Company Quick10K Filing
Quick10K
Boeing
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$354.13 563 $199,240
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-07-29 Other Events, Exhibits
8-K 2019-07-24 Earnings, Exhibits
8-K 2019-07-18 Earnings, Exhibits
8-K 2019-06-26 Other Events
8-K 2019-05-01 Officers, Exhibits
8-K 2019-04-30 Other Events, Exhibits
8-K 2019-04-29 Shareholder Vote
8-K 2019-04-29 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-04-24 Earnings, Exhibits
8-K 2019-04-05 Other Events, Exhibits
8-K 2019-02-26 Other Events, Exhibits
8-K 2019-02-13 Other Events, Exhibits
8-K 2019-01-30 Earnings, Exhibits
8-K 2019-01-24 Other Events
8-K 2019-01-24 Other Events
8-K 2018-12-17 Other Events, Exhibits
8-K 2018-10-29 Enter Agreement, Off-BS Arrangement, Other Events, Exhibits
8-K 2018-10-24 Earnings, Exhibits
8-K 2018-10-22 Amend Bylaw, Exhibits
8-K 2018-07-25 Earnings, Exhibits
8-K 2018-07-13 Other Events, Exhibits
8-K 2018-07-05 Other Events, Exhibits
8-K 2018-06-07 Enter Agreement, Exhibits
8-K 2018-04-30 Shareholder Vote
8-K 2018-02-21 Other Events, Exhibits
8-K 2018-01-31 Earnings, Exhibits
MOR MorphoSys AG 2,770
PQG PQ Group Holdings 2,120
TTEC TTEC Holdings 1,760
TPGH TPG Pace Holdings 581
GNTY Guaranty Bancshares 333
AMBR Amber Road 272
DVD Dover Motorsports 74
ILCC International Leaders Capital 0
BMTM Bright Mountain Media 0
UB Mufg Americas Holdings 0
BA 2019-06-30
Part I. Financial Information
Item 1. Financial Statements
Note 1 - Basis of Presentation
Note 2 - Acquisitions and Joint Ventures
Note 3 - Earnings per Share
Note 4 - Income Taxes
Note 5 - Inventories
Note 6 - Contracts with Customers
Note 7 - Customer Financing
Note 8 - Investments
Note 9 - Other Assets
Note 10 - Leases
Note 11 - Commitments and Contingencies
Note 12 - Arrangements with Off-Balance Sheet Risk
Note 13 - Debt
Note 14 - Postretirement Plans
Note 15 - Share-Based Compensation and Other Compensation Arrangements
Note 16 - Shareholders' Equity
Note 17 - Derivative Financial Instruments
Note 18 - Fair Value Measurements
Note 19 - Legal Proceedings
Note 20 - 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 a201906jun3010qexhibit101.htm
EX-15 a201906jun3010qexhibit15.htm
EX-31.1 a201906jun3010qexhibit311.htm
EX-31.2 a201906jun3010qexhibit312.htm
EX-32.1 a201906jun3010qexhibit321.htm
EX-32.2 a201906jun3010qexhibit322.htm

Boeing Earnings 2019-06-30

BA 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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boeingblacksmall.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, 2019
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 17, 2019, there were 562,710,008 shares of common stock, $5.00 par value, issued and outstanding.



THE BOEING COMPANY
FORM 10-Q
For the Quarter Ended June 30, 2019
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.
 
 
 
 


Table of Contents

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
  
2019

 
2018

 
2019

 
2018

Sales of products

$33,319

 

$42,385

 

$13,094

 

$21,565

Sales of services
5,349

 
5,255

 
2,657

 
2,693

Total revenues
38,668

 
47,640

 
15,751

 
24,258

 
 
 


 


 


Cost of products
(31,910
)
 
(34,252
)
 
(15,672
)
 
(17,436
)
Cost of services
(4,511
)
 
(4,075
)
 
(2,122
)
 
(2,083
)
Boeing Capital interest expense
(34
)
 
(33
)
 
(16
)
 
(17
)
Total costs and expenses
(36,455
)
 
(38,360
)
 
(17,810
)
 
(19,536
)
 
2,213

 
9,280

 
(2,059
)
 
4,722

Income/(loss) from operating investments, net
5

 
80

 
(15
)
 
6

General and administrative expense
(1,856
)
 
(2,191
)
 
(672
)
 
(1,194
)
Research and development expense, net
(1,692
)
 
(1,591
)
 
(826
)
 
(827
)
Gain on dispositions, net
300

 
7

 
192

 
3

(Loss)/earnings from operations
(1,030
)
 
5,585

 
(3,380
)
 
2,710

Other income/(loss), net
213

 
51

 
107

 
(15
)
Interest and debt expense
(277
)
 
(211
)
 
(154
)
 
(109
)
(Loss)/earnings before income taxes
(1,094
)
 
5,425

 
(3,427
)
 
2,586

Income tax benefit/(expense)
301

 
(752
)
 
485

 
(390
)
Net (loss)/earnings

($793
)
 

$4,673

 

($2,942
)
 

$2,196

 
 
 
 
 
 
 
 
Basic (loss)/earnings per share

($1.40
)
 

$7.97

 

($5.21
)
 

$3.77

 
 
 
 
 
 
 
 
Diluted (loss)/earnings per share

($1.40
)
 

$7.88

 

($5.21
)
 

$3.73

 
 
 
 
 
 
 
 
Weighted average diluted shares (millions)
566.6

 
592.9

 
565.3

 
588.7

See Notes to the Condensed Consolidated Financial Statements.

1

Table of Contents

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
 
2019

 
2018

 
2019

 
2018

Net (loss)/earnings

($793
)
 

$4,673

 

($2,942
)
 

$2,196

Other comprehensive income, net of tax:
 
 
 
 
 
 
 
Currency translation adjustments
(2
)
 
(57
)
 
(3
)
 
(84
)
Unrealized gain on certain investments, net of tax of $0, ($1), $0 and ($1)
1

 
3

 

 
1

Unrealized (loss)/gain on derivative instruments:
 
 
 
 
 
 
 
Unrealized loss arising during period, net of tax of $5, $26, $8 and $26
(17
)
 
(93
)
 
(28
)
 
(91
)
Reclassification adjustment for (gains)/losses included in net earnings, net of tax of $1, ($2), $0 and ($1)
(3
)
 
10

 
(1
)
 
6

Total unrealized (loss)/gain on derivative instruments, net of tax
(20
)
 
(83
)
 
(29
)
 
(85
)
Defined benefit pension plans and other postretirement benefits:
 
 
 
 
 
 
 
Amortization of prior service credits included in net periodic pension cost, net of tax of $13, $20, $7 and $10
(45
)
 
(71
)
 
(22
)
 
(35
)
Net actuarial gain arising during the period, net of tax of $0, $0, $0 and $0

 
1

 

 
1

Amortization of actuarial losses included in net periodic pension cost, net of tax of ($65), ($122), ($33) and ($62)
233

 
438

 
115

 
219

Settlements and curtailments included in net income, net of tax of $0, ($3), $0 and ($3)

 
6

 

 
6

Pension and postretirement cost related to our equity method investments, net of tax of ($2), $1, $0 and $0
8

 
(3
)
 

 

Total defined benefit pension plans and other postretirement benefits, net of tax
196

 
371

 
93

 
191

Other comprehensive income, net of tax
175

 
234

 
61

 
23

Comprehensive loss related to noncontrolling interests
(7
)
 
(10
)
 
(7
)
 
(9
)
Comprehensive (loss)/income, net of tax

($625
)
 

$4,897

 

($2,888
)
 

$2,210

See Notes to the Condensed Consolidated Financial Statements.

2

Table of Contents

The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Financial Position
(Unaudited)
(Dollars in millions, except per share data)
June 30
2019

 
December 31
2018

Assets
 
 
 
Cash and cash equivalents

$9,167

 

$7,637

Short-term and other investments
439

 
927

Accounts receivable, net
3,291

 
3,879

Unbilled receivables, net
10,247

 
10,025

Current portion of customer financing, net
171

 
460

Inventories
68,492

 
62,567

Other current assets
3,304

 
2,335

Total current assets
95,111

 
87,830

Customer financing, net
2,139

 
2,418

Property, plant and equipment, net of accumulated depreciation of $18,855 and $18,568
12,601

 
12,645

Goodwill
8,051

 
7,840

Acquired intangible assets, net
3,761

 
3,429

Deferred income taxes
357

 
284

Investments
1,142

 
1,087

Other assets, net of accumulated amortization of $523 and $503
3,099

 
1,826

Total assets

$126,261

 

$117,359

Liabilities and equity
 
 
 
Accounts payable

$15,267

 

$12,916

Accrued liabilities
20,042

 
14,808

Advances and progress billings
52,523

 
50,676

Short-term debt and current portion of long-term debt
4,357

 
3,190

Total current liabilities
92,189

 
81,590

Deferred income taxes


 
1,736

Accrued retiree health care
4,486

 
4,584

Accrued pension plan liability, net
14,831

 
15,323

Other long-term liabilities
4,839

 
3,059

Long-term debt
14,859

 
10,657

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
6,638

 
6,768

Treasury stock, at cost - 449,558,553 and 444,619,970 shares
(54,932
)
 
(52,348
)
Retained earnings
52,819

 
55,941

Accumulated other comprehensive loss
(14,908
)
 
(15,083
)
Total shareholders’ equity
(5,322
)
 
339

Noncontrolling interests
379

 
71

Total equity
(4,943
)
 
410

Total liabilities and equity

$126,261

 

$117,359

See Notes to the Condensed Consolidated Financial Statements.

3

Table of Contents

The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in millions)
Six months ended June 30
  
2019


2018

Cash flows – operating activities:
 

 
Net (loss)/earnings

($793
)


$4,673

Adjustments to reconcile net earnings to net cash provided by operating activities:
 

 
Non-cash items – 
 

 
Share-based plans expense
104


98

Depreciation and amortization
1,067


1,008

Investment/asset impairment charges, net
70


44

Customer financing valuation adjustments
249


(2
)
Gain on dispositions, net
(300
)
 
(7
)
Other charges and credits, net
145


112

Changes in assets and liabilities – 
 

 
Accounts receivable
588


62

Unbilled receivables
(222
)
 
(1,675
)
Advances and progress billings
1,842

 
2,931

Inventories
(5,233
)

408

Other current assets
(887
)
 
2

Accounts payable
2,002


682

Accrued liabilities
4,959


(922
)
Income taxes receivable, payable and deferred
(921
)

269

Other long-term liabilities
(509
)

(65
)
Pension and other postretirement plans
(390
)

(57
)
Customer financing, net
347


(97
)
Other
80


352

Net cash provided by operating activities
2,198


7,816

Cash flows – investing activities:
 
 
 
Property, plant and equipment additions
(922
)
 
(770
)
Property, plant and equipment reductions
331

 
41

Acquisitions, net of cash acquired
(492
)
 


Contributions to investments
(496
)
 
(1,537
)
Proceeds from investments
758

 
1,028

Purchase of distribution rights
(20
)
 
(56
)
Other
(12
)
 
(1
)
Net cash used by investing activities
(853
)
 
(1,295
)
Cash flows – financing activities:
 
 
 
New borrowings
11,670

 
3,648

Debt repayments
(6,422
)
 
(2,708
)
Contributions from noncontrolling interests
7

 
20

Stock options exercised
47

 
61

Employee taxes on certain share-based payment arrangements
(238
)
 
(236
)
Common shares repurchased
(2,651
)
 
(5,965
)
Dividends paid
(2,317
)
 
(1,997
)
Net cash provided/(used) by financing activities
96

 
(7,177
)
Effect of exchange rate changes on cash and cash equivalents, including restricted
(2
)
 
(36
)
Net increase/(decrease) in cash & cash equivalents, including restricted
1,439

 
(692
)
Cash & cash equivalents, including restricted, at beginning of year
7,813

 
8,887

Cash & cash equivalents, including restricted, at end of period
9,252

 
8,195

Less restricted cash & cash equivalents, included in Investments
85

 
74

Cash and cash equivalents at end of period

$9,167

 

$8,121

See Notes to the Condensed Consolidated Financial Statements.

4

Table of Contents

The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Equity
For the six months ended June 30, 2019 and 2018
(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, 2018

$5,061


$6,804


($43,454
)

$49,618


($16,373
)

$57


$1,713

Net earnings
 
 
 
4,673

 
(10
)
4,663

Other comprehensive income, net of tax of ($81)
 
 
 
 
234

 
234

Share-based compensation and related dividend equivalents
 
115

 
(17
)
 
 
98

Treasury shares issued for stock options exercised, net
 
(32
)
95

 
 
 
63

Treasury shares issued for other share-based plans, net
 
(211
)
(18
)
 
 
 
(229
)
Common shares repurchased
 
 
(5,965
)
 
 
 
(5,965
)
Cash dividends declared ($3.42 per share)
 
 
 
(1,971
)
 
 
(1,971
)
Changes in noncontrolling interests
 
 
 
 
 
20

20

Balance at June 30, 2018

$5,061


$6,676


($49,342
)

$52,303


($16,139
)

$67


($1,374
)
 
 
 
 
 
 
 
 
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
)
See Notes to the Condensed Consolidated Financial Statements.


5

Table of Contents

The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Equity
For the three months ended June 30, 2019 and 2018
(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 April 1, 2018

$5,061


$6,624


($46,396
)

$52,095


($16,162
)

$76


$1,298

Net earnings
 
 
 
2,196

 
(9
)
2,187

Other comprehensive income, net of tax of ($31)
 
 
 
 
23

 
23

Share-based compensation and related dividend equivalents
 
70

 
(17
)
 
 
53

Treasury shares issued for stock options exercised, net
 
(7
)
20

 
 
 
13

Treasury shares issued for other share-based plans, net
 
(11
)
(1
)
 
 
 
(12
)
Common shares repurchased
 
 
(2,965
)
 
 
 
(2,965
)
Cash dividends declared ($3.42 per share)
 
 
 
(1,971
)
 
 
(1,971
)
Balance at June 30, 2018

$5,061


$6,676


($49,342
)

$52,303


($16,139
)

$67


($1,374
)
 
 
 
 
 
 
 
 
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
)
See Notes to the Condensed Consolidated Financial Statements.

6

Table of Contents

The Boeing Company and Subsidiaries
Notes to Condensed Consolidated Financial Statements
Summary of Business Segment Data
(Unaudited)
(Dollars in millions)
Six months ended June 30
Three months ended June 30

2019

 
2018

2019

 
2018

Revenues:
 
 
 
 
 
 
Commercial Airplanes

$16,544

 

$26,897


$4,722



$13,952

Defense, Space & Security
13,223

 
12,581

6,612


6,100

Global Services
9,162

 
8,047

4,543


4,097

Boeing Capital
141

 
137

75


72

Unallocated items, eliminations and other
(402
)
 
(22
)
(201
)
 
37

Total revenues

$38,668

 

$47,640


$15,751



$24,258

(Loss)/earnings from operations:
 
 
 



Commercial Airplanes

($3,773
)
 

$3,197


($4,946
)


$1,785

Defense, Space & Security
1,822

 
1,133

975


376

Global Services
1,340

 
1,251

687


604

Boeing Capital
57

 
44

37


24

Segment operating (loss)/profit
(554
)
 
5,625

(3,247
)
 
2,789

Unallocated items, eliminations and other
(1,205
)
 
(722
)
(498
)
 
(