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ba-20220930_g1.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 September 30, 2022
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)414-6338
(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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $5.00 Par ValueBANew York Stock Exchange
As of October 19, 2022, there were 595,983,192 shares of common stock, $5.00 par value, issued and outstanding.


THE BOEING COMPANY
FORM 10-Q
For the Quarter Ended September 30, 2022
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
2022202120222021
Sales of products$38,767 $39,224 $13,331 $12,552 
Sales of services7,861 8,269 2,625 2,726 
Total revenues46,628 47,493 15,956 15,278 
Cost of products(38,237)(35,166)(14,541)(11,271)
Cost of services(6,725)(6,771)(2,230)(2,288)
Boeing Capital interest expense(20)(25)(7)(7)
Total costs and expenses(44,982)(41,962)(16,778)(13,566)
1,646 5,531 (822)1,712 
(Loss)/income from operating investments, net(27)195 (24)120 
General and administrative expense(2,757)(3,169)(1,226)(1,097)
Research and development expense, net(2,058)(1,571)(727)(575)
Gain on dispositions, net2 283  169 
(Loss)/earnings from operations(3,194)1,269 (2,799)329 
Other income, net722 419 288 30 
Interest and debt expense(1,901)(2,021)(621)(669)
Loss before income taxes(4,373)(333)(3,132)(310)
Income tax (expense)/benefit(17)207 (176)178 
Net loss(4,390)(126)(3,308)(132)
Less: net loss attributable to noncontrolling interest(89)(67)(33)(23)
Net loss attributable to Boeing Shareholders($4,301)($59)($3,275)($109)
Basic loss per share($7.24)($0.10)($5.49)($0.19)
Diluted loss per share($7.24)($0.10)($5.49)($0.19)
Weighted average diluted shares (millions)594.0587.3596.3589.0
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
2022 2021 2022 2021 
Net loss($4,390)($126)($3,308)($132)
Other comprehensive income/(loss), net of tax:
Currency translation adjustments(123)(63)(71)(41)
Unrealized loss on certain investments, net of tax of $0, $0, $0 and $0
(2)(2)
Unrealized (loss)/gain on derivative instruments:
Unrealized (loss)/gain arising during period, net of tax of $46, ($18), $25 and ($1)
(157)64 (83)(1)
Reclassification adjustment for losses/(gains) included in net loss, net of tax of ($6), $2, $2 and $2
24 (6)(6)(4)
Total unrealized (loss)/gain on derivative instruments, net of tax(133)58 (89)(5)
Defined benefit pension plans and other postretirement benefits:
Amortization of prior service credits included in net periodic pension cost, net of tax of $19, $18, $7 and $6
(68)(68)(22)(23)
Net actuarial gain arising during the period, net of tax of $0, ($106), $0 and ($104)
1,551 1,544 
Amortization of actuarial losses included in net periodic pension cost, net of tax of ($129), ($182), ($45) and ($60)
469 690 155 227 
Settlements included in net loss, net of tax of $0, ($11), $0 and ($10)
145 142 
Pension and postretirement (cost)/benefit related to our equity method investments, net of tax of $0, ($1), $0 and $0
(2)2 (2)(1)
Total defined benefit pension plans and other postretirement benefits, net of tax399 2,320 131 1,889 
Other comprehensive income/(loss), net of tax141 2,315 (31)1,843 
Comprehensive (loss)/income, net of tax(4,249)2,189 (3,339)1,711 
Less: Comprehensive loss related to noncontrolling interest(89)(67)(33)(23)
Comprehensive (loss)/income attributable to Boeing Shareholders, net of tax($4,160)$2,256 ($3,306)$1,734 
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
2022		December 31
2021
Assets
Cash and cash equivalents$13,494 $8,052 
Short-term and other investments763 8,192 
Accounts receivable, net2,673 2,641 
Unbilled receivables, net9,316 8,620 
Current portion of customer financing, net155 117 
Inventories79,777 78,823 
Other current assets, net3,073 2,221 
Total current assets109,251 108,666 
Customer financing, net1,513 1,695 
Property, plant and equipment, net of accumulated depreciation of $21,208 and $20,538
10,508 10,918 
Goodwill8,045 8,068 
Acquired intangible assets, net2,371 2,562 
Deferred income taxes77 77 
Investments979 975 
Other assets, net of accumulated amortization of $897 and $975
4,814 5,591 
Total assets$137,558 $138,552 
Liabilities and equity
Accounts payable$9,793 $9,261 
Accrued liabilities21,217 18,455 
Advances and progress billings53,177 52,980 
Short-term debt and current portion of long-term debt5,431 1,296 
Total current liabilities89,618 81,992 
Deferred income taxes230 218 
Accrued retiree health care3,356 3,528 
Accrued pension plan liability, net7,951 9,104 
Other long-term liabilities2,250 1,750 
Long-term debt51,788 56,806 
Total liabilities155,193 153,398 
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 capital9,705 9,052 
Treasury stock, at cost - 416,639,182 and 423,343,707 shares
(51,054)(51,861)
Retained earnings30,107 34,408 
Accumulated other comprehensive loss(11,518)(11,659)
Total shareholders’ deficit(17,699)(14,999)
Noncontrolling interests64 153 
Total equity(17,635)(14,846)
Total liabilities and equity$137,558 $138,552 
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
20222021
Cash flows – operating activities:
Net loss($4,390)($126)
Adjustments to reconcile net loss to net cash provided/(used) by operating activities:
Non-cash items – 
Share-based plans expense528 677 
Treasury shares issued for 401(k) contribution928 951 
Depreciation and amortization1,477 1,610 
Investment/asset impairment charges, net78 72 
Customer financing valuation adjustments39 (3)
Gain on dispositions, net(2)(283)
Other charges and credits, net388 (82)
Changes in assets and liabilities – 
Accounts receivable(22)(280)
Unbilled receivables(678)(2,010)
Advances and progress billings204 781 
Inventories(1,164)508 
Other current assets(860)279 
Accounts payable590 (3,565)
Accrued liabilities2,416 (3,168)
Income taxes receivable, payable and deferred1,382 1,011 
Other long-term liabilities(114)(168)
Pension and other postretirement plans(1,053)(731)
Customer financing, net76 170 
Other232 225 
Net cash provided/(used) by operating activities55 (4,132)
Cash flows – investing activities:
Payments to acquire property, plant and equipment(896)(758)
Proceeds from disposals of property, plant and equipment 19 385 
Acquisitions, net of cash acquired(6)
Contributions to investments(2,773)(27,902)
Proceeds from investments10,182 35,664 
Other(11)6 
Net cash provided by investing activities6,521 7,389 
Cash flows – financing activities:
New borrowings19 9,822 
Debt repayments(1,038)(11,049)
Stock options exercised39 36 
Employee taxes on certain share-based payment arrangements(36)(47)
Net cash used by financing activities(1,016)(1,238)
Effect of exchange rate changes on cash and cash equivalents(134)(34)
Net increase in cash & cash equivalents, including restricted5,426 1,985 
Cash & cash equivalents, including restricted, at beginning of year8,104 7,835 
Cash & cash equivalents, including restricted, at end of period13,530 9,820 
Less restricted cash & cash equivalents, included in Investments36 56 
Cash and cash equivalents at end of period$13,494 $9,764 
See Notes to the Condensed Consolidated Financial Statements.
4
The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Equity
For the nine months ended September 30, 2022 and 2021
(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, 2021$5,061 $7,787 ($52,641)$38,610 ($17,133)$241 ($18,075)
Net loss(59)(67)(126)
Other comprehensive income, net of tax of ($298)
2,315 2,315 
Share-based compensation677 677 
Treasury shares issued for stock options exercised, net
(24)60 36 
Treasury shares issued for other share-based plans, net
(85)41 (44)
Treasury shares issued for 401(k) contribution441 510 951 
Balance at September 30, 2021$5,061 $8,796 ($52,030)$38,551 ($14,818)$174 ($14,266)
Balance at January 1, 2022$5,061 $9,052 ($51,861)$34,408 ($11,659)$153 ($14,846)
Net loss(4,301)(89)(4,390)
Other comprehensive income, net of tax of ($70)
141 141 
Share-based compensation528 528 
Treasury shares issued for stock options exercised, net
(25)64 39 
Treasury shares issued for other share-based plans, net(75)40 (35)
Treasury shares issued for 401(k) contribution 225 703 928 
Balance at September 30, 2022$5,061 $9,705 ($51,054)$30,107 ($11,518)$64 ($17,635)
See Notes to the Condensed Consolidated Financial Statements.
5
The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Equity
For the three months ended September 30, 2022 and 2021
(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, 2021$5,061 $8,481 ($52,223)$38,660 ($16,661)$197 ($16,485)
Net loss(109)(23)(132)
Other comprehensive income, net of tax of ($167)
1,843 1,843 
Share-based compensation184 184 
Treasury shares issued for stock options exercised, net
(5)12 7 
Treasury shares issued for other share-based plans, net
(9)3 (6)
Treasury shares issued for 401(k) contribution145 178 323 
Balance at September 30, 2021$5,061 $8,796 ($52,030)$38,551 ($14,818)$174 ($14,266)
Balance at July 1, 2022$5,061 $9,475 ($51,319)$33,382 ($11,487)$97 ($14,791)
Net loss(3,275)(33)(3,308)
Other comprehensive loss, net of tax of ($11)
(31)(31)
Share-based compensation 176 176 
Treasury shares issued for stock options exercised, net(4)8 4 
Treasury shares issued for other share-based plans, net(3)2 (1)
Treasury shares issued for 401(k) contribution61 255 316 
Balance at September 30, 2022$5,061 $9,705 ($51,054)$30,107 ($11,518)$64 ($17,635)
See Notes to the Condensed Consolidated Financial Statements.



6
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
2022202120222021
Revenues:
Commercial Airplanes$16,643 $14,743 $6,263 $4,459 
Defense, Space & Security16,981 20,678 5,307 6,617 
Global Services13,044 12,037 4,432 4,221 
Boeing Capital150 209 52 71 
Unallocated items, eliminations and other(190)(174)(98)(90)
Total revenues$46,628 $47,493 $15,956 $15,278 
(Loss)/earnings from operations:
Commercial Airplanes($1,744)($2,021)($643)($693)
Defense, Space & Security(3,656)1,799 (2,798)436 
Global Services2,093 1,616 733 644 
Boeing Capital14 99 23 42 
Segment operating (loss)/earnings(3,293)1,493 (2,685)429 
Unallocated items, eliminations and other(747)(1,032)(393)(370)
FAS/CAS service cost adjustment846 808 279 270 
(Loss)/earnings from operations(3,194)1,269 (2,799)329 
Other income, net722 419 288 30 
Interest and debt expense(1,901)(2,021)(621)(669)
Loss before income taxes(4,373)(333)(3,132)(310)
Income tax (expense)/benefit(17)207 (176)178 
Net loss(4,390)(126)(3,308)(132)
Less: Net loss attributable to noncontrolling interest(89)(67)(33)(23)
Net loss attributable to Boeing Shareholders($4,301)($59)($3,275)($109)
This information is an integral part of the Notes to the Condensed Consolidated Financial Statements. See Note 18 for further segment results.
7
The Boeing Company and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
(Dollars in millions, except 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, 2022 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 2021 Annual Report on Form 10-K.
Liquidity Matters
During the first nine months of 2022, net cash provided by operating activities was $0.1 billion. Our operating cash flows continue to be impacted by lower commercial airplane deliveries. We expect a negative impact on our operating cash flows until commercial deliveries ramp up. Charges recorded on BDS fixed-price development contracts are expected to negatively impact cash flows in future periods. Our cash and short-term investment balance was $14.3 billion at September 30, 2022, down from $16.2 billion at December 31, 2021. Our debt balance of $57.2 billion at September 30, 2022 is down from $58.1 billion at December 31, 2021. Short-term debt and the current portion of long-term debt increased to $5.4 billion at September 30, 2022 from $1.3 billion at December 31, 2021. The current portion of long-term debt includes term notes of $0.3 billion maturing in the fourth quarter of 2022, $1.7 billion maturing in the first quarter of 2023, and $3.4 billion maturing in the second quarter of 2023.
As of September 30, 2022, our unused borrowing capacity is $12.0 billion, down from $14.7 billion at June 30, 2022. In August 2022, we renewed the 364-day facility for $5.8 billion, which now expires in August 2023. This 364-day facility has a one-year term out option that allows us to extend the maturity of any borrowings one additional year. We anticipate that these credit lines will remain undrawn and primarily serve as back-up liquidity to support our general corporate borrowing needs. See Note 11.
Our short-term and long-term credit ratings remained unchanged during the first nine months of 2022. There is risk for future downgrades.
At September 30, 2022 and December 31, 2021, trade payables included $2.2 billion and $2.3 billion payable to suppliers who have elected to participate in supply chain financing programs. We do not believe that future changes in the availability of supply chain financing will have a significant impact on our liquidity.
Based on our current best estimates of market demand, planned production rates, timing of cash receipts and expenditures, our ability to successfully implement further actions to improve liquidity, as well as our ability to access additional liquidity, if needed, we believe it is probable that we will be able to fund our operations for the foreseeable future.
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.
8
Long-term Contracts
Changes in estimated revenues, cost of sales, and the related effect on operating income are recognized using a cumulative catch-up adjustment which recognizes in the current period the cumulative effect of the changes on current and prior periods based on a long-term contract’s percentage-of-completion. When the current estimates of total sales and costs for a long-term contract, and/or contractual options that are probable of exercise, indicate a loss, a provision for the entire loss is recognized.
Net cumulative catch-up adjustments to prior periods' revenue and earnings, including certain losses, across all long-term contracts were as follows:
(In millions - except per share amounts)Nine months ended September 30Three months ended September 30
2022202120222021
(Decrease)/increase to Revenue($2,204)$167 ($1,319)($63)
Increase to (Loss)/(decrease) to earnings from operations($3,965)