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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 March 31, 2021
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 April 21, 2021, there were 584,810,068 shares of common stock, $5.00 par value, issued and outstanding.



THE BOEING COMPANY
FORM 10-Q
For the Quarter Ended March 31, 2021
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)Three months ended March 31
20212020
Sales of products$12,518 $14,191 
Sales of services2,699 2,717 
Total revenues15,217 16,908 
Cost of products(11,632)(14,713)
Cost of services(2,167)(2,043)
Boeing Capital interest expense(9)(12)
Total costs and expenses(13,808)(16,768)
1,409 140 
Income/(loss) from operating investments, net37 (2)
General and administrative expense(1,032)(873)
Research and development expense, net(499)(672)
Gain on dispositions, net2 54 
Loss from operations(83)(1,353)
Other income, net190 112 
Interest and debt expense(679)(262)
Loss before income taxes(572)(1,503)
Income tax benefit11 862 
Net loss(561)(641)
Less: net loss attributable to noncontrolling interest(24)(13)
Net loss attributable to Boeing Shareholders($537)($628)
Basic loss per share($0.92)($1.11)
Diluted loss per share($0.92)($1.11)
Weighted average diluted shares (millions)585.4565.9
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)Three months ended March 31
2021 2020 
Net loss($561)($641)
Other comprehensive income/(loss), net of tax:
Currency translation adjustments(36)(77)
Unrealized gain/(loss) on derivative instruments:
Unrealized gain/(loss) arising during period, net of tax of ($3), $77
11 (275)
Reclassification adjustment for (gains)/losses included in net loss, net of tax of $0, ($1)
(2)2 
Total unrealized gain/(loss) on derivative instruments, net of tax9 (273)
Defined benefit pension plans and other postretirement benefits:
Amortization of prior service credits included in net periodic pension cost, net of tax of $6, $6
(23)(23)
Amortization of actuarial losses included in net periodic pension cost, net of tax of ($65), ($53)
228 193 
Settlements and curtailments included in net loss, net of tax of $0, $0
1 
Pension and postretirement cost related to our equity method investments, net of tax of ($1), $0
2 
Total defined benefit pension plans and other postretirement benefits, net of tax208 170 
Other comprehensive income/(loss), net of tax181 (180)
Comprehensive loss, net of tax(380)(821)
Less: Comprehensive loss related to noncontrolling interest(24)(13)
Comprehensive loss attributable to Boeing Shareholders, net of tax($356)($808)
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)March 31
2021
December 31
2020
Assets
Cash and cash equivalents$7,059 $7,752 
Short-term and other investments14,861 17,838 
Accounts receivable, net2,356 1,955 
Unbilled receivables, net8,785 7,995 
Current portion of customer financing, net93 101 
Inventories82,668 81,715 
Other current assets, net4,123 4,286 
Total current assets119,945 121,642 
Customer financing, net1,895 1,936 
Property, plant and equipment, net of accumulated depreciation of $20,792 and $20,507
11,643 11,820 
Goodwill8,074 8,081 
Acquired intangible assets, net2,773 2,843 
Deferred income taxes79 86 
Investments980 1,016 
Other assets, net of accumulated amortization of $917 and $729
4,646 4,712 
Total assets$150,035 $152,136 
Liabilities and equity
Accounts payable$12,410 $12,928 
Accrued liabilities20,553 22,171 
Advances and progress billings50,908 50,488 
Short-term debt and current portion of long-term debt6,021 1,693 
Total current liabilities89,892 87,280 
Deferred income taxes908 1,010 
Accrued retiree health care4,077 4,137 
Accrued pension plan liability, net13,968 14,408 
Other long-term liabilities1,477 1,486 
Long-term debt57,554 61,890 
Total liabilities167,876 170,211 
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 capital8,155 7,787 
Treasury stock, at cost - 427,806,081 and 429,941,021 shares
(52,395)(52,641)
Retained earnings38,073 38,610 
Accumulated other comprehensive loss(16,952)(17,133)
Total shareholders’ deficit(18,058)(18,316)
Noncontrolling interests217 241 
Total equity(17,841)(18,075)
Total liabilities and equity$150,035 $152,136 
See Notes to the Condensed Consolidated Financial Statements.
3

Table of Contents
The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in millions)Three months ended March 31
20212020
Cash flows – operating activities:
Net loss($561)($641)
Adjustments to reconcile net loss to net cash (used)/provided by operating activities:
Non-cash items – 
Share-based plans expense321 55 
Treasury shares issued for 401(k) contribution306 
Depreciation and amortization536 556 
Investment/asset impairment charges, net16 26 
Gain on dispositions, net(2)(54)
Other charges and credits, net35 97 
Changes in assets and liabilities – 
Accounts receivable(394)(54)
Unbilled receivables(790)(402)
Advances and progress billings421 1,337 
Inventories(680)(2,973)
Other current assets153 328 
Accounts payable(819)(1,030)
Accrued liabilities(1,615)(583)
Income taxes receivable, payable and deferred(34)(892)
Other long-term liabilities(84)(69)
Pension and other postretirement plans(265)(179)
Customer financing, net46 23 
Other23 153 
Net cash used by operating activities(3,387)(4,302)
Cash flows – investing activities:
Property, plant and equipment additions(291)(428)
Property, plant and equipment reductions2 58 
Contributions to investments(9,688)(244)
Proceeds from investments12,738 227 
Other3 8 
Net cash provided/(used) by investing activities2,764 (379)
Cash flows – financing activities:
New borrowings9,814 17,433 
Debt repayments(9,847)(5,854)
Stock options exercised23 21 
Employee taxes on certain share-based payment arrangements(38)(162)
Dividends paid(1,158)
Net cash (used)/provided by financing activities(48)10,280 
Effect of exchange rate changes on cash and cash equivalents, including restricted(18)(47)
Net (decrease)/increase in cash & cash equivalents, including restricted(689)5,552 
Cash & cash equivalents, including restricted, at beginning of year7,835 9,571 
Cash & cash equivalents, including restricted, at end of period7,146 15,123 
Less restricted cash & cash equivalents, included in Investments87 84 
Cash and cash equivalents at end of period$7,059 $15,039 
See Notes to the Condensed Consolidated Financial Statements.
4

Table of Contents
The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Equity
For the three months ended March 31, 2021 and 2020
(Unaudited)
 Boeing shareholders  
(Dollars in millions)Common
Stock
Additional
Paid-In
Capital
Treasury StockRetained
Earnings
Accumulated Other Comprehensive LossNon-
controlling
Interests
Total
Balance at January 1, 2020$5,061 $6,745 ($54,914)$50,482 ($16,153)$317 ($8,462)
Net loss(628)(13)(641)
Other comprehensive income, net of tax of $29
(180)(180)
Share-based compensation55 55 
Treasury shares issued for stock options exercised, net
(16)36 20 
Treasury shares issued for other share-based plans, net
(189)36 (153)
Changes in noncontrolling interests1 1 
Balance at March 31, 2020$5,061 $6,595 ($54,842)$49,854 ($16,333)$305 ($9,360)
Balance at January 1, 2021$5,061 $7,787 ($52,641)$38,610 ($17,133)$241 ($18,075)
Net loss
(537)(24)(561)
Other comprehensive income, net of tax of ($63)
181 181 
Share-based compensation321 321 
Treasury shares issued for stock options exercised, net
(16)39 23 
Treasury shares issued for other share-based plans, net(73)37(36)
Treasury shares issued for 401(k) contribution 136170306 
Balance at March 31, 2021$5,061 $8,155 ($52,395)$38,073 ($16,952)$217 ($17,841)
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)Three months ended March 31
20212020
Revenues:
Commercial Airplanes$4,269 $6,205 
Defense, Space & Security7,185 6,042 
Global Services3,749 4,628 
Boeing Capital60 65 
Unallocated items, eliminations and other(46)(32)
Total revenues$15,217 $16,908 
Loss from operations:
Commercial Airplanes($856)($2,068)
Defense, Space & Security405 (191)
Global Services441 708 
Boeing Capital21 24 
Segment operating earnings/(loss)11 (1,527)
Unallocated items, eliminations and other(364)(173)
FAS/CAS service cost adjustment270 347 
Loss from operations(83)(1,353)
Other income, net190 112 
Interest and debt expense(679)(262)
Loss before income taxes(572)(1,503)
Income tax benefit11 862 
Net loss(561)(641)
Less: Net loss attributable to noncontrolling interest(24)(13)
Net loss attributable to Boeing Shareholders($537)($628)
This information is an integral part of the Notes to the Condensed Consolidated Financial Statements. See Note 18 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 March 31, 2021 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 2020 Annual Report on Form 10-K.
Liquidity Matters
The global outbreak of COVID-19 and residual impacts from the grounding of the 737 MAX airplane in 2019 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 continue to expect commercial air travel to return to 2019 levels in 2023 to 2024. We expect it will take 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 three months of 2021, net cash used by operating activities was $3.4 billion. Our operating cash flows continue to be impacted by lower commercial airplane deliveries and increases in commercial airplane inventory. We expect negative operating cash flows until commercial deliveries ramp up. In the first quarter of 2021, we issued $9.8 billion of fixed rate senior notes that mature between 2023 and 2026. We used the net proceeds of these note issuances to repay $9.8 billion outstanding under our two-year delayed draw term loan credit agreement. The remaining $4.0 billion of our two-year delayed draw term loan matures in February 2022. As a result, our cash and short-term investment balance was $21.9 billion at March 31, 2021, down from $25.6 billion at December 31, 2020, while our debt balance was $63.6 billion at March 31, 2021, unchanged from December 31, 2020. Short-term debt and the current portion of long-term debt increased to $6.0 billion at March 31, 2021, up from $1.7 billion at December 31, 2020. The current portion of long term debt includes term notes of $1.5 billion maturing in 2021. Our short-term and long-term credit ratings remained unchanged during the first quarter of 2021.
In the first quarter of 2021, we entered into a $5.3 billion two-year revolving credit agreement, which we have not drawn upon. As a result, our unused borrowing capacity on revolving credit agreements increased to $14.8 billion at March 31, 2021 from $9.5 billion at December 31, 2020. We anticipate that these credit lines will remain undrawn and primarily serve as back-up liquidity to support our general corporate borrowing needs. See Note 11.
At March 31, 2021, trade payables included $3.8 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 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.
In addition to our debt issuances, we have taken a number of actions to improve liquidity. During 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 are executing on our plans to reduce our workforce through a combination of voluntary and involuntary layoffs and natural turnover. We have recorded severance costs for approximately 23,000 employees, of which approximately 5,000 are expected to leave in the remainder of
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2021. In the fourth quarter of 2020, we began using our common stock in lieu of cash to fund Company contributions to our 401(k) plans. In December 2020, in lieu of merit pay increases, we awarded most of our employees a one-time stock grant that will vest in three years. We have reduced discretionary spending, including reducing or deferring research and development and capital expenditures. We expect these actions will further enable the Company to conserve cash.
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 also deferred certain tax payments pursuant to the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
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. We also anticipate a reduction in office space needs compared to our pre-COVID capacity. However, as we consolidate our footprint, terminate leases and dispose of properties, we may incur near term adverse impacts to earnings. 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 includes 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. These activities are not intended to constrain our capacity, but rather to enable the Company to emerge stronger and be more resilient when the market recovers.
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 as 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.
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.
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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)Three months ended March 31
20212020
Increase/(decrease) to Revenue$7 ($434)
Increase to Loss from operations($176)($839)
Decrease to Diluted EPS($0.29)($0.63)
Note 2 – Earnings Per Share
Basic and diluted earnings per share are computed using the two-class method, which is an earnings allocation method that determines earnings per share for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings.
Basic earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the basic weighted average common shares outstanding.
Diluted earnings per share is calculated by taking net earnings, less earnings available to participating securities, divided by the diluted weighted average common shares outstanding.
The elements used in the computation of basic and diluted earnings per share were as follows:
(In millions - except per share amounts)Three months ended March 31
20212020
Net loss attributable to Boeing Shareholders($537)($628)
Less: earnings available to participating securities
Net loss available to common shareholders($537)($628)
Basic
Basic weighted average shares outstanding
585.4 565.9 
Less: participating securities0.4 0.5 
Basic weighted average common shares outstanding
585.0 565.4 
Diluted
Basic weighted average shares outstanding
585.4 565.9 
Dilutive potential common shares(1)
Diluted weighted average shares outstanding
585.4 565.9 
Less: participating securities
0.4 0.5 
Diluted weighted average common shares outstanding
585.0 565.4 
Net loss per share:
Basic
($0.92)($1.11)
Diluted
(0.92)(1.11)
(1)Diluted earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards.
As a result of incurring a net loss for the three months ended March 31, 2021 and 2020, potential common shares of 1.7 million and 2.3 million were excluded from diluted loss per share because the effect would have been antidilutive. In addition, the following table includes the number of shares that may
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be dilutive potential common shares in the future. These shares were not included in the computation of diluted loss per share because the effect was either antidilutive or the performance condition was not met.
(Shares in millions)Three months ended March 31
20212020
Performance awards2.6 6.7 
Performance-based restricted stock units0.7 1.4 
Restricted stock units1.4 
Stock options0.2 
Note 3 – Income Taxes
The first quarter of 2021 tax rate of 1.9% reflects a projected tax benefit from current operations substantially offset with discrete tax expenses impacting the quarter. The 2021 tax benefit reflects pre-tax losses that are generating a tax benefit at the 21% federal tax rate plus research and development tax credits. These tax benefits were offset by discrete tax expenses recorded in the first quarter of 2021 related to adjustments to the valuation allowance and CARES Act tax carryback benefits recorded in 2020. The 2020 tax rate includes tax benefits from the CARES Act enacted on March 27, 2020 that included a five-year net operating loss carryback provision which enabled us to benefit certain 2020 losses and re-measure certain deferred tax assets and liabilities at the former federal tax rate of 35%. The 2020 tax rate also includes research and development tax credits and excess tax benefits related to share-based payments.
As of March 31, 2021 and December 31, 2020, the Company had recorded valuation allowances of $3,192 and $3,094 primarily for certain federal deferred tax assets, state net operating loss carryforwards, and state tax credits. To measure the valuation allowance, the Company estimated in what year each of its deferred tax assets and liabilities would reverse using systematic and logical methods to estimate the reversal patterns. Based on these methods, deferred tax liabilities were assumed to reverse and generate taxable income over the next 5 to 10 years while deferred tax assets related to pension and other postretirement benefit obligations were assumed to reverse and generate tax deductions over the next 15 to 20 years. The valuation allowance primarily resulted from not having sufficient income from deferred tax liability reversals in the appropriate future periods to support the realization of certain deferred tax assets.
As of March 31, 2021, based on the estimated reversal patterns of the Company’s deferred tax assets and liabilities, it is more likely than not that the Company will realize the federal deferred tax assets generated in 2021 as there is sufficient projected income from reversals of deferred tax liabilities in the next five years.
Federal income tax audits have been settled for all years prior to 2018. The Internal Revenue Service (IRS) began the 2018-2019 federal tax audit in the first quarter of 2021. We are also subject to examination in major state and international jurisdictions for the 2007-2019 tax years. We believe appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years.

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Note 4 – Allowances for Losses on Financial Assets
The changes in allowances for expected credit losses for the three months ended March 31, 2021 and 2020 consisted of the following:
Accounts receivable, netUnbilled receivables, netOther current assets, netCustomer financing, netOther assets, netTotal
Balance at January 1, 2020($138)($81)($38)($5)($75)($337)
Changes in estimates(29)1 (10)(38)
Write-offs1 1 
Balance at March 31, 2020($166)($80)($48)($5)($75)($374)
Balance at January 1, 2021($444)($129)($72)($17)($140)($802)
Changes in estimates10 (1)(6)(42)(39)
Write-offs1 1 
Balance at March 31, 2021($433)($130)($78)($17)($182)($840)
Note 5 – Inventories
Inventories consisted of the following:
March 31
2021
December 31
2020
Long-term contracts in progress$913 $823 
Commercial aircraft programs71,008 70,153 
Commercial spare parts, used aircraft, general stock materials and other
10,747 10,739 
Total$82,668 $81,715 
Commercial spare parts, used aircraft, general stock materials and other includes capitalized precontract costs of $571 at March 31, 2021 and $733 at December 31, 2020 primarily related to KC-46A Tanker and Commercial Crew. See Note 9.
Commercial Aircraft Programs
The increase in commercial aircraft programs inventory during 2021 reflects a continued buildup of 787 aircraft caused by 787 production issues and associated rework, which resulted in a significant reduction in 787 deliveries. This was partially offset by a decrease in 737 inventory reflecting the resumption of deliveries. Commercial aircraft programs inventory includes approximately 400 737 MAX aircraft and 100 787 aircraft at March 31, 2021 as compared with 425 737 MAX aircraft and 80 787 aircraft at December 31, 2020.
We are currently remarketing certain aircraft and may have to remarket additional aircraft in future periods. If we are unable to successfully remarket the aircraft, determine further production rate reductions are necessary, and/or contract the program accounting quantities, future earnings may be reduced and/or additional reach-forward losses may have to be recorded.
At March 31, 2021 and December 31, 2020, commercial aircraft programs inventory included the following amounts related to the 737 program: deferred production costs of $1,861 and $2,159 and unamortized tooling and other non-recurring costs of $632 and $480. At March 31, 2021, $2,391 of 737 deferred production costs, unamortized tooling and other non-recurring costs are expected to be recovered from units included in the program accounting quantity that have firm orders and $102 is expected to be recovered from units included in the program accounting quantity that represent expected future orders.
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At March 31, 2021 and December 31, 2020, commercial aircraft programs inventory included the following amounts related to the 777X program: unamortized tooling and other non-recurring costs of $3,351 and $3,295. During the fourth quarter of 2020, we determined that estimated costs to complete the 777X program plus costs already included in 777X inventory exceed estimated revenues from the program. The resulting reach-forward loss of $6,493 was recorded as a reduction to deferred production costs. As a result, 777X deferred production costs were immaterial at March 31, 2021 and December 31, 2020. The level of profitability on the 777X program will be subject to a number of factors. These factors include continued market uncertainty, the impacts of COVID-19 on our production system as well as impacts on our supply chain and customers, further production rate adjustments for the 777X or other commercial aircraft programs, contraction of the accounting quantity and potential risks associated with the testing program and the timing of aircraft certification. One or more of these factors could result in additional reach-forward losses on the 777X program in future periods.
At March 31, 2021 and December 31, 2020, commercial aircraft programs inventory included the following amounts related to the 787 program: deferred production costs of $14,803 and $14,976, $1,795 and $1,865 of supplier advances, and $1,857 and $1,863 of unamortized tooling and other non-recurring costs. At March 31, 2021, $11,557 of 787 deferred production costs, unamortized tooling and other non-recurring costs are expected to be recovered from units included in the program accounting quantity that have firm orders and $5,103 is expected to be recovered from units included in the program accounting quantity that represent expected future orders.
Commercial aircraft programs inventory included amounts credited in cash or other consideration (early issue sales consideration) to airline customers totaling $3,114 and $2,992 at March 31, 2021 and December 31, 2020.
Note 6 – Contracts with Customers
Unbilled receivables increased from $7,995 at December 31, 2020 to $8,785 at March 31, 2021, primarily driven by revenue recognized at Defense, Space & Security (BDS) and Global Services (BGS) in excess of billings.
Advances and progress billings increased from $50,488 at December 31, 2020 to $50,908 at March 31, 2021, primarily driven by advances on orders received at Commercial Airplanes (BCA), BDS, and BGS, partially offset by revenue recognized and the return of customer advances at BCA.
Revenues recognized during the three months ended March 31, 2021 and 2020 from amounts recorded as Advances and progress billings at the beginning of each year were $4,718 and $3,790.
Note 7 – Customer Financing
Customer financing primarily relates to the Boeing Capital (BCC) segment and consisted of the following:
March 31
2021
December 31
2020
Financing receivables:
Investment in sales-type/finance leases$911 $919 
Notes417 420 
Total financing receivables
1,328 1,339 
Operating lease equipment, at cost, less accumulated depreciation of $162 and $209
677 715 
Gross customer financing2,005 2,054 
Less allowance for losses on receivables(17)(17)
Total$1,988 $2,037 
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We acquire aircraft to be leased to customers through trades, lease returns, purchases in the secondary market, and new aircraft transferred from our BCA segment. Leasing arrangements typically range in terms from 1 to 12 years and may include options to extend or terminate the lease. Certain leases include provisions to allow the lessee to purchase the underlying aircraft at a specified price. A minority of leases contain variable lease payments based on actual aircraft usage and are paid in arrears.
We determine a receivable is impaired when, based on current information and events, it is probable that we will be unable to collect amounts due according to the original contractual terms. At March 31, 2021 and December 31, 2020, we individually evaluated for impairment customer financing receivables of $380 and $391, of which $380 and $380 were determined to be impaired. We recorded no allowance for losses on these impaired receivables as the collateral values exceeded the carrying values of the receivables.
We determine a receivable is past due when cash has not been received upon the due date specified in the contract. There were no past due customer financing receivables as of March 31, 2021. Customer financing receivables past due as of March 31, 2020 was $18.
We evaluate the collectability of customer financing receivables at commencement and on a recurring basis. If a customer financing receivable is deemed uncollectible, the customer is categorized as non-accrual status. When a customer is in non-accrual status at commencement, revenue is deferred until substantially all cash has been received or the customer is removed from non-accrual status. If a customer status changes to non-accrual after commencement and sufficient collateral is available, we recognize contractual interest income as payments are received to the extent payments exceed past due principal payments. If there is not sufficient collateral, then revenue is not recognized until payments exceed the principal balance. Receivables in non-accrual status as of March 31, 2021 and December 31, 2020 were $380. Interest income received for the three months ended March 31, 2021 and 2020 was $6 and $8.
The adequacy of the allowance for losses is assessed quarterly. The four primary factors influencing the level of our allowance for losses on customer financing receivables are customer credit ratings, default rates, expected loss rate and collateral values, each of which may be adversely affected by impacts that COVID-19 has on our customers. 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 the major credit rating agencies.
Our financing receivable balances at March 31, 2021 by internal credit rating category and year of origination consisted of the following:
Rating categoriesCurrent2020201920182017PriorTotal
BBB$254 $254 
BB$67 $131 $47 $15 139 399 
B$51 170 221 
CCC7 31 $240 176 454 
Total carrying value of financing receivables$67 $138 $78 $15 $291 $739 $1,328 
At March 31, 2021, our allowance related to receivables with ratings of CCC, B, BB, and BBB. We applied default rates that averaged 25.4%, 6.8%, 2.9%, and 0.2%, respectively, to the exposure associated with those receivables.
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Customer Financing Exposure
Customer financing is collateralized by security in the related asset. The value of the collateral is closely tied to commercial airline performance and overall market conditions and may be subject to reduced valuation with market decline. Certain collateral values are being adversely impacted by the changes in market conditions driven by the COVID-19 pandemic. Declines in collateral values could result in asset impairments, reduced finance lease income, and an increase in the allowance for losses. Our customer financing collateral is concentrated in out-of-production aircraft and 747-8 aircraft. Generally, out-of-production aircraft have experienced greater collateral value declines than in-production aircraft.
The majority of customer financing carrying values are concentrated in the following aircraft models:
March 31
2021
December 31
2020
717 Aircraft ($73 and $98 accounted for as operating leases)
$617 $637 
747-8 Aircraft ($120 and $121 accounted for as operating leases)
479 480 
737 Aircraft ($209 and $214 accounted for as operating leases)
229 235 
777 Aircraft ($216 and $216 accounted for as operating leases)
223 225 
MD-80 Aircraft (accounted for as sales-type finance leases)170 167 
757 Aircraft ($0 and $4 accounted for as operating leases)
139 147 
747-400 Aircraft ($19 and $19 accounted for as operating leases)
70 71 
Lease income recorded in Revenue on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2021 and 2020 included $13 and $15 from sales-type/finance leases, and $18 and $31 from operating leases, of which $2 and $1 related to variable operating lease payments. Profit at the commencement of sales-type leases was recorded in revenue for the three months ended March 31, 2021 and 2020 in the amount of $16 and $4.
Note 8 – Investments
Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following:
March 31
2021
December 31
2020
Equity method investments (1)
$925 $936 
Time deposits14,187 17,154 
Available for sale debt instruments582 596 
Equity and other investments60 85 
Restricted cash & cash equivalents(2)
87 83 
Total$15,841 $18,854 
(1)Dividends received were $5 and $33 during the three months ended March 31, 2021 and 2020.
(2)Reflects amounts restricted in support of our workers’ compensation programs, employee benefit programs, and insurance premiums.
Allowance for losses on available for sale debt instruments are assessed quarterly. All instruments are considered investment grade and, as such, we have not recognized an allowance for credit losses as of March 31, 2021.
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Note 9 – Commitments and Contingencies
737 MAX Grounding and COVID-19 Impacts
In 2019, following two fatal 737 MAX accidents, the Federal Aviation Administration (FAA) and non-U.S. civil aviation authorities issued orders suspending commercial operations of 737 MAX aircraft. Deliveries of the 737 MAX were suspended following these orders. Deliveries in the U.S. resumed in late 2020 following rescission by the FAA of its grounding order. In addition, several other non-U.S. civil aviation authorities, including the Brazilian National Civil Aviation Agency, Transport Canada, and the European Union Aviation Safety Agency (EASA) have subsequently approved return of operations, allowing us to resume deliveries in those jurisdictions. More than 165 countries have approved the resumption of 737 MAX operations. The 737 MAX remains grounded in certain non-U.S. jurisdictions, including China.
Multiple legal actions have been filed against us as a result of the accidents. In addition, we are fully cooperating with U.S. government investigations related to the accidents and the 737 MAX program, including an investigation by the Securities and Exchange Commission, the outcome of which may be material. Other than as described in Note 17 with respect to our entry during the first quarter into a Deferred Prosecution Agreement with the U.S. Department of Justice, we cannot reasonably estimate a range of loss, if any, not covered by available insurance that may result given the current status of the lawsuits, investigations and inquiries related to the 737 MAX.
In early April 2021, we notified the FAA that we recommended to operators that certain 737 MAX airplanes be temporarily removed from service to address issues that could affect the operation of the electrical power system. We are working with the FAA to finalize the required actions to address the issues and do not expect it to have a material financial impact on the 737 program.
In the first quarter of 2021, we delivered 58 aircraft, and we have assumed that the remaining non-U.S. regulatory approvals will occur and enable deliveries in all jurisdictions during 2021. We have approximately 400 airplanes in inventory as of March 31, 2021. A number of customers have requested to defer deliveries or to cancel orders for 737 MAX aircraft, and we are remarketing and/or delaying deliveries of certain aircraft included within inventory. We continue to expect to deliver about half of the 737 MAX aircraft in inventory as of December 31, 2020 by the end of 2021. In the event that we are unable to resume aircraft deliveries in certain non-U.S. jurisdictions consistent with our assumptions of regulatory approval timing, our expectation of delivery timing could be impacted.
We produced at abnormally low production rates in 2020 and expect to continue to do so through 2021. As a result, we expect to incur approximately $5 billion of abnormal production costs on a cumulative basis, which are being expensed as incurred. We expensed abnormal production costs of $2,567 during 2020 and $568 during the three months ended March 31, 2021.
In addition to impacts related to the 737 MAX accidents and subsequent grounding, the 737 program continues to be significantly impacted by the COVID-19 pandemic and its effect on aircraft demand. These impacts have contributed to the lower production and delivery rate assumptions described above. We continue to expect to gradually increase the production rate to 31 per month by early 2022, as well as implement further gradual production rate increases in subsequent periods based on market demand. The ongoing impacts of COVID-19 on market demand have also created significant uncertainty around the timing of deliveries of 737 MAX aircraft in inventory. We may need to recognize additional costs associated with remarketing and/or reconfiguring aircraft in inventory, which may reduce revenue and/or earnings in future periods.
We have also recorded additional expenses of $53 and $61 due to the 737 MAX grounding during the three months ended March 31, 2021 and 2020, including costs related to storage, inventory impairment, pilot training, and software updates.
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The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during the three months ended March 31, 2021 and 2020.
20212020
Beginning balance – January 1$5,537 $7,389 
Reductions for payments made(1,172)(671)
Reductions for concessions and other in-kind considerations(25)(2)
Changes in estimates30 (30)
Ending balance – March 31$4,370 $6,686 
We are working with our customers to minimize the impact to their operations from grounded and undelivered aircraft. We continue to reassess the liability for estimated potential concessions and other considerations to customers on a quarterly basis. This reassessment includes updating estimates to reflect revisions to return to service, delivery and production rate assumptions driven by timing of regulatory approvals, as well as latest information based on engagements with 737 MAX customers. The liability represents our current best estimate of future concessions and other considerations to customers, and is necessarily based on a series of assumptions. It is subject to change in future quarters as negotiations with customers mature and timing and conditions of return to service are better understood. The liability balance of $4.4 billion at March 31, 2021 includes $1.7 billion expected to be liquidated by lower customer delivery payments, $0.6 billion expected to be paid in cash and $0.2 billion in other concessions. Of the cash payments to customers, we expect to pay $0.3 billion in 2021 and $0.3 billion in 2022. The type of consideration to be provided for the remaining $1.9 billion will depend on the outcomes of negotiations with customers.
The 737 MAX remains grounded in certain non-U.S. jurisdictions. The civil aviation authorities in those jurisdictions will determine the timing and conditions of return to service. Our assumptions reflect our current best estimate, but actual timing and conditions of return to service and resumption of deliveries could differ from this estimate, the effect of which could be material. We are unable at this time to reasonably estimate potential future additional financial impacts or a range of loss, if any, due to continued uncertainties related to the timing and conditions of return to service in certain jurisdictions. For example, a significant portion of our 737 MAX inventory consists of aircraft scheduled to be delivered to customers based in China. If we are unable to resume deliveries to China consistent with our assumptions, or if further deterioration in trade relations between the U.S. and China results in unanticipated delivery delays, the continued absence in revenue, earnings, and cash flows associated with 737 MAX deliveries would materially and adversely impact our operating results. In addition, uncertainties related to the impacts of COVID-19 on our operations, supply chain and customers, future changes to the production rate, supply chain impacts, and/or the results of negotiations with particular customers, as well as any changes in our program estimates, could have a material adverse effect on our financial position, results of operations, and/or cash flows. In the event that future production rate increases occur at a slower rate or take longer than we are currently assuming, we expect that the growth in inventory and other cash flow impacts associated with production would decrease. However, while any prolonged production suspension or delays in planned production rate increases could mitigate the impact on our liquidity, it could significantly increase the overall expected costs to produce aircraft included in the accounting quantity, which would reduce 737 program margins and/or increase abnormal production costs in the future.
Commercial air traffic has fallen dramatically due to the COVID-19 pandemic. This trend has impacted passenger traffic most severely. While the pandemic caused a temporary shift in air cargo dynamics, we have seen air cargo traffic to return to positive growth in 2021 on economic recovery and strengthening trade. Airlines have significantly reduced their capacity, and many could implement further reductions in the near future. These capacity changes are causing, and are expected to continue to cause, negative impacts to our customers’ revenue, earnings, and cash flow, and in some cases may threaten the future viability of some of our customers, potentially causing defaults within our customer financing portfolio and/or requiring us to remarket aircraft that have already been produced and/or are currently in backlog. If 737 MAX aircraft remain grounded for an extended period of time in certain non-U.S. jurisdictions, we may
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experience additional reductions to backlog and/or significant order cancellations. Additionally, we may experience fewer new orders and increased cancellations across all of our commercial airplane programs as a result of the COVID-19 pandemic and associated impacts on demand. Our customers may also lack sufficient liquidity to purchase new aircraft due to impacts from the pandemic. We are also observing a significant increase in the number of requests for payment deferrals, contract modifications, lease restructurings and similar actions, and these trends may lead to additional earnings charges, impairments and other adverse financial impacts in our business over time. In addition, to the extent that customers have valid rights to cancel undelivered aircraft, we may be required to refund pre-delivery payments, putting additional constraints on our liquidity. There is risk that the industry implements longer-term strategies involving reduced capacity, shifting route patterns, and mitigation strategies related to impacts from COVID-19 and the risk of future public health crises. In addition, airlines may experience reduced demand due to reluctance by the flying public to travel.
We continue to expect commercial air travel to return to 2019 levels in 2023 to 2024. We expect it will take 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 begin to recover, and whether and at what point capacity will return to and/or exceed pre-COVID-19 levels. The COVID-19 pandemic also has increased, and its aftermath is also expected to continue to increase, uncertainty with respect to global trade volumes, putting significant negative pressure on cargo traffic. Any of these factors would have a significant impact on the demand for both single-aisle and wide-body commercial aircraft, as well as for the services we provide to commercial airlines. In addition, a lengthy period of reduced industry-wide demand for commercial aircraft would put additional pressure on our suppliers, resulting in increased procurement costs and/or additional supply chain disruption. To the extent that the COVID-19 pandemic or its aftermath further impacts demand for our products and services or impairs the viability of some of our customers and/or suppliers, our financial condition, results of operations, and cash flows could be adversely affected, and those impacts could be material.
Environmental
The following table summarizes environmental remediation activity during the three months ended March 31, 2021 and 2020.
20212020
Beginning balance – January 1$565 $570 
Reductions for payments made(13)(9)
Changes in estimates15 7 
Ending balance – March 31$567 $568 
The liabilities recorded represent our best estimate or the low end of a range of reasonably possible costs expected to be incurred to remediate sites, including operation and maintenance over periods of up to 30 years. It is reasonably possible that we may incur charges that exceed these recorded amounts because of regulatory agency orders and directives, changes in laws and/or regulations, higher than expected costs and/or the discovery of new or additional contamination. As part of our estimating process, we develop a range of reasonably possible alternate scenarios that includes the high end of a range of reasonably possible cost estimates for all remediation sites for which we have sufficient information based on our experience and existing laws and regulations. There are some potential remediation obligations where the costs of remediation cannot be reasonably estimated. At March 31, 2021 and December 31, 2020, the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $1,059 and $1,095.
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Product Warranties
The following table summarizes product warranty activity recorded during the three months ended March 31, 2021 and 2020.
20212020
Beginning balance – January 1$1,527 $1,267 
Additions for current year deliveries17 23 
Reductions for payments made(44)(82)
Changes in estimates234 341 
Ending balance – March 31$1,734 $1,549 
Commercial Aircraft Commitments
In conjunction with signing definitive agreements for the sale of new aircraft (Sale Aircraft), we have entered into trade-in commitments with certain customers that give them the right to trade in used aircraft at a specified price upon the purchase of Sale Aircraft. The probability that trade-in commitments will be exercised is determined by using both quantitative information from valuation sources and qualitative information from other sources. The probability of exercise is assessed quarterly, or as events trigger a change, and takes into consideration the current economic and airline industry environments. Trade-in commitments, which can be terminated by mutual consent with the customer, may be exercised only during the period specified in the agreement, and require advance notice by the customer.
Trade-in commitment agreements at March 31, 2021 have expiration dates from 2021 through 2028. At March 31, 2021 and December 31, 2020 total contractual trade-in commitments were $623 and $950. As of March 31, 2021 and December 31, 2020, we estimated that it was probable we would be obligated to perform on certain of these commitments with net amounts payable to customers totaling $400 and $599 and the fair value of the related trade-in aircraft was $400 and $580.
Financing Commitments
Financing commitments related to aircraft on order, including options and those proposed in sales campaigns, and refinancing of delivered aircraft, totaled $13,383 and $11,512 as of March 31, 2021 and December 31, 2020. The estimated earliest potential funding dates for these commitments as of March 31, 2021 are as follows:

Total
April through December 2021$2,166 
20221,667 
20233,839 
20242,328 
20251,934 
Thereafter1,449 
$13,383 
As of March 31, 2021, all of these financing commitments relate to customers we believe have less than investment-grade credit. We have concluded that no reserve for future potential losses is required for these financing commitments based upon the terms, such as collateralization and interest rates, under which funding would be provided.
Funding Commitments
We have commitments to make additional capital contributions of $243 to joint ventures over the next six years.
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Standby Letters of Credit and Surety Bonds