We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Boeing Co | NYSE:BA | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-6.19 | -3.57% | 167.30 | 174.07 | 167.76 | 171.76 | 8,248,756 | 00:59:18 |
☒
|
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
THE BOEING COMPANY
|
|
Delaware
|
|
91-0425694
|
||
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
||
|
|
|
|
|
100 N. Riverside Plaza,
|
Chicago,
|
IL
|
|
60606-1596
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
(312)
|
544-2000
|
|
Large Accelerated Filer
|
☒
|
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
☐
|
Emerging growth company
|
☐
|
|
|
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
Common Stock, $5.00 Par Value
|
|
BA
|
|
New York Stock Exchange
|
Part I. Financial Information (Unaudited)
|
Page
|
|
|
|
|
Item 1.
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
|
|
|
|
|
Item 2.
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
Part II. Other Information
|
|
|
|
|
|
Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
|
Item 2.
|
||
|
|
|
Item 3.
|
||
|
|
|
Item 4.
|
||
|
|
|
Item 5.
|
||
|
|
|
Item 6.
|
||
|
|
|
|
(Dollars in millions, except per share data)
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Sales of products
|
|
$23,254
|
|
|
|
$33,319
|
|
|
|
$9,063
|
|
|
|
$13,094
|
|
Sales of services
|
5,461
|
|
|
5,349
|
|
|
2,744
|
|
|
2,657
|
|
||||
Total revenues
|
28,715
|
|
|
38,668
|
|
|
11,807
|
|
|
15,751
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|||||
Cost of products
|
(25,091
|
)
|
|
(31,910
|
)
|
|
(10,378
|
)
|
|
(15,672
|
)
|
||||
Cost of services
|
(4,632
|
)
|
|
(4,511
|
)
|
|
(2,589
|
)
|
|
(2,122
|
)
|
||||
Boeing Capital interest expense
|
(23
|
)
|
|
(34
|
)
|
|
(11
|
)
|
|
(16
|
)
|
||||
Total costs and expenses
|
(29,746
|
)
|
|
(36,455
|
)
|
|
(12,978
|
)
|
|
(17,810
|
)
|
||||
|
(1,031
|
)
|
|
2,213
|
|
|
(1,171
|
)
|
|
(2,059
|
)
|
||||
(Loss)/income from operating investments, net
|
(47
|
)
|
|
5
|
|
|
(45
|
)
|
|
(15
|
)
|
||||
General and administrative expense
|
(2,034
|
)
|
|
(1,856
|
)
|
|
(1,161
|
)
|
|
(672
|
)
|
||||
Research and development expense, net
|
(1,297
|
)
|
|
(1,692
|
)
|
|
(625
|
)
|
|
(826
|
)
|
||||
Gain on dispositions, net
|
92
|
|
|
300
|
|
|
38
|
|
|
192
|
|
||||
Loss from operations
|
(4,317
|
)
|
|
(1,030
|
)
|
|
(2,964
|
)
|
|
(3,380
|
)
|
||||
Other income, net
|
206
|
|
|
213
|
|
|
94
|
|
|
107
|
|
||||
Interest and debt expense
|
(815
|
)
|
|
(277
|
)
|
|
(553
|
)
|
|
(154
|
)
|
||||
Loss before income taxes
|
(4,926
|
)
|
|
(1,094
|
)
|
|
(3,423
|
)
|
|
(3,427
|
)
|
||||
Income tax benefit
|
1,890
|
|
|
301
|
|
|
1,028
|
|
|
485
|
|
||||
Net loss
|
(3,036
|
)
|
|
(793
|
)
|
|
(2,395
|
)
|
|
(2,942
|
)
|
||||
Less: net loss attributable to noncontrolling interest
|
(32
|
)
|
|
|
|
|
(19
|
)
|
|
|
|||||
Net loss attributable to Boeing Shareholders
|
|
($3,004
|
)
|
|
|
($793
|
)
|
|
|
($2,376
|
)
|
|
|
($2,942
|
)
|
|
|
|
|
|
|
|
|
||||||||
Basic loss per share
|
|
($5.31
|
)
|
|
|
($1.40
|
)
|
|
|
($4.20
|
)
|
|
|
($5.21
|
)
|
|
|
|
|
|
|
|
|
||||||||
Diluted loss per share
|
|
($5.31
|
)
|
|
|
($1.40
|
)
|
|
|
($4.20
|
)
|
|
|
($5.21
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average diluted shares (millions)
|
566.1
|
|
|
566.6
|
|
|
566.4
|
|
|
565.3
|
|
(Dollars in millions)
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Net loss
|
|
($3,036
|
)
|
|
|
($793
|
)
|
|
|
($2,395
|
)
|
|
|
($2,942
|
)
|
Other comprehensive (loss)/income, net of tax:
|
|
|
|
|
|
|
|
||||||||
Currency translation adjustments
|
(33
|
)
|
|
(2
|
)
|
|
44
|
|
|
(3
|
)
|
||||
Unrealized gain on certain investments, net of tax of $0 in all periods
|
|
|
1
|
|
|
|
|
|
|||||||
Unrealized (loss)/gain on derivative instruments:
|
|
|
|
|
|
|
|
||||||||
Unrealized (loss)/gain arising during period, net of tax of $54, $5, ($23) and $8
|
(186
|
)
|
|
(17
|
)
|
|
89
|
|
|
(28
|
)
|
||||
Reclassification adjustment for losses/(gains) included in net loss, net of tax of ($4), $1, ($3) and $0
|
12
|
|
|
(3
|
)
|
|
10
|
|
|
(1
|
)
|
||||
Total unrealized (loss)/gain on derivative instruments, net of tax
|
(174
|
)
|
|
(20
|
)
|
|
99
|
|
|
(29
|
)
|
||||
Defined benefit pension plans and other postretirement benefits:
|
|
|
|
|
|
|
|
||||||||
Amortization of prior service credits included in net periodic pension cost, net of tax of $12, $13, $6 and $7
|
(45
|
)
|
|
(45
|
)
|
|
(22
|
)
|
|
(22
|
)
|
||||
Net actuarial loss arising during the period, net of tax of $3, $0, $3 and $0
|
(12
|
)
|
|
|
|
(12
|
)
|
|
|
||||||
Amortization of actuarial losses included in net periodic pension cost, net of tax of ($103), ($65), ($50) and ($33)
|
390
|
|
|
233
|
|
|
197
|
|
|
115
|
|
||||
Settlements and curtailments included in net loss, net of tax of ($1), $0, ($1) and $0
|
2
|
|
|
|
|
2
|
|
|
|
||||||
Pension and postretirement cost related to our equity method investments, net of tax of $0, ($2), $0, and $0
|
|
|
|
8
|
|
|
|
|
|
||||||
Total defined benefit pension plans and other postretirement benefits, net of tax
|
335
|
|
|
196
|
|
|
165
|
|
|
93
|
|
||||
Other comprehensive income, net of tax
|
128
|
|
|
175
|
|
|
308
|
|
|
61
|
|
||||
Comprehensive loss related to noncontrolling interests
|
|
|
|
(7
|
)
|
|
|
|
(7
|
)
|
|||||
Comprehensive loss, net of tax
|
(2,908
|
)
|
|
(625
|
)
|
|
(2,087
|
)
|
|
(2,888
|
)
|
||||
Less: Comprehensive loss related to noncontrolling interest
|
(32
|
)
|
|
(7
|
)
|
|
(19
|
)
|
|
(7
|
)
|
||||
Comprehensive loss attributable to Boeing Shareholders, net of tax
|
|
($2,876
|
)
|
|
|
($618
|
)
|
|
|
($2,068
|
)
|
|
|
($2,881
|
)
|
(Dollars in millions, except per share data)
|
June 30
2020 |
|
|
December 31
2019 |
|
||
Assets
|
|
|
|
||||
Cash and cash equivalents
|
|
$19,992
|
|
|
|
$9,485
|
|
Short-term and other investments
|
12,438
|
|
|
545
|
|
||
Accounts receivable, net
|
2,793
|
|
|
3,266
|
|
||
Unbilled receivables, net
|
8,570
|
|
|
9,043
|
|
||
Current portion of customer financing, net
|
115
|
|
|
162
|
|
||
Inventories
|
83,745
|
|
|
76,622
|
|
||
Other current assets, net
|
2,624
|
|
|
3,106
|
|
||
Total current assets
|
130,277
|
|
|
102,229
|
|
||
Customer financing, net
|
2,054
|
|
|
2,136
|
|
||
Property, plant and equipment, net of accumulated depreciation of $19,863 and $19,342
|
12,182
|
|
|
12,502
|
|
||
Goodwill
|
8,064
|
|
|
8,060
|
|
||
Acquired intangible assets, net
|
3,019
|
|
|
3,338
|
|
||
Deferred income taxes
|
729
|
|
|
683
|
|
||
Investments
|
1,066
|
|
|
1,092
|
|
||
Other assets, net of accumulated amortization of $617 and $580
|
5,481
|
|
|
3,585
|
|
||
Total assets
|
|
$162,872
|
|
|
|
$133,625
|
|
Liabilities and equity
|
|
|
|
||||
Accounts payable
|
|
$13,700
|
|
|
|
$15,553
|
|
Accrued liabilities
|
22,493
|
|
|
22,868
|
|
||
Advances and progress billings
|
53,367
|
|
|
51,551
|
|
||
Short-term debt and current portion of long-term debt
|
2,922
|
|
|
7,340
|
|
||
Total current liabilities
|
92,482
|
|
|
97,312
|
|
||
Deferred income taxes
|
404
|
|
|
413
|
|
||
Accrued retiree health care
|
4,427
|
|
|
4,540
|
|
||
Accrued pension plan liability, net
|
15,663
|
|
|
16,276
|
|
||
Other long-term liabilities
|
2,821
|
|
|
3,422
|
|
||
Long-term debt
|
58,457
|
|
|
19,962
|
|
||
Total liabilities
|
174,254
|
|
|
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
|
|
||
Additional paid-in capital
|
6,648
|
|
|
6,745
|
|
||
Treasury stock, at cost - 447,840,938 and 449,352,405 shares
|
(54,829
|
)
|
|
(54,914
|
)
|
||
Retained earnings
|
47,478
|
|
|
50,644
|
|
||
Accumulated other comprehensive loss
|
(16,025
|
)
|
|
(16,153
|
)
|
||
Total shareholders’ equity
|
(11,667
|
)
|
|
(8,617
|
)
|
||
Noncontrolling interests
|
285
|
|
|
317
|
|
||
Total equity
|
(11,382
|
)
|
|
(8,300
|
)
|
||
Total liabilities and equity
|
|
$162,872
|
|
|
|
$133,625
|
|
(Dollars in millions)
|
Six months ended June 30
|
||||||
|
2020
|
|
|
2019
|
|
||
Cash flows – operating activities:
|
|
|
|
||||
Net loss
|
|
($3,036
|
)
|
|
|
($793
|
)
|
Adjustments to reconcile net loss to net cash (used)/provided by operating activities:
|
|
|
|
||||
Non-cash items –
|
|
|
|
||||
Share-based plans expense
|
115
|
|
|
104
|
|
||
Depreciation and amortization
|
1,103
|
|
|
1,067
|
|
||
Investment/asset impairment charges, net
|
280
|
|
|
70
|
|
||
Customer financing valuation adjustments
|
9
|
|
|
249
|
|
||
Gain on dispositions, net
|
(92
|
)
|
|
(300
|
)
|
||
Other charges and credits, net
|
815
|
|
|
145
|
|
||
Changes in assets and liabilities –
|
|
|
|
||||
Accounts receivable
|
143
|
|
|
588
|
|
||
Unbilled receivables
|
285
|
|
|
(222
|
)
|
||
Advances and progress billings
|
1,822
|
|
|
1,842
|
|
||
Inventories
|
(6,741
|
)
|
|
(5,233
|
)
|
||
Other current assets
|
433
|
|
|
(887
|
)
|
||
Accounts payable
|
(3,181
|
)
|
|
2,002
|
|
||
Accrued liabilities
|
514
|
|
|
4,959
|
|
||
Income taxes receivable, payable and deferred
|
(1,894
|
)
|
|
(921
|
)
|
||
Other long-term liabilities
|
(109
|
)
|
|
(509
|
)
|
||
Pension and other postretirement plans
|
(357
|
)
|
|
(390
|
)
|
||
Customer financing, net
|
62
|
|
|
347
|
|
||
Other
|
247
|
|
|
80
|
|
||
Net cash (used)/provided by operating activities
|
(9,582
|
)
|
|
2,198
|
|
||
Cash flows – investing activities:
|
|
|
|
||||
Property, plant and equipment additions
|
(776
|
)
|
|
(922
|
)
|
||
Property, plant and equipment reductions
|
96
|
|
|
331
|
|
||
Acquisitions, net of cash acquired
|
|
|
|
(492
|
)
|
||
Contributions to investments
|
(12,557
|
)
|
|
(496
|
)
|
||
Proceeds from investments
|
543
|
|
|
758
|
|
||
Purchase of distribution rights
|
|
|
|
(20
|
)
|
||
Other
|
8
|
|
|
(12
|
)
|
||
Net cash used by investing activities
|
(12,686
|
)
|
|
(853
|
)
|
||
Cash flows – financing activities:
|
|
|
|
||||
New borrowings
|
42,302
|
|
|
11,670
|
|
||
Debt repayments
|
(8,265
|
)
|
|
(6,422
|
)
|
||
Contributions from noncontrolling interests
|
|
|
|
7
|
|
||
Stock options exercised
|
27
|
|
|
47
|
|
||
Employee taxes on certain share-based payment arrangements
|
(164
|
)
|
|
(238
|
)
|
||
Common shares repurchased
|
|
|
|
(2,651
|
)
|
||
Dividends paid
|
(1,158
|
)
|
|
(2,317
|
)
|
||
Net cash provided by financing activities
|
32,742
|
|
|
96
|
|
||
Effect of exchange rate changes on cash and cash equivalents, including restricted
|
(11
|
)
|
|
(2
|
)
|
||
Net increase in cash & cash equivalents, including restricted
|
10,463
|
|
|
1,439
|
|
||
Cash & cash equivalents, including restricted, at beginning of year
|
9,571
|
|
|
7,813
|
|
||
Cash & cash equivalents, including restricted, at end of period
|
20,034
|
|
|
9,252
|
|
||
Less restricted cash & cash equivalents, included in Investments
|
42
|
|
|
85
|
|
||
Cash and cash equivalents at end of period
|
|
$19,992
|
|
|
|
$9,167
|
|
|
Boeing shareholders
|
|
|
||||||||||||||||||
(Dollars in millions, except per share data)
|
Common
Stock
|
|
Additional
Paid-In
Capital
|
|
Treasury Stock
|
|
Retained
Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Non-
controlling
Interests
|
|
Total
|
|
|||||||
Balance at January 1, 2019
|
|
$5,061
|
|
|
$6,768
|
|
|
($52,348
|
)
|
|
$55,941
|
|
|
($15,083
|
)
|
|
$71
|
|
|
$410
|
|
Net loss
|
|
|
|
(793
|
)
|
|
(7
|
)
|
(800
|
)
|
|||||||||||
Other comprehensive income, net of tax of ($48)
|
|
|
|
|
175
|
|
|
175
|
|
||||||||||||
Share-based compensation and related dividend equivalents
|
|
120
|
|
|
(16
|
)
|
|
|
104
|
|
|||||||||||
Treasury shares issued for stock options exercised, net
|
|
(39
|
)
|
82
|
|
|
|
|
43
|
|
|||||||||||
Treasury shares issued for other share-based plans, net
|
|
(211
|
)
|
(15
|
)
|
|
|
|
(226
|
)
|
|||||||||||
Common shares repurchased
|
|
|
(2,651
|
)
|
|
|
|
(2,651
|
)
|
||||||||||||
Cash dividends declared ($4.11 per share)
|
|
|
|
(2,313
|
)
|
|
|
(2,313
|
)
|
||||||||||||
Changes in noncontrolling interests
|
|
|
|
|
|
315
|
|
315
|
|
||||||||||||
Balance at June 30, 2019
|
|
$5,061
|
|
|
$6,638
|
|
|
($54,932
|
)
|
|
$52,819
|
|
|
($14,908
|
)
|
|
$379
|
|
|
($4,943
|
)
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance at December 31, 2019
|
|
$5,061
|
|
|
$6,745
|
|
|
($54,914
|
)
|
|
$50,644
|
|
|
($16,153
|
)
|
|
$317
|
|
|
($8,300
|
)
|
Impact of ASU 2016-13
|
|
|
|
(162
|
)
|
|
|
(162
|
)
|
||||||||||||
Balance at January 1, 2020
|
|
$5,061
|
|
|
$6,745
|
|
|
($54,914
|
)
|
|
$50,482
|
|
|
($16,153
|
)
|
|
$317
|
|
|
($8,462
|
)
|
Net loss
|
|
|
|
(3,004
|
)
|
|
(32
|
)
|
(3,036
|
)
|
|||||||||||
Other comprehensive income, net of tax of ($39)
|
|
|
|
|
128
|
|
|
128
|
|
||||||||||||
Share-based compensation and related dividend equivalents
|
|
115
|
|
|
|
|
|
|
115
|
|
|||||||||||
Treasury shares issued for stock options exercised, net
|
|
(20
|
)
|
47
|
|
|
|
|
27
|
|
|||||||||||
Treasury shares issued for other share-based plans, net
|
|
(192
|
)
|
38
|
|
|
|
|
(154
|
)
|
|||||||||||
Balance at June 30, 2020
|
|
$5,061
|
|
|
$6,648
|
|
|
($54,829
|
)
|
|
$47,478
|
|
|
($16,025
|
)
|
|
$285
|
|
|
($11,382
|
)
|
|
Boeing shareholders
|
|
|
||||||||||||||||||
(Dollars in millions, except per share data)
|
Common
Stock |
|
Additional
Paid-In Capital |
|
Treasury Stock
|
|
Retained
Earnings |
|
Accumulated Other Comprehensive Loss
|
|
Non-
controlling Interests |
|
Total
|
|
|||||||
Balance at April 1, 2019
|
|
$5,061
|
|
|
$6,573
|
|
|
($54,630
|
)
|
|
$58,090
|
|
|
($14,969
|
)
|
|
$107
|
|
|
$232
|
|
Net loss
|
|
|
|
(2,942
|
)
|
|
(7
|
)
|
(2,949
|
)
|
|||||||||||
Other comprehensive income, net of tax of ($18)
|
|
|
|
|
61
|
|
|
61
|
|
||||||||||||
Share-based compensation and related dividend equivalents
|
|
73
|
|
|
(16
|
)
|
|
|
57
|
|
|||||||||||
Treasury shares issued for stock options exercised, net
|
|
(3
|
)
|
5
|
|
|
|
|
2
|
|
|||||||||||
Treasury shares issued for other share-based plans, net
|
|
(5
|
)
|
3
|
|
|
|
|
(2
|
)
|
|||||||||||
Common shares repurchased
|
|
|
(310
|
)
|
|
|
|
(310
|
)
|
||||||||||||
Cash dividends declared ($4.11 per share)
|
|
|
|
(2,313
|
)
|
|
|
(2,313
|
)
|
||||||||||||
Changes in noncontrolling interests
|
|
|
|
|
|
279
|
|
279
|
|
||||||||||||
Balance at June 30, 2019
|
|
$5,061
|
|
|
$6,638
|
|
|
($54,932
|
)
|
|
$52,819
|
|
|
($14,908
|
)
|
|
$379
|
|
|
($4,943
|
)
|
|
|
|
|
|
|
|
|
||||||||||||||
Balance at April 1, 2020
|
|
$5,061
|
|
|
$6,595
|
|
|
($54,842
|
)
|
|
$49,854
|
|
|
($16,333
|
)
|
|
$305
|
|
|
($9,360
|
)
|
Net loss
|
|
|
|
(2,376
|
)
|
|
(19
|
)
|
(2,395
|
)
|
|||||||||||
Other comprehensive (loss)/income, net of tax of ($68)
|
|
|
|
|
308
|
|
|
308
|
|
||||||||||||
Share-based compensation and related dividend equivalents
|
|
60
|
|
|
|
|
|
60
|
|
||||||||||||
Treasury shares issued for stock options exercised, net
|
|
(4
|
)
|
11
|
|
|
|
|
7
|
|
|||||||||||
Treasury shares issued for other share-based plans, net
|
|
(3
|
)
|
2
|
|
|
|
|
(1
|
)
|
|||||||||||
Changes in noncontrolling interests
|
|
|
|
|
|
(1
|
)
|
(1
|
)
|
||||||||||||
Balance at June 30, 2020
|
|
$5,061
|
|
|
$6,648
|
|
|
($54,829
|
)
|
|
$47,478
|
|
|
($16,025
|
)
|
|
$285
|
|
|
($11,382
|
)
|
(Dollars in millions)
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Commercial Airplanes
|
|
$7,838
|
|
|
|
$16,544
|
|
|
|
$1,633
|
|
|
|
$4,722
|
|
Defense, Space & Security
|
12,630
|
|
|
13,166
|
|
|
6,588
|
|
|
6,579
|
|
||||
Global Services
|
8,116
|
|
|
9,162
|
|
|
3,488
|
|
|
4,543
|
|
||||
Boeing Capital
|
134
|
|
|
141
|
|
|
69
|
|
|
75
|
|
||||
Unallocated items, eliminations and other
|
(3
|
)
|
|
(345
|
)
|
|
29
|
|
|
(168
|
)
|
||||
Total revenues
|
|
$28,715
|
|
|
|
$38,668
|
|
|
|
$11,807
|
|
|
|
$15,751
|
|
Earnings/(loss) from operations:
|
|
|
|
|
|
|
|
||||||||
Commercial Airplanes
|
|
($4,830
|
)
|
|
|
($3,773
|
)
|
|
|
($2,762
|
)
|
|
|
($4,946
|
)
|
Defense, Space & Security
|
409
|
|
|
1,827
|
|
|
600
|
|
|
975
|
|
||||
Global Services
|
36
|
|
|
1,340
|
|
|
(672
|
)
|
|
687
|
|
||||
Boeing Capital
|
17
|
|
|
57
|
|
|
(7
|
)
|
|
37
|
|
||||
Segment operating loss
|
(4,368
|
)
|
|
(549
|
)
|
|
(2,841
|
)
|
|
(3,247
|
)
|
||||
Unallocated items, eliminations and other
|
(651
|
)
|
|
(1,210
|
)
|
|
(478
|
)
|
|
(498
|
)
|
||||
FAS/CAS service cost adjustment
|
702
|
|
|
729
|
|
|
355
|
|
|
365
|
|
||||
Loss from operations
|
(4,317
|
)
|
|
(1,030
|
)
|
|
(2,964
|
)
|
|
(3,380
|
)
|
||||
Other income, net
|
206
|
|
|
213
|
|
|
94
|
|
|
107
|
|
||||
Interest and debt expense
|
(815
|
)
|
|
(277
|
)
|
|
(553
|
)
|
|
(154
|
)
|
||||
Loss before income taxes
|
(4,926
|
)
|
|
(1,094
|
)
|
|
(3,423
|
)
|
|
(3,427
|
)
|
||||
Income tax benefit
|
1,890
|
|
|
301
|
|
|
1,028
|
|
|
485
|
|
||||
Net loss
|
(3,036
|
)
|
|
(793
|
)
|
|
(2,395
|
)
|
|
(2,942
|
)
|
||||
Less: Net loss attributable to noncontrolling interest
|
(32
|
)
|
|
|
|
|
(19
|
)
|
|
|
|
||||
Net loss attributable to Boeing Shareholders
|
|
($3,004
|
)
|
|
|
($793
|
)
|
|
|
($2,376
|
)
|
|
|
($2,942
|
)
|
(In millions - except per share amounts)
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
(Decrease)/increase to Revenue
|
|
($290
|
)
|
|
|
$229
|
|
|
|
$144
|
|
|
|
$69
|
|
(Decrease)/increase to (Loss)/earnings from operations
|
|
($749
|
)
|
|
|
$175
|
|
|
|
$90
|
|
|
|
$28
|
|
(Decrease)/increase to Diluted EPS
|
|
($0.82
|
)
|
|
|
$0.22
|
|
|
|
$0.11
|
|
|
|
$0.04
|
|
(In millions - except per share amounts)
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Net loss attributable to Boeing Shareholders
|
|
($3,004
|
)
|
|
|
($793
|
)
|
|
|
($2,376
|
)
|
|
|
($2,942
|
)
|
Less: earnings available to participating securities
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss available to common shareholders
|
|
($3,004
|
)
|
|
|
($793
|
)
|
|
|
($2,376
|
)
|
|
|
($2,942
|
)
|
Basic
|
|
|
|
|
|
|
|
||||||||
Basic weighted average shares outstanding
|
566.1
|
|
|
566.6
|
|
|
566.4
|
|
|
565.3
|
|
||||
Less: participating securities
|
0.5
|
|
|
0.6
|
|
|
0.5
|
|
|
0.6
|
|
||||
Basic weighted average common shares outstanding
|
565.6
|
|
|
566.0
|
|
|
565.9
|
|
|
564.7
|
|
||||
Diluted
|
|
|
|
|
|
|
|
||||||||
Basic weighted average shares outstanding
|
566.1
|
|
|
566.6
|
|
|
566.4
|
|
|
565.3
|
|
||||
Dilutive potential common shares(1)
|
|
|
|
|
|
|
|
||||||||
Diluted weighted average shares outstanding
|
566.1
|
|
|
566.6
|
|
|
566.4
|
|
|
565.3
|
|
||||
Less: participating securities
|
0.5
|
|
|
0.6
|
|
|
0.5
|
|
|
0.6
|
|
||||
Diluted weighted average common shares outstanding
|
565.6
|
|
|
566.0
|
|
|
565.9
|
|
|
564.7
|
|
||||
Net loss per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
|
($5.31
|
)
|
|
|
($1.40
|
)
|
|
|
($4.20
|
)
|
|
|
($5.21
|
)
|
Diluted
|
(5.31
|
)
|
|
(1.40
|
)
|
|
(4.20
|
)
|
|
(5.21
|
)
|
(1)
|
Diluted earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards.
|
(Shares in millions)
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Performance awards
|
6.1
|
|
|
2.7
|
|
|
5.5
|
|
|
2.7
|
|
Performance-based restricted stock units
|
1.4
|
|
|
0.6
|
|
|
1.4
|
|
|
0.6
|
|
|
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
|
(246
|
)
|
(107
|
)
|
(10
|
)
|
(9
|
)
|
(34
|
)
|
(406
|
)
|
||||||
Write-offs
|
3
|
|
|
|
|
|
|
|
|
|
3
|
|
||||||
Balance at June 30, 2020
|
|
($381
|
)
|
|
($188
|
)
|
|
($48
|
)
|
|
($14
|
)
|
|
($109
|
)
|
|
($740
|
)
|
|
June 30
2020 |
|
|
December 31
2019 |
|
||
Long-term contracts in progress
|
|
$957
|
|
|
|
$1,187
|
|
Commercial aircraft programs
|
71,945
|
|
|
66,016
|
|
||
Commercial spare parts, used aircraft, general stock materials and other
|
10,843
|
|
|
9,419
|
|
||
Total
|
|
$83,745
|
|
|
|
$76,622
|
|
|
June 30
2020 |
|
|
December 31
2019 |
|
||
Financing receivables:
|
|
|
|
||||
Investment in sales-type/finance leases
|
|
$965
|
|
|
|
$1,029
|
|
Notes
|
433
|
|
|
443
|
|
||
Total financing receivables
|
1,398
|
|
|
1,472
|
|
||
Operating lease equipment, at cost, less accumulated depreciation of $248 and $235
|
785
|
|
|
834
|
|
||
Gross customer financing
|
2,183
|
|
|
2,306
|
|
||
Less allowance for losses on receivables
|
(14
|
)
|
|
(8
|
)
|
||
Total
|
|
$2,169
|
|
|
|
$2,298
|
|
Rating categories
|
Current
|
2019
|
2018
|
2017
|
2016
|
Prior
|
Total
|
||||||||||||||
BBB
|
|
|
|
|
|
|
|
|
|
|
|
$400
|
|
|
$400
|
|
|||||
BB
|
|
$69
|
|
|
$54
|
|
|
$17
|
|
|
|
|
|
152
|
|
292
|
|
||||
B
|
|
|
|
|
|
|
|
$53
|
|
|
|
171
|
|
224
|
|
||||||
CCC
|
|
|
38
|
|
|
|
251
|
|
|
$180
|
|
13
|
|
482
|
|
||||||
Total carrying value of financing receivables
|
|
$69
|
|
|
$92
|
|
|
$17
|
|
|
$304
|
|
|
$180
|
|
|
$736
|
|
|
$1,398
|
|
|
June 30
2020 |
|
|
December 31
2019 |
|
||
717 Aircraft ($113 and $124 accounted for as operating leases)
|
|
$689
|
|
|
|
$736
|
|
747-8 Aircraft ($124 and $130 accounted for as operating leases)
|
483
|
|
|
475
|
|
||
737 Aircraft ($231 and $240 accounted for as operating leases)
|
253
|
|
|
263
|
|
||
777 Aircraft ($230 and $236 accounted for as operating leases)
|
232
|
|
|
240
|
|
||
MD-80 Aircraft (accounted for as sales-type finance leases)
|
171
|
|
|
186
|
|
||
757 Aircraft ($14 and $22 accounted for as operating leases)
|
166
|
|
|
182
|
|
||
747-400 Aircraft ($28 and $31 accounted for as operating leases)
|
81
|
|
|
90
|
|
|
June 30
2020 |
|
|
December 31
2019 |
|
||
Equity method investments (1)
|
|
$998
|
|
|
|
$1,031
|
|
Time deposits
|
11,981
|
|
|
50
|
|
||
Available for sale debt instruments
|
411
|
|
|
405
|
|
||
Equity and other investments
|
72
|
|
|
65
|
|
||
Restricted cash & cash equivalents(2)
|
42
|
|
|
86
|
|
||
Total
|
|
$13,504
|
|
|
|
$1,637
|
|
(1)
|
Dividends received were $53 and $20 for the six and three months ended June 30, 2020 and $93 and $30 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.
|
|
2020
|
|
|
Beginning balance – January 1
|
|
$7,389
|
|
Reductions for payments made
|
(1,211
|
)
|
|
Reductions for concessions and other in-kind considerations
|
(35
|
)
|
|
Changes in estimates
|
521
|
|
|
Ending balance – June 30
|
|
$6,664
|
|
|
2020
|
|
|
2019
|
|
||
Beginning balance – January 1
|
|
$570
|
|
|
|
$555
|
|
Reductions for payments made
|
(21
|
)
|
|
(24
|
)
|
||
Changes in estimates
|
11
|
|
|
17
|
|
||
Ending balance – June 30
|
|
$560
|
|
|
|
$548
|
|
|
2020
|
|
|
2019
|
|
||
Beginning balance – January 1
|
|
$1,267
|
|
|
|
$1,127
|
|
Additions for current year deliveries
|
34
|
|
|
83
|
|
||
Reductions for payments made
|
(149
|
)
|
|
(64
|
)
|
||
Changes in estimates
|
395
|
|
|
(83
|
)
|
||
Ending balance – June 30
|
|
$1,547
|
|
|
|
$1,063
|
|
|
Total
|
|
|
July through December 2020
|
|
$2,462
|
|
2021
|
2,472
|
|
|
2022
|
1,368
|
|
|
2023
|
1,755
|
|
|
2024
|
1,373
|
|
|
Thereafter
|
3,354
|
|
|
|
|
$12,784
|
|
|
Maximum
Potential Payments
|
|
Estimated Proceeds from
Collateral/Recourse
|
|
Carrying Amount of
Liabilities
|
|||||||||||||||
|
June 30
2020 |
|
December 31
2019 |
|
|
June 30
2020 |
|
December 31
2019 |
|
|
June 30
2020 |
|
December 31
2019 |
|
||||||
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
|
92
|
|
92
|
|
|
35
|
|
36
|
|
|
|
$24
|
|
16
|
|
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
Pension Plans
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Service cost
|
|
$1
|
|
|
|
$2
|
|
|
|
$1
|
|
|
|
$1
|
|
Interest cost
|
1,228
|
|
|
1,462
|
|
|
614
|
|
|
731
|
|
||||
Expected return on plan assets
|
(1,878
|
)
|
|
(1,930
|
)
|
|
(939
|
)
|
|
(965
|
)
|
||||
Amortization of prior service credits
|
(40
|
)
|
|
(40
|
)
|
|
(20
|
)
|
|
(20
|
)
|
||||
Recognized net actuarial loss
|
516
|
|
|
321
|
|
|
258
|
|
|
160
|
|
||||
Settlement/curtailment/other losses
|
3
|
|
|
|
|
|
3
|
|
|
|
|
||||
Net periodic benefit income
|
|
($170
|
)
|
|
|
($185
|
)
|
|
|
($83
|
)
|
|
|
($93
|
)
|
|
|
|
|
|
|
|
|
||||||||
Net periodic benefit cost included in Loss from operations
|
|
$1
|
|
|
|
$158
|
|
|
|
$1
|
|
|
|
$80
|
|
Net periodic benefit income included in Other income, net
|
(171
|
)
|
|
(187
|
)
|
|
(84
|
)
|
|
(94
|
)
|
||||
Net periodic benefit income included in Loss before income taxes
|
|
($170
|
)
|
|
|
($29
|
)
|
|
|
($83
|
)
|
|
|
($14
|
)
|
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
Other Postretirement Plans
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Service cost
|
|
$43
|
|
|
|
$39
|
|
|
|
$22
|
|
|
|
$20
|
|
Interest cost
|
72
|
|
|
98
|
|
|
36
|
|
|
49
|
|
||||
Expected return on plan assets
|
(5
|
)
|
|
(4
|
)
|
|
(3
|
)
|
|
(2
|
)
|
||||
Amortization of prior service credits
|
(17
|
)
|
|
(18
|
)
|
|
(8
|
)
|
|
(9
|
)
|
||||
Recognized net actuarial gain
|
(23
|
)
|
|
(23
|
)
|
|
(11
|
)
|
|
(12
|
)
|
||||
Net periodic benefit cost
|
|
$70
|
|
|
|
$92
|
|
|
|
$36
|
|
|
|
$46
|
|
|
|
|
|
|
|
|
|
||||||||
Net periodic benefit cost included in Loss from operations
|
|
$44
|
|
|
|
$45
|
|
|
|
$23
|
|
|
|
$23
|
|
Net periodic benefit cost included in Other income, net
|
27
|
|
|
53
|
|
|
14
|
|
|
26
|
|
||||
Net periodic benefit cost included in Loss before income taxes
|
|
$71
|
|
|
|
$98
|
|
|
|
$37
|
|
|
|
$49
|
|
|
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
|
(2
|
)
|
|
1
|
|
|
(17
|
)
|
|
8
|
|
|
(10
|
)
|
|||||
Amounts reclassified from AOCI
|
|
|
|
|
(3
|
)
|
|
188
|
|
(2)
|
185
|
|
|||||||
Net current period Other comprehensive (loss)/income
|
(2
|
)
|
|
1
|
|
|
(20
|
)
|
|
196
|
|
|
175
|
|
|||||
Balance at June 30, 2019
|
|
($103
|
)
|
|
|
$1
|
|
|
|
($82
|
)
|
|
|
($14,724
|
)
|
|
|
($14,908
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at January 1, 2020
|
|
($128
|
)
|
|
$1
|
|
|
|
($84
|
)
|
|
|
($15,942
|
)
|
|
|
($16,153
|
)
|
|
Other comprehensive (loss)/income before reclassifications
|
(33
|
)
|
|
|
|
(186
|
)
|
|
(12
|
)
|
|
(231
|
)
|
||||||
Amounts reclassified from AOCI
|
|
|
|
|
12
|
|
|
347
|
|
(2)
|
359
|
|
|||||||
Net current period Other comprehensive (loss)/income
|
(33
|
)
|
|
|
|
(174
|
)
|
|
335
|
|
|
128
|
|
||||||
Balance at June 30, 2020
|
|
($161
|
)
|
|
|
$1
|
|
|
|
($258
|
)
|
|
|
($15,607
|
)
|
|
|
($16,025
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at March 31, 2019
|
|
($100
|
)
|
|
|
$1
|
|
|
|
($53
|
)
|
|
|
($14,817
|
)
|
|
|
($14,969
|
)
|
Other comprehensive (loss)/income before reclassifications
|
(3
|
)
|
|
|
|
(28
|
)
|
|
|
|
(31
|
)
|
|||||||
Amounts reclassified from AOCI
|
|
|
|
|
(1
|
)
|
|
93
|
|
(2)
|
92
|
|
|||||||
Net current period Other comprehensive (loss)/income
|
(3
|
)
|
|
|
|
(29
|
)
|
|
93
|
|
|
61
|
|
||||||
Balance at June 30, 2019
|
|
($103
|
)
|
|
|
$1
|
|
|
|
($82
|
)
|
|
|
($14,724
|
)
|
|
|
($14,908
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at March 31, 2020
|
|
($205
|
)
|
|
|
$1
|
|
|
|
($357
|
)
|
|
|
($15,772
|
)
|
|
|
($16,333
|
)
|
Other comprehensive (loss)/income before reclassifications
|
44
|
|
|
|
|
89
|
|
|
(12
|
)
|
|
121
|
|
||||||
Amounts reclassified from AOCI
|
|
|
|
|
10
|
|
|
177
|
|
(2)
|
187
|
|
|||||||
Net current period Other comprehensive (loss)/income
|
44
|
|
|
|
|
99
|
|
|
165
|
|
|
308
|
|
||||||
Balance at June 30, 2020
|
|
($161
|
)
|
|
|
$1
|
|
|
|
($258
|
)
|
|
|
($15,607
|
)
|
|
|
($16,025
|
)
|
(1)
|
Net of tax.
|
(2)
|
Primarily relates to amortization of actuarial losses for the six and three months ended June 30, 2019 totaling $233 and $115 (net of tax of ($65) and ($33)) and for the six and three months ended June 30, 2020 totaling $390 and $197 (net of tax of ($103) and ($50)). These are included in the net periodic pension cost.
|
|
Notional amounts (1)
|
Other assets
|
Accrued liabilities
|
|||||||||||||||
|
June 30
2020 |
|
December 31
2019 |
|
June 30
2020 |
|
December 31
2019 |
|
June 30
2020 |
|
December 31
2019 |
|
||||||
Derivatives designated as hedging instruments:
|
|
|
|
|
|
|
||||||||||||
Foreign exchange contracts
|
|
$3,233
|
|
|
$2,590
|
|
|
$7
|
|
|
$29
|
|
|
($165
|
)
|
|
($60
|
)
|
Commodity contracts
|
366
|
|
645
|
|
2
|
|
4
|
|
(119
|
)
|
(72
|
)
|
||||||
Derivatives not receiving hedge accounting treatment:
|
|
|
|
|
|
|
||||||||||||
Foreign exchange contracts
|
399
|
|
285
|
|
7
|
|
1
|
|
(6
|
)
|
(6
|
)
|
||||||
Commodity contracts
|
796
|
|
1,644
|
|
|
|
|
|
(25
|
)
|
|
|||||||
Total derivatives
|
|
$4,794
|
|
|
$5,164
|
|
|
$16
|
|
|
$34
|
|
|
($315
|
)
|
|
($138
|
)
|
Netting arrangements
|
|
|
(14
|
)
|
(20
|
)
|
14
|
|
20
|
|
||||||||
Net recorded balance
|
|
|
|
$2
|
|
|
$14
|
|
|
($301
|
)
|
|
($118
|
)
|
(1)
|
Notional amounts represent the gross contract/notional amount of the derivatives outstanding.
|
|
Six months ended June 30
|
Three months ended June 30
|
||||||||||||
|
2020
|
|
|
2019
|
|
2020
|
|
|
2019
|
|
||||
Recognized in Other comprehensive income, net of taxes:
|
|
|
|
|
|
|
||||||||
Foreign exchange contracts
|
|
($112
|
)
|
|
|
$31
|
|
|
$85
|
|
|
|
$9
|
|
Commodity contracts
|
(74
|
)
|
|
(48
|
)
|
4
|
|
|
(37
|
)
|
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Foreign exchange contracts
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
($1
|
)
|
|
|
$6
|
|
|
|
|
|
|
$1
|
|
|
Costs and expenses
|
(6
|
)
|
|
(12
|
)
|
|
|
($5
|
)
|
|
(7
|
)
|
|||
General and administrative
|
(5
|
)
|
|
9
|
|
|
(5
|
)
|
|
8
|
|
||||
Commodity contracts
|
|
|
|
|
|
|
|
||||||||
Costs and expenses
|
(3
|
)
|
|
1
|
|
|
(2
|
)
|
|
|
|||||
General and administrative expense
|
(1
|
)
|
|
|
|
(1
|
)
|
|
(1
|
)
|
|
June 30, 2020
|
December 31, 2019
|
|||||||||||||||||||||
|
Total
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Total
|
|
|
Level 1
|
|
|
Level 2
|
|
||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Money market funds
|
|
$8,877
|
|
|
|
$8,877
|
|
|
|
|
|
$2,562
|
|
|
|
$2,562
|
|
|
|
||||
Available-for-sale debt investments:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Commercial paper
|
93
|
|
|
|
|
|
$93
|
|
|
108
|
|
|
|
|
|
$108
|
|
||||||
Corporate notes
|
321
|
|
|
|
|
321
|
|
|
242
|
|
|
|
|
242
|
|
||||||||
U.S. government agencies
|
|
|
|
|
|
|
|
|
55
|
|
|
55
|
|
|
|
||||||||
Other equity investments
|
40
|
|
|
40
|
|
|
|
|
33
|
|
|
33
|
|
|
|
||||||||
Derivatives
|
2
|
|
|
|
|
2
|
|
|
14
|
|
|
|
|
14
|
|
||||||||
Total assets
|
|
$9,333
|
|
|
|
$8,917
|
|
|
|
$416
|
|
|
|
$3,014
|
|
|
|
$2,650
|
|
|
|
$364
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivatives
|
|
($301
|
)
|
|
|
|
|
($301
|
)
|
|
|
($118
|
)
|
|
|
|
|
($118
|
)
|
||||
Total liabilities
|
|
($301
|
)
|
|
|
|
|
($301
|
)
|
|
|
($118
|
)
|
|
|
|
|
($118
|
)
|
|
2020
|
|
2019
|
||||||||||||
|
Fair
Value
|
|
|
Total
Losses
|
|
|
Fair
Value
|
|
|
Total
Losses
|
|
||||
Customer financing assets
|
|
$71
|
|
|
|
($17
|
)
|
|
|
$10
|
|
|
|
($1
|
)
|
Investments
|
64
|
|
|
(49
|
)
|
|
72
|
|
|
(51
|
)
|
||||
Property, plant and equipment
|
82
|
|
|
(59
|
)
|
|
41
|
|
|
(1
|
)
|
||||
Other Assets and Acquired intangible assets
|
201
|
|
|
(155
|
)
|
|
3
|
|
|
(17
|
)
|
||||
Total
|
|
$418
|
|
|
|
($280
|
)
|
|
|
$126
|
|
|
|
($70
|
)
|
|
Fair
Value
|
|
Valuation
Technique(s)
|
|
Unobservable Input
|
|
Range
Median or Average
|
Customer financing assets
|
$71
|
|
Market approach
|
|
Aircraft value publications
|
|
$57 - $118(1)
Median $79
|
|
|
Aircraft condition adjustments
|
|
($8) - $0(2)
Net ($8)
|
(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.
|
|
June 30, 2020
|
||||||||||||
|
Carrying
Amount
|
|
Total Fair
Value
|
|
Level 1
|
Level 2
|
|
Level 3
|
|
||||
Assets
|
|
|
|
|
|
||||||||
Notes receivable, net
|
|
$433
|
|
|
$429
|
|
|
|
$429
|
|
|
||
Liabilities
|
|
|
|
|
|
||||||||
Debt, excluding commercial paper and capital lease obligations
|
(58,788
|
)
|
(61,367
|
)
|
|
(61,350
|
)
|
|
($17
|
)
|
|
December 31, 2019
|
||||||||||||
|
Carrying
Amount
|
|
Total Fair
Value
|
|
Level 1
|
Level 2
|
|
Level 3
|
|
||||
Assets
|
|
|
|
|
|
||||||||
Notes receivable, net
|
|
$443
|
|
|
$444
|
|
|
|
$444
|
|
|
||
Liabilities
|
|
|
|
|
|
||||||||
Debt, excluding capital lease obligations and commercial paper
|
(20,964
|
)
|
(23,119
|
)
|
|
(23,081
|
)
|
|
($38
|
)
|
(Dollars in millions)
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Revenue from contracts with customers:
|
|
|
|
|
|
|
|
||||||||
Europe
|
|
$2,302
|
|
|
|
$2,684
|
|
|
|
$332
|
|
|
|
$1,023
|
|
Asia
|
1,464
|
|
|
7,534
|
|
|
305
|
|
|
4,360
|
|
||||
Middle East
|
556
|
|
|
1,805
|
|
|
7
|
|
|
695
|
|
||||
Other
|
453
|
|
|
2,367
|
|
|
142
|
|
|
829
|
|
||||
Total non-U.S. revenues
|
4,775
|
|
|
14,390
|
|
|
786
|
|
|
6,907
|
|
||||
United States
|
3,557
|
|
|
7,587
|
|
|
1,383
|
|
|
3,417
|
|
||||
Estimated potential concessions and other considerations to 737 MAX customers, net
|
(521
|
)
|
|
(5,610
|
)
|
|
(551
|
)
|
|
(5,610
|
)
|
||||
Total revenues from contracts with customers
|
7,811
|
|
|
16,367
|
|
|
1,618
|
|
|
4,714
|
|
||||
Intersegment revenues eliminated on consolidation
|
27
|
|
|
177
|
|
|
15
|
|
|
8
|
|
||||
Total segment revenues
|
|
$7,838
|
|
|
|
$16,544
|
|
|
|
$1,633
|
|
|
|
$4,722
|
|
|
|
|
|
|
|
|
|
||||||||
Revenue recognized on fixed-price contracts
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
Revenue recognized at a point in time
|
99
|
%
|
|
99
|
%
|
|
99
|
%
|
|
99
|
%
|
(Dollars in millions)
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Revenue from contracts with customers:
|
|
|
|
|
|
|
|
||||||||
U.S. customers
|
|
$9,153
|
|
|
|
$9,719
|
|
|
|
$4,837
|
|
|
|
$4,836
|
|
Non U.S. customers(1)
|
3,477
|
|
|
3,447
|
|
|
1,751
|
|
|
1,743
|
|
||||
Total segment revenue from contracts with customers
|
|
$12,630
|
|
|
|
$13,166
|
|
|
|
$6,588
|
|
|
|
$6,579
|
|
|
|
|
|
|
|
|
|
||||||||
Revenue recognized over time
|
99
|
%
|
|
99
|
%
|
|
99
|
%
|
|
99
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
Revenue recognized on fixed-price contracts
|
68
|
%
|
|
69
|
%
|
|
69
|
%
|
|
69
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
Revenue from the U.S. government(1)
|
89
|
%
|
|
88
|
%
|
|
89
|
%
|
|
89
|
%
|
(1)
|
Includes revenues earned from foreign military sales through the U.S. government.
|
(Dollars in millions)
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Revenue from contracts with customers:
|
|
|
|
|
|
|
|
||||||||
Commercial
|
|
$3,894
|
|
|
|
$5,111
|
|
|
|
$1,371
|
|
|
|
$2,526
|
|
Government
|
4,099
|
|
|
3,974
|
|
|
2,066
|
|
|
1,977
|
|
||||
Total revenues from contracts with customers
|
7,993
|
|
|
9,085
|
|
|
3,437
|
|
|
4,503
|
|
||||
Intersegment revenues eliminated on consolidation
|
123
|
|
|
77
|
|
|
51
|
|
|
40
|
|
||||
Total segment revenues
|
|
$8,116
|
|
|
|
$9,162
|
|
|
|
$3,488
|
|
|
|
$4,543
|
|
|
|
|
|
|
|
|
|
||||||||
Revenue recognized at a point in time
|
49
|
%
|
|
57
|
%
|
|
41
|
%
|
|
57
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
Revenue recognized on fixed-price contracts
|
88
|
%
|
|
89
|
%
|
|
86
|
%
|
|
90
|
%
|
||||
|
|
|
|
|
|
|
|
||||||||
Revenue from the U.S. government(1)
|
40
|
%
|
|
32
|
%
|
|
46
|
%
|
|
32
|
%
|
(1)
|
Includes revenues earned from foreign military sales through the U.S. government.
|
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Share-based plans
|
|
($43
|
)
|
|
|
($36
|
)
|
|
|
($25
|
)
|
|
|
($22
|
)
|
Deferred compensation
|
73
|
|
|
(129
|
)
|
|
(120
|
)
|
|
(27
|
)
|
||||
Amortization of previously capitalized interest
|
(50
|
)
|
|
(45
|
)
|
|
(27
|
)
|
|
(21
|
)
|
||||
Research and development expense, net
|
(116
|
)
|
|
(183
|
)
|
|
(62
|
)
|
|
(105
|
)
|
||||
Customer financing impairment
|
|
|
|
(250
|
)
|
|
|
|
|
|
|
||||
Litigation
|
|
|
|
(109
|
)
|
|
|
|
|
(109
|
)
|
||||
Eliminations and other unallocated items
|
(515
|
)
|
|
(458
|
)
|
|
(244
|
)
|
|
(214
|
)
|
||||
Unallocated items, eliminations and other
|
|
($651
|
)
|
|
|
($1,210
|
)
|
|
|
($478
|
)
|
|
|
($498
|
)
|
|
|
|
|
|
|
|
|
||||||||
Pension FAS/CAS service cost adjustment
|
|
$513
|
|
|
|
$549
|
|
|
|
$258
|
|
|
|
$275
|
|
Postretirement FAS/CAS service cost adjustment
|
189
|
|
|
180
|
|
|
97
|
|
|
90
|
|
||||
FAS/CAS service cost adjustment
|
|
$702
|
|
|
|
$729
|
|
|
|
$355
|
|
|
|
$365
|
|
|
June 30
2020 |
|
|
December 31
2019 |
|
||
Commercial Airplanes
|
|
$80,160
|
|
|
|
$73,995
|
|
Defense, Space & Security
|
15,407
|
|
|
15,757
|
|
||
Global Services
|
18,438
|
|
|
18,605
|
|
||
Boeing Capital
|
2,116
|
|
|
2,269
|
|
||
Unallocated items, eliminations and other
|
46,751
|
|
|
22,999
|
|
||
Total
|
|
$162,872
|
|
|
|
$133,625
|
|
FORWARD-LOOKING STATEMENTS
|
|
This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “should,” “expects,” “intends,” “projects,” “plans,” “believes,” “estimates,” “targets,” “anticipates” and similar expressions generally identify these forward-looking statements. Examples of forward-looking statements include statements relating to our future financial condition and operating results, as well as any other statement that does not directly relate to any historical or current fact.
|
|
|
|
Forward-looking statements are based on expectations and assumptions that we believe to be reasonable when made, but that may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties and changes in circumstances that are difficult to predict. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are risks related to:
|
|
|
|
(1)
|
the COVID-19 pandemic and related government actions, including with respect to our operations and access to suppliers, our liquidity, the health of our customers and suppliers, and future demand for our products and services;
|
|
|
(2)
|
the 737 MAX, including the timing and conditions of 737 MAX regulatory approvals, lower than planned production rates and/or delivery rates, and increased considerations to customers and suppliers;
|
|
|
(3)
|
general conditions in the economy and our industry, including those due to regulatory changes;
|
|
|
(4)
|
our reliance on our commercial airline customers;
|
|
|
(5)
|
the overall health of our aircraft production system, planned commercial aircraft production rate changes, our commercial development and derivative aircraft programs, and our aircraft being subject to stringent performance and reliability standards;
|
|
|
(6)
|
changing budget and appropriation levels and acquisition priorities of the U.S. government;
|
|
|
(7)
|
our dependence on U.S. government contracts;
|
|
|
(8)
|
our reliance on fixed-price contracts;
|
|
|
(9)
|
our reliance on cost-type contracts;
|
|
|
(10)
|
uncertainties concerning contracts that include in-orbit incentive payments;
|
|
|
(11)
|
our dependence on our subcontractors and suppliers as well as the availability of raw materials;
|
|
|
(12)
|
changes in accounting estimates;
|
|
|
(13)
|
changes in the competitive landscape in our markets;
|
|
|
(14)
|
our non-U.S. operations, including sales to non-U.S. customers;
|
|
|
(15)
|
threats to the security of our or our customers' information;
|
|
|
(16)
|
potential adverse developments in new or pending litigation and/or government investigations;
|
|
|
(17)
|
customer and aircraft concentration in our customer financing portfolio;
|
|
|
(18)
|
changes in our ability to obtain debt on commercially reasonable terms and at competitive rates;
|
(19)
|
realizing the anticipated benefits of mergers, acquisitions, joint ventures, strategic alliances or divestitures;
|
|
|
(20)
|
the adequacy of our insurance coverage to cover significant risk exposures;
|
|
|
(21)
|
potential business disruptions, including those related to physical security threats, information technology or cyber attacks, epidemics, sanctions or natural disasters;
|
|
|
(22)
|
work stoppages or other labor disruptions;
|
|
|
(23)
|
substantial pension and other postretirement benefit obligations; and
|
|
|
(24)
|
potential environmental liabilities.
|
|
|
Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking information speaks only as of the date on which it is made, and we assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.
|
|
|
|
|
|
|
|
(Dollars in millions, except per share data)
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Revenues
|
|
$28,715
|
|
|
|
$38,668
|
|
|
|
$11,807
|
|
|
|
$15,751
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP
|
|
|
|
|
|
|
|
||||||||
Loss from operations
|
|
($4,317
|
)
|
|
|
($1,030
|
)
|
|
|
($2,964
|
)
|
|
|
($3,380
|
)
|
Operating margins
|
(15.0
|
)%
|
|
(2.7
|
)%
|
|
(25.1
|
)%
|
|
(21.5
|
)%
|
||||
Effective income tax rate
|
38.4
|
%
|
|
27.5
|
%
|
|
30.0
|
%
|
|
14.2
|
%
|
||||
Net loss attributable to Boeing Shareholders
|
|
($3,004
|
)
|
|
|
($793
|
)
|
|
|
($2,376
|
)
|
|
|
($2,942
|
)
|
Diluted loss per share
|
|
($5.31
|
)
|
|
|
($1.40
|
)
|
|
|
($4.20
|
)
|
|
|
($5.21
|
)
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP (1)
|
|
|
|
|
|
|
|
||||||||
Core operating loss
|
|
($5,019
|
)
|
|
|
($1,759
|
)
|
|
|
($3,319
|
)
|
|
|
($3,745
|
)
|
Core operating margins
|
(17.5
|
%)
|
|
(4.5
|
%)
|
|
(28.1
|
%)
|
|
(23.8
|
%)
|
||||
Core loss per share
|
|
($6.49
|
)
|
|
|
($2.60
|
)
|
|
|
($4.79
|
)
|
|
|
($5.82
|
)
|
(1)
|
These measures exclude certain components of pension and other postretirement benefit expense. See page 53 for important information about these non-GAAP measures and reconciliations to the most comparable GAAP measures.
|
(Dollars in millions)
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Commercial Airplanes
|
|
$7,838
|
|
|
|
$16,544
|
|
|
|
$1,633
|
|
|
|
$4,722
|
|
Defense, Space & Security
|
12,630
|
|
|
13,166
|
|
|
6,588
|
|
|
6,579
|
|
||||
Global Services
|
8,116
|
|
|
9,162
|
|
|
3,488
|
|
|
4,543
|
|
||||
Boeing Capital
|
134
|
|
|
141
|
|
|
69
|
|
|
75
|
|
||||
Unallocated items, eliminations and other
|
(3
|
)
|
|
(345
|
)
|
|
29
|
|
|
(168
|
)
|
||||
Total
|
|
$28,715
|
|
|
|
$38,668
|
|
|
|
$11,807
|
|
|
|
$15,751
|
|
(Dollars in millions)
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Commercial Airplanes
|
|
($4,830
|
)
|
|
|
($3,773
|
)
|
|
|
($2,762
|
)
|
|
|
($4,946
|
)
|
Defense, Space & Security
|
409
|
|
|
1,827
|
|
|
600
|
|
|
975
|
|
||||
Global Services
|
36
|
|
|
1,340
|
|
|
(672
|
)
|
|
687
|
|
||||
Boeing Capital
|
17
|
|
|
57
|
|
|
(7
|
)
|
|
37
|
|
||||
Segment operating loss
|
(4,368
|
)
|
|
(549
|
)
|
|
(2,841
|
)
|
|
(3,247
|
)
|
||||
Pension FAS/CAS service cost adjustment
|
513
|
|
|
549
|
|
|
258
|
|
|
275
|
|
||||
Postretirement FAS/CAS service cost adjustment
|
189
|
|
|
180
|
|
|
97
|
|
|
90
|
|
||||
Unallocated items, eliminations and other
|
(651
|
)
|
|
(1,210
|
)
|
|
(478
|
)
|
|
(498
|
)
|
||||
Loss from operations (GAAP)
|
|
($4,317
|
)
|
|
|
($1,030
|
)
|
|
|
($2,964
|
)
|
|
|
($3,380
|
)
|
FAS/CAS service cost adjustment *
|
(702
|
)
|
|
(729
|
)
|
|
(355
|
)
|
|
(365
|
)
|
||||
Core operating loss (Non-GAAP) **
|
|
($5,019
|
)
|
|
|
($1,759
|
)
|
|
|
($3,319
|
)
|
|
|
($3,745
|
)
|
*
|
The 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.
|
**
|
Core operating loss is a Non-GAAP measure that excludes the FAS/CAS service cost adjustment. See page 53.
|
(Dollars in millions)
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Share-based plans
|
|
($43
|
)
|
|
|
($36
|
)
|
|
|
($25
|
)
|
|
|
($22
|
)
|
Deferred compensation
|
73
|
|
|
(129
|
)
|
|
(120
|
)
|
|
(27
|
)
|
||||
Amortization of previously capitalized interest
|
(50
|
)
|
|
(45
|
)
|
|
(27
|
)
|
|
(21
|
)
|
||||
Research and development expense, net
|
(116
|
)
|
|
(183
|
)
|
|
(62
|
)
|
|
(105
|
)
|
||||
Customer financing impairment
|
|
|
|
(250
|
)
|
|
|
|
|
|
|
||||
Litigation
|
|
|
|
(109
|
)
|
|
|
|
|
(109
|
)
|
||||
Eliminations and other unallocated items
|
(515
|
)
|
|
(458
|
)
|
|
(244
|
)
|
|
(214
|
)
|
||||
Unallocated items, eliminations and other
|
|
($651
|
)
|
|
|
($1,210
|
)
|
|
|
($478
|
)
|
|
|
($498
|
)
|
(Dollars in millions)
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
Pension Plans
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Allocated to business segments
|
|
($514
|
)
|
|
|
($707
|
)
|
|
|
($259
|
)
|
|
|
($355
|
)
|
Pension FAS/CAS service cost adjustment
|
513
|
|
|
549
|
|
|
258
|
|
|
275
|
|
||||
Net periodic benefit cost included in Loss from operations
|
|
($1
|
)
|
|
|
($158
|
)
|
|
|
($1
|
)
|
|
|
($80
|
)
|
(Dollars in millions)
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Loss from operations
|
|
($4,317
|
)
|
|
|
($1,030
|
)
|
|
|
($2,964
|
)
|
|
|
($3,380
|
)
|
Other income, net
|
206
|
|
|
213
|
|
|
94
|
|
|
107
|
|
||||
Interest and debt expense
|
(815
|
)
|
|
(277
|
)
|
|
(553
|
)
|
|
(154
|
)
|
||||
Loss before income taxes
|
(4,926
|
)
|
|
(1,094
|
)
|
|
(3,423
|
)
|
|
(3,427
|
)
|
||||
Income tax benefit
|
1,890
|
|
|
301
|
|
|
1,028
|
|
|
485
|
|
||||
Net loss from continuing operations
|
(3,036
|
)
|
|
(793
|
)
|
|
(2,395
|
)
|
|
(2,942
|
)
|
||||
Less: Net loss attributable to noncontrolling interest
|
(32
|
)
|
|
|
|
|
(19
|
)
|
|
|
|||||
Net loss attributable to Boeing Shareholders
|
|
($3,004
|
)
|
|
|
($793
|
)
|
|
|
($2,376
|
)
|
|
|
($2,942
|
)
|
(Dollars in millions)
|
Six months ended June 30
|
Three months ended June 30
|
||||||||||||||||||
|
2020
|
|
|
2019
|
|
Change
|
|
2020
|
|
|
2019
|
|
Change
|
|
||||||
Cost of sales
|
|
$29,746
|
|
|
|
$36,455
|
|
|
($6,709
|
)
|
|
$12,978
|
|
|
|
$17,810
|
|
|
($4,832
|
)
|
Cost of sales as a % of Revenues
|
103.6
|
%
|
|
94.3
|
%
|
9.3
|
%
|
109.9
|
%
|
|
113.1
|
%
|
(3.2
|
)%
|
(Dollars in millions)
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Commercial Airplanes
|
|
$786
|
|
|
|
$1,062
|
|
|
|
$361
|
|
|
|
$498
|
|
Defense, Space & Security
|
330
|
|
|
374
|
|
|
167
|
|
|
190
|
|
||||
Global Services
|
65
|
|
|
73
|
|
|
35
|
|
|
33
|
|
||||
Other
|
116
|
|
|
183
|
|
|
62
|
|
|
105
|
|
||||
Total
|
|
$1,297
|
|
|
|
$1,692
|
|
|
|
$625
|
|
|
|
$826
|
|
(Dollars in millions)
|
June 30
2020 |
|
|
December 31
2019 |
|
||
Commercial Airplanes
|
|
$325,674
|
|
|
|
$376,593
|
|
Defense, Space & Security
|
64,286
|
|
|
63,691
|
|
||
Global Services
|
18,168
|
|
|
22,902
|
|
||
Unallocated items, eliminations and other
|
522
|
|
|
217
|
|
||
Total Backlog
|
|
$408,650
|
|
|
|
$463,403
|
|
|
|
|
|
||||
Contractual backlog
|
|
$385,389
|
|
|
|
$436,473
|
|
Unobligated backlog
|
23,261
|
|
|
26,930
|
|
||
Total Backlog
|
|
$408,650
|
|
|
|
$463,403
|
|
(Dollars in millions)
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Revenues
|
|
$7,838
|
|
|
|
$16,544
|
|
|
|
$1,633
|
|
|
|
$4,722
|
|
Loss from operations
|
|
($4,830
|
)
|
|
|
($3,773
|
)
|
|
|
($2,762
|
)
|
|
|
($4,946
|
)
|
Operating margins
|
(61.6
|
)%
|
|
(22.8
|
)%
|
|
(169.1
|
)%
|
|
(104.7
|
)%
|
|
737
|
|
*
|
747
|
|
|
767
|
|
*
|
777
|
|
†
|
787
|
|
|
Total
|
|
Deliveries during the first six months of 2020
|
9
|
|
(7)
|
1
|
|
|
14
|
|
(6)
|
10
|
|
|
36
|
|
|
70
|
|
Deliveries during the first six months of 2019
|
113
|
|
(10)
|
4
|
|
|
22
|
|
(14)
|
22
|
|
(1)
|
78
|
|
|
239
|
|
Deliveries during the second quarter of 2020
|
4
|
|
(4)
|
1
|
|
|
4
|
|
(1)
|
4
|
|
|
7
|
|
|
20
|
|
Deliveries during the second quarter of 2019
|
24
|
|
(6)
|
2
|
|
|
10
|
|
(6)
|
12
|
|
|
42
|
|
|
90
|
|
Cumulative deliveries as of 6/30/2020
|
7,448
|
|
|
1,556
|
|
|
1,190
|
|
|
1,637
|
|
|
975
|
|
|
|
|
Cumulative deliveries as of 12/31/2019
|
7,439
|
|
|
1,555
|
|
|
1,176
|
|
|
1,627
|
|
|
939
|
|
|
|
|
Program
|
|
||||||||||||||||
As of 6/30/2020
|
737
|
|
|
747*
|
|
|
767
|
|
|
777
|
|
|
777X
|
|
|
787
|
|
†
|
Program accounting quantities
|
10,000
|
|
|
1,574
|
|
|
1,207
|
|
|
1,690
|
|
|
**
|
|
|
1,500
|
|
|
Undelivered units under firm orders
|
3,595
|
|
|
12
|
|
|
89
|
|
|
46
|
|
|
309
|
|
|
501
|
|
(27)
|
Cumulative firm orders
|
11,043
|
|
|
1,568
|
|
|
1,279
|
|
|
1,683
|
|
|
309
|
|
|
1,476
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
As of 12/31/2019
|
737
|
|
|
747
|
|
|
767
|
|
|
777
|
|
|
777X
|
|
|
787
|
|
†
|
Program accounting quantities
|
10,400
|
|
|
1,574
|
|
|
1,195
|
|
|
1,690
|
|
|
**
|
|
|
1,600
|
|
|
Undelivered units under firm orders
|
4,398
|
|
|
17
|
|
|
94
|
|
|
68
|
|
|
309
|
|
|
520
|
|
(29)
|
Cumulative firm orders
|
11,837
|
|
|
1,572
|
|
|
1,270
|
|
|
1,695
|
|
|
309
|
|
|
1,459
|
|
|
†
|
Aircraft ordered by BCC are identified in parentheses.
|
*
|
At June 30, 2020, the 747 accounting quantity includes one already completed aircraft that has not been sold and is being remarketed.
|
**
|
The accounting quantity for the 777X will be determined in the year of first airplane delivery.
|
(Dollars in millions)
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Revenues
|
|
$12,630
|
|
|
|
$13,166
|
|
|
|
$6,588
|
|
|
|
$6,579
|
|
Earnings from operations
|
|
$409
|
|
|
|
$1,827
|
|
|
|
$600
|
|
|
|
$975
|
|
Operating margins
|
3.2
|
%
|
|
13.9
|
%
|
|
9.1
|
%
|
|
14.8
|
%
|
|
Six months ended June 30
|
|
Three months ended June 30
|
||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
F/A-18 Models
|
9
|
|
10
|
|
4
|
|
3
|
F-15 Models
|
3
|
|
5
|
|
3
|
|
1
|
CH-47 Chinook (New)
|
15
|
|
7
|
|
6
|
|
|
CH-47 Chinook (Renewed)
|
1
|
|
9
|
|
|
|
5
|
AH-64 Apache (New)
|
11
|
|
10
|
|
9
|
|
4
|
AH-64 Apache (Remanufactured)
|
32
|
|
35
|
|
18
|
|
13
|
P-8 Models
|
6
|
|
8
|
|
3
|
|
5
|
KC-46 Tanker
|
6
|
|
12
|
|
1
|
|
5
|
Total
|
83
|
|
96
|
|
44
|
|
36
|
(Dollars in millions)
|
Six months ended June 30
|
Three months ended June 30
|
|||||||||||||
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Revenues
|
|
$8,116
|
|
|
|
$9,162
|
|
|
|
$3,488
|
|
|
|
$4,543
|
|
Earnings/(loss) from operations
|
|
$36
|
|
|
|
$1,340
|
|
|
|
($672
|
)
|
|
|
$687
|
|
Operating margins
|
0.4
|
%
|
|
14.6
|
%
|
|
(19.3
|
)%
|
|
15.1
|
%
|
(Dollars in millions)
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Revenues
|
|
$134
|
|
|
|
$141
|
|
|
|
$69
|
|
|
|
$75
|
|
Earnings/(loss) from operations
|
|
$17
|
|
|
|
$57
|
|
|
|
($7
|
)
|
|
|
$37
|
|
Operating margins
|
13
|
%
|
|
40
|
%
|
|
(10
|
)%
|
|
49
|
%
|
(Dollars in millions)
|
June 30
2020 |
|
|
December 31
2019 |
|
||
Customer financing and investment portfolio, net
|
|
$2,099
|
|
|
|
$2,251
|
|
Other assets, primarily cash and short-term investments
|
642
|
|
|
535
|
|
||
Total assets
|
|
$2,741
|
|
|
|
$2,786
|
|
|
|
|
|
||||
Other liabilities, primarily deferred income taxes
|
|
$390
|
|
|
|
$432
|
|
Debt, including intercompany loans
|
1,942
|
|
|
1,960
|
|
||
Equity
|
409
|
|
|
394
|
|
||
Total liabilities and equity
|
|
$2,741
|
|
|
|
$2,786
|
|
|
|
|
|
||||
Debt-to-equity ratio
|
4.7-to-1
|
|
|
5.0-to-1
|
|
(Dollars in millions)
|
Six months ended June 30
|
||||||
|
2020
|
|
|
2019
|
|
||
Net loss
|
|
($3,036
|
)
|
|
|
($793
|
)
|
Non-cash items
|
2,230
|
|
|
1,335
|
|
||
Changes in working capital
|
(8,776
|
)
|
|
1,656
|
|
||
Net cash (used)/provided by operating activities
|
(9,582
|
)
|
|
2,198
|
|
||
Net cash used by investing activities
|
(12,686
|
)
|
|
(853
|
)
|
||
Net cash provided by financing activities
|
32,742
|
|
|
96
|
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(11
|
)
|
|
(2
|
)
|
||
Net increase in cash & cash equivalents, including restricted
|
10,463
|
|
|
1,439
|
|
||
Cash & cash equivalents, including restricted, at beginning of year
|
9,571
|
|
|
7,813
|
|
||
Cash & cash equivalents, including restricted, at end of period
|
|
$20,034
|
|
|
|
$9,252
|
|
(Dollars in millions, except per share data)
|
Six months ended June 30
|
|
Three months ended June 30
|
||||||||||||
|
2020
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
||||
Revenues
|
|
$28,715
|
|
|
|
$38,668
|
|
|
|
$11,807
|
|
|
|
$15,751
|
|
Loss from operations, as reported
|
|
($4,317
|
)
|
|
|
($1,030
|
)
|
|
|
($2,964
|
)
|
|
|
($3,380
|
)
|
Operating margins
|
(15.0
|
)%
|
|
(2.7
|
)%
|
|
(25.1
|
)%
|
|
(21.5
|
)%
|
||||
|
|
|
|
|
|
|
|
||||||||
Pension FAS/CAS service cost adjustment (1)
|
|
($513
|
)
|
|
|
($549
|
)
|
|
|
($258
|
)
|
|
|
($275
|
)
|
Postretirement FAS/CAS service cost adjustment (1)
|
(189
|
)
|
|
(180
|
)
|
|
(97
|
)
|
|
(90
|
)
|
||||
FAS/CAS service cost adjustment (1)
|
|
($702
|
)
|
|
|
($729
|
)
|
|
|
($355
|
)
|
|
|
($365
|
)
|
Core operating loss (non-GAAP)
|
|
($5,019
|
)
|
|
|
($1,759
|
)
|
|
|
($3,319
|
)
|
|
|
($3,745
|
)
|
Core operating margins (non-GAAP)
|
(17.5
|
)%
|
|
(4.5
|
)%
|
|
(28.1
|
)%
|
|
(23.8
|
)%
|
||||
|
|
|
|
|
|
|
|
||||||||
Diluted loss per share, as reported
|
|
($5.31
|
)
|
|
|
($1.40
|
)
|
|
|
($4.20
|
)
|
|
|
($5.21
|
)
|
Pension FAS/CAS service cost adjustment (1)
|
(0.91
|
)
|
|
(0.97
|
)
|
|
(0.46
|
)
|
|
(0.49
|
)
|
||||
Postretirement FAS/CAS service cost adjustment (1)
|
(0.33
|
)
|
|
(0.32
|
)
|
|
(0.17
|
)
|
|
(0.16
|
)
|
||||
Non-operating pension expense (2)
|
(0.30
|
)
|
|
(0.32
|
)
|
|
(0.14
|
)
|
|
(0.17
|
)
|
||||
Non-operating postretirement expense (2)
|
0.05
|
|
|
0.09
|
|
|
0.02
|
|
|
0.05
|
|
||||
Provision for deferred income taxes on adjustments (3)
|
0.31
|
|
|
0.32
|
|
|
0.16
|
|
|
0.16
|
|
||||
Core loss per share (non-GAAP)
|
|
($6.49
|
)
|
|
|
($2.60
|
)
|
|
|
($4.79
|
)
|
|
|
($5.82
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average diluted shares (in millions)
|
566.1
|
|
|
566.6
|
|
|
566.4
|
|
|
565.3
|
|
(1)
|
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. This adjustment is excluded from Core operating loss (non-GAAP).
|
(2)
|
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 and are excluded from Core loss per share (non-GAAP).
|
(Dollars in millions, except per share data)
|
||||||||||
|
(a)
|
|
(b)
|
|
(c)
|
|
(d)
|
|||
|
Total Number
of Shares
Purchased (1)
|
|
|
Average
Price
Paid per
Share
|
|
|
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
|
|
Approximate Dollar
Value of Shares That
May Yet be Purchased
Under the Plans or
Programs (2)
|
|
4/1/2020 thru 4/30/2020
|
5,381
|
|
|
|
$138.98
|
|
|
|
|
|
5/1/2020 thru 5/31/2020
|
4,201
|
|
|
140.49
|
|
|
|
|
|
|
6/1/2020 thru 6/30/2020
|
1,761
|
|
|
165.29
|
|
|
|
|
|
|
Total
|
11,343
|
|
|
|
$143.62
|
|
|
|
|
|
(1)
|
A total of 9,175 shares were transferred to us from employees in satisfaction of minimum tax withholding obligations associated with the vesting of restricted stock units during the period. We did not purchase any shares of our common stock in the open market pursuant to our repurchase program. We purchased 2,168 shares in swap transactions.
|
(2)
|
On March 21, 2020, the Board of Directors terminated its prior authorization to repurchase shares of the Company's outstanding common stock. Share repurchases under this plan had been suspended since April 2019.
|
10.1*
|
|
|
|
10.2*
|
|
|
|
15
|
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32.1
|
|
|
|
32.2
|
|
|
|
101.INS
|
Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
|
|
101.SCH
|
Inline XBRL Taxonomy Extension Schema Document
|
|
|
101.CAL
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
101.DEF
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
101.LAB
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
|
|
101.PRE
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
104
|
The cover page for the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, has been formatted in Inline XBRL.
|
|
|
THE BOEING COMPANY
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
|
|
|
|
|
July 29, 2020
|
|
/s/ Robert E. Verbeck
|
(Date)
|
|
Robert E. Verbeck
|
|
|
Senior Vice President and Controller
|
1 Year Boeing Chart |
1 Month Boeing Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions