ARLINGTON, Va.,
Jan. 31,
2024 /PRNewswire/ --
Fourth Quarter 2023
- Delivered 157 commercial airplanes and recorded 611 net
orders
- 787 production rate at five per month; 737 production rate
at 38 per month
- Generated $3.4 billion of
operating cash flow and $3.0 billion
of free cash flow (non-GAAP)
Full Year 2023
- Delivered 528 commercial airplanes and recorded 1,576 net
orders
- Total company backlog grew to $520
billion, including over 5,600 commercial airplanes
- Generated $6.0 billion of
operating cash flow and $4.4 billion
of free cash flow (non-GAAP)
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Table 1. Summary
Financial Results
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Fourth
Quarter
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Full
Year
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(Dollars in
Millions, except per share data)
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2023
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2022
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Change
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2023
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2022
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Change
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Revenues
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$22,018
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$19,980
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10 %
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$77,794
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$66,608
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17 %
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GAAP
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Earnings/(loss) from
operations
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$283
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($345)
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NM
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($773)
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($3,519)
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NM
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Operating
margins
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1.3
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%
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(1.7)
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%
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NM
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(1.0)
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%
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(5.3)
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%
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NM
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Net
loss
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($30)
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($663)
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NM
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($2,242)
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($5,053)
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NM
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Loss per
share
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($0.04)
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($1.06)
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NM
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($3.67)
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($8.30)
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NM
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Operating cash
flow
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$3,381
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$3,457
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(2) %
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$5,960
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$3,512
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70 %
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Non-GAAP*
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Core operating
earnings/(loss)
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$90
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($642)
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NM
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($1,829)
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($4,662)
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NM
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Core operating
margins
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0.4
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%
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(3.2)
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%
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NM
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(2.4)
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%
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(7.0)
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%
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NM
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Core loss per
share
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($0.47)
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($1.75)
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NM
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($5.81)
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($11.06)
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NM
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*Non-GAAP measure;
complete definitions of Boeing's non-GAAP measures are on page 5,
"Non-GAAP Measures Disclosures."
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The Boeing Company [NYSE: BA] recorded fourth quarter revenue of
$22.0 billion, GAAP loss per
share of ($0.04) and core loss per
share (non-GAAP)* of ($0.47) (Table
1). Boeing reported operating cash flow of $3.4 billion and free cash flow of
$3.0 billion (non-GAAP). Results
improved on higher commercial volume and performance.
"While we report our financial results today, our full focus is
on taking comprehensive actions to strengthen quality at Boeing,
including listening to input from our 737 employees that do this
work every day," said Dave Calhoun, Boeing president and chief
executive officer. "As we move forward, we will support our
customers, work transparently with our regulator and ensure we
complete all actions to earn the confidence of our
stakeholders."
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Table 2. Cash
Flow
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Fourth
Quarter
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Full
Year
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(Millions)
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2023
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2022
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2023
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2022
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Operating cash
flow
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$3,381
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$3,457
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$5,960
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$3,512
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Less additions to
property, plant & equipment
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($431)
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($326)
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($1,527)
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($1,222)
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Free cash
flow*
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$2,950
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$3,131
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$4,433
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$2,290
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*Non-GAAP measure;
complete definitions of Boeing's non-GAAP measures are on page 5,
"Non-GAAP Measures Disclosures."
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Operating cash flow was $3.4
billion in the quarter reflecting higher volume and
favorable receipt timing (Table 2).
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Table 3. Cash,
Marketable Securities and Debt Balances
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Quarter
End
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(Billions)
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Q4 23
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Q3 23
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Cash
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$12.7
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$6.8
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Marketable
securities1
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$3.3
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$6.6
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Total
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$16.0
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$13.4
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Consolidated
debt
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$52.3
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$52.3
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1 Marketable securities consist
primarily of time deposits due within one year classified as
"short-term investments."
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Cash and investments in marketable securities totaled
$16.0 billion, compared to
$13.4 billion at the beginning
of the quarter (Table 3). The company has access to credit
facilities of $10.0 billion, which
remain undrawn.
Total company backlog at quarter end was $520 billion.
Segment Results
Commercial Airplanes
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Table 4. Commercial
Airplanes
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Fourth
Quarter
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Full
Year
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(Dollars in
Millions)
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2023
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2022
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Change
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2023
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2022
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Change
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Deliveries
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157
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152
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3 %
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528
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480
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10 %
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Revenues
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$10,481
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$9,271
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13 %
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$33,901
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$26,026
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30 %
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Earnings/(loss) from
operations
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$41
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($603)
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NM
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($1,635)
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($2,341)
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NM
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Operating
margins
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0.4
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%
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(6.5)
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NM
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(4.8)
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%
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(9.0)
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%
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NM
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Commercial Airplanes fourth quarter revenue increased to
$10.5 billion driven by
higher deliveries and favorable mix (Table 4). Operating
margin of 0.4 percent also reflects improved performance and lower
abnormal costs.
The company continues to cooperate transparently with the FAA
following the Alaska Airlines Flight 1282 accident involving a
737-9. Commercial Airplanes is taking immediate actions to
strengthen quality on the 737 program, including requiring
additional inspections within its factory and at key suppliers,
supporting expanded oversight from airline customers and pausing
737 production for one day to refocus its employees on quality. The
company has also appointed an outside expert to lead an in-depth
independent assessment of Commercial Airplanes' quality management
system, with recommendations provided directly to Calhoun and the
Aerospace Safety Committee of Boeing's Board of Directors.
The 737 program continues to deliver airplanes and its
production rate is now at 38 per month. The 787 program production
rate is now at five per month.
During the quarter, Commercial Airplanes booked 611 net orders,
including 411 737, 98 777X, and 83 787 airplanes, began
certification flight testing on the 737-10, and resumed production
on the 777X program. Commercial Airplanes delivered 157 airplanes
during the quarter and backlog included over 5,600 airplanes valued
at $441 billion.
Defense, Space & Security
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Table 5. Defense,
Space & Security
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Fourth
Quarter
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Full
Year
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(Dollars in
Millions)
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2023
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2022
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Change
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2023
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2022
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Change
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Revenues
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$6,746
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$6,181
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9 %
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$24,933
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$23,162
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8 %
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(Loss)/earnings from
operations
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($101)
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$112
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NM
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($1,764)
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($3,544)
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NM
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Operating
margins
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(1.5)
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%
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1.8
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%
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NM
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(7.1)
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%
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(15.3)
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%
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NM
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Defense, Space & Security fourth quarter revenue was
$6.7 billion. Fourth quarter
operating margin was (1.5) percent, primarily driven by
$139 million of losses on certain
fixed-price development programs. Results were also impacted by
unfavorable performance and mix on other programs.
During the quarter, Defense, Space & Security captured an
award from the U.S. Air Force for 15 KC-46A Tankers, began the U.S.
Air Force developmental flight test program for the T-7A
Red Hawk, and Canada selected the P-8A Poseidon as its
multi-mission aircraft. Backlog at Defense, Space & Security
was $59 billion, of which 29 percent
represents orders from customers outside the U.S.
Global Services
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Table 6. Global
Services
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Fourth
Quarter
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Full
Year
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(Dollars in
Millions)
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2023
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2022
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Change
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2023
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2022
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Change
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Revenues
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$4,849
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$4,567
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6 %
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$19,127
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$17,611
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9 %
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Earnings from
operations
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$842
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$634
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33 %
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$3,329
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$2,727
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22 %
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Operating
margins
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17.4
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%
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13.9
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%
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3.5
pts
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17.4
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%
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15.5
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%
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1.9
pts
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Global Services fourth quarter revenue of $4.8 billion and operating margin of 17.4 percent
reflect higher commercial volume and mix.
During the quarter, Global Services opened its first parts
distribution center in India and
received a follow-on contract option to provide sustainment for the
C-17 Globemaster III.
Additional Financial Information
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Table 7. Additional
Financial Information
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Fourth
Quarter
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Full
Year
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(Dollars in
Millions)
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2023
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2022
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2023
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2022
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Revenues
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Unallocated items,
eliminations and other
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($58)
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($39)
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($167)
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($191)
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Earnings/(loss) from
operations
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FAS/CAS service cost
adjustment
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$193
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$297
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$1,056
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$1,143
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Other unallocated items
and eliminations
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($692)
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($785)
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($1,759)
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($1,504)
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Other income,
net
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$308
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$336
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$1,227
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$1,058
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Interest and debt
expense
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($600)
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($640)
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($2,459)
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($2,561)
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Effective tax
rate
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(233.3)
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%
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(2.2)
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%
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(11.8)
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%
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(0.6)
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%
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Other unallocated items and eliminations primarily reflects
timing of allocations. The fourth quarter effective tax rate
primarily reflects tax expense on pre-tax losses driven by an
increase in the valuation allowance.
Non-GAAP Measures Disclosures
We supplement the reporting of our financial information
determined under Generally Accepted Accounting Principles in
the United States of America
(GAAP) with certain non-GAAP financial information. The non-GAAP
financial information presented excludes certain significant items
that may not be indicative of, or are unrelated to, results from
our ongoing business operations. We believe that these non-GAAP
measures provide investors with additional insight into the
company's ongoing business performance. These non-GAAP measures
should not be considered in isolation or as a substitute for the
related GAAP measures, and other companies may define such measures
differently. We encourage investors to review our financial
statements and publicly-filed reports in their entirety and not to
rely on any single financial measure. The following definitions are
provided:
Core Operating Earnings/(loss), Core Operating Margin and Core
Earnings/(loss) Per Share
Core operating earnings/(loss) is defined as GAAP
Earnings/(loss) from operations excluding the FAS/CAS
service cost adjustment. The FAS/CAS service cost
adjustment represents the difference between the Financial
Accounting Standards (FAS) pension and postretirement service costs
calculated under GAAP and costs allocated to the business segments.
Core operating margin is defined as Core operating earnings/(loss)
expressed as a percentage of revenue. Core earnings/(loss) per
share is defined as GAAP Diluted earnings/(loss) per share
excluding the net earnings/(loss) per share impact of the
FAS/CAS service cost adjustment and Non-operating pension
and postretirement expenses. Non-operating pension and
postretirement expenses represent the components of net periodic
benefit costs other than service cost. Pension costs allocated to
BDS and BGS businesses supporting government customers are computed
in accordance with U.S. Government Cost Accounting Standards (CAS),
which employ different actuarial assumptions and accounting
conventions than GAAP. CAS costs are allocable to government
contracts. Other postretirement benefit costs are allocated to all
business segments based on CAS, which is generally based on
benefits paid. Management uses core operating earnings/(loss), core
operating margin and core earnings/(loss) per share for purposes of
evaluating and forecasting underlying business performance.
Management believes these core measures provide investors
additional insights into operational performance as they exclude
non-service pension and post-retirement costs, which primarily
represent costs driven by market factors and costs not allocable to
government contracts. A reconciliation of these non-GAAP measures
to the most directly comparable GAAP measure is provided on page 12
and page 13.
Free Cash Flow
Free cash flow is GAAP operating cash flow reduced
by capital expenditures for property, plant and equipment.
Management believes free cash flow provides investors with an
important perspective on the cash available for shareholders, debt
repayment, and acquisitions after making the capital investments
required to support ongoing business operations and long term value
creation. Free cash flow does not represent the residual cash flow
available for discretionary expenditures as it excludes certain
mandatory expenditures such as repayment of maturing debt.
Management uses free cash flow as a measure to assess both business
performance and overall liquidity. See Table 2 on page 2 for
reconciliation of free cash flow to GAAP operating cash flow.
Caution Concerning Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Words such as "may," "should," "expects," "intends,"
"projects," "plans," "believes," "estimates," "targets,"
"anticipates," and similar expressions generally identify these
forward-looking statements. Examples of forward-looking statements
include statements relating to our future financial condition and
operating results, as well as any other statement that does not
directly relate to any historical or current fact. Forward-looking
statements are based on expectations and assumptions that we
believe to be reasonable when made, but that may not prove to be
accurate. These statements are not guarantees and are subject to
risks, uncertainties, and changes in circumstances that are
difficult to predict. Many factors could cause actual results to
differ materially and adversely from these forward-looking
statements. Among these factors are risks related to: (1) general
conditions in the economy and our industry, including those due to
regulatory changes; (2) our reliance on our commercial airline
customers; (3) the overall health of our aircraft production
system, production quality issues, commercial airplane production
rates, our ability to successfully develop and certify new aircraft
or new derivative aircraft, and the ability of our aircraft to meet
stringent performance and reliability standards; (4) changing
budget and appropriation levels and acquisition priorities of the
U.S. government, as well as significant delays in U.S. government
appropriations; (5) our dependence on our subcontractors and
suppliers, as well as the availability of highly skilled labor and
raw materials; (6) work stoppages or other labor disruptions; (7)
competition within our markets; (8) our non-U.S. operations and
sales to non-U.S. customers; (9) changes in accounting estimates;
(10) realizing the anticipated benefits of mergers, acquisitions,
joint ventures/strategic alliances or divestitures; (11) our
dependence on U.S. government contracts; (12) our reliance on
fixed-price contracts; (13) our reliance on cost-type contracts;
(14) contracts that include in-orbit incentive payments; (15)
unauthorized access to our, our customers' and/or our suppliers'
information and systems; (16) potential business disruptions,
including threats to physical security or our information
technology systems, extreme weather (including effects of climate
change) or other acts of nature, and pandemics or other public
health crises; (17) potential adverse developments in new or
pending litigation and/or government inquiries or investigations;
(18) potential environmental liabilities; (19) effects of climate
change and legal, regulatory or market responses to such change;
(20) changes in our ability to obtain debt financing on
commercially reasonable terms, at competitive rates and in
sufficient amounts; (21) substantial pension and other
postretirement benefit obligations; (22) the adequacy of our
insurance coverage; and (23) customer and aircraft concentration in
our customer financing portfolio.
Additional information concerning these and other factors can be
found in our filings with the Securities and Exchange Commission,
including our most recent Annual Report on Form 10-K, Quarterly
Reports on Form 10-Q and Current Reports on Form 8-K. Any
forward-looking statement speaks only as of the date on which it is
made, and we assume no obligation to update or revise any
forward-looking statement, whether as a result of new information,
future events, or otherwise, except as required by law.
Contact:
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Investor Relations:
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Matt Welch or David
Dufault BoeingInvestorRelations@boeing.com
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Communications:
|
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Michael Friedman
media@boeing.com
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The Boeing Company
and Subsidiaries
Consolidated
Statements of Operations
(Unaudited)
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Twelve months
ended
December 31
|
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Three months
ended
December 31
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(Dollars in
millions, except per share data)
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Sales of
products
|
$65,581
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|
$55,893
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$18,920
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$17,126
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Sales of
services
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12,213
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10,715
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3,098
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2,854
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Total
revenues
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77,794
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66,608
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22,018
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|
19,980
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Cost of
products
|
(59,864)
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|
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(53,969)
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|
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(16,724)
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|
|
(15,732)
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Cost of
services
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(10,206)
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|
|
(9,109)
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|
|
(2,597)
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|
|
(2,384)
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|
Total costs and
expenses
|
(70,070)
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|
|
(63,078)
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|
|
(19,321)
|
|
|
(18,116)
|
|
|
7,724
|
|
|
3,530
|
|
|
2,697
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|
|
1,864
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|
Income/(loss) from
operating investments, net
|
46
|
|
|
(16)
|
|
|
1
|
|
|
11
|
|
General and
administrative expense
|
(5,168)
|
|
|
(4,187)
|
|
|
(1,535)
|
|
|
(1,430)
|
|
Research and
development expense, net
|
(3,377)
|
|
|
(2,852)
|
|
|
(881)
|
|
|
(794)
|
|
Gain on dispositions,
net
|
2
|
|
|
6
|
|
|
1
|
|
|
4
|
|
Loss/(earnings) from
operations
|
(773)
|
|
|
(3,519)
|
|
|
283
|
|
|
(345)
|
|
Other income,
net
|
1,227
|
|
|
1,058
|
|
|
308
|
|
|
336
|
|
Interest and debt
expense
|
(2,459)
|
|
|
(2,561)
|
|
|
(600)
|
|
|
(640)
|
|
Loss before income
taxes
|
(2,005)
|
|
|
(5,022)
|
|
|
(9)
|
|
|
(649)
|
|
Income tax
(expense)/benefit
|
(237)
|
|
|
(31)
|
|
|
(21)
|
|
|
(14)
|
|
Net
loss
|
(2,242)
|
|
|
(5,053)
|
|
|
(30)
|
|
|
(663)
|
|
Less: net loss
attributable to noncontrolling interest
|
(20)
|
|
|
(118)
|
|
|
(7)
|
|
|
(29)
|
|
Net loss
attributable to Boeing Shareholders
|
($2,222)
|
|
|
($4,935)
|
|
|
($23)
|
|
|
($634)
|
|
|
|
|
|
|
|
|
|
Basic loss per
share
|
($3.67)
|
|
|
($8.30)
|
|
|
($0.04)
|
|
|
($1.06)
|
|
|
|
|
|
|
|
|
|
Diluted loss per
share
|
($3.67)
|
|
|
($8.30)
|
|
|
($0.04)
|
|
|
($1.06)
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares (millions)
|
606.1
|
|
595.2
|
|
609.5
|
|
598.9
|
The Boeing Company
and Subsidiaries
Consolidated
Statements of Financial Position
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions, except per share data)
|
December 31
2023
|
|
December 31
2022
|
Assets
|
|
|
|
Cash and cash
equivalents
|
$12,691
|
|
|
$14,614
|
|
Short-term and other
investments
|
3,274
|
|
|
2,606
|
|
Accounts receivable,
net
|
2,649
|
|
|
2,517
|
|
Unbilled receivables,
net
|
8,317
|
|
|
8,634
|
|
Current portion of
financing receivables, net
|
99
|
|
|
154
|
|
Inventories
|
79,741
|
|
|
78,151
|
|
Other current assets,
net
|
2,504
|
|
|
2,847
|
|
Total current
assets
|
109,275
|
|
|
109,523
|
|
Financing receivables
and operating lease equipment, net
|
860
|
|
|
1,450
|
|
Property, plant and
equipment, net of accumulated depreciation of $22,245 and
$21,442
|
10,661
|
|
|
10,550
|
|
Goodwill
|
8,093
|
|
|
8,057
|
|
Acquired intangible
assets, net
|
2,094
|
|
|
2,311
|
|
Deferred income
taxes
|
59
|
|
|
63
|
|
Investments
|
1,035
|
|
|
983
|
|
Other assets, net of
accumulated amortization of of $1,046 and $949
|
4,935
|
|
|
4,163
|
|
Total
assets
|
$137,012
|
|
|
$137,100
|
|
Liabilities and
equity
|
|
|
|
Accounts
payable
|
$11,964
|
|
|
$10,200
|
|
Accrued
liabilities
|
22,331
|
|
|
21,581
|
|
Advances and progress
billings
|
56,328
|
|
|
53,081
|
|
Short-term debt and
current portion of long-term debt
|
5,204
|
|
|
5,190
|
|
Total current
liabilities
|
95,827
|
|
|
90,052
|
|
Deferred income
taxes
|
229
|
|
|
230
|
|
Accrued retiree health
care
|
2,233
|
|
|
2,503
|
|
Accrued pension plan
liability, net
|
6,516
|
|
|
6,141
|
|
Other long-term
liabilities
|
2,332
|
|
|
2,211
|
|
Long-term
debt
|
47,103
|
|
|
51,811
|
|
Total
liabilities
|
154,240
|
|
|
152,948
|
|
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
|
10,309
|
|
|
9,947
|
|
Treasury stock, at cost - 402,746,136 and 414,671,383
shares
|
(49,549)
|
|
|
(50,814)
|
|
Retained
earnings
|
27,251
|
|
|
29,473
|
|
Accumulated other
comprehensive loss
|
(10,305)
|
|
|
(9,550)
|
|
Total shareholders'
deficit
|
(17,233)
|
|
|
(15,883)
|
|
Noncontrolling
interests
|
5
|
|
|
35
|
|
Total
equity
|
(17,228)
|
|
|
(15,848)
|
|
Total liabilities
and equity
|
$137,012
|
|
|
$137,100
|
|
The Boeing Company
and Subsidiaries
Consolidated
Statements of Cash Flows (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
December 31
|
(Dollars in
millions)
|
2023
|
|
2022
|
Cash
flows – operating activities:
|
|
|
|
Net loss
|
($2,242)
|
|
|
($5,053)
|
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
Non-cash items
–
|
|
|
|
Share-based plans
expense
|
690
|
|
|
725
|
|
Treasury shares issued
for 401(k) contribution
|
1,515
|
|
|
1,215
|
|
Depreciation and
amortization
|
1,861
|
|
|
1,979
|
|
Investment/asset
impairment charges, net
|
46
|
|
|
112
|
|
Gain on dispositions,
net
|
(2)
|
|
|
(6)
|
|
Other charges and
credits, net
|
3
|
|
|
401
|
|
Changes in assets and
liabilities –
|
|
|
|
Accounts
receivable
|
(128)
|
|
|
142
|
|
Unbilled
receivables
|
321
|
|
|
6
|
|
Advances and progress
billings
|
3,365
|
|
|
108
|
|
Inventories
|
(1,681)
|
|
|
420
|
|
Other current
assets
|
389
|
|
|
(591)
|
|
Accounts
payable
|
1,672
|
|
|
838
|
|
Accrued
liabilities
|
779
|
|
|
2,956
|
|
Income taxes
receivable, payable and deferred
|
44
|
|
|
1,347
|
|
Other long-term
liabilities
|
(313)
|
|
|
(158)
|
|
Pension and other
postretirement plans
|
(1,049)
|
|
|
(1,378)
|
|
Financing receivables
and operating lease equipment, net
|
571
|
|
|
142
|
|
Other
|
119
|
|
|
307
|
|
Net cash provided by operating
activities
|
5,960
|
|
|
3,512
|
|
Cash flows –
investing activities:
|
|
|
|
Payments to acquire
property, plant and equipment
|
(1,527)
|
|
|
(1,222)
|
|
Proceeds from disposals
of property, plant and equipment
|
27
|
|
|
35
|
|
Acquisitions, net of
cash acquired
|
(70)
|
|
|
|
Contributions to
investments
|
(16,448)
|
|
|
(5,051)
|
|
Proceeds from
investments
|
15,739
|
|
|
10,619
|
|
Other
|
(158)
|
|
|
(11)
|
|
Net cash
(used)/provided by investing activities
|
(2,437)
|
|
|
4,370
|
|
Cash flows –
financing activities:
|
|
|
|
New
borrowings
|
75
|
|
|
34
|
|
Debt
repayments
|
(5,216)
|
|
|
(1,310)
|
|
Stock options
exercised
|
45
|
|
|
50
|
|
Employee taxes on
certain share-based payment arrangements
|
(408)
|
|
|
(40)
|
|
Other
|
17
|
|
|
|
Net cash used by
financing activities
|
(5,487)
|
|
|
(1,266)
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
30
|
|
|
(73)
|
|
Net
(decrease)/increase in cash & cash equivalents, including
restricted
|
(1,934)
|
|
|
6,543
|
|
Cash & cash
equivalents, including restricted, at beginning of year
|
14,647
|
|
|
8,104
|
|
Cash & cash
equivalents, including restricted, at end of period
|
12,713
|
|
|
14,647
|
|
Less restricted cash
& cash equivalents, included in Investments
|
22
|
|
|
33
|
|
Cash & cash
equivalents at end of year
|
$12,691
|
|
|
$14,614
|
|
The Boeing Company
and Subsidiaries
Summary of Business
Segment Data
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended
December 31
|
|
Three months
ended
December 31
|
(Dollars in
millions)
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenues:
|
|
|
|
|
|
|
|
Commercial
Airplanes
|
$33,901
|
|
|
$26,026
|
|
|
$10,481
|
|
|
$9,271
|
|
Defense, Space &
Security
|
24,933
|
|
|
23,162
|
|
|
6,746
|
|
|
6,181
|
|
Global
Services
|
19,127
|
|
|
17,611
|
|
|
4,849
|
|
|
4,567
|
|
Unallocated items,
eliminations and other
|
(167)
|
|
|
(191)
|
|
|
(58)
|
|
|
(39)
|
|
Total
revenues
|
$77,794
|
|
|
$66,608
|
|
|
$22,018
|
|
|
$19,980
|
|
Loss from
operations:
|
|
|
|
|
|
|
|
Commercial
Airplanes
|
($1,635)
|
|
|
($2,341)
|
|
|
$41
|
|
|
($603)
|
|
Defense, Space &
Security
|
(1,764)
|
|
|
(3,544)
|
|
|
(101)
|
|
|
112
|
|
Global
Services
|
3,329
|
|
|
2,727
|
|
|
842
|
|
|
634
|
|
Segment operating
(loss)/earnings
|
(70)
|
|
|
(3,158)
|
|
|
782
|
|
|
143
|
|
Unallocated items,
eliminations and other
|
(1,759)
|
|
|
(1,504)
|
|
|
(692)
|
|
|
(785)
|
|
FAS/CAS service cost
adjustment
|
1,056
|
|
|
1,143
|
|
|
193
|
|
|
297
|
|
(Loss)/earnings from
operations
|
(773)
|
|
|
(3,519)
|
|
|
283
|
|
|
(345)
|
|
Other income,
net
|
1,227
|
|
|
1,058
|
|
|
308
|
|
|
336
|
|
Interest and debt
expense
|
(2,459)
|
|
|
(2,561)
|
|
|
(600)
|
|
|
(640)
|
|
Loss before income
taxes
|
(2,005)
|
|
|
(5,022)
|
|
|
(9)
|
|
|
(649)
|
|
Income tax
expense
|
(237)
|
|
|
(31)
|
|
|
(21)
|
|
|
(14)
|
|
Net
loss
|
(2,242)
|
|
|
(5,053)
|
|
|
(30)
|
|
|
(663)
|
|
Less: net loss
attributable to noncontrolling interest
|
(20)
|
|
|
(118)
|
|
|
(7)
|
|
|
(29)
|
|
Net loss
attributable to Boeing Shareholders
|
($2,222)
|
|
|
($4,935)
|
|
|
($23)
|
|
|
($634)
|
|
Research and
development expense, net:
|
|
|
|
|
|
|
|
Commercial
Airplanes
|
$2,036
|
|
|
$1,510
|
|
|
$498
|
|
|
$408
|
|
Defense, Space &
Security
|
919
|
|
|
945
|
|
|
267
|
|
|
239
|
|
Global
Services
|
107
|
|
|
119
|
|
|
23
|
|
|
30
|
|
Other
|
315
|
|
|
278
|
|
|
93
|
|
|
117
|
|
Total research and
development expense, net
|
$3,377
|
|
|
$2,852
|
|
|
$881
|
|
|
$794
|
|
Unallocated items,
eliminations and other:
|
|
|
|
|
|
|
|
Share-based
plans
|
$62
|
|
|
($114)
|
|
|
$95
|
|
|
($50)
|
|
Deferred
compensation
|
(188)
|
|
|
117
|
|
|
(117)
|
|
|
(87)
|
|
Amortization of
previously capitalized interest
|
(95)
|
|
|
(95)
|
|
|
(24)
|
|
|
(24)
|
|
Research and
development expense, net
|
(315)
|
|
|
(278)
|
|
|
(93)
|
|
|
(117)
|
|
Eliminations and other
unallocated items
|
(1,223)
|
|
|
(1,134)
|
|
|
(553)
|
|
|
(507)
|
|
Sub-total (included
in Core operating loss)
|
(1,759)
|
|
|
(1,504)
|
|
|
(692)
|
|
|
(785)
|
|
Pension FAS/CAS service
cost adjustment
|
799
|
|
|
849
|
|
|
136
|
|
|
228
|
|
Postretirement FAS/CAS
service cost adjustment
|
257
|
|
|
294
|
|
|
57
|
|
|
69
|
|
FAS/CAS service cost
adjustment
|
1,056
|
|
|
1,143
|
|
|
$193
|
|
|
$297
|
|
Total
|
($703)
|
|
|
($361)
|
|
|
($499)
|
|
|
($488)
|
|
The Boeing Company
and Subsidiaries
Operating and
Financial Data
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deliveries
|
|
Twelve months
ended
December 31
|
|
Three months
ended
December 31
|
|
Commercial
Airplanes
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
737
|
|
396
|
|
|
387
|
|
|
110
|
|
|
110
|
|
|
747
|
|
1
|
|
|
5
|
|
|
—
|
|
|
2
|
|
|
767
|
|
32
|
|
|
33
|
|
|
15
|
|
|
12
|
|
|
777
|
|
26
|
|
|
24
|
|
|
9
|
|
|
6
|
|
|
787
|
|
73
|
|
|
31
|
|
|
23
|
|
|
22
|
|
|
Total
|
|
528
|
|
|
480
|
|
|
157
|
|
|
152
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Defense, Space &
Security
|
|
|
|
|
|
|
|
|
|
AH-64 Apache
(New)
|
|
20
|
|
|
25
|
|
|
3
|
|
|
5
|
|
|
AH-64 Apache
(Remanufactured)
|
|
57
|
|
|
50
|
|
|
19
|
|
|
14
|
|
|
CH-47 Chinook
(New)
|
|
11
|
|
|
19
|
|
|
3
|
|
|
9
|
|
|
CH-47 Chinook
(Renewed)
|
|
9
|
|
|
9
|
|
|
2
|
|
|
3
|
|
|
F-15 Models
|
|
9
|
|
|
12
|
|
|
3
|
|
|
3
|
|
|
F/A-18
Models
|
|
22
|
|
|
14
|
|
|
6
|
|
|
3
|
|
|
KC-46 Tanker
|
|
13
|
|
|
15
|
|
|
9
|
|
|
6
|
|
|
MH-139
|
|
2
|
|
|
4
|
|
|
1
|
|
|
—
|
|
|
P-8 Models
|
|
11
|
|
|
12
|
|
|
4
|
|
|
2
|
|
|
T-7A Red Hawk
|
|
3
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
Commercial Satellites
|
|
5
|
|
|
4
|
|
|
2
|
|
|
2
|
|
|
Military Satellites
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
Total1
|
|
162
|
|
|
165
|
|
|
54
|
|
|
48
|
|
|
1 Deliveries of new-build
production units, including remanufactures and
modifications
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total backlog
(Dollars in millions)
|
|
|
|
|
|
|
December 31
2023
|
December 31
2022
|
|
|
Commercial
Airplanes
|
|
|
|
|
|
|
$440,507
|
$329,824
|
|
|
Defense, Space &
Security
|
|
|
|
|
|
|
59,012
|
54,373
|
|
|
Global
Services
|
|
|
|
|
|
|
19,869
|
19,338
|
|
|
Unallocated items,
eliminations and other
|
|
|
|
|
|
|
807
|
846
|
|
|
Total
backlog
|
|
|
|
|
|
|
$520,195
|
$404,381
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contractual
backlog
|
|
|
|
|
|
|
$497,094
|
$381,977
|
|
|
Unobligated
backlog
|
|
|
|
|
|
|
23,101
|
22,404
|
|
|
Total
backlog
|
|
|
|
|
|
|
$520,195
|
$404,381
|
|
|
|
|
|
|
|
|
|
|
|
|
The Boeing Company and
Subsidiaries
Reconciliation of Non-GAAP
Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial
measures core operating earnings/(loss), core operating margin, and
core earnings/(loss) per share with the most directly comparable
GAAP financial measures, earnings/(loss) from operations, operating
margin, and diluted earnings/(loss) per share. See page 5 of this
release for additional information on the use of these non-GAAP
financial measures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions, except per share data)
|
|
|
|
Fourth Quarter
2023
|
|
Fourth Quarter
2022
|
|
|
|
|
$
millions
|
Per
Share
|
|
$ millions
|
Per Share
|
Revenues
|
|
|
|
22,018
|
|
|
|
19,980
|
|
|
Earnings/(loss) from
operations (GAAP)
|
|
|
|
283
|
|
|
|
(345)
|
|
|
Operating margin
(GAAP)
|
|
|
|
1.3
|
%
|
|
|
(1.7)
|
%
|
|
|
|
|
|
|
|
|
|
|
FAS/CAS service cost
adjustment:
|
|
|
|
|
|
|
|
|
Pension FAS/CAS service
cost adjustment
|
|
|
|
(136)
|
|
|
|
(228)
|
|
|
Postretirement FAS/CAS
service cost adjustment
|
|
|
|
(57)
|
|
|
|
(69)
|
|
|
FAS/CAS service cost
adjustment
|
|
|
|
(193)
|
|
|
|
(297)
|
|
|
Core operating
earnings/(loss) (non-GAAP)
|
|
|
|
$90
|
|
|
|
($642)
|
|
|
Core operating
margin (non-GAAP)
|
|
|
|
0.4
|
%
|
|
|
(3.2)
|
%
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per
share (GAAP)
|
|
|
|
|
($0.04)
|
|
|
|
($1.06)
|
|
Pension FAS/CAS service
cost adjustment
|
|
|
|
($136)
|
|
(0.23)
|
|
|
($228)
|
|
(0.38)
|
|
Postretirement FAS/CAS
service cost adjustment
|
|
|
|
|
(57)
|
|
(0.09)
|
|
|
|
(69)
|
|
(0.12)
|
|
Non-operating pension
expense
|
|
|
|
(127)
|
|
(0.21)
|
|
|
(215)
|
|
(0.35)
|
|
Non-operating
postretirement expense
|
|
|
|
|
(14)
|
|
(0.02)
|
|
|
|
(14)
|
|
(0.02)
|
|
Provision for deferred
income taxes on adjustments 1
|
|
|
|
70
|
|
0.12
|
|
|
110
|
|
0.18
|
|
Subtotal of
adjustments
|
|
|
|
($264)
|
|
($0.43)
|
|
|
($416)
|
|
($0.69)
|
|
Core loss per share
(non-GAAP)
|
|
|
|
|
($0.47)
|
|
|
|
($1.75)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares (in millions)
|
|
|
|
|
609.5
|
|
|
|
598.9
|
|
|
1
The income tax impact is calculated using the U.S. corporate
statutory tax rate.
|
The Boeing Company and
Subsidiaries
Reconciliation of Non-GAAP
Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial
measures core operating earnings/(loss), core operating margin, and
core earnings/(loss) per share with the most directly comparable
GAAP financial measures, earnings/(loss) from operations, operating
margin, and diluted earnings/(loss) per share. See page 5 of this
release for additional information on the use of these non-GAAP
financial measures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
millions, except per share data)
|
|
|
|
Full Year
2023
|
|
Full Year
2022
|
|
|
|
|
$
millions
|
Per
Share
|
|
$ millions
|
Per Share
|
Revenues
|
|
|
|
77,794
|
|
|
|
66,608
|
|
|
Loss from operations
(GAAP)
|
|
|
|
(773)
|
|
|
|
(3,519)
|
|
|
Operating margin
(GAAP)
|
|
|
|
(1.0)
|
%
|
|
|
(5.3)
|
%
|
|
|
|
|
|
|
|
|
|
|
FAS/CAS service cost
adjustment:
|
|
|
|
|
|
|
|
|
Pension FAS/CAS service
cost adjustment
|
|
|
|
(799)
|
|
|
|
(849)
|
|
|
Postretirement FAS/CAS
service cost adjustment
|
|
|
|
(257)
|
|
|
|
(294)
|
|
|
FAS/CAS service cost
adjustment
|
|
|
|
(1,056)
|
|
|
|
(1,143)
|
|
|
Core operating loss
(non-GAAP)
|
|
|
|
(1,829)
|
|
|
|
(4,662)
|
|
|
Core operating
margin (non-GAAP)
|
|
|
|
(2.4)
|
%
|
|
|
(7.0)
|
%
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per
share (GAAP)
|
|
|
|
|
(3.67)
|
|
|
|
(8.30)
|
|
Pension FAS/CAS service
cost adjustment
|
|
|
|
(799)
|
|
(1.32)
|
|
|
(849)
|
|
(1.43)
|
|
Postretirement FAS/CAS
service cost adjustment
|
|
|
|
|
(257)
|
|
(0.42)
|
|
|
|
(294)
|
|
(0.49)
|
|
Non-operating pension
expense
|
|
|
|
(529)
|
|
(0.87)
|
|
|
(881)
|
|
(1.47)
|
|
Non-operating
postretirement expense
|
|
|
|
|
(58)
|
|
(0.10)
|
|
|
|
(58)
|
|
(0.10)
|
|
Provision for deferred
income taxes on adjustments 1
|
|
|
|
345
|
|
0.57
|
|
|
437
|
|
0.73
|
|
Subtotal of
adjustments
|
|
|
|
($1,298)
|
|
($2.14)
|
|
|
($1,645)
|
|
($2.76)
|
|
Core loss per share
(non-GAAP)
|
|
|
|
|
($5.81)
|
|
|
|
($11.06)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares (in millions)
|
|
|
|
|
606.1
|
|
|
|
595.2
|
|
|
1
The income tax impact is calculated using the U.S. corporate
statutory tax rate.
|
View original
content:https://www.prnewswire.com/news-releases/boeing-reports-fourth-quarter-results-302049258.html
SOURCE Boeing