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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, 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 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 classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $5.00 Par ValueBANew York Stock Exchange
As of October 20, 2021, there were 587,699,224 shares of common stock, $5.00 par value, issued and outstanding.


THE BOEING COMPANY
FORM 10-Q
For the Quarter Ended September 30, 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)Nine months ended September 30Three months ended September 30
2021202020212020
Sales of products$39,224 $34,656 $12,552 $11,402 
Sales of services8,269 8,198 2,726 2,737 
Total revenues47,493 42,854 15,278 14,139 
Cost of products(35,166)(36,001)(11,271)(10,910)
Cost of services(6,771)(6,817)(2,288)(2,185)
Boeing Capital interest expense(25)(33)(7)(10)
Total costs and expenses(41,962)(42,851)(13,566)(13,105)
5,531 3 1,712 1,034 
Income/(loss) from operating investments, net195 (61)120 (14)
General and administrative expense(3,169)(2,989)(1,097)(955)
Research and development expense, net(1,571)(1,871)(575)(574)
Gain on dispositions, net283 200 169 108 
Earnings/(loss) from operations1,269 (4,718)329 (401)
Other income, net419 325 30 119 
Interest and debt expense(2,021)(1,458)(669)(643)
Loss before income taxes(333)(5,851)(310)(925)
Income tax benefit207 2,349 178 459 
Net loss(126)(3,502)(132)(466)
Less: net loss attributable to noncontrolling interest(67)(49)(23)(17)
Net loss attributable to Boeing Shareholders($59)($3,453)($109)($449)
Basic loss per share($0.10)($6.10)($0.19)($0.79)
Diluted loss per share($0.10)($6.10)($0.19)($0.79)
Weighted average diluted shares (millions)587.3566.3589.0566.6
See Notes to the Condensed Consolidated Financial Statements.
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The Boeing Company and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
(Dollars in millions)Nine months ended September 30Three months ended September 30
2021 2020 2021 2020 
Net loss($126)($3,502)($132)($466)
Other comprehensive income, net of tax:
Currency translation adjustments(63)15 (41)48 
Unrealized gain/(loss) on derivative instruments:
Unrealized gain/(loss) arising during period, net of tax of ($18), $31, ($1) and ($23)
64 (107)(1)79 
Reclassification adjustment for (gains)/losses included in net loss, net of tax of $2, ($6), $2 and ($2)
(6)20 (4)8 
Total unrealized gain/(loss) on derivative instruments, net of tax58 (87)(5)87 
Defined benefit pension plans and other postretirement benefits:
Prior service credit arising during the period, net of tax of $0, ($4), $0 and ($4)
13 13 
Amortization of prior service credits included in net periodic pension cost, net of tax of $18, $22, $6 and $10
(68)(67)(23)(22)
Net actuarial gain/(loss) arising during the period, net of tax of ($106), $19, ($104) and $16
1,551 (65)1,544 (53)
Amortization of actuarial losses included in net periodic pension cost, net of tax of ($182), ($179), ($60) and ($76)
690 562 227 172 
Settlements included in net loss, net of tax of ($11), ($1), ($10) and $0
145 3 142 1 
Pension and postretirement cost related to our equity method investments, net of tax of ($1), $0, $0 and $0
2 (1)
Total defined benefit pension plans and other postretirement benefits, net of tax2,320 446 1,889 111 
Other comprehensive income, net of tax2,315 374 1,843 246 
Comprehensive income/(loss), net of tax2,189 (3,128)1,711 (220)
Less: Comprehensive loss related to noncontrolling interest(67)(49)(23)(17)
Comprehensive income/(loss) attributable to Boeing Shareholders, net of tax$2,256 ($3,079)$1,734 ($203)
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
2021		December 31
2020
Assets
Cash and cash equivalents$9,764 $7,752 
Short-term and other investments10,231 17,838 
Accounts receivable, net2,247 1,955 
Unbilled receivables, net10,009 7,995 
Current portion of customer financing, net76 101 
Inventories81,897 81,715 
Other current assets, net2,664 4,286 
Total current assets116,888 121,642 
Customer financing, net1,795 1,936 
Property, plant and equipment, net of accumulated depreciation of $20,442 and $20,507
11,113 11,820 
Goodwill8,070 8,081 
Acquired intangible assets, net2,631 2,843 
Deferred income taxes74 86 
Investments963 1,016 
Other assets, net of accumulated amortization of $916 and $729
5,312 4,712 
Total assets$146,846 $152,136 
Liabilities and equity
Accounts payable$10,151 $12,928 
Accrued liabilities18,974 22,171 
Advances and progress billings51,269 50,488 
Short-term debt and current portion of long-term debt5,377 1,693 
Total current liabilities85,771 87,280 
Deferred income taxes1,185 1,010 
Accrued retiree health care3,957 4,137 
Accrued pension plan liability, net11,435 14,408 
Other long-term liabilities1,722 1,486 
Long-term debt57,042 61,890 
Total liabilities161,112 170,211 
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 capital8,796 7,787 
Treasury stock, at cost - 424,789,354 and 429,941,021 shares
(52,030)(52,641)
Retained earnings38,551 38,610 
Accumulated other comprehensive loss(14,818)(17,133)
Total shareholders’ deficit(14,440)(18,316)
Noncontrolling interests174 241 
Total equity(14,266)(18,075)
Total liabilities and equity$146,846 $152,136 
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
20212020
Cash flows – operating activities:
Net loss($126)($3,502)
Adjustments to reconcile net loss to net cash used by operating activities:
Non-cash items – 
Share-based plans expense677 165 
Treasury shares issued for 401(k) contribution951 
Depreciation and amortization1,610 1,668 
Investment/asset impairment charges, net72 317 
Customer financing valuation adjustments(3)12 
Gain on dispositions, net(283)(200)
Other charges and credits, net(82)912 
Changes in assets and liabilities – 
Accounts receivable(280)125 
Unbilled receivables(2,010)56 
Advances and progress billings781 428 
Inventories508 (9,653)
Other current assets279 319 
Accounts payable(3,565)(3,303)
Accrued liabilities(3,168)967 
Income taxes receivable, payable and deferred1,011 (2,404)
Other long-term liabilities(168)(149)
Pension and other postretirement plans(731)(556)
Customer financing, net170 108 
Other225 289 
Net cash used by operating activities(4,132)(14,401)
Cash flows – investing activities:
Property, plant and equipment additions(758)(1,038)
Property, plant and equipment reductions385 275 
Acquisitions, net of cash acquired(6)
Contributions to investments(27,902)(25,846)
Proceeds from investments35,664 9,772 
Other6 14 
Net cash provided/(used) by investing activities7,389 (16,823)
Cash flows – financing activities:
New borrowings9,822 42,362 
Debt repayments(11,049)(8,792)
Stock options exercised36 31 
Employee taxes on certain share-based payment arrangements(47)(169)
Dividends paid(1,158)
Net cash (used)/provided by financing activities(1,238)32,274 
Effect of exchange rate changes on cash and cash equivalents, including restricted(34)26 
Net increase in cash & cash equivalents, including restricted1,985 1,076 
Cash & cash equivalents, including restricted, at beginning of year7,835 9,571 
Cash & cash equivalents, including restricted, at end of period9,820 10,647 
Less restricted cash & cash equivalents, included in Investments56 83 
Cash and cash equivalents at end of period$9,764 $10,564 
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, 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(3,453)(49)(3,502)
Other comprehensive income, net of tax of ($118)
374 374 
Share-based compensation165 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)
Balance at January 1, 2021$5,061 $7,787 ($52,641)$38,610 ($17,133)$241 ($18,075)
Net loss(59)(67)(126)
Other comprehensive income, net of tax of ($298)
2,315 2,315 
Share-based compensation677 677 
Treasury shares issued for stock options exercised, net
(24)60 36 
Treasury shares issued for other share-based plans, net(85)41 (44)
Treasury shares issued for 401(k) contribution 441 510 951 
Balance at September 30, 2021$5,061 $8,796 ($52,030)$38,551 ($14,818)$174 ($14,266)
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, 2021 and 2020
(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, 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 compensation50 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)
Balance at July 1, 2021$5,061 $8,481 ($52,223)$38,660 ($16,661)$197 ($16,485)
Net loss(109)(23)(132)
Other comprehensive income, net of tax of ($167)
1,843 1,843 
Share-based compensation 184 184 
Treasury shares issued for stock options exercised, net(5)12 7 
Treasury shares issued for other share-based plans, net(9)3 (6)
Treasury shares issued for 401(k) contribution145 178 323 
Balance at September 30, 2021$5,061 $8,796 ($52,030)$38,551 ($14,818)$174 ($14,266)
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
2021202020212020
Revenues:
Commercial Airplanes$14,743 $11,434 $4,459 $3,596 
Defense, Space & Security20,678 19,478 6,617 6,848 
Global Services12,037 11,810 4,221 3,694 
Boeing Capital209 205 71 71 
Unallocated items, eliminations and other(174)(73)(90)(70)
Total revenues$47,493 $42,854 $15,278 $14,139 
Earnings/(loss) from operations:
Commercial Airplanes($2,021)($6,199)($693)($1,369)
Defense, Space & Security1,799 1,037 436 628 
Global Services1,616 307 644 271 
Boeing Capital99 47 42 30 
Segment operating earnings/(loss)1,493 (4,808)429 (440)
Unallocated items, eliminations and other(1,032)(965)(370)(314)
FAS/CAS service cost adjustment808 1,055 270 353 
Earnings/(loss) from operations1,269 (4,718)329 (401)
Other income, net419 325 30 119 
Interest and debt expense(2,021)(1,458)(669)(643)
Loss before income taxes(333)(5,851)(310)(925)
Income tax benefit207 2,349 178 459 
Net loss(126)(3,502)(132)(466)
Less: Net loss attributable to noncontrolling interest(67)(49)(23)(17)
Net loss attributable to Boeing Shareholders($59)($3,453)($109)($449)
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 September 30, 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, 787 production issues and associated rework 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 nine months of 2021, net cash used by operating activities was $4.1 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. In the third quarter of 2021, we repaid $1.2 billion of term notes. As a result, our cash and short-term investment balance was $20.0 billion at September 30, 2021, down from $25.6 billion at December 31, 2020, while our debt balance was $62.4 billion at September 30, 2021, down from $63.6 billion at December 31, 2020. Short-term debt and the current portion of long-term debt increased to $5.4 billion at September 30, 2021, up from $1.7 billion at December 31, 2020. The current portion of long term debt includes term notes of $0.3 billion maturing in the fourth quarter of 2021, $0.9 billion maturing in 2022, and the remaining delayed draw term loan. While our two-year delayed draw term loan matures in February 2022, we are planning to repay the remaining $4.0 billion in the fourth quarter of 2021. Our short-term and long-term credit ratings remained unchanged during the third 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 of September 30, 2021, our unused borrowing capacity on revolving credit agreements is $14.8 billion, up from $9.5 billion at December 31, 2020. $3.1 billion of the $14.8 billion is a 364-day revolving credit facility, which was set to expire in October 2021. In October 2021, we renewed the 364-day facility for $3.1 billion, which now expires in October 2022. This 364-day facility has a one-year term out option that allows us to extend the maturity of any borrowings one additional year. 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 September 30, 2021, trade payables included $2.8 billion payable to suppliers who have elected to participate in supply chain financing programs. While access to supply chain financing was reduced in 2020 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.
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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 19,000 employees. 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 in 2020 pursuant to the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The CARES Act also included a five-year net operating loss carryback provision which enabled us to benefit from certain 2020 losses and resulted in tax refunds of $1.3 billion in the third quarter of 2021.
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 included in these financial statements are appropriate and reflect increased uncertainties surrounding the severity and duration of the impacts of the COVID-19 pandemic, however actual results could differ from those estimates.
Long-term Contracts
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.
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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
2021202020212020
Increase/(decrease) to Revenue$167 ($265)($63)$25 
Decrease to Earnings/(loss) from operations($84)($787)($142)($38)
Decrease to Diluted EPS($0.05)($0.83)($0.10)($0.03)
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: