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boeingblacksmalla03.jpg
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
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.)
929 Long Bridge DriveArlington,VA 22202
(Address of principal executive offices) (Zip Code)
(703)414-6338
(Registrant’s telephone number, including area code)

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

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

As of October 18, 2023, there were 604,976,797 shares of common stock, $5.00 par value, issued and outstanding.



THE BOEING COMPANY
FORM 10-Q
For the Quarter Ended September 30, 2023
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
2023202220232022
Sales of products$46,661 $38,767 $15,060 $13,331 
Sales of services9,115 7,861 3,044 2,625 
Total revenues55,776 46,628 18,104 15,956 
Cost of products(43,140)(38,237)(14,464)(14,541)
Cost of services(7,609)(6,725)(2,475)(2,230)
Total costs and expenses(50,749)(44,962)(16,939)(16,771)
5,027 1,666 1,165 (815)
Income/(loss) from operating investments, net45 (27)28 (24)
General and administrative expense(3,633)(2,757)(1,043)(1,226)
Research and development expense, net(2,496)(2,058)(958)(727)
Gain on dispositions, net1 2  
Loss from operations(1,056)(3,174)(808)(2,792)
Other income, net919 722 297 288 
Interest and debt expense(1,859)(1,921)(589)(628)
Loss before income taxes(1,996)(4,373)(1,100)(3,132)
Income tax expense(216)(17)(538)(176)
Net loss(2,212)(4,390)(1,638)(3,308)
Less: net loss attributable to noncontrolling interest(13)(89)(2)(33)
Net loss attributable to Boeing Shareholders($2,199)($4,301)($1,636)($3,275)
Basic loss per share($3.64)($7.24)($2.70)($5.49)
Diluted loss per share($3.64)($7.24)($2.70)($5.49)
Weighted average diluted shares (millions)605.0594.0607.2596.3
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
2023 2022 2023 2022 
Net loss($2,212)($4,390)($1,638)($3,308)
Other comprehensive (loss)/income, net of tax:
Currency translation adjustments(29)(123)(39)(71)
Unrealized gain/(loss) on certain investments, net of tax of $0, $0, $0 and $0
1 (2)1 (2)
Derivative instruments:
Unrealized loss arising during period, net of tax of $17, $46, $10 and $25
(60)(157)(35)(83)
Reclassification adjustment for losses/(gains) included in net loss, net of tax of $0, ($6), ($1) and $2
2 24 4 (6)
Total unrealized loss on derivative instruments, net of tax(58)(133)(31)(89)
Defined benefit pension plans and other postretirement benefits:
Net actuarial (loss)/gain arising during the period, net of tax of $2, $0, $0 and $0
(5)1 
Amortization of actuarial (gains)/losses included in net periodic pension cost, net of tax of $1, ($129), $0 and ($45)
(6)469 (2)155 
Amortization of prior service credits included in net periodic pension cost, net of tax of $17, $19, $5 and $7
(61)(68)(21)(22)
Pension and postretirement cost related to our equity method investments, net of tax of $0, $0, $0 and $0
(2)(2)
Total defined benefit pension plans and other postretirement benefits, net of tax(72)399 (22)131 
Other comprehensive (loss)/income, net of tax(158)141 (91)(31)
Comprehensive loss, net of tax(2,370)(4,249)(1,729)(3,339)
Less: Comprehensive loss related to noncontrolling interest(13)(89)(2)(33)
Comprehensive loss attributable to Boeing Shareholders, net of tax($2,357)($4,160)($1,727)($3,306)
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
2023
December 31
2022
Assets
Cash and cash equivalents$6,811 $14,614 
Short-term and other investments6,561 2,606 
Accounts receivable, net3,032 2,517 
Unbilled receivables, net9,184 8,634 
Current portion of customer financing, net88 154 
Inventories78,972 78,151 
Other current assets, net2,287 2,847 
Total current assets106,935 109,523 
Customer financing, net963 1,450 
Property, plant and equipment, net of accumulated depreciation of $22,085 and $21,442
10,484 10,550 
Goodwill8,069 8,057 
Acquired intangible assets, net2,143 2,311 
Deferred income taxes64 63 
Investments1,061 983 
Other assets, net of accumulated amortization of $993 and $949
4,562 4,163 
Total assets$134,281 $137,100 
Liabilities and equity
Accounts payable$11,143 $10,200 
Accrued liabilities21,104 21,581 
Advances and progress billings55,924 53,081 
Short-term debt and current portion of long-term debt4,891 5,190 
Total current liabilities93,062 90,052 
Deferred income taxes218 230 
Accrued retiree health care2,385 2,503 
Accrued pension plan liability, net5,713 6,141 
Other long-term liabilities2,239 2,211 
Long-term debt47,381 51,811 
Total liabilities150,998 152,948 
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 capital10,616 9,947 
Treasury stock, at cost — 407,648,773 and 414,671,383 shares
(49,972)(50,814)
Retained earnings27,274 29,473 
Accumulated other comprehensive loss(9,708)(9,550)
Total shareholders’ deficit(16,729)(15,883)
Noncontrolling interests12 35 
Total equity(16,717)(15,848)
Total liabilities and equity$134,281 $137,100 
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
20232022
Cash flows – operating activities:
Net loss($2,212)($4,390)
Adjustments to reconcile net loss to net cash provided by operating activities:
Non-cash items – 
Share-based plans expense548 528 
Treasury shares issued for 401(k) contribution1,204 928 
Depreciation and amortization1,380 1,477 
Investment/asset impairment charges, net12 78 
Customer financing valuation adjustments(4)39 
Gain on dispositions, net(1)(2)
Other charges and credits, net(21)388 
Changes in assets and liabilities – 
Accounts receivable(523)(22)
Unbilled receivables(547)(678)
Advances and progress billings2,963 204 
Inventories(940)(1,164)
Other current assets707 (860)
Accounts payable982 590 
Accrued liabilities(574)2,416 
Income taxes receivable, payable and deferred73 1,382 
Other long-term liabilities(254)(114)
Pension and other postretirement plans(785)(1,053)
Customer financing, net472 76 
Other99 232 
Net cash provided by operating activities2,579 55 
Cash flows – investing activities:
Payments to acquire property, plant and equipment(1,096)(896)
Proceeds from disposals of property, plant and equipment 19 19 
Acquisitions, net of cash acquired(19)
Contributions to investments(14,485)(2,773)
Proceeds from investments10,497 10,182 
Other(157)(11)
Net cash (used)/provided by investing activities(5,241)6,521 
Cash flows – financing activities:
New borrowings55 19 
Debt repayments(5,181)(1,038)
Stock options exercised45 39 
Employee taxes on certain share-based payment arrangements(52)(36)
Other2 
Net cash used by financing activities(5,131)(1,016)
Effect of exchange rate changes on cash and cash equivalents(22)(134)
Net (decrease)/increase in cash & cash equivalents, including restricted(7,815)5,426 
Cash & cash equivalents, including restricted, at beginning of year14,647 8,104 
Cash & cash equivalents, including restricted, at end of period6,832 13,530 
Less restricted cash & cash equivalents, included in Investments21 36 
Cash and cash equivalents at end of period$6,811 $13,494 
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, 2023 and 2022
(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, 2022$5,061 $9,052 ($51,861)$34,408 ($11,659)$153 ($14,846)
Net loss(4,301)(89)(4,390)
Other comprehensive income, net of tax of ($70)
141 141 
Share-based compensation528 528 
Treasury shares issued for stock options exercised, net
(25)64 39 
Treasury shares issued for other share-based plans, net
(75)40 (35)
Treasury shares issued for 401(k) contribution225 703 928 
Balance at September 30, 2022$5,061 $9,705 ($51,054)$30,107 ($11,518)$64 ($17,635)
Balance at January 1, 2023$5,061 $9,947 ($50,814)$29,473 ($9,550)$35 ($15,848)
Net loss(2,199)(13)(2,212)
Other comprehensive loss, net of tax of $37
(158)(158)
Share-based compensation548 548 
Treasury shares issued for stock options exercised, net
(27)72 45 
Treasury shares issued for other share-based plans, net
(82)63 (19)
Treasury shares issued for 401(k) contribution 497 707 1,204 
Subsidiary shares purchased from noncontrolling interests(267)(267)
Other changes in noncontrolling interests(10)(10)
Balance at September 30, 2023$5,061 $10,616 ($49,972)$27,274 ($9,708)$12 ($16,717)
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, 2023 and 2022
(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, 2022$5,061 $9,475 ($51,319)$33,382 ($11,487)$97 ($14,791)
Net loss
(3,275)(33)(3,308)
Other comprehensive loss, net of tax of ($11)
(31)(31)
Share-based compensation176 176 
Treasury shares issued for stock options exercised, net
(4)8 4 
Treasury shares issued for other share-based plans, net
(3)2 (1)
Treasury shares issued for 401(k) contribution61 255 316 
Balance at September 30, 2022$5,061 $9,705 ($51,054)$30,107 ($11,518)$64 ($17,635)
Balance at July 1, 2023$5,061 $10,310 ($50,181)$28,910 ($9,617)$24 ($15,493)
Net loss(1,636)(2)(1,638)
Other comprehensive loss, net of tax of $14
(91)(91)
Share-based compensation 167 167 
Treasury shares issued for stock options exercised, net1 1 
Treasury shares issued for other share-based plans, net(9)14 5 
Treasury shares issued for 401(k) contribution147 195 342 
Other changes in noncontrolling interests
(10)(10)
Balance at September 30, 2023$5,061 $10,616 ($49,972)$27,274 ($9,708)$12 ($16,717)
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
2023202220232022
Revenues:
Commercial Airplanes$23,420 $16,755 $7,876 $6,303 
Defense, Space & Security18,187 16,981 5,481 5,307 
Global Services14,278 13,044 4,812 4,432 
Unallocated items, eliminations and other(109)(152)(65)(86)
Total revenues$55,776 $46,628 $18,104 $15,956 
Loss from operations:
Commercial Airplanes($1,676)($1,738)($678)($622)
Defense, Space & Security(1,663)(3,656)(924)(2,798)
Global Services2,487 2,093 784 733 
Segment operating loss(852)(3,301)(818)(2,687)
Unallocated items, eliminations and other(1,067)(719)(271)(384)
FAS/CAS service cost adjustment863 846 281 279 
Loss from operations(1,056)(3,174)(808)(2,792)
Other income, net919 722 297 288 
Interest and debt expense(1,859)(1,921)(589)(628)
Loss before income taxes(1,996)(4,373)(1,100)(3,132)
Income tax expense(216)(17)(538)(176)
Net loss(2,212)(4,390)(1,638)(3,308)
Less: net loss attributable to noncontrolling interest(13)(89)(2)(33)
Net loss attributable to Boeing Shareholders($2,199)($4,301)($1,636)($3,275)
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, 2023 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 2022 Annual Report on Form 10-K. As discussed further in Note 18, prior period amounts have been reclassified to conform to current period presentation.
Use of Estimates
The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Long-term Contracts
Substantially all contracts at our Defense, Space & Security (BDS) segment and certain contracts at our Global Services (BGS) segment are long-term contracts with the U.S. government and other customers that generally extend over several years. 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, and/or contractual options that are probable of exercise, indicate a loss, a provision for the entire loss is recognized.
Net cumulative catch-up adjustments to prior periods' revenue and earnings, including certain losses, across all long-term contracts were as follows:
(In millions - except per share amounts)Nine months ended September 30Three months ended September 30
2023202220232022
Decrease to Revenue($1,582)($2,204)($800)($1,319)
Increase to Loss from operations
($2,600)($3,965)($1,252)($2,424)
Increase to Diluted loss per share
($4.76)($6.70)($3.07)($4.29)
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.
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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 loss per share were as follows:
(In millions - except per share amounts)Nine months ended September 30Three months ended September 30
2023202220232022
Net loss available to common shareholders
($2,199)($4,301)($1,636)($3,275)
Basic
Basic weighted average shares outstanding
605.0 594.0 607.2 596.3 
Less: participating securities(1)
0.3 0.3 0.3 0.3 
Basic weighted average common shares outstanding
604.7 593.7 606.9 596.0 
Diluted
Diluted weighted average shares outstanding
605.0 594.0 607.2 596.3 
Less: participating securities(1)
0.3 0.3 0.3 0.3 
Diluted weighted average common shares outstanding
604.7 593.7 606.9 596.0 
Net loss per share:
Basic
($3.64)($7.24)($2.70)($5.49)
Diluted
(3.64)(7.24)(2.70)(5.49)
(1)Participating securities include certain instruments in our deferred compensation plan.
The following table represents potential common shares that were not included in the computation of Diluted loss per share because the effect was antidilutive based on their strike price or the performance condition was not met.
(Shares in millions)Nine months ended September 30Three months ended September 30
2023202220232022
Performance awards 2.1  2.5 
Performance-based restricted stock units 0.4  0.4 
Restricted stock units 1.3  1.6 
Stock options0.8 0.7 0.7 0.8 
In addition, potential common shares of 5.6 million and 3.2 million for the nine months ended September 30, 2023 and 2022 and 6.2 million and 3.5 million for the three months ended September 30, 2023 and 2022 were excluded from the computation of Diluted loss per share, because the effect would have been antidilutive as a result of incurring a net loss in those periods.
Note 3 – Income Taxes
We computed our interim tax provision using an estimated annual effective tax rate, adjusted for discrete items. Our 2023 estimated annual effective tax rate is primarily driven by taxes on non-U.S. operations and an increase to the federal and state valuation allowance. The effective tax rates were (10.8)% and (0.4)% for the nine months ended September 30, 2023 and 2022. The effective tax rate for the three months ended September 30, 2023, was (48.9)% and includes cumulative adjustments to increase tax expense to our current estimate of the annual effective tax rate.
As of December 31, 2022, the Company had recorded valuation allowances of $3,162 primarily for certain federal deferred tax assets, as well as for certain federal and state net operating loss and tax credit carryforwards. 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
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reversal patterns. Based on these methods, deferred tax liabilities are 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 are assumed to reverse and generate tax deductions over the next 15 to 20 years. The valuation allowance primarily results from not having sufficient income from deferred tax liability reversals in the appropriate future periods to support the realization of deferred tax assets.
Federal income tax audits have been settled for all years prior to 2018. The Internal Revenue Service is currently auditing the 2018-2020 tax years. We are also subject to examination in major state and international jurisdictions for the 2010-2022 tax years. We believe appropriate provisions for all outstanding tax issues have been made for all jurisdictions and all open years.
Audit outcomes and the timing of audit settlements are subject to significant uncertainty. It is reasonably possible that within the next 12 months, unrecognized tax benefits related to federal tax matters under audit may decrease by up to $620 based on current estimates.
Note 4 – Allowances for Losses on Financial Assets
The changes in allowances for expected credit losses for the nine months ended September 30, 2023 and 2022 consisted of the following:
Accounts receivable Unbilled receivablesOther current assetsCustomer financingOther assetsTotal
Balance at January 1, 2022($390)($91)($62)($18)($186)($747)
Changes in estimates19 (16)(38)(31)(66)
Write-offs246 47 1 133 427 
Recoveries5 5 
Balance at September 30, 2022
($139)($25)($77)($56)($84)($381)
Balance at January 1, 2023($116)($23)($85)($55)($88)($367)
Changes in estimates(8)3 15 4 (16)(2)
Write-offs27 5 32 
Recoveries4 4 
Balance at September 30, 2023
($93)($20)($65)($51)($104)($333)
Note 5 – Inventories
Inventories consisted of the following:
September 30
2023
December 31
2022
Long-term contracts in progress$237 $582 
Commercial aircraft programs68,551 67,702 
Capitalized precontract costs(1)
890 794 
Commercial spare parts, used aircraft, general stock materials and other
9,294 9,073 
Total$78,972 $78,151 
(1) Capitalized precontract costs at September 30, 2023 and December 31, 2022 includes amounts related to KC-46A Tanker, Commercial Crew, and T-7 Production Options. See Note 9.
Commercial Aircraft Programs
Commercial aircraft programs inventory included approximately 250 737 aircraft at September 30, 2023 and December 31, 2022, and approximately 75 and 100 787 aircraft at September 30, 2023 and December 31, 2022.
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At September 30, 2023 and December 31, 2022, commercial aircraft programs inventory included the following amounts related to the 737 program: deferred production costs of $5,359 and $2,955 and unamortized tooling and other non-recurring costs of $574 and $626. At September 30, 2023, $5,899 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 $34 is expected to be recovered from units included in the program accounting quantity that represent expected future orders.
At September 30, 2023 and December 31, 2022, commercial aircraft programs inventory included the following amounts related to the 777X program: $1,370 and $1,330 of deferred production costs and $3,956 and $3,774 of unamortized tooling and other non-recurring costs. In April 2022, we decided to pause production of the 777X-9 during 2022 and 2023. The production pause is resulting in abnormal production costs that are being expensed as incurred until 777X-9 production resumes. We have been gradually restarting the 777X production system and expect all phases to resume during the fourth quarter of 2023. We expensed abnormal production costs of $442 and $213 during the nine months ended September 30, 2023 and 2022. The 777X program has near break-even margins at September 30, 2023.
At September 30, 2023 and December 31, 2022, commercial aircraft programs inventory included the following amounts related to the 787 program: deferred production costs of $12,188 and $12,689, $1,734 and $1,831 of supplier advances, and $1,531 and $1,722 of unamortized tooling and other non-recurring costs. At September 30, 2023, $13,024 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 $695 is expected to be recovered from units included in the program accounting quantity that represent expected future orders. We are currently producing at abnormally low rates resulting in abnormal production costs that are being expensed as incurred. We do not expect abnormal costs related to abnormally low production rates to continue beyond September 30, 2023, and we expect the remaining abnormal costs related to inspections and rework to be incurred by the end of 2024. We expensed abnormal production costs of $937 and $925 during the nine months ended September 30, 2023 and 2022.
Commercial aircraft programs inventory included amounts credited in cash or other consideration (early issue sales consideration) to airline customers totaling $3,862 and $3,586 at September 30, 2023 and December 31, 2022.
Note 6 – Contracts with Customers
Unbilled receivables increased from $8,634 at December 31, 2022 to $9,184 at September 30, 2023, primarily driven by revenue recognized at BDS and BGS in excess of billings.
Advances and progress billings increased from $53,081 at December 31, 2022 to $55,924 at September 30, 2023, primarily driven by advances on orders received at Commercial Airplanes (BCA), partially offset by revenue recognized from amounts previously recorded as advances or progress billings at BDS.
Revenues recognized during the nine months ended September 30, 2023 and 2022 from amounts recorded as Advances and progress billings at the beginning of each year were $11,602 and $9,501. Revenues recognized during the three months ended September 30, 2023 and 2022 from amounts recorded as Advances and progress billings at the beginning of each year were $3,717 and $2,687.
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Note 7 – Customer Financing
Customer financing consisted of the following:
September 30
2023
December 31
2022
Financing receivables:
Investment in sales-type/finance leases$628 $804 
Notes115 385 
Total financing receivables
743 1,189 
Less allowance for losses on receivables51 55 
Financing receivables, net692 1,134 
Operating lease equipment, at cost, less accumulated depreciation of $72 and $76
359 470 
Total$1,051 $1,604 
Financing arrangements typically range in terms from 1 to 12 years and may include options to extend or terminate. Certain leases include provisions to allow the lessee to purchase the underlying aircraft at a specified price.
At September 30, 2023 and December 31, 2022, $54 and $405 were determined to be uncollectible financing receivables and placed on non-accrual status. The allowance for losses on receivables remained largely unchanged during the nine months ended September 30, 2023.
Our financing receivable balances at September 30, 2023 by internal credit rating category and year of origination consisted of the following:
Rating categoriesCurrent2022202120202019PriorTotal
BBB$2 $26 $28 
BB$56 $32 203 $105 $37 116 549 
B16 96 112 
CCC10 35 9 54 
Total carrying value of financing receivables$66 $32 $240 $105 $53 $247 $743 
At September 30, 2023, our allowance for losses related to receivables with ratings of CCC, B, BB, and BBB. We applied default rates that averaged 100.0%, 0.0%, 2.5%, and 0.1%, respectively, to the exposure associated with those receivables.
Customer Financing Exposure
The majority of our gross customer financing portfolio is concentrated in the following aircraft models:
September 30
2023
December 31
2022
717 Aircraft ($0 and $45 accounted for as operating leases)
$485 $563 
747-8 Aircraft (accounted for as sales-type/finance leases)131 394 
737 Aircraft ($149 and $174 accounted for as operating leases)
168 186 
777 Aircraft (accounted for as operating leases)197 209 
MD-80 Aircraft (accounted for as sales-type/finance leases)96 
757 Aircraft (accounted for as sales-type/finance leases)63 107 
747-400 Aircraft (accounted for as sales-type/finance leases)44 46 
Operating lease equipment primarily includes large commercial jet aircraft.
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Lease income recorded in revenue on the Condensed Consolidated Statements of Operations for the nine months ended September 30, 2023 and 2022 included $43 and $52 from sales-type/finance leases, and $45 and $50 from operating leases, of which $4 and $6 related to variable operating lease payments. Lease income recorded in revenue on the Condensed Consolidated Statements of Operations for the three months ended September 30, 2023 and 2022 included $14 and $16 from sales-type/finance leases, and $18 and $18 from operating leases, of which $3 and $1 related to variable operating lease payments.
Profit at the commencement of sales-type leases was recorded in revenue for the nine months ended September 30, 2023 and 2022 in the amount of $24 and $16. Customer financing interest income received was $122 and $10 for the nine months ended September 30, 2023 and 2022. Profit at the commencement of sales-type leases was recorded in revenue for the three months ended September 30, 2023 and 2022 in the amount of $4 and $4. Customer financing interest income received was $60 and $4 for the three months ended September 30, 2023 and 2022.
Note 8 – Investments
Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following:
September 30
2023
December 31
2022
Time deposits$6,042 $2,093 
Equity method investments (1)
1,001 948 
Available-for-sale debt investments498 479 
Equity and other investments60 36 
Restricted cash & cash equivalents(2)
21 33 
Total$7,622 $3,589 
(1)Dividends received were $28 and $23 during the nine and three months ended September 30, 2023 and $95 and $52 during the same periods in prior year.
(2)Reflects amounts restricted in support of our property sales, workers’ compensation programs, and insurance premiums.
Allowance for losses on available-for-sale debt investments are assessed quarterly. All instruments are considered investment grade, and we have not recognized an allowance for credit losses as of September 30, 2023.
Note 9 – Liabilities, Commitments and Contingencies
737 MAX Customer Concessions and Other Considerations
The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during the nine months ended September 30, 2023 and 2022.
20232022
Beginning balance – January 1$1,864 $2,940 
Reductions for payments made(304)(959)
Reductions for concessions and other in-kind considerations(55)(29)
Changes in estimates(54)(16)
Ending balance – September 30$1,451 $1,936 
The liability balance of $1.5 billion at September 30, 2023 includes $1.4 billion of contracted customer concessions and other liabilities and $0.1 billion that remains subject to negotiation with customers. The contracted amount includes $0.6 billion expected to be liquidated by lower customer delivery payments, $0.7 billion expected to be paid in cash and $0.1 billion in other concessions. Of the cash payments to
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customers, we expect to pay $0.3 billion in 2023 and the remaining $0.4 billion in future years. The type of consideration to be provided for the remaining $0.1 billion will depend on the outcomes of negotiations with customers.
Environmental
The following table summarizes changes in environmental remediation liabilities during the nine months ended September 30, 2023 and 2022.
20232022
Beginning balance – January 1$752 $605 
Reductions for payments made, net of recoveries(46)(22)
Changes in estimates149 171 
Ending balance – September 30$855 $754 
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 costs 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 September 30, 2023 and December 31, 2022, the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $1,017 and $1,058.
Product Warranties
The following table summarizes changes in product warranty liabilities recorded during the nine months ended September 30, 2023 and 2022.
20232022
Beginning balance – January 1$2,275 $1,900 
Additions for current year deliveries121 143 
Reductions for payments made(258)(305)
Changes in estimates285 355 
Ending balance – September 30$2,423 $2,093 
Commercial Aircraft Trade-In Commitments
In conjunction with signing definitive agreements for the sale of new 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. 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 September 30, 2023 have expiration dates from 2023 through 2029. At September 30, 2023 and December 31, 2022 total contractual trade-in commitments were $1,430 and $1,117. As of September 30, 2023 and December 31, 2022, we estimated it was probable we would be obligated to perform on certain of these commitments with net amounts payable to customers totaling $360 and $286 and the fair value of the related trade-in aircraft was $360 and $286.
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Financing Commitments
Financing commitments related to aircraft on order, including options and those proposed in sales campaigns, and refinancing of delivered aircraft, totaled $16,499 and $16,105 as of September 30, 2023 and December 31, 2022. The estimated earliest potential funding dates for these commitments as of September 30, 2023 are as follows:

Total
October through December 2023
$30 
20242,670 
20253,011 
20264,786 
20272,384 
Thereafter3,618 
$16,499 
As of September 30, 2023, 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.
Other Financial Commitments
We have financial commitments to make additional capital contributions totaling $274 to certain joint ventures over the next five years.
Standby Letters of Credit and Surety Bonds
We have entered into standby letters of credit and surety bonds with financial institutions primarily relating to the guarantee of our future performance on certain contracts and security agreements. Contingent liabilities on outstanding letters of credit agreements and surety bonds aggregated approximately $4,420 and $5,070 as of September 30, 2023 and December 31, 2022.
Supply Chain Financing Programs
The Company has supply chain financing programs in place under which participating suppliers may elect to obtain payment from an intermediary. The Company confirms the validity of invoices from participating suppliers and agrees to pay the intermediary an amount based on invoice totals. The majority of amounts payable under these programs are due within 30 to 90 days but may extend up to 12 months. At September 30, 2023 and December 31, 2022, Accounts payable included $2.9 billion and $2.5 billion payable to suppliers who have elected to participate in these programs. We do not believe that future changes in the availability of supply chain financing would have a significant impact on our liquidity.
Recoverable Costs on Government Contracts
Our final incurred costs for each year are subject to audit and review for allowability by the U.S. government, which can result in payment demands related to costs they believe should be disallowed. We work with the U.S. government to assess the merits of claims and where appropriate reserve for amounts disputed. If we are unable to satisfactorily resolve disputed costs, we could be required to record an earnings charge and/or provide refunds to the U.S. government.
Fixed-Price Contracts
Long-term contracts that are contracted on a fixed-price basis could result in losses in future periods. Certain of the fixed-price contracts are for the development of new products, services and related technologies. This development work scope is inherently uncertain and subject to significant variability in estimates of the cost and time required to complete the work by us and our suppliers. The operational and
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technical complexities of fixed-price development contracts create financial risk, which could trigger additional earnings charges, termination provisions, order cancellations, or other financially significant exposure.
VC-25B Presidential Aircraft
The Company’s firm fixed-price contract for the Engineering and Manufacturing Development (EMD) effort on the U.S. Air Force’s (USAF) VC-25B Presidential Aircraft, commonly known as Air Force One, is a $4.3 billion program to develop and modify two 747-8 commercial aircraft. During the year ended December 31, 2022, we increased the reach-forward loss on the contract by $1,452. This year we made progress completing engineering and production requirements. During the three months ended September 30, 2023, we increased the reach-forward loss on the contract by $482 driven by engineering changes to support the build and installation process; the resolution of supplier negotiations; and factory performance related to labor instability. While we have provisioned for all of our anticipated costs to complete the contract, risk remains that we may record additional losses in future periods.
KC-46A Tanker
In 2011, we were awarded a contract from the USAF to design, develop, manufacture, and deliver four next generation aerial refueling tankers as well as priced options for 13 annual production lots totaling 179 aircraft. Since 2016, the USAF has authorized nine low rate initial production (LRIP) lots for a total of 124 aircraft. The EMD contract and authorized LRIP lots total approximately $24 billion as of September 30, 2023. During the year ended December 31, 2022, we increased the reach-forward loss on the KC-46A Tanker program by $1,374. During the three months ended March 31, 2023, we increased the reach-forward loss on the KC-46A Tanker program by $245 resulting from factory disruption and additional rework due to a supplier quality issue. As of September 30, 2023, we had approximately $160 of capitalized precontract costs and $150 of potential termination liabilities to suppliers related to unexercised future lots. Risk remains that we may record additional losses in future periods.
MQ-25
In the third quarter of 2018, we were awarded the MQ-25 EMD contract by the U.S. Navy. The contract is a fixed-price contract that includes development and delivery of seven aircraft and test articles at a contract price of $890. During the year ended December 31, 2022, we increased the MQ-25 reach-forward loss by $579. During the three months ended June 30, 2023, we increased the reach-forward loss by $68 primarily driven by production and flight testing delays for EMD aircraft. During the three months ended September 30, 2023, we increased the reach-forward loss by $71 reflecting higher than anticipated production costs to complete EMD aircraft attributable to recent factory performance. Risk remains that we may record additional losses in future periods.
T-7A Red Hawk EMD Contract & Production Options
In 2018, we were awarded the T-7A Red Hawk program. The EMD portion of the contract is a $860 fixed-price contract and includes five aircraft and seven simulators. During the year ended December 31, 2022, we recorded earnings charges of $203 related to the T-7A Red Hawk fixed-price EMD contract, which had a reach-forward loss at December 31, 2022. The production portion of the contract includes 11 production lots for aircraft and related services for 346 T-7A Red Hawk aircraft that we believe are probable of being exercised. We expect the first production and support contract option to be exercised in 2025. During the year ended December 31, 2022, we increased the reach-forward loss by $552. During the three months ended June 30, 2023, we increased the reach-forward loss by $189 primarily reflecting higher estimated production costs. At September 30, 2023, we had approximately $162 of capitalized precontract costs and $421 of potential termination liabilities to suppliers related to unexercised future lots. Risk remains that we may record additional losses in future periods.
Commercial Crew
National Aeronautics and Space Administration (NASA) has contracted us to design and build the CST-100 Starliner spacecraft to transport crews to the International Space Station. During the second
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quarter of 2022, we successfully completed the uncrewed Orbital Flight Test. During the year ended December 31, 2022, we increased the reach-forward loss by $288. During the second quarter of 2023, we increased the reach-forward loss by $257 primarily as a result of delaying the crewed flight test previously scheduled for July 2023 following notification by a parachute supplier of an issue identified through testing. We anticipate being ready to launch in early 2024 and are working with NASA to identify a new launch window. At September 30, 2023, we had approximately $191 of capitalized precontract costs and $196 of potential termination liabilities to suppliers related to fixed-price unauthorized future missions. Risk remains that we may record additional losses in future periods.
Note 10 – Arrangements with Off-Balance Sheet Risk
We enter into arrangements with off-balance sheet risk in the normal course of business, primarily in the form of guarantees.
The following table provides quantitative data regarding our third party guarantees. The maximum potential payments represent a “worst-case scenario” and do not necessarily reflect amounts that we expect to pay. The carrying amount of liabilities represents the amount included in Accrued liabilities.
Maximum
Potential Payments
Estimated Proceeds from
Collateral/Recourse
Carrying Amount of
 Liabilities
September 30
2023
December 31
2022
September 30
2023
December 31
2022
September 30
2023
December 31
2022
Contingent repurchase commitments
$420 $514 $420 $514 
Credit guarantees
15 45  $14 $27 
Contingent Repurchase Commitments In conjunction with signing a definitive agreement for the sale of commercial aircraft, we have entered into contingent repurchase commitments with certain customers wherein we agree to repurchase the sold aircraft at a specified price, generally 10 to 15 years after delivery. Our repurchase of the aircraft is contingent upon entering into a mutually acceptable agreement for the sale of additional new aircraft in the future. The commercial aircraft repurchase price specified in contingent repurchase commitments is generally lower than the expected fair value at the specified repurchase date. Estimated proceeds from collateral/recourse in the table above represent the lower of the contracted repurchase price or the expected fair value of each aircraft at the specified repurchase date.
If a future sale agreement is reached and a customer elects to exercise its right under a contingent repurchase commitment, the contingent repurchase commitment becomes a trade-in commitment. Our historical experience is that contingent repurchase commitments infrequently become trade-in commitments.
Credit Guarantees We have issued credit guarantees where we are obligated to make payments to a guaranteed party in the event that the original lessee or debtor does not make payments or perform certain specified services. Generally, these guarantees have been extended on behalf of guaranteed parties with less than investment-grade credit and are collateralized by certain assets. We record a liability for the fair value of guarantees and the expected contingent loss amount, which is reviewed quarterly. Current outstanding credit guarantees expire through 2036.
Other Indemnifications In conjunction with our sales of Electron Dynamic Devices, Inc. and Rocketdyne Propulsion and Power businesses and our BCA facilities in Wichita, Kansas and Tulsa and McAlester, Oklahoma, we agreed to indemnify, for an indefinite period, the buyers for costs relating to pre-closing environmental conditions and certain other items. We are unable to assess the potential number of future claims that may be asserted under these indemnifications, nor the amounts thereof (if any). As a result, we cannot estimate the maximum potential amount of future payments under these indemnities. To the extent that claims have been made under these indemnities and/or are probable and reasonably estimable, liabilities associated with these indemnities are included in the environmental liability disclosure in Note 9.
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Note 11 – Debt
In the third quarter of 2023, we entered into a $3,000 five-year revolving credit agreement expiring in August 2028 and a $800 364-day revolving credit agreement expiring in August 2024. The 364-day credit facility has a one-year term out option which allows us to extend the maturity of any borrowings until August 2025. The legacy three-year revolving credit agreement expiring in August 2025, which consists of $3,000 of total commitments, and the legacy five-year revolving credit agreement expiring in October 2024, as amended, which consists of $3,200 of total commitments, each remain in effect. As of September 30, 2023, we had $10,000 available under credit line agreements. We continue to be in full compliance with all covenants contained in our debt or credit facility agreements.
Note 12 – Postretirement Plans
The components of net periodic benefit (income)/cost were as follows:
Nine months ended September 30Three months ended September 30
Pension Plans2023202220232022
Service cost$3 $2 $1 
Interest cost2,115 1,561 705 $520 
Expected return on plan assets(2,581)(2,843)(861)(948)
Amortization of prior service credits(61)(61)(20)(20)
Recognized net actuarial loss125 681 42 227 
Settlement/curtailment gain(4)(4)
Net periodic benefit income($399)