Company Quick10K Filing
Boeing
Price382.86 EPS7
Shares570 P/E57
MCap218,154 P/FCF-965
Net Debt10,449 EBIT3,507
TEV228,603 TEV/EBIT65
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-29
10-Q 2020-03-31 Filed 2020-04-29
10-K 2019-12-31 Filed 2020-01-31
10-Q 2019-09-30 Filed 2019-10-23
10-Q 2019-06-30 Filed 2019-07-24
10-Q 2019-03-31 Filed 2019-04-24
10-K 2018-12-31 Filed 2019-02-08
10-Q 2018-09-30 Filed 2018-10-24
10-Q 2018-06-30 Filed 2018-07-25
10-Q 2018-03-31 Filed 2018-04-25
10-K 2017-12-31 Filed 2018-02-12
10-Q 2017-09-30 Filed 2017-10-25
10-Q 2017-06-30 Filed 2017-07-26
10-Q 2017-03-31 Filed 2017-04-26
10-K 2016-12-31 Filed 2017-02-08
10-Q 2016-09-30 Filed 2016-10-26
10-Q 2016-06-30 Filed 2016-07-27
10-Q 2016-03-31 Filed 2016-04-27
10-K 2015-12-31 Filed 2016-02-10
10-Q 2015-09-30 Filed 2015-10-21
10-Q 2015-06-30 Filed 2015-07-22
10-Q 2015-03-31 Filed 2015-04-22
10-K 2014-12-31 Filed 2015-02-12
10-Q 2014-09-30 Filed 2014-10-22
10-Q 2014-06-30 Filed 2014-07-23
10-Q 2014-03-31 Filed 2014-04-23
10-K 2013-12-31 Filed 2014-02-14
10-Q 2013-09-30 Filed 2013-10-23
10-Q 2013-06-30 Filed 2013-07-24
10-Q 2013-03-31 Filed 2013-04-24
10-K 2012-12-31 Filed 2013-02-11
10-Q 2012-09-30 Filed 2012-10-24
10-Q 2012-06-30 Filed 2012-07-25
10-Q 2012-03-31 Filed 2012-04-25
10-K 2011-12-31 Filed 2012-02-09
10-Q 2011-09-30 Filed 2011-10-26
10-Q 2011-06-30 Filed 2011-07-27
10-Q 2011-03-31 Filed 2011-04-27
10-K 2010-12-31 Filed 2011-02-09
10-Q 2010-09-30 Filed 2010-10-20
10-Q 2010-06-30 Filed 2010-07-28
10-Q 2010-03-31 Filed 2010-04-21
10-K 2009-12-31 Filed 2010-02-08
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-04-30
8-K 2020-04-29
8-K 2020-04-27
8-K 2020-04-05
8-K 2020-03-23
8-K 2020-03-20
8-K 2020-03-16
8-K 2020-03-13
8-K 2020-02-23
8-K 2020-02-06
8-K 2020-01-29
8-K 2020-01-21
8-K 2020-01-10
8-K 2019-12-26
8-K 2019-12-22
8-K 2019-12-16
8-K 2019-10-30
8-K 2019-10-25
8-K 2019-10-23
8-K 2019-10-11
8-K 2019-07-29
8-K 2019-07-24
8-K 2019-07-18
8-K 2019-06-26
8-K 2019-05-01
8-K 2019-04-30
8-K 2019-04-29
8-K 2019-04-29
8-K 2019-04-24
8-K 2019-04-05
8-K 2019-02-26
8-K 2019-02-13
8-K 2019-01-30
8-K 2019-01-24
8-K 2018-12-17
8-K 2018-10-29
8-K 2018-10-24
8-K 2018-10-22
8-K 2018-07-25
8-K 2018-07-13
8-K 2018-07-05
8-K 2018-06-07
8-K 2018-04-30
8-K 2018-04-30
8-K 2018-04-25
8-K 2018-02-21
8-K 2018-01-31

BA 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Goodwill and Acquired Intangibles
Note 3 - Earnings per Share
Note 4 - Income Taxes
Note 5 - Allowances for Losses on Financial Assets
Note 6 - Inventories
Note 7 - Contracts with Customers
Note 8 - Customer Financing
Note 9 - Investments
Note 10 - Commitments and Contingencies
Note 11 - Arrangements with Off - Balance Sheet Risk
Note 13 - Postretirement Plans
Note 14 - Share - Based Compensation and Other Compensation Arrangements
Note 15 - Shareholders' Equity
Note 16 - Derivative Financial Instruments
Note 17 - Fair Value Measurements
Note 18 - Legal Proceedings
Note 19 - Segment and Revenue Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 a202006jun3010qexhibit101.htm
EX-10.2 a202006jun3010qexhibit102.htm
EX-15 a202006jun3010qexhibit15.htm
EX-31.1 a202006jun3010qexhibit311.htm
EX-31.2 a202006jun3010qexhibit312.htm
EX-32.1 a202006jun3010qexhibit321.htm
EX-32.2 a202006jun3010qexhibit322.htm

Boeing Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
135106774819-102012201420172020
Assets, Equity
302316103-32012201420172020
Rev, G Profit, Net Income
5.03.11.2-0.6-2.5-4.42012201420172020
Ops, Inv, Fin

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boeingblacksmalla03.jpg
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                      
Commission file number 1-442
 
 THE BOEING COMPANY
 
(Exact name of registrant as specified in its charter)
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
 
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405/ of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer
 
Accelerated filer
Non-accelerated filer
 
Smaller reporting company  
Emerging growth company
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes No
Securities registered pursuant to Section 12(b) of the Act:
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
As of July 22, 2020, there were 564,448,738 shares of common stock, $5.00 par value, issued and outstanding.



THE BOEING COMPANY
FORM 10-Q
For the Quarter Ended June 30, 2020
INDEX
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.
 
 
 
 



Part I. Financial Information
Item 1. Financial Statements
The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
(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

See Notes to the Condensed Consolidated Financial Statements.

1


The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(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
)
See Notes to the Condensed Consolidated Financial Statements.

2


The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Financial Position
(Unaudited)
(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

See Notes to the Condensed Consolidated Financial Statements.

3


The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(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

See Notes to the Condensed Consolidated Financial Statements.

4


The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Equity
For the six months ended June 30, 2020 and 2019
(Unaudited)
 
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
)
 
(