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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 September 30, 2024
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.)
929 Long Bridge DriveArlington,VA 22202
(Address of principal executive offices) (Zip Code)
(703)465-3500
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $5.00 Par ValueBANew York Stock Exchange

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 ☒

As of October 16, 2024, there were 618,200,911 shares of common stock, $5.00 par value, issued and outstanding.


THE BOEING COMPANY
FORM 10-Q
For the Quarter Ended September 30, 2024
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)Nine months ended September 30Three months ended September 30
2024202320242023
Sales of products$41,326 $46,661 $14,534 $15,060 
Sales of services9,949 9,115 3,306 3,044 
Total revenues51,275 55,776 17,840 18,104 
Cost of products(43,384)(43,140)(18,413)(14,464)
Cost of services(8,293)(7,609)(2,934)(2,475)
Total costs and expenses(51,677)(50,749)(21,347)(16,939)
(402)5,027 (3,507)1,165 
Income/(loss) from operating investments, net59 45 (15)28 
General and administrative expense(3,623)(3,633)(1,085)(1,043)
Research and development expense, net(2,976)(2,496)(1,154)(958)
Gain on dispositions, net5 1  
Loss from operations(6,937)(1,056)(5,761)(808)
Other income, net790 919 265 297 
Interest and debt expense(1,970)(1,859)(728)(589)
Loss before income taxes(8,117)(1,996)(6,224)(1,100)
Income tax benefit/(expense)149 (216)50 (538)
Net loss(7,968)(2,212)(6,174)(1,638)
Less: net loss attributable to noncontrolling interest(16)(13)(4)(2)
Net loss attributable to Boeing Shareholders($7,952)($2,199)($6,170)($1,636)
Basic loss per share($12.91)($3.64)($9.97)($2.70)
Diluted loss per share($12.91)($3.64)($9.97)($2.70)
Weighted average diluted shares (millions)616.1605.0618.8607.2
See Notes to the Condensed Consolidated Financial Statements.
1
The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(Dollars in millions)Nine months ended September 30Three months ended September 30
2024 2023 2024 2023 
Net loss($7,968)($2,212)($6,174)($1,638)
Other comprehensive income/(loss), net of tax:
Currency translation adjustments30 (29)54 (39)
Unrealized gain on certain investments, net of tax of $0, $0, $0 and $0
1 1 1 1 
Derivative instruments:
Unrealized (losses)/gains arising during period, net of tax of $3, $17, ($19) and $10
(13)(60)63 (35)
Reclassification adjustment for losses included in net loss, net of tax of ($7), $0, $1 and ($1)
26 2 4 
Total unrealized gain/(loss) on derivative instruments, net of tax
13 (58)63 (31)
Defined benefit pension plans and other postretirement benefits:
Net actuarial (losses)/gains arising during the period, net of tax of $16, $2, ($1) and $0
(18)(5)1 
Amortization of actuarial losses/(gains) included in net periodic benefit cost, net of tax of ($30), $1, ($10) and $0
38 (6)12 (2)
Amortization of prior service credits included in net periodic benefit cost, net of tax of $31, $17, $11 and $5
(38)(61)(12)(21)
Pension and postretirement cost related to our equity method investments, net of tax of ($2), $0, $1 and $0
6 1 
Total defined benefit pension plans and other postretirement benefits, net of tax(12)(72)1 (22)
Other comprehensive income/(loss), net of tax
32 (158)119 (91)
Comprehensive loss, net of tax(7,936)(2,370)(6,055)(1,729)
Less: Comprehensive loss related to noncontrolling interest
(16)(13)(4)(2)
Comprehensive loss attributable to Boeing Shareholders, net of tax($7,920)($2,357)($6,051)($1,727)
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)September 30
2024		December 31
2023
Assets
Cash and cash equivalents$9,961 $12,691 
Short-term and other investments509 3,274 
Accounts receivable, net2,894 2,649 
Unbilled receivables, net9,356 8,317 
Current portion of financing receivables, net457 99 
Inventories83,341 79,741 
Other current assets, net2,918 2,504 
Total current assets109,436 109,275 
Financing receivables and operating lease equipment, net321 860 
Property, plant and equipment, net of accumulated depreciation of $22,923 and $22,245
11,236 10,661 
Goodwill8,112 8,093 
Acquired intangible assets, net2,011 2,094 
Deferred income taxes44 59 
Investments1,030 1,035 
Other assets, net of accumulated amortization of $1,054 and $1,046
5,505 4,935 
Total assets$137,695 $137,012 
Liabilities and equity
Accounts payable$12,267 $11,964 
Accrued liabilities22,628 22,331 
Advances and progress billings57,931 56,328 
Short-term debt and current portion of long-term debt4,474 5,204 
Total current liabilities97,300 95,827 
Deferred income taxes249 229 
Accrued retiree health care2,121 2,233 
Accrued pension plan liability, net6,097 6,516 
Other long-term liabilities2,314 2,332 
Long-term debt53,176 47,103 
Total liabilities161,257 154,240 
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 capital10,925 10,309 
Treasury stock, at cost — 394,465,404 and 402,746,136 shares
(48,564)(49,549)
Retained earnings19,299 27,251 
Accumulated other comprehensive loss(10,273)(10,305)
Total shareholders’ deficit(23,552)(17,233)
Noncontrolling interests(10)5 
Total equity(23,562)(17,228)
Total liabilities and equity$137,695 $137,012 
See Notes to the Condensed Consolidated Financial Statements.
3
The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in millions)Nine months ended September 30
20242023
Cash flows – operating activities:
Net loss($7,968)($2,212)
Adjustments to reconcile net loss to net cash (used)/provided by operating activities:
Non-cash items – 
Share-based plans expense310 548 
Treasury shares issued for 401(k) contribution1,315 1,204 
Depreciation and amortization1,327 1,380 
Investment/asset impairment charges, net48 12 
Gain on dispositions, net(5)(1)
777X and 767 reach-forward losses3,006 
Other charges and credits, net270 (25)
Changes in assets and liabilities – 
Accounts receivable(275)(523)
Unbilled receivables(1,042)(547)
Advances and progress billings1,666 2,963 
Inventories(6,854)(940)
Other current assets(26)707 
Accounts payable122 982 
Accrued liabilities327 (574)
Income taxes receivable, payable and deferred(282)73 
Other long-term liabilities(228)(254)
Pension and other postretirement plans(736)(785)
Financing receivables and operating lease equipment, net258 472 
Other137 99 
Net cash (used)/provided by operating activities(8,630)2,579 
Cash flows – investing activities:
Payments to acquire property, plant and equipment(1,582)(1,096)
Proceeds from disposals of property, plant and equipment 46 19 
Acquisitions, net of cash acquired(50)(19)
Contributions to investments(1,751)(14,485)
Proceeds from investments4,546 10,497 
Supplier notes receivable(494)(162)
Repayments on supplier notes receivable40 
Purchase of distribution rights(88)
Other(14)5 
Net cash provided/(used) by investing activities653 (5,241)
Cash flows – financing activities:
New borrowings10,120 55 
Debt repayments(4,824)(5,181)
Stock options exercised 45 
4
Employee taxes on certain share-based payment arrangements(73)(52)
Other15 2 
Net cash provided/(used) by financing activities5,238 (5,131)
Effect of exchange rate changes on cash and cash equivalents8 (22)
Net decrease in cash & cash equivalents, including restricted(2,731)(7,815)
Cash & cash equivalents, including restricted, at beginning of year12,713 14,647 
Cash & cash equivalents, including restricted, at end of period9,982 6,832 
Less restricted cash & cash equivalents, included in Investments21 21 
Cash and cash equivalents at end of period$9,961 $6,811 
See Notes to the Condensed Consolidated Financial Statements.
5
The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Equity
For the nine months ended September 30, 2024 and 2023
(Unaudited)
 Boeing shareholders  
(Dollars in millions)Common
Stock		Additional
Paid-In
Capital		Treasury StockRetained
Earnings		Accumulated Other Comprehensive LossNon-
controlling
Interests		Total
Balance at January 1, 2023$5,061 $9,947 ($50,814)$29,473 ($9,550)$35 ($15,848)
Net loss(2,199)(13)(2,212)
Other comprehensive loss, net of tax of $37
(158)(158)
Share-based compensation548 548 
Treasury shares issued for stock options exercised, net
(27)72 45 
Treasury shares issued for other share-based plans, net
(82)63 (19)
Treasury shares issued for 401(k) contribution497 707 1,204 
Subsidiary shares purchased from noncontrolling interests
(267)(267)
Other changes in noncontrolling interests(10)(10)
Balance at September 30, 2023$5,061 $10,616 ($49,972)$27,274 ($9,708)$12 ($16,717)
Balance at January 1, 2024$5,061 $10,309 ($49,549)$27,251 ($10,305)$5 ($17,228)
Net loss(7,952)(16)(7,968)
Other comprehensive income, net of tax of $11
32 32 
Share-based compensation310 310 
Treasury shares issued for other share-based plans, net
(129)105 (24)
Treasury shares issued for 401(k) contribution 435 880 1,315 
Other changes in noncontrolling interests1 1 
Balance at September 30, 2024$5,061 $10,925 ($48,564)$19,299 ($10,273)($10)($23,562)
See Notes to the Condensed Consolidated Financial Statements.
6
The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Equity
For the three months ended September 30, 2024 and 2023
(Unaudited)
Boeing shareholders  
(Dollars in millions, except per share data)Common
Stock		Additional
Paid-In
Capital		Treasury StockRetained
Earnings		Accumulated Other Comprehensive LossNon-
controlling
Interests		Total
Balance at July 1, 2023$5,061 $10,310 ($50,181)$28,910 ($9,617)$24 ($15,493)
Net loss
(1,636)(2)(1,638)
Other comprehensive loss, net of tax of $14
(91)(91)
Share-based compensation167 167 
Treasury shares issued for stock options exercised, net
1 1 
Treasury shares issued for other share-based plans, net
(9)14 5 
Treasury shares issued for 401(k) contribution147 195 342 
Other changes in noncontrolling interests
(10)(10)
Balance at September 30, 2023$5,061 $10,616 ($49,972)$27,274 ($9,708)$12 ($16,717)
Balance at July 1, 2024$5,061 $10,727 ($48,841)$25,469 ($10,392)($6)($17,982)
Net loss(6,170)(4)(6,174)
Other comprehensive income, net of tax of ($17)
119 119 
Share-based compensation 102 102 
Treasury shares issued for other share-based plans, net(7)18 11 
Treasury shares issued for 401(k) contribution103 259 362 
Balance at September 30, 2024$5,061 $10,925 ($48,564)$19,299 ($10,273)($10)($23,562)
See Notes to the Condensed Consolidated Financial Statements.



7
The Boeing Company and Subsidiaries
Notes to Condensed Consolidated Financial Statements
Summary of Business Segment Data
(Unaudited)
(Dollars in millions)Nine months ended September 30Three months ended September 30
2024202320242023
Revenues:
Commercial Airplanes$18,099 $23,420 $7,443 $7,876 
Defense, Space & Security18,507 18,187 5,536 5,481 
Global Services14,835 14,278 4,901 4,812 
Unallocated items, eliminations and other(166)(109)(40)(65)
Total revenues$51,275 $55,776 $17,840 $18,104 
Loss from operations:
Commercial Airplanes($5,879)($1,676)($4,021)($678)
Defense, Space & Security(3,146)(1,663)(2,384)(924)
Global Services2,620 2,487 834 784 
Segment operating loss(6,405)(852)(5,571)(818)
Unallocated items, eliminations and other(1,364)(1,067)(418)(271)
FAS/CAS service cost adjustment832 863 228 281 
Loss from operations(6,937)(1,056)(5,761)(808)
Other income, net790 919 265 297 
Interest and debt expense(1,970)(1,859)(728)(589)
Loss before income taxes(8,117)(1,996)(6,224)(1,100)
Income tax benefit/(expense)149 (216)50 (538)
Net loss(7,968)(2,212)(6,174)(1,638)
Less: net loss attributable to noncontrolling interest(16)(13)(4)(2)
Net loss attributable to Boeing Shareholders($7,952)($2,199)($6,170)($1,636)
This information is an integral part of the Notes to the Condensed Consolidated Financial Statements. See Note 19 for further segment results.
8
The Boeing Company and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
(Dollars in millions, except per share amounts or as otherwise stated)
(Unaudited)
Note 1 – 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, 2024, 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 2023 Annual Report on Form 10-K. We added a new financial statement line item to the Condensed Consolidated Statements of Cash Flows for cash invested in Supplier notes receivable and reclassified the corresponding amounts in the prior period financial statements to conform to the current period presentation.
Liquidity Matters
During the nine months ended September 30, 2024, net cash used by operating activities was $8.6 billion. The cash outflow was primarily driven by our commercial airplane business. Commercial airplane cash outflows reflect slowed production and deliveries as a result of ongoing safety and quality improvement actions the Company is taking following the Alaska Airlines accident on January 5, 2024, as well as supply chain constraints. Additionally, the ongoing work stoppage initiated on September 13, 2024, by the International Association of Machinists and Aerospace Workers District 751 (IAM 751) has paused production of certain commercial aircraft models (737, 767, 777 and 777X aircraft) as well as production of commercial derivative aircraft for our Defense, Space & Security business (KC-46A Tanker and P-8A Poseidon). The IAM 751 work stoppage is also significantly reducing aircraft deliveries and adversely impacting our financial position, results of operations and cash flows.
At September 30, 2024, cash and short-term investments totaled $10.5 billion. Our total debt balance was $57.7 billion at September 30, 2024, up from $52.3 billion at December 31, 2023. On May 1, 2024, we issued $10 billion of fixed-rate senior notes. At September 30, 2024, we had $10.0 billion of unused borrowing capacity on revolving credit line agreements. On May 15, 2024, we entered into a $4.0 billion five-year revolving credit agreement expiring in May 2029. Our $3.0 billion three-year revolving credit agreement expiring in August 2025 and $3.0 billion five-year revolving credit agreement expiring in August 2028 each remain in effect. We anticipate these credit lines will primarily serve as back-up liquidity to support our general borrowing needs. On October 14, 2024, we entered into a $10.0 billion 364-day supplemental credit agreement (see Note 12 for additional information). We continue to be in full compliance with all covenants contained in our debt and credit facility agreements.
We continue to maintain investment grade credit ratings. Moody’s downgraded our short term and long term credit ratings to Baa3/P-3 in April 2024. Moody's and S&P placed our ratings on review for downgrade in September 2024 and October 2024, respectively. A number of factors could cause us to incur increased borrowing costs and/or to have greater difficulty accessing public and private markets, including further credit rating downgrades. At September 30, 2024, trade payables included $2.7 billion payable to suppliers who have elected to participate in supply chain financing programs compared with $2.9 billion at December 31, 2023. In future quarters, our suppliers' access to supply chain financing could be curtailed or more expensive if our credit ratings are further downgraded.
We are implementing actions to improve liquidity. We instituted temporary furloughs and hiring freezes across the Company for all levels and paused pay increases for executive and management promotions. We are reducing discretionary spending as well as reducing or deferring non-essential capital expenditures. We are also pausing the issuance of the majority of supplier purchase orders on the 737, 767, 777, and 777X programs due to IAM 751's ongoing work stoppage. In addition, on October 11, 2024, we announced that we plan to reduce the size of our total workforce by roughly 10 percent.
9
Our planned acquisition of Spirit AeroSystems Holdings, Inc. (Spirit) will be an all-stock transaction pursuant to the Agreement and Plan of Merger entered into on June 30, 2024 (see Note 2 for additional information).
Notwithstanding the actions described above to improve liquidity, we expect negative operating cash flows in future quarters until IAM 751 employees return to work, production resumes and deliveries ramp up.
Based on our current best estimates of market demand, planned production rates, timing of cash receipts and expenditures, and our expected ability to successfully implement actions to improve liquidity, we believe it is probable that we will be able to fund our operations for the foreseeable future. We also believe we have the ability to access additional liquidity.
Use of Estimates
The preparation of financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Goodwill
We performed our annual goodwill impairment test as of April 1, 2024, using a qualitative assessment. We determined the fair value of each of our reporting units substantially exceeded their respective carrying values. Our Military Aircraft reporting unit within our Defense, Space & Security (BDS) segment had goodwill of $1,295 and a negative carrying value at September 30, 2024.
Long-term Contracts
Substantially all contracts at our BDS segment and certain contracts at our Global Services (BGS) segment are long-term contracts with the U.S. government and other customers that generally extend over several years. 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 revenues and costs at completion for a long-term contract indicate a loss, a provision for the entire reach-forward loss on the long-term contract is recognized.
The table below reflects the impact of net cumulative catch-up adjustments for changes in estimated revenues and costs at completion across all long-term contracts, including the impact to Loss from operations from changes in estimated losses on unexercised options.
(In millions - except per share amounts)Nine months ended September 30Three months ended September 30
2024202320242023
Decrease to Revenue($1,928)($1,582)($963)($800)
Increase to Loss from operations
($4,322)($2,600)($2,622)($1,252)
Increase to Diluted loss per share
($6.89)($4.76)($4.20)($3.07)
Note 2 – Spirit Acquisition
On June 30, 2024, we entered into an Agreement and Plan of Merger (the Merger Agreement) pursuant to which we have agreed to acquire Spirit in an all-stock transaction at an equity value of approximately $4,700, or $37.25 per share of Spirit Class A Common Stock. The transaction will include the assumption of Spirit's net debt at closing.
10
Each share of Spirit common stock will be exchanged for a number of shares of Boeing common stock equal to an exchange ratio between 0.18 and 0.25, calculated as $37.25 divided by the volume weighted average share price of Boeing shares over the 15-trading-day period ending on the second trading day prior to the closing (subject to a floor of $149.00 per share and a ceiling of $206.94 per share). Spirit stockholders will receive 0.25 Boeing shares for each of their Spirit shares if the volume-weighted average price is at or below $149.00, and 0.18 Boeing shares for each of their Spirit shares if the volume-weighted average price is at or above $206.94 per share.
Boeing's acquisition of Spirit will include substantially all Boeing-related commercial operations, as well as certain other operations.
Spirit has also entered into a binding term sheet with Airbus SE (Airbus) setting forth the terms upon which Airbus will, assuming the parties enter into definitive agreements and receive all required regulatory approvals, acquire certain commercial work packages that Spirit performs for Airbus concurrently with the closing of the Boeing-Spirit merger. In addition, Spirit is proposing to sell certain of its operations, including those in Belfast, Northern Ireland (non-Airbus operations); Prestwick, Scotland; Subang, Malaysia; Biddeford, Maine; and Woonsocket, Rhode Island.
The transaction is expected to close mid-2025 and is subject to the sale of the Spirit operations related to certain Airbus commercial work packages and the satisfaction of customary closing conditions, including regulatory and Spirit stockholder approvals.
The Merger Agreement contains certain termination rights, including that either Boeing or Spirit may terminate the Merger Agreement if, subject to certain limitations, the transaction has not been consummated by March 31, 2025 (subject to three automatic three-month extensions if on each such date all of the closing conditions except those relating to regulatory approvals have been satisfied or waived) (the Outside Date). Additionally, Spirit may terminate the Merger Agreement under specified circumstances to accept an unsolicited Superior Proposal (as defined in the Merger Agreement) from a third party, and we may terminate the Merger Agreement if, before Spirit stockholder approval has been obtained, the Spirit Board of Directors changes its recommendation that Spirit’s stockholders adopt the Merger Agreement. In addition, if either party breaches or fails to perform any of its representations, warranties or covenants under the Merger Agreement such that the related conditions to the other party's obligation to consummate the Merger would not be satisfied, and such breach or failure is not curable by the Outside Date or, if curable by the Outside Date, has not been cured within 30 days following notice thereof, such other party may terminate the Merger Agreement.
The Merger Agreement provides that Spirit will be required to pay Boeing a termination fee of $150 if the Merger Agreement is terminated under specified circumstances in which the Spirit Board of Directors changes its recommendation that Spirit’s stockholders adopt the Merger Agreement, Spirit terminates the Merger Agreement in order to accept a Superior Proposal as set forth in the Merger Agreement, or Spirit consummates a Qualifying Transaction (as defined in the Merger Agreement) following the termination of the Merger Agreement.
The Merger Agreement also provides that we will be required to pay Spirit a termination fee of $300 if the Merger Agreement is terminated by Spirit or Boeing under certain specified circumstances as a result of the parties' failure to obtain the required regulatory approvals by the Outside Date or in the event that any law or order related to the required regulatory approvals or any applicable antitrust law or foreign investment law prohibits the consummation of the Merger.
Note 3 – 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.
11
Basic earnings per share is calculated by taking net earnings attributable to Boeing Shareholders, 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 attributable to Boeing Shareholders, less earnings available to participating securities, divided by the diluted weighted average common shares outstanding. Diluted weighted average common shares outstanding is calculated using the treasury stock method.
The elements used in the computation of Basic and Diluted loss per share were as follows:
(In millions - except per share amounts)Nine months ended September 30Three months ended September 30
2024202320242023
Net loss attributable to Boeing Shareholders($7,952)($2,199)($6,170)($1,636)
Less: earnings available to participating securities
Net loss available to common shareholders
($7,952)($2,199)($6,170)($1,636)
Basic
Basic weighted average shares outstanding
616.1 605.0 618.8 607.2 
Less: participating securities(1)
0.3 0.3 0.2 0.3 
Basic weighted average common shares outstanding
615.8 604.7 618.6 606.9 
Diluted
Diluted weighted average shares outstanding
616.1 605.0 618.8 607.2 
Less: participating securities(1)
0.3 0.3 0.2 0.3 
Diluted weighted average common shares outstanding
615.8 604.7 618.6 606.9 
Net loss per share:
Basic
($12.91)($3.64)($9.97)($2.70)
Diluted
(12.91)(3.64)(9.97)(2.70)
(1)Participating securities include certain instruments in our deferred compensation plan.
The following table represents potential common shares that were not included in the computation of Diluted loss per share because the effect was antidilutive based on their strike price or the performance condition was not met.
(Shares in millions)Nine months ended September 30Three months ended September 30
2024202320242023
Performance restricted stock units0.7 0.7  
Restricted stock units0.7  
Stock options0.8 0.8 0.8 0.7 
In addition, potential common shares of 2.9 million and 5.6 million for the nine months ended September 30, 2024 and 2023 and 2.9 million and 6.2 million for the three months ended September 30, 2024 and 2023 were excluded from the computation of Diluted loss per share, because the effect would have been antidilutive as a result of incurring a net loss in those periods.
Note 4 – Income Taxes
We computed our 2024 interim tax provision using an estimated annual effective tax rate of (1.9)%, adjusted for discrete items. Our 2024 estimated annual effective tax rate is primarily driven by taxes on non-U.S. operations. The forecasted 2024 tax provision as estimated at September 30, 2024, remained relatively consistent with that estimated in the second quarter of 2024, despite increased forecasted pre-
12
tax losses. This resulted in a corresponding change in the annualized effective tax rate during the three months ended September 30, 2024. The effective tax rate for the three months ended September 30, 2024, was 0.8% and reflects additional tax benefits to adjust prior quarters' results to the annual effective tax rate. The effective tax rates were 1.8% and (10.8)% for the nine months ended September 30, 2024 and 2023.
As of December 31, 2023, we had recorded valuation allowances of $4,550 primarily for certain domestic deferred tax assets, and certain domestic net operating losses, tax credit and interest carryforwards. To measure the valuation allowance, the Company estimated in what year each of its deferred tax assets and liabilities would reverse using systematic and logical methods to estimate the reversal patterns. Based on these methods, deferred tax liabilities are assumed to reverse and generate taxable income over the next 5 to 10 years while deferred tax assets related to pension and other postretirement benefit obligations are assumed to reverse and generate tax deductions over the next 15 to 20 years. The valuation allowance results from not having sufficient income from deferred tax liability reversals in the appropriate future periods to support the realization of deferred tax assets.
In the third quarter of 2024, we determined that earnings from our non-U.S. subsidiaries are no longer considered to be permanently reinvested. This resulted in a discrete income tax provision of $13 for the three months ended September 30, 2024.
Federal income tax audits have been settled for all years prior to 2021. The Internal Revenue Service is expected to begin the 2021-2023 federal tax audit in the third quarter of 2025. We are also subject to examination in major state and international jurisdictions for the 2010-2023 tax years. We believe appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years.
Note 5 – Allowances for Losses on Financial Assets
The changes in allowances for expected credit losses for the nine months ended September 30, 2024 and 2023, consisted of the following:
Accounts receivable Unbilled receivablesOther current assets
Financing receivables
Other assetsTotal
Balance at January 1, 2023($116)($23)($85)($55)($88)($367)
Changes in estimates(8)3 15 4 (16)(2)
Write-offs27 5 32 
Recoveries4 4 
Balance at September 30, 2023
($93)($20)($65)($51)($104)($333)
Balance at January 1, 2024($89)($19)($50)($51)($122)($331)
Changes in estimates(28)(2)(2)41 (66)(57)
Write-offs15 11 26 
Recoveries1 1 
Balance at September 30, 2024
($101)($21)($41)($10)($188)($361)
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Note 6 – Inventories
Inventories consisted of the following:
September 30
2024		December 31
2023
Commercial aircraft programs$72,101 $68,683 
Long-term contracts in progress164 686 
Capitalized precontract costs(1)
981 946 
Commercial spare parts, used aircraft, general stock materials and other
10,095 9,426 
Total$83,341 $79,741 
(1)Capitalized precontract costs at September 30, 2024 and December 31, 2023, included amounts related to T-7A Red Hawk Production Options, Commercial Crew, and KC-46A Tanker. See Note 10.
Commercial Aircraft Programs
At September 30, 2024 and December 31, 2023, commercial aircraft programs inventory included the following amounts related to the 737 program: deferred production costs of $8,670 and $6,011 and unamortized tooling and other non-recurring costs of $879 and $792. At September 30, 2024, $9,505 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 $44 is expected to be recovered from units included in the program accounting quantity that represent expected future orders.
At September 30, 2024 and December 31, 2023, commercial aircraft programs inventory included the following amounts related to the 777X program: $3,818 and $4,638 of work in process (including deferred production costs of $552 and $1,792) and $4,255 and $4,063 of unamortized tooling and other non-recurring costs. We expensed abnormal production costs of $442 during the nine months ended September 30, 2023. In the fourth quarter of 2023, the 777X program resumed production, and as a result, there were no abnormal production costs during the nine months ended September 30, 2024. During the third quarter of 2024, we determined that estimated costs to complete the 777X program plus the costs already included in 777X inventory exceed estimated revenues from the program. The resulting reach-forward loss of $2,608 was recorded as a reduction of deferred production costs. The level of profitability on the 777X program will be subject to a number of factors. These factors include aircraft certification requirements and timing, change incorporation on completed aircraft, production disruption due to labor instability (including the ongoing work stoppage) and supply chain disruption, customer delivery timing and negotiations, further production rate adjustments for the 777X or other commercial aircraft programs, and contraction of the accounting quantity. One or more of these factors could result in additional reach-forward losses in future periods.
At September 30, 2024 and December 31, 2023, commercial aircraft programs inventory included the following amounts related to the 787 program: deferred production costs of $12,452 and $12,384, supplier advances of $1,394 and $1,764, and unamortized tooling and other non-recurring costs of $1,402 and $1,480. At September 30, 2024, $11,403 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 $2,451 is expected to be recovered from units included in the program accounting quantity that represent expected future orders. We expensed abnormal production costs of $209 and $937 during the nine months ended September 30, 2024 and 2023.
Commercial aircraft programs inventory included amounts credited in cash or other consideration (early issue sales consideration) to airline customers totaling $4,716 and $4,126 at September 30, 2024 and December 31, 2023.
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Note 7 – Contracts with Customers
Unbilled receivables increased from $8,317 at December 31, 2023, to $9,356 at September 30, 2024, primarily driven by revenue recognized at BDS in excess of billings.
Advances and progress billings increased from $56,328 at December 31, 2023, to $57,931 at September 30, 2024, primarily driven by advances on orders received at Commercial Airplanes (BCA).
Revenues recognized during the nine months ended September 30, 2024 and 2023, from amounts recorded as Advances and progress billings at the beginning of each year were $11,804 and $11,602. Revenues recognized during the three months ended September 30, 2024 and 2023, from amounts recorded as Advances and progress billings at the beginning of each year were $3,927 and $3,717.
Note 8 – Financing Receivables and Operating Lease Equipment
Financing receivables and operating lease equipment, net consisted of the following:
September 30
2024		December 31
2023
Financing receivables:
Investment in sales-type leases$457 $556 
Notes87 102 
Total financing receivables
544 658 
Less allowance for losses on receivables10 51 
Financing receivables, net534 607 
Operating lease equipment, at cost, less accumulated depreciation of $47 and $70
244 352 
Total$778 $959 
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Our financing arrangements range in terms from 1 to 8 years, and include $447 of Investment in sales-type leases, net of allowances, that will be repaid in one year or less. Financing arrangements may include options to extend or terminate. Certain leases include provisions to allow the lessee to purchase the underlying aircraft at a specified price. At September 30, 2024 and December 31, 2023, $10 and $44 were determined to be uncollectible financing receivables and placed on non-accrual status. The allowance for losses on financing receivables decreased primarily due to cash collections during the nine months ended September 30, 2024.
The components of investment in sales-type leases consisted of the following:
September 30
2024		December 31
2023
Gross lease payments receivable$497 $697 
Unearned income(40)(162)
Net lease payments receivable457 535 
Unguaranteed residual assets21 
Total$457 $556 
Financing interest income recorded for the nine months ended September 30, 2024 and 2023, was $5 and $122. Financing interest income recorded for the three months ended September 30, 2024 and 2023, was $1 and $60.
Our financing receivable balances at September 30, 2024 by internal credit rating category and year of origination consisted of the following:
Rating categoriesCurrent2023202220212020PriorTotal
BBB$19 $69 $29 $185 $100 $45 $447 
B87 87 
CCC10 10 
Total carrying value of financing receivables$19 $69 $29 $195 $100 $132 $544 
At September 30, 2024, our allowance for losses related to receivables with ratings of CCC, B and BBB. We applied default rates that averaged 100.0%, 0.0% and 0.1%, respectively, to the exposure associated with those receivables.
Financing Receivables Exposure
The majority of our financing receivables and operating lease equipment portfolio is concentrated in the following aircraft models:
September 30
2024		December 31
2023
717 Aircraft (Accounted for as sales-type leases)
$447 $478 
747-8 Aircraft (Primarily accounted for as notes)
97 129 
737 Aircraft (Primarily accounted for as operating leases)
47 156 
777 Aircraft (Accounted for as operating leases)
187 194 
747-400 Aircraft (Accounted for as sales-type leases)
43 
Lease income recorded in Sales of services on the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2024 and 2023, included $39 and $43 of interest income from sales-type leases and $45 and $45 from operating lease payments. Lease income recorded in Sales of services on the Condensed Consolidated Statements of Operations for the three months ended September 30, 2024 and 2023, included $18 and $14 of interest income from sales-type leases and $13 and $18 from operating lease payments.
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Variable lease payments for sales-type leases recognized in interest income for the nine and three months ended September 30, 2024 and 2023, were insignificant. Variable lease payments on operating leases for the nine and three months ended September 30, 2024 and 2023, were insignificant.
Profit at the commencement of sales-type leases was recorded in Sales of services for the nine months ended September 30, 2024 and 2023, in the amount of $9 and $24. Profit at commencement of sales-type leases was recorded in Sales of services for the three months ended September 30, 2024 and 2023, was $5 and $4.
Note 9 – Investments
Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following:
September 30
2024		December 31
2023
Time deposits (1)
 $2,753 
Equity method investments (2)
$952 966 
Available-for-sale debt investments (1)
505 499 
Equity and other investments61 69 
Restricted cash & cash equivalents (1)(3)
21 22 
Total$1,539 $4,309 
(1)Primarily included in Short-term and other investments on our Condensed Consolidated Statements of Financial Position.
(2)Dividends received were $41 and $4 during the nine and three months ended September 30, 2024, and $28 and $23 during the same periods in prior year.
(3)Reflects amounts restricted in support of our workers’ compensation programs and insurance premiums.
Contributions to investments and Proceeds from investments on our Condensed Consolidated Statements of Cash Flows primarily relate to time deposits and available-for-sale debt investments. Cash used for the purchase of time deposits during the nine months ended September 30, 2024 and 2023, was $1,298 and $13,964. Cash proceeds from the maturities of time deposits during the nine months ended September 30, 2024 and 2023, were $4,053 and $10,022.
Allowance for losses on available-for-sale debt investments are assessed quarterly. All instruments are considered investment grade, and we have not recognized an allowance for credit losses as of September 30, 2024.
Note 10 – Liabilities, Commitments and Contingencies
737 MAX Customer Concessions and Other Considerations
During the first quarter of 2024, we recorded an earnings charge of $443, net of insurance recoveries, in connection with estimated considerations to customers for disruption related to the Alaska Airlines 737-9 accident and 737-9 grounding. This charge is reflected in the financial statements as a reduction to Sales of products.
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The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during the nine months ended September 30, 2024 and 2023.
20242023
Beginning balance – January 1$1,327 $1,864 
Reductions for payments made(767)(304)
Reductions for concessions and other in-kind considerations(256)(55)
Changes in estimates510 (54)
Ending balance – September 30$814 $1,451 
At September 30, 2024, $92 of the liability balance remains subject to negotiations with customers. The contracted amount includes $171 expected to be paid in cash primarily in 2024, while the remaining amounts are primarily expected to be liquidated by lower customer delivery payments.
Environmental
The following table summarizes changes in environmental remediation liabilities during the nine months ended September 30, 2024 and 2023.
20242023
Beginning balance – January 1$844 $752 
Reductions for payments made, net of recoveries(67)(46)
Changes in estimates98 149 
Ending balance – September 30$875 $855 
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 costs 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, 2024 and December 31, 2023, the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $997 and $1,030.
Product Warranties
The following table summarizes changes in product warranty liabilities recorded during the nine months ended September 30, 2024 and 2023.
20242023
Beginning balance – January 1$2,448 $2,275 
Additions for current year deliveries67 121 
Reductions for payments made(297)(258)
Changes in estimates(27)285 
Ending balance – September 30$2,191 $2,423 
Commercial Aircraft Trade-In Commitments
In conjunction with signing definitive agreements for the sale of new 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. 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
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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, 2024, have expiration dates from 2024 through 2030. At September 30, 2024 and December 31, 2023, total contractual trade-in commitments were $1,325 and $1,415. As of September 30, 2024 and December 31, 2023, we estimated it was probable we would be obligated to perform on certain of these commitments with net amounts payable to customers totaling $431 and $407 and the fair value of the related trade-in aircraft was $