EXHIBIT (12) - Computation of Ratio of Earnings to Fixed Charges

The Boeing Company and Subsidiaries

(Dollars in millions)

Year ended December 31,	2004		2003		2002		2001		2000
Earnings before federal taxes on income	$	1,960	$	500	$	3,143	$	3,564	$	2,999
Fixed charges excluding capitalized interest		735		777		704		698		481
Amortization of previously capitalized interest		48		53		55		65		71
Net adjustment for earnings from affiliates		27		103		385		11		(44	)
Earnings available for fixed charges	$	2,770	$	1,433	$	4,287	$	4,338	$	3,507
Fixed charges:
Interest expense		685		716	$	639	$	650	$	445
Interest capitalized during the period		77		72		80		80		82
Rentals deemed representative of an interest factor		50		61		65		48		36
Total fixed charges	$	812	$	849	$	784	$	778	$	563
Ratio of earnings to fixed charges		3.4		1.7		5.5		5.6		6.2