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Postretirement Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Retirement Benefits, Description [Abstract]  
Components of Net Periodic Benefit Cost
The components of net periodic benefit (income)/cost were as follows:
PensionOther Postretirement Benefits
Years ended December 31,202420232022202420232022
Service cost$5 $2 $3 $51 $49 $72 
Interest cost2,635 2,820 2,080 124 148 98 
Expected return on plan assets(3,311)(3,441)(3,789)(10)(9)(10)
Amortization of prior service credits(81)(81)(81)(11)(22)(35)
Recognized net actuarial loss/(gain)281 173 913 (176)(175)(111)
Settlement/curtailment gain(4)
Net periodic benefit (income)/cost($471)($527)($878)($22)($9)$14 
Net periodic benefit cost included in Loss from operations$5 $2 $3 $47 $62 $79 
Net periodic benefit income included in Other income, net(476)(529)(881)(73)(58)(58)
Net periodic benefit (income)/cost included in Loss before income taxes
($471)($527)($878)($26)$4 $21 
Schedule of Changes in the Benefit Obligation, Plan Assets and Funded Status of Pensions and OPB
The following tables show changes in the benefit obligation, plan assets and funded status of both pensions and OPB for the years ended December 31, 2024 and 2023. Benefit obligation balances presented below reflect the PBO for our pension plans and accumulated postretirement benefit obligations (APBO) for our OPB plans.
PensionOther Postretirement Benefits
2024202320242023
Change in benefit obligation
Beginning balance$54,325 $55,117 $2,651 $2,978 
Service cost5 2 51 49 
Interest cost2,635 2,820 124 148 
Amendments140   
Actuarial (gain)/loss(2,493)1,217 156 (152)
Gross benefits paid(4,173)(4,837)(336)(375)
Subsidies 8 2 
Exchange rate adjustment(18)6 (3)1 
Ending balance$50,421 $54,325 $2,651 $2,651 
Change in plan assets
Beginning balance at fair value$48,891 $49,825 $163 $140 
Actual return on plan assets738 3,756 22 23 
Plan participants’ contributions 1 4 
Benefits paid(4,034)(4,698)(3)(4)
Exchange rate adjustment(21)8  
Ending balance at fair value$45,574 $48,891 $183 $163 
Amounts recognized in Consolidated Statements of Financial Position at December 31 consist of:
Other assets$1,289 $1,219 $21 $81 
Accrued liabilities(139)(137)(313)(336)
Accrued retiree health care(2,176)(2,233)
Accrued pension plan liability, net(5,997)(6,516)
Net amount recognized($4,847)($5,434)($2,468)($2,488)
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss
Amounts recognized in Accumulated other comprehensive loss (AOCI) at December 31 were as follows:
PensionOther Postretirement Benefits
2024202320242023
Net actuarial loss/(gain)$17,976 $18,175 ($1,534)($1,852)
Prior service credits(922)(1,143)(8)(19)
Total recognized in AOCI
$17,054 $17,032 ($1,542)($1,871)
Schedule of Key Information for All Plans with ABO in Excess of Plan Assets Key information for our plans with ABO and PBO in excess of plan assets as of December 31 was as follows:
20242023
Accumulated benefit obligation$44,470 $47,665 
Fair value of plan assets38,866 41,666 
20242023
Projected benefit obligation$45,002 $48,320 
Fair value of plan assets38,866 41,666 
Schedule of Assumptions Used to Calculate the Benefit Obligation and Net Periodic Benefit Costs
The following assumptions, which are the weighted average for all plans, are used to calculate the benefit obligation at December 31 of each year and the net periodic benefit cost for the subsequent year.
December 31,202420232022
Discount rate:
Pension5.60 %5.10 %5.40 %
Other postretirement benefits5.40 %5.00 %5.30 %
Expected return on plan assets6.00 %6.00 %6.00 %
Rate of compensation increase4.30 %4.30 %4.30 %
Interest crediting rates for cash balance plans5.00 %5.00 %5.00 %
Schedule of Assumed Health Care Cost Trend Rates
Assumed health care cost trend rates were as follows:
December 31,202420232022
Health care cost trend rate assumed next year6.00 %5.50 %5.50 %
Ultimate trend rate4.50 %4.50 %4.50 %
Year that trend reaches ultimate rate203120282028
Schedule of Actual Allocations for Pension Assets and Target Allocations by Asset Class The actual and target allocations by asset class for the pension assets at December 31 were as follows:
Actual AllocationsTarget Allocations
Asset Class2024202320242023
Fixed income59 %60 %59 %59 %
Global equity19 19 20 20 
Private equity9 8 7 7 
Real estate and real assets7 7 7 7 
Hedge funds6 6 7 7 
Total100 %100 %100 %100 %
Schedule of Allocation of Plan Assets The following table presents our plan assets using the fair value hierarchy as of December 31, 2024 and 2023. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs, and Level 3 includes fair values estimated using significant unobservable inputs.
December 31, 2024December 31, 2023
TotalLevel 1Level 2Level 3TotalLevel 1Level 2Level 3
Fixed income securities:
Corporate$16,322 $16,288 $34 $17,809 $17,750 $59 
U.S. government and agencies
5,182 5,182 6,822 6,822 
Mortgage backed and asset backed
783 611 172 505 344 161 
Municipal613 613 816 816 
Sovereign924 923 1 720 720 
Other 5 $2 3 9 $6 3 
Derivatives:
Assets69 69 
Liabilities(194)(194)
Cash equivalents and other short-term investments
650 646 4 326 326 
Equity securities:
U.S. common and preferred stock
3,645 3,645 3,391 3,391 
Non-U.S. common and preferred stock
2,530 2,530 2,204 2,204 
Boeing company stock
Derivatives:
Assets
Liabilities
Private equity
Real estate and real assets:
Real estate
Real assets389 348 39 2 385 349 33 3 
Derivatives:
Assets1 1 
Liabilities
Total$30,850 $6,525 $24,112 $213 $33,056 $5,950 $26,880 $226 
Fixed income common/collective/pooled funds$1,309 $1,378 
Fixed income other1,364 1,364 
Equity common/collective/ pooled funds2,385 2,702 
Private equity3,919 4,102 
Real estate and real assets2,925 3,138 
Hedge funds2,608 2,751 
Total investments measured at NAV as a practical expedient$14,510 $15,435 
Cash$265 $86 
Receivables382 438 
Payables(433)(124)   
Total$45,574 $48,891 
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets
The following tables summarizes the changes of Level 3 assets, reconciled by asset class, held during the years ended December 31, 2024 and 2023. Transfers into and out of Level 3 are reported at the beginning-of-year values.
January 1
2024 Balance
Net Realized and Unrealized (Losses)/Gains
Net Purchases, Issuances and SettlementsNet Transfers Into/(Out of) Level 3December 31
2024 Balance
Fixed income securities:
Corporate
$59 ($3)($22)$34 
Mortgage backed and
   asset backed
161 2 5 $4 172 
Other3 (3) 
Sovereign 1 1 
Cash equivalents and other short-term investments 4 4 
Equity securities:
Non-U.S. common and
   preferred stock		 1 (1)
Real assets3 (2)1 2 
Total$226 ($3)($15)$5 $213 
January 1
2023 Balance		Net Realized and Unrealized Gains/(Losses)Net Purchases, Issuances and SettlementsNet Transfers Into/(Out of) Level 3December 31
2023 Balance
Fixed income securities:
  Corporate
$70 $5 ($16)$59 
U.S. government and agencies
(1)$1 
Mortgage backed and asset backed
162 7 10 (18)161 
Municipal32 (5)(27)
Other3 3 
Real assets4 (1)3 
Total$268 $14 ($12)($44)$226 
Schedule of Estimated Future Benefit Payments The table below reflects the total pension benefits expected to be paid from the plans or from our assets, including both our share of the benefit cost and the participants’ share of the cost, which is funded by participant contributions. OPB payments reflect our portion only.
Year(s)202520262027202820292030-2034
Pensions$4,702 $4,427 $4,302 $4,198 $4,077 $18,628 
Other postretirement benefits:
Gross benefits paid331 315 292 267 276 1,063 
Subsidies
(9)(9)(9)(9)(9)(40)
Net other postretirement benefits$322 $306 $283 $258 $267 $1,023