 Financing receivables: Investment in sales-type/finance leases $940 $1,029 Notes 423 443 Total financing receivables 1,363 1,472 Operating lease equipment, at cost, less accumulated depreciation of $265 and $235 764 834 Gross customer financing 2,127 2,306 Less allowance for losses on receivables (17) (8) Total $2,110 $2,298 We acquire aircraft to be leased to customers through trades, lease returns, purchases in the secondary market, and new aircraft transferred from our BCA segment. Leasing arrangements typically range in terms from 1 to 12 years and may include options to extend or terminate the lease. Certain leases include provisions to allow the lessee to purchase the underlying aircraft at a specified price. A minority of leases contain variable lease payments based on actual aircraft usage and are paid in arrears. We determine a receivable is impaired when, based on current information and events, it is probable that we will be unable to collect amounts due according to the original contractual terms. At September 30, 2020 and December 31, 2019, we individually evaluated for impairment customer financing receivables of $392 and $400, of which $381 and $388 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. We determine a receivable is past due when cash has not been received upon the due date specified in the contract. There were no past due customer financing receivables as of September 30, 2020. We evaluate the collectability of customer financing receivables at commencement and on a recurring basis. If a customer financing receivable is deemed uncollectable, the customer is categorized as non-accrual status. When a customer is in non-accrual status at commencement, revenue is deferred until substantially all cash has been received or the customer is removed from non-accrual status. If a customer status changes to non-accrual after commencement and sufficient collateral is available, we recognize contractual interest income as payments are received to the extent payments exceed past due principal payments. If there is not sufficient collateral, then revenue is not recognized until payments exceed the principal balance. Receivables in non-accrual status as of September 30, 2020 and December 31, 2019 were $381 and $388. Interest income received for the nine and three months ended September 30, 2020 was $26 and $5. The adequacy of the allowance for losses is assessed quarterly. Four primary factors influencing the level of our allowance for losses on customer financing receivables are customer credit ratings, default rates, expected loss rate and collateral values, which may be adversely affected by impacts that COVID-19 has on our customers. 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 September 30, 2020 by internal credit rating category and year of origination consisted of the following: Rating categories Current 2019 2018 2017 2016 Prior Total BBB $353 $353 BB $100 $50 $16 148 314 B $53 174 227 CCC 35 244 $177 13 469 Total carrying value of financing receivables $100 $85 $16 $297 $177 $688 $1,363 At September 30, 2020, our allowance related to receivables with ratings of CCC, B, BB, and BBB. We applied default rates that averaged 26%, 7.9%, 3.1%, and 0.2%, 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. Certain collateral values are being adversely impacted by the changes in market conditions driven by the COVID-19 pandemic. Declines in collateral values could result in asset impairments, reduced finance lease income, and an increase in the allowance for losses. Our customer financing collateral is concentrated in out-of-production aircraft and 747-8 aircraft. Generally, out-of-production aircraft have experienced greater collateral value declines than in-production aircraft. The majority of customer financing carrying values are concentrated in the following aircraft models: September 30 December 31 717 Aircraft ($104 and $124 accounted for as operating leases) $658 $736 747-8 Aircraft ($123 and $130 accounted for as operating leases) 482 475 737 Aircraft ($220 and $240 accounted for as operating leases) 242 263 777 Aircraft ($230 and $236 accounted for as operating leases) 232 240 MD-80 Aircraft (accounted for as sales-type finance leases) 174 186 757 Aircraft ($14 and $22 accounted for as operating leases) 162 182 747-400 Aircraft ($27 and $31 accounted for as operating leases) 80 90 Lease income recorded in Revenue on the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2020 and 2019 included $44 and $47 from sales-type/finance leases, and $99 and $105 from operating leases, of which $6 and $14 related to variable operating lease payments. Lease income recorded in Revenue on the Condensed Consolidated Statements of Operations for the three months ended September 30, 2020 and 2019 included $15 and $15 from sales-type/finance leases, and $37 and $34 from operating leases, of which $2 and $6 related to variable operating lease payments. |
Investments
Investments | 9 Months Ended |
Sep. 30, 2020 | |
Investments [Abstract] | |
Investments | Investments Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following: September 30 December 31 Equity method investments (1) $981 $1,031 Time deposits 15,868 50 Available for sale debt instruments 596 405 Equity and other investments 76 65 Restricted cash & cash equivalents (2) 83 86 Total $17,604 $1,637 (1) Dividends received were $58 and $5 for the nine and three months ended September 30, 2020 and $153 and $60 during the same periods in the prior year. (2) Reflects amounts restricted in support of our workers’ compensation programs, employee benefit programs, and insurance premiums. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies 737 MAX Grounding and COVID-19 Impacts 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, the outcome of which may be material. We cannot reasonably estimate a range of loss, if any, not covered by available insurance that may result given the current status of the lawsuits, investigations and inquiries related to the 737 MAX. We have developed software and pilot training updates for the 737 MAX. We have assumed that computer and simulator training will be required and as a result, we have provisioned for certain training costs. During the week of June 29, 2020, the FAA completed flight tests of the updated aircraft, and Transport Canada and the European Union Aviation Safety Agency (EASA) conducted their own series of flight tests in the third quarter of 2020. In addition, the FAA initiated a 45-day public comment period for its notice of proposed rulemaking relative to 737 MAX certification, which ended during the third quarter. On October 6, 2020, the FAA posted the draft Flight Standardization Board (FSB) report on proposed pilot training, which will be subject to public comment until November 2, 2020. The FSB report incorporates the recommendations of the Joint Operations Evaluation Board (JOEB), which contains representatives from civil aviation authorities in the U.S., Canada, Brazil and the European Union. We 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. 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 continued to produce at a rate of 42 per month through December 2019. We temporarily suspended 737 MAX production beginning in January 2020. During the first quarter of 2020, we completed airplanes that were already in process at the end of the fourth quarter of 2019. In March 2020, we announced a temporary suspension of production operations in the Puget Sound area as a result of the COVID-19 pandemic. Production operations in Puget Sound resumed during the week of April 20, 2020, at which point the 737 team resumed preparations for restarting 737 MAX production. We resumed early stages of 737 MAX production in May 2020 and expect to continue to produce at low rates for the remainder of 2020. We have approximately 450 airplanes in inventory as of September 30, 2020. The COVID-19 pandemic has significantly impacted air travel and reduced near-term demand, resulting in lower production and delivery rate assumptions. During the first quarter of 2020, we lowered our production rate assumptions in response to COVID-19 impacts to expected demand. During the second quarter of 2020, we further delayed our production rate ramp assumptions and now expect to gradually increase the production rate to 31 by the beginning of 2022. We expect further gradual production rate increases in subsequent periods based on market demand. We have assumed that the timing of regulatory approvals will enable 737 MAX deliveries to resume during the fourth quarter of 2020. A number of customers have requested to defer deliveries or to cancel orders for 737 MAX aircraft, and we are remarketing and/or delaying deliveries of certain aircraft included within inventory. We now expect to deliver about half of the approximately 450 737 MAX airplanes in inventory by the end of 2021. The ongoing impacts of COVID-19 have created significant uncertainty around the timing of future deliveries. There is also risk that we will have to remarket additional aircraft and/or that the costs associated with remarketing and/or reconfiguring aircraft will increase, which may reduce revenue and earnings in future periods when deliveries resume. During 2019, the cumulative impacts of changes to assumptions regarding timing of return to service and timing of planned production rates and deliveries increased the estimated costs to produce and deliver the 3,100 undelivered aircraft then included in the accounting quantity by approximately $6.3 billion. During 2020, additional reductions in planned production rates further increased the estimated costs to produce and deliver aircraft included in the accounting quantity, but were partially offset by headcount and other cost reductions. These costs will result in lower 737 margins in future periods after deliveries resume. During the first quarter of 2020, we reduced the number of aircraft included in the accounting quantity by 400 units as a result of reductions to planned production rates due to COVID-19 driven market uncertainties. The accounting quantity was unchanged during the second and third quarters. As we continue to produce at abnormally low production rates in 2020 and 2021, we expect to incur approximately $5 billion of abnormal production costs that are being expensed as incurred. The slowdown in the planned production rate ramp-up increased expected abnormal costs however this increase was offset by adjustments to the determination of the normal production level due to COVID-19 impacts on customer demand, as well as cost reduction activities, including significant reductions in employment levels. We expensed $590 and $2,099 of abnormal production costs during the three and nine months ended September 30, 2020. We have also recorded additional expenses of $239 as a result of the 737 MAX grounding in the first nine months of 2020. These expenses include costs related to storage, pilot training and software updates. The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during 2020. 2020 Beginning balance – January 1 $7,389 Reductions for payments made (1,695) Reductions for concessions and other in-kind considerations (83) Changes in estimates 370 Ending balance – September 30 $5,981 We are working with our customers to minimize the impact to their operations from grounded and undelivered aircraft. We continue to reassess the liability for estimated potential concessions and other considerations to customers on a quarterly basis. This reassessment includes updating estimates to reflect revisions to return to service, delivery and production rate assumptions driven by timing of regulatory approvals, 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. It is subject to change in future quarters as negotiations with customers mature and timing and conditions of return to service are better understood. The liability balance of $6.0 billion at September 30, 2020 includes $1.6 billion expected to be liquidated by lower customer delivery payments, $0.8 billion expected to be paid in cash and $0.2 billion in other concessions. Of the cash payments to customers, we expect to pay $0.2 billion in 2020 and $0.4 billion in 2021. The type of consideration to be provided for the remaining $3.4 billion will depend on the outcomes of negotiations with customers. 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, uncertainties related to the impacts of COVID-19 on our operations, supply chain and customers, future changes to the production rate, supply chain impacts, and/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 a 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. Commercial air traffic has fallen dramatically due to the COVID-19 pandemic. While this trend has impacted passenger traffic most severely, near-term cargo traffic has also fallen significantly due to the global economic downturn and the reduction in cargo capacity on passenger airplanes. Airlines have significantly reduced their capacity, and many could implement further reductions in the near future. Many airlines are also implementing significant reductions in staffing. These capacity changes are causing, and are expected to continue to cause, negative impacts to our customers’ revenue, earnings, and cash flow, and in some cases may threaten the future viability of some of our customers, potentially causing defaults within our customer financing portfolio and/or requiring us to remarket aircraft that have already been produced and/or are currently in backlog. If 737 MAX aircraft remain grounded for an extended period of time, we may experience additional reductions to backlog and/or significant order cancellations. Additionally, we may experience fewer new orders and increased cancellations across all of our commercial airplane programs as a result of the COVID-19 pandemic and associated impacts on demand. Our customers may also lack sufficient liquidity to purchase new aircraft due to impacts from the pandemic. We are also observing a significant increase in the number of requests for payment deferrals, contract modifications, lease restructurings and similar actions, and these trends may lead to additional earnings charges, impairments and other adverse financial impacts in our business over time. In addition, to the extent that customers have valid rights to cancel undelivered aircraft, we may be required to refund pre-delivery payments, putting additional constraints on our liquidity. There is risk that the industry implements longer-term strategies involving reduced capacity, shifting route patterns, and mitigation strategies related to impacts from COVID-19 and the risk of future public health crises. In addition, airlines may experience reduced demand due to reluctance by the flying public to travel. As a result, there is significant uncertainty with respect to when commercial air traffic levels will begin to recover, and whether and at what point capacity will return to and/or exceed pre-COVID-19 levels. The COVID-19 pandemic also has increased, and its aftermath is also expected to continue to increase, uncertainty with respect to global trade volumes, putting significant negative pressure on cargo traffic. Any of these factors would have a significant impact on the demand for both single-aisle and wide-body commercial aircraft, as well as for the services we provide to commercial airlines. In addition, a lengthy period of reduced industry-wide demand for commercial aircraft would put additional pressure on our suppliers, resulting in increased procurement costs and/or additional supply chain disruption. To the extent that the COVID-19 pandemic or its aftermath further impacts demand for our products and services or impairs the viability of some of our customers and/or suppliers, our financial condition, results of operations, and cash flows could be adversely affected, and those impacts could be material. Environmental The following table summarizes environmental remediation activity during the nine months ended September 30, 2020 and 2019. 2020 2019 Beginning balance – January 1 $570 $555 Reductions for payments made (26) (34) Changes in estimates 27 61 Ending balance – September 30 $571 $582 The liabilities recorded represent our best estimate or the low end of a range of reasonably possible costs expected to be incurred to remediate sites, including operation and maintenance over periods of up to 30 years. It is reasonably possible that we may incur charges that exceed these recorded amounts because of regulatory agency orders and directives, changes in laws and/or regulations, higher than expected costs and/or the discovery of new or additional contamination. As part of our estimating process, we develop a range of reasonably possible alternate scenarios that includes the high end of a range of reasonably possible cost estimates for all remediation sites for which we have sufficient information based on our experience and existing laws and regulations. There are some potential remediation obligations where the costs of remediation cannot be reasonably estimated. At September 30, 2020 and December 31, 2019, the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $1,094 and $1,077. Product Warranties The following table summarizes product warranty activity recorded during the nine months ended September 30, 2020 and 2019. 2020 2019 Beginning balance – January 1 $1,267 $1,127 Additions for current year deliveries 50 128 Reductions for payments made (202) (166) Changes in estimates 444 (7) Ending balance – September 30 $1,559 $1,082 The increase in the product warranty reserve during the nine months ended September 30, 2020 is primarily driven by charges related to “pickle forks” on 737NG aircraft. During 2019, we detected cracks in the "pickle forks", a frame fitting component of the structure connecting the wings to the fuselages of 737NG aircraft. We notified the FAA, which issued a directive requiring that certain 737NG airplanes be 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. During the first quarter of 2020, we recognized additional charges of $336 based on revised engineering and fleet utilization estimates as well as updated repair cost estimates. 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. Commercial Aircraft Commitments In conjunction with signing definitive agreements for the sale of new aircraft (Sale Aircraft), we have entered into trade-in commitments with certain customers that give them the right to trade in used aircraft at a specified price upon the purchase of Sale Aircraft. The probability that trade-in commitments will be exercised is determined by using both quantitative information from valuation sources and qualitative information from other sources. The probability of exercise is assessed quarterly, or as events trigger a change, and takes into consideration the current economic and airline industry environments. Trade-in commitments, which can be terminated by mutual consent with the customer, may be exercised only during the period specified in the agreement, and require advance notice by the customer. Trade-in commitment agreements at September 30, 2020 have expiration dates from 2020 through 2028. At September 30, 2020 and December 31, 2019 total contractual trade-in commitments were $958 and $1,407. As of September 30, 2020 and December 31, 2019, we estimated that it was probable we would be obligated to perform on certain of these commitments with net amounts payable to customers totaling $601 and $711 and the fair value of the related trade-in aircraft was $590 and $678. Financing Commitments Financing commitments related to aircraft on order, including options and those proposed in sales campaigns, and refinancing of delivered aircraft, totaled $12,571 and $13,377 as of September 30, 2020 and December 31, 2019. The estimated earliest potential funding dates for these commitments as of September 30, 2020 are as follows: Total October through December 2020 $1,732 2021 2,323 2022 1,733 2023 1,567 2024 1,659 Thereafter 3,557 $12,571 As of September 30, 2020, 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 $243 to joint ventures over the next seven 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 $3,640 and $3,769 as of September 30, 2020 and December 31, 2019. 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 U.S. DoD, the National Aeronautics and Space Administration (NASA) and the FAA. In February 2020, the U.S. administration submitted its request for $740.5 billion in base national defense spending for FY21, congruent with the amended spending limit. The Continuing Resolution (CR), enacted on October 1, 2020, continues federal funding at FY20 appropriated levels through December 11, 2020. Congress and the President must enact either full-year FY21 appropriations bills or an additional CR to fund government departments and agencies beyond December 11, 2020 or a government shutdown could result, which may impact the Company’s operations. 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, MQ-25, T-7A Red Hawk, VC-25B, 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 a reach-forward loss of $1,045 on KC-46A Tanker in the nine months ended September 30, 2020. The KC-46A Tanker reach-forward loss in the first quarter of 2020 reflects $551 of costs associated with the agreement signed in April 2020 with the U.S. Air Force (USAF) to develop and integrate a new Remote Vision System, and the remaining costs reflect productivity inefficiencies and COVID-19 related factory disruption. 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 to design, develop, manufacture and deliver four next generation aerial refueling tankers. This Engineering, Manufacturing and Development (EMD) contract is a fixed-price incentive fee contract 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 September 30, 2020, we had approximately $420 of capitalized precontract costs and $982 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. Severance The following table summarizes changes in the severance liability during 2020: 2020 Initial liability recorded in the second quarter of 2020 $652 Reductions for payments made (395) Changes in estimates 328 Ending balance – September 30 $585 |
Arrangements With Off-Balance S
Arrangements With Off-Balance Sheet Risk | 9 Months Ended |
Sep. 30, 2020 | |
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 Carrying Amount of September 30 December 31 September 30 December 31 September 30 December 31 Contingent repurchase commitments $1,480 $1,570 $1,480 $1,570 Indemnifications to ULA: Contributed Delta inventory 30 30 Inventory supply agreement 34 34 Questioned costs 317 $48 Credit guarantees 90 92 33 36 $24 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 During the first quarter of 2020, the USAF and ULA reached a settlement regarding previously questioned deferred support and deferred production costs. As part of the settlement the USAF agreed to reimburse ULA for $307 of those costs, which was received by ULA in the second quarter. The settlement substantially retires our indemnification risks to ULA. 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 10. 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. We record a liability for the fair value of guarantees and the expected contingent loss amount, which is reviewed quarterly. Current outstanding credit guarantees expire through 2036. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | DebtIn the first quarter of 2020, we entered into a $13,825, two-year delayed draw term loan facility, which includes additional commitments made subsequent to the initial closing date. As of September 30, 2020, we have fully drawn on the $13,825 delayed draw term loan facility, with February 6, 2022 as the final maturity date. Borrowings outstanding bear interest at the Eurodollar rate (determined in accordance with the delayed draw term loan facility agreement) plus between 0.75% and 1.25%, depending on our credit rating. In the second quarter of 2020, we issued $25,000 of fixed rate senior notes consisting of $3,000 due May 1, 2023 that bear an annual interest rate of 4.508%, $3,500 due May 1, 2025 that bear an annual interest rate of 4.875%, $2,000 due May 1, 2027 that bear an annual interest rate of 5.04%, $4,500 due May 1, 2030 that bear an annual interest rate of 5.15%, $3,000 due May 1, 2040 that bear an annual interest rate of 5.705%, $5,500 due May 1, 2050 that bear an annual interest rate of 5.805%, and $3,500 due May 1, 2060 that bear an annual interest rate of 5.93%. 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 $24,802, after deducting underwriting discounts, commissions, and offering expenses. |
Postretirement Plans
Postretirement Plans | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Postretirement Plans | Postretirement Plans The components of net periodic benefit (income)/cost were as follows: Nine months ended September 30 Three months ended September 30 Pension Plans 2020 2019 2020 2019 Service cost $2 $2 $1 Interest cost 1,841 2,193 613 731 Expected return on plan assets (2,816) (2,896) (938) (966) Amortization of prior service credits (60) (59) (20) (19) Recognized net actuarial loss 774 482 258 161 Settlement/curtailment/other losses 6 3 Net periodic benefit income ($253) ($278) ($83) ($93) Net periodic benefit cost included in (Loss)/earnings $2 $234 $1 $76 Net periodic benefit income included in Other income, net (255) (280) (84) (93) Net periodic benefit income included in (Loss)/earnings before income taxes ($253) ($46) ($83) ($17) Nine months ended September 30 Three months ended September 30 Other Postretirement Plans 2020 2019 2020 2019 Service cost $65 $58 $22 $19 Interest cost 107 147 35 49 Expected return on plan assets (6) (6) (1) (2) Amortization of prior service credits (29) (26) (12) (8) Recognized net actuarial gain (33) (35) (10) (12) Settlement/curtailment/other losses (2) (2) Net periodic benefit cost $102 $138 $32 $46 Net periodic benefit cost included in (Loss)/earnings from operations $67 $66 $23 $21 Net periodic benefit cost included in Other income, net 37 80 10 27 Net periodic benefit cost included in (Loss)/earnings before income taxes $104 $146 $33 $48 We plan to make contributions to our pension plans during the fourth quarter of $3,000 in Boeing common stock. |
Share-Based Compensation And Ot
Share-Based Compensation And Other Compensation Arrangements | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation And Other Compensation Arrangements | Share-Based Compensation and Other Compensation Arrangements Restricted Stock Units On February 24, 2020, we granted to our executives 325,108 restricted stock units (RSUs) as part of our long-term incentive program with a grant date fair value of $319.04 per unit. 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. Performance-Based Restricted Stock Units On February 24, 2020, we granted to our executives 290,202 performance-based restricted stock units (PBRSUs) as part of our long-term incentive program with a grant date fair value of $357.38 per unit. Compensation expense for the award is recognized over the three Performance Awards On February 28, 2020, we granted to our executives performance awards as part of our long-term incentive program with a payout based on the achievement of financial goals for the three |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Accumulated Other Comprehensive Loss Changes in Accumulated other comprehensive loss (AOCI) by component for the nine and three months ended September 30, 2020 and 2019 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, 2019 ($101) ($62) ($14,920) ($15,083) Other comprehensive (loss)/income before reclassifications (61) $1 (106) 17 (149) Amounts reclassified from AOCI 22 283 (2) 305 Net current period Other comprehensive (loss)/income (61) 1 (84) 300 156 Balance at September 30, 2019 ($162) $1 ($146) ($14,620) ($14,927) Balance at January 1, 2020 ($128) $1 ($84) ($15,942) ($16,153) Other comprehensive (loss)/income before reclassifications 15 (107) (52) (144) Amounts reclassified from AOCI 20 498 (2) 518 Net current period Other comprehensive (loss)/income 15 (87) 446 374 Balance at September 30, 2020 ($113) $1 ($171) ($15,496) ($15,779) Balance at June 30, 2019 ($103) $1 ($82) ($14,724) ($14,908) Other comprehensive (loss)/income before reclassifications (59) (89) 9 (139) Amounts reclassified from AOCI 25 95 (2) 120 Net current period Other comprehensive (loss)/income (59) (64) 104 (19) Balance at September 30, 2019 ($162) $1 ($146) ($14,620) ($14,927) Balance at June 30, 2020 ($161) $1 ($258) ($15,607) ($16,025) Other comprehensive (loss)/income before reclassifications 48 79 (40) 87 Amounts reclassified from AOCI 8 151 (2) 159 Net current period Other comprehensive income 48 87 111 246 Balance at September 30, 2020 ($113) $1 ($171) ($15,496) ($15,779) (1) Net of tax. (2) Primarily relates to amortization of actuarial losses for the nine and three months ended September 30, 2019 totaling $350 and $117 (net of tax of ($97) and ($32)) and for the nine and three months ended September 30, 2020 totaling $562 and $172 (net of tax of ($179) and ($76)). These are included in the net periodic pension cost. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Cash Flow Hedges Our cash flow hedges include foreign currency forward contracts, 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 2029. We continue to monitor the effects of the COVID-19 pandemic on our cash flow hedges, including reductions in our forecasted purchases of certain commodities. As of September 30, 2020, the impact of the COVID-19 pandemic on our cash flow hedges was not significant. 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 and commodity swaps which do not qualify for hedge accounting treatment. Notional Amounts and Fair Values The notional amounts and fair values of derivative instruments in the Condensed Consolidated Statements of Financial Position were as follows: Notional amounts (1) Other assets Accrued liabilities September 30 December 31 September 30 December 31 September 30 December 31 Derivatives designated as hedging instruments: Foreign exchange contracts $3,022 $2,590 $15 $29 ($94) ($60) Commodity contracts 354 645 3 4 (81) (72) Derivatives not receiving hedge accounting treatment: Foreign exchange contracts 641 285 16 1 (9) (6) Commodity contracts 927 1,644 (16) Total derivatives $4,944 $5,164 $34 $34 ($200) ($138) Netting arrangements (17) (20) 17 20 Net recorded balance $17 $14 ($183) ($118) (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: Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 Recognized in Other comprehensive income, net of taxes: Foreign exchange contracts ($58) ($6) $54 ($34) Commodity contracts (49) (78) 25 (30) Gains/(losses) associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table: Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 Foreign exchange contracts Revenues ($2) ($1) ($6) Costs and expenses (12) (21) (6) (9) General and administrative (5) (9) (18) Commodity contracts Costs and expenses (6) 1 (3) General and administrative expense (1) 1 1 Gains/(losses) related to undesignated derivatives on foreign exchange and commodity cash flow hedging transactions recognized in Other income, net were gains of $11 and $5 for the nine and three months ended September 30, 2020 and gains of $1 and losses of $1 for the nine and three months ended September 30, 2019. Based on our portfolio of cash flow hedges, we expect to reclassify losses of $21 (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 and commodity contracts with original maturities of at least five years, our derivative counterparties could require settlement if we default on our five-year credit facility. For certain commodity contracts, our counterparties could require collateral posted in an amount determined by our credit ratings. The fair value of foreign exchange and commodity contracts that have credit-risk-related contingent features that are in a net liability position at September 30, 2020 was $26. At September 30, 2020, there was no collateral posted related to our derivatives. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs. The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. September 30, 2020 December 31, 2019 Total Level 1 Level 2 Total Level 1 Level 2 Assets Money market funds $4,018 $4,018 $2,562 $2,562 Available-for-sale debt investments: Commercial paper 142 $142 108 $108 Corporate notes 341 341 242 242 U.S. government agencies 113 113 55 55 Other equity investments 45 45 33 33 Derivatives 17 17 14 14 Total assets $4,676 $4,063 $613 $3,014 $2,650 $364 Liabilities Derivatives ($183) ($183) ($118) ($118) Total liabilities ($183) ($183) ($118) ($118) 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 and commodity 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. Certain assets have been measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3). The following table presents the nonrecurring losses recognized for the nine months ended September 30 due to long-lived asset impairment and the fair value and asset classification of the related assets as of the impairment date: 2020 2019 Fair Total Fair Total Customer financing assets $100 ($22) $10 ($1) Investments 51 (62) 51 (84) Property, plant and equipment 81 (75) 41 (4) Other Assets and Acquired intangible assets 199 (158) 3 (17) Total $431 ($317) $105 ($106) Investments, Property, plant and equipment, Other assets and Acquired intangible assets were primarily valued using an income approach based on the discounted cash flows associated with the underlying assets. The fair value of the impaired customer financing assets 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 September 30, 2020, 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 Valuation Unobservable Input Range Customer financing assets $100 Market approach Aircraft value publications $79 - $161 (1) Median $110 Aircraft condition adjustments ($13) - $3 (2) Net ($10) (1) The range represents the sum of the highest and lowest values for all aircraft subject to fair value measurement, according to the third party aircraft valuation publications that we use in our valuation process. (2) The negative amount represents the sum, for all aircraft subject to fair value measurement, of all downward adjustments based on consideration of individual aircraft attributes and condition. The positive amount represents the sum of all such upward adjustments. Fair Value Disclosures The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Condensed Consolidated Statements of Financial Position were as follows: September 30, 2020 Carrying Total Fair Level 1 Level 2 Level 3 Assets Notes receivable, net $423 $470 $470 Liabilities Debt, excluding commercial paper and capital lease obligations (58,840) (63,033) (63,016) ($17) December 31, 2019 Carrying Total Fair Level 1 Level 2 Level 3 Assets Notes receivable, net $443 $444 $444 Liabilities Debt, excluding commercial paper and capital lease obligations (20,964) (23,119) (23,081) ($38) 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 |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Sep. 30, 2020 | |
Legal Proceedings [Abstract] | |
Legal Proceedings | Legal Proceedings Various legal proceedings, claims and investigations related to products, contracts, employment and other matters are pending against us. In addition, we are subject to various U.S. government inquiries and investigations from which civil, criminal or administrative proceedings could result or have resulted in the past. Such proceedings involve or could involve claims by the government for fines, penalties, compensatory and treble damages, restitution and/or forfeitures. Under government regulations, a company, or one or more of its operating divisions or subdivisions, can also be suspended or debarred from government contracts, or lose its export privileges, based on the results of investigations. Except as described below, 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, and cooperating with, 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, the outcome of which may be material. We cannot reasonably estimate a range of loss, if any, not covered by available insurance that may result given the current status of the lawsuits, investigations, and inquiries related to the 737 MAX. 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 contemplated the establishment of joint ventures that included the commercial aircraft and services operations of Embraer, of which we were expected to acquire an 80 percent ownership stake for $4,200, as well as a joint venture to promote and develop new markets for the C-390 Millennium. The transaction documents permitted either party to terminate the proposed partnership beginning on April 24, 2020, provided that certain closing conditions were not met. Based on Embraer’s failure to satisfy required closing conditions, we exercised our contractual termination right during the second quarter of 2020, which Embraer has disputed. We would have been required to pay a termination fee of $100 had the transaction been terminated due to a failure to obtain antitrust approvals. Because the transaction was terminated due to a failure by Embraer to meet other closing conditions, we do not expect to be required to pay a termination fee in connection with the termination of the transaction. Boeing and Embraer are arbitrating their dispute over Boeing’s termination of the agreement. We cannot reasonably estimate a range of loss, if any, that may result from the arbitration. |
Segment and Revenue Information
Segment and Revenue Information | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment and Revenue Information | Segment and Revenue InformationEffective at the beginning of 2020, certain programs were realigned between our BDS segment and Unallocated items, eliminations and other. Business segment data for 2019 has been adjusted to reflect the realignment. 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 7 for the Summary of Business Segment Data, which is an integral part of this note. BCA develops, produces and markets commercial jet aircraft principally to the commercial airline industry worldwide. Revenue on commercial aircraft contracts is recognized at the point in time when an aircraft is completed and accepted by the customer. BDS engages in the research, development, production and modification of the following products and related services: manned and unmanned military aircraft and weapons systems, surveillance and engagement, strategic defense and intelligence systems, satellite systems and space exploration. BDS revenue is generally recognized over the contract term (over time) as costs are incurred. BGS provides parts, maintenance, modifications, logistics support, training, data analytics and information-based services to commercial and government customers worldwide. BGS segment revenue and costs include certain services provided to other segments. Revenue on commercial spare parts contracts is recognized at the point in time when a spare part is delivered to the customer. Revenue on other contracts is generally recognized over the contract term (over time) as costs are incurred. BCC facilitates, arranges, structures and provides selective financing solutions for our Boeing customers. The following tables present BCA, BDS and BGS revenues from contracts with customers disaggregated in a number of ways, such as geographic location, contract type and the method of revenue recognition. We believe these best depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. BCA revenues by customer location consist of the following: (Dollars in millions) Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 Revenue from contracts with customers: Europe $3,595 $3,944 $1,293 $1,260 Asia 1,964 10,225 500 2,691 Middle East 556 2,926 1,121 Other 465 2,533 12 166 Total non-U.S. revenues 6,580 19,628 1,805 5,238 United States 5,190 10,591 1,633 3,004 Estimated potential concessions and other considerations to 737 MAX customers, net (370) (5,610) 151 Total revenues from contracts with customers 11,400 24,609 3,589 8,242 Intersegment revenues eliminated on consolidation 34 184 7 7 Total segment revenues $11,434 $24,793 $3,596 $8,249 Revenue recognized on fixed-price contracts 100 % 100 % 100 % 100 % Revenue recognized at a point in time 100 % 100 % 100 % 100 % BDS revenues on contracts with customers, based on the customer's location, consist of the following: (Dollars in millions) Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 Revenue from contracts with customers: U.S. customers $14,465 $15,141 $5,312 $5,422 Non U.S. customers (1) 5,013 5,027 1,536 1,580 Total segment revenue from contracts with customers $19,478 $20,168 $6,848 $7,002 Revenue recognized over time 99 % 98 % 99 % 97 % Revenue recognized on fixed-price contracts 68 % 69 % 69 % 70 % Revenue from the U.S. government (1) 89 % 89 % 90 % 90 % (1) Includes revenues earned from foreign military sales through the U.S. government. BGS revenues consist of the following: (Dollars in millions) Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 Revenue from contracts with customers: Commercial $5,382 $7,621 $1,488 $2,510 Government 6,241 6,075 2,142 2,101 Total revenues from contracts with customers 11,623 13,696 3,630 4,611 Intersegment revenues eliminated on consolidation 187 124 64 47 Total segment revenues $11,810 $13,820 $3,694 $4,658 Revenue recognized at a point in time 47 % 56 % 42 % 54 % Revenue recognized on fixed-price contracts 88 % 89 % 87 % 90 % Revenue from the U.S. government (1) 41 % 33 % 45 % 35 % (1) Includes revenues earned from foreign military sales through the U.S. government. Backlog Our total backlog represents the estimated transaction prices on performance obligations to our customers for which work remains to be performed. Backlog is converted into revenue in future periods as work is performed, primarily based on the cost incurred or at delivery and acceptance of products, depending on the applicable accounting method. Our backlog at September 30, 2020 was $393,067. We expect approximately 24% to be converted to revenue through 2021 and approximately 68% through 2024, with the remainder thereafter. There is significant uncertainty regarding the timing of when backlog will convert into revenue due to the ongoing 737 MAX grounding and COVID-19 impacts. 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. Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 Share-based plans ($80) ($57) ($37) ($21) Deferred compensation 34 (154) (39) (25) Amortization of previously capitalized interest (69) (68) (19) (23) Research and development expense, net (160) (283) (44) (100) Customer financing impairment (250) Litigation (109) Eliminations and other unallocated items (690) (810) (175) (352) Unallocated items, eliminations and other ($965) ($1,731) ($314) ($521) Pension FAS/CAS service cost adjustment $773 $823 $260 $274 Postretirement FAS/CAS service cost adjustment 282 270 93 90 FAS/CAS service cost adjustment $1,055 $1,093 $353 $364 Pension and Other Postretirement Benefit Expense Pension costs, comprising GAAP service and prior service costs, are allocated to BCA and the commercial operations at BGS. Pension costs are allocated to BDS and BGS businesses supporting government customers using U.S. Government Cost Accounting Standards (CAS), which employ different actuarial assumptions and accounting conventions than GAAP. These costs are allocable to government contracts. Other postretirement benefit costs are allocated to business segments based on CAS, which is generally based on benefits paid. FAS/CAS service cost adjustment represents the difference between the FAS pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. Non-operating pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. These expenses are included in Other income, net. Assets Segment assets are summarized in the table below: September 30 December 31 Commercial Airplanes $83,187 $73,995 Defense, Space & Security 15,723 15,757 Global Services 18,381 18,605 Boeing Capital 2,053 2,269 Unallocated items, eliminations and other 41,917 22,999 Total $161,261 $133,625 |
Basis Of Presentation (Policy)
Basis Of Presentation (Policy) | 9 Months Ended |
Sep. 30, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Allowance for Losses on Financial Assets, Policy | Allowances for losses on certain financial assets We establish allowances for credit losses on accounts receivable, unbilled receivables, customer financing receivables, and certain other financial assets. The adequacy of these allowances are assessed quarterly through consideration of factors including, but not limited to, customer credit ratings, bankruptcy filings, published or estimated credit default rates, age of the receivable, expected loss rates and collateral exposures. 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 major credit rating agencies. |
Use of Estimates, Policy | 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. We believe that the accounting estimates and assumptions are appropriate given the increased uncertainties surrounding the severity and duration of the impacts of the COVID-19 pandemic, however actual results could differ from those estimates. Changes in estimated revenues, cost of sales and the related effect on operating income are recognized using a cumulative catch-up adjustment which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a long-term contract’s percentage-of-completion. When the current estimates of total sales and costs for a long-term contract indicate a loss, a provision for the entire reach-forward loss on the long-term contract is recognized. Net cumulative catch-up adjustments to prior periods' revenue and earnings, including certain reach-forward losses, across all long-term contracts were as follows: (In millions - except per share amounts) Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 (Decrease)/increase to Revenue ($265) $166 $25 ($63) (Decrease)/increase to (Loss)/earnings from operations ($787) $152 ($38) ($23) (Decrease)/increase to Diluted EPS ($0.83) $1.20 ($0.03) ($0.04) |
Backlog Policy | 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. |
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. |
Accounting Standards Update 2017-04 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements, Policy | In the first quarter of 2020, we adopted ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The standard simplifies the quantitative impairment test from a two-step process to a one-step process. The quantitative test is performed by comparing the carrying value of net assets to the estimated fair value of the related operations. If the fair value is determined to be less than carrying value, the shortfall up to the carrying value of the goodwill represents the amount of goodwill impairment. The standard continues to permit a company to test goodwill for impairment by performing a qualitative assessment or using the quantitative test. |
Accounting Standards Update 2016-13 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
New Accounting Pronouncements, Policy | Standards Issued and Implemented In the first quarter of 2020, we adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instr uments (ASU 2016-13), using a modified retrospective method, which resulted in the recognition of allowances for credit losses on our Condensed Consolidated Statement of Financial Position as of January 1, 2020 and a $162 cumulative-effect adjustment to retained earnings to align our credit loss methodology with the new standard. The standard replaces the incurred loss impairment methodology under Topic 310 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 certain other financial assets. See Note 5, 8 and 9 for additional disclosures. |
Customer Financing Customer Fin
Customer Financing Customer Financing (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Customer Financing [Abstract] | |
Impaired Financing Receivable, Policy | We determine a receivable is impaired when, based on current information and events, it is probable that we will be unable to collect amounts due according to the original contractual terms. At September 30, 2020 and December 31, 2019, we individually evaluated for impairment customer financing receivables of $392 and $400, of which $381 and $388 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. |
Financing Receivable, Allowance for Credit Losses, Policy for Uncollectible Amounts | We determine a receivable is past due when cash has not been received upon the due date specified in the contract. There were no past due customer financing receivables as of September 30, 2020. We evaluate the collectability of customer financing receivables at commencement and on a recurring basis. If a customer financing receivable is deemed uncollectable, the customer is categorized as non-accrual status. When a customer is in non-accrual status at commencement, revenue is deferred until substantially all cash has been received or the customer is removed from non-accrual status. If a customer status changes to non-accrual after commencement and sufficient collateral is available, we recognize contractual interest income as payments are received to the extent payments exceed past due principal payments. If there is not sufficient collateral, then revenue is not recognized until payments exceed the principal balance. Receivables in non-accrual status as of September 30, 2020 and December 31, 2019 were $381 and $388. Interest income received for the nine and three months ended September 30, 2020 was $26 and $5. The adequacy of the allowance for losses is assessed quarterly. Four primary factors influencing the level of our allowance for losses on customer financing receivables are customer credit ratings, default rates, expected loss rate and collateral values, which may be adversely affected by impacts that COVID-19 has on our customers. We assign internal credit ratings for all customers and determine the creditworthiness of each customer based upon publicly available information and information obtained directly from our customers. Our rating categories are comparable to those used by the major credit rating agencies. |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Environmental | The liabilities recorded represent our best estimate or the low end of a range of reasonably possible costs expected to be incurred to remediate sites, including operation and maintenance over periods of up to 30 years. It is reasonably possible that we may incur charges that exceed these recorded amounts because of regulatory agency orders and directives, changes in laws and/or regulations, higher than expected costs and/or the discovery of new or additional contamination. As part of our estimating process, we develop a range of reasonably possible alternate scenarios that includes the high end of a range of reasonably possible cost estimates for all remediation sites for which we have sufficient information based on our experience and existing laws and regulations. There are some potential remediation obligations where the costs of remediation cannot be reasonably estimated. |
Commitments and Contingencies, Policy | In conjunction with signing definitive agreements for the sale of new aircraft (Sale Aircraft), we have entered into trade-in commitments with certain customers that give them the right to trade in used aircraft at a specified price upon the purchase of Sale Aircraft. The probability that trade-in commitments will be exercised is determined by using both quantitative information from valuation sources and qualitative information from other sources. The probability of exercise is assessed quarterly, or as events trigger a change, and takes into consideration the current economic and airline industry environments. Trade-in commitments, which can be terminated by mutual consent with the customer, may be exercised only during the period specified in the agreement, and require advance notice by the customer. |
Summary Of Business Segment D_2
Summary Of Business Segment Data Summary of Business Segment Data (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | (Dollars in millions) Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 Revenues: Commercial Airplanes $11,434 $24,793 $3,596 $8,249 Defense, Space & Security 19,478 20,168 6,848 7,002 Global Services 11,810 13,820 3,694 4,658 Boeing Capital 205 207 71 66 Unallocated items, eliminations and other (73) (340) (70) 5 Total revenues $42,854 $58,648 $14,139 $19,980 Earnings/(loss) from operations: Commercial Airplanes ($6,199) ($3,813) ($1,369) ($40) Defense, Space & Security 1,037 2,581 628 754 Global Services 307 2,013 271 673 Boeing Capital 47 86 30 29 Segment operating (loss)/earnings (4,808) 867 (440) 1,416 Unallocated items, eliminations and other (965) (1,731) (314) (521) FAS/CAS service cost adjustment 1,055 1,093 353 364 (Loss)/earnings from operations (4,718) 229 (401) 1,259 Other income, net 325 334 119 121 Interest and debt expense (1,458) (480) (643) (203) (Loss)/earnings before income taxes (5,851) 83 (925) 1,177 Income tax benefit/(expense) 2,349 291 459 (10) Net (loss)/earnings (3,502) 374 (466) 1,167 Less: Net loss attributable to noncontrolling interest (49) (17) Net (loss)/earnings attributable to Boeing Shareholders ($3,453) $374 ($449) $1,167 |
Basis Of Presentation (Tables)
Basis Of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Net cumulative catch-up adjustments [Abstract] | |
Use of Estimates, Policy | 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. We believe that the accounting estimates and assumptions are appropriate given the increased uncertainties surrounding the severity and duration of the impacts of the COVID-19 pandemic, however actual results could differ from those estimates. Changes in estimated revenues, cost of sales and the related effect on operating income are recognized using a cumulative catch-up adjustment which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a long-term contract’s percentage-of-completion. When the current estimates of total sales and costs for a long-term contract indicate a loss, a provision for the entire reach-forward loss on the long-term contract is recognized. Net cumulative catch-up adjustments to prior periods' revenue and earnings, including certain reach-forward losses, across all long-term contracts were as follows: (In millions - except per share amounts) Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 (Decrease)/increase to Revenue ($265) $166 $25 ($63) (Decrease)/increase to (Loss)/earnings from operations ($787) $152 ($38) ($23) (Decrease)/increase to Diluted EPS ($0.83) $1.20 ($0.03) ($0.04) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Earnings Per Share Basic and diluted earnings per share are computed using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Basic earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the basic weighted average common shares outstanding. Diluted earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the diluted weighted average common shares outstanding. The elements used in the computation of basic and diluted earnings per share were as follows: (In millions - except per share amounts) Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 Net (loss)/earnings attributable to Boeing Shareholders ($3,453) $374 ($449) $1,167 Less: earnings available to participating securities 1 Net (loss)/earnings available to common shareholders ($3,453) $374 ($449) $1,166 Basic Basic weighted average shares outstanding 566.3 566.2 566.6 565.2 Less: participating securities 0.5 0.6 0.5 0.6 Basic weighted average common shares outstanding 565.8 565.6 566.1 564.6 Diluted Basic weighted average shares outstanding 566.3 566.2 566.6 565.2 Dilutive potential common shares (1) 4.2 4.0 Diluted weighted average shares outstanding 566.3 570.4 566.6 569.2 Less: participating securities 0.5 0.6 0.5 0.6 Diluted weighted average common shares outstanding 565.8 569.8 566.1 568.6 Net (loss)/earnings per share: Basic ($6.10) $0.66 ($0.79) $2.07 Diluted (6.10) 0.66 (0.79) 2.05 (1) Diluted 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 nine and three months ended September 30, 2020 potential common shares of 1.6 million and 1.3 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 per share because the effect was either antidilutive or the performance condition was not met. (Shares in millions) Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 Performance awards 6.1 2.6 6.0 2.6 Performance-based restricted stock units 1.4 0.6 1.3 0.6 |
Schedule Of Weighted-Average Number Of Shares | The elements used in the computation of basic and diluted earnings per share were as follows: (In millions - except per share amounts) Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 Net (loss)/earnings attributable to Boeing Shareholders ($3,453) $374 ($449) $1,167 Less: earnings available to participating securities 1 Net (loss)/earnings available to common shareholders ($3,453) $374 ($449) $1,166 Basic Basic weighted average shares outstanding 566.3 566.2 566.6 565.2 Less: participating securities 0.5 0.6 0.5 0.6 Basic weighted average common shares outstanding 565.8 565.6 566.1 564.6 Diluted Basic weighted average shares outstanding 566.3 566.2 566.6 565.2 Dilutive potential common shares (1) 4.2 4.0 Diluted weighted average shares outstanding 566.3 570.4 566.6 569.2 Less: participating securities 0.5 0.6 0.5 0.6 Diluted weighted average common shares outstanding 565.8 569.8 566.1 568.6 Net (loss)/earnings per share: Basic ($6.10) $0.66 ($0.79) $2.07 Diluted (6.10) 0.66 (0.79) 2.05 (1) Diluted earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards. |
Schedule Of Weighted Average Number Of Shares Outstanding Excluded From The Computation Of Diluted Earnings Per Share | (Shares in millions) Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 Performance awards 6.1 2.6 6.0 2.6 Performance-based restricted stock units 1.4 0.6 1.3 0.6 |
Allowance for Losses on Finan_2
Allowance for Losses on Financial Assets Allowance for Losses on Financial Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Allowance for Losses on Financial Assets [Abstract] | |
Financial Assets, Allowance for Credit Loss | The change in allowances for expected credit losses for the nine months ended September 30, 2020 consisted of the following: Accounts receivable, net Unbilled receivables, net Other Current Assets, net Customer financing, net Other Assets, net Total Balance at January 1, 2020 ($138) ($81) ($38) ($5) ($75) ($337) Changes in estimates (296) (46) (20) (12) (3) (377) Write-offs 3 3 Balance at September 30, 2020 ($431) ($127) ($58) ($17) ($78) ($711) |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consisted of the following: September 30 December 31 Long-term contracts in progress $871 $1,187 Commercial aircraft programs 75,170 66,016 Commercial spare parts, used aircraft, general stock materials and other 10,920 9,419 Total $86,961 $76,622 |
Customer Financing (Tables)
Customer Financing (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Customer Financing [Abstract] | |
Schedule Of Customer Financing | Customer financing primarily relates to the Boeing Capital (BCC) segment and consisted of the following: September 30 December 31 Financing receivables: Investment in sales-type/finance leases $940 $1,029 Notes 423 443 Total financing receivables 1,363 1,472 Operating lease equipment, at cost, less accumulated depreciation of $265 and $235 764 834 Gross customer financing 2,127 2,306 Less allowance for losses on receivables (17) (8) Total $2,110 $2,298 |
Financing Receivable Credit Quality Indicators | Our financing receivable balances at September 30, 2020 by internal credit rating category and year of origination consisted of the following: Rating categories Current 2019 2018 2017 2016 Prior Total BBB $353 $353 BB $100 $50 $16 148 314 B $53 174 227 CCC 35 244 $177 13 469 Total carrying value of financing receivables $100 $85 $16 $297 $177 $688 $1,363 |
Schedule Of Customer Financing Carrying Values Related To Major Aircraft Concentrations | The majority of customer financing carrying values are concentrated in the following aircraft models: September 30 December 31 717 Aircraft ($104 and $124 accounted for as operating leases) $658 $736 747-8 Aircraft ($123 and $130 accounted for as operating leases) 482 475 737 Aircraft ($220 and $240 accounted for as operating leases) 242 263 777 Aircraft ($230 and $236 accounted for as operating leases) 232 240 MD-80 Aircraft (accounted for as sales-type finance leases) 174 186 757 Aircraft ($14 and $22 accounted for as operating leases) 162 182 747-400 Aircraft ($27 and $31 accounted for as operating leases) 80 90 |
Investments (Tables)
Investments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments [Abstract] | |
Schedule of Investments | Investments Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following: September 30 December 31 Equity method investments (1) $981 $1,031 Time deposits 15,868 50 Available for sale debt instruments 596 405 Equity and other investments 76 65 Restricted cash & cash equivalents (2) 83 86 Total $17,604 $1,637 (1) Dividends received were $58 and $5 for the nine and three months ended September 30, 2020 and $153 and $60 during the same periods in the prior year. (2) Reflects amounts restricted in support of our workers’ compensation programs, employee benefit programs, and insurance premiums. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
737 MAX Customer Concessions and Other Considerations Liability | The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during 2020. 2020 Beginning balance – January 1 $7,389 Reductions for payments made (1,695) Reductions for concessions and other in-kind considerations (83) Changes in estimates 370 Ending balance – September 30 $5,981 |
Environmental | The following table summarizes environmental remediation activity during the nine months ended September 30, 2020 and 2019. 2020 2019 Beginning balance – January 1 $570 $555 Reductions for payments made (26) (34) Changes in estimates 27 61 Ending balance – September 30 $571 $582 |
Product Warranties | The following table summarizes product warranty activity recorded during the nine months ended September 30, 2020 and 2019. 2020 2019 Beginning balance – January 1 $1,267 $1,127 Additions for current year deliveries 50 128 Reductions for payments made (202) (166) Changes in estimates 444 (7) Ending balance – September 30 $1,559 $1,082 |
Financing Commitments | The estimated earliest potential funding dates for these commitments as of September 30, 2020 are as follows: Total October through December 2020 $1,732 2021 2,323 2022 1,733 2023 1,567 2024 1,659 Thereafter 3,557 $12,571 |
Severance Liability [Table Text Block] | The following table summarizes changes in the severance liability during 2020: 2020 Initial liability recorded in the second quarter of 2020 $652 Reductions for payments made (395) Changes in estimates 328 Ending balance – September 30 $585 |
Arrangements With Off-Balance_2
Arrangements With Off-Balance Sheet Risk (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Guarantees [Abstract] | |
Schedule of Guarantor Obligations [Table Text Block] | 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 Carrying Amount of September 30 December 31 September 30 December 31 September 30 December 31 Contingent repurchase commitments $1,480 $1,570 $1,480 $1,570 Indemnifications to ULA: Contributed Delta inventory 30 30 Inventory supply agreement 34 34 Questioned costs 317 $48 Credit guarantees 90 92 33 36 $24 16 |
Postretirement Plans (Tables)
Postretirement Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Periodic Benefit Cost | Postretirement Plans The components of net periodic benefit (income)/cost were as follows: Nine months ended September 30 Three months ended September 30 Pension Plans 2020 2019 2020 2019 Service cost $2 $2 $1 Interest cost 1,841 2,193 613 731 Expected return on plan assets (2,816) (2,896) (938) (966) Amortization of prior service credits (60) (59) (20) (19) Recognized net actuarial loss 774 482 258 161 Settlement/curtailment/other losses 6 3 Net periodic benefit income ($253) ($278) ($83) ($93) Net periodic benefit cost included in (Loss)/earnings $2 $234 $1 $76 Net periodic benefit income included in Other income, net (255) (280) (84) (93) Net periodic benefit income included in (Loss)/earnings before income taxes ($253) ($46) ($83) ($17) Nine months ended September 30 Three months ended September 30 Other Postretirement Plans 2020 2019 2020 2019 Service cost $65 $58 $22 $19 Interest cost 107 147 35 49 Expected return on plan assets (6) (6) (1) (2) Amortization of prior service credits (29) (26) (12) (8) Recognized net actuarial gain (33) (35) (10) (12) Settlement/curtailment/other losses (2) (2) Net periodic benefit cost $102 $138 $32 $46 Net periodic benefit cost included in (Loss)/earnings from operations $67 $66 $23 $21 Net periodic benefit cost included in Other income, net 37 80 10 27 Net periodic benefit cost included in (Loss)/earnings before income taxes $104 $146 $33 $48 |
Pension Plans, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Periodic Benefit Cost | Nine months ended September 30 Three months ended September 30 Pension Plans 2020 2019 2020 2019 Service cost $2 $2 $1 Interest cost 1,841 2,193 613 731 Expected return on plan assets (2,816) (2,896) (938) (966) Amortization of prior service credits (60) (59) (20) (19) Recognized net actuarial loss 774 482 258 161 Settlement/curtailment/other losses 6 3 Net periodic benefit income ($253) ($278) ($83) ($93) Net periodic benefit cost included in (Loss)/earnings $2 $234 $1 $76 Net periodic benefit income included in Other income, net (255) (280) (84) (93) Net periodic benefit income included in (Loss)/earnings before income taxes ($253) ($46) ($83) ($17) |
Other Postretirement Benefit Plan, Defined Benefit | |
Defined Benefit Plan Disclosure [Line Items] | |
Net Periodic Benefit Cost | Nine months ended September 30 Three months ended September 30 Other Postretirement Plans 2020 2019 2020 2019 Service cost $65 $58 $22 $19 Interest cost 107 147 35 49 Expected return on plan assets (6) (6) (1) (2) Amortization of prior service credits (29) (26) (12) (8) Recognized net actuarial gain (33) (35) (10) (12) Settlement/curtailment/other losses (2) (2) Net periodic benefit cost $102 $138 $32 $46 Net periodic benefit cost included in (Loss)/earnings from operations $67 $66 $23 $21 Net periodic benefit cost included in Other income, net 37 80 10 27 Net periodic benefit cost included in (Loss)/earnings before income taxes $104 $146 $33 $48 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Accumulated other comprehensive income | Changes in Accumulated other comprehensive loss (AOCI) by component for the nine and three months ended September 30, 2020 and 2019 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, 2019 ($101) ($62) ($14,920) ($15,083) Other comprehensive (loss)/income before reclassifications (61) $1 (106) 17 (149) Amounts reclassified from AOCI 22 283 (2) 305 Net current period Other comprehensive (loss)/income (61) 1 (84) 300 156 Balance at September 30, 2019 ($162) $1 ($146) ($14,620) ($14,927) Balance at January 1, 2020 ($128) $1 ($84) ($15,942) ($16,153) Other comprehensive (loss)/income before reclassifications 15 (107) (52) (144) Amounts reclassified from AOCI 20 498 (2) 518 Net current period Other comprehensive (loss)/income 15 (87) 446 374 Balance at September 30, 2020 ($113) $1 ($171) ($15,496) ($15,779) Balance at June 30, 2019 ($103) $1 ($82) ($14,724) ($14,908) Other comprehensive (loss)/income before reclassifications (59) (89) 9 (139) Amounts reclassified from AOCI 25 95 (2) 120 Net current period Other comprehensive (loss)/income (59) (64) 104 (19) Balance at September 30, 2019 ($162) $1 ($146) ($14,620) ($14,927) Balance at June 30, 2020 ($161) $1 ($258) ($15,607) ($16,025) Other comprehensive (loss)/income before reclassifications 48 79 (40) 87 Amounts reclassified from AOCI 8 151 (2) 159 Net current period Other comprehensive income 48 87 111 246 Balance at September 30, 2020 ($113) $1 ($171) ($15,496) ($15,779) (1) Net of tax. (2) Primarily relates to amortization of actuarial losses for the nine and three months ended September 30, 2019 totaling $350 and $117 (net of tax of ($97) and ($32)) and for the nine and three months ended September 30, 2020 totaling $562 and $172 (net of tax of ($179) and ($76)). These are included in the net periodic pension cost. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments, Notional Amounts and Fair Values | The notional amounts and fair values of derivative instruments in the Condensed Consolidated Statements of Financial Position were as follows: Notional amounts (1) Other assets Accrued liabilities September 30 December 31 September 30 December 31 September 30 December 31 Derivatives designated as hedging instruments: Foreign exchange contracts $3,022 $2,590 $15 $29 ($94) ($60) Commodity contracts 354 645 3 4 (81) (72) Derivatives not receiving hedge accounting treatment: Foreign exchange contracts 641 285 16 1 (9) (6) Commodity contracts 927 1,644 (16) Total derivatives $4,944 $5,164 $34 $34 ($200) ($138) Netting arrangements (17) (20) 17 20 Net recorded balance $17 $14 ($183) ($118) (1) Notional amounts represent the gross contract/notional amount of the derivatives outstanding. |
Schedule Of Derivative Instruments, Gains/(Losses) | Gains/(losses) associated with our hedging transactions and forward points recognized in Other comprehensive income are presented in the following table: Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 Recognized in Other comprehensive income, net of taxes: Foreign exchange contracts ($58) ($6) $54 ($34) Commodity contracts (49) (78) 25 (30) |
Reclassification out of Accumulated Other Comprehensive Income | Gains/(losses) associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table: Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 Foreign exchange contracts Revenues ($2) ($1) ($6) Costs and expenses (12) (21) (6) (9) General and administrative (5) (9) (18) Commodity contracts Costs and expenses (6) 1 (3) General and administrative expense (1) 1 1 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets And Liabilities Measured On Recurring Basis | The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs. The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. September 30, 2020 December 31, 2019 Total Level 1 Level 2 Total Level 1 Level 2 Assets Money market funds $4,018 $4,018 $2,562 $2,562 Available-for-sale debt investments: Commercial paper 142 $142 108 $108 Corporate notes 341 341 242 242 U.S. government agencies 113 113 55 55 Other equity investments 45 45 33 33 Derivatives 17 17 14 14 Total assets $4,676 $4,063 $613 $3,014 $2,650 $364 Liabilities Derivatives ($183) ($183) ($118) ($118) Total liabilities ($183) ($183) ($118) ($118) |
Fair Value, Assets Measured On Nonrecurring Basis Using Unobservable Inputs | Certain assets have been measured at fair value on a nonrecurring basis using significant unobservable inputs (Level 3). The following table presents the nonrecurring losses recognized for the nine months ended September 30 due to long-lived asset impairment and the fair value and asset classification of the related assets as of the impairment date: 2020 2019 Fair Total Fair Total Customer financing assets $100 ($22) $10 ($1) Investments 51 (62) 51 (84) Property, plant and equipment 81 (75) 41 (4) Other Assets and Acquired intangible assets 199 (158) 3 (17) Total $431 ($317) $105 ($106) |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques | For Level 3 assets that were measured at fair value on a nonrecurring basis during the year ended September 30, 2020, 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 Valuation Unobservable Input Range Customer financing assets $100 Market approach Aircraft value publications $79 - $161 (1) Median $110 Aircraft condition adjustments ($13) - $3 (2) Net ($10) (1) The range represents the sum of the highest and lowest values for all aircraft subject to fair value measurement, according to the third party aircraft valuation publications that we use in our valuation process. (2) The negative amount represents the sum, for all aircraft subject to fair value measurement, of all downward adjustments based on consideration of individual aircraft attributes and condition. The positive amount represents the sum of all such upward adjustments. |
Fair Values And Related Carrying Values Of Financial Instruments | The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Condensed Consolidated Statements of Financial Position were as follows: September 30, 2020 Carrying Total Fair Level 1 Level 2 Level 3 Assets Notes receivable, net $423 $470 $470 Liabilities Debt, excluding commercial paper and capital lease obligations (58,840) (63,033) (63,016) ($17) December 31, 2019 Carrying Total Fair Level 1 Level 2 Level 3 Assets Notes receivable, net $443 $444 $444 Liabilities Debt, excluding commercial paper and capital lease obligations (20,964) (23,119) (23,081) ($38) |
Segment and Revenue Informati_2
Segment and Revenue Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Disaggregation of Revenue [Line Items] | |
Schedule Of Unallocated Items and Eliminations | Components of Unallocated items, eliminations and other are shown in the following table. Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 Share-based plans ($80) ($57) ($37) ($21) Deferred compensation 34 (154) (39) (25) Amortization of previously capitalized interest (69) (68) (19) (23) Research and development expense, net (160) (283) (44) (100) Customer financing impairment (250) Litigation (109) Eliminations and other unallocated items (690) (810) (175) (352) Unallocated items, eliminations and other ($965) ($1,731) ($314) ($521) Pension FAS/CAS service cost adjustment $773 $823 $260 $274 Postretirement FAS/CAS service cost adjustment 282 270 93 90 FAS/CAS service cost adjustment $1,055 $1,093 $353 $364 |
Reconciliation of Assets from Segment to Consolidated | Segment assets are summarized in the table below: September 30 December 31 Commercial Airplanes $83,187 $73,995 Defense, Space & Security 15,723 15,757 Global Services 18,381 18,605 Boeing Capital 2,053 2,269 Unallocated items, eliminations and other 41,917 22,999 Total $161,261 $133,625 |
Commercial Airplanes | |
Disaggregation of Revenue [Line Items] | |
Disaggregation of Revenue | BCA revenues by customer location consist of the following: (Dollars in millions) Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 Revenue from contracts with customers: Europe $3,595 $3,944 $1,293 $1,260 Asia 1,964 10,225 500 2,691 Middle East 556 2,926 1,121 Other 465 2,533 12 166 Total non-U.S. revenues 6,580 19,628 1,805 5,238 United States 5,190 10,591 1,633 3,004 Estimated potential concessions and other considerations to 737 MAX customers, net (370) (5,610) 151 Total revenues from contracts with customers 11,400 24,609 3,589 8,242 Intersegment revenues eliminated on consolidation 34 184 7 7 Total segment revenues $11,434 $24,793 $3,596 $8,249 Revenue recognized on fixed-price contracts 100 % 100 % 100 % 100 % Revenue recognized at a point in time 100 % 100 % 100 % 100 % |
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: (Dollars in millions) Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 Revenue from contracts with customers: U.S. customers $14,465 $15,141 $5,312 $5,422 Non U.S. customers (1) 5,013 5,027 1,536 1,580 Total segment revenue from contracts with customers $19,478 $20,168 $6,848 $7,002 Revenue recognized over time 99 % 98 % 99 % 97 % Revenue recognized on fixed-price contracts 68 % 69 % 69 % 70 % Revenue from the U.S. government (1) 89 % 89 % 90 % 90 % (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: (Dollars in millions) Nine months ended September 30 Three months ended September 30 2020 2019 2020 2019 Revenue from contracts with customers: Commercial $5,382 $7,621 $1,488 $2,510 Government 6,241 6,075 2,142 2,101 Total revenues from contracts with customers 11,623 13,696 3,630 4,611 Intersegment revenues eliminated on consolidation 187 124 64 47 Total segment revenues $11,810 $13,820 $3,694 $4,658 Revenue recognized at a point in time 47 % 56 % 42 % 54 % Revenue recognized on fixed-price contracts 88 % 89 % 87 % 90 % Revenue from the U.S. government (1) 41 % 33 % 45 % 35 % (1) Includes revenues earned from foreign military sales through the U.S. government. |
Summary Of Business Segment D_3
Summary Of Business Segment Data (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Revenues | $ 14,139 | $ 19,980 | $ 42,854 | $ 58,648 |
(Loss)/earnings from operations | (401) | 1,259 | (4,718) | 229 |
Other income, net | 119 | 121 | 325 | 334 |
Interest and debt expense | (643) | (203) | (1,458) | (480) |
(Loss)/earnings before income taxes | (925) | 1,177 | (5,851) | 83 |
Income tax benefit/(expense) | 459 | (10) | 2,349 | 291 |
Net (loss)/earnings | (466) | 1,167 | (3,502) | 374 |
Less: net loss attributable to noncontrolling interest | (17) | (49) | ||
Net (loss)/earnings attributable to Boeing Shareholders | (449) | 1,167 | (3,453) | 374 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
(Loss)/earnings from operations | (440) | 1,416 | (4,808) | 867 |
Operating Segments | Commercial Airplanes | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 3,596 | 8,249 | 11,434 | 24,793 |
(Loss)/earnings from operations | (1,369) | (40) | (6,199) | (3,813) |
Operating Segments | Defense, Space & Security | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 6,848 | 7,002 | 19,478 | 20,168 |
(Loss)/earnings from operations | 628 | 754 | 1,037 | 2,581 |
Operating Segments | Global Services | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 3,694 | 4,658 | 11,810 | 13,820 |
(Loss)/earnings from operations | 271 | 673 | 307 | 2,013 |
Operating Segments | Boeing Capital | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | 71 | 66 | 205 | 207 |
(Loss)/earnings from operations | 30 | 29 | 47 | 86 |
Corporate Reconciling Items And Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Revenues | (70) | 5 | (73) | (340) |
Unallocated items, eliminations and other | (314) | (521) | (965) | (1,731) |
FAS/CAS service cost adjustment | $ 353 | $ 364 | $ 1,055 | $ 1,093 |
Basis Of Presentation (Details)
Basis Of Presentation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Oct. 26, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Basis of Presentation [Line Items] | |||||||||||
Net Cash Provided by (Used in) Operating Activities | $ (14,401) | $ (226) | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (11,553) | $ (3,809) | (11,553) | (3,809) | $ (11,382) | $ (8,300) | $ (4,943) | $ 410 | |||
Net Cash Provided by (Used in) Operating Activities | 14,401 | 226 | |||||||||
Increase/(Decrease) in revenue due to change in accounting estimate | 25 | (63) | (265) | 166 | |||||||
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | $ (38) | $ (23) | $ (787) | $ 152 | |||||||
Change in Earnings Per Share Due to Change in Accounting Estimate | $ (0.03) | $ (0.04) | $ (0.83) | $ 1.20 | |||||||
Commercial Paper | $ 1,900 | $ 1,900 | 6,100 | ||||||||
Cash, Cash Equivalents, and Short-term Investments | 27,100 | 27,100 | |||||||||
Debt and Lease Obligation | 61,000 | 61,000 | |||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 3,200 | 3,200 | |||||||||
Debt Instrument, Face Amount | 25,000 | ||||||||||
Senior Notes [Member] | 2021 [Member] | |||||||||||
Basis of Presentation [Line Items] | |||||||||||
Long-term Debt, Current Maturities | 1,450 | 1,450 | |||||||||
Supply Chain Financing [Member] | |||||||||||
Basis of Presentation [Line Items] | |||||||||||
Accounts Payable, Trade | 4,800 | 4,800 | |||||||||
Three Hundred And Sixty Four Day Revolving Credit Facility | Subsequent Event [Member] | |||||||||||
Basis of Presentation [Line Items] | |||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 3,100 | ||||||||||
Revolving Credit Facility | |||||||||||
Basis of Presentation [Line Items] | |||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 9,600 | 9,600 | 9,600 | ||||||||
Delayed Draw Term Loan Facility | |||||||||||
Basis of Presentation [Line Items] | |||||||||||
Proceeds from Long-term Lines of Credit | $ 13,825 | ||||||||||
Q4 2020 | Senior Notes [Member] | |||||||||||
Basis of Presentation [Line Items] | |||||||||||
Long-term Debt, Current Maturities | 350 | 350 | |||||||||
Q4 2020 | Three Hundred And Sixty Four Day Revolving Credit Facility | |||||||||||
Basis of Presentation [Line Items] | |||||||||||
Debt Instrument, Unused Borrowing Capacity, Amount | 3,200 | 3,200 | |||||||||
Retained Earnings | |||||||||||
Basis of Presentation [Line Items] | |||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 47,029 | $ 53,986 | $ 47,029 | $ 53,986 | $ 47,478 | $ 50,644 | $ 52,819 | $ 55,941 | |||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | |||||||||||
Basis of Presentation [Line Items] | |||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (162) | ||||||||||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Accounting Standards Update 2016-13 | |||||||||||
Basis of Presentation [Line Items] | |||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (162) |
Goodwill and Acquired Intangi_2
Goodwill and Acquired Intangibles Goodwill and Acquired Intangibles (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Goodwill [Line Items] | ||
Goodwill | $ 8,071 | $ 8,060 |
Commercial Airplanes | ||
Goodwill [Line Items] | ||
Goodwill | 1,315 | |
Commercial Services | ||
Goodwill [Line Items] | ||
Goodwill | $ 3,078 |
Earnings Per Share (Schedule Of
Earnings Per Share (Schedule Of Weighted-Average Number Of Shares Outstanding Used To Compute Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Earnings Per Share [Abstract] | |||||
Shares excluded from the computation of diluted earnings | 1.3 | 1.6 | |||
Net (loss)/earnings attributable to Boeing Shareholders | $ (449) | $ 1,167 | $ (3,453) | $ 374 | |
Undistributed Earnings Allocated to Participating Securities, Basic | 1 | ||||
Net (loss)/earnings available to common shareholders | $ (449) | $ 1,166 | $ (3,453) | $ 374 | |
Basic weighted average shares outstanding | 566.6 | 565.2 | 566.3 | 566.2 | |
Participating securities | 0.5 | 0.6 | 0.5 | 0.6 | |
Basic weighted average common shares outstanding | 566.1 | 564.6 | 565.8 | 565.6 | |
Basic weighted average shares outstanding | 566.6 | 565.2 | 566.3 | 566.2 | |
Dilutive potential common shares | [1] | 4 | 4.2 | ||
Diluted weighted average shares outstanding | 566.6 | 569.2 | 566.3 | 570.4 | |
Participating securities | 0.5 | 0.6 | 0.5 | 0.6 | |
Diluted weighted average common shares outstanding | 566.1 | 568.6 | 565.8 | 569.8 | |
Earnings Per Share, Basic | $ (0.79) | $ 2.07 | $ (6.10) | $ 0.66 | |
Earnings Per Share, Diluted | $ (0.79) | $ 2.05 | $ (6.10) | $ 0.66 | |
[1] | Diluted earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards. |
Earnings Per Share (Schedule _2
Earnings Per Share (Schedule Of Weighted Average Number Of Shares Outstanding Excluded From The Computation Of Diluted Earnings Per Share) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computation of diluted earnings | 1.3 | 1.6 | ||
Performance Awards | Performance Condition Unmet | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computation of diluted earnings | 6 | 2.6 | 6.1 | 2.6 |
Performance-Based Restricted Stock Units (PBRSUs) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Shares excluded from the computation of diluted earnings | 1.3 | 0.6 | 1.4 | 0.6 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Mar. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Examination [Line Items] | |||||
Effective income tax rate | 49.60% | 0.80% | 40.10% | (350.60%) | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||||
Domestic Tax Authority [Member] | |||||
Income Tax Examination [Line Items] | |||||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | $ 680 | $ 680 |
Allowance for Losses on Finan_3
Allowance for Losses on Financial Assets Allowance for Losses on Financial Assets (Allowance Disclosure) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Allowance for Losses on Financial Assets [Line Items] | |||
Allowance for Credit Loss | $ (711) | $ (337) | |
Credit Loss Expense, Reversal | (377) | ||
Allowance for Credit Loss, Writeoff | 3 | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Accounts Receivable, Allowance for Credit Loss | (431) | (138) | |
Accounts Receivable, Credit Loss Expense (Reversal) | (296) | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 3 | ||
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward] | |||
Contract with Customer, Asset, Allowance for Credit Loss | (127) | (81) | |
Contract with Customer, Asset, Credit Loss Expense (Reversal) | (46) | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss | (17) | (5) | $ (8) |
Financing Receivable, Credit Loss, Expense (Reversal) | (12) | ||
Other Current Assets | |||
Allowance for Losses on Financial Assets [Line Items] | |||
Allowance for Credit Loss | (58) | (38) | |
Credit Loss Expense, Reversal | (20) | ||
Other Noncurrent Assets | |||
Allowance for Losses on Financial Assets [Line Items] | |||
Allowance for Credit Loss | (78) | $ (75) | |
Credit Loss Expense, Reversal | $ (3) |
Allowance for Losses on Finan_4
Allowance for Losses on Financial Assets Allowance for Losses on Financial Assets (Narrative) (Details) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Allowance for Losses on Financial Assets [Line Items] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (11,553) | $ (11,382) | $ (8,300) | $ (3,809) | $ (4,943) | $ 410 | |
Allowance for Credit Loss | 711 | $ 337 | |||||
Retained Earnings | |||||||
Allowance for Losses on Financial Assets [Line Items] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 47,029 | $ 47,478 | $ 50,644 | $ 53,986 | $ 52,819 | $ 55,941 | |
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | |||||||
Allowance for Losses on Financial Assets [Line Items] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (162) | ||||||
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings | Accounting Standards Update 2016-13 | |||||||
Allowance for Losses on Financial Assets [Line Items] | |||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (162) |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Inventory [Line Items] | ||
Long-term contracts in progress | $ 871 | $ 1,187 |
Airplane Program 787 [Member] | ||
Inventory [Line Items] | ||
Inventory, Work in Process, Gross | 28,730 | 24,772 |
Amount of Deferred Costs Related to Long-term Contracts | 15,432 | 18,716 |
Advances on Inventory Purchases | 1,921 | 2,202 |
Unamortized Tooling | 1,877 | 2,092 |
Recovered Production Costs Excess Recoverable Under Existing Firm Orders | 13,996 | |
Unrecovered Production Costs, Excess Unrecoverable under Existing Firm Orders | 3,313 | |
Airplane Program 737 [Member] | ||
Inventory [Line Items] | ||
Amount of Deferred Costs Related to Long-term Contracts | 1,852 | 1,313 |
Unamortized Tooling | 512 | 521 |
Recovered Production Costs Excess Recoverable Under Existing Firm Orders | 2,305 | |
Unrecovered Production Costs, Excess Unrecoverable under Existing Firm Orders | 59 | |
Airplane Program 777x [Member] | ||
Inventory [Line Items] | ||
Inventory, Work in Process, Gross | 7,634 | 5,628 |
Unamortized Tooling | 3,175 | 2,914 |
ULA | ||
Inventory [Line Items] | ||
Long-term contracts in progress | 176 | 176 |
Capitalized Precontract Costs | ||
Inventory [Line Items] | ||
Inventory Amount, Unpriced Change Orders for Long-term Contracts or Programs | 821 | 711 |
Early Issue Sales Consideration [Member] | ||
Inventory [Line Items] | ||
Inventory Amount, Unpriced Change Orders for Long-term Contracts or Programs | $ 2,960 | $ 2,863 |
Inventories (Inventory Disclosu
Inventories (Inventory Disclosure Table) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Long-term contracts in progress | $ 871 | $ 1,187 |
Commercial aircraft programs | 75,170 | 66,016 |
Commercial spare parts, used aircraft, general stock materials and other | 10,920 | 9,419 |
Total | $ 86,961 | $ 76,622 |
Contracts with Customers Cont_2
Contracts with Customers Contracts with Customers (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |||||
Unbilled receivables, net | $ 8,860 | $ 8,860 | $ 9,043 | ||
Contract with Customer, Asset, Explanation of Change | primarily driven by an increase in billings at Defense, Space & Security (BDS) and Global Services (BGS), as well as an increase in allowances for expected credit losses at BGS | ||||
Advances and progress billings | 51,974 | $ 51,974 | $ 51,551 | ||
Contract with Customer, Liability, Explanation of Change | primarily driven by advances on orders received in excess of revenue recognized at Commercial Airplanes (BCA), BDS and BGS, partially offset by the return of customer advances at BCA. | ||||
Contract with Customer, Liability, Revenue Recognized | $ 1,497 | $ 3,100 | $ 6,752 | $ 13,216 |
Customer Financing (Narrative)
Customer Financing (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Customer Financing [Line Items] | |||||
Financing Receivable, Individually Evaluated for Impairment | $ 392 | $ 392 | $ 400 | ||
Impaired Financing Receivable, Recorded Investment | 381 | 381 | 388 | ||
Financing Receivable, Nonaccrual | 381 | 381 | $ 388 | ||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 5 | 26 | |||
Sales-Type and Direct Financing Leases, Lease Income | 15 | $ 15 | 44 | $ 47 | |
Operating Lease, Lease Income | 37 | 34 | 99 | 105 | |
Operating Lease, Variable Lease Income | $ 2 | $ 6 | $ 6 | $ 14 | |
CCC Credit Rating | |||||
Customer Financing [Line Items] | |||||
Percentage of Credit Default Rates Applied to Customers | 26.00% | 26.00% | |||
B Credit Rating | |||||
Customer Financing [Line Items] | |||||
Percentage of Credit Default Rates Applied to Customers | 7.90% | 7.90% | |||
BB Credit Rating | |||||
Customer Financing [Line Items] | |||||
Percentage of Credit Default Rates Applied to Customers | 3.10% | 3.10% | |||
BBB Credit Rating | |||||
Customer Financing [Line Items] | |||||
Percentage of Credit Default Rates Applied to Customers | 0.20% | 0.20% |
Customer Financing (Schedule Of
Customer Financing (Schedule Of Customer Financing) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Customer Financing [Abstract] | |||
Sales-type and Direct Financing Leases, Lease Receivable | $ 940 | ||
Investment in sales-type/finance leases | $ 1,029 | ||
Notes | 423 | 443 | |
Total financing receivables | 1,363 | 1,472 | |
Operating lease equipment, at cost, less accumulated depreciation of $265 and $235 | 764 | 834 | |
Operating Lease, Accumulated Depreciation | 265 | 235 | |
Gross customer financing | 2,127 | 2,306 | |
Less allowance for losses on receivables | (17) | $ (5) | (8) |
Total | $ 2,110 | $ 2,298 |
Customer Financing (Financing R
Customer Financing (Financing Receivable Credit Quality Indicators) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | $ 100 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 85 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 16 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 297 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 177 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 688 | |
Carrying value of financing receivables | 1,363 | $ 1,472 |
CCC Credit Rating | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 35 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 244 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 177 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 13 | |
Carrying value of financing receivables | 469 | |
B Credit Rating | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 53 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 174 | |
Carrying value of financing receivables | 227 | |
BB Credit Rating | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Year One, Originated, Current Fiscal Year | 100 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 50 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 16 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 148 | |
Carrying value of financing receivables | 314 | |
BBB Credit Rating | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 353 | |
Carrying value of financing receivables | $ 353 |
Customer Financing (Carrying Va
Customer Financing (Carrying Values Related to Major Aircraft Concentrations) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Customer Financing [Line Items] | ||
Customer financing carrying value | $ 2,127 | $ 2,306 |
Operating leases | 764 | 834 |
B-717 | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 658 | 736 |
Operating leases | 104 | 124 |
B747-8 | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 482 | 475 |
Operating leases | 123 | 130 |
B-737 | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 242 | 263 |
Operating leases | 220 | 240 |
B-777 | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 232 | 240 |
Operating leases | 230 | 236 |
MD 80 Aircraft | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 174 | 186 |
B-757 | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 162 | 182 |
Operating leases | 14 | 22 |
B747-400 | ||
Customer Financing [Line Items] | ||
Customer financing carrying value | 80 | 90 |
Operating leases | $ 27 | $ 31 |
Investments (Schedule Of Invest
Investments (Schedule Of Investments) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |||||
Investments [Abstract] | |||||||||
Equity Method Investments | [1] | $ 981 | $ 981 | $ 1,031 | |||||
Time deposits | 15,868 | 15,868 | 50 | ||||||
Available for sale debt instruments | 596 | 596 | 405 | ||||||
Equity and other investments | 76 | 76 | 65 | ||||||
Restricted Cash and Cash Equivalents | 83 | [2] | $ 86 | 83 | [2] | $ 86 | 86 | [2] | |
Total | 17,604 | 17,604 | $ 1,637 | ||||||
Dividends received | $ 5 | $ 60 | $ 58 | $ 153 | |||||
[1] | Dividends received were $58 and $5 for the nine and three months ended September 30, 2020 and $153 and $60 during the same periods in the prior year. | ||||||||
[2] | Reflects amounts restricted in support of our workers’ compensation programs, employee benefit programs, and insurance premiums. |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Commitments And Contingencies [Line Items] | ||||||
Loss Contingency, Range of Possible Loss, Portion Not Accrued | $ 1,094 | $ 1,094 | $ 1,077 | |||
Letters of Credit Outstanding, Amount | 3,640 | 3,640 | 3,769 | |||
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | (38) | $ (23) | (787) | $ 152 | ||
737 MAX customer concessions and other considerations liability | 6,000 | 6,000 | ||||
Base U.S. National Defense Spending | 740,500 | 740,500 | ||||
Contingent On Customer Negotiations | ||||||
Commitments And Contingencies [Line Items] | ||||||
737 MAX customer concessions and other considerations liability | 3,400 | 3,400 | ||||
Lower Customer Delivery Payments | ||||||
Commitments And Contingencies [Line Items] | ||||||
737 MAX customer concessions and other considerations liability | 1,600 | 1,600 | ||||
Cash Payments To Customers | ||||||
Commitments And Contingencies [Line Items] | ||||||
737 MAX customer concessions and other considerations liability | 800 | 800 | ||||
Customer Concessions | ||||||
Commitments And Contingencies [Line Items] | ||||||
737 MAX customer concessions and other considerations liability | 200 | 200 | ||||
Within Next Two fiscal Years | ||||||
Commitments And Contingencies [Line Items] | ||||||
Abnormal Production cost. | 5,000 | |||||
Within Current fiscal Year [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
737 MAX customer concessions and other considerations liability | 200 | 200 | ||||
Within Next fiscal Year [Member] | ||||||
Commitments And Contingencies [Line Items] | ||||||
737 MAX customer concessions and other considerations liability | 400 | 400 | ||||
Financing Commitment | ||||||
Commitments And Contingencies [Line Items] | ||||||
Other Commitment | 12,571 | 12,571 | 13,377 | |||
Joint venture | ||||||
Commitments And Contingencies [Line Items] | ||||||
Other Commitment | 243 | 243 | ||||
Total Contractual Trade-In Commitment | Commercial Aircraft Commitments | ||||||
Commitments And Contingencies [Line Items] | ||||||
Other Commitment | 958 | 958 | 1,407 | |||
Net Amounts Payable to Customers Related to Probable Contractual Trade-In Commitments | Commercial Aircraft Commitments | ||||||
Commitments And Contingencies [Line Items] | ||||||
Other Commitment | 601 | 601 | 711 | |||
Fair Value of Trade In Value of Aircraft | Commercial Aircraft Commitments | ||||||
Commitments And Contingencies [Line Items] | ||||||
Other Commitment | 590 | 590 | 678 | |||
KC-46A Tanker | ||||||
Commitments And Contingencies [Line Items] | ||||||
Contract Value | 15,000 | 15,000 | ||||
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | 1,045 | |||||
KC-46A Tanker | Capitalized Precontract Costs | ||||||
Commitments And Contingencies [Line Items] | ||||||
Loss Contingency, Estimate of Possible Loss | 420 | 420 | ||||
KC-46A Tanker | Potential Termination Liabilities | ||||||
Commitments And Contingencies [Line Items] | ||||||
Loss Contingency, Estimate of Possible Loss | 982 | 982 | ||||
KC-46A Tanker Remote Vision System | ||||||
Commitments And Contingencies [Line Items] | ||||||
Increase/(Decrease) in (Loss)/earnings from operations due to change in accounting estimate | $ 551 | |||||
B-737 | ||||||
Commitments And Contingencies [Line Items] | ||||||
Additional expenses as a result of the 737 MAX grounding | 239 | |||||
Aircraft Program Costs, Increase | 6,300 | |||||
Abnormal Production cost. | 590 | 2,099 | ||||
737 MAX customer concessions and other considerations liability | $ 5,981 | $ 5,981 | 7,389 | |||
B737NG Structure (Picklefork) | ||||||
Commitments And Contingencies [Line Items] | ||||||
Cost of Goods and Services Sold | $ 336 | $ 135 |
Commitments and Contingencies_3
Commitments and Contingencies Commitments and Contingencies (Schedule of 737 Max LIability) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Commitments And Contingencies [Line Items] | ||
737 MAX customer concessions and other considerations liability | $ 6,000 | |
B-737 | ||
Commitments And Contingencies [Line Items] | ||
737 MAX customer concessions and other considerations liability | 5,981 | $ 7,389 |
Payments made to customers | (1,695) | |
Concessions and other in-kind consideration to customers | (83) | |
Accrual for 737 MAX customer concessions and other considerations liability | $ 370 |
Commitments and Contingencies_4
Commitments and Contingencies (Environmental) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Environmental [Roll Forward] | ||
Beginning balance – January 1 | $ 570 | $ 555 |
Reductions for payments made | (26) | (34) |
Changes in estimates | 27 | 61 |
Ending balance – September 30 | $ 571 | $ 582 |
Commitments and Contingencies_5
Commitments and Contingencies (Product Warranties) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Product Warranties [Roll Forward] | ||
Beginning balance – January 1 | $ 1,267 | $ 1,127 |
Additions for current year deliveries | 50 | 128 |
Reductions for payments made | (202) | (166) |
Changes in estimates | 444 | (7) |
Ending balance – September 30 | $ 1,559 | $ 1,082 |
Commitments and Contingencies_6
Commitments and Contingencies (Financing Commitments) (Details) - Financing Commitment - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Commitments [Line Items] | ||
October through December 2020 | $ 1,732 | |
2021 | 2,323 | |
2022 | 1,733 | |
2023 | 1,567 | |
2024 | 1,659 | |
Thereafter | 3,557 | |
Total | $ 12,571 | $ 13,377 |
Commitment and Contingencies (S
Commitment and Contingencies (Severance) (Details) - Employee Severance - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2020 | Jun. 30, 2020 | |
Severance Liability [Line Items] | ||
Payments for Postemployment Benefits | $ (395) | |
Postemployment Benefits, Period Expense | 328 | |
Postemployment Benefits Liability, Current | $ 585 | $ 652 |
Arrangements With Off-Balance_3
Arrangements With Off-Balance Sheet Risk (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($) | |
ULA | Deferred Support and Production Costs [Member] | |
Guarantees [Line Items] | |
Litigation Settlement, Amount Awarded from Other Party | $ 307 |
Arrangements With Off-Balance_4
Arrangements With Off-Balance Sheet Risk (Third Party Guarantees) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Contingent Repurchase Commitments | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | $ 1,480 | $ 1,570 |
Estimated Proceeds from Collateral or Recourse | 1,480 | 1,570 |
Carrying Amount of Liabilities | ||
Credit Guarantee | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 90 | 92 |
Estimated Proceeds from Collateral or Recourse | 33 | 36 |
Carrying Amount of Liabilities | 24 | 16 |
ULA | Contributed Delta Program Launch Inventory | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 30 | 30 |
ULA | Contract Pricing | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | $ 34 | 34 |
ULA | Other Delta Contracts | ||
Guarantor Obligations [Line Items] | ||
Maximum Potential Payments | 317 | |
Carrying Amount of Liabilities | $ 48 |
Debt Narrative (Details)
Debt Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $ 25,000 | |
Proceeds from Debt, Net of Issuance Costs | $ 24,802 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 13,825 | |
Four Point Five Zero Eight Percent due May 1, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | May 1, 2023 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.508% | |
Debt Instrument, Face Amount | $ 3,000 | |
Four Point Eight Seven Five Percent due May 1, 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | May 1, 2025 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.875% | |
Debt Instrument, Face Amount | $ 3,500 | |
Five Point Zero Four Percent due May 1, 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | May 1, 2027 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.04% | |
Debt Instrument, Face Amount | $ 2,000 | |
Five Point One Five Percent due May 1, 2030 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | May 1, 2030 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.15% | |
Debt Instrument, Face Amount | $ 4,500 | |
Five Point Seven Zero Five Percent due May 1, 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | May 1, 2040 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.705% | |
Debt Instrument, Face Amount | $ 3,000 | |
Five Point Eight Zero Five Percent due May 1, 2050 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | May 1, 2050 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.805% | |
Debt Instrument, Face Amount | $ 5,500 | |
Five Point Nine Three Percent due May 1, 2060 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | May 1, 2060 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.93% | |
Debt Instrument, Face Amount | $ 3,500 | |
Delayed Draw Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Maturity Date | Feb. 6, 2022 | |
Proceeds from Long-term Lines of Credit | $ 13,825 | |
Minimum | Delayed Draw Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |
Maximum | Delayed Draw Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.25% |
Postretirement Plans (Net Perio
Postretirement Plans (Net Periodic Benefit Cost Tables) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 1 | $ 2 | $ 2 | |
Interest cost | 613 | 731 | 1,841 | 2,193 |
Expected return on plan assets | (938) | (966) | (2,816) | (2,896) |
Amortization of prior service credits | (20) | (19) | (60) | (59) |
Recognized net actuarial loss | 258 | 161 | 774 | 482 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | 3 | 6 | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | (83) | (93) | (253) | (278) |
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | 3,000 | 3,000 | ||
Other Postretirement Benefits Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | 22 | 19 | 65 | 58 |
Interest cost | 35 | 49 | 107 | 147 |
Expected return on plan assets | (1) | (2) | (6) | (6) |
Amortization of prior service credits | (12) | (8) | (29) | (26) |
Recognized net actuarial loss | (10) | (12) | (33) | (35) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement and Curtailment | (2) | (2) | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | 32 | 46 | 102 | 138 |
Operating Income (Loss) | Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | 1 | 76 | 2 | 234 |
Operating Income (Loss) | Other Postretirement Benefits Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | 23 | 21 | 67 | 66 |
Other Income | Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | (84) | (93) | (255) | (280) |
Other Income | Other Postretirement Benefits Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | 10 | 27 | 37 | 80 |
Operating Income (Loss) Before Taxes | Pension Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | (83) | (17) | (253) | (46) |
Operating Income (Loss) Before Taxes | Other Postretirement Benefits Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net periodic benefit (income)/cost included in (Loss)/earnings before income taxes | $ 33 | $ 48 | $ 104 | $ 146 |
Share-Based Compensation And _2
Share-Based Compensation And Other Compensation Arrangements (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 28, 2020 | Feb. 24, 2020 | Sep. 30, 2020 |
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units (RSUs) granted to executives | 325,108 | ||
Restricted stock units (RSUs) granted to executives (fair value per share) | $ 319.04 | ||
Share-based payment award vesting period (in years) | 3 years | ||
Performance Based Restricted Stock Units (PBRSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units (RSUs) granted to executives (fair value per share) | $ 357.38 | ||
Share-based payment award vesting period (in years) | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 27.04% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.21% | ||
Performance Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based payment award vesting period (in years) | 3 years | ||
Performance award period end date | Dec. 31, 2022 | ||
Performance Awards | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Payout Amount, Aggregate | $ 0 | ||
2020 PBRSU | Performance Based Restricted Stock Units (PBRSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock units (RSUs) granted to executives | 290,202 | ||
2020 Performance Awards | Performance Awards | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Payout Amount, Aggregate | $ 297 |
Shareholders' Equity (Accumulat
Shareholders' Equity (Accumulated other comprehensive income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning Balance | [1] | $ (16,025) | $ (14,908) | $ (16,153) | $ (15,083) | ||
OCI before reclassifications | [1] | 87 | (139) | (144) | (149) | ||
Amounts reclassified from AOCI | [1] | 159 | 120 | 518 | 305 | ||
Net current period Other comprehensive income/(loss) | [1] | 246 | (19) | 374 | 156 | ||
Ending Balance | [1] | (15,779) | (14,927) | (15,779) | (14,927) | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, after Tax | 172 | 117 | 562 | 350 | |||
Amortization of actuarial losses included in net periodic pension cost, tax | (76) | (32) | (179) | (97) | |||
Currency Translation Adjustments [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning Balance | (161) | (103) | (128) | (101) | |||
OCI before reclassifications | 48 | (59) | 15 | (61) | |||
Net current period Other comprehensive income/(loss) | 48 | (59) | 15 | (61) | |||
Ending Balance | (113) | (162) | (113) | (162) | |||
Unrealized Gains and Losses on Certain Investments [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning Balance | 1 | 1 | 1 | ||||
OCI before reclassifications | 1 | ||||||
Net current period Other comprehensive income/(loss) | 1 | ||||||
Ending Balance | 1 | 1 | 1 | 1 | |||
Unrealized Gains and Losses on Derivative Instruments [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning Balance | (258) | (82) | (84) | (62) | |||
OCI before reclassifications | 79 | (89) | (107) | (106) | |||
Amounts reclassified from AOCI | 8 | 25 | 20 | 22 | |||
Net current period Other comprehensive income/(loss) | 87 | (64) | (87) | (84) | |||
Ending Balance | (171) | (146) | (171) | (146) | |||
Defined Benefit Pension Plans and Other Postretirement Benefits [Member] | |||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||
Beginning Balance | (15,607) | (14,724) | (15,942) | (14,920) | |||
OCI before reclassifications | (40) | 9 | (52) | 17 | |||
Amounts reclassified from AOCI | 151 | [2] | 95 | [2] | 498 | 283 | |
Net current period Other comprehensive income/(loss) | 111 | 104 | 446 | 300 | |||
Ending Balance | $ (15,496) | $ (14,620) | $ (15,496) | $ (14,620) | |||
[1] | Net of tax. | ||||||
[2] | Primarily relates to amortization of actuarial losses for the nine and three months ended September 30, 2019 totaling $350 and $117 (net of tax of ($97) and ($32)) and for the nine and three months ended September 30, 2020 totaling $562 and $172 (net of tax of ($179) and ($76)). These are included in the net periodic pension cost. |
Derivative Financial Instrume_3
Derivative Financial Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative [Line Items] | ||||
Cash flow hedge gain/(loss) to be reclassified during the next 12 months, pre-tax | $ (21) | |||
Fair value of foreign exchange and commodity contracts that have credit-risk-related contingent features that are in a net liability position | $ 26 | 26 | ||
Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Derivative, Gain (Loss) on Derivative, Net | $ 5 | $ (1) | $ 11 | $ 1 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Schedule of Derivative Instruments, Notional Amounts and Fair Values) (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Derivative, Notional Amount | [1] | $ 4,944 | $ 5,164 |
Other Assets | 34 | 34 | |
Accrued Liabilities | (200) | (138) | |
Netting Arrangements, Other Assets | (17) | (20) | |
Netting Arrangements, Accrued Liabilities | 17 | 20 | |
Net Recorded balance, Other Assets | 17 | 14 | |
Net Recorded balance, Accrued Liabilities | (183) | (118) | |
Designated as Hedging Instrument | Foreign Exchange Contract | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 3,022 | 2,590 | |
Other Assets | 15 | 29 | |
Accrued Liabilities | (94) | (60) | |
Designated as Hedging Instrument | Commodity Contract | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 354 | 645 | |
Other Assets | 3 | 4 | |
Accrued Liabilities | (81) | (72) | |
Not Designated as Hedging Instrument | Foreign Exchange Contract | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 641 | 285 | |
Other Assets | 16 | 1 | |
Accrued Liabilities | (9) | (6) | |
Not Designated as Hedging Instrument | Commodity Contract | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | 927 | $ 1,644 | |
Accrued Liabilities | $ (16) | ||
[1] | Notional amounts represent the gross contract/notional amount of the derivatives outstanding. |
Derivative Financial Instrume_5
Derivative Financial Instruments (Schedule Of Derivative Instruments, Gains/(Losses)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Foreign Exchange Contract | ||||
Derivative [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ 54 | $ (34) | $ (58) | $ (6) |
Commodity Contract | ||||
Derivative [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ 25 | $ (30) | $ (49) | $ (78) |
Derivative Financial Instrume_6
Derivative Financial Instruments Derivative Financial Instruments (Schedule of Gains/(losses) reclassified from AOCI to Earnings) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating Expense | ||||
Derivative [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ (3) | $ (6) | $ 1 | |
General and Administrative Expense | ||||
Derivative [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | 1 | (1) | 1 | |
Sales | ||||
Derivative [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (1) | (6) | (2) | |
Operating Expense | ||||
Derivative [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | (6) | (9) | (12) | (21) |
General and Administrative Expense | ||||
Derivative [Line Items] | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, before Tax | $ (18) | $ (5) | $ (9) |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivatives, Assets | $ 17 | $ 14 |
Derivatives, Liabilities | (183) | (118) |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 4,018 | 2,562 |
Commercial Paper, at Carrying Value | 142 | 108 |
Available for sale debt instruments | 341 | 242 |
Available for Sale Securities, Government Agencies | 113 | 55 |
Investments, Fair Value Disclosure | 45 | 33 |
Derivatives, Assets | 17 | 14 |
Total assets | 4,676 | 3,014 |
Derivatives, Liabilities | (183) | (118) |
Total liabilities | (183) | (118) |
Fair Value, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 4,018 | 2,562 |
Available for Sale Securities, Government Agencies | 55 | |
Investments, Fair Value Disclosure | 45 | 33 |
Total assets | 4,063 | 2,650 |
Fair Value, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Commercial Paper, at Carrying Value | 142 | 108 |
Available for sale debt instruments | 341 | 242 |
Available for Sale Securities, Government Agencies | 113 | |
Derivatives, Assets | 17 | 14 |
Total assets | 613 | 364 |
Derivatives, Liabilities | (183) | (118) |
Total liabilities | $ (183) | $ (118) |
Fair Value Measurements Fair _2
Fair Value Measurements Fair Value, Assets Measured on Nonrecurring Basis Using Unobservable Inputs (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | $ (317) | $ (106) |
Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (317) | (106) |
Fair Value, Nonrecurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 431 | 105 |
Customer Financing Assets | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (22) | (1) |
Customer Financing Assets | Fair Value, Nonrecurring | Level 3 | Valuation, Market Approach | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 100 | 10 |
Investments | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (62) | (84) |
Investments | Fair Value, Nonrecurring | Level 3 | Valuation, Income Approach | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 51 | 51 |
Property, Plant and Equipment | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (75) | (4) |
Property, Plant and Equipment | Fair Value, Nonrecurring | Level 3 | Valuation, Income Approach | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 81 | 41 |
Other Assets and Acquired Intangible Assets | Fair Value, Nonrecurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Nonrecurring fair value losses | (158) | (17) |
Other Assets and Acquired Intangible Assets | Fair Value, Nonrecurring | Level 3 | Valuation, Income Approach | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 199 | $ 3 |
Fair Value Measurements Fair _3
Fair Value Measurements Fair Value, Assets Measured On Nonrecurring Basis, Valuation Techniques (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Sep. 30, 2019 |
Aircraft Value Publications | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value of assets and liabilities measured on nonrecurring basis valuation techniques, median | $ 110 | |
Aircraft Value Publications | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range of fair value of assets measured on nonrecurring basis valuation techniques | 79 | |
Aircraft Value Publications | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range of fair value of assets measured on nonrecurring basis valuation techniques | 161 | |
Aircraft Condition Adjustments | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Net fair value of assets measured on nonrecurring basis valuation techniques | (10) | |
Aircraft Condition Adjustments | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range of fair value of assets measured on nonrecurring basis valuation techniques | (13) | |
Aircraft Condition Adjustments | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Range of fair value of assets measured on nonrecurring basis valuation techniques | 3 | |
Level 3 | Fair Value, Nonrecurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | 431 | $ 105 |
Valuation, Market Approach | Level 3 | Fair Value, Nonrecurring | Customer Financing Assets | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assets, Fair Value Disclosure | $ 100 | $ 10 |
Fair Value Measurements Fair _4
Fair Value Measurements Fair Values And Related Carrying Values of Financial Instruments (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, net Carrying amount | $ 423 | $ 443 |
Notes receivable, Fair value | 470 | 444 |
Debt, excluding commercial paper and capital lease obligations, Carrying amount | (58,840) | (20,964) |
Debt, excluding commercial airplanes and capital lease obligations, Fair value | (63,033) | (23,119) |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable, Fair value | 470 | 444 |
Debt, excluding commercial airplanes and capital lease obligations, Fair value | (63,016) | (23,081) |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt, excluding commercial airplanes and capital lease obligations, Fair value | $ (17) | $ (38) |
Legal Proceedings Legal Proceed
Legal Proceedings Legal Proceedings (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Legal Proceedings [Abstract] | |
Controlling Interest Ownership Percentage After Acquisition | 80.00% |
Payments to Acquire Interest in Joint Venture | $ 4,200 |
Joint Venture, Contingent Termination Fee | $ 100 |
Segment and Revenue Informati_3
Segment and Revenue Information Segment and Revenue Information (Narrative) (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2020USD ($)segments | |
Segment Reporting Information [Line Items] | |
Number of Reportable Segments | segments | 4 |
Revenue, Remaining Performance Obligation, Amount | $ | $ 393,067 |
Within Next Two Fiscal Years | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Percent Recognized | 24.00% |
Within Next 5 Fiscal Years | |
Segment Reporting Information [Line Items] | |
Revenue, Remaining Performance Obligation, Percent Recognized | 68.00% |
Segment and Revenue Informati_4
Segment and Revenue Information Segment and Revenue Information (Schedule of Revenue Disaggregation) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 14,139 | $ 19,980 | $ 42,854 | $ 58,648 |
Global Services | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3,694 | 4,658 | 11,810 | 13,820 |
Global Services | Operating Segments | Commercial Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,488 | 2,510 | 5,382 | 7,621 |
Global Services | Operating Segments | Government Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2,142 | 2,101 | 6,241 | 6,075 |
Global Services | Operating Segments | External Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 3,630 | $ 4,611 | $ 11,623 | $ 13,696 |
Global Services | Operating Segments | U S Government Contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 45.00% | 35.00% | 41.00% | 33.00% |
Global Services | Operating Segments | Fixed-price Contract | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 87.00% | 90.00% | 88.00% | 89.00% |
Global Services | Operating Segments | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 42.00% | 54.00% | 47.00% | 56.00% |
Global Services | Intersegment Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 64 | $ 47 | $ 187 | $ 124 |
Commercial Airplanes | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 3,596 | 8,249 | 11,434 | 24,793 |
Commercial Airplanes | Operating Segments | External Customers | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 3,589 | $ 8,242 | $ 11,400 | $ 24,609 |
Commercial Airplanes | Operating Segments | Fixed-price Contract | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Commercial Airplanes | Operating Segments | Transferred at Point in Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Commercial Airplanes | Operating Segments | Non-US [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,805 | $ 5,238 | $ 6,580 | $ 19,628 |
Commercial Airplanes | Operating Segments | Europe | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,293 | 1,260 | 3,595 | 3,944 |
Commercial Airplanes | Operating Segments | Asia | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 500 | 2,691 | 1,964 | 10,225 |
Commercial Airplanes | Operating Segments | Middle East | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,121 | 556 | 2,926 | |
Commercial Airplanes | Operating Segments | Other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 12 | 166 | 465 | 2,533 |
Commercial Airplanes | Operating Segments | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 1,633 | 3,004 | 5,190 | 10,591 |
Commercial Airplanes | Intersegment Eliminations | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | 7 | 7 | 34 | 184 |
Defense, Space & Security | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenues | $ 6,848 | $ 7,002 | $ 19,478 | $ 20,168 |
Defense, Space & Security | Operating Segments | U S Government Contracts | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 90.00% | 90.00% | 89.00% | 89.00% |
Defense, Space & Security | Operating Segments | Fixed-price Contract | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 69.00% | 70.00% | 68.00% | 69.00% |
Defense, Space & Security | Operating Segments | Transferred over Time | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, excluding assessed tax, Percentage | 99.00% | 97.00% | 99.00% | 98.00% |
Defense, Space & Security | Operating Segments | Non-US [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 1,536 | $ 1,580 | $ 5,013 | $ 5,027 |
Defense, Space & Security | Operating Segments | United States | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | 5,312 | 5,422 | 14,465 | 15,141 |
B-737-Max | Customer Concessions | Commercial Airplanes | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 151 | $ (370) | $ (5,610) |
Schedule Of Unallocated Items a
Schedule Of Unallocated Items and Eliminations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Share-based plans | $ (165) | $ (160) | ||
Research and Development Expense | $ (574) | $ (778) | (1,871) | (2,470) |
Asset Impairment Charges | (317) | (106) | ||
Corporate Reconciling Items And Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Share-based plans | (37) | (21) | (80) | (57) |
Deferred compensation | (39) | (25) | 34 | (154) |
Amortization of previously capitalized interest | (19) | (23) | (69) | (68) |
Research and Development Expense | (44) | (100) | (160) | (283) |
Asset Impairment Charges | (250) | |||
Litigation Settlement, Expense | 109 | |||
Eliminations and other unallocated items | (175) | (352) | (690) | (810) |
Unallocated items, eliminations and other | (314) | (521) | (965) | (1,731) |
FAS/CAS service cost adjustment | 353 | 364 | 1,055 | 1,093 |
Corporate Reconciling Items And Eliminations | Pension Plans, Defined Benefit | ||||
Segment Reporting Information [Line Items] | ||||
FAS/CAS service cost adjustment | 260 | 274 | 773 | 823 |
Corporate Reconciling Items And Eliminations | Other Postretirement Benefit Plan, Defined Benefit | ||||
Segment Reporting Information [Line Items] | ||||
FAS/CAS service cost adjustment | $ 93 | $ 90 | $ 282 | $ 270 |
Reconciliation of Assets from S
Reconciliation of Assets from Segment to Consolidated (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Assets | $ 161,261 | $ 133,625 |
Operating Segments | Commercial Airplanes | ||
Segment Reporting Information [Line Items] | ||
Assets | 83,187 | 73,995 |
Operating Segments | Defense, Space & Security | ||
Segment Reporting Information [Line Items] | ||
Assets | 15,723 | 15,757 |
Operating Segments | Global Services | ||
Segment Reporting Information [Line Items] | ||
Assets | 18,381 | 18,605 |
Operating Segments | Boeing Capital | ||
Segment Reporting Information [Line Items] | ||
Assets | 2,053 | 2,269 |
Corporate Reconciling Items And Eliminations | ||
Segment Reporting Information [Line Items] | ||
Assets | $ 41,917 | $ 22,999 |
Uncategorized Items - ba-202009
Label | Element | Value |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | $ (16,153,000,000) |
Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 5,061,000,000 |
Additional Paid-in Capital [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 6,745,000,000 |
Treasury Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | (54,914,000,000) |
Noncontrolling Interest [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | 317,000,000 |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | (8,462,000,000) |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest | $ 50,482,000,000 |