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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, 2020
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 FilerAccelerated filer
Non-accelerated filerSmaller 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 21, 2020, there were 564,529,686 shares of common stock, $5.00 par value, issued and outstanding.



THE BOEING COMPANY
FORM 10-Q
For the Quarter Ended September 30, 2020
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 30Three months ended September 30
2020201920202019
Sales of products$34,656 $50,514 $11,402 $17,195 
Sales of services8,198 8,134 2,737 2,785 
Total revenues42,854 58,648 14,139 19,980 
Cost of products(36,001)(46,584)(10,910)(14,674)
Cost of services(6,817)(6,752)(2,185)(2,241)
Boeing Capital interest expense(33)(49)(10)(15)
Total costs and expenses(42,851)(53,385)(13,105)(16,930)
3 5,263 1,034 3,050 
Loss from operating investments, net(61)(3)(14)(8)
General and administrative expense(2,989)(2,857)(955)(1,001)
Research and development expense, net(1,871)(2,470)(574)(778)
Gain/(loss) on dispositions, net200 296 108 (4)
(Loss)/earnings from operations(4,718)229 (401)1,259 
Other income, net325 334 119 121 
Interest and debt expense(1,458)(480)(643)(203)
(Loss)/earnings before income taxes(5,851)83 (925)1,177 
Income tax benefit/(expense)2,349 291 459 (10)
Net (loss)/earnings(3,502)374 (466)1,167 
Less: net loss attributable to noncontrolling interest(49)(17)
Net (loss)/earnings attributable to Boeing Shareholders($3,453)$374 ($449)$1,167 
Basic (loss)/earnings per share($6.10)$0.66 ($0.79)$2.07 
Diluted (loss)/earnings per share($6.10)$0.66 ($0.79)$2.05 
Weighted average diluted shares (millions)566.3570.4566.6569.2
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)Nine months ended September 30Three months ended September 30
2020 2019 2020 2019 
Net (loss)/earnings($3,502)$374 ($466)$1,167 
Other comprehensive (loss)/income, net of tax:
Currency translation adjustments
15 (61)48 (59)
Unrealized gain on certain investments, net of tax of $0, $0, $0 and $0
1 
Unrealized (loss)/gain on derivative instruments:
Unrealized (loss)/gain arising during period, net of tax of $31, $30, ($23) and $25
(107)(106)79 (89)
Reclassification adjustment for losses/(gains) included in net (loss)/earnings, net of tax of ($6), ($6), ($2) and ($7)
20 22 8 25 
Total unrealized (loss)/gain on derivative instruments, net of tax
(87)(84)87 (64)
Defined benefit pension plans and other postretirement benefits:
Prior service credit arising during the period, net of tax of ($4), $0, ($4) and $0
13 13 
Amortization of prior service credits included in net periodic pension cost, net of tax of $22, $18, $10 and $5
(67)(67)(22)(22)
Net actuarial loss arising during the period, net of tax of $19, $0, $16 and $0
(65)(53)
Amortization of actuarial losses included in net periodic pension cost, net of tax of ($179), ($97), ($76) and ($32)
562 350 172 117 
Settlements and curtailments included in net loss, net of tax of ($1), $0, $0 and $0
3 1 
Pension and postretirement cost related to our equity method investments, net of tax of $0, ($5), $0, and ($3)
17 9 
Total defined benefit pension plans and other postretirement benefits, net of tax
446 300 111 104 
Other comprehensive income/(loss), net of tax374 156 246 (19)
Comprehensive loss related to noncontrolling interests
(22)(15)
Comprehensive (loss)/income, net of tax(3,128)508 (220)1,133 
Less: Comprehensive loss related to noncontrolling interest(49)(22)(17)(15)
Comprehensive (loss)/income attributable to Boeing Shareholders, net of tax($3,079)$530 ($203)$1,148 
See Notes to the Condensed Consolidated Financial Statements.
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The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Financial Position
(Unaudited)
(Dollars in millions, except per share data)September 30
2020
December 31
2019
Assets
Cash and cash equivalents$10,564 $9,485 
Short-term and other investments16,552 545 
Accounts receivable, net2,762 3,266 
Unbilled receivables, net8,860 9,043 
Current portion of customer financing, net100 162 
Inventories86,961 76,622 
Other current assets, net5,213 3,106 
Total current assets131,012 102,229 
Customer financing, net2,010 2,136 
Property, plant and equipment, net of accumulated depreciation of $20,241 and $19,342
11,969 12,502 
Goodwill8,071 8,060 
Acquired intangible assets, net2,941 3,338 
Deferred income taxes704 683 
Investments1,052 1,092 
Other assets, net of accumulated amortization of $671 and $580
3,502 3,585 
Total assets$161,261 $133,625 
Liabilities and equity
Accounts payable$14,479 $15,553 
Accrued liabilities22,220 22,868 
Advances and progress billings51,974 51,551 
Short-term debt and current portion of long-term debt3,634 7,340 
Total current liabilities92,307 97,312 
Deferred income taxes503 413 
Accrued retiree health care4,429 4,540 
Accrued pension plan liability, net15,343 16,276 
Other long-term liabilities2,907 3,422 
Long-term debt57,325 19,962 
Total liabilities172,814 141,925 
Shareholders’ equity:
Common stock, par value $5.001,200,000,000 shares authorized; 1,012,261,159 shares issued
5,061 5,061 
Additional paid-in capital6,687 6,745 
Treasury stock, at cost - 447,744,896 and 449,352,405 shares
(54,819)(54,914)
Retained earnings47,029 50,644 
Accumulated other comprehensive loss(15,779)(16,153)
Total shareholders’ equity(11,821)(8,617)
Noncontrolling interests268 317 
Total equity(11,553)(8,300)
Total liabilities and equity$161,261 $133,625 
See Notes to the Condensed Consolidated Financial Statements.
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The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in millions)Nine months ended September 30
20202019
Cash flows – operating activities:
Net (loss)/earnings($3,502)$374 
Adjustments to reconcile net loss to net cash (used)/provided by operating activities:
Non-cash items – 
Share-based plans expense165 160 
Depreciation and amortization1,668 1,643 
Investment/asset impairment charges, net317 106 
Customer financing valuation adjustments12 249 
Gain on dispositions, net(200)(296)
Other charges and credits, net912 190 
Changes in assets and liabilities – 
Accounts receivable125 315 
Unbilled receivables56 (1,053)
Advances and progress billings428 2,355 
Inventories(9,653)(9,565)
Other current assets319 (224)
Accounts payable(3,303)1,626 
Accrued liabilities967 5,495 
Income taxes receivable, payable and deferred(2,404)(989)
Other long-term liabilities(149)(577)
Pension and other postretirement plans(556)(570)
Customer financing, net108 391 
Other289 144 
Net cash used by operating activities(14,401)(226)
Cash flows – investing activities:
Property, plant and equipment additions(1,038)(1,387)
Property, plant and equipment reductions275 334 
Acquisitions, net of cash acquired(492)
Contributions to investments(25,846)(1,439)
Proceeds from investments9,772 967 
Purchase of distribution rights(20)
Other14 (10)
Net cash used by investing activities(16,823)(2,047)
Cash flows – financing activities:
New borrowings42,362 19,621 
Debt repayments(8,792)(8,978)
Contributions from noncontrolling interests7 
Stock options exercised31 51 
Employee taxes on certain share-based payment arrangements(169)(241)
Common shares repurchased(2,651)
Dividends paid(1,158)(3,473)
Net cash provided by financing activities32,274 4,336 
Effect of exchange rate changes on cash and cash equivalents, including restricted26 (27)
Net increase in cash & cash equivalents, including restricted1,076 2,036 
Cash & cash equivalents, including restricted, at beginning of year9,571 7,813 
Cash & cash equivalents, including restricted, at end of period10,647 9,849 
Less restricted cash & cash equivalents, included in Investments83 86 
Cash and cash equivalents at end of period$10,564 $9,763 
See Notes to the Condensed Consolidated Financial Statements.
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The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Equity
For the nine months ended September 30, 2020 and 2019
(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 January 1, 2019$5,061 $6,768 ($52,348)$55,941 ($15,083)$71 $410 
Net earnings374 (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 interests258 258 
Balance at September 30, 2019$5,061 $6,688 ($54,924)$53,986 ($14,927)$307 ($3,809)
Balance at December 31, 2019$5,061 $6,745 ($54,914)$50,644 ($16,153)$317 ($8,300)
Impact of ASU 2016-13(162)(162)
Balance at January 1, 2020$5,061 $6,745 ($54,914)$50,482 ($16,153)$317 ($8,462)
Net loss
(3,453)(49)(3,502)
Other comprehensive income, net of tax of ($118)
374 374 
Share-based compensation and related dividend equivalents
165 165 
Treasury shares issued for stock options exercised, net
(22)53 31 
Treasury shares issued for other share-based plans, net
(201)42(159)
Balance at September 30, 2020$5,061 $6,687 ($54,819)$47,029 ($15,779)$268 ($11,553)
See Notes to the Condensed Consolidated Financial Statements.

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The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Equity
For the three months ended September 30, 2020 and 2019
(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, 2019$5,061 $6,638 ($54,932)$52,819 ($14,908)$379 ($4,943)
Net earnings1,167 (15)1,152 
Other comprehensive loss, 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)
Balance at July 1, 2020$5,061 $6,648 ($54,829)$47,478 ($16,025)$285 ($11,382)
Net loss(449)(17)(466)
Other comprehensive income, net of tax of ($79)
246 246 
Share-based compensation and related dividend equivalents50 50 
Treasury shares issued for stock options exercised, net(2)6 4 
Treasury shares issued for other share-based plans, net(9)4 (5)
Balance at September 30, 2020$5,061 $6,687 ($54,819)$47,029 ($15,779)$268 ($11,553)
See Notes to the Condensed Consolidated Financial Statements.


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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
2020201920202019
Revenues:
Commercial Airplanes$11,434 $24,793 $3,596 $8,249 
Defense, Space & Security19,478 20,168 6,848 7,002 
Global Services11,810 13,820 3,694 4,658 
Boeing Capital205 207 71 66 
Unallocated items, eliminations and other(73)(340)(70)5 
Total revenues$42,854 $58,648 $14,139 $19,980 
Earnings/(loss) from operations:
Commercial Airplanes($6,199)($3,813)($1,369)($40)
Defense, Space & Security1,037 2,581 628 754 
Global Services307 2,013 271 673 
Boeing Capital47 86 30 29 
Segment operating (loss)/earnings(4,808)867 (440)1,416 
Unallocated items, eliminations and other(965)(1,731)(314)(521)
FAS/CAS service cost adjustment1,055 1,093 353 364 
(Loss)/earnings from operations(4,718)229 (401)1,259 
Other income, net325 334 119 121 
Interest and debt expense(1,458)(480)(643)(203)
(Loss)/earnings before income taxes(5,851)83 (925)1,177 
Income tax benefit/(expense)2,349 291 459 (10)
Net (loss)/earnings(3,502)374 (466)1,167 
Less: Net loss attributable to noncontrolling interest(49)(17)
Net (loss)/earnings attributable to Boeing Shareholders($3,453)$374 ($449)$1,167 
This information is an integral part of the Notes to the Condensed Consolidated Financial Statements. See Note 19 for further segment results.
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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, 2020 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 2019 Annual Report on Form 10-K. Certain amounts in prior periods have been adjusted to conform with the current year presentation.
Liquidity Matters
The global outbreak of COVID-19 and the ongoing grounding of the 737 MAX airplane are having a significant adverse impact on our business and are expected to continue to negatively impact revenue, earnings and operating cash flow in future quarters. The COVID-19 pandemic has caused an unprecedented shock to demand for air travel, creating a tremendous challenge for our customers, our business and the entire aerospace manufacturing and services sector. We currently expect it will take approximately three years for travel to return to 2019 levels and a few years beyond that for the industry to return to long-term trend growth. There is significant uncertainty with respect to when commercial air traffic levels will recover, and whether and at what point capacity will return to and/or exceed pre-COVID-19 levels.
During the first nine months of 2020, net cash used by operating activities was $14.4 billion and we expect negative operating cash flows in future quarters until commercial deliveries ramp up. In the first quarter of 2020, we entered into and fully drew on a $13.8 billion two-year delayed draw term loan credit agreement (delayed draw term loan facility). In the second quarter of 2020, we issued $25 billion of fixed rate senior notes that mature between 2023 and 2060. As a result, our cash and short-term investment balance was $27.1 billion and our debt balance was $61.0 billion at September 30, 2020.
The major credit rating agencies downgraded our short term and long term credit ratings during the first half of 2020, and there is risk for further downgrades. At September 30, 2020, debt includes $1.9 billion of commercial paper, all of which matures in the fourth quarter of 2020, down from $6.1 billion at December 31, 2019. In the current environment, we may have limited future access to the commercial paper market. In addition, we have term notes of $350 maturing in the fourth quarter of 2020 and $1,450 maturing in 2021.
At September 30, 2020, trade payables included $4.8 billion payable to suppliers who have elected to participate in supply chain financing programs. While access to supply chain financing has been reduced due to our current credit ratings and debt levels, we do not believe that these or future changes in the availability of supply chain financing will have a significant impact on our liquidity.
At September 30, 2020 and December 31, 2019, we had $9.6 billion of unused borrowing capacity on revolving credit agreements. We anticipate that these credit lines will primarily serve as back-up liquidity to support our general corporate borrowing needs. $3.2 billion of the $9.6 billion is a 364-day revolving credit facility, which was set to expire in October 2020. We renewed that 364-day revolving credit facility at $3.1 billion, which now expires in October 2021.
In addition to our debt issuances, we have taken a number of actions to improve liquidity. During the first quarter of 2020, our Board of Directors terminated its prior authorization to repurchase shares of the Company’s outstanding common stock and suspended the declaration and/or payment of dividends until further notice. We have also reduced production rates in our commercial business to reflect the impact of COVID-19 on the industry. We have furloughed certain employees and are executing on our plans to
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reduce our workforce through a combination of voluntary and involuntary layoffs and natural turnover. In the second and third quarters of 2020, we recorded severance costs for approximately 26,000 employees, of which approximately half have left the Company as of September 30, 2020, and the remainder are expected to leave in 2020 and 2021.
We are also working with our customers and supply chain to accelerate receipts and conserve cash. For example, the United States Department of Defense (U.S. DoD) has taken steps to work with its industry partners to increase liquidity in the form of increased progress payment rates and reductions in withholds among other initiatives. We are also deferring certain tax payments pursuant to the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
In the fourth quarter of 2020, the Company plans to begin using our common stock in lieu of cash to fund Company contributions to our 401(k) plans for the foreseeable future. Common stock would be contributed to our 401(k) plans following each pay period. We expect this measure to further enable the Company to conserve cash.
We have reduced discretionary spending, including reducing or deferring research and development and capital expenditures.
In July 2020, we announced our business transformation efforts to assess our business across five key pillars – infrastructure, overhead and organization, portfolio and investments, supply chain health and operational excellence. Within the infrastructure pillar we are assessing our overall facility requirements in light of reduced demand in our commercial businesses and remote and virtual work opportunities for large numbers of our workforce. The overhead and organization pillar is focused on our cost structure and how we are organized so we can right size our workforce and simplify and reduce management layers and bureaucracy. The portfolio and investments pillar is working on aligning our portfolio and investments to focus on our core business and the changes in market conditions. The supply chain pillar is focused on supply chain health and stability, reducing indirect procurement spend and streamlining our transportation, logistics and warehousing approach. The operational excellence pillar is focused on improving performance, enhancing quality and reducing rework. Successful execution of these measures will improve near term liquidity and long term cost competitiveness. Apart from severance, we did not incur significant restructuring charges during the quarter.
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 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.
Standards Issued and Implemented
In the first quarter of 2020, we adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), using a modified retrospective method, which resulted in the recognition of allowances for credit losses on our Condensed Consolidated Statement of Financial Position as of January 1, 2020 and a $162 cumulative-effect adjustment to retained earnings to align our credit loss methodology with the new standard. The standard replaces the incurred loss impairment methodology under Topic 310 with a methodology that reflects expected credit losses and requires the use of a forward-looking expected credit loss model for accounts receivables, loans, and certain other financial assets. See Note 5, 8 and 9 for additional disclosures.
In the first quarter of 2020, we also adopted ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04). See Note 2 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, 2019. Our updated significant accounting policies described below reflect the impact of adopting Topic 326.
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Allowances for losses on certain financial assets
We establish allowances for credit losses on accounts receivable, unbilled receivables, customer financing receivables, and certain other financial assets. The adequacy of these allowances are assessed quarterly through consideration of factors including, but not limited to, customer credit ratings, bankruptcy filings, published or estimated credit default rates, age of the receivable, expected loss rates and collateral exposures. We assign internal credit ratings for all customers and determine the creditworthiness of each customer based upon publicly available information and information obtained directly from our customers. Our rating categories are comparable to those used by major credit rating agencies.
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. We believe that the accounting estimates and assumptions are appropriate given the increased uncertainties surrounding the severity and duration of the impacts of the COVID-19 pandemic, however 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 periods' 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 30Three months ended September 30
2020201920202019
(Decrease)/increase to Revenue($265)$166 $25 ($