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boeingblacksmalla01.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, 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 October 16, 2019, there were 562,791,233 shares of common stock, $5.00 par value, issued and outstanding.



THE BOEING COMPANY
FORM 10-Q
For the Quarter Ended September 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)
Nine months ended September 30
 
Three months ended September 30
  
2019

 
2018

 
2019

 
2018

Sales of products

$50,514

 

$64,848

 

$17,195

 

$22,463

Sales of services
8,134

 
7,938

 
2,785

 
2,683

Total revenues
58,648

 
72,786

 
19,980

 
25,146

 
 
 


 


 


Cost of products
(46,584
)
 
(53,134
)
 
(14,674
)
 
(18,882
)
Cost of services
(6,752
)
 
(6,215
)
 
(2,241
)
 
(2,140
)
Boeing Capital interest expense
(49
)
 
(51
)
 
(15
)
 
(18
)
Total costs and expenses
(53,385
)
 
(59,400
)
 
(16,930
)
 
(21,040
)
 
5,263

 
13,386

 
3,050

 
4,106

(Loss)/income from operating investments, net
(3
)
 
112

 
(8
)
 
32

General and administrative expense
(2,857
)
 
(3,345
)
 
(1,001
)
 
(1,154
)
Research and development expense, net
(2,470
)
 
(2,417
)
 
(778
)
 
(826
)
Gain/(loss) on dispositions, net
296

 
76

 
(4
)
 
69

Earnings from operations
229

 
7,812

 
1,259

 
2,227

Other income
334

 
63

 
121

 
12

Interest and debt expense
(480
)
 
(317
)
 
(203
)
 
(106
)
Earnings before income taxes
83

 
7,558

 
1,177

 
2,133

Income tax benefit/(expense)
291

 
(522
)
 
(10
)
 
230

Net earnings

$374

 

$7,036

 

$1,167

 

$2,363

 
 
 
 
 
 
 
 
Basic earnings per share

$0.66

 

$12.08

 

$2.07

 

$4.11

 
 
 
 
 
 
 
 
Diluted earnings per share

$0.66

 

$11.95

 

$2.05

 

$4.07

 
 
 
 
 
 
 
 
Weighted average diluted shares (millions)
570.4

 
588.9

 
569.2

 
580.8

See Notes to the Condensed Consolidated Financial Statements.

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Table of Contents

The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(Dollars in millions)
Nine months ended September 30
 
Three months ended September 30
 
2019

 
2018

 
2019

 
2018

Net earnings

$374

 

$7,036

 

$1,167

 

$2,363

Other comprehensive income/(loss), net of tax:
 
 
 
 
 
 
 
Currency translation adjustments
(61
)
 
(55
)
 
(59
)
 
2

Unrealized gain on certain investments, net of tax of $0, ($1), $0 and $0
1

 
3

 

 

Unrealized (loss)/gain on derivative instruments:
 
 
 
 
 
 
 
Unrealized loss arising during period, net of tax of $30, $27, $25 and $1
(106
)
 
(97
)
 
(89
)
 
(4
)
Reclassification adjustment for (gains)/losses included in net earnings, net of tax of ($6), ($5), ($7) and ($3)
22

 
19

 
25

 
9

Total unrealized (loss)/gain on derivative instruments, net of tax
(84
)
 
(78
)
 
(64
)
 
5

Defined benefit pension plans and other postretirement benefits:
 
 
 
 
 
 
 
Amortization of prior service credits included in net periodic pension cost, net of tax of $18, $30, $5 and $10
(67
)
 
(106
)
 
(22
)
 
(35
)
Net actuarial gain arising during the period, net of tax of $0, $0, $0 and $0

 
1

 

 

Amortization of actuarial losses included in net periodic pension cost, net of tax of ($97), ($182), ($32) and ($60)
350

 
657

 
117

 
219

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

 
6

 

 

Pension and postretirement cost related to our equity method investments, net of tax of ($5), $1, ($3) and $0
17

 
(4
)
 
9

 
(1
)
Total defined benefit pension plans and other postretirement benefits, net of tax
300

 
554

 
104

 
183

Other comprehensive income/(loss), net of tax
156

 
424

 
(19
)
 
190

Comprehensive loss related to noncontrolling interests
(22
)
 
(12
)
 
(15
)
 
(2
)
Comprehensive income, net of tax

$508

 

$7,448

 

$1,133

 

$2,551

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)
September 30
2019

 
December 31
2018

Assets
 
 
 
Cash and cash equivalents

$9,763

 

$7,637

Short-term and other investments
1,150

 
927

Accounts receivable, net
3,564

 
3,879

Unbilled receivables, net
11,078

 
10,025

Current portion of customer financing, net
166

 
460

Inventories
73,279

 
62,567

Other current assets
2,656

 
2,335

Total current assets
101,656

 
87,830

Customer financing, net
2,077

 
2,418

Property, plant and equipment, net of accumulated depreciation of $19,125 and $18,568
12,527

 
12,645

Goodwill
8,063

 
7,840

Acquired intangible assets, net
3,587

 
3,429

Deferred income taxes
296

 
284

Investments
1,117

 
1,087

Other assets, net of accumulated amortization of $561 and $503
3,275

 
1,826

Total assets

$132,598

 

$117,359

Liabilities and equity
 
 
 
Accounts payable

$15,101

 

$12,916

Accrued liabilities
19,224

 
14,808

Advances and progress billings
53,167

 
50,676

Short-term debt and current portion of long-term debt
4,354

 
3,190

Total current liabilities
91,846

 
81,590

Deferred income taxes
1,615

 
1,736

Accrued retiree health care
4,437

 
4,584

Accrued pension plan liability, net
14,590

 
15,323

Other long-term liabilities
3,621

 
3,059

Long-term debt
20,298

 
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
6,688

 
6,768

Treasury stock, at cost - 449,472,403 and 444,619,970 shares
(54,924
)
 
(52,348
)
Retained earnings
53,986

 
55,941

Accumulated other comprehensive loss
(14,927
)
 
(15,083
)
Total shareholders’ equity
(4,116
)
 
339

Noncontrolling interests
307

 
71

Total equity
(3,809
)
 
410

Total liabilities and equity

$132,598

 

$117,359

See Notes to the Condensed Consolidated Financial Statements.

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Table of Contents

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


2018

Cash flows – operating activities:
 

 
Net earnings

$374



$7,036

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

 
Non-cash items – 
 

 
Share-based plans expense
160


150

Depreciation and amortization
1,643


1,531

Investment/asset impairment charges, net
106


63

Customer financing valuation adjustments
249


(3
)
Gain on dispositions, net
(296
)
 
(76
)
Other charges and credits, net
190


158

Changes in assets and liabilities – 
 

 
Accounts receivable
315


10

Unbilled receivables
(1,053
)
 
(1,732
)
Advances and progress billings
2,355

 
3,457

Inventories
(9,565
)

(173
)
Other current assets
(224
)
 
(5
)
Accounts payable
1,626


1,181

Accrued liabilities
5,495


890

Income taxes receivable, payable and deferred
(989
)

(252
)
Other long-term liabilities
(577
)

1

Pension and other postretirement plans
(570
)

(89
)
Customer financing, net
391


(175
)
Other
144


403

Net cash (used)/provided by operating activities
(226
)

12,375

Cash flows – investing activities:
 
 
 
Property, plant and equipment additions
(1,387
)
 
(1,227
)
Property, plant and equipment reductions
334

 
117

Acquisitions, net of cash acquired
(492
)
 
(250
)
Contributions to investments
(1,439
)
 
(2,145
)
Proceeds from investments
967

 
1,369

Purchase of distribution rights
(20
)
 
(56
)
Other
(10
)
 
(5
)
Net cash used by investing activities
(2,047
)
 
(2,197
)
Cash flows – financing activities:
 
 
 
New borrowings
19,621

 
4,696

Debt repayments
(8,978
)
 
(4,029
)
Contributions from noncontrolling interests
7

 
35

Stock options exercised
51

 
70

Employee taxes on certain share-based payment arrangements
(241
)
 
(247
)
Common shares repurchased
(2,651
)
 
(8,415
)
Dividends paid
(3,473
)
 
(2,976
)
Net cash provided/(used) by financing activities
4,336

 
(10,866
)
Effect of exchange rate changes on cash and cash equivalents, including restricted
(27
)
 
(37
)
Net increase/(decrease) in cash & cash equivalents, including restricted
2,036

 
(725
)
Cash & cash equivalents, including restricted, at beginning of year
7,813

 
8,887

Cash & cash equivalents, including restricted, at end of period
9,849

 
8,162

Less restricted cash & cash equivalents, included in Investments
86

 
128

Cash and cash equivalents at end of period

$9,763

 

$8,034

See Notes to the Condensed Consolidated Financial Statements.

4

Table of Contents

The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Equity
For the nine months ended September 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
 
 
 
7,036

 
(12
)
7,024

Other comprehensive income, net of tax of ($133)
 
 
 
 
424

 
424

Share-based compensation and related dividend equivalents
 
167

 
(17
)
 
 
150

Treasury shares issued for stock options exercised, net
 
(37
)
107

 
 
 
70

Treasury shares issued for other share-based plans, net
 
(220
)
(19
)
 
 
 
(239
)
Common shares repurchased
 
 
(8,415
)
 
 
 
(8,415
)
Cash dividends declared ($3.42 per share)
 
 
 
(1,971
)
 
 
(1,971
)
Changes in noncontrolling interests
 
 
 
 
 
35

35

Balance at September 30, 2018

$5,061


$6,714


($51,781
)

$54,666


($15,949
)

$80


($1,209
)
 
 
 
 
 
 
 
 
Balance at January 1, 2019

$5,061


$6,768


($52,348
)

$55,941


($15,083
)

$71


$410

Net earnings
 
 
 
374

 
(22
)
352

Other comprehensive income, net of tax of ($60)
 
 
 
 
156

 
156

Share-based compensation and related dividend equivalents
 
176

 
(16
)
 
 
160

Treasury shares issued for stock options exercised, net
 
(42
)
82

 
 
 
40

Treasury shares issued for other share-based plans, net
 
(214
)
(7
)
 
 
 
(221
)
Common shares repurchased
 
 
(2,651
)
 
 
 
(2,651
)
Cash dividends declared ($4.11 per share)
 
 
 
(2,313
)
 
 
(2,313
)
Changes in noncontrolling interests
 
 
 
 
 
258

258

Balance at September 30, 2019

$5,061


$6,688


($54,924
)

$53,986


($14,927
)

$307


($3,809
)
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 September 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 July 1, 2018

$5,061


$6,676


($49,342
)

$52,303


($16,139
)

$67


($1,374
)
Net earnings
 
 
 
2,363

 
(2
)
2,361

Other comprehensive income, net of tax of ($52)
 
 
 
 
190

 
190

Share-based compensation and related dividend equivalents
 
52

 


 
 
52

Treasury shares issued for stock options exercised, net
 
(5
)
12

 
 
 
7

Treasury shares issued for other share-based plans, net
 
(9
)
(1
)
 
 
 
(10
)
Common shares repurchased
 
 
(2,450
)
 
 
 
(2,450
)
Changes in noncontrolling interests
 
 
 
 
 
15

15

Balance at September 30, 2018

$5,061


$6,714


($51,781
)

$54,666


($15,949
)

$80


($1,209
)
 
 
 
 
 
 
 
 
Balance at July 1, 2019

$5,061


$6,638


($54,932
)

$52,819


($14,908
)

$379


($4,943
)
Net earnings
 
 
 
1,167

 
(15
)
1,152

Other comprehensive (loss)/income, net of tax of ($12)
 
 
 
 
(19
)
 
(19
)
Share-based compensation and related dividend equivalents
 
56

 


 
 
56

Treasury shares issued for stock options exercised, net
 
(3
)


 
 
 
(3
)
Treasury shares issued for other share-based plans, net
 
(3
)
8

 
 
 
5

Changes in noncontrolling interests
 
 
 
 
 
(57
)
(57
)
Balance at September 30, 2019

$5,061


$6,688


($54,924
)

$53,986


($14,927
)

$307


($3,809
)
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)
Nine months ended September 30
Three months ended September 30

2019

 
2018

2019

 
2018

Revenues:
 
 
 
 
 
 
Commercial Airplanes

$24,793

 

$40,968


$8,249



$14,071

Defense, Space & Security
20,265

 
19,518

7,042


6,937

Global Services
13,820

 
12,148

4,658


4,101

Boeing Capital
207

 
214

66


77

Unallocated items, eliminations and other
(437
)
 
(62
)
(35
)
 
(40
)
Total revenues

$58,648

 

$72,786


$19,980



$25,146

(Loss)/earnings from operations:
 
 
 



Commercial Airplanes

($3,813
)
 

$5,230


($40
)


$2,033

Defense, Space & Security
2,577

 
886

755


(247
)
Global Services
2,013

 
1,799

673


548

Boeing Capital
86

 
71

29


27

Segment operating profit
863

 
7,986

1,417

 
2,361

Unallocated items, eliminations and other
(1,727
)
 
(1,193
)
(522
)
 
(471
)
FAS/CAS service cost adjustment
1,093

 
1,019

364

 
337

Earnings from operations
229

 
7,812

1,259


2,227

Other income
334

 
63

121


12

Interest and debt expense
(480
)
 
(317
)
(203
)

(106
)
Earnings before income taxes
83

 
7,558

1,177


2,133

Income tax benefit/(expense)
291

 
(522
)
(10
)

230

Net earnings

$374

 

$7,036


$1,167



$2,363


This information is an integral part of the Notes to the Condensed Consolidated Financial Statements. See Note 20 for further segment results.

7

Table of Contents

The Boeing Company and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
(Dollars in millions, except per share data)
(Unaudited)
Note 1Basis 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, 2019 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 2018 Annual Report on Form 10-K. Certain amounts in prior periods have been adjusted to conform with the current year presentation.
Standards Issued and Implemented
In the first quarter of 2019, we adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) and recognized on our Condensed Consolidated Statement of Financial Position $1,064 of lease liabilities with corresponding right-of-use assets for operating leases. Our accounting for finance leases and lessor contracts remains substantially unchanged. The standard has no impact to cash provided or used by operating, investing, or financing activities on our Condensed Consolidated Statements of Cash Flows. As permitted under the standard, we elected prospective application of the new guidance and prior periods continue to be presented in accordance with Topic 840. Refer to our 2018 Annual Report on Form 10-K for disclosures required by Topic 840. We also elected the package of practical expedients, which among other things, does not require reassessment of lease classification.
In the first quarter of 2019, we adopted ASU 2017-12, Derivatives and Hedging (Topic 815), using the modified retrospective method. The standard refines and simplifies hedge accounting requirements for both financial and commodity risks. The impact of the adoption was not material. See Note 17 for additional disclosures.

Significant Accounting Policies - Update
Our significant accounting policies are described in "Note 1: Summary of Significant Accounting Policies" of our Annual Report on Form 10-K for the year ended December 31, 2018. Our updated significant accounting policies described below reflect the impact of adopting Topic 842.
Leases We determine if an arrangement is, or contains, a lease at the inception date. Operating leases are included in Other assets, with the related liabilities included in Accrued liabilities and Other long-term liabilities. Assets under finance leases are included in Property, plant and equipment, net, with the related liabilities included in Short-term debt and current portion of long-term debt and Long-term debt on the Condensed Consolidated Statements of Financial Position.
Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. We use our estimated incremental borrowing rate in determining the present value of lease payments. Variable components of the lease payments such as fair market value adjustments, utilities, and maintenance costs are expensed as incurred and not included in determining the present value. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense is recognized on a straight-line basis over the lease term.
We have lease agreements with lease and non-lease components which are accounted for as a single lease component.

8

Table of Contents

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.
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 indicate a loss, a provision for the entire reach-forward loss on the long-term contract is recognized.
Net cumulative catch-up adjustments to prior years' revenue and earnings, including certain reach-forward losses, across all long-term contracts were as follows:
(In millions - except per share amounts)
Nine months ended September 30
 
Three months ended September 30
 
2019