EXHIBIT 12

Computation of Ratio of Earnings to Fixed Charges

The Boeing Company and Subsidiaries

(Dollars in millions)

	Years ended December 31,
	2016		2015			2014		2013		2012
Earnings before income taxes		$5,568		$7,155			$7,137		$6,232		$5,910
Fixed charges excluding capitalized interest	422		391			455		514		603
Amortization of previously capitalized interest	94		90			72		74		75
Net adjustment for earnings from affiliates	11		(34		)	7		13		69
Earnings available for fixed charges		$6,095		$7,602			$7,671		$6,833		$6,657
Fixed charges:
Interest and debt expense(1)		$365		$339			$402		$461		$551
Interest capitalized during the period	170		158			102		87		74
Rentals deemed representative of an interest factor	57		52			53		53		52
Total fixed charges		$592		$549			$557		$601		$677
Ratio of earnings to fixed charges	10.3		13.8			13.8		11.4		9.8

⁽¹⁾  Amount does not include tax-related interest expense which is reported as a component of Income tax expense in our Condensed Consolidated Statements of Operations.