BOEING CO, S-4 filed on 8/12/2024
Securities Registration: Business Combination
v3.24.2.u1
Cover
 6 Months Ended
Jun. 30, 2024
Document Information [Line Items]  
Document Type S-4
Entity Incorporation, State or Country Code DE
Entity Primary SIC Number 3721
Entity Tax Identification Number 91-0425694
Entity Address, Address Line One 929 Long Bridge Drive
Entity Address, City or Town Arlington
Entity Address, State or Province VA
Entity Address, Postal Zip Code 22202
City Area Code 703
Local Phone Number 465-3500
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Amendment Flag false
Entity Registrant Name THE BOEING COMPANY
Entity Central Index Key 0000012927
Business Contact [Member]  
Document Information [Line Items]  
Entity Address, Address Line One 100 N. Riverside Plaza
Entity Address, City or Town Chicago
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60606-1596
City Area Code 312
Local Phone Number 544-2000
Contact Personnel Name Dana E. Kumar
v3.24.2.u1
Condensed Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Total revenues $ 16,866 $ 19,751 $ 33,435 $ 37,672 $ 77,794 $ 66,608 $ 62,286
Total costs and expenses (15,637) (17,812) (30,330) (33,810) (70,070) (63,078) (59,237)
Gross profit 1,229 1,939 3,105 3,862 7,724 3,530 3,049
Income/(loss) from operating investments, net 7 44 74 17 46 (16) 210
General and administrative expense (1,377) (1,286) (2,538) (2,590) (5,168) (4,187) (4,157)
Research and development expense, net (954) (797) (1,822) (1,538) (3,377) (2,852) (2,249)
Gain on dispositions, net 5 1 5 1 2 6 277
Loss from operations (1,090) (99) (1,176) (248) (773) (3,519) (2,870)
Other income, net 248 320 525 622 1,227 1,058 551
Interest and debt expense (673) (621) (1,242) (1,270) (2,459) (2,561) (2,714)
Loss before income taxes (1,515) (400) (1,893) (896) (2,005) (5,022) (5,033)
Income tax (expense)/benefit 76 251 99 322 237 31 743
Net loss (1,439) (149) (1,794) (574) (2,242) (5,053) (4,290)
Less: net loss attributable to noncontrolling interest     (12) (11) (20) (118) (88)
Net loss attributable to Boeing Shareholders $ (1,439) $ (149) $ (1,782) $ (563) $ (2,222) $ (4,935) $ (4,202)
Basic loss per share (in dollars per share) $ (2.33) $ (0.25) $ (2.9) $ (0.93) $ (3.67) $ (8.3) $ (7.15)
Diluted loss per share (in dollars per share) $ (2.33) $ (0.25) $ (2.9) $ (0.93) $ (3.67) $ (8.3) $ (7.15)
Weighted average diluted shares (millions) (in shares) 616.6 605.5 614.8 603.9 606.1 595.2 588.0
Sales of products              
Total revenues $ 13,524 $ 16,687 $ 26,792 $ 31,601 $ 65,581 $ 55,893 $ 51,386
Cost of products and services (12,907) (15,123) (24,971) (28,676) (59,864) (53,969) (49,954)
Sales of services              
Total revenues 3,342 3,064 6,643 6,071 12,213 10,715 10,900
Cost of products and services $ (2,730) $ (2,689) $ (5,359) $ (5,134) $ (10,206) $ (9,109) $ (9,283)
v3.24.2.u1
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]              
Net loss $ (1,439) $ (149) $ (1,794) $ (574) $ (2,242) $ (5,053) $ (4,290)
Other comprehensive (loss)/income, net of tax:              
Currency translation adjustments 11 (6) (24) 10 33 (62) (75)
Unrealized gain/(loss) on certain investments, net of tax         2 (1)  
Derivative instruments:              
Unrealized losses arising during period, net of tax (11) (43) (76) (25) 41 (40) 55
Reclassification adjustment for losses/(gains) included in net loss, net of tax 19 3 26 (2) (5) 10 (6)
Total unrealized (loss)/gain on derivative instruments, net of tax 8 (40) (50) (27) 36 (30) 49
Defined benefit pension plans and other postretirement benefits:              
Net actuarial (loss)/gain arising during the period, net of tax 1 1 (18) (6) (722) 1,533 4,262
Amortization of actuarial losses/(gains) included in net periodic benefit cost, net of tax 15 (2) 26 (4) (2) 791 1,155
Settlement (gain)/loss included in net periodic cost, net of tax           (4) 191
Amortization of prior service credits included in net periodic benefit cost, net of tax (15) (20) (26) (40) (102) (114) (114)
Prior service credit arising during the period, net of tax           (1)  
Pension and postretirement cost related to our equity method investments, net of tax     5     (3) 6
Total defined benefit pension plans and other postretirement benefits, net of tax 1 (21) (13) (50) (826) 2,202 5,500
Other comprehensive (loss)/income, net of tax 20 (67) (87) (67) (755) 2,109 5,474
Comprehensive loss, net of tax (1,419) (216) (1,881) (641) (2,997) (2,944) 1,184
Less: Comprehensive loss related to noncontrolling interest     (12) (11) (20) (118) (88)
Comprehensive loss attributable to Boeing Shareholders, net of tax $ (1,419) $ (216) $ (1,869) $ (630) $ (2,977) $ (2,826) $ 1,272
v3.24.2.u1
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]              
Unrealized loss on certain investments, tax         $ 0 $ 0 $ 0
Unrealized gain/(loss) arising during period, tax $ 3 $ 12 $ 22 $ 7 11 12 16
Reclassification adjustment for (gain)/loss included in net earnings, tax (6) 0 (8) 1 1 3 2
Net actuarial gain/(loss) arising during the period, tax 0 0 17 2 13 (22) (32)
Amortization of actuarial loss included in net periodic pension cost, tax (8) 1 (20) 1 0 (11) (8)
Settlements included in net (loss)/income, tax         0 0 2
Amortization of prior service credits included in net periodic pension cost, tax 8 6 20 12 1 2 1
Prior service cost/(credit) arising during the period, tax         0 0 0
Pension and postretirement (cost)/benefit related to our equity method investments, tax $ 0 $ 0 $ (3) $ 0 $ 0 $ 0 $ 2
v3.24.2.u1
Condensed Consolidated Statements of Financial Position - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets      
Cash and cash equivalents $ 10,894 $ 12,691 $ 14,614
Short-term and other investments 1,727 3,274 2,606
Accounts receivable, net 3,155 2,649 2,517
Unbilled receivables, net 9,660 8,317 8,634
Current portion of financing receivables, net 60 99 154
Inventories 85,661 79,741 78,151
Other current assets, net 3,282 2,504 2,847
Total current assets 114,439 109,275 109,523
Financing receivables and operating lease equipment, net 785 860 1,450
Property, plant and equipment, net 10,976 10,661 10,550
Goodwill 8,108 8,093 8,057
Acquired intangible assets, net 2,067 2,094 2,311
Deferred income taxes   59 63
Investments 1,026 1,035 983
Other assets, net of accumulated amortization 5,319 4,935 4,163
Total assets 142,720 137,012 137,100
Liabilities and equity      
Accounts payable 11,864 11,964 10,200
Accrued liabilities 21,850 22,331 21,581
Advances and progress billings 58,151 56,328 53,081
Short-term debt and current portion of long-term debt 4,765 5,204 5,190
Total current liabilities 96,630 95,827 90,052
Deferred income taxes 291 229 230
Accrued retiree health care 2,159 2,233 2,503
Accrued pension plan liability, net 6,248 6,516 6,141
Other long-term liabilities 2,212 2,332 2,211
Long-term debt 53,162 47,103 51,811
Total liabilities 160,702 154,240 152,948
Shareholders' equity:      
Common stock, par value 5,061 5,061 5,061
Additional paid-in capital 10,727 10,309 9,947
Treasury stock, at cost (48,841) (49,549) (50,814)
Retained earnings 25,469 27,251 29,473
Accumulated other comprehensive loss (10,392) (10,305) (9,550)
Total shareholders' deficit (17,976) (17,233) (15,883)
Noncontrolling interests (6) 5 35
Total equity (17,982) (17,228) (15,848)
Total liabilities and equity $ 142,720 $ 137,012 $ 137,100
v3.24.2.u1
Condensed Consolidated Statements of Financial Position (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]      
Other assets, net of accumulated amortization $ 1,001 $ 1,046 $ 949
Common stock, par value (in dollars per share) $ 5 $ 5 $ 5
Common stock, shares authorized (in shares) 1,200,000,000 1,200,000,000 1,200,000,000
Common stock, shares, issued (in shares) 1,012,261,159 1,012,261,159 1,012,261,159
Property, plant and equipment, net of accumulated depreciation $ 22,640 $ 22,245 $ 21,442
Treasury stock, shares (in shares) 396,730,470 402,746,136 414,671,383
v3.24.2.u1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows – operating activities:          
Net loss $ (1,794) $ (574) $ (2,242) $ (5,053) $ (4,290)
Non-cash items –          
Share-based plans expense 208 381 690 725 833
Treasury shares issued for 401(k) contribution 953 862 1,515 1,215 1,233
Depreciation and amortization 883 913 1,861 1,979 2,144
Investment/asset impairment charges, net 34 12 46 112 98
Gain on dispositions, net (5) (1) (2) (6) (277)
787 reach-forward loss         3,460
Other charges and credits, net (34) 30 3 401 360
Changes in assets and liabilities –          
Accounts receivable (522) (433) (128) 142 (713)
Unbilled receivables (1,345) (721) 321 6 (586)
Advances and progress billings 1,886 2,228 3,365 108 2,505
Inventories (5,937) (241) (1,681) 420 (1,127)
Other current assets (320) 313 389 (591) 345
Accounts payable (222) 852 1,672 838 (3,783)
Accrued liabilities (443) (399) 779 2,956 (3,687)
Income taxes receivable, payable and deferred (188) (424) 44 1,347 733
Other long-term liabilities (148) (180) (313) (158) (206)
Pension and other postretirement plans (491) (520) (1,049) (1,378) (972)
Financing receivables and operating lease equipment, net 149 419 571 142 210
Other 51 40 119 307 304
Net cash (used)/provided by operating activities (7,285) 2,557 5,960 3,512 (3,416)
Cash flows – investing activities:          
Payments to acquire property, plant and equipment (971) (764) (1,527) (1,222) (980)
Proceeds from disposals of property, plant and equipment 30 13 27 35 529
Acquisitions, net of cash acquired (50)   (70)   (6)
Contributions to investments (1,617) (9,496) (16,448) (5,051) (35,713)
Proceeds from investments 3,173 5,567 15,739 10,619 45,489
Supplier notes receivable (486) (162)      
Purchase of distribution rights (88)        
Other (17) 4 (158) (11) 5
Net cash used by investing activities (26) (4,838) (2,437) 4,370 9,324
Cash flows – financing activities:          
New borrowings 10,089 38 75 34 9,795
Debt repayments (4,481) (5,123) (5,216) (1,310) (15,371)
Stock options exercised   44 45 50 42
Employee taxes on certain share-based payment arrangements (67) (48) (408) (40) (66)
Other (3) (4) 17    
Net cash provided/(used) by financing activities 5,538 (5,093) (5,487) (1,266) (5,600)
Effect of exchange rate changes on cash and cash equivalents (25) 2 30 (73) (39)
Net (decrease)/increase in cash & cash equivalents, including restricted (1,798) (7,372) (1,934) 6,543 269
Cash & cash equivalents, including restricted, at beginning of year 12,713 14,647 14,647 8,104 7,835
Cash & cash equivalents, including restricted, at end of period 10,915 7,275 12,713 14,647 8,104
Less restricted cash & cash equivalents, included in Investments 21 21 22 33 52
Cash and cash equivalents at end of period $ 10,894 $ 7,254 $ 12,691 $ 14,614 $ 8,052
v3.24.2.u1
Condensed Consolidated Statements of Equity - USD ($)
$ in Millions
Total
Common Stock
Additional Paid-In Capital
Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Loss
Non- controlling Interests
Beginning balance at Dec. 31, 2020 $ (18,075) $ 5,061 $ 7,787 $ (52,641) $ 38,610 $ (17,133) $ 241
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net loss (4,290)       (4,202)   (88)
Other comprehensive income (loss), net of tax 5,474         5,474  
Share-based compensation 833   833        
Treasury shares issued for stock options exercised, net 42   (28) 70      
Treasury shares issued for other share-based plans, net (63)   (98) 35      
Treasury shares issued for 401(k) contribution 1,233   558 675      
Ending balance at Dec. 31, 2021 (14,846) 5,061 9,052 (51,861) 34,408 (11,659) 153
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net loss (5,053)       (4,935)   (118)
Other comprehensive income (loss), net of tax 2,109         2,109  
Share-based compensation 725   725        
Treasury shares issued for stock options exercised, net 50   (31) 81      
Treasury shares issued for other share-based plans, net (48)   (94) 46      
Treasury shares issued for 401(k) contribution 1,215   295 920      
Ending balance at Dec. 31, 2022 (15,848) 5,061 9,947 (50,814) 29,473 (9,550) 35
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net loss (574)       (563)   (11)
Other comprehensive income (loss), net of tax (67)         (67)  
Share-based compensation 381   381        
Treasury shares issued for stock options exercised, net 44   (28) 72      
Treasury shares issued for other share-based plans, net (24)   (73) 49      
Treasury shares issued for 401(k) contribution 862   350 512      
Subsidiary shares purchased from noncontrolling interests (267)   (267)        
Ending balance at Jun. 30, 2023 (15,493) 5,061 10,310 (50,181) 28,910 (9,617) 24
Beginning balance at Dec. 31, 2022 (15,848) 5,061 9,947 (50,814) 29,473 (9,550) 35
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net loss (2,242)       (2,222)   (20)
Other comprehensive income (loss), net of tax (755)         (755)  
Share-based compensation 690   690        
Treasury shares issued for stock options exercised, net 45   (28) 73      
Treasury shares issued for other share-based plans, net (356)   (660) 304      
Treasury shares issued for 401(k) contribution 1,515   627 888      
Subsidiary shares purchased from noncontrolling interests (267)   (267)        
Other changes in noncontrolling interests (10)           (10)
Ending balance at Dec. 31, 2023 (17,228) 5,061 10,309 (49,549) 27,251 (10,305) 5
Beginning balance at Mar. 31, 2023 (15,484) 5,061 10,298 (50,376) 29,059 (9,550) 24
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net loss (149)       (149)    
Other comprehensive income (loss), net of tax (67)         (67)  
Share-based compensation 159   159        
Treasury shares issued for stock options exercised, net     (1) 1      
Treasury shares issued for other share-based plans, net 6   (6) 12      
Treasury shares issued for 401(k) contribution 309   127 182      
Subsidiary shares purchased from noncontrolling interests (267)   (267)        
Ending balance at Jun. 30, 2023 (15,493) 5,061 10,310 (50,181) 28,910 (9,617) 24
Beginning balance at Dec. 31, 2023 (17,228) 5,061 10,309 (49,549) 27,251 (10,305) 5
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net loss (1,794)       (1,782)   (12)
Other comprehensive income (loss), net of tax (87)         (87)  
Share-based compensation 208   208        
Treasury shares issued for other share-based plans, net (35)   (122) 87      
Treasury shares issued for 401(k) contribution 953   332 621      
Other changes in noncontrolling interests 1           1
Ending balance at Jun. 30, 2024 (17,982) 5,061 10,727 (48,841) 25,469 (10,392) (6)
Beginning balance at Mar. 31, 2024 (17,016) 5,061 10,539 (49,105) 26,908 (10,412) (7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]              
Net loss (1,439)       (1,439)    
Other comprehensive income (loss), net of tax 20         20  
Share-based compensation 89   89        
Treasury shares issued for other share-based plans, net 16   (6) 22      
Treasury shares issued for 401(k) contribution 347   105 242      
Other changes in noncontrolling interests 1           1
Ending balance at Jun. 30, 2024 $ (17,982) $ 5,061 $ 10,727 $ (48,841) $ 25,469 $ (10,392) $ (6)
v3.24.2.u1
Condensed Consolidated Statements of Equity (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]              
Other comprehensive income (loss), tax $ 3 $ 19 $ 28 $ 23 $ 4 $ 22 $ 57
v3.24.2.u1
Summary of Business Segment Data
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Segment Reporting, Disclosure of Entity's Reportable Segments [Abstract]    
Summary of Business Segment Data
(Dollars in millions)
   
Six months ended
June 30
    
Three months ended
June 30
  
    
2024
     2023    
2024
     2023  
Revenues:
         
Commercial Airplanes
   
$
10,656
 
   $ 15,544    
$
6,003
 
   $ 8,840  
Defense, Space & Security
   
 
12,971
 
     12,706    
 
6,021
 
     6,167  
Global Services
   
 
9,934
 
     9,466    
 
4,889
 
     4,746  
Unallocated items, eliminations and other
   
 
(126
) 
     (44 )   
 
(47
) 
     (2 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Total revenues
   
$
33,435
 
   $ 37,672    
$
16,866
 
   $ 19,751  
  
 
 
    
 
 
    
 
 
    
 
 
  
Loss from operations:
         
Commercial Airplanes
   
($
1,858
) 
   ($ 998 )   
($
715
) 
   ($ 383 ) 
Defense, Space & Security
   
 
(762
) 
     (739 )   
 
(913
) 
     (527 ) 
Global Services
   
 
1,786
 
     1,703    
 
870
 
     856  
  
 
 
    
 
 
    
 
 
    
 
 
  
Segment operating loss
   
 
(834
) 
     (34 )   
 
(758
) 
     (54 ) 
Unallocated items, eliminations and other
   
 
(946
) 
     (796 )   
 
(634
) 
     (336 ) 
FAS/CAS service cost adjustment
   
 
604
 
     582    
 
302
 
     291  
  
 
 
    
 
 
    
 
 
    
 
 
  
Loss from operations
   
 
(1,176
) 
     (248 )   
 
(1,090
) 
     (99 ) 
Other income, net
   
 
525
 
     622    
 
248
 
     320  
Interest and debt expense
   
 
(1,242
) 
     (1,270 )   
 
(673
) 
     (621 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Loss before income taxes
   
 
(1,893
) 
     (896 )   
 
(1,515
) 
     (400 ) 
Income tax benefit
   
 
99
 
     322    
 
76
 
     251  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net loss
   
 
(1,794
) 
     (574 )   
 
(1,439
) 
     (149 ) 
Less: net loss attributable to noncontrolling interest
   
 
(12
) 
     (11 )     
  
 
 
    
 
 
    
 
 
    
 
 
  
Net loss attributable to Boeing Shareholders
   
($
1,782
) 
   ($ 563 )   
($
1,439
) 
   ($ 149 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
This information is an integral part of the Notes to the Condensed Consolidated Financial Statements. See Note 19 for further segment results.
(Dollars in millions)
                   
Years ended December 31,
   
2023
     2022     2021  
Revenues:
       
Commercial Airplanes
   
$
33,901
 
   $ 26,026   $ 19,714
Defense, Space & Security
   
 
24,933
 
     23,162     26,540
Global Services
   
 
19,127
 
     17,611     16,328
Unallocated items, eliminations and other
   
 
(167
) 
     (191 )      (296 ) 
  
 
 
    
 
 
    
 
 
  
Total revenues
   
$
77,794
 
   $ 66,608   $ 62,286
  
 
 
    
 
 
    
 
 
  
Loss from operations:
       
Commercial Airplanes
   
($
1,635
) 
   ($ 2,341 )    ($ 6,377 ) 
Defense, Space & Security
   
 
(1,764
) 
     (3,544 )      1,544
Global Services
   
 
3,329
 
     2,727     2,017
  
 
 
    
 
 
    
 
 
  
Segment operating loss
   
 
(70
) 
     (3,158 )      (2,816 ) 
Unallocated items, eliminations and other
   
 
(1,759
) 
     (1,504 )      (1,227 ) 
FAS/CAS service cost adjustment
   
 
1,056
 
     1,143     1,173
  
 
 
    
 
 
    
 
 
  
Loss from operations
   
 
(773
) 
     (3,519 )      (2,870 ) 
Other income, net
   
 
1,227
 
     1,058     551
Interest and debt expense
   
 
(2,459
) 
     (2,561 )      (2,714 ) 
  
 
 
    
 
 
    
 
 
  
Loss before income taxes
   
 
(2,005
) 
     (5,022 )      (5,033 ) 
Income tax (expense)/benefit
   
 
(237
) 
     (31 )      743
  
 
 
    
 
 
    
 
 
  
Net loss
   
 
(2,242
) 
     (5,053 )      (4,290 ) 
Less: net loss attributable to noncontrolling interest
   
 
(20
) 
     (118 )      (88 ) 
  
 
 
    
 
 
    
 
 
  
Net loss attributable to Boeing Shareholders
   
($
2,222
) 
   ($ 4,935 )    ($ 4,202 ) 
  
 
 
    
 
 
    
 
 
  
This information is an integral part of the Notes to the Consolidated Financial Statements.
See
Note 22 for further segment results.
v3.24.2.u1
Basis of Presentation
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Basis of Presentation
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 June 30, 2024, 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 herein. We added a new financial statement line item to the Condensed Consolidated Statements of Cash Flows for cash invested in Supplier notes receivable and reclassified the corresponding amounts in the prior period financial statements to conform to the 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.
Goodwill
We performed our annual goodwill impairment test as of April 1, 2024, using a qualitative assessment. We determined the fair value of each of our reporting units substantially exceeded their respective carrying values.
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 revenues and costs at completion for a long-term contract indicate a loss, a provision for the entire reach-forward loss on the long-term contract is recognized.
The table below reflects the impact of net cumulative
catch-up
adjustments for changes in estimated revenues and costs at completion across all long-term contracts, including the impact to Loss from operations from changes in estimated losses on unexercised options.
 
(In millions – except per share amounts)
   
Six months ended
June 30
     
Three months ended
June 30
  
    
2024
      2023     
2024
      2023  
Decrease to Revenue
   
($
965
) 
    ($ 782 )    
($
747
) 
    ($ 470 ) 
Increase to Loss from operations
   
($
1,700
) 
    ($ 1,348 )    
($
1,334
) 
    ($ 830 ) 
Increase to Diluted loss per share
   
($
2.62
) 
    ($ 1.43 )    
($
2.06
) 
    ($ 0.51 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Note 1 – Summary of Significant Accounting Policies
Principles of Consolidation and Basis of Presentation
The Consolidated 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”). These statements include the accounts of all majority-owned subsidiaries and variable interest entities that are required to be consolidated. All significant intercompany accounts and transactions have been eliminated. As described in Note 22, we now operate in three reportable segments: Commercial Airplanes (BCA), Defense, Space & Security (BDS), and Global Services (BGS). As a result, 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.
Operating Cycle
For classification of certain current assets and liabilities, we use the duration of the related contract or program as our operating cycle, which is generally longer than one year.
Revenue and Related Cost Recognition
Commercial aircraft contracts
The majority of our BCA segment revenue is derived from commercial aircraft contracts. For each contract, we determine the transaction price based on the consideration expected to be received. We allocate the transaction price to each commercial aircraft performance obligation based on relative standalone selling prices adjusted by an escalation formula as specified in the customer agreement. Revenue is recognized for each commercial aircraft performance obligation at the point in time when the aircraft is completed and accepted by the customer. We use program accounting to determine the amount reported as cost of sales.
Payments for commercial aircraft sales are received in accordance with the customer agreement, which generally includes a deposit upon order and additional payments in accordance with a payment schedule, with the balance being due immediately prior to or at aircraft delivery. Advances and progress billings (contract liabilities) are normal and customary for commercial aircraft contracts and not considered a significant financing component as they are intended to protect us from the other party failing to adequately complete some or all of its obligations under the contract.
Long-term contracts
Substantially all contracts at BDS and certain contracts at BGS are long-term contracts with the U.S. government and other customers that generally extend over several years. Products sales under long-term contracts primarily include fighter jets, rotorcraft, cybersecurity products, surveillance suites, advanced weapons, missile defense, military derivative aircraft, satellite systems and modification of commercial passenger aircraft to cargo freighters. Sales of services under long-term contracts primarily include support and maintenance agreements associated with our commercial and defense products and space travel on Commercial Crew.
 
For each long-term contract, we determine the transaction price based on the consideration expected to be received. We allocate the transaction price to each distinct performance obligation to deliver a good or service, or a collection of goods and/or services, based on the relative standalone selling prices. A long-term contract will typically represent a single distinct performance obligation due to the highly interdependent and interrelated nature of the underlying goods and/or services and the significant service of integration that we provide. While the scope and price on certain long-term contracts may be modified over their life, the transaction price is based on current rights and obligations under the contract and does not include potential modifications until they are agreed upon with the customer. When applicable, a cumulative adjustment or separate recognition for the additional scope and price may result. Long-term contracts can be negotiated with a fixed price or a price in which we are reimbursed for costs incurred plus an agreed upon profit. The Federal Acquisition Regulations provide guidance on the types of cost that will be reimbursed in establishing the price for contracts with the U.S. government. Certain long-term contracts include in the transaction price variable consideration, such as incentive and award fees, if specified targets are achieved. The amount included in the transaction price represents the expected value, based on a weighted probability, or the most likely amount.
Long-term contract revenue is recognized over the contract term (over time) as the work progresses, either as products are produced or as services are rendered. We generally recognize revenue over time as we perform on long-term contracts because of continuous transfer of control to the customer. For U.S. government contracts, this continuous transfer of control to the customer is supported by clauses in the contract that allow the customer to unilaterally terminate the contract for convenience, pay us for costs incurred plus a reasonable profit and take control of any work in process. Similarly, for
non-U.S.
government contracts, the customer typically controls the work in process as evidenced either by contractual termination clauses or by our rights to payment of the transaction price associated with work performed to date on products or services that do not have an alternative use to the Company.
The accounting for long-term contracts involves a judgmental process of estimating total revenues, costs and profit for each performance obligation. Cost of sales is recognized as incurred. The amount reported as revenues is determined by adding a proportionate amount of the estimated profit to the amount reported as cost of sales. Recognizing revenue as costs are incurred provides an objective measure of progress on the long-term contract and thereby best depicts the extent of transfer of control to the customer.
For long-term contracts for which revenue is recognized over time, 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 revenues and costs at completion for a long-term contract indicate a loss, a provision for the entire reach-forward loss on the long-term contract is recognized.
The table below reflects the impact of net cumulative
catch-up
adjustments for changes in estimated revenues and costs at completion across all long-term contracts including the impact to Loss from operations from estimated losses on unexercised options for the years ended December 31:
 
    
2023
      2022      2021  
Decrease to Revenue
   
($
1,706
) 
    ($ 2,335 )     ($ 379 ) 
Increase to Loss from operations
   
($
2,943
) 
    ($ 5,253 )     ($ 880 ) 
Increase to Diluted loss per share
   
($
5.43
) 
    ($ 8.88 )     ($ 1.28 ) 
  
 
 
     
 
 
     
 
 
  
 
Significant adjustments during the three years ended December 31, 2023 included losses on
VC-25B,
KC-46A
Tanker,
MQ-25,
Commercial Crew and
T-7A
Red Hawk programs in addition to lower earnings on
F-15
and satellites.
Due to the significance of judgment in the estimation process, changes in underlying assumptions/estimates, internal and supplier performance, inflationary trends, or other circumstances may adversely or positively affect financial performance in future periods.
Payments under long-term contracts may be received before or after revenue is recognized. The U.S. government customer typically withholds payment of a small portion of the contract price until contract completion. Therefore, long-term contracts typically generate Unbilled receivables (contract assets) but may generate Advances and progress billings (contract liabilities). Long-term contract Unbilled receivables and Advances and progress billings are not considered a significant financing component because they are intended to protect either the customer or the Company in the event that some or all of the obligations under the contract are not completed.
Commercial spare parts contracts
Certain contracts at our BGS segment include sales of commercial spare parts. For each contract, we determine the transaction price based on the consideration expected to be received. The spare parts have discrete unit prices that represent fair value. We generally consider each spare part to be a separate performance obligation. Revenue is recognized for each commercial spare part performance obligation at the point in time of delivery to the customer. We may provide our customers with a right to return a commercial spare part where a customer may receive a full or partial refund, a credit applied to amounts owed, a different product in exchange, or any combination of these items. We consider the potential for customer returns in the estimated transaction price. The amount reported as cost of sales is recorded at average cost. Payments for commercial spare parts sales are typically received shortly after delivery.
Other service revenue contracts
Certain contracts at our BGS segment are for sales of services to commercial customers including maintenance, training, data analytics and information-based services. We recognize revenue for these service performance obligations over time as the services are rendered. The method of measuring progress (such as straight-line or billable amount) varies depending upon which method best depicts the transfer of control to the customer based on the type of service performed. Cost of sales is recorded as incurred.
Concession sharing arrangements
We account for sales concessions to our customers in consideration of their purchase of products and services as a reduction of the transaction price and the revenue that is recognized for the related performance obligations. The sales concessions incurred may be partially reimbursed by certain suppliers in accordance with concession sharing arrangements. We record these reimbursements, which are presumed to represent reductions in the price of the vendor’s products or services, as a reduction in Cost of products.
Unbilled receivables and advances and progress billings
Unbilled receivables (contract assets) arise when the Company recognizes revenue for amounts which cannot yet be billed under terms of the contract with the customer. Advances and progress billings (contract liabilities) arise when the Company receives payments from customers in advance of recognizing revenue. The amount of Unbilled receivables or Advances and progress billings is determined for each contract.
Financial services revenue
We record financial services revenue associated with sales-type leases, operating leases and loans in Sales of services on the Consolidated Statements of Operations. For sales-type leases, we recognize selling profit or loss at lease inception if collection of the lease payments is probable. For sales-type leases, we record financing receivables at lease inception. A financing receivable is recorded at the aggregate of future lease payments, estimated residual value of
the leased equipment, and any deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. For notes receivable, we record financing receivables net of any unamortized discounts and deferred incremental direct costs. Interest income and amortization of any discounts are recorded ratably over the related term of the note.
Income recognition is generally suspended for financing receivables that are uncollectible. We determine that a financing receivable is uncollectible 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. We determine a financing receivable is past due when cash has not been received upon the due date specified in the contract.
We evaluate the collectability of financing receivables at commencement and on a recurring basis. If a financing receivable is determined to be uncollectible, the customer is categorized as
non-accrual
status. When a customer is in
non-accrual
status at commencement, sales-type lease revenue is deferred until substantially all cash has been received or the customer is removed from
non-accrual
status. If we have a note receivable with a customer that is in
non-accrual
status, or a sales-type lease with a customer that changes to
non-accrual
status after commencement, we recognize contractual interest income as payments are received to the extent there is sufficient collateral and payments exceed past due principal payments.
Residual values, which are reviewed periodically, represent the estimated amount we expect to receive at lease termination from the disposition of the leased equipment. Actual residual values realized could differ from these estimates. Declines in estimated residual value that are deemed other-than-temporary are recognized in the period in which the declines occur.
For operating leases, revenue on leased aircraft and equipment is recorded on a straight-line basis over the term of the lease. Operating lease assets, included in Financing receivables and operating lease equipment, net, are recorded at cost and depreciated to an estimated residual value using the straight-line method over the period that we project we will hold the asset. We periodically review our estimates of residual value and recognize forecasted changes by prospectively adjusting depreciation expense. We record assets held for sale at the lower of carrying value or fair value less costs to sell. We evaluate for impairment assets under operating leases when events or changes in circumstances indicate that the expected undiscounted cash flow from the asset may be less than the carrying value. When we determine that impairment is indicated for an asset, the amount of impairment expense recorded is the excess of the carrying value over the fair value of the asset.
Reinsurance revenue
Our wholly owned insurance subsidiary, Astro Ltd., participates in a reinsurance pool for workers’ compensation. The member agreements and practices of the reinsurance pool minimize any participating members’ individual risk. Reinsurance revenues were $163, $129 and $126 during 2023, 2022 and 2021, respectively. Reinsurance costs related to premiums and claims paid to the reinsurance pool were $181, $134 and $129 during 2023, 2022 and 2021, respectively. Revenues and costs are presented net in Cost of sales in the Consolidated Statements of Operations.
Research and Development
Research and development includes costs incurred for experimentation, design and testing, as well as bid and proposal efforts related to government products and services, which are expensed as incurred unless the costs are related to certain contractual arrangements with customers. Costs that are incurred pursuant to such contractual arrangements are recorded over the period that revenue is recognized, consistent with our long-term contract accounting policy. We have certain research and
development arrangements that meet the requirement for best efforts research and development accounting. Accordingly, the amounts funded by the customer are recognized as an offset to our research and development expense rather than as contract revenues. Research and development expense, net included bid and proposal costs of $188, $217 and $213 in 2023, 2022 and 2021, respectively.
Share-Based Compensation
We provide various forms of share-based compensation to our employees. For awards settled in shares, we measure compensation expense based on the grant-date fair value net of estimated forfeitures. For awards settled in cash, or that may be settled in cash, we measure compensation expense based on the fair value at each reporting date net of estimated forfeitures. The expense is recognized over the requisite service period, which is generally the vesting period of the award.
Income Taxes
Provisions for U.S. federal, state and local, and
non-U.S.
income taxes are calculated on reported Loss before income taxes based on current tax law and also include, in the current period, the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provisions differ from the amounts currently receivable or payable because certain items of income and expense are recognized in different time periods for financial reporting purposes than for income tax purposes. Significant judgment is required in determining income tax provisions and evaluating tax positions.
The accounting for uncertainty in income taxes requires a more-likely
than-not
threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. We record a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on our tax return. To the extent that our assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made.
Tax-related
interest and penalties are classified as a component of Income tax (expense)/benefit.
We also assess the likelihood that we will be able to recover our deferred tax assets against future sources of taxable income and reduce the carrying amounts of deferred tax assets by recording a valuation allowance if, based on the available evidence, it is more likely than not that all or a portion of such assets will not be realized. Changes in our estimates and judgments regarding realization of deferred tax assets may result in an increase or decrease to our tax expense and/or other comprehensive income, which would be recorded in the period in which the change occurs.
Postretirement Plans
Many of our employees have earned benefits under defined benefit pension plans. The majority of employees that had participated in defined benefit pension plans have transitioned to a company-funded defined contribution retirement savings plan. We also provide postretirement benefit plans other than pensions, consisting principally of health care coverage to eligible retirees and qualifying dependents. Benefits under the pension and other postretirement benefit plans are generally based on age at retirement and years of service and, for some pension plans, benefits are also based on the employee’s annual earnings. The net periodic cost of our pension and other postretirement plans is determined using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate, the long-term rate of asset return and medical trend (rate of growth for medical costs). Actuarial gains and losses, which occur when actual experience differs from actuarial assumptions, are reflected in Shareholders’ equity (net of taxes). If actuarial gains and losses
exceed ten percent of the greater of plan assets or plan liabilities, we amortize them over the average expected future lifetime of participants. The funded status of our pension and postretirement plans is reflected on the Consolidated Statements of Financial Position.
Postemployment Plans
We record a liability for postemployment benefits, such as severance or job training, when payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have vested or accumulated.
Environmental Remediation
We are subject to federal and state requirements for protection of the environment, including those for discharge of hazardous materials and remediation of contaminated sites. We routinely assess, based on
in-depth
studies, expert analyses and legal reviews, our contingencies, obligations and commitments for remediation of contaminated sites, including assessments of ranges and probabilities of recoveries from other responsible parties and/or insurance carriers. Our policy is to accrue and charge to current expense identified exposures related to environmental remediation sites when it is probable that a liability has been incurred and the amount can be reasonably estimated. The amount of the liability is based on our best estimate or the low end of a range of reasonably possible exposure for investigation, cleanup and monitoring costs to be incurred. Estimated remediation costs are not discounted to present value as the timing of payments cannot be reasonably estimated. We may be able to recover a portion of the remediation costs from insurers or other third parties. Such recoveries are recorded when realization of the claim for recovery is deemed probable.
Cash and Cash Equivalents
Cash and cash equivalents consist of highly liquid instruments, such as commercial paper, time deposits, and other money market instruments, which have original maturities of three months or less. We aggregate our cash balances by bank where conditions for right of
set-off
are met, and reclassify any negative balances, consisting mainly of uncleared checks, to Accounts payable. Negative balances reclassified to Accounts payable were $117 and $102 at December 31, 2023 and 2022.
Inventories
Inventoried costs on commercial aircraft programs and long-term contracts include direct engineering, production and tooling and other
non-recurring
costs, and applicable overhead, which includes fringe benefits, production related indirect and plant management salaries and plant services, not in excess of estimated net realizable value. To the extent a material amount of such costs are related to an abnormal event or are fixed costs not appropriately attributable to our programs or contracts, they are expensed in the current period rather than inventoried. Inventoried costs include amounts relating to programs and contracts with long-term production cycles, a portion of which is not expected to be realized within one year. Included in inventory for federal government contracts is an allocation of allowable costs related to manufacturing process reengineering.
Commercial aircraft programs inventory includes deferred production costs and supplier advances. Deferred production costs represent actual costs incurred for production of early units that exceed the estimated average cost of all units in the program accounting quantity. Higher production costs are experienced at the beginning of a new or derivative aircraft program. Units produced early in a program require substantially more effort (labor and other resources) than units produced later in a program because of volume efficiencies and the effects of learning. We expect that these deferred costs will be fully recovered when all units included in the accounting quantity are delivered as the
expected unit cost for later deliveries is below the estimated average cost of all units in the program. Supplier advances represent payments for parts we have contracted to receive from suppliers in the future. As parts are received, supplier advances are amortized to work in process.
The determination of net realizable value of long-term contract costs is based upon quarterly reviews that estimate costs to be incurred to complete all contract requirements. When actual contract costs and the estimate to complete exceed total estimated contract revenues, a loss provision is recorded. The determination of net realizable value of commercial aircraft program costs is based upon quarterly program reviews that estimate revenue and cost to be incurred to complete the program accounting quantity. When estimated costs to complete exceed estimated program revenues to go, a program loss provision is recorded in the current period for the estimated loss on all undelivered units in the accounting quantity.
Used aircraft purchased by our BCA segment and general stock materials are stated at cost not in excess of net realizable value. Spare parts inventory is stated at lower of average unit cost or net realizable value. We review our commercial spare parts and general stock materials quarterly to identify impaired inventory, including excess or obsolete inventory, based on historical sales trends, expected production usage, and the size and age of the aircraft fleet using the part. Impaired inventories are charged to Cost of products in the period the impairment occurs.
Included in inventory for commercial aircraft programs are amounts paid or credited in cash, or other consideration to certain airline customers, that are referred to as early issue sales consideration. Early issue sales consideration is recognized as a reduction to revenue when the delivery of the aircraft under contract occurs. If an airline customer does not perform and take delivery of the contracted aircraft, we believe that we would have the ability to recover amounts paid. However, to the extent early issue sales consideration exceeds advances and is not considered to be otherwise recoverable, it would be written off in the current period.
Precontract Costs
We may, from time to time, incur costs in excess of the amounts required for existing contracts. If we determine the costs are probable of recovery from future orders, then we capitalize the precontract costs we incur, excluding
start-up
costs which are expensed as incurred. Capitalized precontract costs are included in Inventories in the accompanying Consolidated Statements of Financial Position. Should future orders not materialize or we determine the costs are no longer probable of recovery, the capitalized costs would be written off.
Property, Plant and Equipment
Property, plant and equipment are recorded at cost, including applicable construction-period interest, less accumulated depreciation and are depreciated principally over the following estimated useful lives: new buildings and land improvements, from 10 to 40 years; and new machinery and equipment, from 4 to 20 years. The principal methods of depreciation are as follows: buildings and land improvements, 150% declining balance; and machinery and equipment,
sum-of-the-years’
digits. Capitalized internal use software is included in Other assets, net and amortized using the straight line method over 5 years. Capitalized costs of software purchased as a service are included in Other assets, net and amortized using the straight line method over the term of the hosting arrangement, which is typically no greater than 10 years. We periodically evaluate the appropriateness of remaining depreciable lives assigned to long-lived assets, including assets that may be subject to a management plan for disposition.
 
Long-lived assets held for sale are stated at the lower of cost or fair value less cost to sell. Long-lived assets held for use are subject to an impairment assessment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset.
Leases
We determine if an arrangement is, or contains, a lease under which we are the lessee at the inception date. Operating lease assets are included in Other assets, net, with the related liabilities included in Accrued liabilities and Other long-term liabilities. Assets under finance leases, which primarily represent computer equipment, are included in Property, plant and equipment, net, with the related liabilities included in Short-term debt and current portion of long-term debt and Long-term debt on the Consolidated Statements of Financial Position.
Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. We use our estimated incremental borrowing rate in determining the present value of lease payments. Variable components of the lease payments such as fair market value adjustments, utilities and maintenance costs are expensed as incurred and not included in determining the present value. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term.
We have real property lease agreements with lease and
non-lease
components which are accounted for as a single lease component.
Asset Retirement Obligations
We record all known asset retirement obligations for which the liability’s fair value can be reasonably estimated, including certain asbestos removal, asset decommissioning and contractual lease restoration obligations. Recorded amounts are not material.
We also have known conditional asset retirement obligations, such as certain asbestos remediation and asset decommissioning activities to be performed in the future, that are not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, these obligations have not been recorded in the Consolidated Financial Statements. A liability for these obligations will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. In addition, there may be conditional asset retirement obligations that we have not yet discovered (e.g. asbestos may exist in certain buildings but we have not become aware of it through the normal course of business), and therefore, these obligations also have not been included in the Consolidated Financial Statements.
Goodwill and Other Acquired Intangibles
Goodwill and other acquired intangible assets with indefinite lives are not amortized, but are tested for impairment annually and when an event occurs or circumstances change such that it is more likely than not that an impairment may exist. Our annual testing date is April 1.
We test goodwill for impairment by performing a qualitative assessment or using a quantitative test. If we choose to perform a qualitative assessment and determine it is more likely than not that the carrying value of the net assets is more than the fair value of the related operations, the quantitative
test is then performed; otherwise, no further testing is required. For operations where the quantitative test is used, we compare the carrying value of net assets to the estimated fair value of the related operations. If the fair value is determined to be less than carrying value, the shortfall up to the carrying value of the goodwill represents the amount of goodwill impairment.
Indefinite-lived intangibles consist of a brand and trade name and
in-process
research and development (IPR&D) acquired in business combinations. IPR&D is initially capitalized at fair value as an intangible asset with an indefinite life and assessed for impairment thereafter. IPR&D is reclassified to finite-lived acquired intangible assets when a project is completed and then amortized on a straight-line basis over the asset’s estimated useful life. We test these intangibles for impairment by comparing the carrying values to current projections of related discounted cash flows. Any excess carrying value over the amount of discounted cash flows represents the amount of the impairment.
Our finite-lived acquired intangible assets are amortized on a straight-line basis over their estimated useful lives as follows: developed technology, from 4 to 14 years; product
know-how,
from 6 to 30 years; customer base, from 3 to 17 years; distribution rights, from 3 to 27 years; and other, from 1 to 32 years. We evaluate the potential impairment of finite-lived acquired intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset.
Investments
Time deposits are
held-to-maturity
investments that are carried at cost.
Available-for-sale
debt investments include commercial paper, U.S. government agency securities and corporate debt securities.
Available-for-sale
debt investments are recorded at fair value, and unrealized gains and losses are recorded, net of tax, as a component of accumulated other comprehensive income. Realized gains and losses on
available-for-sale
debt investments are recognized based on the specific identification method.
Available-for-sale
debt investments are assessed for impairment quarterly.
The equity method of accounting is used to account for investments for which we have the ability to exercise significant influence, but not control, over an investee. Significant influence is generally deemed to exist if we have an ownership interest in the voting stock of an investee of between 20% and 50%. The cumulative earnings approach is used for cash flow classification of distributions received from equity method investments.
Other Equity investments are recorded at fair value, with gains and losses recorded through net earnings. Equity investments without readily determinable fair value are measured at cost, less impairments, plus or minus observable price changes. Equity investments without readily determinable fair value are assessed for impairment quarterly.
We classify investment income and loss on our Consolidated Statements of Operations based on whether the investment is operating or
non-operating
in nature. Operating investments align strategically and are integrated with our operations. Earnings from operating investments, including our share of income or loss from equity method investments, dividend income from other equity investments, and any impairments or gain/loss on the disposition of these investments, are recorded in Income/(loss) from operating investments, net.
Non-operating
investments are those we hold for
non-strategic
purposes. Earnings from
non-operating
investments, including interest and dividends on marketable securities, and any impairments or gain/loss on the disposition of these investments are recorded in Other income, net.
 
Derivatives
All derivative instruments are recognized in the financial statements and measured at fair value regardless of the purpose or intent of holding them. We use derivative instruments to principally manage a variety of market risks. For our cash flow hedges, the derivative’s gain or loss is initially reported in comprehensive income and is subsequently reclassified into earnings in the same period(s) during which the hedged forecasted transaction affects earnings.
We have agreements to purchase and sell aluminum to address long-term strategic sourcing objectives and
non-U.S.
business requirements. We also hold certain other derivative instruments for economic purposes. These aluminum purchase and sale agreements and other derivative instruments are derivatives for accounting purposes but are not designated as hedges for accounting purposes. For these aluminum agreements and other derivative instruments not designated for hedge accounting treatment, the changes in their fair value are recorded in earnings immediately.
Allowances for Losses on Certain Financial Assets
We establish allowances for credit losses on accounts receivable, unbilled receivables, financing receivables and certain other financial assets. The adequacy of these allowances is assessed quarterly through consideration of factors such as customer credit ratings, bankruptcy filings, published or estimated credit default rates, age of the receivable, expected loss rates and collateral exposures. Collateral exposure is the excess of the carrying value of a financial asset over the fair value of the related collateral. We determine the creditworthiness of our customers by assigning internal credit ratings based upon publicly available information and information obtained directly from the customers. Our rating categories are comparable to those used by major credit rating agencies.
Financing receivables are collateralized by security in the related asset. We use a median calculated from published collateral values from multiple third-party aircraft value publications based on the type and age of the aircraft to determine the fair value of aircraft collateral. Under certain circumstances, we apply judgment based on the attributes of the specific aircraft or equipment, usually when the features or use of the aircraft vary significantly from the more generic aircraft attributes covered by outside publications.
We have entered into agreements with certain customers that would entitle us to look beyond the specific collateral underlying the receivable for purposes of determining the collateral exposure. Should the proceeds from the sale of the underlying collateral asset resulting from a default condition be insufficient to cover the carrying value of our receivable (creating a shortfall condition), these agreements would, for example, permit us to take the actions necessary to sell or retain certain other assets in which the customer has an equity interest and use the proceeds to cover the shortfall.
Commercial Aircraft
Trade-in
Commitments
In conjunction with signing a definitive agreement for the sale of new commercial 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.
Exposure related to
trade-in
commitments may take the form of:
 
  (1)
adjustments to revenue for the difference between the contractual
trade-in
price in the definitive agreement and our best estimate of the fair value of the
trade-in
aircraft as of the date of such agreement, which would be recognized upon delivery of the Sale Aircraft, and/or
 
  (2)
charges to cost of products for adverse changes in the fair value of
trade-in
aircraft that occur subsequent to signing of a definitive agreement for Sale Aircraft but prior to the purchase of the used
trade-in
aircraft. Estimates based on current aircraft values would be included in Accrued liabilities.
 
The fair value of
trade-in
aircraft is determined using aircraft-specific data such as model, age and condition, market conditions for specific aircraft and similar models, and multiple valuation sources. This process uses our assessment of the market for each
trade-in
aircraft, which in most instances begins years before the return of the aircraft. There are several possible markets in which we continually pursue opportunities to place used aircraft. These markets include, but are not limited to, the resale market, which could potentially include the cost of long-term storage; the leasing market, with the potential for refurbishment costs to meet the leasing customer’s requirements; or the scrap market.
Trade-in
aircraft valuation varies significantly depending on which market we determine is most likely for each aircraft. On a quarterly basis, we update our valuation analysis based on the actual activities associated with placing each aircraft into a market or using current published third-party aircraft valuations based on the type and age of the aircraft, adjusted for individual attributes and known conditions.
Warranties
In conjunction with certain product sales, we provide warranties that cover factors such as
non-conformance
to specifications and defects in material and design. The majority of our warranties are issued by our BCA segment. Generally, aircraft sales are accompanied by a 3 to
4-year
standard warranty for systems, accessories, equipment, parts, and software manufactured by us or manufactured to certain standards under our authorization. These warranties are included in the programs’ estimate at completion. On occasion we have made commitments beyond the standard warranty obligation to correct fleet-wide major issues of a particular model, resulting in additional accrued warranty expense. Warranties issued by our BDS segment principally relate to sales of military aircraft and weapons systems. These sales are generally accompanied by a six month to
two-year
warranty period and cover systems, accessories, equipment, parts and software manufactured by us to certain contractual specifications. Estimated costs related to standard warranties are recorded in the period in which the related product delivery occurs. The warranty liability recorded at each balance sheet date reflects the estimated number of months of warranty coverage outstanding for products delivered times the average of historical monthly warranty payments, as well as additional amounts for certain major warranty issues that exceed a normal claims level. Estimated costs of these additional warranty issues are considered changes to the initial liability estimate.
We provide guarantees to certain commercial aircraft customers which include compensation provisions for failure to meet specified aircraft performance targets. We account for these performance guarantees as warranties. The estimated liability for these warranties is based on known and anticipated operational characteristics and forecasted customer operation of the aircraft relative to contractually specified performance targets, and anticipated settlements when contractual remedies are not specified. Estimated payments are recorded as a reduction of revenue at delivery of the related aircraft. We have agreements that require certain suppliers to compensate us for amounts paid to customers for failure of supplied equipment to meet specified performance targets. Claims against suppliers under these agreements are included in Inventories and recorded as a reduction in Cost of products at delivery of the related aircraft. These performance warranties and claims against suppliers are included in estimates to complete the related programs.
Supplier Penalties
We may incur penalties to suppliers under certain circumstances such as a contract termination. We record an accrual for supplier penalties when an event occurs that makes it probable we will incur a supplier penalty and the amount is reasonably estimable.
 
Guarantees
At the inception of a guarantee, we record a liability in Accrued liabilities for the fair value of the guarantee. For credit guarantees, the liability is equal to the present value of the expected loss. We determine the expected loss by multiplying the creditor’s default rate by the guarantee amount reduced by the expected recovery, if applicable. We also recognize a liability for the expected contingent loss at inception and adjust it each quarter.
v3.24.2.u1
Spirit Acquisition
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Spirit Acquisitions
Note 2 – Spirit Acquisition
On June 30, 2024, we entered into an Agreement and Plan of Merger (the Merger Agreement) pursuant to which we have agreed to acquire Spirit AeroSystems Holdings, Inc. (Spirit) in an
all-stock
transaction at an equity value of approximately $4,700, or $37.25 per share of Spirit Class A Common Stock. The transaction will include the assumption of Spirit’s net debt at closing.
Each share of Spirit common stock will be exchanged for a number of shares of Boeing common stock equal to an exchange ratio between 0.18 and 0.25, calculated as $37.25 divided by the volume weighted average share price of Boeing shares over the
15-trading-day
period ending on the second trading day prior to the closing (subject to a floor of $149.00 per share and a ceiling of $206.94 per share). Spirit stockholders will receive 0.25 Boeing shares for each of their Spirit shares if the volume-weighted average price is at or below $149.00, and 0.18 Boeing shares for each of their Spirit shares if the volume-weighted average price is at or above $206.94 per share.
Boeing’s acquisition of Spirit will include substantially all Boeing-related commercial operations, as well as certain other operations.
Spirit has also entered into a binding term sheet with Airbus SE (Airbus) setting forth the terms upon which Airbus will, assuming the parties enter into definitive agreements and receive all required regulatory approvals, acquire certain commercial work packages that Spirit performs for Airbus concurrently with the closing of the Boeing-Spirit merger. In addition, Spirit is proposing to sell certain of its operations, including those in Belfast, Northern Ireland
(non-Airbus
operations); Prestwick, Scotland; Subang, Malaysia; Biddeford, Maine; and Woonsocket, Rhode Island.
The transaction is expected to close
mid-2025
and is subject to the sale of the Spirit operations related to certain Airbus commercial work packages and the satisfaction of customary closing conditions, including regulatory and Spirit stockholder approvals.
The Merger Agreement contains certain termination rights, including that either Boeing or Spirit may terminate the Merger Agreement if, subject to certain limitations, the transaction has not been consummated by March 31, 2025 (subject to three automatic three-month extensions if on each such date all of the closing conditions except those relating to regulatory approvals have been satisfied or waived) (the Outside Date). Additionally, Spirit may terminate the Merger Agreement under specified circumstances to accept an unsolicited Superior Proposal (as defined in the Merger Agreement) from a third party, and we may terminate the Merger Agreement if, before Spirit stockholder approval has been obtained, the Spirit Board of Directors changes its recommendation that Spirit’s stockholders adopt the Merger Agreement.
The Merger Agreement provides that Spirit will be required to pay Boeing a termination fee of $150 if the Merger Agreement is terminated under specified circumstances in which the Spirit Board of Directors changes its recommendation that Spirit’s stockholders adopt the Merger Agreement, Spirit terminates the Merger Agreement in order to accept a Superior Proposal as set forth in the Merger Agreement, or Spirit consummates a Qualifying Transaction (as defined in the Merger Agreement) following the termination of the Merger Agreement.
The Merger Agreement also provides that we will be required to pay Spirit a termination fee of $300 if the Merger Agreement is terminated by Spirit or Boeing under certain specified circumstances as a result of the parties’ failure to obtain the required regulatory approvals by the Outside Date or in the event that any law or order related to the required regulatory approvals or any applicable antitrust law or foreign investment law prohibits the consummation of the Merger.
v3.24.2.u1
Earnings Per Share
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]    
Earnings Per Share
Note 3 – 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 attributable to Boeing Shareholders, 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 attributable to Boeing Shareholders, less earnings available to participating securities, divided by the diluted weighted average common shares outstanding. Diluted weighted average common shares outstanding is calculated using the treasury stock method.
The elements used in the computation of Basic and Diluted loss per share were as follows:
 
(In millions – except per share amounts)
   
Six months ended
June 30
     
Three months ended
June 30
  
    
2024
      2023     
2024
      2023  
Net loss attributable to Boeing Shareholders
   
($
1,782
) 
    ($ 563 )    
($
1,439
) 
    ($ 149 ) 
Less: earnings available to participating securities
            
  
 
 
     
 
 
     
 
 
     
 
 
  
Net loss available to common shareholders
   
($
1,782
) 
    ($ 563 )    
($
1,439
) 
    ($ 149 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Basic
            
Basic weighted average shares outstanding
   
 
614.8
 
      603.9     
 
616.6
 
      605.5  
Less: participating securities
(1)
   
 
0.3
 
      0.3     
 
0.3
 
      0.3  
  
 
 
     
 
 
     
 
 
     
 
 
  
Basic weighted average common shares outstanding
   
 
614.5
 
      603.6     
 
616.3
 
      605.2  
  
 
 
     
 
 
     
 
 
     
 
 
  
Diluted
            
Diluted weighted average shares outstanding
   
 
614.8
 
      603.9     
 
616.6
 
      605.5  
Less: participating securities
(1)
   
 
0.3
 
      0.3     
 
0.3
 
      0.3  
  
 
 
     
 
 
     
 
 
     
 
 
  
Diluted weighted average common shares outstanding
   
 
614.5
 
      603.6     
 
616.3
 
      605.2  
  
 
 
     
 
 
     
 
 
     
 
 
  
Net loss per share:
            
Basic
   
($
2.90
) 
    ($ 0.93 )    
($
2.33
) 
    ($ 0.25 ) 
Diluted
   
 
(2.90
) 
      (0.93 )    
 
(2.33
) 
      (0.25 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
 
(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)
   
Six months ended
June 30
     
Three months ended
June 30
  
    
2024
      2023     
2024
      2023  
Performance restricted stock units
   
 
0.6
 
      
 
0.7
 
   
Restricted stock units
   
 
1.0
 
      
 
2.0
 
   
Stock options
   
 
0.8
 
      0.8     
 
0.8
 
      0.8  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
In addition, potential common shares of 2.9 million and 5.4 million for the six months ended June 30, 2024 and 2023 and 2.7 million and 5.5 million for the three months ended June 30, 2024 and 2023 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 – 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 attributable to Boeing Shareholders, 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 attributable to Boeing Shareholders, less earnings available to participating securities, divided by the diluted weighted average common shares outstanding. Diluted weighted average common shares outstanding is calculated using the treasury stock method.
The elements used in the computation of basic and diluted earnings per share were as follows:
 
(In millions – except per share amounts)
                     
Years ended December 31,
   
2023
      2022      2021  
Net loss attributable to Boeing Shareholders
   
($
2,222
) 
    ($ 4,935 )     ($ 4,202 ) 
Less: earnings available to participating securities
         
  
 
 
     
 
 
     
 
 
  
Net loss available to common shareholders
   
($
2,222
) 
    ($ 4,935 )     ($ 4,202 ) 
  
 
 
     
 
 
     
 
 
  
Basic
         
Basic weighted average shares outstanding
   
 
606.1
 
      595.2      588.0
Less: participating securities(1)
   
 
0.3
 
      0.3      0.4
Basic weighted average common shares outstanding
   
 
605.8
 
      594.9      587.6
  
 
 
     
 
 
     
 
 
  
Diluted
         
Diluted weighted average shares outstanding
   
 
606.1
 
      595.2      588.0
Less: participating securities(1)
   
 
0.3
 
      0.3      0.4
  
 
 
     
 
 
     
 
 
  
Diluted weighted average common shares outstanding
   
 
605.8
 
      594.9      587.6
  
 
 
     
 
 
     
 
 
  
Net loss per share:
         
Basic
   
($
3.67
) 
    ($ 8.30 )     ($ 7.15 ) 
Diluted
   
 
(3.67
) 
      (8.30 )       (7.15 ) 
  
 
 
     
 
 
     
 
 
  
 
(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)
                     
Years ended December 31,
   
2023
      2022      2021  
Performance awards
            2.9
Performance-based restricted stock units
         0.4      0.8
Restricted stock units
         1.0      0.4
Stock options
   
 
0.8
 
      0.8      0.3
  
 
 
     
 
 
     
 
 
  
 
In addition, potential common shares of 5.7 million, 3.5 million, and 2.6 million for the years ended December 31, 2023, 2022 and 2021 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.
v3.24.2.u1
Goodwill and Acquired Intangibles
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Acquired Intangibles
Note 2 – Goodwill and Acquired Intangibles
Changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 were as follows:
 
     Commercial
Airplanes		      Defense, Space & Security      Global Services     Other      Total  
Balance at December 31, 2021
    $ 1,316    $ 3,224    $ 3,443   $ 85    $ 8,068
Goodwill adjustments
            (11 )         (11 ) 
  
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Balance at December 31, 2022
   
$
1,316
 
   
$
3,224
 
   
$
3,432
 
  
$
85
 
   
$
8,057
 
Acquisitions
   
 
3
 
   
 
11
 
   
 
16
 
     
 
30
 
Goodwill adjustments
         
 
6
 
     
 
6
 
  
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Balance at December 31, 2023
   
$
1,319
 
   
$
3,235
 
   
$
3,454
 
  
$
85
 
   
$
8,093
 
  
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
As of December 31, 2023 and 2022, we had indefinite-lived intangible assets with carrying amounts of $197 relating to trade names. As of December 31, 2023 and 2022, we had an indefinite-lived intangible asset with a carrying amount of $202 related to in process research and development for a next-generation air vehicle.
The gross carrying amounts and accumulated amortization of our acquired finite-lived intangible assets were as follows at December 31:
 
    
2023
      2022  
    
Gross
Carrying
Amount
     
Accumulated
Amortization
      Gross
Carrying
Amount		      Accumulated
Amortization		  
Distribution rights
   
$
2,545
 
   
$
1,566
 
    $ 2,546    $ 1,443
Product
know-how
   
 
552
 
   
 
465
 
      552      441
Customer base
   
 
1,358
 
   
 
837
 
      1,356      777
Developed technology
   
 
638
 
   
 
569
 
      621      545
Other
   
 
280
 
   
 
241
 
      276      233
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
5,373
 
   
$
3,678
 
    $ 5,351    $ 3,439
  
 
 
     
 
 
     
 
 
     
 
 
  
Amortization expense for acquired finite-lived intangible assets for the years ended December 31, 2023 and 2022 was $235 and $241. Estimated amortization expense for the five succeeding years is as follows:
 
     2024      2025      2026      2027      2028  
Estimated amortization expense
    $ 224    $ 199    $ 194    $ 174    $ 147
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
v3.24.2.u1
Income Taxes
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]    
Income Taxes
Note 4 – Income Taxes
We computed our 2024 interim tax provision using an estimated annual effective tax rate of (11.1%), adjusted for discrete items. Our 2024 estimated annual effective tax rate is primarily driven by taxes on
non-U.S.
operations. The effective tax rates were 5.2% and 35.9% for the six months ended June 30, 2024 and 2023. The effective tax rate for the three months ended June 30, 2024, was 5.0% and reflects additional tax expense to adjust prior quarter’s results to the annual effective tax rate offset by discrete tax benefits of $335 recorded in the second quarter related to the settlement of the 2018-2020 federal tax audit, which is after an associated $155 valuation allowance expense.
As of December 31, 2023, we had recorded valuation allowances of $4,550 primarily for certain domestic deferred tax assets, and certain domestic net operating losses, tax credit and interest 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 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 results from not having sufficient income from deferred tax liability reversals in the appropriate future periods to support the realization of deferred tax assets.
The total amount of unrecognized tax benefits of $1,131 as of December 31, 2023, decreased by $625 in the second quarter due to the settlement of the 2018-2020 federal tax audit, as discussed above.
Federal income tax audits have been settled for all years prior to 2021. The Internal Revenue Service is expected to begin the 2021-2023 federal tax audit in the second quarter of 2025. 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.
Note 4 – Income Taxes
The components of Loss before income taxes were:
 
Years ended December 31,
   
2023
      2022      2021  
U.S.
   
($
2,512
) 
    ($ 5,457 )     ($ 5,475 ) 
Non-U.S.
   
 
507
 
      435      442
  
 
 
     
 
 
     
 
 
  
Total
   
($
2,005
) 
    ($ 5,022 )     ($ 5,033 ) 
  
 
 
     
 
 
     
 
 
  
Income tax (expense)/benefit consisted of the following:
 
Years ended December 31,
   
2023
      2022      2021  
Current tax (benefit)/expense
         
U.S. federal
   
$
9
 
    ($ 58 )     ($ 89 ) 
Non-U.S.
   
 
179
 
      142      147
U.S. state
   
 
19
 
      (42 )       42
  
 
 
     
 
 
     
 
 
  
Total current
   
 
207
 
      42      100
  
 
 
     
 
 
     
 
 
  
Deferred tax (benefit)/expense
         
U.S. federal
   
 
6
 
      (62 )       (855 ) 
Non-U.S.
   
 
5
 
      (3 )       (12 ) 
U.S. state
   
 
19
 
      54      24
  
 
 
     
 
 
     
 
 
  
Total deferred
   
 
30
 
      (11 )       (843 ) 
  
 
 
     
 
 
     
 
 
  
Total income tax expense/(benefit)
   
$
237
 
    $ 31    ($ 743 ) 
  
 
 
     
 
 
     
 
 
  
Net income tax payments/(refunds) were $204, ($1,317) and ($1,480) in 2023, 2022 and 2021, respectively.
The following is a reconciliation of the U.S. federal statutory tax to actual income tax (benefit)/expense:
 
Years ended December 31,
   
2023
     2022     2021  
    
Amount
    
Rate
     Amount     Rate     Amount     Rate  
U.S. federal statutory tax
   
($
421
) 
  
 
21.0
% 
   ($ 1,054 )      21.0 %    ($ 1,057 )      21.0 % 
Valuation allowance
   
 
1,150
 
  
 
(57.3
) 
     1,199     (23.9 )      512     (10.2 ) 
Research and development credits
   
 
(472
) 
  
 
23.6
 
     (204 )      4.1       (189 )      3.8
State income tax provision, net of effects on U.S. federal tax
   
 
(75
) 
  
 
3.7
 
     (90 )      1.8       (94 )      1.9
Tax on
non-U.S.
activities
   
 
35
 
  
 
(1.8
) 
     64     (1.3 )      47     (0.9 ) 
Impact of subsidiary shares purchased from noncontrolling interests
   
 
(29
) 
  
 
1.5
 
        
Other provision adjustments
   
 
49
 
  
 
(2.5
) 
     116     (2.3 )      38     (0.9 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Income tax expense/(benefit)
   
$
237
 
  
 
(11.8
)% 
   $ 31     (0.6 )%    ($ 743 )      14.7 % 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
Significant components of our deferred tax assets/(liabilities) at December 31 were as follows:
 
    
2023
      2022  
Inventory and long-term contract methods of income recognition
   
($
5,115
) 
    ($ 4,369 ) 
Research expenditures
   
 
2,873
 
      1,464
Federal net operating loss, credit, interest and other carryovers(1)
   
 
2,551
 
      2,082
Fixed assets, intangibles and goodwill
   
 
(1,566
) 
      (1,641 ) 
Pension benefits
   
 
1,178
 
      1,146
Other employee benefits
   
 
1,162
 
      1,095
State net operating loss, credit, interest and other carryovers(2)
   
 
1,137
 
      1,021
Accrued expenses and reserves
   
 
956
 
      933
Other postretirement benefit obligations
   
 
590
 
      660
737 MAX customer concessions and other considerations
   
 
310
 
      425
Other
   
 
304
 
      179
  
 
 
     
 
 
  
Gross deferred tax assets/(liabilities) before valuation allowance
   
$
4,380
 
    $ 2,995
Valuation allowance
   
 
(4,550
) 
      (3,162 ) 
  
 
 
     
 
 
  
Net deferred tax assets/(liabilities) after valuation allowance
   
($
170
) 
    ($ 167 ) 
  
 
 
     
 
 
  
 
(1)
Of the deferred tax asset for federal net operating loss, credit, interest and other carryovers, $1,224 expires on or before December 31, 2043 and $1,327 may be carried over indefinitely.
(2)
Of the deferred tax asset for state net operating loss, credit, interest and other carryovers, $575 expires on or before December 31, 2043 and $562 may be carried over indefinitely.
Net deferred tax assets/(liabilities) at December 31 were as follows:
 
    
2023
      2022  
Deferred tax assets
   
$
14,743
 
    $ 12,301
Deferred tax liabilities
   
 
(10,363
) 
      (9,306 ) 
Valuation allowance
   
 
(4,550
) 
      (3,162 ) 
  
 
 
     
 
 
  
Net deferred tax assets/(liabilities)
   
($
170
) 
    ($ 167 ) 
  
 
 
     
 
 
  
The Company’s deferred income tax assets of $14,743 can be used in future years to offset taxable income and reduce income taxes payable. The Company’s deferred income tax liabilities of $10,363 will partially offset deferred income tax assets and result in higher taxable income in future years and increase income taxes payable. Tax law determines whether future reversals of temporary differences will result in taxable and deductible amounts that offset each other in future years. The particular years in which temporary differences result in taxable or deductible amounts generally are determined by the timing of the recovery of the related asset or settlement of the related liability. The deferred income tax assets and liabilities relate primarily to U.S. federal and state tax jurisdictions. From a U.S. federal tax perspective, the Company generated tax net operating losses in 2021 and interest carryovers in 2021, 2022, and 2023 that can be carried forward indefinitely and federal research and development credits that can be carried forward 20 years.
 
Throughout 2021, 2022, and 2023, the Company was in a three-year cumulative
pre-tax
loss position. For purposes of assessing the recoverability of deferred tax assets, the Company determined that it could not include future projected earnings in the analysis due to recent history of losses.
As of December 31, 2023 and 2022, the Company has recorded valuation allowances of $4,550 and $3,162 primarily for certain domestic deferred tax assets, and certain domestic net operating losses, tax credit and interest 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 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 results from not having sufficient income from deferred tax liability reversals in the appropriate future periods to support the realization of deferred tax assets.
During 2023, the Company increased the valuation allowance by $1,388, primarily due to tax credits and other carryforwards generated in 2023 that cannot be realized in 2023. This reflects a tax expense of $1,150 recorded in continuing operations, an increase of $31 related to the associated federal benefit of state impacts, a tax expense of $173 included in Other comprehensive income (OCI) primarily due to the net actuarial losses that resulted from the annual remeasurement of pension assets and liabilities, and an increase of $34 included in additional
paid-in
capital.
Until the Company generates sustained levels of profitability, additional valuation allowances may have to be recorded with corresponding adverse impacts on earnings and/or OCI.
The Tax Cuts and Jobs Act
one-time
repatriation tax and Global Intangible Low Tax Income liabilities effectively taxed the undistributed earnings previously deferred from U.S. income taxes. We have not provided for deferred income taxes on the undistributed earnings from certain
non-U.S.
subsidiaries because such earnings are considered to be indefinitely reinvested. If such earnings were to be distributed, any deferred income taxes would not be significant.
As of December 31, 2023 and 2022, the amounts accrued for the payment of income
tax-related
interest and penalties included in the Consolidated Statements of Financial Position were not significant. The amounts of interest included in the Consolidated Statements of Operations were not significant for 2023, 2022 and 2021.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
 
    
2023
     
2022
     
2021
  
Unrecognized tax benefits – January 1
   
$
915
 
    $ 858    $ 966
Gross increases – tax positions in prior periods
   
 
38
 
      17      64
Gross decreases – tax positions in prior periods
   
 
(3
) 
      (51 )       (245 ) 
Gross increases – current period tax positions
   
 
181
 
      91      73
Gross decreases – current period tax positions
         
  
 
 
     
 
 
     
 
 
  
Unrecognized tax benefits – December 31
   
$
1,131
 
    $ 915    $ 858
  
 
 
     
 
 
     
 
 
  
As of December 31, 2023, 2022 and 2021, the total amount of unrecognized tax benefits include $1,088, $878 and $790, respectively, that would affect the effective tax rate, if recognized. As of December 31, 2023, these amounts were primarily associated with the amount of research tax credits claimed and various other matters.
 
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.
The Organization for Economic
Co-operation
and Development has issued Pillar Two model rules introducing a new global minimum tax of 15% intended to be effective on January 1, 2024. While the US has not yet adopted the Pillar Two rules, various other governments around the world are enacting legislation. As currently designed, Pillar Two will ultimately apply to our worldwide operations. Considering we do not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum, these rules are not expected to materially increase our global tax costs. There remains uncertainty as to the final Pillar Two model rules. We will continue to monitor US and global legislative action related to Pillar Two for potential impacts.
v3.24.2.u1
Accounts Receivable, net
 12 Months Ended
Dec. 31, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Accounts Receivable, net
Note 5 – Accounts Receivable, net
Accounts receivable, net at December 31 consisted of the following:
 
    
2023
      2022  
U.S. government contracts(1)
   
$
970
 
    $ 800
Commercial Airplanes
   
 
57
 
      293
Global Services(2)
   
 
1,526
 
      1,390
Defense, Space, & Security(2)
   
 
160
 
      145
Other
   
 
25
 
      5
Less valuation allowance
   
 
(89
) 
      (116 ) 
  
 
 
     
 
 
  
Total
   
$
2,649
 
    $ 2,517
  
 
 
     
 
 
  
 
(1)
Includes foreign military sales through the U.S. government
(2)
Excludes U.S. government contracts
v3.24.2.u1
Allowances for Losses on Financial Assets
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Allowance for Losses on Financial Assets [Abstract]    
Allowances for Losses on Financial Assets
Note 5 – Allowances for Losses on Financial Assets
The changes in allowances for expected credit losses for the six months ended June 30, 2024 and 2023, consisted of the following:
 
     Accounts
receivable		     Unbilled
receivables		     Other
current
assets		     Financing
receivables		     Other
assets		     Total  
Balance at January 1, 2023
    ($ 116 )    ($ 23 )    ($ 85 )    ($ 55 )    ($ 88 )    ($ 367 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Changes in estimates
      (5 )      2       15       2       (12 )      2  
Write-offs
      24         4           28  
Recoveries
      2               2  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at June 30, 2023
    ($ 95 )    ($ 21 )    ($ 66 )    ($ 53 )    ($ 100 )    ($ 335 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at January 1, 2024
   
($
89
) 
  
($
19
) 
  
($
50
) 
  
($
51
) 
  
($
122
) 
  
($
331
) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Changes in estimates
   
 
(15
) 
  
 
(1
) 
  
 
(1
) 
  
 
35
 
  
 
(47
) 
  
 
(29
) 
Write-offs
   
 
7
 
    
 
10
 
      
 
17
 
Recoveries
   
 
1
 
          
 
1
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at June 30, 2024
   
($
96
) 
  
($
20
) 
  
($
41
) 
  
($
16
) 
  
($
169
) 
  
($
342
) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Note 6 – Allowances for Losses on Financial Assets
The change in allowances for expected credit losses for the years ended December 31, 2023 and 2022 consisted of the following:
 
    
Accounts
receivable
    
Unbilled
receivables
    
Other Current
Assets
    
Financing
receivables
    
Other
Assets
    
Total
  
Balance at January 1, 2022
    ($ 390 )    ($ 91 )    ($ 62 )    ($ 18 )    ($ 186 )    ($ 747 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Changes in estimates
      2     21     (27 )      (37 )      (35 )      (76 ) 
Write-offs
      260     47     4       133     444
Recoveries
      12             12
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2022
    ($ 116 )    ($ 23 )    ($ 85 )    ($ 55 )    ($ 88 )    ($ 367 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at January 1, 2023
   
($
116
) 
  
($
23
) 
  
($
85
) 
  
($
55
) 
  
($
88
) 
  
($
367
) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Changes in estimates
   
 
(6
) 
  
 
4
 
  
 
30
 
  
 
4
 
  
 
(34
) 
  
 
(2
) 
Write-offs
   
 
29
 
    
 
5
 
      
 
34
 
Recoveries
   
 
4
 
          
 
4
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2023
   
($
89
) 
  
($
19
) 
  
($
50
) 
  
($
51
) 
  
($
122
) 
  
($
331
) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
v3.24.2.u1
Inventories
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Inventories
Note 6 – Inventories
Inventories consisted of the following:
 
    
June 30
2024
      December 31
2023		  
Commercial aircraft programs
   
$
74,544
 
    $ 68,683  
Long-term contracts in progress
   
 
370
 
      686  
Capitalized precontract costs(1)
   
 
941
 
      946  
Commercial spare parts, used aircraft, general stock materials and other
   
 
9,806
 
      9,426  
  
 
 
     
 
 
  
Total
   
$
85,661
 
    $ 79,741  
  
 
 
     
 
 
  
 
(1)
Capitalized precontract costs at June 30, 2024 and December 31, 2023, included amounts related to
T-7A
Red Hawk Production Options, Commercial Crew, and
KC-46A
Tanker. See Note 10.
Commercial Aircraft Programs
At June 30, 2024 and December 31, 2023, commercial aircraft programs inventory included the following amounts related to the 737 program: deferred production costs of $7,638 and $6,011 and unamortized tooling and other
non-recurring
costs of $880 and $792. At June 30, 2024, $8,480 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 $38 is expected to be recovered from units included in the program accounting quantity that represent expected future orders.
At June 30, 2024 and December 31, 2023, commercial aircraft programs inventory included the following amounts related to the 777X program: $6,072 and $4,638 of work in process (including deferred production costs of $2,612 and $1,792) and $4,218 and $4,063 of unamortized tooling and other
non-recurring
costs. We expensed abnormal production costs of $262 during the six months ended June 30, 2023. In the fourth quarter of 2023, the 777X program resumed production, and as a result, there were no abnormal production costs during the six months ended June 30, 2024.
At June 30, 2024 and December 31, 2023, commercial aircraft programs inventory included the following amounts related to the 787 program: deferred production costs of $12,336 and $12,384, $1,563 and $1,764 of supplier advances, and $1,441 and $1,480 of unamortized tooling and other
non-recurring
costs. At June 30, 2024, $11,618 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 $2,159 is expected to be recovered from units included in the program accounting quantity that represent expected future orders. We expensed abnormal production costs of $157 and $693 during the six months ended June 30, 2024 and 2023.
Commercial aircraft programs inventory included amounts credited in cash or other consideration (early issue sales consideration) to airline customers totaling $4,546 and $4,126 at June 30, 2024 and December 31, 2023.
Note 7 – Inventories
Inventories at December 31 consisted of the following:
 
    
2023
      2022  
Commercial aircraft programs
   
$
68,683
 
    $ 67,702
Long-term contracts in progress
   
 
686
 
      582
Capitalized precontract costs(1)
   
 
946
 
      794
Commercial spare parts, used aircraft, general stock materials and other
   
 
9,426
 
      9,073
  
 
 
     
 
 
  
Total
   
$
79,741
 
    $ 78,151
  
 
 
     
 
 
  
 
(1)
Capitalized precontract costs at December 31, 2023 and 2022 includes amounts related to
KC-46A
Tanker, Commercial Crew, and
T-7A
Red Hawk Production Options. See Note 13.
Commercial Aircraft Programs
At December 31, 2023 and 2022, commercial aircraft programs inventory included the following amounts related to the 737 program: deferred production costs of $6,011 and $2,955 and unamortized tooling and other
non-recurring
costs of $792 and $626. At December 31, 2023, $6,767 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 $36 is expected to be recovered from units included in the program accounting quantity that represent expected future orders.
At December 31, 2023 and 2022, commercial aircraft programs inventory included the following amounts related to the 777X program: $4,638 and $4,059 of work in process, $1,792 and $1,330 of deferred production costs, and $4,063 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, which resulted in abnormal production costs of $513 and $325 during the years ended December 31, 2023 and 2022. In the fourth quarter of 2023, the 777X program resumed production.
At December 31, 2023 and 2022, commercial aircraft programs inventory included the following amounts related to the 787 program: deferred production costs of $12,384 and $12,689, $1,764 and $1,831 of supplier advances, and $1,480 and $1,722 of unamortized tooling and other
non-recurring
costs. At December 31, 2023, $12,384 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 $1,480 is expected to be recovered from units included in the program accounting quantity that represent expected future orders. We produced at abnormally low production rates resulting in abnormal production costs that were expensed as incurred from the third quarter of 2021 through the third quarter of 2023. We expensed abnormal production costs of $1,014, $1,240, and $468 during the years ended December 31, 2023, 2022 and 2021. The remaining abnormal costs associated with rework are not expected to be significant.
Commercial aircraft programs inventory included amounts credited in cash or other consideration (early issue sales consideration) to airline customers totaling $4,126 and $3,586 at December 31, 2023 and 2022.
v3.24.2.u1
Contracts with Customers
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Contracts with Customers
Note 7 – Contracts with Customers
Unbilled receivables increased from $8,317 at December 31, 2023, to $9,660 at June 30, 2024, primarily driven by revenue recognized at BDS in excess of billings.
 
Advances and progress billings increased from $56,328 at December 31, 2023, to $58,151 at June 30, 2024, primarily driven by advances on orders received at Commercial Airplanes (BCA).
Revenues recognized during the six months ended June 30, 2024 and 2023, from amounts recorded as Advances and progress billings at the beginning of each year were $7,877 and $7,885. Revenues recognized during the three months ended June 30, 2024 and 2023, from amounts recorded as Advances and progress billings at the beginning of each year were $3,696 and $4,004.
Note 8 – Contracts with Customers
Unbilled receivables decreased from $8,634 at December 31, 2022 to $8,317 at December 31, 2023, primarily driven by an increase in billings at BDS and BGS.
 
The following table summarizes our contract assets under long-term contracts that were unbillable or related to outstanding claims as of December 31:
 
     Unbilled      Claims  
    
2023
      2022     
2023
      2022  
Current
   
$
6,565
 
    $ 6,478   
$
6
 
   
Expected to be collected after one year
   
 
1,771
 
      2,179   
 
40
 
    $ 16
Less valuation allowance
   
 
(19
) 
      (23 )       
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
8,317
 
    $ 8,634   
$
46
 
    $ 16
  
 
 
     
 
 
     
 
 
     
 
 
  
Unbilled receivables related to commercial customer incentives expected to be collected after one year were $42 and $117 at December 31, 2023 and 2022. Unbilled receivables related to claims are items that we believe are earned, but are subject to uncertainty concerning their determination or ultimate realization.
Advances and progress billings increased from $53,081 at December 31, 2022 to $56,328 at December 31, 2023, primarily driven by advances on orders received at BCA, partially offset by revenue recognized at BDS.
Revenues recognized for the years ended December 31, 2023 and 2022 from amounts recorded as Advances and progress billings at the beginning of each year were $15,298 and $12,087.
v3.24.2.u1
Financing Receivables and Operating Lease Equipment
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Financing Receivables and Operating Lease Equipment [Abstract]    
Financing Receivables and Operating Lease Equipment
Note 8 – Financing Receivables and Operating Lease Equipment
Financing receivables and operating lease equipment, net consisted of the following:
 
    
June 30
2024
      December 31
2023		  
Financing receivables:
      
Investment in sales-type leases
   
$
461
 
    $ 556  
Notes
   
 
89
 
      102  
  
 
 
     
 
 
  
Total financing receivables
   
 
550
 
      658  
Less allowance for losses on receivables
   
 
16
 
      51  
  
 
 
     
 
 
  
Financing receivables, net
   
 
534
 
      607  
Operating lease equipment, at cost, less accumulated depreciation of $70 and $70
   
 
311
 
      352  
  
 
 
     
 
 
  
Total
   
$
845
 
    $ 959  
  
 
 
     
 
 
  
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 June 30, 2024 and December 31, 2023, $14 and $44 were determined to be uncollectible financing receivables and placed on
non-accrual
status. The allowance for losses on financing receivables decreased primarily due to cash collections during the six months ended June 30, 2024.
The components of investment in sales-type leases consisted of the following:
 
    
June 30
2024
      December 31
2023		  
Gross lease payments receivable
   
$
585
 
    $ 697  
Unearned income
   
 
(130
) 
      (162 ) 
  
 
 
     
 
 
  
Net lease payments receivable
   
 
455
 
      535  
Unguaranteed residual assets
   
 
6
 
      21  
  
 
 
     
 
 
  
Total
   
$
461
 
    $ 556  
  
 
 
     
 
 
  
Financing interest income received for the six months ended June 30, 2024 and 2023, was $4 and $62. Financing interest income received for the three months ended June 30, 2024 and 2023, was $2 and $58.
 
Our financing receivable balances at June 30, 2024 by internal credit rating category and year of origination consisted of the following:
 
Rating categories
   
Current
     
2023
     
2022
     
2021
     
2020
     
Prior
     
Total
  
BBB
   
$
10
 
   
$
70
 
   
$
30
 
   
$
190
 
   
$
97
 
   
$
50
 
   
$
447
 
B
                  
 
89
 
   
 
89
 
CCC
            
 
14
 
         
 
14
 
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total carrying value of financing receivables
   
$
10
 
   
$
70
 
   
$
30
 
   
$
204
 
   
$
97
 
   
$
139
 
   
$
550
 
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
At June 30, 2024, our allowance for losses related to receivables with ratings of CCC, B and BBB. We applied default rates that averaged 100.0%, 0.0% and 0.4%, respectively, to the exposure associated with those receivables.
Financing Receivables Exposure
The majority of our financing receivables and operating lease equipment portfolio is concentrated in the following aircraft models:
 
    
June 30
2024
      December 31
2023		  
717 Aircraft (Accounted for as sales type leases)
   
$
447
 
    $ 478  
747-8
Aircraft (Accounted for as sales-type leases)
   
 
104
 
      129  
737 Aircraft ($112 and $148 accounted for as operating leases)
   
 
112
 
      156  
777 Aircraft (Accounted for as operating leases)
   
 
188
 
      194  
747-400
Aircraft (Accounted for as sales-type leases)
         43  
  
 
 
     
 
 
  
Operating lease equipment primarily includes large commercial jet aircraft.
Lease income recorded in Sales of services on the Condensed Consolidated Statements of Operations for the six months ended June 30, 2024 and 2023, included $21 and $29 of interest income from sales-type leases and $32 and $27 from operating lease payments. Lease income recorded in Sales of services on the Condensed Consolidated Statements of Operations for the three months ended June 30, 2024 and 2023, included $11 and $14 of interest income from sales-type leases and $14 and $16 from operating lease payments.
Variable lease payments for sales-type leases recognized in interest income for the six and three months ended June 30, 2024 and 2023, were insignificant. Variable lease payments on operating leases for the six and three months ended June 30, 2024 and 2023, were insignificant.
Profit at the commencement of sales-type leases was recorded in Sales of services for the six months ended June 30, 2024 and 2023, in the amount of $4 and $20. Profit at commencement of sales-type leases was recorded in Sales of services for the three months ended June 30, 2024 and 2023, was $4 and $8.
Note 9 – Financing Receivables and Operating Lease Equipment
Financing receivables and operating lease equipment, net consisted of the following at December 31:
 
    
2023
      2022  
Financing receivables:
      
Investment in sales-type leases
   
$
556
 
    $ 804
Notes
   
 
102
 
      385
  
 
 
     
 
 
  
Total financing receivables
   
 
658
 
      1,189
Less allowance for losses on receivables
   
 
51
 
      55
  
 
 
     
 
 
  
Financing receivables, net
   
 
607
 
      1,134
Operating lease equipment, at cost, less accumulated depreciation of $70 and $76
   
 
352
 
      470
  
 
 
     
 
 
  
Total
   
$
959
 
    $ 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 December 31, 2023 and 2022, $44 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 year ended December 31, 2023.
The components of investment in sales-type leases at December 31 were as follows:
 
    
2023
      2022  
Gross lease payments receivable
   
$
697
 
    $ 924
Unearned income
   
 
(162
) 
      (206 ) 
  
 
 
     
 
 
  
Net lease payments receivable
   
 
535
 
      718
Unguaranteed residual assets
   
 
21
 
      86
  
 
 
     
 
 
  
Total
   
$
556
 
    $ 804
  
 
 
     
 
 
  
 
Financing interest income received for the years ended December 31, 2023 and 2022 was $108 and $13.
Financing receivables that were past due as of December 31, 2023 totaled $9.
Our financing receivable balances at December 31, 2023 by internal credit rating category and year of origination consisted of the following:
 
Rating categories
    Current      2022      2021      2020      2019      Prior      Total  
BBB
                   $ 13    $ 13
BB
    $ 73    $ 32    $ 198    $ 103    $ 36      53      495
B
                  12      94      106
CCC
            35            9      44
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total carrying value of financing receivables
    $ 73    $ 32    $ 233    $ 103    $ 48    $ 169    $ 658
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
At December 31, 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%, 2.4% and 0.1%, respectively, to the exposure associated with those receivables.
Financing Receivables Exposure
The majority of our financing receivables and operating lease equipment portfolio is concentrated in the following aircraft models at December 31:
 
    
2023
      2022  
717 Aircraft ($0 and $45 accounted for as operating leases)
   
$
478
 
    $ 563
747-8
Aircraft (Accounted for as sales-type leases)
   
 
129
 
      394
737 Aircraft ($148 and $174 accounted for as operating leases)
   
 
156
 
      186
777 Aircraft ($194 and $209 accounted for as operating leases)
   
 
194
 
      209
MD-80
Aircraft (Accounted for as sales-type leases)
         96
757 Aircraft (Accounted for as sales-type leases)
         107
747-400
Aircraft (Accounted for as sales-type leases)
   
 
43
 
      46
  
 
 
     
 
 
  
Operating lease equipment primarily includes large commercial jet aircraft.
Impairment charges related to operating lease assets were $0, $7, and $31 for the years ended December 31, 2023, 2022 and 2021.
Lease income recorded in Sales of services on the Consolidated Statements of Operations for the years ended December 31, 2023, 2022 and 2021 included $55, $69, and $54 of interest income from sales-type leases, and $60, $65, and $68 from
operating lease
payments
. Profit at the commencement of sales-type leases was recorded in Sales of services for the years ended December 31, 2023, 2022 and 2021 in the amount of $32, $28, and $78.
 
As of December 31, 2023, undiscounted cash flows for notes receivable, sales-type and operating leases over the next five years and thereafter are as follows:
 
     Notes receivable     
Sales-type leases
     Operating leases  
Year 1
    $ 17    $ 149   $ 69
Year 2
      9      102     61
Year 3
      10      109     52
Year 4
      11      127     47
Year 5
      12      137     45
Thereafter
      43      73     48
  
 
 
     
 
 
    
 
 
  
Total financing receipts
      102      697     322
Less imputed interest
         (162 )   
Estimated unguaranteed residual values
         21  
  
 
 
     
 
 
    
 
 
  
Total
    $ 102    $ 556   $ 322
  
 
 
     
 
 
    
 
 
  
At December 31, 2023 and December 31, 2022, unguaranteed residual values were $21 and $86.
v3.24.2.u1
Property, Plant and Equipment
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
Note 10 – Property, Plant and Equipment
Property, plant and equipment at December 31 consisted of the following:
 
    
2023
      2022  
Land
   
$
377
 
    $ 376
Buildings and land improvements
   
 
14,795
 
      14,404
Machinery and equipment
   
 
16,055
 
      15,844
Construction in progress
   
 
1,679
 
      1,368
  
 
 
     
 
 
  
Gross property, plant and equipment
   
 
32,906
 
      31,992
Less accumulated depreciation
   
 
(22,245
) 
      (21,442 ) 
  
 
 
     
 
 
  
Total
   
$
10,661
 
    $ 10,550
  
 
 
     
 
 
  
Depreciation expense was $1,328, $1,396 and $1,488 for 2023, 2022 and 2021, respectively. Interest capitalized in 2023, 2022 and 2021 totaled $101, $89 and $76, respectively.
During 2023 and 2022, we acquired $124 and $101 of property, plant and equipment through
non-cash
investing and financing transactions. Accounts payable related to purchases of property, plant and equipment were $498 and $396 for the years ended December 31, 2023 and 2022.
v3.24.2.u1
Investments
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Investments [Abstract]    
Investments
Note 9 – Investments
Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following:
 
    
June 30
2024
      December 31
2023		  
Time deposits(1)
   
$
1,208
 
    $ 2,753  
Equity method investments(2)
   
 
956
 
      966  
Available-for-sale
debt investments(1)
   
 
515
 
      499  
Equity and other investments
   
 
53
 
      69  
Restricted cash & cash equivalents(1)(3)
   
 
21
 
      22  
  
 
 
     
 
 
  
Total
   
$
2,753
 
    $ 4,309  
  
 
 
     
 
 
  
 
(1)
Primarily included in Short-term and other investments on our Condensed Consolidated Statements of Financial Position.
(2)
Dividends received were $37 and $17 during the six and three months ended June 30, 2024 and $5 during the same periods in prior year.
(3)
Reflects amounts restricted in support of our workers’ compensation programs and insurance premiums.
Contributions to investments and Proceeds from investments on our Condensed Consolidated Statements of Cash Flows primarily relate to time deposits and
available-for-sale
debt investments. Cash used for the purchase of time deposits during the six months ended June 30, 2024 and 2023, was $1,298 and $9,165. Cash proceeds from the maturities of time deposits during the six months ended June 30, 2024 and 2023, were $2,845 and $5,274.
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 June 30, 2024.
Note 11 – Investments
Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following at December 31:
 
    
2023
      2022  
Time deposits(1)
   
$
2,753
 
    $ 2,093
Equity method investments(2)
   
 
966
 
      948
Available-for-sale
debt investments(1)
   
 
499
 
      479
Equity and other investments
   
 
69
 
      36
Restricted cash & cash equivalents(1)(3)
   
 
22
 
      33
  
 
 
     
 
 
  
Total
   
$
4,309
 
    $ 3,589
  
 
 
     
 
 
  
 
(1)
Included in Short-term and other investments on our Consolidated Statements of Financial Position.
(2)
Dividends received were $31 and $111 during 2023 and 2022. Retained earnings at December 31, 2023 include undistributed earnings from our equity method investments of $110.
(3)
Reflects amounts restricted in support of our property sales, workers’ compensation programs and insurance premiums.
Contributions to investments and Proceeds from investments on our Consolidated Statements of Cash Flows primarily relate to time deposits and
available-for-sale
debt investments. Cash used for the purchase of time deposits during 2023, 2022 and 2021 was $15,794, $4,358 and $34,905, respectively. Cash proceeds from the maturities of time deposits during 2023, 2022 and 2021 were $15,140, $9,943 and $44,372, respectively.
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 December 31, 2023.
Equity Method Investments
Our equity method investments consisted of the following at December 31:
 
    Segment   Ownership
Percentages		     Investment
Balance		  
             
2023
     2022  
United Launch Alliance
   BDS     50 %   
$
582
 
   $ 587
Other
   BCA, BDS, BGS and Other    
 
384
 
     361
 
 
    
 
 
    
 
 
  
Total equity method investments
  
 
    
$
966
 
   $ 948
   
 
 
    
 
 
  
v3.24.2.u1
Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases
Note 12 – Leases
Our operating lease assets primarily represent manufacturing and research and development facilities, warehouses and offices. Total operating lease expense was $457 and $421 for the years ended December 31, 2023 and 2022, of which $76 and $75 was attributable to variable lease expenses.
For the years ended December 31, 2023 and 2022, cash payments against operating lease liabilities totaled $323 and $294 and
non-cash
transactions totaled $488 and $245 to recognize operating assets and liabilities for new leases.
Supplemental Consolidated Statement of Financial Position information related to leases consisted of the following at December 31:
 
    
2023
     2022  
Operating leases:
     
Operating lease
right-of-use
assets
   
$
1,690
 
   $ 1,451  
Current portion
of lease liabilities
   
 
296
 
     276  
Non-current
portion
of lease liabilities
   
 
1,518
 
     1,305  
  
 
 
    
 
 
  
Total operating lease liabilities
   
$
1,814
 
   $ 1,581  
  
 
 
    
 
 
  
Weighted average remaining lease term
(years)
   
 
11
 
     12  
Weighted average discount rate
   
 
3.21
% 
     4.13 % 
  
 
 
    
 
 
  
 
Operating lease assets are included in Other assets, net, with the related liabilities included in Accrued liabilities and Other long-term liabilities.
Maturities of operating lease liabilities for the next five years are as follows:
 
     Operating leases  
2024
    $ 358
2025
      317
2026
      279
2027
      230
2028
      182
Thereafter
      1,032
  
 
 
  
Total lease payments
      2,398
Less imputed interest
      (584 ) 
  
 
 
  
Total
    $ 1,814
  
 
 
  
As of December 31, 2023, we have entered into leases that have not yet commenced of $430, primarily for a maintenance, repair and overhaul hangar that will support military aircraft programs. These leases will commence in 2024 with lease terms of 2 years to 27 years.
v3.24.2.u1
Liabilities, Commitments and Contingencies
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]    
Liabilities, Commitments and Contingencies
Note 10 – Liabilities, Commitments and Contingencies
737 MAX Customer Concessions and Other Considerations
During the first quarter of 2024, we recorded an earnings charge of $443, net of insurance recoveries, in connection with estimated considerations to customers for disruption related to the Alaska Airlines
737-9
accident and
737-9
grounding. This charge is reflected in the financial statements as a reduction to revenue.
The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during the six months ended June 30, 2024 and 2023.
 
    
2024
      2023  
Beginning balance – January 1
   
$
1,327
 
    $ 1,864  
Reductions for payments made
   
 
(681
) 
      (273 ) 
Reductions for concessions and other
in-kind
considerations
   
 
(221
) 
      (51 ) 
Changes in estimates
   
 
510
 
      (26 ) 
  
 
 
     
 
 
  
Ending balance – June 30
   
$
935
 
    $ 1,514  
  
 
 
     
 
 
  
At June 30, 2024, $92 of the liability balance remains subject to negotiations with customers. The contracted amount includes $208 expected to be paid in cash in 2024, while the remaining amounts are primarily expected to be liquidated by lower customer delivery payments.
 
Environmental
The following table summarizes changes in environmental remediation liabilities during the six months ended June 30, 2024 and 2023.
 
    
2024
      2023  
Beginning balance – January 1
   
$
844
 
    $ 752  
Reductions for payments made, net of recoveries
   
 
(40
) 
      (24 ) 
Changes in estimates
   
 
27
 
      72  
  
 
 
     
 
 
  
Ending balance – June 30
   
$
831
 
    $ 800  
  
 
 
     
 
 
  
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 June 30, 2024 and December 31, 2023, the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $964 and $1,030.
Product Warranties
The following table summarizes changes in product warranty liabilities recorded during the six months ended June 30, 2024 and 2023.
 
    
2024
      2023  
Beginning balance – January 1
   
$
2,448
 
    $ 2,275  
Additions for current year deliveries
   
 
42
 
      92  
Reductions for payments made
   
 
(227
) 
      (179 ) 
Changes in estimates
   
 
(8
) 
      338  
  
 
 
     
 
 
  
Ending balance – June 30
   
$
2,255
 
    $ 2,526  
  
 
 
     
 
 
  
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 June 30, 2024, have expiration dates from 2024 through 2030. At June 30, 2024 and December 31, 2023, total contractual
trade-in
commitments were $1,375 and $1,415. As of June 30, 2024 and December 31, 2023, we estimated it was probable we would be obligated to perform on certain of these commitments with net amounts payable to customers totaling $434 and $407 and the fair value of the related
trade-in
aircraft was $434 and $407.
 
Financing Commitments
Financing commitments related to aircraft on order, including options and those proposed in sales campaigns, and refinancing of delivered aircraft, totaled $17,356 and $17,003 as of June 30, 2024 and December 31, 2023. The estimated earliest potential funding dates for these commitments as of June 30, 2024 are as follows:
 
     Total  
July through December 2024
    $ 1,508  
2025
      3,529  
2026
      4,027  
2027
      2,891  
2028
      1,643  
Thereafter
      3,758  
  
 
 
  
Total
    $ 17,356  
  
 
 
  
As of June 30, 2024, $14,030 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 $262 to certain joint ventures over the next nine 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
$3,184 and $4,548 as of June 30, 2024 and December 31, 2023.
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 June 30, 2024 and December 31, 2023, Accounts payable included $2.7 billion and $2.9 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 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 billion program to develop and modify two
747-8
commercial aircraft. During 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. During the three months ended June 30, 2024, we increased the reach-forward loss on the contract by $250 primarily driven by higher than anticipated costs due to engineering design changes related to wiring and other structural requirements. 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 ten low rate initial production (LRIP) lots for a total of 139 aircraft. The EMD contract and authorized LRIP lots total approximately $27 billion as of June 30, 2024. The
KC-46A
Tanker is a derivative of the 767 commercial airplane program with the majority of the manufacturing costs being incurred in the 767 factory and the remaining costs being incurred in the military finishing and delivery centers.
During 2023, we increased the reach-forward loss on the
KC-46A
Tanker program by $309 primarily resulting from factory disruption and additional rework due to a supplier quality issue. During the first quarter of 2024, we increased the reach-forward loss by $128, primarily due to factory disruption associated with supply chain constraints. During the three months ended June 30, 2024, we increased the reach-forward loss on the contract by $391 primarily reflecting higher than anticipated factory disruption, including supply chain constraints and parts shortages. As of June 30, 2024, we had approximately $139 of capitalized precontract costs and $205 of potential termination liabilities to suppliers related to future production 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 now includes development and delivery of seven aircraft and test articles at a contract price of $890. In connection with winning the competition, we recognized a reach-forward loss of $291 in the third quarter of 2018. During 2023, we increased the reach-forward loss by $231 primarily driven by production and flight testing delays as well as higher than anticipated production costs to complete EMD aircraft attributable to factory performance. During the first quarter of 2024, we were awarded a cost-type contract modification totaling $657 for two additional test aircraft plus other scope increases. 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. 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 2023, we increased the reach-forward loss on the
T-7A
Red Hawk program by $275 primarily reflecting higher estimated production costs. During the first quarter of 2024, we increased the reach-forward loss on the
T-7A
Red Hawk program by $94 primarily reflecting further increases in estimated production costs. During the three months ended June 30, 2024, we increased the reach-forward loss on the program by $278 primarily driven by higher than anticipated costs to meet certain technical and support requirements, and flight test program inefficiencies and delays. At June 30, 2024, we had approximately $258 of capitalized precontract costs and $451 of potential termination liabilities to suppliers related to future production 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 (ISS). In the second quarter of 2022, we successfully completed the uncrewed Orbital Flight Test. During 2023, we increased the reach-forward loss by $288 primarily as a result of delaying the Crewed Flight Test (CFT) following notification by a parachute supplier of an issue identified through testing. The CFT launched on June 5, 2024, and docked with the ISS. The Starliner spacecraft had a minimum mission duration of 8 days. Its return to Earth was delayed to allow time to perform further testing of propulsion system anomalies. As a result of the CFT delays, during the three months ended June 30, 2024, we increased the reach-forward loss on the program by $125. At June 30, 2024, we had approximately $238 of capitalized precontract costs and $148 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 13 – Liabilities, Commitments and Contingencies
Accrued Liabilities
Accrued liabilities at December 31 consisted of the following:
 
    
2023
      2022  
Accrued compensation and employee benefit costs
   
$
6,721
 
    $ 6,351
737 MAX customer concessions and other considerations
   
 
1,327
 
      1,864
Other customer concessions and considerations
   
 
1,300
 
      1,102
Environmental
   
 
844
 
      752
Product warranties
   
 
2,448
 
      2,275
Forward loss recognition
   
 
4,699
 
      4,060
Accrued interest payable
   
 
652
 
      599
Current portion of lease liabilities
   
 
296
 
      276
Current portion of retiree healthcare and pension liabilities
   
 
473
 
      494
Other
   
 
3,571
 
      3,808
  
 
 
     
 
 
  
Total
   
$
22,331
 
    $ 21,581
  
 
 
     
 
 
  
737 MAX Customer Concessions and Other Considerations
The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during 2023 and 2022.
 
    
2023
      2022  
Beginning balance – January 1
   
$
1,864
 
    $ 2,940
Reductions for payments made
   
 
(449
) 
      (1,031 ) 
Reductions for concessions and other
in-kind
considerations
   
 
(61
) 
      (29 ) 
Changes in estimates
   
 
(27
) 
      (16 ) 
  
 
 
     
 
 
  
Ending balance – December 31
   
$
1,327
 
    $ 1,864
  
 
 
     
 
 
  
 
At December 31, 2023, $0.1 billion of the liability balance remains subject to negotiations with customers. We expect to pay $0.6 billion in 2024 while the remaining amounts are expected to be liquidated by lower customer delivery payments.
Environmental
The following table summarizes changes in environmental remediation liabilities during the years ended December 31, 2023 and 2022.
 
    
2023
      2022  
Beginning balance – January 1
   
$
752
 
    $ 605
Reductions for payments made, net of recoveries
   
 
(79
) 
      (43 ) 
Changes in estimates
   
 
171
 
      190
  
 
 
     
 
 
  
Ending balance – December 31
   
$
844
 
    $ 752
  
 
 
     
 
 
  
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 December 31, 2023 and 2022, the high end of the estimated range of reasonably possible remediation costs exceeded our recorded liabilities by $1,030 and $1,058.
Product Warranties
The following table summarizes changes in product warranty liabilities recorded during the years ended December 31, 2023 and 2022.
 
    
2023
      2022  
Beginning balance – January 1
   
$
2,275
 
    $ 1,900
Additions for current year deliveries
   
 
164
 
      202
Reductions for payments made
   
 
(320
) 
      (403 ) 
Changes in estimates
   
 
329
 
      576
  
 
 
     
 
 
  
Ending balance – December 31
   
$
2,448
 
    $ 2,275
  
 
 
     
 
 
  
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 December 31, 2023 have expiration dates from 2024 through 2030. At December 31, 2023 and 2022, total contractual
trade-in
commitments were $1,415 and $1,117. As of December 31, 2023 and 2022, we estimated that it was probable we would be obligated to perform on certain of these commitments with net amounts payable to customers totaling $407 and $286, and the fair value of the related
trade-in
aircraft was $407 and $286.
Financing Commitments
Financing commitments related to aircraft on order, including options and those proposed in sales campaigns, and refinancing of delivered aircraft, totaled $17,003 and $16,105 as of December 31, 2023 and 2022. The estimated earliest potential funding dates for these commitments as of December 31, 2023 are as follows:
 
     Total  
2024
    $ 1,946
2025
      3,098
2026
      4,829
2027
      2,421
2028
      1,641
Thereafter
      3,068
  
 
 
  
   $ 17,003
  
 
 
  
As of December 31, 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 $264 related to certain joint ventures over the next nine 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 $4,548 and $5,070 as of December 31, 2023 and 2022.
Company Owned Life Insurance
McDonnell Douglas Corporation insured its executives with Company Owned Life Insurance (COLI), which are life insurance policies with a cash surrender value. Although we do not use COLI currently, these obligations from the merger with McDonnell Douglas are still a commitment at this time. We have loans in place to cover costs paid or incurred to carry the underlying life insurance policies. As of December 31, 2023 and 2022, the cash surrender value was $360 and $376 and the total loans were $334 and $346. As we have the right to offset the loans against the cash surrender value of the policies, we present the net asset in Other assets on the Consolidated Statements of Financial Position as of December 31, 2023 and 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 December 31, 2023 and 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.
Government Assistance
Certain states and localities in which we operate offer or have offered various business incentives related to investment and/or job creation. Between 2010 and 2016, we received cash grants totaling $346 related to our investment in operations in South Carolina. The grants were recorded in Accrued liabilities and are being amortized, primarily to inventory, over the useful life of the Property, plant and equipment extending through 2052. During 2023 and 2022, we amortized $10 and $11 to Inventories, and recorded a benefit of $12 and $5 in cost of sales. At December 31, 2023 and 2022, Inventories included a benefit of $62 and $64 and Accrued liabilities included a balance of $97 and $106.
We are eligible to claim tax refunds from the State of Missouri and City of Irving, Texas primarily related to job creation and retention through 2031. During 2023 and 2022, we received $22 and $30 in cash and recorded a benefit of $28 and $21 in cost of sales. At December 31, 2023 and 2022, Other current assets includes receivables of $26 and $20. As of December 31, 2023, $60 of refunds, plus interest, is subject to clawback if we fail to meet certain conditions, including employment levels.
We are eligible to claim cash grants through 2032 of up to $62, related to operations in Queensland, Australia. During 2023 and 2022, $5 and $7 cash was received and recorded as a benefit in cost of sales. At December 31, 2023, $4 is subject to clawback if we fail to meet certain conditions, including employment levels.
Industrial Revenue Bonds (IRB) issued by St. Louis County and the city of St. Charles, Missouri were used to finance the purchase and/or construction of real and personal property at our St. Louis and St. Charles sites. Tax benefits associated with IRBs include twelve-year property tax abatements and sales tax exemptions from St. Louis County and a 22 year property tax abatement and sales tax exemption from the city of St. Charles. We record these properties on our Consolidated Statements of Financial Position. We have also purchased the IRBs, and therefore, are the bondholders as well as the borrower/lessee of the properties purchased with the IRB proceeds. The liabilities and IRB assets are equal and are reported net in the Consolidated Statements of Financial Position. As of December 31, 2023 and 2022, the assets and liabilities associated with the IRBs were $333 and $271.
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 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 billion program to develop and modify two
747-8
commercial aircraft. During 2022, we increased the reach-forward loss on the contract by $1,452. This year we made progress completing engineering and production requirements. During 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 ten low rate initial production (LRIP) lots for a total of 139 aircraft, including lots 9 and 10 that were authorized in 2023. The EMD contract and authorized LRIP lots total approximately $27 billion as of December 31, 2023.
During 2022, we increased the reach-forward loss on the
KC-46A
Tanker program by $1,374. During 2023, we increased the reach-forward loss on the
KC-46A
Tanker program by $309 primarily resulting from factory disruption and additional rework due to a supplier quality issue. As of December 31, 2023, we had approximately $125 of capitalized precontract costs and $48 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 now includes development and delivery of seven aircraft and test articles at a contract price of $890. In connection with winning the competition, we recognized a reach-forward loss of $291 in the third quarter of 2018. During 2022, we increased the
MQ-25
reach-forward loss by $579. During 2023, we increased the reach-forward loss by $231 primarily driven by production and flight testing delays as well as 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 2022, we increased the reach-forward loss by $552. During 2023, we increased the reach-forward loss by $275 primarily reflecting higher estimated production costs. At December 31, 2023, we had approximately $185 of capitalized precontract costs and $249 of potential termination liabilities to suppliers related to future production 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 and in the second quarter of 2022 we successfully completed the uncrewed Orbital Flight Test. During 2022, we increased the reach-forward loss by $288. During 2023, we also increased the reach-forward loss by $288 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. A crewed flight test is now planned for April 2024. At December 31, 2023, we had approximately $226 of capitalized precontract costs and $160 of potential termination liabilities to suppliers related to unauthorized future missions. Risk remains that we may record additional losses in future periods.
v3.24.2.u1
Arrangements with Off-Balance Sheet Risk
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Guarantees [Abstract]    
Arrangements with Off-Balance Sheet Risk
Note 11 – 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		  
    
June 30
2024
      December 31
2023		     
June 30
2024
      December 31
2023		     
June 30
2024
      December 31
2023		  
Contingent repurchase commitments
   
$
388
 
    $ 404     
$
388
 
    $ 404        
Credit guarantees
   
 
15
 
      15           
$
14
 
    $ 14  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
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. 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 10.
Note 14 – 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		  
December 31,
   
2023
      2022     
2023
      2022     
2023
      2022  
Contingent repurchase commitments
   
$
404
 
    $ 514   
$
404
 
    $ 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. 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 13.
v3.24.2.u1
Debt
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
Debt
Note 12 – Debt
On May 1, 2024, we issued $10,000 of fixed-rate senior notes consisting of $1,000 due May 1, 2027 that bear an annual interest rate of 6.259%, $1,500 due May 1, 2029 that bear an annual interest rate of 6.298%, $1,000 due May 1, 2031 that bear an annual interest rate of 6.388%, $2,500 due May 1, 2034 that bear an annual interest rate of 6.528%, $2,500 due May 1, 2054 that bear an annual interest rate of 6.858%, and $1,500 due May 1, 2064 that bear an annual interest rate of 7.008%. The notes are unsecured senior obligations and rank equally in right of payment with our existing and future unsecured and unsubordinated indebtedness.
On May 15, 2024, we entered into a $4,000 five-year revolving credit agreement expiring in May 2029. Effective May 15, 2024, we terminated the $800
364-day
revolving credit agreement expiring in August 2024, and the $3,200 five-year revolving credit agreement, as amended, expiring in October 2024. Our $3,000 three-year revolving credit agreement expiring in August 2025 and $3,000 five-year revolving credit agreement expiring in August 2028 each remain in effect. As of June 30, 2024, we had $10,000 available under credit line agreements. We continue to be in full compliance with all covenants contained in our debt and credit facility agreements.
Note 15 – 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 December 31, 2023, we had $10,000 currently available under credit line agreements. We continue to be in full compliance with all covenants contained in our debt or credit facility agreements.
Interest incurred, including amounts capitalized, was $2,560, $2,650 and $2,790 for the years ended December 31, 2023, 2022 and 2021, respectively. Total Company interest payments, net of amounts capitalized, were $2,408, $2,572 and $2,583 for the years ended December 31, 2023, 2022 and 2021, respectively.
Short-term debt and current portion of long-term debt at December 31 consisted of the following:
 
    
2023
      2022  
Unsecured debt
   
$
5,072
 
    $ 5,103
Finance lease obligation
s
   
 
77
 
      65
Other notes
   
 
55
 
      22
  
 
 
     
 
 
  
Total
   
$
5,204
 
    $ 5,190
  
 
 
     
 
 
  
Debt at December 31 consisted of the following:
 
    
2023
      2022  
Unsecured debt
      
1.17% – 2.50% due through 2026
   
$
10,135
 
      11,846
2.60% – 3.20% due through 2030
   
 
6,071
 
      6,412
3.25% – 3.90% due through 2059
   
 
9,584
 
      9,576
3.95% – 5.15% due through 2059
   
 
11,024
 
      14,035
5.71% – 6.63% due through 2060
   
 
13,015
 
      13,011
6.88% – 8.75% due through 2043
   
 
1,855
 
      1,854
Other debt and notes
      
Finance lease obligations due through 2044
   
 
253
 
      206
Other notes
   
 
370
 
      61
  
 
 
     
 
 
  
Total debt
   
$
52,307
 
    $ 57,001
  
 
 
     
 
 
  
 
Scheduled principal payments for debt and minimum finance lease obligations for the next five years are as follows:
 
     2024      2025      2026      2027      2028  
Debt and other notes
    $ 5,128    $ 4,581    $ 7,983    $ 3,300    $ 1,800
Minimum finance lease obligations
    $ 84    $ 76    $ 55    $ 24    $ 3
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
v3.24.2.u1
Postretirement Plans
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]    
Postretirement Plans
Note 13 – Postretirement Plans
The components of net periodic benefit (income)/cost were as follows:
 
   
Six months ended
June 30
    
Three months ended
June 30
  
Pension Plans
  
2024
     2023    
2024
     2023  
Service cost
  
$
3
 
   $ 2    
$
1
 
   $ 1  
Interest cost
  
 
1,318
 
     1,410    
 
659
 
   $ 705  
Expected return on plan assets
  
 
(1,656
) 
     (1,720 )   
 
(827
) 
     (859 ) 
Amortization of prior service credits
  
 
(41
) 
     (41 )   
 
(21
) 
     (21 ) 
Recognized net actuarial loss
  
 
134
 
     83    
 
67
 
     41  
 
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic benefit income
  
($
242
) 
   ($ 266 )   
($
121
) 
   ($ 133 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic benefit cost included in Loss from operations
  
$
3
 
   $ 2    
$
1
 
   $ 1  
Net periodic benefit income included in Other income, net
  
 
(245
) 
     (268 )   
 
(122
) 
   ($ 134 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic benefit income included in Loss before income taxes
  
($
242
) 
   ($ 266 )   
($
121
) 
   ($ 133 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
 
    
Six months ended
June 30
     
Three months ended
June 30
  
Other Postretirement Plans
   
2024
      2023     
2024
      2023  
Service cost
   
 
25
 
    $ 24     
$
13
 
    $ 12  
Interest cost
   
 
62
 
      74     
 
31
 
      37  
Expected return on plan assets
   
 
(6
) 
      (4 )    
 
(4
) 
      (2 ) 
Amortization of prior service credits
   
 
(5
) 
      (11 )    
 
(2
) 
      (5 ) 
Recognized net actuarial gain
   
 
(88
) 
      (88 )    
 
(44
) 
      (44 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net periodic benefit income
   
($
12
) 
    ($ 5 )    
($
6
) 
    ($ 2 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net periodic benefit cost included in Loss from operations
   
 
23
 
    $ 31     
$
12
 
    $ 16  
Net periodic benefit income included in Other income, net
   
 
(37
) 
      (29 )    
 
(19
) 
      (14 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net periodic benefit (income)/cost included in Loss before income taxes
   
($
14
) 
    $ 2     
($
7
) 
    $ 2  
  
 
 
     
 
 
     
 
 
     
 
 
  
Note 16 – Postretirement Plans
Many of our employees have earned benefits under defined benefit pension plans. The majority of employees that had participated in defined benefit pension plans have transitioned to a company-funded defined contribution retirement savings plan.
We fund our major pension plans through trusts. Pension assets are placed in trust solely for the benefit of the plans’ participants and are structured to maintain liquidity that is sufficient to pay benefit obligations as well as to keep pace over the long-term with the growth of obligations for future benefit payments.
We also have other postretirement benefits (OPB) other than pensions which consist principally of health care coverage for eligible retirees and qualifying dependents, and to a lesser extent, life insurance to certain groups of retirees. Retiree health care is provided principally until age 65 for approximately three-fourths of those participants who are eligible for retiree health care coverage. Certain employee groups, including employees covered by most United Auto Workers bargaining agreements, are provided lifetime health care coverage.
The funded status of the plans is measured as the difference between the plan assets at fair value and the projected benefit obligation (PBO). We have recognized the aggregate of all overfunded plans in Other assets and the aggregate of all underfunded plans in either Accrued retiree health care or Accrued pension plan liability, net. The portion of the amount by which the actuarial present value of benefits included in the PBO exceeds the fair value of plan assets, payable in the next 12 months, is reflected in Accrued liabilities.
The components of net periodic benefit (income)/cost were as follows:
 
     Pension     Other Postretirement
Benefits		  
Years ended December 31,
   
2023
     2022     2021    
2023
     2022     2021  
Service cost
   
$
2
 
   $ 3   $ 3  
$
49
 
   $ 72   $ 87
Interest cost
   
 
2,820
 
     2,080     1,988  
 
148
 
     98     97
Expected return on plan assets
   
 
(3,441
) 
     (3,789 )      (3,848 )   
 
(9
) 
     (10 )      (7 ) 
Amortization of prior service credits
   
 
(81
) 
     (81 )      (80 )   
 
(22
) 
     (35 )      (35 ) 
Recognized net actuarial loss/(gain)
   
 
173
 
     913     1,219  
 
(175
) 
     (111 )      (56 ) 
Settlement/curtailment (gain)/loss
        (4 )      193      
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic benefit (income)/cost
   
($
527
) 
   ($ 878 )    ($ 525 )   
($
9
) 
   $ 14   $ 86
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic benefit cost included in Loss from operations
   
$
2
 
   $ 3   $ 3  
$
62
 
   $ 79   $ 90
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic benefit income included in Other income, net
   
 
(529
) 
     (881 )      (528 )   
 
(58
) 
     (58 )      (1 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic benefit (income)/cost included in Loss before income taxes
   
($
527
) 
   ($ 878 )    ($ 525 )   
$
4
 
   $ 21   $ 89
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
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, 2023 and 2022. Benefit obligation balances presented below reflect the PBO for our pension plans and accumulated postretirement benefit obligations (APBO) for our OPB plans.
 
     Pension     Other Postretirement
Benefits		  
    
2023
     2022    
2023
      2022  
Change in benefit obligation
          
Beginning balance
   
$
55,117
 
   $ 75,635  
$
2,978
 
    $ 4,092
Service cost
   
 
2
 
     3     49        72
Interest cost
   
 
2,820
 
     2,080  
 
148
 
      98
Amendments
        1     
Actuarial loss/(gain)
   
 
1,217
 
     (17,605 )   
 
(152
) 
      (914 ) 
Gross benefits paid
   
 
(4,837
) 
     (4,971 )   
 
(375
) 
      (406 ) 
Subsidies
       
 
2
 
      39
Exchange rate adjustment
   
 
6
 
     (26 )   
 
1
 
      (3 ) 
  
 
 
    
 
 
    
 
 
     
 
 
  
Ending balance
   
$
54,325
 
   $ 55,117  
$
2,651
 
    $ 2,978
  
 
 
    
 
 
    
 
 
     
 
 
  
Change in plan assets
          
Beginning balance at fair value
   
$
49,825
 
   $ 67,813  
$
140
 
    $ 172
Actual return on plan assets
   
 
3,756
 
     (13,141 )   
 
23
 
      (27 ) 
Company contribution
        2     
Plan participants’ contributions
       
 
4
 
      6
Benefits paid
   
 
(4,698
) 
     (4,824 )   
 
(4
) 
      (11 ) 
Exchange rate adjustment
   
 
8
 
     (25 )      
  
 
 
    
 
 
    
 
 
     
 
 
  
Ending balance at fair value
   
$
48,891
 
   $ 49,825  
$
163
 
    $ 140
  
 
 
    
 
 
    
 
 
     
 
 
  
Amounts recognized in statement of financial position at December 31 consist of:
          
Other assets
   
$
1,219
 
   $ 987  
$
81
 
    $ 21
Accrued liabilities
   
 
(137
) 
     (138 )   
 
(336
) 
      (356 ) 
Accrued retiree health care
       
 
(2,233
) 
      (2,503 ) 
Accrued pension plan liability, net
   
 
(6,516
) 
     (6,141 )      
  
 
 
    
 
 
    
 
 
     
 
 
  
Net amount recognized
   
($
5,434
) 
   ($ 5,292 )   
($
2,488
) 
    ($ 2,838 ) 
  
 
 
    
 
 
    
 
 
     
 
 
  
Amounts recognized in Accumulated other comprehensive loss (AOCI) at December 31 were as follows:
 
     Pension      Other Postretirement
Benefits		  
    
2023
      2022     
2023
      2022  
Net actuarial loss/(gain)
   
$
18,175
 
    $ 17,448   
($
1,852
) 
    ($ 1,862 ) 
Prior service credits
   
 
(1,143
) 
      (1,224 )    
 
(19
) 
      (41 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Total recognized in AOCI
   
$
17,032
 
    $ 16,224   
($
1,871
) 
    ($ 1,903 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
 
The accumulated benefit obligation (ABO) for all pension plans was $53,671 and $54,481 at December 31, 2023 and 2022. Key information for our plans with ABO and PBO in excess of plan assets as of December 31 was as follows:
 
    
2023
      2022  
Accumulated benefit obligation
   
$
47,665
 
    $ 48,134
Fair value of plan assets
   
 
41,666
 
      42,491
  
 
 
     
 
 
  
 
    
2023
      2022  
Projected benefit obligation
   
$
48,320
 
    $ 48,770
Fair value of plan assets
   
 
41,666
 
      42,491
  
 
 
     
 
 
  
Assumptions
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,
   
2023
     2022     2021  
Discount rate:
       
Pension
   
 
5.10
% 
     5.40 %      2.80 % 
Other postretirement benefits
   
 
5.00
% 
     5.30 %      2.50 % 
Expected return on plan assets
   
 
6.00
% 
     6.00 %      6.30 % 
Rate of compensation increase
   
 
4.30
% 
     4.30 %      4.30 % 
Interest crediting rates for cash balance plans
   
 
5.00
% 
     5.00 %      5.00 % 
  
 
 
    
 
 
    
 
 
  
The discount rate for each plan is determined based on the plans’ expected future benefit payments using a yield curve developed from high quality bonds that are rated as Aa or better by at least half of the four rating agencies utilized as of the measurement date. The yield curve is fitted to yields developed from bonds at various maturity points. Bonds with the ten percent highest and the ten percent lowest yields are omitted. The present value of each plan’s benefits is calculated by applying the discount rates to projected benefit cash flows.
The pension fund’s expected return on plan assets assumption is derived from a review of actual historical returns achieved by the pension trust and anticipated future long-term performance of individual asset classes. While consideration is given to historical returns, the assumption represents a long-term, prospective return. The expected return on plan assets component of the net periodic benefit cost for the upcoming plan year is determined based on the expected return on plan assets assumption and the market-related value of plan assets (MRVA). Since our adoption of the accounting standard for pensions in 1987, we have determined the MRVA based on a five-year moving average of plan assets. As of December 31, 2023, the MRVA was approximately $8,466 more than the fair market value of assets.
Assumed health care cost trend rates were as follows:
 
December 31,
   
2023
     2022     2021  
Health care cost trend rate assumed next year
   
 
5.50
% 
     5.50 %      4.50 % 
Ultimate trend rate
   
 
4.50
% 
     4.50 %      4.50 % 
Year that trend reaches ultimate rate
   
 
2028
 
     2028       2021  
  
 
 
    
 
 
    
 
 
  
 
Plan Assets
Investment Strategy
The overall objective of our pension assets is to earn a rate of return over time to satisfy the benefit obligations of the pension plans and to maintain sufficient liquidity to pay benefits and address other cash requirements of the pension fund. Specific investment objectives for our long-term investment strategy include reducing the volatility of pension assets relative to pension liabilities, achieving a competitive total investment return, achieving diversification between and within asset classes and managing other risks. Investment objectives for each asset class are determined based on specific risks and investment opportunities identified.
We periodically update our long-term, strategic asset allocations. We use various analytics to determine the optimal asset mix and consider plan liability characteristics, liquidity characteristics, funding requirements, expected rates of return and the distribution of returns. A key element of our strategy is to
de-risk
the plan as the funded status of the plan increases. During 2023, we completed a strategy review including an asset/liability study and, as a result, target allocations were updated with a modest increase to risk assets. The changes in the asset allocation are reflected in the table below. We identify investment benchmarks to evaluate performance for the asset classes in the strategic asset allocation that are market-based and investable where possible. Actual allocations to each asset class vary from target allocations due to periodic investment strategy changes, market value fluctuations, the length of time it takes to fully implement investment allocation positions, and the timing of benefit payments and contributions. Short-term investments and exchange-traded derivatives are used to rebalance the actual asset allocation to the target asset allocation. The asset allocation is monitored and rebalanced frequently. The actual and target allocations by asset class for the pension assets at December 31 were as follows:
 
     Actual Allocations     Target Allocations  
Asset Class
   
2023
     2022    
2023
     2022  
Fixed income
   
 
60
% 
     63 %   
 
59
% 
     63 % 
Global equity
   
 
19
 
     14  
 
20
 
     20
Private equity
   
 
8
 
     8  
 
7
 
     4
Real estate and real assets
   
 
7
 
     8  
 
7
 
     7
Hedge funds
   
 
6
 
     7  
 
7
 
     6
  
 
 
    
 
 
    
 
 
    
 
 
  
Total
   
 
100
% 
     100 %   
 
100
% 
     100 % 
  
 
 
    
 
 
    
 
 
    
 
 
  
Fixed income securities are invested primarily in a diversified portfolio of long duration instruments as well as Emerging Market, Structured, High Yield and Private Debt. Global equity securities are invested in a diversified portfolio of U.S. and
non-U.S.
companies, across various industries and market capitalizations.
Private equity investment vehicles are primarily limited partnerships (LPs) that mainly invest in U.S. and
non-U.S.
leveraged buyout, venture capital, growth and special situation strategies. Real estate and real assets include global private investments that may be held through investments in LPs or other fund structures. Real estate includes, but is not limited to, investments in office, retail, apartment and industrial properties. Real assets include, but are not limited to, investments in natural resources (such as energy, farmland and timber), commodities and infrastructure.
Hedge fund investments seek to capitalize on inefficiencies identified across and within different asset classes or markets. Hedge fund strategy types include, but are not limited to, directional, event driven, relative value and long-short.
Investment managers are retained for explicit investment roles specified by contractual investment guidelines. Certain investment managers are authorized to use derivatives, such as equity or bond
futures, swaps, options and currency futures or forwards. Derivatives are used to achieve the desired market exposure of a security or an index, transfer value-added performance between asset classes, achieve the desired currency exposure, adjust portfolio duration or rebalance the total portfolio to the target asset allocation.
As a percentage of total pension assets, derivative net notional amounts were 38.3% and 37.1% for fixed income, including
to-be-announced
mortgage-backed securities and treasury forwards, and 2.1% and (5.6%) for global equity and commodities at December 31, 2023 and 2022.
In November 2020, the Company elected to contribute $3,000 of our common stock to the pension fund. An independent fiduciary was retained to manage and liquidate the stock over time at its discretion. At December 31, 2022, plan assets included $1,782 of our common stock, which was liquidated during 2023.
Risk Management
In managing the pension assets, we review and manage risk associated with funded status risk, interest rate risk, market risk, counterparty risk, liquidity risk and operational risk. Liability matching and asset class diversification are central to our risk management approach and are integral to the overall investment strategy. Further, asset classes are constructed to achieve diversification by investment strategy, by investment manager, by industry or sector and by holding. Investment manager guidelines for publicly traded assets are specified and are monitored regularly through the custodian. Credit parameters for counterparties have been established for managers permitted to trade
over-the-counter
derivatives. Valuation is governed through several types of procedures, including reviews of manager valuation policies, custodian valuation processes, pricing vendor practices, pricing reconciliation and periodic, security-specific valuation testing.
Fair Value Measurements
The following table presents our plan assets using the fair value hierarchy as of December 31, 2023 and 2022. 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, 2023      December 31, 2022  
    
Total
     
Level 1
     
Level 2
     
Level 3
      Total     Level 1      Level 2     Level 3  
Fixed income securities:
                      
Corporate
   
$
17,809
 
      
$
17,750
 
   
$
59
 
    $ 15,095      $ 15,025   $ 70
U.S. government and agencies
   
 
6,822
 
      
 
6,822
 
         7,827        7,827  
Mortgage backed and asset backed
   
 
505
 
      
 
344
 
   
 
161
 
      664        502     162
Municipal
   
 
816
 
      
 
816
 
         843        811     32
Sovereign
   
 
720
 
      
 
720
 
         706        706  
Other
   
 
9
 
   
$
6
 
      
 
3
 
      8   $ 8     
Derivatives:
                      
Assets
   
 
69
 
      
 
69
 
         36        36  
Liabilities
                  (87 )         (87 )   
Cash equivalents and other short-term investments
   
 
326
 
      
 
326
 
         571        571  
 
     December 31, 2023      December 31, 2022  
    
Total
    
Level 1
     
Level 2
     
Level 3
      Total     Level 1      Level 2     Level 3  
Equity securities:
                     
U.S. common and preferred stock
   
 
3,391
 
  
 
3,391
 
            2,931     2,931     
Non-U.S.
common and preferred stock
   
 
2,204
 
  
 
2,204
 
            2,023     2,023     
Boeing company stock
                 1,782     1,782     
Derivatives:
                     
Assets
                     
Liabilities
                 (1 )         (1 )   
Private equity
                     
Real estate and real assets:
                     
Real estate
                     
Real assets
   
 
385
 
  
 
349
 
   
 
33
 
   
 
3
 
      362     310      47     5
Derivatives:
                     
Assets
                 1        1  
Liabilities
                 (8 )         (7 )      (1 ) 
  
 
 
    
 
 
     
 
 
     
 
 
     
 
 
    
 
 
     
 
 
    
 
 
  
Total
   
$
33,056
 
  
$
5,950
 
   
$
26,880
 
   
$
226
 
    $ 32,753   $ 7,054    $ 25,431   $ 268
  
 
 
    
 
 
     
 
 
     
 
 
     
 
 
    
 
 
     
 
 
    
 
 
  
Fixed income common/collective/pooled funds
   
$
1,378
 
            $ 1,511       
Fixed income other
   
 
1,364
 
              832       
Equity common/collective/ pooled funds
   
 
2,702
 
              2,757       
Private equity
   
 
4,102
 
              4,239       
Real estate and real assets
   
 
3,138
 
              3,525       
Hedge funds
   
 
2,751
 
              3,391       
  
 
 
             
 
 
         
Total investments measured at NAV as a practical expedient
   
$
15,435
 
            $ 16,255       
  
 
 
             
 
 
         
Cash
   
$
86
 
            $ 409       
Receivables
   
 
438
 
  
 
 
 
   
 
 
 
   
 
 
 
      541  
 
 
 
   
 
 
 
  
 
 
 
Payables
   
 
(124
) 
  
 
 
 
   
 
 
 
   
 
 
 
      (133 )   
 
 
 
   
 
 
 
  
 
 
 
  
 
 
             
 
 
         
Total
   
$
48,891
 
  
 
 
 
   
 
 
 
   
 
 
 
    $ 49,825  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
             
 
 
         
Fixed income securities are primarily valued upon a market approach, using matrix pricing and considering a security’s relationship to other securities for which quoted prices in an active market may be available, or an income approach, converting future cash flows to a single present value amount.
Inputs used in developing fair value estimates include reported trades, broker quotes, benchmark yields and base spreads.
 
Common/collective/pooled funds are typically common or collective trusts valued at their net asset values (NAVs) that are calculated by the investment manager or sponsor of the fund and have daily or monthly liquidity.
Derivatives included in the table above are
over-the-counter
and are primarily valued using an income approach with inputs that include benchmark yields, swap curves, cash flow analysis, rating agency data and interdealer broker rates. Exchange-traded derivative positions are reported in accordance with changes in daily variation margin which is settled daily and therefore reflected in the payables and receivables portion of the table.
Cash equivalents and other short-term investments (which are used to pay benefits) are held in a separate account which consists of a commingled fund (with daily liquidity) and separately held short-term securities and cash equivalents. All of the investments in this cash vehicle are valued daily using a market approach with inputs that include quoted market prices for similar instruments. In the event a market price is not available for instruments with an original maturity of one year or less, amortized cost is used as a proxy for fair value. Common and preferred stock equity securities are primarily valued using a market approach based on the quoted market prices of identical instruments.
Private equity and private debt NAV valuations are based on the valuation of the underlying investments, which include inputs such as cost, operating results, discounted future cash flows and market based comparable data. For those investments reported on a
one-quarter
lagged basis (primarily LPs) we use NAVs, adjusted for subsequent cash flows and significant events.
Real estate and real asset NAVs are based on the valuation of the underlying investments, which include inputs such as cost, discounted future cash flows, independent appraisals and market based comparable data. For those investments reported on a
one-quarter
lagged basis (primarily LPs), NAVs are adjusted for subsequent cash flows and significant events. Publicly traded infrastructure stocks are valued using a market approach based on quoted market prices of identical instruments. Exchange-traded commodities futures positions are reported in accordance with changes in daily variation margin which is settled daily and therefore reflected in the payables and receivables portion of the table.
Hedge fund NAVs are generally based on the valuation of the underlying investments. This is primarily done by applying a market or income valuation methodology depending on the specific type of security or instrument held.
Investments in private equity, private debt, real estate, real assets and hedge funds are primarily calculated and reported by the General Partner, fund manager or third-party administrator. Additionally, some investments in fixed income and equity are made via commingled vehicles and are valued in a similar fashion. Pension assets invested in commingled and LP structures rely on the NAV of these investments as the practical expedient for the valuations.
 
The following tables summarizes the changes of Level 3 assets, reconciled by asset class, held during the years ended December 31, 2023 and 2022. Transfers into and out of Level 3 are reported at the
beginning-of-year
values.
 
     January 1
2023
Balance		      Net Realized and
Unrealized
Gains/(Losses)		     Net Purchases,
Issuances and
Settlements		     Net Transfers
Into/(Out of)
Level 3		     December 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
 
Municipal
   
 
32
 
     
 
(5
) 
  
 
(27
) 
  
Other
      
 
3
 
         3  
Real assets
   
 
4
 
   
 
(1
) 
      
 
3
 
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Total
   
$
268
 
   
$
14
 
  
($
12
) 
  
($
44
) 
  
$
226
 
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
     January 1
2022
Balance		      Net Realized and
Unrealized
Gains/(Losses)		     Net Purchases,
Issuances and
Settlements		     Net
Transfers
Into/(Out of)
Level 3		     December 31
2022
Balance		  
Fixed income securities:
            
Corporate
    $ 53    ($ 19 )    $ 3   $ 33   $ 70
Mortgage backed and asset backed
      102      (11 )      16     55     162
Municipal
      29      (14 )      9     8     32
Sovereign
      9          (9 )   
Equity securities:
            
Non-U.S.
common and preferred stock
      5      (45 )      (2 )      42  
Real assets
         (1 )      5       4
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Total
    $ 198    ($ 90 )    $ 31   $ 129   $ 268
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
For the year ended December 31, 2023, the changes in unrealized gains/(losses) for Level 3 assets still held at December 31, 2023 were $2 for corporate fixed income securities, $6 for mortgage backed and asset backed fixed income securities, and $3 for other fixed income securities. For the year ended December 31, 2022, the changes in unrealized gains/(losses) for Level 3 assets still held at December 31, 2022 were ($16) for corporate fixed income securities, ($11) for mortgage backed and asset backed fixed income securities, ($14) for municipal fixed income securities, and ($1
)
for real asset securities.
OPB Plan Assets
The majority of OPB plan assets are invested in a balanced index fund which is comprised of approximately 60% equities and 40% debt securities. The index fund is valued using a market approach based on the quoted market price of an identical instrument (Level 1). The expected rate of return on these assets does not have a material effect on the net periodic benefit cost.
Cash Flows
Contributions
Required pension contributions under the Employee Retirement Income Security Act (ERISA), as well as rules governing funding of our
non-US
pension plans, are not expected to be significant in 2024. We do not expect to make discretionary contributions to our pension plans in 2024.
 
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)
    2024     2025     2026     2027     2028    
2029-2033
  
Pensions
    $ 4,524   $ 4,425   $ 4,345   $ 4,241   $ 4,143   $ 19,106
Other postretirement benefits:
             
Gross benefits paid
      358     341     319     295     269     1,004
Subsidies
      (12 )      (13 )      (13 )      (13 )      (13 )      (61 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net other postretirement benefits
    $ 346   $ 328   $ 306   $ 282   $ 256   $ 943
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Termination Provisions
Certain of the pension plans provide that, in the event there is a change in control of the Company which is not approved by the Board of Directors and the plans are terminated within five years thereafter, the assets in the plan first will be used to provide the level of retirement benefits required by ERISA, and then any surplus will be used to fund a trust to continue present and future payments under the postretirement medical and life insurance benefits in our group insurance benefit programs.
Should we terminate certain pension plans under conditions in which the plan’s assets exceed that plan’s obligations, the U.S. government will be entitled to a fair allocation of any of the plan’s assets based on plan contributions that were reimbursed under U.S. government contracts.
Defined Contribution Plans
We provide certain defined contribution plans to all eligible employees. The principal plans are the Company-sponsored 401(k) plans. The expense for these defined contribution plans was $1,564, $1,260 and $1,268 in 2023, 2022 and 2021, respectively.
v3.24.2.u1
Share-Based Compensation and Other Compensation Arrangements
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]    
Share-Based Compensation and Other Compensation Arrangements
Note 14 – Share-Based Compensation and Other Compensation Arrangements
Restricted Stock Units
On February 20 and March 11, 2024, we granted 2,008,499 restricted stock units (RSU) to our executives and 125,432 RSUs to our executive officers as part of our long-term incentive program. The RSUs granted under this program have a grant date fair value of $204.15 and $192.94 per unit. The RSUs granted under this program will generally vest and settle in common stock (on a
one-for-one
basis) on the third anniversary of the grant date. If an executive terminates employment because of retirement, layoff, disability, or death, the executive (or beneficiary) may receive some or all of their stock units depending on certain age and service conditions. In all other cases, the RSUs will not vest and all rights to the stock units will terminate.
Performance Restricted Stock Units
On March 11, 2024, we granted 153,306 performance restricted stock units (PRSU) to our executive officers as part of our long-term incentive program that will result in that number of PRSUs being paid
out if the target performance metric is achieved. The PRSUs granted under this program have a grant date fair value of $192.94 per unit. The award payout can range from 0% to 200% of the initial PRSU grant based on cumulative free cash flow achievement over the period January 1, 2024 through December 31, 2026 as compared to the target set at the start of the performance period, as well as the achievement of certain safety goals. The PRSUs granted under this program will vest at the payout amount determined on the third anniversary of the grant date and settle in common stock (on a
one-for-one
basis). If an executive terminates employment because of retirement, layoff, disability, or death, the executive (or beneficiary) remains eligible under the award and, if the award is earned, may receive some or all of their stock units depending on certain age and service conditions. In all other cases, the PRSUs will not vest and all rights to the stock units will terminate.
Note 17 – Share-Based Compensation and Other Compensation Arrangements
Share-Based Compensation
Our 2023 Incentive Stock Plan, permits awards of incentive and
non-qualified
stock options, stock appreciation rights, restricted stock or units, performance restricted stock or units, and other stock and cash-based awards to our employees, officers, directors, consultants, and independent contractors. The aggregate number of shares of our stock authorized for issuance under the plan is 12,900,000, plus shares that remain available, undelivered, or retained under our 2003 Incentive Stock Plan, as amended and restated. Following approval of our 2023 Incentive Stock Plan in 2023, no further awards have been or may be granted under our 2003 Incentive Stock Plan.
Shares issued as a result of stock option exercises or conversion of stock unit awards will be funded out of treasury shares, except to the extent there are insufficient treasury shares, in which case new shares will be issued. We believe we currently have adequate treasury shares to satisfy these issuances during 2024.
 
Share-based plans expense is primarily included in Total costs and expenses and General and administrative expense, as well as a portion allocated to production as inventoried costs. The share-based plans expense and related income tax benefit were as follows:
 
Years ended December 31,
   
2023
      2022      2021  
Restricted stock units and other awards
   
$
697
      $ 726    $ 840
Income tax benefit (before consideration of valuation allowance)
   
$
157
 
    $ 178    $ 148
  
 
 
     
 
 
     
 
 
  
Stock Options
Options have been granted to our executive officers that are scheduled to vest and become exercisable three years after the grant date and expire ten years after the grant date. If an executive terminates employment because of retirement, layoff, disability, or death, the executive (or beneficiary) may receive some or all of their stock options depending on certain age and service conditions. The fair values of the stock options granted were estimated using a Monte-Carlo simulation model using the assumptions presented below. The model includes no expected dividend yield.
Stock options granted during 2023 were not material.
On February 16, 2022, we granted 348,769 premium-priced stock options to our executive officers as part of our long-term incentive program. These stock options have an exercise price equal to 120% of the fair market value of our stock on the date of grant. If certain performance measures are met, the exercise price is reduced to 110% of the grant date fair market value of our stock.
On February 17, 2021, we granted 342,986 premium-priced stock options to our executive officers as part of our long-term incentive program. These stock options have an exercise price equal to 120% of the fair market value of our stock on the date of grant. During 2021, we also granted 148,322 stock options to certain executives, of which 40,322 had an exercise price equal to 120% of the fair market value of our stock on the date of grant, and the remaining 108,000 had an exercise price equal to the fair market value of our stock on the date of grant. The grant date fair market values of these awards were not significant.
 
Grant Year
    Grant Date      Expected
Life		      Expected
Volatility		     Risk Free
Interest
Rate		     Grant Date
Fair Value
Per Option		  
2022
      2/16/2022        6.8 years        36.6 %      2.0 %    $ 83.04
2021
      2/17/2021        6.6 years        37.8 %      1.3 %    $ 74.63
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Options granted through January 2014 had an exercise price equal to the fair market value of our stock on the date of grant and expire 10 years after the date of grant. These stock options vested over a period of three years and were fully vested as of December 31, 2017.
 
Stock option activity for the year ended December 31, 2023 was as follows:
 
    Shares     Weighted Average
Exercise Price Per
Option		     Weighted Average
Remaining
Contractual Life
(Years)		     Aggregate
Intrinsic
Value		  
Number of shares under option:
        
Outstanding at beginning of year
     1,390,769     $ 178.18    
Granted
     30,000       210.68    
Exercised
     (597,030 )      77.06    
Forfeited
     (31,077 )      260.26    
 
 
 
    
 
 
    
 
 
    
 
 
  
Outstanding at end of year
     792,662     $ 252.35     7.7     $ 7
 
 
 
    
 
 
    
 
 
    
 
 
  
Exercisable at end of year
     7,953     $ 197.07     3.1     $ 1
 
 
 
    
 
 
    
 
 
    
 
 
  
The total intrinsic value of options exercised during the years ended December 31, 2023, 2022 and 2021 was $80, $75 and $84, with a related tax benefit of $18, $17 and $19, respectively. At December 31, 2023, there was $11 of total unrecognized compensation cost related to options which is expected to be recognized over a weighted average period of 1.2 years.
Restricted Stock Units
In February 2023, 2022 and 2021, we granted to our executives 327,523, 1,804,541 and 980,077 restricted stock units (RSUs) as part of our long-term incentive program with grant date fair values of $214.35, $217.48 and $215.70 per unit, respectively. On July 29, 2022, we also granted 2,568,112 RSUs with a grant date fair value of $157.69 per unit as part of our long-term incentive program, accelerating awards planned for 2023 to retain executives. The RSUs granted under this program will generally vest and settle in common stock (on a
one-for-one
basis) on the third anniversary of the grant date. If an executive terminates employment because of retirement, layoff, disability, or death, the executive (or beneficiary) may receive some or all of their stock units depending on certain age and service conditions. In all other cases, the RSUs will not vest and all rights to the stock units will terminate. These RSUs are labeled executive long-term incentive program in the table below.
In addition to RSUs awarded under our long-term incentive programs, we granted RSUs to certain executives and employees. These RSUs are labeled other RSUs in the table below.
The fair values of all RSUs are estimated using the average of the high and low stock prices on the date of grant.
 
RSU activity for the year ended December 31, 2023 was as follows:
 
     Executive
Long-Term
Incentive
Program		      Employee
Long-Term
Incentive
Program		      Other  
Number of units:
         
Outstanding at beginning of year
      6,117,900      4,373,807      958,694
Granted
      411,134         142,711
Forfeited
      (229,226 )       (106,087 )       (32,253 ) 
Distributed
      (950,318 )       (4,242,199 )       (303,642 ) 
  
 
 
     
 
 
     
 
 
  
Outstanding at end of year
      5,349,490      25,521      765,510
  
 
 
     
 
 
     
 
 
  
Undistributed vested units
      1,630,233      25,407      34,600
  
 
 
     
 
 
     
 
 
  
Unrecognized compensation cost
    $ 366         $ 55  
  
 
 
     
 
 
     
 
 
  
Weighted average remaining amortization period 
(years)
      1.5           1.6  
  
 
 
     
 
 
     
 
 
  
Performance Restricted Stock Units
On February 16, 2023, we granted 199,899 performance restricted stock units (PRSU) to our executive officers as part of our long-term incentive program that will result in that number of PRSUs being paid out if the target performance metric is achieved. The PRSUs granted under this program have a grant date fair value of $214.35 per unit. The award payout can range from 0% to 200% of the initial PRSU grant based on cumulative free cash flow achievement over the period January 1, 2023 through December 31, 2025 as compared to the target set at the start of the performance period. The PRSUs granted under this program will vest at the payout amount determined on the third anniversary of the grant date and settle in common stock (on a
one-for-one
basis). If an executive terminates employment because of retirement, layoff, disability, or death, the executive (or beneficiary) remains eligible under the award and, if the award is earned, may receive some or all of their stock units depending on certain age and service conditions. In all other cases, the PRSUs will not vest and all rights to the stock units will terminate. During the year ended December 31, 2023, there were no forfeitures or distributions. At December 31, 2023, unrecognized compensation cost was $31, and the weighted average remaining amortization period was 2.1 years.
Performance-Based Restricted Stock Units
Performance-Based Restricted Stock Units (PBRSUs) are stock units that pay out based on the Company’s total shareholder return (TSR) as compared to a group of peer companies over a three-year period. The award payout can range from 0% to 200% of the initial PBRSU grant. During 2023, these performance awards expired with a payout of 0%.
Employee Stock Purchase Plan
The Company has an employee stock purchase plan which permits eligible employees to purchase Boeing stock at 95% of the fair market value on the last trading day of each three-month period using payroll deduction. The aggregate number of shares of our stock authorized for issuance under the plan is 12,000,000. During the year ended December 31, 2023, approximately 216,719 shares were purchased at an average price of $193.52 per share.
 
Deferred Compensation
The Company has deferred compensation plans which permit certain employees and executives to defer a portion of their salary, bonus, certain other incentive awards and retirement contributions.
Participants can diversify these amounts among 23 investment funds including a Boeing stock unit account.
Total expense/(income) related to deferred compensation was $188, ($117) and $126 in 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, the deferred compensation liability which is being marked to market was $1,640 and $1,499.
v3.24.2.u1
Shareholders' Equity
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Equity [Abstract]    
Shareholders' Equity
Note 15 – Shareholders’ Equity
Accumulated Other Comprehensive Loss
Changes in Accumulated other comprehensive loss (AOCI) by component for the six and
three
months ended June 30, 2024 and 2023, were as follows:
 
     Currency
Translation
Adjustments		     Unrealized
Gains and
Losses on
Certain
Investments		      Unrealized
Gains and
Losses on
Derivative
Instruments		     Defined Benefit
Pension Plans &
Other
Postretirement
Benefits		     Total(1)  
Balance at January 1, 2023
    ($ 167 )       ($ 24 )    ($ 9,359 )    ($ 9,550 ) 
  
 
 
       
 
 
    
 
 
    
 
 
  
Other comprehensive income/(loss) before reclassifications
      10          (25 )      (6 )      (21 ) 
Amounts reclassified from AOCI
           (2 )      (44 )(2)      (46 ) 
  
 
 
       
 
 
    
 
 
    
 
 
  
Net current period Other comprehensive income/(loss)
      10          (27 )      (50 )      (67 ) 
  
 
 
       
 
 
    
 
 
    
 
 
  
Balance at June 30, 2023
    ($ 157 )       ($ 51 )    ($ 9,409 )    ($ 9,617 ) 
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
  
Balance at January 1, 2024
   
($
134
) 
  
$
2
 
   
$
12
 
  
($
10,185
) 
  
($
10,305
) 
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
  
Other comprehensive loss before reclassifications
   
 
(24
) 
     
 
(76
) 
  
 
(13
)
(2)
 
  
 
(113
) 
Amounts reclassified from AOCI
        
 
26
 
    
 
26
 
  
 
 
       
 
 
    
 
 
    
 
 
  
Net current period Other comprehensive loss
   
 
(24
) 
     
 
(50
) 
  
 
(13
) 
  
 
(87
) 
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
  
Balance at June 30, 2024
   
($
158
) 
  
$
2
 
   
($
38
) 
  
($
10,198
) 
  
($
10,392
) 
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
  
Balance at March 31, 2023
    ($ 151 )       ($ 11 )    ($ 9,388 )    ($ 9,550 ) 
  
 
 
       
 
 
    
 
 
    
 
 
  
Other comprehensive (loss)/income before reclassifications
      (6 )         (43 )      1       (48 ) 
Amounts reclassified from AOCI
           3       (22 )(2)      (19 ) 
  
 
 
       
 
 
    
 
 
    
 
 
  
Net current period Other comprehensive loss
      (6 )         (40 )      (21 )      (67 ) 
  
 
 
       
 
 
    
 
 
    
 
 
  
Balance at June 30, 2023
    ($ 157 )       ($ 51 )    ($ 9,409 )    ($ 9,617 ) 
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
  
Balance at March 31, 2024
   
($
169
) 
  
$
2
 
   
($
46
) 
  
($
10,199
) 
  
($
10,412
) 
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
  
Other comprehensive income/(loss) before reclassifications
   
 
11
 
     
 
(11
) 
  
 
1
 (2)
 
  
 
1
 
Amounts reclassified from AOCI
        
 
19
 
    
 
19
 
  
 
 
       
 
 
    
 
 
    
 
 
  
Net current period Other comprehensive income
   
 
11
 
     
 
8
 
  
 
1
 
  
 
20
 
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
  
Balance at June 30, 2024
   
($
158
) 
  
$
2
 
   
($
38
) 
  
($
10,198
) 
  
($
10,392
) 
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
  
 
(1)
Net of tax.
(2)
Primarily relates to the amortization of prior service credits and actuarial losses/(gains) included in net periodic benefit cost for the six and three months ended June 30, 2024 totaling $0 and $0 (net of tax of $0 and $0), and ($44) and ($22) (net of tax of $13 and $7) for the same periods in prior year.
Note 18 – Shareholders’ Equity
As of December 31, 2023 and 2022, there were 1,200,000,000 shares of common stock and 20,000,000 shares of preferred stock authorized. No preferred stock has been issued.
Changes in Share Balances
The following table shows changes in each class of shares:
 
     Common
Stock		      Treasury
Stock		  
Balance at January 1, 2021
      1,012,261,159      429,941,021
  
 
 
     
 
 
  
Issued
         (6,904,556 ) 
Acquired
         307,242
  
 
 
     
 
 
  
Balance at December 31, 2021
      1,012,261,159      423,343,707
  
 
 
     
 
 
  
Issued
         (8,877,047 ) 
Acquired
         204,723
  
 
 
     
 
 
  
Balance at December 31, 2022
   
 
1,012,261,159
     
 
414,671,383
  
  
 
 
     
 
 
  
Issued
      
 
(13,651,201
) 
Acquired
      
 
1,725,954
  
  
 
 
     
 
 
  
Balance at December 31, 2023
   
 
1,012,261,159
     
 
402,746,136
  
  
 
 
     
 
 
  
Additional
Paid-in
Capital
During the year ended December 31, 2023, Additional
paid-in
capital included a decrease of $267 related to a
non-cash
transaction to purchase shares in a consolidated subsidiary from the noncontrolling interests.
 
Accumulated Other Comprehensive Loss
Changes in AOCI by component for the years ended December 31, 2023, 2022 and 2021 were as follows:
 
    Currency
Translation
Adjustments		     Unrealized Gains
and Losses on
Certain
Investments		     Unrealized
Gains and
Losses on
Derivative
Instruments		     Defined Benefit
Pension
Plans & Other
Postretirement
Benefits		     Total (1)  
Balance at January 1, 2021
   ($ 30 )    $ 1   ($ 43 )    ($ 17,061 )    ($ 17,133 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other comprehensive (loss)/income before reclassifications
     (75 )        55       4,268 (2)      4,248
Amounts reclassified from AOCI
         (6 )      1,232 (3)      1,226
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net current period Other comprehensive (loss)/income
     (75 )        49       5,500       5,474
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2021
     ($105)       $1   $ 6     ($ 11,561 )    ($ 11,659 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other comprehensive (loss)/income before reclassifications
     (62 )      (1 )      (40 )      1,529 (2)      1,426
Amounts reclassified from AOCI
         10 (4)      673 (3)      683
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net current period Other comprehensive (loss)/income
     (62 )      (1 )      (30 )      2,202       2,109
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2022
  
($
167
) 
    
($
24
) 
  
($
9,359
) 
  
($
9,550
) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other comprehensive income/(loss) before reclassifications
  
 
33
    
 
2
    
 
41
 
  
 
(722
)(2) 
  
 
(646
) 
Amounts reclassified from AOCI
      
 
(5
) 
  
 
(104
)(3) 
  
 
(109
) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net current period Other comprehensive income/(loss)
  
 
33
    
 
2
    
 
36
 
  
 
(826
) 
  
 
(755
) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2023
  
 
($134)
 
  
 
$2
    
$
12
 
  
($
10,185
) 
  
($
10,305
) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
Net of tax.
(2)
Primarily related to remeasurement of assets and benefit obligations related to the Company’s pension and other postretirement benefit plans resulting in an actuarial (loss)/gain of ($722), $1,533 and $4,262 (net of tax of $13, ($22) and ($32)) for the years ended December 31, 2023, 2022 and 2021. See Note 16.
(3)
Amounts reclassified from AOCI for the year ended December 31, 2023, primarily related to amortization of prior service credits totaling ($102) (net of tax of $1). Amounts reclassified from AOCI for the years ended December 31, 2022 and 2021, primarily related to amortization of actuarial losses totaling $791 and $1,155 (net of tax of ($11) and ($8)). These are included in net periodic pension cost. See Note 16.
(4)
Included losses of $39 (net of tax of ($11)) from cash flow hedges reclassified to Other income, net because the forecasted transactions are not probable of occurring.
v3.24.2.u1
Derivative Financial Instruments
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Derivative Financial Instruments
Note 16 – Derivative Financial Instruments
Cash Flow Hedges
Our cash flow hedges include foreign currency forward contracts, commodity swaps and commodity purchase contracts. We use foreign currency forward contracts to manage currency risk associated with certain expected sales and purchases through 2031. We use commodity derivatives, such as fixed-price purchase commitments and swaps to hedge against potentially unfavorable price changes for commodities used in production. Our commodity contracts hedge forecasted transactions through 2028.
Derivative Instruments Not Receiving Hedge Accounting Treatment
We have entered into agreements to purchase and sell aluminum to address long-term strategic sourcing objectives and
non-U.S.
business requirements. These agreements are derivative instruments for accounting purposes. The quantities of aluminum in these agreements offset and are priced at prevailing market prices. We also hold certain foreign currency forward contracts and commodity swaps which do not qualify for hedge accounting treatment.
Notional Amounts and Fair Values
The notional amounts and fair values of derivative instruments in the Condensed Consolidated Statements of Financial Position were as follows:
 
     Notional amounts(1)     
Other assets
    
Accrued liabilities
  
    
June 30
2024
      December 31
2023		     
June 30
2024
     December 31
2023		    
June 30
2024
     December 31
2023		  
Derivatives designated as hedging instruments:
               
Foreign exchange contracts
   
$
4,524
 
    $ 4,120     
$
48
 
   $ 85    
($
89
) 
   ($ 63 ) 
Commodity contracts
   
 
449
 
      514     
 
74
 
     83    
 
(5
) 
     (8 ) 
Derivatives not receiving hedge accounting treatment:
               
Foreign exchange contracts
   
 
253
 
      254     
 
3
 
     1    
 
(20
) 
     (32 ) 
Commodity contracts
   
 
63
 
      115              (2 ) 
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Total derivatives
   
$
5,289
 
    $ 5,003     
$
125
 
   $ 169    
($
114
) 
   ($ 105 ) 
Netting arrangements
         
 
(47
) 
     (47 )   
 
47
 
     47  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Net recorded balance
         
$
78
 
   $ 122    
($
67
) 
   ($ 58 ) 
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
Notional amounts represent the gross contract/notional amount of the derivatives outstanding.
 
(Losses)/gains associated with our hedging transactions and forward points recognized in Other comprehensive (loss)/income are presented in the following table:
 
    
Six months ended
June 30
     
Three months ended
June 30
  
    
2024
      2023     
2024
      2023  
Recognized in Other comprehensive (loss)/income, net of taxes:
            
Foreign exchange contracts
   
($
75
) 
    $ 11     
($
18
) 
    $ 1  
Commodity contracts
   
 
(1
) 
      (36 )    
 
7
 
      (44 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
(Losses)/gains associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table:
 
    
Six months ended
June 30
     
Three months ended
June 30
  
    
2024
      2023     
2024
      2023  
Foreign exchange contracts
            
Costs and expenses
   
($
12
) 
      (6 )    
($
5
) 
    ($ 4 ) 
General and administrative expense
   
 
(13
) 
      (23 )    
 
(9
) 
      (12 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Commodity contracts
            
Costs and expenses
   
 
(12
) 
      27     
 
(12
) 
    $ 10  
General and administrative expense
   
 
3
 
      5     
$
1
 
      3  
  
 
 
     
 
 
     
 
 
     
 
 
  
Gains/(losses) related to undesignated derivatives on foreign exchange and commodity cash flow hedging transactions recognized in Other income, net were insignificant for the six and three months ended June 30, 2024 and 2023.
Based on our portfolio of cash flow hedges, we expect to reclassify losses of $37
(pre-tax)
out of AOCI into earnings during the next 12 months.
We have derivative instruments with credit-risk-related contingent features. If we default on our five-year credit facilities, our derivative counterparties could require settlement for foreign exchange and certain commodity contracts with original maturities of at least five years. The fair value of those contracts in a net liability position at June 30, 2024 was $11. For other particular commodity contracts, our counterparties could require collateral posted in an amount determined by our credit ratings. At June 30, 2024, there was no collateral posted related to our derivatives.
Note 19 – Derivative Financial Instruments
Cash Flow Hedges
Our cash flow hedges include foreign currency forward contracts, commodity swaps and commodity purchase contracts. We use foreign currency forward contracts to manage currency risk associated with certain expected sales and purchased through 2031. We use commodity derivatives, such as fixed-price purchase commitments and swaps to hedge against potentially unfavorable price changes for commodities used in production. Our commodity contracts hedge forecasted transactions through 2028.
 
Derivative Instruments Not Receiving Hedge Accounting Treatment
We have entered into agreements to purchase and sell aluminum to address long-term strategic sourcing objectives and
non-U.S.
business requirements. These agreements are derivative instruments for accounting purposes. The quantities of aluminum in these agreements offset and are priced at prevailing market prices. We also hold certain foreign currency forward contracts and commodity swaps which do not qualify for hedge accounting treatment.
Notional Amounts and Fair Values
The notional amounts and fair values of derivative instruments in the Consolidated Statements of Financial Position as of December 31 were as follows:
 
     Notional
amounts(1)		     
 
     
Other
assets
    
 
    
Accrued
liabilities
    
 
  
    
2023
      2022     
2023
     2022    
2023
     2022  
Derivatives designated as hedging instruments:
               
Foreign exchange contracts
   
$
4,120
      $ 2,815   
$
85
     $ 23  
($
63
) 
   ($ 122 ) 
Commodity contracts
   
 
514
        602   
 
83
       115  
 
(8
) 
     (9 ) 
Derivatives not receiving hedge accounting treatment:
               
Foreign exchange contracts
   
 
254
        462   
 
1
       5  
 
(32
) 
     (42 ) 
Commodity contracts
   
 
115
        412        2  
 
(2
) 
     (1 ) 
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Total derivatives
   
$
5,003
      $ 4,291   
 
169
       145  
 
(105
) 
     (174 ) 
Netting arrangements
         
 
(47
) 
     (33 )   
 
47
       33
        
 
 
    
 
 
    
 
 
    
 
 
  
Net recorded balance
         
$
122
     $ 112  
($
58
) 
   ($ 141 ) 
        
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
Notional amounts represent the gross contract/notional amount of the derivatives outstanding.
Gains/(losses) associated with our hedging transactions and forward points recognized in Other comprehensive income are presented in the following table:
 
Years ended December 31,
   
2023
      2022      2021  
Recognized in Other comprehensive income, net of taxes:
         
Foreign exchange contracts
   
$
61
      ($ 118 )     ($ 47 ) 
Commodity contracts
   
 
(20
) 
      78      102
  
 
 
     
 
 
     
 
 
  
Gains/(losses) associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table:
 
Years ended December 31,
   
2023
      2022      2021  
Foreign exchange contracts
         
Revenues
       $ 1   
Costs and expenses
   
($
15
) 
      7    $ 13
General and administrative
   
 
(17
) 
      (12 )       8
  
 
 
     
 
 
     
 
 
  
Commodity contracts
         
Costs and expenses
   
$
31
      $ 31    ($ 18 ) 
General and administrative expense
   
 
7
        10      5
  
 
 
     
 
 
     
 
 
  
During the twelve months ended December 31, 2022, we reclassified losses associated with certain cash flow hedges of $50 from AOCI to Other income, net because it became probable the forecasted
transactions would not occur. Gains/(losses) related to undesignated derivatives on foreign exchange and commodity cash flow hedging transactions recognized in Other income, net were insignificant for the years ended December 31, 2023, 2022 and 2021.
Based on our portfolio of cash flow hedges, we expect to reclassify losses of $39
(pre-tax)
out of AOCI into earnings during the next 12 months.
We have derivative instruments with credit-risk-related contingent features. If we default on our five-year credit facility, our derivative counterparties could require settlement for foreign exchange and certain commodity contracts with original maturities of at least five years. The fair value of those contracts in a net liability position at December 31, 2023 was $16. For other particular commodity contracts, our counterparties could require collateral posted in an amount determined by our credit ratings. At December 31, 2023, there was no collateral posted related to our derivatives.
v3.24.2.u1
Fair Value Measurements
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]    
Fair Value Measurements
Note 17 – Fair Value Measurements
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. The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.
 
    
June 30, 2024
     December 31, 2023  
    
Total
    
Level 1
     
Level 2
     Total     Level 1      Level 2  
Assets
               
Money market funds
   
$
2,101
 
  
$
2,101
 
      $ 1,514     $ 1,514     
Available-for-sale
debt investments:
               
Commercial paper
   
 
251
 
     
$
251
 
     291        $ 291  
Corporate notes
   
 
247
 
     
 
247
 
     183          183  
U.S. and local government agencies
   
 
17
 
     
 
17
 
     25          25  
Other equity investments
   
 
57
 
  
 
57
 
        44       44     
Derivatives
   
 
78
 
     
 
78
 
     122          122  
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
     
 
 
  
Total assets
   
$
2,751
 
  
$
2,158
 
   
$
593
 
   $ 2,179     $ 1,558      $ 621  
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
     
 
 
  
Liabilities
               
Derivatives
   
($
67
) 
     
($
67
) 
   ($ 58 )       ($ 58 ) 
Other
   
 
(17
) 
     
 
(17
) 
       
  
 
 
       
 
 
    
 
 
       
 
 
  
Total liabilities
   
($
84
) 
     
($
84
) 
   ($ 58 )       ($ 58 ) 
  
 
 
       
 
 
    
 
 
       
 
 
  
Money market funds,
available-for-sale
debt investments and equity securities are valued using a market approach based on the quoted market prices or broker/dealer quotes of identical or comparable instruments.
Derivatives include foreign currency and commodity contracts. Our foreign currency forward contracts are valued using an income approach based on the present value of the forward rate less the contract rate multiplied by the notional amount. Commodity derivatives are valued using an income approach based on the present value of the commodity index prices less the contract rate multiplied by the notional amount.
Certain assets have been measured at fair value on a nonrecurring basis. The following table presents the nonrecurring losses recognized for the six months ended June 30 due to long-lived asset impairment and the fair value of the related assets as of the impairment date:
 
    
2024
      2023  
    
Fair
Value
     
Total

Losses
      Fair
Value		    Total
Losses		  
Investments
      
($
17
) 
       ($ 11 ) 
Operating lease equipment
   
$
15
 
   
 
(5
) 
      
Property, plant and equipment
      
 
(9
) 
      
Other assets
      
 
(3
) 
         (1 ) 
  
 
 
     
 
 
     
 
   
 
 
  
Total
   
$
15
 
   
($
34
) 
       ($ 12 ) 
  
 
 
     
 
 
     
 
   
 
 
  
Level 3 Investments and Other assets were primarily valued using an income approach based on the discounted cash flows associated with the underlying assets. Level 2 Property, plant and equipment were valued based on a third-party valuation using a combination of income and market approaches and adjusted for
as-is
condition. These approaches considered estimates of net operating income, capitalization rates, and/or comparable property sales. Level 3 operating lease equipment is valued by calculating a median collateral value from a consistent group of third-party aircraft value publications. The values provided by the third-party aircraft publications are derived from their knowledge of market trades and other market factors. Management reviews the publications quarterly to assess the continued appropriateness and consistency with market trends. Under certain circumstances, we adjust values based on the attributes and condition of the specific aircraft or equipment, usually when the features or use of the aircraft vary significantly from the more generic aircraft attributes covered by third-party publications, or on the expected net sales price for the aircraft.
 
For Level 3 assets that were measured at fair value on a nonrecurring basis during the period ended June 30, 2024, the following table presents the fair value of those assets as of the measurement date, valuation techniques and related unobservable inputs of those assets.
 
    
Fair
Value
   
Valuation
Technique
   
Unobservable Input
   
Range
Median or Average
Operating lease equipment
    $15    Market approach    Aircraft value publications Aircraft condition adjustments   
$21 – $27(1)
Median $23
($8) – $0(2) Net ($8)
 
(1)
The range represents the sum of the highest and lowest values for all aircraft subject to fair value measurement, according to the third-party aircraft valuation publications that we use in our valuation process.
(2)
The negative amount represents the sum, for all aircraft subject to fair value measurement, of all downward adjustments based on consideration of individual aircraft attributes and condition. The positive amount represents the sum of all such upward adjustments.
Fair Value Disclosures
The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Condensed Consolidated Statements of Financial Position were as follows:
 
    
June 30, 2024
  
    
Carrying

Amount
    
Total Fair

Value
    
Level 1
     
Level 2
    
Level 3
  
Assets
            
Notes receivable, net
   
$
760
 
  
$
778
 
            
$
766
 
  
$
12
 
Liabilities
            
Debt, excluding finance lease obligations
   
 
(57,669
) 
  
 
(53,642
) 
     
 
(53,642
) 
  
  
 
 
    
 
 
       
 
 
    
 
 
  
 
     December 31, 2023  
     Carrying
Amount		     Total Fair
Value		     Level 1      Level 2     Level 3  
Assets
            
Notes receivable, net
    $ 257     $ 270               $ 270           
Liabilities
            
Debt, excluding finance lease obligations
      (52,055 )      (51,039 )         (51,039 )   
  
 
 
    
 
 
       
 
 
    
 
 
  
The fair value of notes receivables classified as Level 2 is estimated with discounted cash flow analysis using interest rates currently offered on loans with similar terms to borrowers of similar credit quality. The fair value of notes receivables classified as Level 3 is based on our best estimate using available counterparty financial data. The fair value of our debt that is traded in the secondary market is classified as Level 2 and is based on current market yields. For our debt that is not traded in the secondary market, the fair value is classified as Level 2 and is based on our indicative borrowing cost derived from dealer quotes or discounted cash flows. With regard to other financial instruments with
off-balance
sheet risk, it is not practicable to estimate the fair value of our indemnifications and financing commitments because the amount and timing of those arrangements are uncertain. Items not included in the above disclosures include cash, restricted cash, time deposits and other deposits, commercial paper, money market funds, Accounts receivable, Unbilled receivables, Other current assets, Accounts payable and long-term payables. The carrying values of those items,
as
reflected in
the Condensed Consolidated Statements of Financial Position, approximate their fair value at June 30, 2024 and December 31, 2023. The fair value of assets and liabilities whose carrying value approximates fair value is determined using Level 2 inputs, with the exception of cash (Level 1).
Note 20 – Fair Value Measurements
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. The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.
 
    
December 31, 2023
     December 31, 2022  
    
Total
    
Level 1
     
Level 2
     Total     Level 1      Level 2  
Assets
               
Money market funds
   
$
1,514
    
$
1,514
        $ 1,797   $ 1,797   
Available-for-sale
debt investments:
               
Commercial paper
   
 
291
       
$
291
       256      $ 256
Corporate notes
   
 
183
       
 
183
       195        195
U.S. government agencies
   
 
25
       
 
25
       47        47
Other equity investments
   
 
44
    
 
44
          10     10   
Derivatives
   
 
122
       
 
122
       112        112
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
     
 
 
  
Total assets
   
$
2,179
    
$
1,558
     
$
621
     $ 2,417   $ 1,807    $ 610
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
     
 
 
  
Liabilities
               
Derivatives
   
($
58
) 
     
($
58
) 
   ($ 141 )       ($ 141 ) 
  
 
 
       
 
 
    
 
 
       
 
 
  
Total liabilities
   
($
58
) 
     
($
58
) 
   ($ 141 )       ($ 141 ) 
  
 
 
       
 
 
    
 
 
       
 
 
  
Money market funds,
available-for-sale
debt investments and equity securities are valued using a market approach based on the quoted market prices or broker/dealer quotes of identical or comparable instruments.
Derivatives include foreign currency and commodity contracts. Our foreign currency forward contracts are valued using an income approach based on the present value of the forward rate less the contract rate multiplied by the notional amount. Commodity derivatives are valued using an income approach based on the present value of the commodity index prices less the contract rate multiplied by the notional amount.
Certain assets have been measured at fair value on a nonrecurring basis, using significant unobservable inputs (Level 3). The following table presents the nonrecurring losses recognized for the
years ended December 31 due to long-lived asset impairment, and the fair value and asset classification of the related assets as of the impairment date:
 
    
2023
      2022  
    
Fair Value
     
Total Losses
      Fair Value      Total Losses  
Investments
      
($
18
) 
       ($ 31 ) 
Operating lease equipment
          $ 47      (7 ) 
Property, plant and equipment
   
$
14
     
 
(26
) 
         (19 ) 
Other Assets
   
 
 
 
   
 
(2
) 
      15      (55 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
14
     
($
46
) 
    $ 62    ($ 112 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Investments, Property, plant and equipment, and Other assets were primarily valued using an income approach based on the discounted cash flows associated with the underlying assets. The fair value of the impaired operating lease equipment is derived by calculating a median collateral value from a consistent group of third party aircraft value publications. The values provided by the third party aircraft publications are derived from their knowledge of market trades and other market factors. Management reviews the publications quarterly to assess the continued appropriateness and consistency with market trends. Under certain circumstances, we adjust values based on the attributes and condition of the specific aircraft or equipment, usually when the features or use of the aircraft vary significantly from the more generic aircraft attributes covered by third party publications, or on the expected net sales price for the aircraft.
Fair Value Disclosures
The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Consolidated Statements of Financial Position at December 31 were as follows:
 
    
December 31, 2023
  
    
Carrying
Amount
    
Total Fair
Value
    
Level 1
     
Level 2
    
Level 3
  
Assets
            
Notes receivable, net
   
$
257
    
$
270
       
$
270
    
Liabilities
            
Debt, excluding finance lease obligations
   
 
(52,055
) 
  
 
(51,039
) 
     
 
(51,039
) 
  
  
 
 
    
 
 
       
 
 
    
     December 31, 2022  
     Carrying
Amount		     Total Fair
Value		     Level 1      Level 2     Level 3  
Assets
            
Notes receivable, net
    $ 385   $ 403      $ 403  
Liabilities
            
Debt, excluding finance lease obligations
      (56,794 )      (52,856 )         (52,856 )   
  
 
 
    
 
 
       
 
 
    
The fair values of notes receivable are estimated with discounted cash flow analysis using interest rates currently offered on loans with similar terms to borrowers of similar credit quality. The fair value of our debt that is traded in the secondary market is classified as Level 2 and is based on current market yields. For our debt that is not traded in the secondary market, the fair value is classified as Level 2 and is based on our indicative borrowing cost derived from dealer quotes or discounted cash flows. With regard to other financial instruments with
off-balance
sheet risk, it is not practicable to estimate the fair value of our indemnifications and financing commitments because the amount and
timing of those arrangements are uncertain. Items not included in the above disclosures include cash, restricted cash, time deposits and other deposits, commercial paper, money market funds, Accounts receivable, Unbilled receivables, Other current assets, Accounts payable and long-term payables. The carrying values of those items, as reflected in the Consolidated Statements of Financial Position, approximate their fair value at December 31, 2023 and 2022. The fair value of assets and liabilities whose carrying value approximates fair value is determined using Level 2 inputs, with the exception of cash (Level 1).
v3.24.2.u1
Legal Proceedings
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Legal Proceedings [Abstract]    
Legal Proceedings
Note 18 – Legal Proceedings
Various legal proceedings, claims and investigations related to products, contracts, employment and other matters are pending against us. In addition, we are subject to various government inquiries and investigations from which civil, criminal or administrative proceedings could result or have resulted in the past. Such proceedings involve or could involve claims by the government for fines, penalties, compensatory and treble damages, restitution and/or forfeitures. Under U.S. government regulations, a company, or one or more of its operating divisions or subdivisions, can also be suspended or debarred from government contracts, have certain of its production certificates suspended or revoked, or lose its export privileges, based on the results of investigations. We believe, based upon current information, that the outcome of any currently pending legal proceeding, claim, or government dispute, inquiry or investigation will not have a material effect on our financial position, results of operations or cash flows. With respect to the matters set forth below, we cannot reasonably estimate a range of loss in excess of recorded amounts, if any.
Multiple legal actions and inquiries were initiated as a result of the October 29, 2018 accident of Lion Air Flight 610 and the March 10, 2019 accident of Ethiopian Airlines Flight 302. On January 7, 2021, we entered into a Deferred Prosecution Agreement (DPA) with the U.S. Department of Justice (the Department) relating to the Department’s investigation into us regarding the evaluation of the 737 MAX by the Federal Aviation Administration (the Investigation). Among other obligations, the DPA includes a three-year reporting period, which ended earlier this year. On May 14, 2024, the Department notified us of its determination that we did not fulfill our obligations under the DPA and that the Department would not move to dismiss the information. On July 24, 2024, we and the Department filed a plea agreement with the U.S. District Court for the Northern District of Texas (the Court) to resolve the Investigation. If approved by the Court, under the terms of the agreement, Boeing would agree to plead guilty to the charge that was the basis for the DPA; would pay an additional fine of $244; would commit to invest at least $455 in compliance, quality and safety programs over a three-year period; and would agree to the appointment of an independent compliance monitor for three years. We are actively engaging with the U.S. Department of Defense regarding potential impacts on our business with the U.S. government and are assessing other related risks.
Multiple legal actions were initiated as a result of the January 5, 2024 Alaska Airlines Flight 1282 accident. We are also subject to multiple governmental and regulatory investigations and inquiries relating to the Alaska Airlines Flight 1282 accident and our commercial airplanes business. We cannot reasonably estimate a range of loss, if any, not covered by available insurance that may result given the current status of pending lawsuits, investigations and inquiries related to the 737 program.
During 2019, we entered into agreements with Embraer S.A. (Embraer) to establish joint ventures that included the commercial aircraft and services operations of Embraer, of which we were expected to acquire an 80 percent ownership stake for $4,200, as well as a joint venture to promote and develop new markets for the
C-390
Millennium. In 2020, we exercised our contractual right to terminate these agreements based on Embraer’s failure to meet certain required closing conditions. Embraer has disputed our right to terminate the agreements, and the dispute is currently in arbitration, which we currently expect to be resolved in the third quarter of 2024.
Note 21 – Legal Proceedings
Various legal proceedings, claims and investigations related to products, contracts, employment and other matters
are
pending against us. In addition, we are subject to various government inquiries and investigations from which civil, criminal or administrative proceedings could result or have resulted in the past. Such proceedings involve or could involve claims by the government for fines, penalties, compensatory and treble damages, restitution and/or forfeitures. Under U.S. government regulations, a company, or one or more of its operating divisions or subdivisions, can also be suspended or debarred from government contracts, or lose its export privileges, based on the results of investigations. We believe, based upon current information, that the outcome of any currently pending legal proceeding, claim, or government dispute, inquiry or investigation will not have a material effect on our financial position, results of operations or cash flows. With respect to the matters set forth below, we cannot reasonably estimate a range of loss in excess of recorded amounts, if any.
Multiple legal actions and inquiries were initiated as a result of the October 29, 2018 accident of Lion Air Flight 610 and the March 10, 2019 accident of Ethiopian Airlines Flight 302. On January 7, 2021, we entered into a Deferred Prosecution Agreement (DPA) with the U.S. Department of Justice that resolved the Department of Justice’s investigation into us regarding the evaluation of the 737 MAX by the Federal Aviation Administration (FAA). Among other obligations, the DPA includes a three-year reporting period, which ended earlier this month. The Department is currently considering whether we fulfilled our obligations under the DPA and whether to move to dismiss the information, which motion will require court approval.
During 2019, we entered into agreements with Embraer S.A. (Embraer) to establish joint ventures that included the commercial aircraft and services operations of Embraer, of which we were expected to acquire an 80 percent ownership stake for $4,200, as well as a joint venture to promote and develop new markets for the
C-390
Millennium. In 2020, we exercised our contractual right to terminate these agreements based on Embraer’s failure to meet certain required closing conditions. Embraer has disputed our right to terminate the agreements, and the dispute is currently in arbitration, which we currently expect to be resolved in 2024.
v3.24.2.u1
Segment and Revenue Information
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Segment Reporting [Abstract]    
Segment and Revenue Information
Note 19 – Segment and Revenue Information
Our primary profitability measurement to review segment operating results is Loss from operations. We operate in three reportable segments: BCA, BDS, and BGS. All other activities fall within
Unallocated items, eliminations and other. See page F-70 for the Summary of Business Segment Data, which is an integral part of this note.
BCA develops, produces and markets commercial jet aircraft principally to the commercial airline industry worldwide. Revenue on commercial aircraft contracts is recognized at the point in time when an aircraft is completed and accepted by the customer.
BDS engages in the research, development, production and modification of the following products and related services: manned and unmanned military aircraft and weapons systems, surveillance and engagement, strategic defense and intelligence systems, satellite systems and space exploration. BDS revenue is generally recognized over the contract term (over time) as costs are
incurred
.
BGS provides parts, maintenance, modifications, logistics support, training, data analytics and information-based services to commercial and government customers worldwide. BGS segment revenue and costs include certain products and
services
provided to other segments. Revenue on commercial spare parts contracts is recognized at the point in time when a spare part is delivered to the customer. Revenue on other contracts is generally recognized over the contract term (over time) as costs are incurred.
The following tables present BCA, BDS and BGS revenues from contracts with customers disaggregated in a number of ways, such as geographic location, contract type and the method of revenue recognition. We believe these best depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors.
BCA revenues by customer location consisted of the following:
 
(Dollars in millions)
   
Six months ended
June 30
    
Three months ended
June 30
  
    
2024
     2023    
2024
     2023  
Revenue from contracts with customers:
         
Europe
   
$
1,547
 
   $ 3,393    
$
777
 
   $ 2,038  
Asia
   
 
4,393
 
     2,355    
 
2,280
 
     1,549  
Middle East
   
 
1,174
 
     1,466    
 
406
 
     750  
Other
non-U.S.
   
 
754
 
     1,082    
 
344
 
     729  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total
non-U.S.
revenues
   
 
7,868
 
     8,296    
 
3,807
 
     5,066  
United States
   
 
3,158
 
     7,175    
 
2,173
 
     3,740  
Estimated potential concessions and other considerations to 737 MAX customers, net of insurance recoveries
   
 
(443
) 
     26         26  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total revenues from contracts with customers
   
 
10,583
 
     15,497    
 
5,980
 
     8,832  
Intersegment revenues eliminated on consolidation
   
 
73
 
     47    
 
23
 
     8  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total segment revenues
   
$
10,656
 
   $ 15,544    
$
6,003
 
   $ 8,840  
  
 
 
    
 
 
    
 
 
    
 
 
  
Revenue recognized on fixed-price contracts
   
 
100
% 
     100 %   
 
100
% 
     100 % 
Revenue recognized at a point in time
   
 
99
% 
     99 %   
 
99
% 
     99 % 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
BDS revenues on contracts with customers, based on the customer’s location, consisted of the following:
 
(Dollars in millions)
   
Six months ended
June 30
    
Three months ended
June 30
  
    
2024
     2023    
2024
     2023  
Revenue from contracts with customers:
         
U.S. customers
   
$
9,963
 
   $ 10,338    
$
4,519
 
   $ 5,028  
Non-U.S.
customers(1)
   
 
3,008
 
     2,368    
 
1,502
 
     1,139  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total segment revenue from contracts with customers
   
$
12,971
 
   $ 12,706    
$
6,021
 
   $ 6,167  
  
 
 
    
 
 
    
 
 
    
 
 
  
Revenue recognized over time
   
 
99
% 
     99 %   
 
99
% 
     99 % 
Revenue recognized on fixed-price contracts
   
 
55
% 
     59 %   
 
52
% 
     57 % 
Revenue from the U.S. government
(1)
   
 
90
% 
     90 %   
 
89
% 
     90 % 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
Includes revenues earned from foreign military sales through the U.S. government.
BGS revenues consisted of the following:
 
(Dollars in millions)
   
Six months ended
June 30
    
Three months ended
June 30
  
    
2024
     2023    
2024
     2023  
Revenue from contracts with customers:
         
Commercial
   
$
5,900
 
   $ 5,419    
$
2,900
 
   $ 2,703  
Government
   
 
3,829
 
     3,874    
 
1,895
 
     1,948  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total revenues from contracts with customers
   
 
9,729
 
     9,293    
 
4,795
 
     4,651  
Intersegment revenues eliminated on consolidation
   
 
205
 
     173    
 
94
 
     95  
Total segment revenues
   
$
9,934
 
   $ 9,466    
$
4,889
 
   $ 4,746  
  
 
 
    
 
 
    
 
 
    
 
 
  
Revenue recognized at a point in time
   
 
53
% 
     51 %   
 
53
% 
     51 % 
Revenue recognized on fixed-price contracts
   
 
87
% 
     87 %   
 
87
% 
     87 % 
Revenue from the U.S. government(1)
   
 
28
% 
     31 %   
 
27
% 
     31 % 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
Includes revenues earned from foreign military sales through the U.S. government.
Backlog
Our total backlog includes contracts that we and our customers are committed to perform. The value in backlog represents the estimated transaction prices on performance obligations to our customers for which work remains to be performed. Backlog is converted into revenue, primarily based on the cost incurred or at delivery and acceptance of products, depending on the applicable revenue recognition model.
Our backlog at June 30, 2024 was $515,874. We expect approximately 24% to be converted to revenue through 2025 and approximately 69% through 2028, with the remainder thereafter. There is significant uncertainty regarding the timing of when backlog will convert into revenue. We may experience reductions to backlog and/or significant order cancellations due to production disruptions, and/or further delays to entry into service of the 777X,
737-7
and/or
737-10.
Unallocated Items, Eliminations and Other
Unallocated items, eliminations and other include common internal services that support Boeing’s global business operations and eliminations of certain sales between segments. We generally allocate costs to
business segments based on the U.S. Government Cost Accounting Standards (CAS). Components of Unallocated items, eliminations and other (expense)/income are shown in the following table.
 
    
Six months ended
June 30
     
Three months ended
June 30
  
    
2024
      2023     
2024
      2023  
Share-based plans
   
$
53
 
    ($ 38 )    
$
43
 
    $ 14  
Deferred compensation
   
 
(49
) 
      (96 )    
 
(19
) 
      (42 ) 
Amortization of previously capitalized interest
   
 
(46
) 
      (47 )    
 
(23
) 
      (24 ) 
Research and development expense, net
   
 
(188
) 
      (149 )    
 
(99
) 
      (73 ) 
Eliminations and other unallocated items
   
 
(716
) 
      (466 )    
 
(536
) 
      (211 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Unallocated items, eliminations and other
   
($
946
) 
    ($ 796 )    
($
634
) 
    ($ 336 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Eliminations and other unallocated items for the six and three months ended June 30, 2024 includes an earnings charge of $244 that reflects a fine that would be paid if an agreement with the U.S. Department of Justice is approved by the federal district court. For additional discussion, see Note 18 to our Condensed Consolidated Financial Statements.
Pension and Other Postretirement Benefit Expense
Pension costs are allocated to BDS and BGS businesses supporting government customers using CAS, which employ different actuarial assumptions and accounting conventions than GAAP. These costs are allocable to government contracts. Other postretirement benefit costs are allocated to business segments based on CAS, which is generally based on benefits paid. FAS/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments.
Non-operating
pension and postretirement expenses represent the components of net periodic benefit costs other than service cost. These expenses are included in Other income, net. Components of FAS/CAS service cost adjustment are shown in the following table:
 
    
Six months ended
June 30
     
Three months ended
June 30
  
    
2024
      2023     
2024
      2023  
Pension FAS/CAS service cost adjustment
   
$
460
 
    $ 445     
$
230
 
    $ 222  
Postretirement FAS/CAS service cost adjustment
   
 
144
 
      137     
 
72
 
      69  
  
 
 
     
 
 
     
 
 
     
 
 
  
FAS/CAS service cost adjustment
   
$
604
 
    $ 582     
$
302
 
    $ 291  
  
 
 
     
 
 
     
 
 
     
 
 
  
Assets
Segment assets are summarized in the table below:
 
    
June 30
2024
      December 31
2023		  
Commercial Airplanes
   
$
83,478
 
    $ 77,047  
Defense, Space & Security
   
 
16,239
 
      14,921  
Global Services
   
 
16,473
 
      16,193  
Unallocated items, eliminations and other
   
 
26,530
 
      28,851  
  
 
 
     
 
 
  
Total
   
$
142,720
 
    $ 137,012  
  
 
 
     
 
 
  
Assets included in Unallocated items, eliminations and other primarily consist of Cash and cash equivalents, Short-term and other investments, tax assets, capitalized interest and assets managed centrally on behalf of the three principal business segments and intercompany eliminations.
Note 22 – Segment and Revenue Information
Segment results reflect the realignment of the Boeing Customer Financing team and portfolio into the BCA segment during the first quarter of 2023. Interest and debt expense now includes interest and debt expense previously attributable to
Boeing
Capital and classified as a component of Total Costs and Expenses (“
Cost of Sales
”). Prior period amounts have been reclassified to conform to current period presentation.
Our primary profitability measurement to review segment operating results is Loss from operations. We operate in three reportable segments: BCA, BDS, and BGS. All other activities fall within Unallocated items, eliminations and other. See page F-6 for the Summary of Business Segment Data, which is an integral part of this note.
 
BCA develops, produces and markets commercial jet aircraft principally to the commercial airline industry worldwide. Revenue on commercial aircraft contracts is recognized at the point in time when an aircraft is completed and accepted by the customer.
BDS engages in the research, development, production and modification of the following products and related services: manned and unmanned military aircraft and weapons systems, surveillance and engagement, strategic defense and intelligence systems, satellite systems and space exploration. BDS revenue is generally recognized over the contract term (over time) as costs are incurred.
BGS provides parts, maintenance, modifications, logistics support, training, data analytics and information-based services to commercial and government customers worldwide. BGS segment revenue and costs include certain products and services provided to other segments. Revenue on commercial spare parts contracts is recognized at the point in time when a spare part is delivered to the customer. Revenue on other contracts is generally recognized over the contract term (over time) as costs are incurred.
While our principal operations are in the United States, Canada and Australia, some key suppliers and subcontractors are located in Europe and Japan. Revenues, including foreign military sales, are reported by customer location and consisted of the following:
 
Years ended December 31,
   
2023
      2022      2021  
Europe
   
$
10,520
      $ 7,916    $ 8,967
Asia
   
 
10,013
        8,393      5,845
Middle East
   
 
6,594
        5,047      4,653
Oceania
   
 
1,655
        1,576      1,147
Canada
   
 
1,256
        1,612      969
Africa
   
 
825
        418      239
Latin America, Caribbean and other
   
 
1,524
        2,412      1,376
  
 
 
     
 
 
     
 
 
  
Total
non-U.S.
revenues
   
 
32,387
        27,374      23,196
United States
   
 
45,380
        39,218      39,076
Estimated potential concessions and other considerations to 737 MAX customers
   
 
27
        16      14
  
 
 
     
 
 
     
 
 
  
Total revenues
   
$
77,794
      $ 66,608    $ 62,286
  
 
 
     
 
 
     
 
 
  
Revenues from the U.S. government (including foreign military sales through the U.S. government), primarily recorded at BDS and BGS, represented 37%, 40% and 49% of consolidated revenues for 2023, 2022 and 2021, respectively. Approximately 4% of operating assets were located outside the United States as of December 31, 2023 and 2022.
The following tables present BCA, BDS and BGS revenues from contracts with customers disaggregated in a number of ways, such as geographic location, contract type and the method of revenue recognition. We believe these best depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors.
 
BCA revenues by customer location consisted of the following:
 
Years ended December 31,
   
2023
     2022     2021  
Revenue from contracts with customers:
       
Asia
   
$
6,328
     $ 4,488   $ 2,816
Europe
   
 
6,172
       4,085     4,387
Middle East
   
 
4,311
       2,003     1,098
Other
non-U.S.
   
 
2,431
       3,042     1,683
  
 
 
    
 
 
    
 
 
  
Total
non-U.S.
revenues
   
 
19,242
       13,618     9,984
United States
   
 
14,501
       12,275     9,614
Estimated potential concessions and other considerations to 737 MAX customers
   
 
27
       16     14
  
 
 
    
 
 
    
 
 
  
Total revenues from contracts with customers
   
 
33,770
       25,909     19,612
Intersegment revenues, eliminated on consolidation
   
 
131
       117     102
  
 
 
    
 
 
    
 
 
  
Total segment revenues
   
$
33,901
     $ 26,026   $ 19,714
  
 
 
    
 
 
    
 
 
  
Revenue recognized on fixed-price contracts
   
 
100
% 
     100 %      100 % 
Revenue recognized at a point in time
   
 
99
% 
     99 %      99 % 
  
 
 
    
 
 
    
 
 
  
BDS revenues on contracts with customers, based on the customer’s location, consisted of the following:
 
Years ended December 31,
   
2023
     2022     2021  
Revenue from contracts with customers:
       
U.S. customers
   
$
20,051
     $ 17,144   $ 19,869
Non-U.S.
customers(1)
   
 
4,882
       6,018     6,671
  
 
 
    
 
 
    
 
 
  
Total segment revenue from contracts with customers
   
$
24,933
     $ 23,162   $ 26,540
  
 
 
    
 
 
    
 
 
  
Revenue recognized over time
   
 
99
% 
     99 %      99 % 
Revenue recognized on fixed-price contracts
   
 
58
% 
     60 %      68 % 
Revenue from the U.S. government(1)
   
 
91
% 
     89 %      89 % 
  
 
 
    
 
 
    
 
 
  
 
(1)
Includes revenues earned from foreign military sales through the U.S. government.
BGS revenues consisted of the following:
 
Years ended December 31,
   
2023
     2022     2021  
Revenue from contracts with customers:
       
Commercial
   
$
11,020
     $ 9,560   $ 7,527
Government
   
 
7,751
       7,681     8,553
  
 
 
    
 
 
    
 
 
  
Total revenues from contracts with customers
   
 
18,771
       17,241     16,080
Intersegment revenues eliminated on consolidation
   
 
356
       370     248
  
 
 
    
 
 
    
 
 
  
Total segment revenues
   
$
19,127
     $ 17,611   $ 16,328
  
 
 
    
 
 
    
 
 
  
Revenue recognized at a point in time
   
 
51
% 
     50 %      45 % 
Revenue recognized on fixed-price contracts
   
 
87
% 
     88 %      86 % 
Revenue from the U.S. government(1)
   
 
30
% 
     33 %      40 % 
  
 
 
    
 
 
    
 
 
  
 
(1)
Includes revenues earned from foreign military sales through the U.S. government.
 
Earnings in Equity Method Investments
During the years ended December 31, 2023, 2022, and 2021, our share of income from equity method investments was $70, $56, and $40, respectively. In 2023 and 2021, earnings in equity method investments were primarily driven by investments held at our BDS segment. In 2022, earnings in equity method investments were primarily driven by investments held in Unallocated items, eliminations and other.
Backlog
Our total backlog includes contracts that we and our customers are committed to perform. The value in backlog represents the estimated transaction prices on performance obligations to our customers for which work remains to be performed. Backlog is converted into revenue, primarily based on the cost incurred or at delivery and acceptance of products, depending on the applicable revenue recognition model.
Our backlog at December 31, 2023 was $520,195. We expect approximately 16% to be converted to revenue through 2024 and approximately 62% through 2027, with the remainder thereafter. There is significant uncertainty regarding the timing of when backlog will convert into revenue due to timing of 737 and 787 deliveries from inventory and timing of entry into service of the 777X,
737-7
and/or
737-10.
Unallocated Items, Eliminations and other
Unallocated items, eliminations and other include common internal services that support Boeing’s global business operations and eliminations of certain sales between segments. We generally allocate costs to business segments based on the U.S. Government Cost Accounting Standards (CAS). Components of Unallocated items, eliminations and other (expense)/income are shown in the following table.
 
Years ended December 31,
   
2023
      2022      2021  
Share-based plans
   
$
62
      ($ 114 )     ($ 174 ) 
Deferred compensation
   
 
(188
) 
      117      (126 ) 
Amortization of previously capitalized interest
   
 
(95
) 
      (95 )       (107 ) 
Research and development expense, net
   
 
(315
) 
      (278 )       (184 ) 
Eliminations and other unallocated items
   
 
(1,223
) 
      (1,134 )       (636 ) 
  
 
 
     
 
 
     
 
 
  
Unallocated items, eliminations and other
   
($
1,759
) 
    ($ 1,504 )     ($ 1,227 ) 
  
 
 
     
 
 
     
 
 
  
Pension and Other Postretirement Benefit Expense
Pension costs are allocated to BDS and BGS businesses supporting government customers using CAS, which employ different actuarial assumptions and accounting conventions than GAAP. These costs are allocable to government contracts. Other postretirement benefit costs are allocated to business segments based on CAS, which is generally based on benefits paid. FAS/CAS service cost adjustment represents the difference between the Financial Accounting Standards (FAS) pension and postretirement service costs calculated under GAAP and costs allocated to the business segments.
Non-operating
pension and postretirement expenses represent the components of net periodic benefit
costs other than service cost. These expenses are included in Other income, net. Components of FAS/CAS service cost adjustment are shown in the following table:
 
Years ended December 31,
   
2023
      2022      2021  
Pension FAS/CAS service cost adjustment
   
$
799
      $ 849    $ 882
Postretirement FAS/CAS service cost adjustment
   
 
257
        294      291
  
 
 
     
 
 
     
 
 
  
FAS/CAS service cost adjustment
   
$
1,056
      $ 1,143    $ 1,173
  
 
 
     
 
 
     
 
 
  
Assets
Segment assets are summarized in the table below.
 
December 31,
   
2023
      2022  
Commercial Airplanes
   
$
77,047
      $ 76,825
Defense, Space & Security
   
 
14,921
        14,426
Global Services
   
 
16,193
        16,149
Unallocated items, eliminations and other
   
 
28,851
        29,700
  
 
 
     
 
 
  
Total
   
$
137,012
      $ 137,100
  
 
 
     
 
 
  
Assets included in Unallocated items, eliminations and other primarily consist of Cash and cash equivalents, Short-term and other investments, tax assets, capitalized interest and assets managed centrally on behalf of the three principal business segments and intercompany eliminations.
Capital Expenditures
 
Years ended December 31,
   
2023
      2022      2021  
Commercial Airplanes
   
$
420
      $ 218    $ 177
Defense, Space & Security
   
 
192
        202      199
Global Services
   
 
127
        130      94
Unallocated items, eliminations and other
   
 
788
        672      510
  
 
 
     
 
 
     
 
 
  
Total
   
$
1,527
      $ 1,222    $ 980
  
 
 
     
 
 
     
 
 
  
Capital expenditures for Unallocated items, eliminations and other relate primarily to assets managed centrally on behalf of the three principal business segments.
Depreciation and Amortization
 
Years ended December 31,
   
2023
      2022      2021  
Commercial Airplanes
   
$
464
      $ 554    $ 594
Defense, Space & Security
   
 
219
        238      233
Global Services
   
 
320
        346      414
Centrally Managed Assets (1)
   
 
858
        841      903
  
 
 
     
 
 
     
 
 
  
Total
   
$
1,861
      $ 1,979    $ 2,144
  
 
 
     
 
 
     
 
 
  
 
(1)
Amounts shown in the table represent depreciation and amortization expense recorded by the individual business segments. Depreciation and amortization for centrally managed assets are included in segment operating earnings based on usage and occupancy. In 2023, $650 was
  included in the primary business segments, of which $311, $264 and $75 was included in BCA, BDS and BGS, respectively. In 2022, $644 was included in the primary business segments, of which $361, $230 and $53 was included in BCA, BDS and BGS, respectively. In 2021, $669 was included in the primary business segments, of which $387, $222 and $60 was included in BCA, BDS and BGS, respectively.
v3.24.2.u1
Subsequent Events
 12 Months Ended
Dec. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events
Note 23 – Subsequent Events
On January 5, 2024, an Alaska Airlines
737-9
flight made an emergency landing after a
mid-exit
door plug detached in flight. Following the accident, the Federal Aviation Administration (FAA) grounded and required inspections of all
737-9
aircraft with a
mid-exit
door plug, which constitute the large majority of the approximately 220
737-9
aircraft in the
in-service
fleet. On January 24, 2024, the FAA approved an enhanced maintenance and inspection process that must be performed on each of the grounded
737-9
aircraft. Our
737-9
operators have begun returning their fleets to service, and many
737-9s
have completed inspections and resumed revenue flights. All
737-9
aircraft in production will undergo this same enhanced inspection process prior to delivery.
On January 10, 2024, the FAA notified Boeing that the FAA has initiated an investigation into Boeing’s quality control system.
On January 24, 2024, the FAA stated that it will not approve production rate increases or additional production lines for the 737 MAX until it is satisfied that Boeing is in full compliance with required quality control procedures.
We are currently unable to reasonably estimate what impact the accident and the related FAA actions will have on our financial position, results of operations and cash flows.
v3.24.2.u1
Basis of Presentation (Policy)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Principles of Consolidation and Basis of Presentation  
Principles of Consolidation and Basis of Presentation
The Consolidated 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”). These statements include the accounts of all majority-owned subsidiaries and variable interest entities that are required to be consolidated. All significant intercompany accounts and transactions have been eliminated. As described in Note 22, we now operate in three reportable segments: Commercial Airplanes (BCA), Defense, Space & Security (BDS), and Global Services (BGS). As a result, prior period amounts have been reclassified to conform to current period presentation.
Use of Estimates
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.
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.
Goodwill
Goodwill
We performed our annual goodwill impairment test as of April 1, 2024, using a qualitative assessment. We determined the fair value of each of our reporting units substantially exceeded their respective carrying values.
 
Operating Cycle  
Operating Cycle
For classification of certain current assets and liabilities, we use the duration of the related contract or program as our operating cycle, which is generally longer than one year.
Long-term Contracts
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 revenues and costs at completion for a long-term contract indicate a loss, a provision for the entire reach-forward loss on the long-term contract is recognized.
The table below reflects the impact of net cumulative
catch-up
adjustments for changes in estimated revenues and costs at completion across all long-term contracts, including the impact to Loss from operations from changes in estimated losses on unexercised options.
 
(In millions – except per share amounts)
   
Six months ended
June 30
     
Three months ended
June 30
  
    
2024
      2023     
2024
      2023  
Decrease to Revenue
   
($
965
) 
    ($ 782 )    
($
747
) 
    ($ 470 ) 
Increase to Loss from operations
   
($
1,700
) 
    ($ 1,348 )    
($
1,334
) 
    ($ 830 ) 
Increase to Diluted loss per share
   
($
2.62
) 
    ($ 1.43 )    
($
2.06
) 
    ($ 0.51 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Revenue and Related Cost Recognition
Commercial aircraft contracts
The majority of our BCA segment revenue is derived from commercial aircraft contracts. For each contract, we determine the transaction price based on the consideration expected to be received. We allocate the transaction price to each commercial aircraft performance obligation based on relative standalone selling prices adjusted by an escalation formula as specified in the customer agreement. Revenue is recognized for each commercial aircraft performance obligation at the point in time when the aircraft is completed and accepted by the customer. We use program accounting to determine the amount reported as cost of sales.
Payments for commercial aircraft sales are received in accordance with the customer agreement, which generally includes a deposit upon order and additional payments in accordance with a payment schedule, with the balance being due immediately prior to or at aircraft delivery. Advances and progress billings (contract liabilities) are normal and customary for commercial aircraft contracts and not considered a significant financing component as they are intended to protect us from the other party failing to adequately complete some or all of its obligations under the contract.
Long-term contracts
Substantially all contracts at BDS and certain contracts at BGS are long-term contracts with the U.S. government and other customers that generally extend over several years. Products sales under long-term contracts primarily include fighter jets, rotorcraft, cybersecurity products, surveillance suites, advanced weapons, missile defense, military derivative aircraft, satellite systems and modification of commercial passenger aircraft to cargo freighters. Sales of services under long-term contracts primarily include support and maintenance agreements associated with our commercial and defense products and space travel on Commercial Crew.
 
For each long-term contract, we determine the transaction price based on the consideration expected to be received. We allocate the transaction price to each distinct performance obligation to deliver a good or service, or a collection of goods and/or services, based on the relative standalone selling prices. A long-term contract will typically represent a single distinct performance obligation due to the highly interdependent and interrelated nature of the underlying goods and/or services and the significant service of integration that we provide. While the scope and price on certain long-term contracts may be modified over their life, the transaction price is based on current rights and obligations under the contract and does not include potential modifications until they are agreed upon with the customer. When applicable, a cumulative adjustment or separate recognition for the additional scope and price may result. Long-term contracts can be negotiated with a fixed price or a price in which we are reimbursed for costs incurred plus an agreed upon profit. The Federal Acquisition Regulations provide guidance on the types of cost that will be reimbursed in establishing the price for contracts with the U.S. government. Certain long-term contracts include in the transaction price variable consideration, such as incentive and award fees, if specified targets are achieved. The amount included in the transaction price represents the expected value, based on a weighted probability, or the most likely amount.
Long-term contract revenue is recognized over the contract term (over time) as the work progresses, either as products are produced or as services are rendered. We generally recognize revenue over time as we perform on long-term contracts because of continuous transfer of control to the customer. For U.S. government contracts, this continuous transfer of control to the customer is supported by clauses in the contract that allow the customer to unilaterally terminate the contract for convenience, pay us for costs incurred plus a reasonable profit and take control of any work in process. Similarly, for
non-U.S.
government contracts, the customer typically controls the work in process as evidenced either by contractual termination clauses or by our rights to payment of the transaction price associated with work performed to date on products or services that do not have an alternative use to the Company.
The accounting for long-term contracts involves a judgmental process of estimating total revenues, costs and profit for each performance obligation. Cost of sales is recognized as incurred. The amount reported as revenues is determined by adding a proportionate amount of the estimated profit to the amount reported as cost of sales. Recognizing revenue as costs are incurred provides an objective measure of progress on the long-term contract and thereby best depicts the extent of transfer of control to the customer.
For long-term contracts for which revenue is recognized over time, 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 revenues and costs at completion for a long-term contract indicate a loss, a provision for the entire reach-forward loss on the long-term contract is recognized.
The table below reflects the impact of net cumulative
catch-up
adjustments for changes in estimated revenues and costs at completion across all long-term contracts including the impact to Loss from operations from estimated losses on unexercised options for the years ended December 31:
 
    
2023
      2022      2021  
Decrease to Revenue
   
($
1,706
) 
    ($ 2,335 )     ($ 379 ) 
Increase to Loss from operations
   
($
2,943
) 
    ($ 5,253 )     ($ 880 ) 
Increase to Diluted loss per share
   
($
5.43
) 
    ($ 8.88 )     ($ 1.28 ) 
  
 
 
     
 
 
     
 
 
  
 
Significant adjustments during the three years ended December 31, 2023 included losses on
VC-25B,
KC-46A
Tanker,
MQ-25,
Commercial Crew and
T-7A
Red Hawk programs in addition to lower earnings on
F-15
and satellites.
Due to the significance of judgment in the estimation process, changes in underlying assumptions/estimates, internal and supplier performance, inflationary trends, or other circumstances may adversely or positively affect financial performance in future periods.
Payments under long-term contracts may be received before or after revenue is recognized. The U.S. government customer typically withholds payment of a small portion of the contract price until contract completion. Therefore, long-term contracts typically generate Unbilled receivables (contract assets) but may generate Advances and progress billings (contract liabilities). Long-term contract Unbilled receivables and Advances and progress billings are not considered a significant financing component because they are intended to protect either the customer or the Company in the event that some or all of the obligations under the contract are not completed.
Commercial spare parts contracts
Certain contracts at our BGS segment include sales of commercial spare parts. For each contract, we determine the transaction price based on the consideration expected to be received. The spare parts have discrete unit prices that represent fair value. We generally consider each spare part to be a separate performance obligation. Revenue is recognized for each commercial spare part performance obligation at the point in time of delivery to the customer. We may provide our customers with a right to return a commercial spare part where a customer may receive a full or partial refund, a credit applied to amounts owed, a different product in exchange, or any combination of these items. We consider the potential for customer returns in the estimated transaction price. The amount reported as cost of sales is recorded at average cost. Payments for commercial spare parts sales are typically received shortly after delivery.
Other service revenue contracts
Certain contracts at our BGS segment are for sales of services to commercial customers including maintenance, training, data analytics and information-based services. We recognize revenue for these service performance obligations over time as the services are rendered. The method of measuring progress (such as straight-line or billable amount) varies depending upon which method best depicts the transfer of control to the customer based on the type of service performed. Cost of sales is recorded as incurred.
Concession sharing arrangements
We account for sales concessions to our customers in consideration of their purchase of products and services as a reduction of the transaction price and the revenue that is recognized for the related performance obligations. The sales concessions incurred may be partially reimbursed by certain suppliers in accordance with concession sharing arrangements. We record these reimbursements, which are presumed to represent reductions in the price of the vendor’s products or services, as a reduction in Cost of products.
Unbilled receivables and advances and progress billings
Unbilled receivables (contract assets) arise when the Company recognizes revenue for amounts which cannot yet be billed under terms of the contract with the customer. Advances and progress billings (contract liabilities) arise when the Company receives payments from customers in advance of recognizing revenue. The amount of Unbilled receivables or Advances and progress billings is determined for each contract.
Financial services revenue
We record financial services revenue associated with sales-type leases, operating leases and loans in Sales of services on the Consolidated Statements of Operations. For sales-type leases, we recognize selling profit or loss at lease inception if collection of the lease payments is probable. For sales-type leases, we record financing receivables at lease inception. A financing receivable is recorded at the aggregate of future lease payments, estimated residual value of
the leased equipment, and any deferred incremental direct costs less unearned income. Income is recognized over the life of the lease to approximate a level rate of return on the net investment. For notes receivable, we record financing receivables net of any unamortized discounts and deferred incremental direct costs. Interest income and amortization of any discounts are recorded ratably over the related term of the note.
Income recognition is generally suspended for financing receivables that are uncollectible. We determine that a financing receivable is uncollectible 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. We determine a financing receivable is past due when cash has not been received upon the due date specified in the contract.
We evaluate the collectability of financing receivables at commencement and on a recurring basis. If a financing receivable is determined to be uncollectible, the customer is categorized as
non-accrual
status. When a customer is in
non-accrual
status at commencement, sales-type lease revenue is deferred until substantially all cash has been received or the customer is removed from
non-accrual
status. If we have a note receivable with a customer that is in
non-accrual
status, or a sales-type lease with a customer that changes to
non-accrual
status after commencement, we recognize contractual interest income as payments are received to the extent there is sufficient collateral and payments exceed past due principal payments.
Residual values, which are reviewed periodically, represent the estimated amount we expect to receive at lease termination from the disposition of the leased equipment. Actual residual values realized could differ from these estimates. Declines in estimated residual value that are deemed other-than-temporary are recognized in the period in which the declines occur.
For operating leases, revenue on leased aircraft and equipment is recorded on a straight-line basis over the term of the lease. Operating lease assets, included in Financing receivables and operating lease equipment, net, are recorded at cost and depreciated to an estimated residual value using the straight-line method over the period that we project we will hold the asset. We periodically review our estimates of residual value and recognize forecasted changes by prospectively adjusting depreciation expense. We record assets held for sale at the lower of carrying value or fair value less costs to sell. We evaluate for impairment assets under operating leases when events or changes in circumstances indicate that the expected undiscounted cash flow from the asset may be less than the carrying value. When we determine that impairment is indicated for an asset, the amount of impairment expense recorded is the excess of the carrying value over the fair value of the asset.
Reinsurance revenue
Our wholly owned insurance subsidiary, Astro Ltd., participates in a reinsurance pool for workers’ compensation. The member agreements and practices of the reinsurance pool minimize any participating members’ individual risk. Reinsurance revenues were $163, $129 and $126 during 2023, 2022 and 2021, respectively. Reinsurance costs related to premiums and claims paid to the reinsurance pool were $181, $134 and $129 during 2023, 2022 and 2021, respectively. Revenues and costs are presented net in Cost of sales in the Consolidated Statements of Operations.
Research and Development  
Research and Development
Research and development includes costs incurred for experimentation, design and testing, as well as bid and proposal efforts related to government products and services, which are expensed as incurred unless the costs are related to certain contractual arrangements with customers. Costs that are incurred pursuant to such contractual arrangements are recorded over the period that revenue is recognized, consistent with our long-term contract accounting policy. We have certain research and
development arrangements that meet the requirement for best efforts research and development accounting. Accordingly, the amounts funded by the customer are recognized as an offset to our research and development expense rather than as contract revenues. Research and development expense, net included bid and proposal costs of $188, $217 and $213 in 2023, 2022 and 2021, respectively.
Share-Based Compensation  
Share-Based Compensation
We provide various forms of share-based compensation to our employees. For awards settled in shares, we measure compensation expense based on the grant-date fair value net of estimated forfeitures. For awards settled in cash, or that may be settled in cash, we measure compensation expense based on the fair value at each reporting date net of estimated forfeitures. The expense is recognized over the requisite service period, which is generally the vesting period of the award.
Income Taxes  
Income Taxes
Provisions for U.S. federal, state and local, and
non-U.S.
income taxes are calculated on reported Loss before income taxes based on current tax law and also include, in the current period, the cumulative effect of any changes in tax rates from those used previously in determining deferred tax assets and liabilities. Such provisions differ from the amounts currently receivable or payable because certain items of income and expense are recognized in different time periods for financial reporting purposes than for income tax purposes. Significant judgment is required in determining income tax provisions and evaluating tax positions.
The accounting for uncertainty in income taxes requires a more-likely
than-not
threshold for financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. We record a liability for the difference between the benefit recognized and measured for financial statement purposes and the tax position taken or expected to be taken on our tax return. To the extent that our assessment of such tax positions changes, the change in estimate is recorded in the period in which the determination is made.
Tax-related
interest and penalties are classified as a component of Income tax (expense)/benefit.
We also assess the likelihood that we will be able to recover our deferred tax assets against future sources of taxable income and reduce the carrying amounts of deferred tax assets by recording a valuation allowance if, based on the available evidence, it is more likely than not that all or a portion of such assets will not be realized. Changes in our estimates and judgments regarding realization of deferred tax assets may result in an increase or decrease to our tax expense and/or other comprehensive income, which would be recorded in the period in which the change occurs.
Postretirement Plans  
Postretirement Plans
Many of our employees have earned benefits under defined benefit pension plans. The majority of employees that had participated in defined benefit pension plans have transitioned to a company-funded defined contribution retirement savings plan. We also provide postretirement benefit plans other than pensions, consisting principally of health care coverage to eligible retirees and qualifying dependents. Benefits under the pension and other postretirement benefit plans are generally based on age at retirement and years of service and, for some pension plans, benefits are also based on the employee’s annual earnings. The net periodic cost of our pension and other postretirement plans is determined using the projected unit credit method and several actuarial assumptions, the most significant of which are the discount rate, the long-term rate of asset return and medical trend (rate of growth for medical costs). Actuarial gains and losses, which occur when actual experience differs from actuarial assumptions, are reflected in Shareholders’ equity (net of taxes). If actuarial gains and losses
exceed ten percent of the greater of plan assets or plan liabilities, we amortize them over the average expected future lifetime of participants. The funded status of our pension and postretirement plans is reflected on the Consolidated Statements of Financial Position.
Postemployment Plans  
Postemployment Plans
We record a liability for postemployment benefits, such as severance or job training, when payment is probable, the amount is reasonably estimable, and the obligation relates to rights that have vested or accumulated.
Environmental Remediation  
Environmental Remediation
We are subject to federal and state requirements for protection of the environment, including those for discharge of hazardous materials and remediation of contaminated sites. We routinely assess, based on
in-depth
studies, expert analyses and legal reviews, our contingencies, obligations and commitments for remediation of contaminated sites, including assessments of ranges and probabilities of recoveries from other responsible parties and/or insurance carriers. Our policy is to accrue and charge to current expense identified exposures related to environmental remediation sites when it is probable that a liability has been incurred and the amount can be reasonably estimated. The amount of the liability is based on our best estimate or the low end of a range of reasonably possible exposure for investigation, cleanup and monitoring costs to be incurred. Estimated remediation costs are not discounted to present value as the timing of payments cannot be reasonably estimated. We may be able to recover a portion of the remediation costs from insurers or other third parties. Such recoveries are recorded when realization of the claim for recovery is deemed probable.
Cash and Cash Equivalents  
Cash and Cash Equivalents
Cash and cash equivalents consist of highly liquid instruments, such as commercial paper, time deposits, and other money market instruments, which have original maturities of three months or less. We aggregate our cash balances by bank where conditions for right of
set-off
are met, and reclassify any negative balances, consisting mainly of uncleared checks, to Accounts payable. Negative balances reclassified to Accounts payable were $117 and $102 at December 31, 2023 and 2022.
Inventories  
Inventories
Inventoried costs on commercial aircraft programs and long-term contracts include direct engineering, production and tooling and other
non-recurring
costs, and applicable overhead, which includes fringe benefits, production related indirect and plant management salaries and plant services, not in excess of estimated net realizable value. To the extent a material amount of such costs are related to an abnormal event or are fixed costs not appropriately attributable to our programs or contracts, they are expensed in the current period rather than inventoried. Inventoried costs include amounts relating to programs and contracts with long-term production cycles, a portion of which is not expected to be realized within one year. Included in inventory for federal government contracts is an allocation of allowable costs related to manufacturing process reengineering.
Commercial aircraft programs inventory includes deferred production costs and supplier advances. Deferred production costs represent actual costs incurred for production of early units that exceed the estimated average cost of all units in the program accounting quantity. Higher production costs are experienced at the beginning of a new or derivative aircraft program. Units produced early in a program require substantially more effort (labor and other resources) than units produced later in a program because of volume efficiencies and the effects of learning. We expect that these deferred costs will be fully recovered when all units included in the accounting quantity are delivered as the
expected unit cost for later deliveries is below the estimated average cost of all units in the program. Supplier advances represent payments for parts we have contracted to receive from suppliers in the future. As parts are received, supplier advances are amortized to work in process.
The determination of net realizable value of long-term contract costs is based upon quarterly reviews that estimate costs to be incurred to complete all contract requirements. When actual contract costs and the estimate to complete exceed total estimated contract revenues, a loss provision is recorded. The determination of net realizable value of commercial aircraft program costs is based upon quarterly program reviews that estimate revenue and cost to be incurred to complete the program accounting quantity. When estimated costs to complete exceed estimated program revenues to go, a program loss provision is recorded in the current period for the estimated loss on all undelivered units in the accounting quantity.
Used aircraft purchased by our BCA segment and general stock materials are stated at cost not in excess of net realizable value. Spare parts inventory is stated at lower of average unit cost or net realizable value. We review our commercial spare parts and general stock materials quarterly to identify impaired inventory, including excess or obsolete inventory, based on historical sales trends, expected production usage, and the size and age of the aircraft fleet using the part. Impaired inventories are charged to Cost of products in the period the impairment occurs.
Included in inventory for commercial aircraft programs are amounts paid or credited in cash, or other consideration to certain airline customers, that are referred to as early issue sales consideration. Early issue sales consideration is recognized as a reduction to revenue when the delivery of the aircraft under contract occurs. If an airline customer does not perform and take delivery of the contracted aircraft, we believe that we would have the ability to recover amounts paid. However, to the extent early issue sales consideration exceeds advances and is not considered to be otherwise recoverable, it would be written off in the current period.
Precontract Costs  
Precontract Costs
We may, from time to time, incur costs in excess of the amounts required for existing contracts. If we determine the costs are probable of recovery from future orders, then we capitalize the precontract costs we incur, excluding
start-up
costs which are expensed as incurred. Capitalized precontract costs are included in Inventories in the accompanying Consolidated Statements of Financial Position. Should future orders not materialize or we determine the costs are no longer probable of recovery, the capitalized costs would be written off.
Property, Plant and Equipment  
Property, Plant and Equipment
Property, plant and equipment are recorded at cost, including applicable construction-period interest, less accumulated depreciation and are depreciated principally over the following estimated useful lives: new buildings and land improvements, from 10 to 40 years; and new machinery and equipment, from 4 to 20 years. The principal methods of depreciation are as follows: buildings and land improvements, 150% declining balance; and machinery and equipment,
sum-of-the-years’
digits. Capitalized internal use software is included in Other assets, net and amortized using the straight line method over 5 years. Capitalized costs of software purchased as a service are included in Other assets, net and amortized using the straight line method over the term of the hosting arrangement, which is typically no greater than 10 years. We periodically evaluate the appropriateness of remaining depreciable lives assigned to long-lived assets, including assets that may be subject to a management plan for disposition.
 
Long-lived assets held for sale are stated at the lower of cost or fair value less cost to sell. Long-lived assets held for use are subject to an impairment assessment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset.
Leases  
Leases
We determine if an arrangement is, or contains, a lease under which we are the lessee at the inception date. Operating lease assets are included in Other assets, net, with the related liabilities included in Accrued liabilities and Other long-term liabilities. Assets under finance leases, which primarily represent computer equipment, are included in Property, plant and equipment, net, with the related liabilities included in Short-term debt and current portion of long-term debt and Long-term debt on the Consolidated Statements of Financial Position.
Operating lease assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease assets and liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. We use our estimated incremental borrowing rate in determining the present value of lease payments. Variable components of the lease payments such as fair market value adjustments, utilities and maintenance costs are expensed as incurred and not included in determining the present value. Our lease terms include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term.
We have real property lease agreements with lease and
non-lease
components which are accounted for as a single lease component.
Asset Retirement Obligations  
Asset Retirement Obligations
We record all known asset retirement obligations for which the liability’s fair value can be reasonably estimated, including certain asbestos removal, asset decommissioning and contractual lease restoration obligations. Recorded amounts are not material.
We also have known conditional asset retirement obligations, such as certain asbestos remediation and asset decommissioning activities to be performed in the future, that are not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, these obligations have not been recorded in the Consolidated Financial Statements. A liability for these obligations will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. In addition, there may be conditional asset retirement obligations that we have not yet discovered (e.g. asbestos may exist in certain buildings but we have not become aware of it through the normal course of business), and therefore, these obligations also have not been included in the Consolidated Financial Statements.
Goodwill and Other Acquired Intangibles  
Goodwill and Other Acquired Intangibles
Goodwill and other acquired intangible assets with indefinite lives are not amortized, but are tested for impairment annually and when an event occurs or circumstances change such that it is more likely than not that an impairment may exist. Our annual testing date is April 1.
We test goodwill for impairment by performing a qualitative assessment or using a quantitative test. If we choose to perform a qualitative assessment and determine it is more likely than not that the carrying value of the net assets is more than the fair value of the related operations, the quantitative
test is then performed; otherwise, no further testing is required. For operations where the quantitative test is used, we compare the carrying value of net assets to the estimated fair value of the related operations. If the fair value is determined to be less than carrying value, the shortfall up to the carrying value of the goodwill represents the amount of goodwill impairment.
Indefinite-lived intangibles consist of a brand and trade name and
in-process
research and development (IPR&D) acquired in business combinations. IPR&D is initially capitalized at fair value as an intangible asset with an indefinite life and assessed for impairment thereafter. IPR&D is reclassified to finite-lived acquired intangible assets when a project is completed and then amortized on a straight-line basis over the asset’s estimated useful life. We test these intangibles for impairment by comparing the carrying values to current projections of related discounted cash flows. Any excess carrying value over the amount of discounted cash flows represents the amount of the impairment.
Our finite-lived acquired intangible assets are amortized on a straight-line basis over their estimated useful lives as follows: developed technology, from 4 to 14 years; product
know-how,
from 6 to 30 years; customer base, from 3 to 17 years; distribution rights, from 3 to 27 years; and other, from 1 to 32 years. We evaluate the potential impairment of finite-lived acquired intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the carrying value is no longer recoverable based upon the undiscounted future cash flows of the asset, the amount of the impairment is the difference between the carrying amount and the fair value of the asset.
Investments  
Investments
Time deposits are
held-to-maturity
investments that are carried at cost.
Available-for-sale
debt investments include commercial paper, U.S. government agency securities and corporate debt securities.
Available-for-sale
debt investments are recorded at fair value, and unrealized gains and losses are recorded, net of tax, as a component of accumulated other comprehensive income. Realized gains and losses on
available-for-sale
debt investments are recognized based on the specific identification method.
Available-for-sale
debt investments are assessed for impairment quarterly.
The equity method of accounting is used to account for investments for which we have the ability to exercise significant influence, but not control, over an investee. Significant influence is generally deemed to exist if we have an ownership interest in the voting stock of an investee of between 20% and 50%. The cumulative earnings approach is used for cash flow classification of distributions received from equity method investments.
Other Equity investments are recorded at fair value, with gains and losses recorded through net earnings. Equity investments without readily determinable fair value are measured at cost, less impairments, plus or minus observable price changes. Equity investments without readily determinable fair value are assessed for impairment quarterly.
We classify investment income and loss on our Consolidated Statements of Operations based on whether the investment is operating or
non-operating
in nature. Operating investments align strategically and are integrated with our operations. Earnings from operating investments, including our share of income or loss from equity method investments, dividend income from other equity investments, and any impairments or gain/loss on the disposition of these investments, are recorded in Income/(loss) from operating investments, net.
Non-operating
investments are those we hold for
non-strategic
purposes. Earnings from
non-operating
investments, including interest and dividends on marketable securities, and any impairments or gain/loss on the disposition of these investments are recorded in Other income, net.
Derivatives  
Derivatives
All derivative instruments are recognized in the financial statements and measured at fair value regardless of the purpose or intent of holding them. We use derivative instruments to principally manage a variety of market risks. For our cash flow hedges, the derivative’s gain or loss is initially reported in comprehensive income and is subsequently reclassified into earnings in the same period(s) during which the hedged forecasted transaction affects earnings.
We have agreements to purchase and sell aluminum to address long-term strategic sourcing objectives and
non-U.S.
business requirements. We also hold certain other derivative instruments for economic purposes. These aluminum purchase and sale agreements and other derivative instruments are derivatives for accounting purposes but are not designated as hedges for accounting purposes. For these aluminum agreements and other derivative instruments not designated for hedge accounting treatment, the changes in their fair value are recorded in earnings immediately.
Allowances for Losses on Certain Financial Assets  
Allowances for Losses on Certain Financial Assets
We establish allowances for credit losses on accounts receivable, unbilled receivables, financing receivables and certain other financial assets. The adequacy of these allowances is assessed quarterly through consideration of factors such as customer credit ratings, bankruptcy filings, published or estimated credit default rates, age of the receivable, expected loss rates and collateral exposures. Collateral exposure is the excess of the carrying value of a financial asset over the fair value of the related collateral. We determine the creditworthiness of our customers by assigning internal credit ratings based upon publicly available information and information obtained directly from the customers. Our rating categories are comparable to those used by major credit rating agencies.
Financing receivables are collateralized by security in the related asset. We use a median calculated from published collateral values from multiple third-party aircraft value publications based on the type and age of the aircraft to determine the fair value of aircraft collateral. Under certain circumstances, we apply judgment based on the attributes of the specific aircraft or equipment, usually when the features or use of the aircraft vary significantly from the more generic aircraft attributes covered by outside publications.
We have entered into agreements with certain customers that would entitle us to look beyond the specific collateral underlying the receivable for purposes of determining the collateral exposure. Should the proceeds from the sale of the underlying collateral asset resulting from a default condition be insufficient to cover the carrying value of our receivable (creating a shortfall condition), these agreements would, for example, permit us to take the actions necessary to sell or retain certain other assets in which the customer has an equity interest and use the proceeds to cover the shortfall.
Commercial Aircraft Trade-in Commitments  
Commercial Aircraft
Trade-in
Commitments
In conjunction with signing a definitive agreement for the sale of new commercial 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.
Exposure related to
trade-in
commitments may take the form of:
 
  (1)
adjustments to revenue for the difference between the contractual
trade-in
price in the definitive agreement and our best estimate of the fair value of the
trade-in
aircraft as of the date of such agreement, which would be recognized upon delivery of the Sale Aircraft, and/or
 
  (2)
charges to cost of products for adverse changes in the fair value of
trade-in
aircraft that occur subsequent to signing of a definitive agreement for Sale Aircraft but prior to the purchase of the used
trade-in
aircraft. Estimates based on current aircraft values would be included in Accrued liabilities.
 
The fair value of
trade-in
aircraft is determined using aircraft-specific data such as model, age and condition, market conditions for specific aircraft and similar models, and multiple valuation sources. This process uses our assessment of the market for each
trade-in
aircraft, which in most instances begins years before the return of the aircraft. There are several possible markets in which we continually pursue opportunities to place used aircraft. These markets include, but are not limited to, the resale market, which could potentially include the cost of long-term storage; the leasing market, with the potential for refurbishment costs to meet the leasing customer’s requirements; or the scrap market.
Trade-in
aircraft valuation varies significantly depending on which market we determine is most likely for each aircraft. On a quarterly basis, we update our valuation analysis based on the actual activities associated with placing each aircraft into a market or using current published third-party aircraft valuations based on the type and age of the aircraft, adjusted for individual attributes and known conditions.
Warranties  
Warranties
In conjunction with certain product sales, we provide warranties that cover factors such as
non-conformance
to specifications and defects in material and design. The majority of our warranties are issued by our BCA segment. Generally, aircraft sales are accompanied by a 3 to
4-year
standard warranty for systems, accessories, equipment, parts, and software manufactured by us or manufactured to certain standards under our authorization. These warranties are included in the programs’ estimate at completion. On occasion we have made commitments beyond the standard warranty obligation to correct fleet-wide major issues of a particular model, resulting in additional accrued warranty expense. Warranties issued by our BDS segment principally relate to sales of military aircraft and weapons systems. These sales are generally accompanied by a six month to
two-year
warranty period and cover systems, accessories, equipment, parts and software manufactured by us to certain contractual specifications. Estimated costs related to standard warranties are recorded in the period in which the related product delivery occurs. The warranty liability recorded at each balance sheet date reflects the estimated number of months of warranty coverage outstanding for products delivered times the average of historical monthly warranty payments, as well as additional amounts for certain major warranty issues that exceed a normal claims level. Estimated costs of these additional warranty issues are considered changes to the initial liability estimate.
We provide guarantees to certain commercial aircraft customers which include compensation provisions for failure to meet specified aircraft performance targets. We account for these performance guarantees as warranties. The estimated liability for these warranties is based on known and anticipated operational characteristics and forecasted customer operation of the aircraft relative to contractually specified performance targets, and anticipated settlements when contractual remedies are not specified. Estimated payments are recorded as a reduction of revenue at delivery of the related aircraft. We have agreements that require certain suppliers to compensate us for amounts paid to customers for failure of supplied equipment to meet specified performance targets. Claims against suppliers under these agreements are included in Inventories and recorded as a reduction in Cost of products at delivery of the related aircraft. These performance warranties and claims against suppliers are included in estimates to complete the related programs.
Supplier Penalties  
Supplier Penalties
We may incur penalties to suppliers under certain circumstances such as a contract termination. We record an accrual for supplier penalties when an event occurs that makes it probable we will incur a supplier penalty and the amount is reasonably estimable.
Guarantees  
Guarantees
At the inception of a guarantee, we record a liability in Accrued liabilities for the fair value of the guarantee. For credit guarantees, the liability is equal to the present value of the expected loss. We determine the expected loss by multiplying the creditor’s default rate by the guarantee amount reduced by the expected recovery, if applicable. We also recognize a liability for the expected contingent loss at inception and adjust it each quarter.
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 attributable to Boeing Shareholders, 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 attributable to Boeing Shareholders, less earnings available to participating securities, divided by the diluted weighted average common shares outstanding. Diluted weighted average common shares outstanding is calculated using the treasury stock method.
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 attributable to Boeing Shareholders, 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 attributable to Boeing Shareholders, less earnings available to participating securities, divided by the diluted weighted average common shares outstanding. Diluted weighted average common shares outstanding is calculated using the treasury stock method.
Backlog
Our total backlog includes contracts that we and our customers are committed to perform. The value in backlog represents the estimated transaction prices on performance obligations to our customers for which work remains to be performed. Backlog is converted into revenue, primarily based on the cost incurred or at delivery and acceptance of products, depending on the applicable revenue recognition model.
Our total backlog includes contracts that we and our customers are committed to perform. The value in backlog represents the estimated transaction prices on performance obligations to our customers for which work remains to be performed. Backlog is converted into revenue, primarily based on the cost incurred or at delivery and acceptance of products, depending on the applicable revenue recognition model.
v3.24.2.u1
Basis of Presentation (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Schedule of Change in Accounting Estimate
The table below reflects the impact of net cumulative
catch-up
adjustments for changes in estimated revenues and costs at completion across all long-term contracts, including the impact to Loss from operations from changes in estimated losses on unexercised options.
 
(In millions – except per share amounts)
   
Six months ended
June 30
     
Three months ended
June 30
  
    
2024
      2023     
2024
      2023  
Decrease to Revenue
   
($
965
) 
    ($ 782 )    
($
747
) 
    ($ 470 ) 
Increase to Loss from operations
   
($
1,700
) 
    ($ 1,348 )    
($
1,334
) 
    ($ 830 ) 
Increase to Diluted loss per share
   
($
2.62
) 
    ($ 1.43 )    
($
2.06
) 
    ($ 0.51 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
The table below reflects the impact of net cumulative
catch-up
adjustments for changes in estimated revenues and costs at completion across all long-term contracts including the impact to Loss from operations from estimated losses on unexercised options for the years ended December 31:
 
    
2023
      2022      2021  
Decrease to Revenue
   
($
1,706
) 
    ($ 2,335 )     ($ 379 ) 
Increase to Loss from operations
   
($
2,943
) 
    ($ 5,253 )     ($ 880 ) 
Increase to Diluted loss per share
   
($
5.43
) 
    ($ 8.88 )     ($ 1.28 ) 
  
 
 
     
 
 
     
 
 
  
v3.24.2.u1
Goodwill and Acquired Intangibles (Tables)
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill by Reportable Segment
Changes in the carrying amount of goodwill for the years ended December 31, 2023 and 2022 were as follows:
 
     Commercial
Airplanes		      Defense, Space & Security      Global Services     Other      Total  
Balance at December 31, 2021
    $ 1,316    $ 3,224    $ 3,443   $ 85    $ 8,068
Goodwill adjustments
            (11 )         (11 ) 
  
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Balance at December 31, 2022
   
$
1,316
 
   
$
3,224
 
   
$
3,432
 
  
$
85
 
   
$
8,057
 
Acquisitions
   
 
3
 
   
 
11
 
   
 
16
 
     
 
30
 
Goodwill adjustments
         
 
6
 
     
 
6
 
  
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Balance at December 31, 2023
   
$
1,319
 
   
$
3,235
 
   
$
3,454
 
  
$
85
 
   
$
8,093
 
  
 
 
     
 
 
     
 
 
    
 
 
     
 
 
  
Schedule of Finite-Lived Intangible Assets
The gross carrying amounts and accumulated amortization of our acquired finite-lived intangible assets were as follows at December 31:
 
    
2023
      2022  
    
Gross
Carrying
Amount
     
Accumulated
Amortization
      Gross
Carrying
Amount		      Accumulated
Amortization		  
Distribution rights
   
$
2,545
 
   
$
1,566
 
    $ 2,546    $ 1,443
Product
know-how
   
 
552
 
   
 
465
 
      552      441
Customer base
   
 
1,358
 
   
 
837
 
      1,356      777
Developed technology
   
 
638
 
   
 
569
 
      621      545
Other
   
 
280
 
   
 
241
 
      276      233
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
5,373
 
   
$
3,678
 
    $ 5,351    $ 3,439
  
 
 
     
 
 
     
 
 
     
 
 
  
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense Estimated amortization expense for the five succeeding years is as follows:
 
     2024      2025      2026      2027      2028  
Estimated amortization expense
    $ 224    $ 199    $ 194    $ 174    $ 147
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
v3.24.2.u1
Earnings Per Share (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]    
Schedule of Weighted Average Number of Shares
The elements used in the computation of Basic and Diluted loss per share were as follows:
 
(In millions – except per share amounts)
   
Six months ended
June 30
     
Three months ended
June 30
  
    
2024
      2023     
2024
      2023  
Net loss attributable to Boeing Shareholders
   
($
1,782
) 
    ($ 563 )    
($
1,439
) 
    ($ 149 ) 
Less: earnings available to participating securities
            
  
 
 
     
 
 
     
 
 
     
 
 
  
Net loss available to common shareholders
   
($
1,782
) 
    ($ 563 )    
($
1,439
) 
    ($ 149 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Basic
            
Basic weighted average shares outstanding
   
 
614.8
 
      603.9     
 
616.6
 
      605.5  
Less: participating securities
(1)
   
 
0.3
 
      0.3     
 
0.3
 
      0.3  
  
 
 
     
 
 
     
 
 
     
 
 
  
Basic weighted average common shares outstanding
   
 
614.5
 
      603.6     
 
616.3
 
      605.2  
  
 
 
     
 
 
     
 
 
     
 
 
  
Diluted
            
Diluted weighted average shares outstanding
   
 
614.8
 
      603.9     
 
616.6
 
      605.5  
Less: participating securities
(1)
   
 
0.3
 
      0.3     
 
0.3
 
      0.3  
  
 
 
     
 
 
     
 
 
     
 
 
  
Diluted weighted average common shares outstanding
   
 
614.5
 
      603.6     
 
616.3
 
      605.2  
  
 
 
     
 
 
     
 
 
     
 
 
  
Net loss per share:
            
Basic
   
($
2.90
) 
    ($ 0.93 )    
($
2.33
) 
    ($ 0.25 ) 
Diluted
   
 
(2.90
) 
      (0.93 )    
 
(2.33
) 
      (0.25 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
Participating securities include certain instruments in our deferred compensation plan.
The elements used in the computation of basic and diluted earnings per share were as follows:
 
(In millions – except per share amounts)
                     
Years ended December 31,
   
2023
      2022      2021  
Net loss attributable to Boeing Shareholders
   
($
2,222
) 
    ($ 4,935 )     ($ 4,202 ) 
Less: earnings available to participating securities
         
  
 
 
     
 
 
     
 
 
  
Net loss available to common shareholders
   
($
2,222
) 
    ($ 4,935 )     ($ 4,202 ) 
  
 
 
     
 
 
     
 
 
  
Basic
         
Basic weighted average shares outstanding
   
 
606.1
 
      595.2      588.0
Less: participating securities(1)
   
 
0.3
 
      0.3      0.4
Basic weighted average common shares outstanding
   
 
605.8
 
      594.9      587.6
  
 
 
     
 
 
     
 
 
  
Diluted
         
Diluted weighted average shares outstanding
   
 
606.1
 
      595.2      588.0
Less: participating securities(1)
   
 
0.3
 
      0.3      0.4
  
 
 
     
 
 
     
 
 
  
Diluted weighted average common shares outstanding
   
 
605.8
 
      594.9      587.6
  
 
 
     
 
 
     
 
 
  
Net loss per share:
         
Basic
   
($
3.67
) 
    ($ 8.30 )     ($ 7.15 ) 
Diluted
   
 
(3.67
) 
      (8.30 )       (7.15 ) 
  
 
 
     
 
 
     
 
 
  
 
(1)
Participating securities include certain instruments in our deferred compensation plan.
Schedule of Weighted Average Number of Shares Outstanding Excluded from the Computation of Diluted Earnings Per Share
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)
   
Six months ended
June 30
     
Three months ended
June 30
  
    
2024
      2023     
2024
      2023  
Performance restricted stock units
   
 
0.6
 
      
 
0.7
 
   
Restricted stock units
   
 
1.0
 
      
 
2.0
 
   
Stock options
   
 
0.8
 
      0.8     
 
0.8
 
      0.8  
  
 
 
     
 
 
     
 
 
     
 
 
  
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)
                     
Years ended December 31,
   
2023
      2022      2021  
Performance awards
            2.9
Performance-based restricted stock units
         0.4      0.8
Restricted stock units
         1.0      0.4
Stock options
   
 
0.8
 
      0.8      0.3
  
 
 
     
 
 
     
 
 
  
v3.24.2.u1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Components of Earnings Before Income Taxes Between Domestic and Foreign Jurisdictions
The components of Loss before income taxes were:
 
Years ended December 31,
   
2023
      2022      2021  
U.S.
   
($
2,512
) 
    ($ 5,457 )     ($ 5,475 ) 
Non-U.S.
   
 
507
 
      435      442
  
 
 
     
 
 
     
 
 
  
Total
   
($
2,005
) 
    ($ 5,022 )     ($ 5,033 ) 
  
 
 
     
 
 
     
 
 
  
Schedule of Income Tax Expense/(Benefit)
Income tax (expense)/benefit consisted of the following:
 
Years ended December 31,
   
2023
      2022      2021  
Current tax (benefit)/expense
         
U.S. federal
   
$
9
 
    ($ 58 )     ($ 89 ) 
Non-U.S.
   
 
179
 
      142      147
U.S. state
   
 
19
 
      (42 )       42
  
 
 
     
 
 
     
 
 
  
Total current
   
 
207
 
      42      100
  
 
 
     
 
 
     
 
 
  
Deferred tax (benefit)/expense
         
U.S. federal
   
 
6
 
      (62 )       (855 ) 
Non-U.S.
   
 
5
 
      (3 )       (12 ) 
U.S. state
   
 
19
 
      54      24
  
 
 
     
 
 
     
 
 
  
Total deferred
   
 
30
 
      (11 )       (843 ) 
  
 
 
     
 
 
     
 
 
  
Total income tax expense/(benefit)
   
$
237
 
    $ 31    ($ 743 ) 
  
 
 
     
 
 
     
 
 
  
Schedule of Effective Income Tax Rate Reconciliation
The following is a reconciliation of the U.S. federal statutory tax to actual income tax (benefit)/expense:
 
Years ended December 31,
   
2023
     2022     2021  
    
Amount
    
Rate
     Amount     Rate     Amount     Rate  
U.S. federal statutory tax
   
($
421
) 
  
 
21.0
% 
   ($ 1,054 )      21.0 %    ($ 1,057 )      21.0 % 
Valuation allowance
   
 
1,150
 
  
 
(57.3
) 
     1,199     (23.9 )      512     (10.2 ) 
Research and development credits
   
 
(472
) 
  
 
23.6
 
     (204 )      4.1       (189 )      3.8
State income tax provision, net of effects on U.S. federal tax
   
 
(75
) 
  
 
3.7
 
     (90 )      1.8       (94 )      1.9
Tax on
non-U.S.
activities
   
 
35
 
  
 
(1.8
) 
     64     (1.3 )      47     (0.9 ) 
Impact of subsidiary shares purchased from noncontrolling interests
   
 
(29
) 
  
 
1.5
 
        
Other provision adjustments
   
 
49
 
  
 
(2.5
) 
     116     (2.3 )      38     (0.9 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Income tax expense/(benefit)
   
$
237
 
  
 
(11.8
)% 
   $ 31     (0.6 )%    ($ 743 )      14.7 % 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Significant Components of Deferred Tax Assets Net of Deferred Tax Liabilities
Significant components of our deferred tax assets/(liabilities) at December 31 were as follows:
 
    
2023
      2022  
Inventory and long-term contract methods of income recognition
   
($
5,115
) 
    ($ 4,369 ) 
Research expenditures
   
 
2,873
 
      1,464
Federal net operating loss, credit, interest and other carryovers(1)
   
 
2,551
 
      2,082
Fixed assets, intangibles and goodwill
   
 
(1,566
) 
      (1,641 ) 
Pension benefits
   
 
1,178
 
      1,146
Other employee benefits
   
 
1,162
 
      1,095
State net operating loss, credit, interest and other carryovers(2)
   
 
1,137
 
      1,021
Accrued expenses and reserves
   
 
956
 
      933
Other postretirement benefit obligations
   
 
590
 
      660
737 MAX customer concessions and other considerations
   
 
310
 
      425
Other
   
 
304
 
      179
  
 
 
     
 
 
  
Gross deferred tax assets/(liabilities) before valuation allowance
   
$
4,380
 
    $ 2,995
Valuation allowance
   
 
(4,550
) 
      (3,162 ) 
  
 
 
     
 
 
  
Net deferred tax assets/(liabilities) after valuation allowance
   
($
170
) 
    ($ 167 ) 
  
 
 
     
 
 
  
 
(1)
Of the deferred tax asset for federal net operating loss, credit, interest and other carryovers, $1,224 expires on or before December 31, 2043 and $1,327 may be carried over indefinitely.
(2)
Of the deferred tax asset for state net operating loss, credit, interest and other carryovers, $575 expires on or before December 31, 2043 and $562 may be carried over indefinitely.
Net Deferred Tax Assets and Liabilities
Net deferred tax assets/(liabilities) at December 31 were as follows:
 
    
2023
      2022  
Deferred tax assets
   
$
14,743
 
    $ 12,301
Deferred tax liabilities
   
 
(10,363
) 
      (9,306 ) 
Valuation allowance
   
 
(4,550
) 
      (3,162 ) 
  
 
 
     
 
 
  
Net deferred tax assets/(liabilities)
   
($
170
) 
    ($ 167 ) 
  
 
 
     
 
 
  
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
 
    
2023
     
2022
     
2021
  
Unrecognized tax benefits – January 1
   
$
915
 
    $ 858    $ 966
Gross increases – tax positions in prior periods
   
 
38
 
      17      64
Gross decreases – tax positions in prior periods
   
 
(3
) 
      (51 )       (245 ) 
Gross increases – current period tax positions
   
 
181
 
      91      73
Gross decreases – current period tax positions
         
  
 
 
     
 
 
     
 
 
  
Unrecognized tax benefits – December 31
   
$
1,131
 
    $ 915    $ 858
  
 
 
     
 
 
     
 
 
  
v3.24.2.u1
Accounts Receivable, net (Tables)
 12 Months Ended
Dec. 31, 2023
Accounts Receivable, after Allowance for Credit Loss [Abstract]  
Schedule of Accounts Receivable
Accounts receivable, net at December 31 consisted of the following:
 
    
2023
      2022  
U.S. government contracts(1)
   
$
970
 
    $ 800
Commercial Airplanes
   
 
57
 
      293
Global Services(2)
   
 
1,526
 
      1,390
Defense, Space, & Security(2)
   
 
160
 
      145
Other
   
 
25
 
      5
Less valuation allowance
   
 
(89
) 
      (116 ) 
  
 
 
     
 
 
  
Total
   
$
2,649
 
    $ 2,517
  
 
 
     
 
 
  
 
(1)
Includes foreign military sales through the U.S. government
(2)
Excludes U.S. government contracts
v3.24.2.u1
Allowance for Losses on Financial Assets (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Allowance for Losses on Financial Assets [Abstract]    
Schedule of Financial Assets, Allowance for Credit Loss
The changes in allowances for expected credit losses for the six months ended June 30, 2024 and 2023, consisted of the following:
 
     Accounts
receivable		     Unbilled
receivables		     Other
current
assets		     Financing
receivables		     Other
assets		     Total  
Balance at January 1, 2023
    ($ 116 )    ($ 23 )    ($ 85 )    ($ 55 )    ($ 88 )    ($ 367 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Changes in estimates
      (5 )      2       15       2       (12 )      2  
Write-offs
      24         4           28  
Recoveries
      2               2  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at June 30, 2023
    ($ 95 )    ($ 21 )    ($ 66 )    ($ 53 )    ($ 100 )    ($ 335 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at January 1, 2024
   
($
89
) 
  
($
19
) 
  
($
50
) 
  
($
51
) 
  
($
122
) 
  
($
331
) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Changes in estimates
   
 
(15
) 
  
 
(1
) 
  
 
(1
) 
  
 
35
 
  
 
(47
) 
  
 
(29
) 
Write-offs
   
 
7
 
    
 
10
 
      
 
17
 
Recoveries
   
 
1
 
          
 
1
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at June 30, 2024
   
($
96
) 
  
($
20
) 
  
($
41
) 
  
($
16
) 
  
($
169
) 
  
($
342
) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
The change in allowances for expected credit losses for the years ended December 31, 2023 and 2022 consisted of the following:
 
    
Accounts
receivable
    
Unbilled
receivables
    
Other Current
Assets
    
Financing
receivables
    
Other
Assets
    
Total
  
Balance at January 1, 2022
    ($ 390 )    ($ 91 )    ($ 62 )    ($ 18 )    ($ 186 )    ($ 747 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Changes in estimates
      2     21     (27 )      (37 )      (35 )      (76 ) 
Write-offs
      260     47     4       133     444
Recoveries
      12             12
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2022
    ($ 116 )    ($ 23 )    ($ 85 )    ($ 55 )    ($ 88 )    ($ 367 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at January 1, 2023
   
($
116
) 
  
($
23
) 
  
($
85
) 
  
($
55
) 
  
($
88
) 
  
($
367
) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Changes in estimates
   
 
(6
) 
  
 
4
 
  
 
30
 
  
 
4
 
  
 
(34
) 
  
 
(2
) 
Write-offs
   
 
29
 
    
 
5
 
      
 
34
 
Recoveries
   
 
4
 
          
 
4
 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2023
   
($
89
) 
  
($
19
) 
  
($
50
) 
  
($
51
) 
  
($
122
) 
  
($
331
) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
v3.24.2.u1
Inventories (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Schedule of Inventory, Current
Inventories consisted of the following:
 
    
June 30
2024
      December 31
2023		  
Commercial aircraft programs
   
$
74,544
 
    $ 68,683  
Long-term contracts in progress
   
 
370
 
      686  
Capitalized precontract costs(1)
   
 
941
 
      946  
Commercial spare parts, used aircraft, general stock materials and other
   
 
9,806
 
      9,426  
  
 
 
     
 
 
  
Total
   
$
85,661
 
    $ 79,741  
  
 
 
     
 
 
  
 
(1)
Capitalized precontract costs at June 30, 2024 and December 31, 2023, included amounts related to
T-7A
Red Hawk Production Options, Commercial Crew, and
KC-46A
Tanker. See Note 10.
Inventories at December 31 consisted of the following:
 
    
2023
      2022  
Commercial aircraft programs
   
$
68,683
 
    $ 67,702
Long-term contracts in progress
   
 
686
 
      582
Capitalized precontract costs(1)
   
 
946
 
      794
Commercial spare parts, used aircraft, general stock materials and other
   
 
9,426
 
      9,073
  
 
 
     
 
 
  
Total
   
$
79,741
 
    $ 78,151
  
 
 
     
 
 
  
 
(1)
Capitalized precontract costs at December 31, 2023 and 2022 includes amounts related to
KC-46A
Tanker, Commercial Crew, and
T-7A
Red Hawk Production Options. See Note 13.
v3.24.2.u1
Contracts with Customers (Tables)
 12 Months Ended
Dec. 31, 2023
Contracts with Customers [Abstract]  
Schedule of Unbilled Receivables and Claims
The following table summarizes our contract assets under long-term contracts that were unbillable or related to outstanding claims as of December 31:
 
     Unbilled      Claims  
    
2023
      2022     
2023
      2022  
Current
   
$
6,565
 
    $ 6,478   
$
6
 
   
Expected to be collected after one year
   
 
1,771
 
      2,179   
 
40
 
    $ 16
Less valuation allowance
   
 
(19
) 
      (23 )       
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
8,317
 
    $ 8,634   
$
46
 
    $ 16
  
 
 
     
 
 
     
 
 
     
 
 
  
v3.24.2.u1
Financing Receivables and Operating Lease Equipment (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Financing Receivables and Operating Lease Equipment [Abstract]    
Schedule of Financing Receivables and Operating Lease Equipment, Net
Financing receivables and operating lease equipment, net consisted of the following:
 
    
June 30
2024
      December 31
2023		  
Financing receivables:
      
Investment in sales-type leases
   
$
461
 
    $ 556  
Notes
   
 
89
 
      102  
  
 
 
     
 
 
  
Total financing receivables
   
 
550
 
      658  
Less allowance for losses on receivables
   
 
16
 
      51  
  
 
 
     
 
 
  
Financing receivables, net
   
 
534
 
      607  
Operating lease equipment, at cost, less accumulated depreciation of $70 and $70
   
 
311
 
      352  
  
 
 
     
 
 
  
Total
   
$
845
 
    $ 959  
  
 
 
     
 
 
  
Financing receivables and operating lease equipment, net consisted of the following at December 31:
 
    
2023
      2022  
Financing receivables:
      
Investment in sales-type leases
   
$
556
 
    $ 804
Notes
   
 
102
 
      385
  
 
 
     
 
 
  
Total financing receivables
   
 
658
 
      1,189
Less allowance for losses on receivables
   
 
51
 
      55
  
 
 
     
 
 
  
Financing receivables, net
   
 
607
 
      1,134
Operating lease equipment, at cost, less accumulated depreciation of $70 and $76
   
 
352
 
      470
  
 
 
     
 
 
  
Total
   
$
959
 
    $ 1,604
  
 
 
     
 
 
  
Components of Investment in Sales Type or Finance Leases
The components of investment in sales-type leases consisted of the following:
 
    
June 30
2024
      December 31
2023		  
Gross lease payments receivable
   
$
585
 
    $ 697  
Unearned income
   
 
(130
) 
      (162 ) 
  
 
 
     
 
 
  
Net lease payments receivable
   
 
455
 
      535  
Unguaranteed residual assets
   
 
6
 
      21  
  
 
 
     
 
 
  
Total
   
$
461
 
    $ 556  
  
 
 
     
 
 
  
The components of investment in sales-type leases at December 31 were as follows:
 
    
2023
      2022  
Gross lease payments receivable
   
$
697
 
    $ 924
Unearned income
   
 
(162
) 
      (206 ) 
  
 
 
     
 
 
  
Net lease payments receivable
   
 
535
 
      718
Unguaranteed residual assets
   
 
21
 
      86
  
 
 
     
 
 
  
Total
   
$
556
 
    $ 804
  
 
 
     
 
 
  
Financing Receivable Credit Quality Indicators
Our financing receivable balances at June 30, 2024 by internal credit rating category and year of origination consisted of the following:
 
Rating categories
   
Current
     
2023
     
2022
     
2021
     
2020
     
Prior
     
Total
  
BBB
   
$
10
 
   
$
70
 
   
$
30
 
   
$
190
 
   
$
97
 
   
$
50
 
   
$
447
 
B
                  
 
89
 
   
 
89
 
CCC
            
 
14
 
         
 
14
 
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total carrying value of financing receivables
   
$
10
 
   
$
70
 
   
$
30
 
   
$
204
 
   
$
97
 
   
$
139
 
   
$
550
 
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Our financing receivable balances at December 31, 2023 by internal credit rating category and year of origination consisted of the following:
 
Rating categories
    Current      2022      2021      2020      2019      Prior      Total  
BBB
                   $ 13    $ 13
BB
    $ 73    $ 32    $ 198    $ 103    $ 36      53      495
B
                  12      94      106
CCC
            35            9      44
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total carrying value of financing receivables
    $ 73    $ 32    $ 233    $ 103    $ 48    $ 169    $ 658
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Schedule of Customer Financing Carrying Values Related to Major Aircraft Concentrations
The majority of our financing receivables and operating lease equipment portfolio is concentrated in the following aircraft models:
 
    
June 30
2024
      December 31
2023		  
717 Aircraft (Accounted for as sales type leases)
   
$
447
 
    $ 478  
747-8
Aircraft (Accounted for as sales-type leases)
   
 
104
 
      129  
737 Aircraft ($112 and $148 accounted for as operating leases)
   
 
112
 
      156  
777 Aircraft (Accounted for as operating leases)
   
 
188
 
      194  
747-400
Aircraft (Accounted for as sales-type leases)
         43  
  
 
 
     
 
 
  
The majority of our financing receivables and operating lease equipment portfolio is concentrated in the following aircraft models at December 31:
 
    
2023
      2022  
717 Aircraft ($0 and $45 accounted for as operating leases)
   
$
478
 
    $ 563
747-8
Aircraft (Accounted for as sales-type leases)
   
 
129
 
      394
737 Aircraft ($148 and $174 accounted for as operating leases)
   
 
156
 
      186
777 Aircraft ($194 and $209 accounted for as operating leases)
   
 
194
 
      209
MD-80
Aircraft (Accounted for as sales-type leases)
         96
757 Aircraft (Accounted for as sales-type leases)
         107
747-400
Aircraft (Accounted for as sales-type leases)
   
 
43
 
      46
  
 
 
     
 
 
  
Scheduled Receipts on Customer Financing  
As of December 31, 2023, undiscounted cash flows for notes receivable, sales-type and operating leases over the next five years and thereafter are as follows:
 
     Notes receivable     
Sales-type leases
     Operating leases  
Year 1
    $ 17    $ 149   $ 69
Year 2
      9      102     61
Year 3
      10      109     52
Year 4
      11      127     47
Year 5
      12      137     45
Thereafter
      43      73     48
  
 
 
     
 
 
    
 
 
  
Total financing receipts
      102      697     322
Less imputed interest
         (162 )   
Estimated unguaranteed residual values
         21  
  
 
 
     
 
 
    
 
 
  
Total
    $ 102    $ 556   $ 322
  
 
 
     
 
 
    
 
 
  
v3.24.2.u1
Property, Plant and Equipment (Tables)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
Property, plant and equipment at December 31 consisted of the following:
 
    
2023
      2022  
Land
   
$
377
 
    $ 376
Buildings and land improvements
   
 
14,795
 
      14,404
Machinery and equipment
   
 
16,055
 
      15,844
Construction in progress
   
 
1,679
 
      1,368
  
 
 
     
 
 
  
Gross property, plant and equipment
   
 
32,906
 
      31,992
Less accumulated depreciation
   
 
(22,245
) 
      (21,442 ) 
  
 
 
     
 
 
  
Total
   
$
10,661
 
    $ 10,550
  
 
 
     
 
 
  
v3.24.2.u1
Investments (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Investments [Abstract]    
Schedule of Investments
Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following:
 
    
June 30
2024
      December 31
2023		  
Time deposits(1)
   
$
1,208
 
    $ 2,753  
Equity method investments(2)
   
 
956
 
      966  
Available-for-sale
debt investments(1)
   
 
515
 
      499  
Equity and other investments
   
 
53
 
      69  
Restricted cash & cash equivalents(1)(3)
   
 
21
 
      22  
  
 
 
     
 
 
  
Total
   
$
2,753
 
    $ 4,309  
  
 
 
     
 
 
  
 
(1)
Primarily included in Short-term and other investments on our Condensed Consolidated Statements of Financial Position.
(2)
Dividends received were $37 and $17 during the six and three months ended June 30, 2024 and $5 during the same periods in prior year.
(3)
Reflects amounts restricted in support of our workers’ compensation programs and insurance premiums.
Our investments, which are recorded in Short-term and other investments or Investments, consisted of the following at December 31:
 
    
2023
      2022  
Time deposits(1)
   
$
2,753
 
    $ 2,093
Equity method investments(2)
   
 
966
 
      948
Available-for-sale
debt investments(1)
   
 
499
 
      479
Equity and other investments
   
 
69
 
      36
Restricted cash & cash equivalents(1)(3)
   
 
22
 
      33
  
 
 
     
 
 
  
Total
   
$
4,309
 
    $ 3,589
  
 
 
     
 
 
  
 
(1)
Included in Short-term and other investments on our Consolidated Statements of Financial Position.
(2)
Dividends received were $31 and $111 during 2023 and 2022. Retained earnings at December 31, 2023 include undistributed earnings from our equity method investments of $110.
(3)
Reflects amounts restricted in support of our property sales, workers’ compensation programs and insurance premiums.
Schedule of Equity Method Investments  
Equity Method Investments
Our equity method investments consisted of the following at December 31:
 
    Segment   Ownership
Percentages		     Investment
Balance		  
             
2023
     2022  
United Launch Alliance
   BDS     50 %   
$
582
 
   $ 587
Other
   BCA, BDS, BGS and Other    
 
384
 
     361
 
 
    
 
 
    
 
 
  
Total equity method investments
  
 
    
$
966
 
   $ 948
   
 
 
    
 
 
  
v3.24.2.u1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Schedule of Supplemental Balance Sheet Information Related to Operating Leases
Supplemental Consolidated Statement of Financial Position information related to leases consisted of the following at December 31:
 
    
2023
     2022  
Operating leases:
     
Operating lease
right-of-use
assets
   
$
1,690
 
   $ 1,451  
Current portion
of lease liabilities
   
 
296
 
     276  
Non-current
portion
of lease liabilities
   
 
1,518
 
     1,305  
  
 
 
    
 
 
  
Total operating lease liabilities
   
$
1,814
 
   $ 1,581  
  
 
 
    
 
 
  
Weighted average remaining lease term
(years)
   
 
11
 
     12  
Weighted average discount rate
   
 
3.21
% 
     4.13 % 
  
 
 
    
 
 
  
Schedule of Maturities of Operating Liabilities
Maturities of operating lease liabilities for the next five years are as follows:
 
     Operating leases  
2024
    $ 358
2025
      317
2026
      279
2027
      230
2028
      182
Thereafter
      1,032
  
 
 
  
Total lease payments
      2,398
Less imputed interest
      (584 ) 
  
 
 
  
Total
    $ 1,814
  
 
 
  
v3.24.2.u1
Liabilities, Commitments and Contingencies (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]    
Schedule of Accrued Liabilities  
Accrued liabilities at December 31 consisted of the following:
 
    
2023
      2022  
Accrued compensation and employee benefit costs
   
$
6,721
 
    $ 6,351
737 MAX customer concessions and other considerations
   
 
1,327
 
      1,864
Other customer concessions and considerations
   
 
1,300
 
      1,102
Environmental
   
 
844
 
      752
Product warranties
   
 
2,448
 
      2,275
Forward loss recognition
   
 
4,699
 
      4,060
Accrued interest payable
   
 
652
 
      599
Current portion of lease liabilities
   
 
296
 
      276
Current portion of retiree healthcare and pension liabilities
   
 
473
 
      494
Other
   
 
3,571
 
      3,808
  
 
 
     
 
 
  
Total
   
$
22,331
 
    $ 21,581
  
 
 
     
 
 
  
Schedule of 737 Max Customer Concessions and Other Considerations Liability
The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during the six months ended June 30, 2024 and 2023.
 
    
2024
      2023  
Beginning balance – January 1
   
$
1,327
 
    $ 1,864  
Reductions for payments made
   
 
(681
) 
      (273 ) 
Reductions for concessions and other
in-kind
considerations
   
 
(221
) 
      (51 ) 
Changes in estimates
   
 
510
 
      (26 ) 
  
 
 
     
 
 
  
Ending balance – June 30
   
$
935
 
    $ 1,514  
  
 
 
     
 
 
  
The following table summarizes changes in the 737 MAX customer concessions and other considerations liability during 2023 and 2022.
 
    
2023
      2022  
Beginning balance – January 1
   
$
1,864
 
    $ 2,940
Reductions for payments made
   
 
(449
) 
      (1,031 ) 
Reductions for concessions and other
in-kind
considerations
   
 
(61
) 
      (29 ) 
Changes in estimates
   
 
(27
) 
      (16 ) 
  
 
 
     
 
 
  
Ending balance – December 31
   
$
1,327
 
    $ 1,864
  
 
 
     
 
 
  
Schedule of Environmental Remediation Activity
The following table summarizes changes in environmental remediation liabilities during the six months ended June 30, 2024 and 2023.
 
    
2024
      2023  
Beginning balance – January 1
   
$
844
 
    $ 752  
Reductions for payments made, net of recoveries
   
 
(40
) 
      (24 ) 
Changes in estimates
   
 
27
 
      72  
  
 
 
     
 
 
  
Ending balance – June 30
   
$
831
 
    $ 800  
  
 
 
     
 
 
  
The following table summarizes changes in environmental remediation liabilities during the years ended December 31, 2023 and 2022.
 
    
2023
      2022  
Beginning balance – January 1
   
$
752
 
    $ 605
Reductions for payments made, net of recoveries
   
 
(79
) 
      (43 ) 
Changes in estimates
   
 
171
 
      190
  
 
 
     
 
 
  
Ending balance – December 31
   
$
844
 
    $ 752
  
 
 
     
 
 
  
Schedule of Product Warranty Activity
The following table summarizes changes in product warranty liabilities recorded during the six months ended June 30, 2024 and 2023.
 
    
2024
      2023  
Beginning balance – January 1
   
$
2,448
 
    $ 2,275  
Additions for current year deliveries
   
 
42
 
      92  
Reductions for payments made
   
 
(227
) 
      (179 ) 
Changes in estimates
   
 
(8
) 
      338  
  
 
 
     
 
 
  
Ending balance – June 30
   
$
2,255
 
    $ 2,526  
  
 
 
     
 
 
  
The following table summarizes changes in product warranty liabilities recorded during the years ended December 31, 2023 and 2022.
 
    
2023
      2022  
Beginning balance – January 1
   
$
2,275
 
    $ 1,900
Additions for current year deliveries
   
 
164
 
      202
Reductions for payments made
   
 
(320
) 
      (403 ) 
Changes in estimates
   
 
329
 
      576
  
 
 
     
 
 
  
Ending balance – December 31
   
$
2,448
 
    $ 2,275
  
 
 
     
 
 
  
Schedule of Contractual Obligation, Fiscal Year Maturity The estimated earliest potential funding dates for these commitments as of June 30, 2024 are as follows:
 
     Total  
July through December 2024
    $ 1,508  
2025
      3,529  
2026
      4,027  
2027
      2,891  
2028
      1,643  
Thereafter
      3,758  
  
 
 
  
Total
    $ 17,356  
  
 
 
  
 The estimated earliest potential funding dates for these commitments as of December 31, 2023 are as follows:
 
     Total  
2024
    $ 1,946
2025
      3,098
2026
      4,829
2027
      2,421
2028
      1,641
Thereafter
      3,068
  
 
 
  
   $ 17,003
  
 
 
  
v3.24.2.u1
Arrangements with Off-Balance Sheet Risk (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Guarantees [Abstract]    
Schedule of Guarantor Obligations
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		  
    
June 30
2024
      December 31
2023		     
June 30
2024
      December 31
2023		     
June 30
2024
      December 31
2023		  
Contingent repurchase commitments
   
$
388
 
    $ 404     
$
388
 
    $ 404        
Credit guarantees
   
 
15
 
      15           
$
14
 
    $ 14  
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
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		  
December 31,
   
2023
      2022     
2023
      2022     
2023
      2022  
Contingent repurchase commitments
   
$
404
 
    $ 514   
$
404
 
    $ 514      
Credit guarantees
   
 
15
 
      45         
$
14
 
    $ 27
v3.24.2.u1
Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Short-Term Debt and Current Portion of Long-Term Debt
Short-term debt and current portion of long-term debt at December 31 consisted of the following:
 
    
2023
      2022  
Unsecured debt
   
$
5,072
 
    $ 5,103
Finance lease obligation
s
   
 
77
 
      65
Other notes
   
 
55
 
      22
  
 
 
     
 
 
  
Total
   
$
5,204
 
    $ 5,190
  
 
 
     
 
 
  
Schedule of Debt
Debt at December 31 consisted of the following:
 
    
2023
      2022  
Unsecured debt
      
1.17% – 2.50% due through 2026
   
$
10,135
 
      11,846
2.60% – 3.20% due through 2030
   
 
6,071
 
      6,412
3.25% – 3.90% due through 2059
   
 
9,584
 
      9,576
3.95% – 5.15% due through 2059
   
 
11,024
 
      14,035
5.71% – 6.63% due through 2060
   
 
13,015
 
      13,011
6.88% – 8.75% due through 2043
   
 
1,855
 
      1,854
Other debt and notes
      
Finance lease obligations due through 2044
   
 
253
 
      206
Other notes
   
 
370
 
      61
  
 
 
     
 
 
  
Total debt
   
$
52,307
 
    $ 57,001
  
 
 
     
 
 
  
Scheduled Principal Payments for Debt and Capital Lease Obligations
Scheduled principal payments for debt and minimum finance lease obligations for the next five years are as follows:
 
     2024      2025      2026      2027      2028  
Debt and other notes
    $ 5,128    $ 4,581    $ 7,983    $ 3,300    $ 1,800
Minimum finance lease obligations
    $ 84    $ 76    $ 55    $ 24    $ 3
  
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
v3.24.2.u1
Postretirement Plans (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]    
Components of Net Periodic Benefit Cost
The components of net periodic benefit (income)/cost were as follows:
 
   
Six months ended
June 30
    
Three months ended
June 30
  
Pension Plans
  
2024
     2023    
2024
     2023  
Service cost
  
$
3
 
   $ 2    
$
1
 
   $ 1  
Interest cost
  
 
1,318
 
     1,410    
 
659
 
   $ 705  
Expected return on plan assets
  
 
(1,656
) 
     (1,720 )   
 
(827
) 
     (859 ) 
Amortization of prior service credits
  
 
(41
) 
     (41 )   
 
(21
) 
     (21 ) 
Recognized net actuarial loss
  
 
134
 
     83    
 
67
 
     41  
 
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic benefit income
  
($
242
) 
   ($ 266 )   
($
121
) 
   ($ 133 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic benefit cost included in Loss from operations
  
$
3
 
   $ 2    
$
1
 
   $ 1  
Net periodic benefit income included in Other income, net
  
 
(245
) 
     (268 )   
 
(122
) 
   ($ 134 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic benefit income included in Loss before income taxes
  
($
242
) 
   ($ 266 )   
($
121
) 
   ($ 133 ) 
 
 
 
    
 
 
    
 
 
    
 
 
  
 
    
Six months ended
June 30
     
Three months ended
June 30
  
Other Postretirement Plans
   
2024
      2023     
2024
      2023  
Service cost
   
 
25
 
    $ 24     
$
13
 
    $ 12  
Interest cost
   
 
62
 
      74     
 
31
 
      37  
Expected return on plan assets
   
 
(6
) 
      (4 )    
 
(4
) 
      (2 ) 
Amortization of prior service credits
   
 
(5
) 
      (11 )    
 
(2
) 
      (5 ) 
Recognized net actuarial gain
   
 
(88
) 
      (88 )    
 
(44
) 
      (44 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net periodic benefit income
   
($
12
) 
    ($ 5 )    
($
6
) 
    ($ 2 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net periodic benefit cost included in Loss from operations
   
 
23
 
    $ 31     
$
12
 
    $ 16  
Net periodic benefit income included in Other income, net
   
 
(37
) 
      (29 )    
 
(19
) 
      (14 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Net periodic benefit (income)/cost included in Loss before income taxes
   
($
14
) 
    $ 2     
($
7
) 
    $ 2  
  
 
 
     
 
 
     
 
 
     
 
 
  
The components of net periodic benefit (income)/cost were as follows:
 
     Pension     Other Postretirement
Benefits		  
Years ended December 31,
   
2023
     2022     2021    
2023
     2022     2021  
Service cost
   
$
2
 
   $ 3   $ 3  
$
49
 
   $ 72   $ 87
Interest cost
   
 
2,820
 
     2,080     1,988  
 
148
 
     98     97
Expected return on plan assets
   
 
(3,441
) 
     (3,789 )      (3,848 )   
 
(9
) 
     (10 )      (7 ) 
Amortization of prior service credits
   
 
(81
) 
     (81 )      (80 )   
 
(22
) 
     (35 )      (35 ) 
Recognized net actuarial loss/(gain)
   
 
173
 
     913     1,219  
 
(175
) 
     (111 )      (56 ) 
Settlement/curtailment (gain)/loss
        (4 )      193      
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic benefit (income)/cost
   
($
527
) 
   ($ 878 )    ($ 525 )   
($
9
) 
   $ 14   $ 86
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic benefit cost included in Loss from operations
   
$
2
 
   $ 3   $ 3  
$
62
 
   $ 79   $ 90
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic benefit income included in Other income, net
   
 
(529
) 
     (881 )      (528 )   
 
(58
) 
     (58 )      (1 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net periodic benefit (income)/cost included in Loss before income taxes
   
($
527
) 
   ($ 878 )    ($ 525 )   
$
4
 
   $ 21   $ 89
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
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, 2023 and 2022. Benefit obligation balances presented below reflect the PBO for our pension plans and accumulated postretirement benefit obligations (APBO) for our OPB plans.
 
     Pension     Other Postretirement
Benefits		  
    
2023
     2022    
2023
      2022  
Change in benefit obligation
          
Beginning balance
   
$
55,117
 
   $ 75,635  
$
2,978
 
    $ 4,092
Service cost
   
 
2
 
     3     49        72
Interest cost
   
 
2,820
 
     2,080  
 
148
 
      98
Amendments
        1     
Actuarial loss/(gain)
   
 
1,217
 
     (17,605 )   
 
(152
) 
      (914 ) 
Gross benefits paid
   
 
(4,837
) 
     (4,971 )   
 
(375
) 
      (406 ) 
Subsidies
       
 
2
 
      39
Exchange rate adjustment
   
 
6
 
     (26 )   
 
1
 
      (3 ) 
  
 
 
    
 
 
    
 
 
     
 
 
  
Ending balance
   
$
54,325
 
   $ 55,117  
$
2,651
 
    $ 2,978
  
 
 
    
 
 
    
 
 
     
 
 
  
Change in plan assets
          
Beginning balance at fair value
   
$
49,825
 
   $ 67,813  
$
140
 
    $ 172
Actual return on plan assets
   
 
3,756
 
     (13,141 )   
 
23
 
      (27 ) 
Company contribution
        2     
Plan participants’ contributions
       
 
4
 
      6
Benefits paid
   
 
(4,698
) 
     (4,824 )   
 
(4
) 
      (11 ) 
Exchange rate adjustment
   
 
8
 
     (25 )      
  
 
 
    
 
 
    
 
 
     
 
 
  
Ending balance at fair value
   
$
48,891
 
   $ 49,825  
$
163
 
    $ 140
  
 
 
    
 
 
    
 
 
     
 
 
  
Amounts recognized in statement of financial position at December 31 consist of:
          
Other assets
   
$
1,219
 
   $ 987  
$
81
 
    $ 21
Accrued liabilities
   
 
(137
) 
     (138 )   
 
(336
) 
      (356 ) 
Accrued retiree health care
       
 
(2,233
) 
      (2,503 ) 
Accrued pension plan liability, net
   
 
(6,516
) 
     (6,141 )      
  
 
 
    
 
 
    
 
 
     
 
 
  
Net amount recognized
   
($
5,434
) 
   ($ 5,292 )   
($
2,488
) 
    ($ 2,838 ) 
  
 
 
    
 
 
    
 
 
     
 
 
  
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss  
Amounts recognized in Accumulated other comprehensive loss (AOCI) at December 31 were as follows:
 
     Pension      Other Postretirement
Benefits		  
    
2023
      2022     
2023
      2022  
Net actuarial loss/(gain)
   
$
18,175
 
    $ 17,448   
($
1,852
) 
    ($ 1,862 ) 
Prior service credits
   
 
(1,143
) 
      (1,224 )    
 
(19
) 
      (41 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Total recognized in AOCI
   
$
17,032
 
    $ 16,224   
($
1,871
) 
    ($ 1,903 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
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:
 
    
2023
      2022  
Accumulated benefit obligation
   
$
47,665
 
    $ 48,134
Fair value of plan assets
   
 
41,666
 
      42,491
  
 
 
     
 
 
  
 
    
2023
      2022  
Projected benefit obligation
   
$
48,320
 
    $ 48,770
Fair value of plan assets
   
 
41,666
 
      42,491
  
 
 
     
 
 
  
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,
   
2023
     2022     2021  
Discount rate:
       
Pension
   
 
5.10
% 
     5.40 %      2.80 % 
Other postretirement benefits
   
 
5.00
% 
     5.30 %      2.50 % 
Expected return on plan assets
   
 
6.00
% 
     6.00 %      6.30 % 
Rate of compensation increase
   
 
4.30
% 
     4.30 %      4.30 % 
Interest crediting rates for cash balance plans
   
 
5.00
% 
     5.00 %      5.00 % 
  
 
 
    
 
 
    
 
 
  
Schedule of Assumed Health Care Cost Trend Rates  
Assumed health care cost trend rates were as follows:
 
December 31,
   
2023
     2022     2021  
Health care cost trend rate assumed next year
   
 
5.50
% 
     5.50 %      4.50 % 
Ultimate trend rate
   
 
4.50
% 
     4.50 %      4.50 % 
Year that trend reaches ultimate rate
   
 
2028
 
     2028       2021  
  
 
 
    
 
 
    
 
 
  
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 Allocations     Target Allocations  
Asset Class
   
2023
     2022    
2023
     2022  
Fixed income
   
 
60
% 
     63 %   
 
59
% 
     63 % 
Global equity
   
 
19
 
     14  
 
20
 
     20
Private equity
   
 
8
 
     8  
 
7
 
     4
Real estate and real assets
   
 
7
 
     8  
 
7
 
     7
Hedge funds
   
 
6
 
     7  
 
7
 
     6
  
 
 
    
 
 
    
 
 
    
 
 
  
Total
   
 
100
% 
     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, 2023 and 2022. 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, 2023      December 31, 2022  
    
Total
     
Level 1
     
Level 2
     
Level 3
      Total     Level 1      Level 2     Level 3  
Fixed income securities:
                      
Corporate
   
$
17,809
 
      
$
17,750
 
   
$
59
 
    $ 15,095      $ 15,025   $ 70
U.S. government and agencies
   
 
6,822
 
      
 
6,822
 
         7,827        7,827  
Mortgage backed and asset backed
   
 
505
 
      
 
344
 
   
 
161
 
      664        502     162
Municipal
   
 
816
 
      
 
816
 
         843        811     32
Sovereign
   
 
720
 
      
 
720
 
         706        706  
Other
   
 
9
 
   
$
6
 
      
 
3
 
      8   $ 8     
Derivatives:
                      
Assets
   
 
69
 
      
 
69
 
         36        36  
Liabilities
                  (87 )         (87 )   
Cash equivalents and other short-term investments
   
 
326
 
      
 
326
 
         571        571  
 
     December 31, 2023      December 31, 2022  
    
Total
    
Level 1
     
Level 2
     
Level 3
      Total     Level 1      Level 2     Level 3  
Equity securities:
                     
U.S. common and preferred stock
   
 
3,391
 
  
 
3,391
 
            2,931     2,931     
Non-U.S.
common and preferred stock
   
 
2,204
 
  
 
2,204
 
            2,023     2,023     
Boeing company stock
                 1,782     1,782     
Derivatives:
                     
Assets
                     
Liabilities
                 (1 )         (1 )   
Private equity
                     
Real estate and real assets:
                     
Real estate
                     
Real assets
   
 
385
 
  
 
349
 
   
 
33
 
   
 
3
 
      362     310      47     5
Derivatives:
                     
Assets
                 1        1  
Liabilities
                 (8 )         (7 )      (1 ) 
  
 
 
    
 
 
     
 
 
     
 
 
     
 
 
    
 
 
     
 
 
    
 
 
  
Total
   
$
33,056
 
  
$
5,950
 
   
$
26,880
 
   
$
226
 
    $ 32,753   $ 7,054    $ 25,431   $ 268
  
 
 
    
 
 
     
 
 
     
 
 
     
 
 
    
 
 
     
 
 
    
 
 
  
Fixed income common/collective/pooled funds
   
$
1,378
 
            $ 1,511       
Fixed income other
   
 
1,364
 
              832       
Equity common/collective/ pooled funds
   
 
2,702
 
              2,757       
Private equity
   
 
4,102
 
              4,239       
Real estate and real assets
   
 
3,138
 
              3,525       
Hedge funds
   
 
2,751
 
              3,391       
  
 
 
             
 
 
         
Total investments measured at NAV as a practical expedient
   
$
15,435
 
            $ 16,255       
  
 
 
             
 
 
         
Cash
   
$
86
 
            $ 409       
Receivables
   
 
438
 
  
 
 
 
   
 
 
 
   
 
 
 
      541  
 
 
 
   
 
 
 
  
 
 
 
Payables
   
 
(124
) 
  
 
 
 
   
 
 
 
   
 
 
 
      (133 )   
 
 
 
   
 
 
 
  
 
 
 
  
 
 
             
 
 
         
Total
   
$
48,891
 
  
 
 
 
   
 
 
 
   
 
 
 
    $ 49,825  
 
 
 
   
 
 
 
  
 
 
 
  
 
 
             
 
 
         
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, 2023 and 2022. Transfers into and out of Level 3 are reported at the
beginning-of-year
values.
 
     January 1
2023
Balance		      Net Realized and
Unrealized
Gains/(Losses)		     Net Purchases,
Issuances and
Settlements		     Net Transfers
Into/(Out of)
Level 3		     December 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
 
Municipal
   
 
32
 
     
 
(5
) 
  
 
(27
) 
  
Other
      
 
3
 
         3  
Real assets
   
 
4
 
   
 
(1
) 
      
 
3
 
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Total
   
$
268
 
   
$
14
 
  
($
12
) 
  
($
44
) 
  
$
226
 
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
     January 1
2022
Balance		      Net Realized and
Unrealized
Gains/(Losses)		     Net Purchases,
Issuances and
Settlements		     Net
Transfers
Into/(Out of)
Level 3		     December 31
2022
Balance		  
Fixed income securities:
            
Corporate
    $ 53    ($ 19 )    $ 3   $ 33   $ 70
Mortgage backed and asset backed
      102      (11 )      16     55     162
Municipal
      29      (14 )      9     8     32
Sovereign
      9          (9 )   
Equity securities:
            
Non-U.S.
common and preferred stock
      5      (45 )      (2 )      42  
Real assets
         (1 )      5       4
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Total
    $ 198    ($ 90 )    $ 31   $ 129   $ 268
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
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)
    2024     2025     2026     2027     2028    
2029-2033
  
Pensions
    $ 4,524   $ 4,425   $ 4,345   $ 4,241   $ 4,143   $ 19,106
Other postretirement benefits:
             
Gross benefits paid
      358     341     319     295     269     1,004
Subsidies
      (12 )      (13 )      (13 )      (13 )      (13 )      (61 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net other postretirement benefits
    $ 346   $ 328   $ 306   $ 282   $ 256   $ 943
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
v3.24.2.u1
Share-Based Compensation and Other Compensation Arrangements (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Plans Expense and Related Income Tax Benefit The share-based plans expense and related income tax benefit were as follows:
 
Years ended December 31,
   
2023
      2022      2021  
Restricted stock units and other awards
   
$
697
      $ 726    $ 840
Income tax benefit (before consideration of valuation allowance)
   
$
157
 
    $ 178    $ 148
  
 
 
     
 
 
     
 
 
  
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions
Grant Year
    Grant Date      Expected
Life		      Expected
Volatility		     Risk Free
Interest
Rate		     Grant Date
Fair Value
Per Option		  
2022
      2/16/2022        6.8 years        36.6 %      2.0 %    $ 83.04
2021
      2/17/2021        6.6 years        37.8 %      1.3 %    $ 74.63
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
  
Schedule of Stock Options Activity
Stock option activity for the year ended December 31, 2023 was as follows:
 
    Shares     Weighted Average
Exercise Price Per
Option		     Weighted Average
Remaining
Contractual Life
(Years)		     Aggregate
Intrinsic
Value		  
Number of shares under option:
        
Outstanding at beginning of year
     1,390,769     $ 178.18    
Granted
     30,000       210.68    
Exercised
     (597,030 )      77.06    
Forfeited
     (31,077 )      260.26    
 
 
 
    
 
 
    
 
 
    
 
 
  
Outstanding at end of year
     792,662     $ 252.35     7.7     $ 7
 
 
 
    
 
 
    
 
 
    
 
 
  
Exercisable at end of year
     7,953     $ 197.07     3.1     $ 1
 
 
 
    
 
 
    
 
 
    
 
 
  
Schedule of Restricted Stock Units Award Activity
RSU activity for the year ended December 31, 2023 was as follows:
 
     Executive
Long-Term
Incentive
Program		      Employee
Long-Term
Incentive
Program		      Other  
Number of units:
         
Outstanding at beginning of year
      6,117,900      4,373,807      958,694
Granted
      411,134         142,711
Forfeited
      (229,226 )       (106,087 )       (32,253 ) 
Distributed
      (950,318 )       (4,242,199 )       (303,642 ) 
  
 
 
     
 
 
     
 
 
  
Outstanding at end of year
      5,349,490      25,521      765,510
  
 
 
     
 
 
     
 
 
  
Undistributed vested units
      1,630,233      25,407      34,600
  
 
 
     
 
 
     
 
 
  
Unrecognized compensation cost
    $ 366         $ 55  
  
 
 
     
 
 
     
 
 
  
Weighted average remaining amortization period 
(years)
      1.5           1.6  
  
 
 
     
 
 
     
 
 
  
v3.24.2.u1
Shareholders' Equity (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Equity [Abstract]    
Schedule of Common Stock Outstanding Roll Forward  
The following table shows changes in each class of shares:
 
     Common
Stock		      Treasury
Stock		  
Balance at January 1, 2021
      1,012,261,159      429,941,021
  
 
 
     
 
 
  
Issued
         (6,904,556 ) 
Acquired
         307,242
  
 
 
     
 
 
  
Balance at December 31, 2021
      1,012,261,159      423,343,707
  
 
 
     
 
 
  
Issued
         (8,877,047 ) 
Acquired
         204,723
  
 
 
     
 
 
  
Balance at December 31, 2022
   
 
1,012,261,159
     
 
414,671,383
  
  
 
 
     
 
 
  
Issued
      
 
(13,651,201
) 
Acquired
      
 
1,725,954
  
  
 
 
     
 
 
  
Balance at December 31, 2023
   
 
1,012,261,159
     
 
402,746,136
  
  
 
 
     
 
 
  
Schedule of Accumulated Other Comprehensive Income (Loss)
Changes in Accumulated other comprehensive loss (AOCI) by component for the six and
three
months ended June 30, 2024 and 2023, were as follows:
 
     Currency
Translation
Adjustments		     Unrealized
Gains and
Losses on
Certain
Investments		      Unrealized
Gains and
Losses on
Derivative
Instruments		     Defined Benefit
Pension Plans &
Other
Postretirement
Benefits		     Total(1)  
Balance at January 1, 2023
    ($ 167 )       ($ 24 )    ($ 9,359 )    ($ 9,550 ) 
  
 
 
       
 
 
    
 
 
    
 
 
  
Other comprehensive income/(loss) before reclassifications
      10          (25 )      (6 )      (21 ) 
Amounts reclassified from AOCI
           (2 )      (44 )(2)      (46 ) 
  
 
 
       
 
 
    
 
 
    
 
 
  
Net current period Other comprehensive income/(loss)
      10          (27 )      (50 )      (67 ) 
  
 
 
       
 
 
    
 
 
    
 
 
  
Balance at June 30, 2023
    ($ 157 )       ($ 51 )    ($ 9,409 )    ($ 9,617 ) 
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
  
Balance at January 1, 2024
   
($
134
) 
  
$
2
 
   
$
12
 
  
($
10,185
) 
  
($
10,305
) 
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
  
Other comprehensive loss before reclassifications
   
 
(24
) 
     
 
(76
) 
  
 
(13
)
(2)
 
  
 
(113
) 
Amounts reclassified from AOCI
        
 
26
 
    
 
26
 
  
 
 
       
 
 
    
 
 
    
 
 
  
Net current period Other comprehensive loss
   
 
(24
) 
     
 
(50
) 
  
 
(13
) 
  
 
(87
) 
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
  
Balance at June 30, 2024
   
($
158
) 
  
$
2
 
   
($
38
) 
  
($
10,198
) 
  
($
10,392
) 
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
  
Balance at March 31, 2023
    ($ 151 )       ($ 11 )    ($ 9,388 )    ($ 9,550 ) 
  
 
 
       
 
 
    
 
 
    
 
 
  
Other comprehensive (loss)/income before reclassifications
      (6 )         (43 )      1       (48 ) 
Amounts reclassified from AOCI
           3       (22 )(2)      (19 ) 
  
 
 
       
 
 
    
 
 
    
 
 
  
Net current period Other comprehensive loss
      (6 )         (40 )      (21 )      (67 ) 
  
 
 
       
 
 
    
 
 
    
 
 
  
Balance at June 30, 2023
    ($ 157 )       ($ 51 )    ($ 9,409 )    ($ 9,617 ) 
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
  
Balance at March 31, 2024
   
($
169
) 
  
$
2
 
   
($
46
) 
  
($
10,199
) 
  
($
10,412
) 
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
  
Other comprehensive income/(loss) before reclassifications
   
 
11
 
     
 
(11
) 
  
 
1
 (2)
 
  
 
1
 
Amounts reclassified from AOCI
        
 
19
 
    
 
19
 
  
 
 
       
 
 
    
 
 
    
 
 
  
Net current period Other comprehensive income
   
 
11
 
     
 
8
 
  
 
1
 
  
 
20
 
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
  
Balance at June 30, 2024
   
($
158
) 
  
$
2
 
   
($
38
) 
  
($
10,198
) 
  
($
10,392
) 
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
  
 
(1)
Net of tax.
(2)
Primarily relates to the amortization of prior service credits and actuarial losses/(gains) included in net periodic benefit cost for the six and three months ended June 30, 2024 totaling $0 and $0 (net of tax of $0 and $0), and ($44) and ($22) (net of tax of $13 and $7) for the same periods in prior year.
Changes in AOCI by component for the years ended December 31, 2023, 2022 and 2021 were as follows:
 
    Currency
Translation
Adjustments		     Unrealized Gains
and Losses on
Certain
Investments		     Unrealized
Gains and
Losses on
Derivative
Instruments		     Defined Benefit
Pension
Plans & Other
Postretirement
Benefits		     Total (1)  
Balance at January 1, 2021
   ($ 30 )    $ 1   ($ 43 )    ($ 17,061 )    ($ 17,133 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other comprehensive (loss)/income before reclassifications
     (75 )        55       4,268 (2)      4,248
Amounts reclassified from AOCI
         (6 )      1,232 (3)      1,226
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net current period Other comprehensive (loss)/income
     (75 )        49       5,500       5,474
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2021
     ($105)       $1   $ 6     ($ 11,561 )    ($ 11,659 ) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other comprehensive (loss)/income before reclassifications
     (62 )      (1 )      (40 )      1,529 (2)      1,426
Amounts reclassified from AOCI
         10 (4)      673 (3)      683
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net current period Other comprehensive (loss)/income
     (62 )      (1 )      (30 )      2,202       2,109
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2022
  
($
167
) 
    
($
24
) 
  
($
9,359
) 
  
($
9,550
) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Other comprehensive income/(loss) before reclassifications
  
 
33
    
 
2
    
 
41
 
  
 
(722
)(2) 
  
 
(646
) 
Amounts reclassified from AOCI
      
 
(5
) 
  
 
(104
)(3) 
  
 
(109
) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Net current period Other comprehensive income/(loss)
  
 
33
    
 
2
    
 
36
 
  
 
(826
) 
  
 
(755
) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance at December 31, 2023
  
 
($134)
 
  
 
$2
    
$
12
 
  
($
10,185
) 
  
($
10,305
) 
 
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
Net of tax.
(2)
Primarily related to remeasurement of assets and benefit obligations related to the Company’s pension and other postretirement benefit plans resulting in an actuarial (loss)/gain of ($722), $1,533 and $4,262 (net of tax of $13, ($22) and ($32)) for the years ended December 31, 2023, 2022 and 2021. See Note 16.
(3)
Amounts reclassified from AOCI for the year ended December 31, 2023, primarily related to amortization of prior service credits totaling ($102) (net of tax of $1). Amounts reclassified from AOCI for the years ended December 31, 2022 and 2021, primarily related to amortization of actuarial losses totaling $791 and $1,155 (net of tax of ($11) and ($8)). These are included in net periodic pension cost. See Note 16.
(4)
Included losses of $39 (net of tax of ($11)) from cash flow hedges reclassified to Other income, net because the forecasted transactions are not probable of occurring.
v3.24.2.u1
Derivative Financial Instruments (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]    
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The notional amounts and fair values of derivative instruments in the Condensed Consolidated Statements of Financial Position were as follows:
 
     Notional amounts(1)     
Other assets
    
Accrued liabilities
  
    
June 30
2024
      December 31
2023		     
June 30
2024
     December 31
2023		    
June 30
2024
     December 31
2023		  
Derivatives designated as hedging instruments:
               
Foreign exchange contracts
   
$
4,524
 
    $ 4,120     
$
48
 
   $ 85    
($
89
) 
   ($ 63 ) 
Commodity contracts
   
 
449
 
      514     
 
74
 
     83    
 
(5
) 
     (8 ) 
Derivatives not receiving hedge accounting treatment:
               
Foreign exchange contracts
   
 
253
 
      254     
 
3
 
     1    
 
(20
) 
     (32 ) 
Commodity contracts
   
 
63
 
      115              (2 ) 
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Total derivatives
   
$
5,289
 
    $ 5,003     
$
125
 
   $ 169    
($
114
) 
   ($ 105 ) 
Netting arrangements
         
 
(47
) 
     (47 )   
 
47
 
     47  
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Net recorded balance
         
$
78
 
   $ 122    
($
67
) 
   ($ 58 ) 
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
Notional amounts represent the gross contract/notional amount of the derivatives outstanding.
The notional amounts and fair values of derivative instruments in the Consolidated Statements of Financial Position as of December 31 were as follows:
 
     Notional
amounts(1)		     
 
     
Other
assets
    
 
    
Accrued
liabilities
    
 
  
    
2023
      2022     
2023
     2022    
2023
     2022  
Derivatives designated as hedging instruments:
               
Foreign exchange contracts
   
$
4,120
      $ 2,815   
$
85
     $ 23  
($
63
) 
   ($ 122 ) 
Commodity contracts
   
 
514
        602   
 
83
       115  
 
(8
) 
     (9 ) 
Derivatives not receiving hedge accounting treatment:
               
Foreign exchange contracts
   
 
254
        462   
 
1
       5  
 
(32
) 
     (42 ) 
Commodity contracts
   
 
115
        412        2  
 
(2
) 
     (1 ) 
  
 
 
     
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Total derivatives
   
$
5,003
      $ 4,291   
 
169
       145  
 
(105
) 
     (174 ) 
Netting arrangements
         
 
(47
) 
     (33 )   
 
47
       33
        
 
 
    
 
 
    
 
 
    
 
 
  
Net recorded balance
         
$
122
     $ 112  
($
58
) 
   ($ 141 ) 
        
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
Notional amounts represent the gross contract/notional amount of the derivatives outstanding.
Schedule of Derivative Instruments, Gains/(Losses) in Statement of Financial Performance
(Losses)/gains associated with our hedging transactions and forward points recognized in Other comprehensive (loss)/income are presented in the following table:
 
    
Six months ended
June 30
     
Three months ended
June 30
  
    
2024
      2023     
2024
      2023  
Recognized in Other comprehensive (loss)/income, net of taxes:
            
Foreign exchange contracts
   
($
75
) 
    $ 11     
($
18
) 
    $ 1  
Commodity contracts
   
 
(1
) 
      (36 )    
 
7
 
      (44 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Gains/(losses) associated with our hedging transactions and forward points recognized in Other comprehensive income are presented in the following table:
 
Years ended December 31,
   
2023
      2022      2021  
Recognized in Other comprehensive income, net of taxes:
         
Foreign exchange contracts
   
$
61
      ($ 118 )     ($ 47 ) 
Commodity contracts
   
 
(20
) 
      78      102
  
 
 
     
 
 
     
 
 
  
Reclassification Out of Accumulated Other Comprehensive Income
(Losses)/gains associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table:
 
    
Six months ended
June 30
     
Three months ended
June 30
  
    
2024
      2023     
2024
      2023  
Foreign exchange contracts
            
Costs and expenses
   
($
12
) 
      (6 )    
($
5
) 
    ($ 4 ) 
General and administrative expense
   
 
(13
) 
      (23 )    
 
(9
) 
      (12 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Commodity contracts
            
Costs and expenses
   
 
(12
) 
      27     
 
(12
) 
    $ 10  
General and administrative expense
   
 
3
 
      5     
$
1
 
      3  
  
 
 
     
 
 
     
 
 
     
 
 
  
Gains/(losses) associated with our hedging transactions and forward points reclassified from AOCI to earnings are presented in the following table:
 
Years ended December 31,
   
2023
      2022      2021  
Foreign exchange contracts
         
Revenues
       $ 1   
Costs and expenses
   
($
15
) 
      7    $ 13
General and administrative
   
 
(17
) 
      (12 )       8
  
 
 
     
 
 
     
 
 
  
Commodity contracts
         
Costs and expenses
   
$
31
      $ 31    ($ 18 ) 
General and administrative expense
   
 
7
        10      5
  
 
 
     
 
 
     
 
 
  
v3.24.2.u1
Fair Value Measurements (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]    
Fair Value, Assets and Liabilities Measured on Recurring Basis The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.
 
    
June 30, 2024
     December 31, 2023  
    
Total
    
Level 1
     
Level 2
     Total     Level 1      Level 2  
Assets
               
Money market funds
   
$
2,101
 
  
$
2,101
 
      $ 1,514     $ 1,514     
Available-for-sale
debt investments:
               
Commercial paper
   
 
251
 
     
$
251
 
     291        $ 291  
Corporate notes
   
 
247
 
     
 
247
 
     183          183  
U.S. and local government agencies
   
 
17
 
     
 
17
 
     25          25  
Other equity investments
   
 
57
 
  
 
57
 
        44       44     
Derivatives
   
 
78
 
     
 
78
 
     122          122  
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
     
 
 
  
Total assets
   
$
2,751
 
  
$
2,158
 
   
$
593
 
   $ 2,179     $ 1,558      $ 621  
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
     
 
 
  
Liabilities
               
Derivatives
   
($
67
) 
     
($
67
) 
   ($ 58 )       ($ 58 ) 
Other
   
 
(17
) 
     
 
(17
) 
       
  
 
 
       
 
 
    
 
 
       
 
 
  
Total liabilities
   
($
84
) 
     
($
84
) 
   ($ 58 )       ($ 58 ) 
  
 
 
       
 
 
    
 
 
       
 
 
  
 The following table presents our assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy.
 
    
December 31, 2023
     December 31, 2022  
    
Total
    
Level 1
     
Level 2
     Total     Level 1      Level 2  
Assets
               
Money market funds
   
$
1,514
    
$
1,514
        $ 1,797   $ 1,797   
Available-for-sale
debt investments:
               
Commercial paper
   
 
291
       
$
291
       256      $ 256
Corporate notes
   
 
183
       
 
183
       195        195
U.S. government agencies
   
 
25
       
 
25
       47        47
Other equity investments
   
 
44
    
 
44
          10     10   
Derivatives
   
 
122
       
 
122
       112        112
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
     
 
 
  
Total assets
   
$
2,179
    
$
1,558
     
$
621
     $ 2,417   $ 1,807    $ 610
  
 
 
    
 
 
     
 
 
    
 
 
    
 
 
     
 
 
  
Liabilities
               
Derivatives
   
($
58
) 
     
($
58
) 
   ($ 141 )       ($ 141 ) 
  
 
 
       
 
 
    
 
 
       
 
 
  
Total liabilities
   
($
58
) 
     
($
58
) 
   ($ 141 )       ($ 141 ) 
  
 
 
       
 
 
    
 
 
       
 
 
  
Fair Value, Assets Measured on Nonrecurring Basis Using Unobservable Inputs The following table presents the nonrecurring losses recognized for the six months ended June 30 due to long-lived asset impairment and the fair value of the related assets as of the impairment date:
 
    
2024
      2023  
    
Fair
Value
     
Total

Losses
      Fair
Value		    Total
Losses		  
Investments
      
($
17
) 
       ($ 11 ) 
Operating lease equipment
   
$
15
 
   
 
(5
) 
      
Property, plant and equipment
      
 
(9
) 
      
Other assets
      
 
(3
) 
         (1 ) 
  
 
 
     
 
 
     
 
   
 
 
  
Total
   
$
15
 
   
($
34
) 
       ($ 12 ) 
  
 
 
     
 
 
     
 
   
 
 
  
 The following table presents the nonrecurring losses recognized for the
years ended December 31 due to long-lived asset impairment, and the fair value and asset classification of the related assets as of the impairment date:
 
    
2023
      2022  
    
Fair Value
     
Total Losses
      Fair Value      Total Losses  
Investments
      
($
18
) 
       ($ 31 ) 
Operating lease equipment
          $ 47      (7 ) 
Property, plant and equipment
   
$
14
     
 
(26
) 
         (19 ) 
Other Assets
   
 
 
 
   
 
(2
) 
      15      (55 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Total
   
$
14
     
($
46
) 
    $ 62    ($ 112 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Fair Value, Assets Measured on Nonrecurring Basis, Valuation Techniques
For Level 3 assets that were measured at fair value on a nonrecurring basis during the period ended June 30, 2024, the following table presents the fair value of those assets as of the measurement date, valuation techniques and related unobservable inputs of those assets.
 
    
Fair
Value
   
Valuation
Technique
   
Unobservable Input
   
Range
Median or Average
Operating lease equipment
    $15    Market approach    Aircraft value publications Aircraft condition adjustments   
$21 – $27(1)
Median $23
($8) – $0(2) Net ($8)
 
(1)
The range represents the sum of the highest and lowest values for all aircraft subject to fair value measurement, according to the third-party aircraft valuation publications that we use in our valuation process.
(2)
The negative amount represents the sum, for all aircraft subject to fair value measurement, of all downward adjustments based on consideration of individual aircraft attributes and condition. The positive amount represents the sum of all such upward adjustments.
 
Fair Values and Related Carrying Values of Financial Instruments
The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Condensed Consolidated Statements of Financial Position were as follows:
 
    
June 30, 2024
  
    
Carrying

Amount
    
Total Fair

Value
    
Level 1
     
Level 2
    
Level 3
  
Assets
            
Notes receivable, net
   
$
760
 
  
$
778
 
            
$
766
 
  
$
12
 
Liabilities
            
Debt, excluding finance lease obligations
   
 
(57,669
) 
  
 
(53,642
) 
     
 
(53,642
) 
  
  
 
 
    
 
 
       
 
 
    
 
 
  
 
     December 31, 2023  
     Carrying
Amount		     Total Fair
Value		     Level 1      Level 2     Level 3  
Assets
            
Notes receivable, net
    $ 257     $ 270               $ 270           
Liabilities
            
Debt, excluding finance lease obligations
      (52,055 )      (51,039 )         (51,039 )   
  
 
 
    
 
 
       
 
 
    
 
 
  
The fair values and related carrying values of financial instruments that are not required to be remeasured at fair value on the Consolidated Statements of Financial Position at December 31 were as follows:
 
    
December 31, 2023
  
    
Carrying
Amount
    
Total Fair
Value
    
Level 1
     
Level 2
    
Level 3
  
Assets
            
Notes receivable, net
   
$
257
    
$
270
       
$
270
    
Liabilities
            
Debt, excluding finance lease obligations
   
 
(52,055
) 
  
 
(51,039
) 
     
 
(51,039
) 
  
  
 
 
    
 
 
       
 
 
    
     December 31, 2022  
     Carrying
Amount		     Total Fair
Value		     Level 1      Level 2     Level 3  
Assets
            
Notes receivable, net
    $ 385   $ 403      $ 403  
Liabilities
            
Debt, excluding finance lease obligations
      (56,794 )      (52,856 )         (52,856 )   
  
 
 
    
 
 
       
 
 
    
v3.24.2.u1
Segment and Revenue Information (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Segment Reporting [Abstract]    
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area   Revenues, including foreign military sales, are reported by customer location and consisted of the following:
 
Years ended December 31,
   
2023
      2022      2021  
Europe
   
$
10,520
      $ 7,916    $ 8,967
Asia
   
 
10,013
        8,393      5,845
Middle East
   
 
6,594
        5,047      4,653
Oceania
   
 
1,655
        1,576      1,147
Canada
   
 
1,256
        1,612      969
Africa
   
 
825
        418      239
Latin America, Caribbean and other
   
 
1,524
        2,412      1,376
  
 
 
     
 
 
     
 
 
  
Total
non-U.S.
revenues
   
 
32,387
        27,374      23,196
United States
   
 
45,380
        39,218      39,076
Estimated potential concessions and other considerations to 737 MAX customers
   
 
27
        16      14
  
 
 
     
 
 
     
 
 
  
Total revenues
   
$
77,794
      $ 66,608    $ 62,286
  
 
 
     
 
 
     
 
 
  
Schedule of Disaggregation of Revenue
BCA revenues by customer location consisted of the following:
 
(Dollars in millions)
   
Six months ended
June 30
    
Three months ended
June 30
  
    
2024
     2023    
2024
     2023  
Revenue from contracts with customers:
         
Europe
   
$
1,547
 
   $ 3,393    
$
777
 
   $ 2,038  
Asia
   
 
4,393
 
     2,355    
 
2,280
 
     1,549  
Middle East
   
 
1,174
 
     1,466    
 
406
 
     750  
Other
non-U.S.
   
 
754
 
     1,082    
 
344
 
     729  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total
non-U.S.
revenues
   
 
7,868
 
     8,296    
 
3,807
 
     5,066  
United States
   
 
3,158
 
     7,175    
 
2,173
 
     3,740  
Estimated potential concessions and other considerations to 737 MAX customers, net of insurance recoveries
   
 
(443
) 
     26         26  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total revenues from contracts with customers
   
 
10,583
 
     15,497    
 
5,980
 
     8,832  
Intersegment revenues eliminated on consolidation
   
 
73
 
     47    
 
23
 
     8  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total segment revenues
   
$
10,656
 
   $ 15,544    
$
6,003
 
   $ 8,840  
  
 
 
    
 
 
    
 
 
    
 
 
  
Revenue recognized on fixed-price contracts
   
 
100
% 
     100 %   
 
100
% 
     100 % 
Revenue recognized at a point in time
   
 
99
% 
     99 %   
 
99
% 
     99 % 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
BDS revenues on contracts with customers, based on the customer’s location, consisted of the following:
 
(Dollars in millions)
   
Six months ended
June 30
    
Three months ended
June 30
  
    
2024
     2023    
2024
     2023  
Revenue from contracts with customers:
         
U.S. customers
   
$
9,963
 
   $ 10,338    
$
4,519
 
   $ 5,028  
Non-U.S.
customers(1)
   
 
3,008
 
     2,368    
 
1,502
 
     1,139  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total segment revenue from contracts with customers
   
$
12,971
 
   $ 12,706    
$
6,021
 
   $ 6,167  
  
 
 
    
 
 
    
 
 
    
 
 
  
Revenue recognized over time
   
 
99
% 
     99 %   
 
99
% 
     99 % 
Revenue recognized on fixed-price contracts
   
 
55
% 
     59 %   
 
52
% 
     57 % 
Revenue from the U.S. government
(1)
   
 
90
% 
     90 %   
 
89
% 
     90 % 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
Includes revenues earned from foreign military sales through the U.S. government.
BGS revenues consisted of the following:
 
(Dollars in millions)
   
Six months ended
June 30
    
Three months ended
June 30
  
    
2024
     2023    
2024
     2023  
Revenue from contracts with customers:
         
Commercial
   
$
5,900
 
   $ 5,419    
$
2,900
 
   $ 2,703  
Government
   
 
3,829
 
     3,874    
 
1,895
 
     1,948  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total revenues from contracts with customers
   
 
9,729
 
     9,293    
 
4,795
 
     4,651  
Intersegment revenues eliminated on consolidation
   
 
205
 
     173    
 
94
 
     95  
Total segment revenues
   
$
9,934
 
   $ 9,466    
$
4,889
 
   $ 4,746  
  
 
 
    
 
 
    
 
 
    
 
 
  
Revenue recognized at a point in time
   
 
53
% 
     51 %   
 
53
% 
     51 % 
Revenue recognized on fixed-price contracts
   
 
87
% 
     87 %   
 
87
% 
     87 % 
Revenue from the U.S. government(1)
   
 
28
% 
     31 %   
 
27
% 
     31 % 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
Includes revenues earned from foreign military sales through the U.S. government.
BCA revenues by customer location consisted of the following:
 
Years ended December 31,
   
2023
     2022     2021  
Revenue from contracts with customers:
       
Asia
   
$
6,328
     $ 4,488   $ 2,816
Europe
   
 
6,172
       4,085     4,387
Middle East
   
 
4,311
       2,003     1,098
Other
non-U.S.
   
 
2,431
       3,042     1,683
  
 
 
    
 
 
    
 
 
  
Total
non-U.S.
revenues
   
 
19,242
       13,618     9,984
United States
   
 
14,501
       12,275     9,614
Estimated potential concessions and other considerations to 737 MAX customers
   
 
27
       16     14
  
 
 
    
 
 
    
 
 
  
Total revenues from contracts with customers
   
 
33,770
       25,909     19,612
Intersegment revenues, eliminated on consolidation
   
 
131
       117     102
  
 
 
    
 
 
    
 
 
  
Total segment revenues
   
$
33,901
     $ 26,026   $ 19,714
  
 
 
    
 
 
    
 
 
  
Revenue recognized on fixed-price contracts
   
 
100
% 
     100 %      100 % 
Revenue recognized at a point in time
   
 
99
% 
     99 %      99 % 
  
 
 
    
 
 
    
 
 
  
BDS revenues on contracts with customers, based on the customer’s location, consisted of the following:
 
Years ended December 31,
   
2023
     2022     2021  
Revenue from contracts with customers:
       
U.S. customers
   
$
20,051
     $ 17,144   $ 19,869
Non-U.S.
customers(1)
   
 
4,882
       6,018     6,671
  
 
 
    
 
 
    
 
 
  
Total segment revenue from contracts with customers
   
$
24,933
     $ 23,162   $ 26,540
  
 
 
    
 
 
    
 
 
  
Revenue recognized over time
   
 
99
% 
     99 %      99 % 
Revenue recognized on fixed-price contracts
   
 
58
% 
     60 %      68 % 
Revenue from the U.S. government(1)
   
 
91
% 
     89 %      89 % 
  
 
 
    
 
 
    
 
 
  
 
(1)
Includes revenues earned from foreign military sales through the U.S. government.
BGS revenues consisted of the following:
 
Years ended December 31,
   
2023
     2022     2021  
Revenue from contracts with customers:
       
Commercial
   
$
11,020
     $ 9,560   $ 7,527
Government
   
 
7,751
       7,681     8,553
  
 
 
    
 
 
    
 
 
  
Total revenues from contracts with customers
   
 
18,771
       17,241     16,080
Intersegment revenues eliminated on consolidation
   
 
356
       370     248
  
 
 
    
 
 
    
 
 
  
Total segment revenues
   
$
19,127
     $ 17,611   $ 16,328
  
 
 
    
 
 
    
 
 
  
Revenue recognized at a point in time
   
 
51
% 
     50 %      45 % 
Revenue recognized on fixed-price contracts
   
 
87
% 
     88 %      86 % 
Revenue from the U.S. government(1)
   
 
30
% 
     33 %      40 % 
  
 
 
    
 
 
    
 
 
  
 
(1)
Includes revenues earned from foreign military sales through the U.S. government.
Schedule of Segment, Reconciliation of Other Items from Segments to Consolidated Components of Unallocated items, eliminations and other (expense)/income are shown in the following table.
 
    
Six months ended
June 30
     
Three months ended
June 30
  
    
2024
      2023     
2024
      2023  
Share-based plans
   
$
53
 
    ($ 38 )    
$
43
 
    $ 14  
Deferred compensation
   
 
(49
) 
      (96 )    
 
(19
) 
      (42 ) 
Amortization of previously capitalized interest
   
 
(46
) 
      (47 )    
 
(23
) 
      (24 ) 
Research and development expense, net
   
 
(188
) 
      (149 )    
 
(99
) 
      (73 ) 
Eliminations and other unallocated items
   
 
(716
) 
      (466 )    
 
(536
) 
      (211 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Unallocated items, eliminations and other
   
($
946
) 
    ($ 796 )    
($
634
) 
    ($ 336 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Components of Unallocated items, eliminations and other (expense)/income are shown in the following table.
 
Years ended December 31,
   
2023
      2022      2021  
Share-based plans
   
$
62
      ($ 114 )     ($ 174 ) 
Deferred compensation
   
 
(188
) 
      117      (126 ) 
Amortization of previously capitalized interest
   
 
(95
) 
      (95 )       (107 ) 
Research and development expense, net
   
 
(315
) 
      (278 )       (184 ) 
Eliminations and other unallocated items
   
 
(1,223
) 
      (1,134 )       (636 ) 
  
 
 
     
 
 
     
 
 
  
Unallocated items, eliminations and other
   
($
1,759
) 
    ($ 1,504 )     ($ 1,227 ) 
  
 
 
     
 
 
     
 
 
  
Components of Financial Accounting Standards and Cost Accounting Standards Adjustment Components of FAS/CAS service cost adjustment are shown in the following table:
 
    
Six months ended
June 30
     
Three months ended
June 30
  
    
2024
      2023     
2024
      2023  
Pension FAS/CAS service cost adjustment
   
$
460
 
    $ 445     
$
230
 
    $ 222  
Postretirement FAS/CAS service cost adjustment
   
 
144
 
      137     
 
72
 
      69  
  
 
 
     
 
 
     
 
 
     
 
 
  
FAS/CAS service cost adjustment
   
$
604
 
    $ 582     
$
302
 
    $ 291  
  
 
 
     
 
 
     
 
 
     
 
 
  
These expenses are included in Other income, net. Components of FAS/CAS service cost adjustment are shown in the following table:
 
Years ended December 31,
   
2023
      2022      2021  
Pension FAS/CAS service cost adjustment
   
$
799
      $ 849    $ 882
Postretirement FAS/CAS service cost adjustment
   
 
257
        294      291
  
 
 
     
 
 
     
 
 
  
FAS/CAS service cost adjustment
   
$
1,056
      $ 1,143    $ 1,173
  
 
 
     
 
 
     
 
 
  
Reconciliation of Assets from Segment to Consolidated
Segment assets are summarized in the table below:
 
    
June 30
2024
      December 31
2023		  
Commercial Airplanes
   
$
83,478
 
    $ 77,047  
Defense, Space & Security
   
 
16,239
 
      14,921  
Global Services
   
 
16,473
 
      16,193  
Unallocated items, eliminations and other
   
 
26,530
 
      28,851  
  
 
 
     
 
 
  
Total
   
$
142,720
 
    $ 137,012  
  
 
 
     
 
 
  
Segment assets are summarized in the table below.
 
December 31,
   
2023
      2022  
Commercial Airplanes
   
$
77,047
      $ 76,825
Defense, Space & Security
   
 
14,921
        14,426
Global Services
   
 
16,193
        16,149
Unallocated items, eliminations and other
   
 
28,851
        29,700
  
 
 
     
 
 
  
Total
   
$
137,012
      $ 137,100
  
 
 
     
 
 
  
Schedule of Capital Expenditures by Segment  
Capital Expenditures
 
Years ended December 31,
   
2023
      2022      2021  
Commercial Airplanes
   
$
420
      $ 218    $ 177
Defense, Space & Security
   
 
192
        202      199
Global Services
   
 
127
        130      94
Unallocated items, eliminations and other
   
 
788
        672      510
  
 
 
     
 
 
     
 
 
  
Total
   
$
1,527
      $ 1,222    $ 980
  
 
 
     
 
 
     
 
 
  
Schedule of Depreciation and Amortization Expense by Segment  
Depreciation and Amortization
 
Years ended December 31,
   
2023
      2022      2021  
Commercial Airplanes
   
$
464
      $ 554    $ 594
Defense, Space & Security
   
 
219
        238      233
Global Services
   
 
320
        346      414
Centrally Managed Assets (1)
   
 
858
        841      903
  
 
 
     
 
 
     
 
 
  
Total
   
$
1,861
      $ 1,979    $ 2,144
  
 
 
     
 
 
     
 
 
  
 
(1)
Amounts shown in the table represent depreciation and amortization expense recorded by the individual business segments. Depreciation and amortization for centrally managed assets are included in segment operating earnings based on usage and occupancy. In 2023, $650 was
  included in the primary business segments, of which $311, $264 and $75 was included in BCA, BDS and BGS, respectively. In 2022, $644 was included in the primary business segments, of which $361, $230 and $53 was included in BCA, BDS and BGS, respectively. In 2021, $669 was included in the primary business segments, of which $387, $222 and $60 was included in BCA, BDS and BGS, respectively.
v3.24.2.u1
Summary of Business Segment Data - Schedule of Segment Reporting Information, by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]              
Total revenues $ 16,866 $ 19,751 $ 33,435 $ 37,672 $ 77,794 $ 66,608 $ 62,286
Loss from operations (1,090) (99) (1,176) (248) (773) (3,519) (2,870)
Other income, net 248 320 525 622 1,227 1,058 551
Interest and debt expense (673) (621) (1,242) (1,270) (2,459) (2,561) (2,714)
Loss before income taxes (1,515) (400) (1,893) (896) (2,005) (5,022) (5,033)
Income tax (expense)/benefit 76 251 99 322 (237) (31) 743
Net loss (1,439) (149) (1,794) (574) (2,242) (5,053) (4,290)
Less: net loss attributable to noncontrolling interest     (12) (11) (20) (118) (88)
Net loss attributable to Boeing Shareholders (1,439) (149) (1,782) (563) (2,222) (4,935) (4,202)
Operating Segments              
Segment Reporting Information [Line Items]              
Loss from operations (758) (54) (834) (34) (70) (3,158) (2,816)
Operating Segments | Commercial Airplanes              
Segment Reporting Information [Line Items]              
Total revenues 6,003 8,840 10,656 15,544 33,901 26,026 19,714
Loss from operations (715) (383) (1,858) (998) (1,635) (2,341) (6,377)
Operating Segments | Defense, Space & Security              
Segment Reporting Information [Line Items]              
Total revenues 6,021 6,167 12,971 12,706 24,933 23,162 26,540
Loss from operations (913) (527) (762) (739) (1,764) (3,544) 1,544
Operating Segments | Global Services              
Segment Reporting Information [Line Items]              
Total revenues 4,889 4,746 9,934 9,466 19,127 17,611 16,328
Loss from operations 870 856 1,786 1,703 3,329 2,727 2,017
Unallocated items, eliminations and other              
Segment Reporting Information [Line Items]              
Total revenues (47) (2) (126) (44) (167) (191) (296)
Unallocated items, eliminations and other (634) (336) (946) (796) (1,759) (1,504) (1,227)
FAS/CAS service cost adjustment $ 302 $ 291 $ 604 $ 582 $ 1,056 $ 1,143 $ 1,173
v3.24.2.u1
Basis of Presentation - Narrative (Details)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
segment
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
segment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Schedule of Accounting Policies [Line Items]              
Number of reportable segments | segment     3   3    
Reinsurance revenues         $ 163 $ 129 $ 126
Reinsurance costs         181 134 129
Research and development expense, net $ 954 $ 797 $ 1,822 $ 1,538 3,377 2,852 2,249
Accounts payable $ 11,864   $ 11,864   $ 11,964 10,200  
Capitalized Internal Use Software              
Schedule of Accounting Policies [Line Items]              
Property, plant and equipment, estimated useful lives (in years)         5 years    
Minimum | Commercial Airplanes              
Schedule of Accounting Policies [Line Items]              
Standard warranty term         3 years    
Minimum | Defense, Space & Security              
Schedule of Accounting Policies [Line Items]              
Standard warranty term         6 months    
Minimum | Developed technology              
Schedule of Accounting Policies [Line Items]              
Finite-lived acquired intangible assets, useful lives (in years)         4 years    
Minimum | Product know-how              
Schedule of Accounting Policies [Line Items]              
Finite-lived acquired intangible assets, useful lives (in years)         6 years    
Minimum | Customer base              
Schedule of Accounting Policies [Line Items]              
Finite-lived acquired intangible assets, useful lives (in years)         3 years    
Minimum | Distribution rights              
Schedule of Accounting Policies [Line Items]              
Finite-lived acquired intangible assets, useful lives (in years)         3 years    
Minimum | Other Intangible Assets              
Schedule of Accounting Policies [Line Items]              
Finite-lived acquired intangible assets, useful lives (in years)         1 year    
Minimum | Buildings and Land Improvements              
Schedule of Accounting Policies [Line Items]              
Property, plant and equipment, estimated useful lives (in years)         10 years    
Minimum | Machinery and equipment              
Schedule of Accounting Policies [Line Items]              
Property, plant and equipment, estimated useful lives (in years)         4 years    
Maximum | Commercial Airplanes              
Schedule of Accounting Policies [Line Items]              
Standard warranty term         4 years    
Maximum | Defense, Space & Security              
Schedule of Accounting Policies [Line Items]              
Standard warranty term         2 years    
Maximum | Developed technology              
Schedule of Accounting Policies [Line Items]              
Finite-lived acquired intangible assets, useful lives (in years)         14 years    
Maximum | Product know-how              
Schedule of Accounting Policies [Line Items]              
Finite-lived acquired intangible assets, useful lives (in years)         30 years    
Maximum | Customer base              
Schedule of Accounting Policies [Line Items]              
Finite-lived acquired intangible assets, useful lives (in years)         17 years    
Maximum | Distribution rights              
Schedule of Accounting Policies [Line Items]              
Finite-lived acquired intangible assets, useful lives (in years)         27 years    
Maximum | Other Intangible Assets              
Schedule of Accounting Policies [Line Items]              
Finite-lived acquired intangible assets, useful lives (in years)         32 years    
Maximum | Buildings and Land Improvements              
Schedule of Accounting Policies [Line Items]              
Property, plant and equipment, estimated useful lives (in years)         40 years    
Maximum | Machinery and equipment              
Schedule of Accounting Policies [Line Items]              
Property, plant and equipment, estimated useful lives (in years)         20 years    
Maximum | 7372 Services, Prepackaged Software              
Schedule of Accounting Policies [Line Items]              
Property, plant and equipment, estimated useful lives (in years)         10 years    
Bank Overdrafts              
Schedule of Accounting Policies [Line Items]              
Accounts payable         $ 117 102  
Bid and Proposal Costs              
Schedule of Accounting Policies [Line Items]              
Research and development expense, net         $ 188 $ 217 $ 213
v3.24.2.u1
Basis of Presentation - Schedule of Change in Accounting Estimate (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]              
Decrease to Revenue $ (747) $ (470) $ (965) $ (782) $ (1,706) $ (2,335) $ (379)
Increase to Loss from operations $ (1,334) $ (830) $ (1,700) $ (1,348) $ (2,943) $ (5,253) $ (880)
Increase to Diluted loss per share (in dollars per share) $ (2.06) $ (0.51) $ (2.62) $ (1.43) $ (5.43) $ (8.88) $ (1.28)
v3.24.2.u1
Spirit Acquisition (Details)
$ / shares in Units, $ in Millions
Jun. 30, 2025
USD ($)
$ / shares
shares
Jun. 30, 2024
extension_period
Business Acquisition [Line Items]    
Business combination, termination rights, number of three-month extension periods | extension_period   3
Forecast [Member] | Spirit AeroSystems Holdings, Inc.    
Business Acquisition [Line Items]    
Business combination, consideration transferred | $ $ 4,700  
Business acquisition, share price (in dollars per share) | $ / shares $ 37.25  
Business acquisition, trading day 15 days  
Business acquisition, seller termination fee | $ $ 150  
Business acquisition, buyer termination fee | $ $ 300  
Forecast [Member] | Spirit AeroSystems Holdings, Inc. | Minimum    
Business Acquisition [Line Items]    
Business acquisition, exchange ratio 18.00%  
Business acquisition, floor price per share (in dollars per share) | $ / shares $ 149  
Business acquisition, equity interest issued or issuable, number of shares (in shares) | shares 0.25  
Forecast [Member] | Spirit AeroSystems Holdings, Inc. | Maximum    
Business Acquisition [Line Items]    
Business acquisition, exchange ratio 25.00%  
Business acquisition, ceiling price per share (in dollars per share) | $ / shares $ 206.94  
Business acquisition, equity interest issued or issuable, number of shares (in shares) | shares 0.18  
v3.24.2.u1
Goodwill and Acquired Intangibles - Schedule of Goodwill by Reportable Segment (Details) - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Roll Forward]    
Goodwill, beginning balance $ 8,057,000,000 $ 8,068,000,000
Goodwill adjustments 6,000,000 (11,000,000)
Goodwill, ending balance 8,093,000,000 8,057,000,000
Operating Segments    
Goodwill [Roll Forward]    
Acquisitions 30  
Commercial Airplanes    
Goodwill [Roll Forward]    
Goodwill, beginning balance 1,316,000,000 1,316,000,000
Goodwill adjustments  
Goodwill, ending balance 1,319,000,000 1,316,000,000
Commercial Airplanes | Operating Segments    
Goodwill [Roll Forward]    
Acquisitions 3,000,000  
Defense, Space & Security    
Goodwill [Roll Forward]    
Goodwill, beginning balance 3,224,000,000 3,224,000,000
Goodwill adjustments  
Goodwill, ending balance 3,235,000,000 3,224,000,000
Defense, Space & Security | Operating Segments    
Goodwill [Roll Forward]    
Acquisitions 11,000,000  
Global Services    
Goodwill [Roll Forward]    
Goodwill, beginning balance 3,432,000,000 3,443,000,000
Goodwill adjustments 6,000,000 (11,000,000)
Goodwill, ending balance 3,454,000,000 3,432,000,000
Global Services | Operating Segments    
Goodwill [Roll Forward]    
Acquisitions 16,000,000  
Other    
Goodwill [Roll Forward]    
Goodwill, beginning balance 85,000,000 85,000,000
Goodwill adjustments  
Goodwill, ending balance 85,000,000 $ 85,000,000
Other | Operating Segments    
Goodwill [Roll Forward]    
Acquisitions  
v3.24.2.u1
Goodwill and Acquired Intangibles - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]    
Carrying amount of indefinite-lived intangible assets relating to trade names $ 197 $ 197
Carrying amount of indefinite-lived research and development 202 202
Amortization of intangible assets $ 235 $ 241
v3.24.2.u1
Goodwill and Acquired Intangibles - Schedule of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount $ 5,373 $ 5,351
Accumulated Amortization 3,678 3,439
Distribution rights    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 2,545 2,546
Accumulated Amortization 1,566 1,443
Product know-how    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 552 552
Accumulated Amortization 465 441
Customer base    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 1,358 1,356
Accumulated Amortization 837 777
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 638 621
Accumulated Amortization 569 545
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross Carrying Amount 280 276
Accumulated Amortization $ 241 $ 233
v3.24.2.u1
Goodwill and Acquired Intangibles - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2024 $ 224
2025 199
2026 194
2027 174
2028 $ 147
v3.24.2.u1
Earnings Per Share - Schedule of Weighted Average Number of Shares (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share [Abstract]              
Net loss available to common shareholders $ (1,439) $ (149) $ (1,782) $ (563) $ (2,222) $ (4,935) $ (4,202)
Less: earnings available to participating securities      
Net loss available to common shareholders, basic         (2,222) (4,935) (4,202)
Net loss available to common shareholders, diluted         $ (2,222) $ (4,935) $ (4,202)
Weighted average shares outstanding, basic (in shares) 616.6 605.5 614.8 603.9 606.1 595.2 588.0
Participating securities (in shares) 0.3 0.3 0.3 0.3 0.3 0.3 0.4
Weighted average common shares outstanding, basic (in shares) 616.3 605.2 614.5 603.6 605.8 594.9 587.6
Weighted average shares outstanding, diluted (in shares) 616.6 605.5 614.8 603.9 606.1 595.2 588.0
Weighted average common shares outstanding, diluted (in shares) 616.3 605.2 614.5 603.6 605.8 594.9 587.6
Net loss per share, basic (in dollars per share) $ (2.33) $ (0.25) $ (2.9) $ (0.93) $ (3.67) $ (8.3) $ (7.15)
Net loss per share, diluted (in dollars per share) $ (2.33) $ (0.25) $ (2.9) $ (0.93) $ (3.67) $ (8.3) $ (7.15)
v3.24.2.u1
Earnings Per Share - Schedule of Weighted Average Number of Shares Outstanding Excluded from the Computation of Diluted Earnings Per Share (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]              
Shares excluded from the computation of diluted earnings (in shares) 2.7 5.5 2.9 5.4      
Performance awards | Antidilutive or Performance Condition not met              
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]              
Shares excluded from the computation of diluted earnings (in shares)             2.9
Performance restricted stock units | Antidilutive or Performance Condition not met              
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]              
Shares excluded from the computation of diluted earnings (in shares) 0.7 0.6   0.4 0.8
Restricted stock units | Antidilutive or Performance Condition not met              
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]              
Shares excluded from the computation of diluted earnings (in shares) 2.0 1.0   1.0 0.4
Stock options | Antidilutive or Performance Condition not met              
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]              
Shares excluded from the computation of diluted earnings (in shares) 0.8 0.8 0.8 0.8 0.8 0.8 0.3
v3.24.2.u1
Earnings Per Share - Narrative (Details) - shares
shares in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]              
Shares excluded from the computation of diluted earnings (in shares) 2.7 5.5 2.9 5.4      
Antidilutive due to Net Loss              
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]              
Shares excluded from the computation of diluted earnings (in shares)         5.7 3.5 2.6
v3.24.2.u1
Income Taxes - Components of Earnings Before Income Taxes Between Domestic and Foreign Jurisdictions (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Valuation Allowance [Line Items]              
U.S.         $ (2,512) $ (5,457) $ (5,475)
Non-U.S.         507 435 442
Loss before income taxes $ (1,515) $ (400) $ (1,893) $ (896) $ (2,005) $ (5,022) $ (5,033)
v3.24.2.u1
Income Taxes - Schedule of Income Tax Expense/(Benefit) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Current tax (benefit)/expense              
U.S. federal         $ 9 $ (58) $ (89)
Non-U.S.         179 142 147
U.S. state         19 (42) 42
Total current         207 42 100
Deferred tax (benefit)/expense              
U.S. federal         6 (62) (855)
Non-U.S.         5 (3) (12)
U.S. state         19 54 24
Total deferred         30 (11) (843)
Income Tax Expense (Benefit), Continuing Operations [Abstract]              
Total income tax expense/(benefit) $ (76) $ (251) $ (99) $ (322) $ (237) $ (31) $ (743)
v3.24.2.u1
Income Taxes - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]      
Net income tax payments/(refunds) $ 204 $ (1,317) $ (1,480)
Deferred tax assets 14,743 12,301  
Deferred tax liabilities 10,363 9,306  
Valuation allowance 4,550 3,162  
Valuation allowance, deferred tax asset, increase (decrease), amount 1,388    
Federal, state, and local, income tax expense (benefit), increase (decrease), amount (31)    
Unrecognized tax benefits that would affect the effective tax rate, if recognized 1,088 $ 878 $ 790
Decrease in unrecognized tax benefits is reasonably possible 620    
Continuing Operations      
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]      
Valuation allowance 1,150    
Other Comprehensive Income (Loss)      
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]      
Valuation allowance 173    
Additional Paid-In Capital      
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]      
Valuation allowance $ 34    
v3.24.2.u1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2023
Jun. 30, 2024
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]                
Effective income tax rate reconciliation, estimated tax rate     (11.10%)          
Effective income tax rate     5.20% 35.90% (11.80%) (0.60%) 14.70%  
Effective income tax rate reconciliation, tax contingency, amount   $ 335            
Deferred tax assets, valuation allowance expense   155            
Valuation allowance $ 4,550       $ 4,550 $ 3,162    
Unrecognized tax benefits $ 1,131       $ 1,131 $ 915 $ 858 $ 966
Unrecognized tax benefits, decrease resulting from settlements with taxing authorities   $ 625            
Minimum                
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]                
Deferred tax liability, valuation allowance measurement duration 5 years              
Deferred tax asset, valuation allowance measurement duration 15 years              
Maximum                
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]                
Deferred tax liability, valuation allowance measurement duration 10 years              
Deferred tax asset, valuation allowance measurement duration 20 years              
v3.24.2.u1
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Amount              
U.S. federal statutory tax         $ (421) $ (1,054) $ (1,057)
Valuation allowance         1,150 1,199 512
Research and development credits         (472) (204) (189)
State income tax provision, net of effects on U.S. federal tax         (75) (90) (94)
Tax on non-U.S. activities         35 64 47
Impact of subsidiary shares purchased from noncontrolling interests         (29)    
Other provision adjustments         49 116 38
Total income tax expense/(benefit) $ (76) $ (251) $ (99) $ (322) $ (237) $ (31) $ (743)
Effective Income Tax Rate Reconciliation, Percent [Abstract]              
U.S. federal statutory tax         21.00% 21.00% 21.00%
Valuation allowance         (57.30%) (23.90%) (10.20%)
Research and development credits         23.60% 4.10% 3.80%
State income tax provision, net of effects on U.S. federal tax         3.70% 1.80% 1.90%
Tax on non-U.S. activities         (1.80%) (1.30%) (0.90%)
Impact of subsidiary shares purchased from noncontrolling interests         1.50%    
Other provision adjustments         (2.50%) (2.30%) (0.90%)
Effective income tax rate     5.20% 35.90% (11.80%) (0.60%) 14.70%
v3.24.2.u1
Income Taxes - Significant Components of Deferred Tax Assets Net of Deferred Tax Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]    
Inventory and long-term contract methods of income recognition $ (5,115) $ (4,369)
Research expenditures 2,873 1,464
Fixed assets, intangibles and goodwill (1,566) (1,641)
Pension benefits 1,178 1,146
Other employee benefits 1,162 1,095
Accrued expenses and reserves 956 933
Other postretirement benefit obligations 590 660
737 MAX customer concessions and other considerations 310 425
Other 304 179
Gross deferred tax assets/(liabilities) before valuation allowance 4,380 2,995
Valuation allowance (4,550) (3,162)
Net deferred tax assets/(liabilities) (170) (167)
Federal Tax Authority    
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]    
Federal and state net operating loss, credit, interest and other carryovers 2,551 2,082
Deferred tax asset for net operating loss and credit carryovers each year through December 31, 2043 1,224  
Deferred tax asset for net operating loss and credit carryovers indefinitely 1,327  
State Tax Authority    
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]    
Federal and state net operating loss, credit, interest and other carryovers 1,137 $ 1,021
Deferred tax asset for net operating loss and credit carryovers each year through December 31, 2043 575  
Deferred tax asset for net operating loss and credit carryovers indefinitely $ 562  
v3.24.2.u1
Income Taxes - Net Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]    
Deferred tax assets $ 14,743 $ 12,301
Deferred tax liabilities (10,363) (9,306)
Valuation allowance (4,550) (3,162)
Net deferred tax assets/(liabilities) $ (170) $ (167)
v3.24.2.u1
Income Taxes - Schedule of Unrecognized Tax Benefits Roll Forward (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Unrecognized tax benefits – January 1 $ 915 $ 858 $ 966
Gross increases – tax positions in prior periods 38 17 64
Gross decreases – tax positions in prior periods (3) (51) (245)
Gross increases – current period tax positions 181 91 73
Gross decreases – current period tax positions    
Unrecognized tax benefits – December 31 $ 1,131 $ 915 $ 858
v3.24.2.u1
Accounts Receivable, net - Schedule of Accounts Receivable (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounts Receivables [Line Items]          
Less valuation allowance $ (96) $ (89) $ (95) $ (116) $ (390)
Total $ 3,155 2,649   2,517  
U.S. government contracts          
Accounts Receivables [Line Items]          
Accounts receivable, before allowance for credit loss, current   970   800  
Commercial Airplanes          
Accounts Receivables [Line Items]          
Accounts receivable, before allowance for credit loss, current   57   293  
Global Services          
Accounts Receivables [Line Items]          
Accounts receivable, before allowance for credit loss, current   1,526   1,390  
Defense, Space, & Security          
Accounts Receivables [Line Items]          
Accounts receivable, before allowance for credit loss, current   160   145  
Other          
Accounts Receivables [Line Items]          
Accounts receivable, before allowance for credit loss, current   $ 25   $ 5  
v3.24.2.u1
Allowances for Losses on Financial Assets - Schedule of Financial Assets, Allowance for Credit Loss (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]        
Account receivable, allowance for credit loss, beginning balance $ (89) $ (116) $ (116) $ (390)
Unbilled receivables, allowance for credit loss, beginning balance (19) (23) (23) (91)
Allowance for credit loss, beginning balance (331) (367) (367) (747)
Customer financing, allowance for credit loss, beginning balance (51) (55) (55) (18)
Accounts receivable, changes in estimates (15) (5) (6) 2
Unbilled receivables, changes in estimates (1) 2 4 21
Customer financing, changes in estimates, rounding       (37)
Customer financing, changes in estimates 35 2 4  
Changes in estimates     (2) (76)
Accounts receivable, write-offs 7 24 29 260
Unbilled receivables, write-offs       47
Write-offs 17 28 34 444
Accounts receivable, recovery 1 2 4 12
Recoveries 1 2 4 12
Account receivable, allowance for credit loss, ending balance (96) (95) (89) (116)
Unbilled receivables, allowance for credit loss, ending balance (20) (21) (19) (23)
Allowance for credit loss, ending balance (342) (335) (331) (367)
Customer financing, allowance for credit loss, ending balance (16) (53) (51) (55)
Changes in estimates (29) 2    
Other current assets        
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]        
Allowance for credit loss, beginning balance (50) (85) (85) (62)
Changes in estimates     30 (27)
Write-offs 10 4 5 4
Allowance for credit loss, ending balance (41) (66) (50) (85)
Changes in estimates (1) 15    
Other assets        
Contract with Customer, Asset, Allowance for Credit Loss [Roll Forward]        
Allowance for credit loss, beginning balance (122) (88) (88) (186)
Changes in estimates     (34) (35)
Write-offs       133
Allowance for credit loss, ending balance (169) (100) $ (122) $ (88)
Changes in estimates $ (47) $ (12)    
v3.24.2.u1
Inventories - Schedule of Inventory, Current (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Inventory Disclosure [Abstract]      
Commercial aircraft programs $ 74,544 $ 68,683 $ 67,702
Long-term contracts in progress 370 686 582
Capitalized precontract costs 941 946 794
Commercial spare parts, used aircraft, general stock materials and other 9,806 9,426 9,073
Total $ 85,661 $ 79,741 $ 78,151
v3.24.2.u1
Inventories - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Early Issue Sales Consideration          
Inventory [Line Items]          
Inventory subject to uncertainty $ 4,546   $ 4,126 $ 3,586  
Airplane Program 737          
Inventory [Line Items]          
Deferred production costs     6,011 2,955  
Unamortized tooling and other non-recurring costs 880   792 626  
Deferred production, unamortized tooling and other nonrecurring costs to be recovered from firm orders at the balance sheet date 8,480   6,767    
Deferred production, unamortized tooling and other nonrecurring costs to be recovered from future orders 38   36    
Amount of deferred costs related to commercial aircraft programs 7,638   6,011    
Airplane Program 777x          
Inventory [Line Items]          
Deferred production costs     1,792 1,330  
Unamortized tooling and other non-recurring costs 4,218   4,063 3,774  
Inventory, work in process 6,072   4,638 4,059  
Abnormal production costs   $ 262 513 325  
Amount of deferred costs related to commercial aircraft programs 2,612   1,792    
Airplane Program 787          
Inventory [Line Items]          
Unamortized tooling and other non-recurring costs 1,441   1,480 1,722  
Deferred production, unamortized tooling and other nonrecurring costs to be recovered from firm orders at the balance sheet date 11,618   12,384    
Deferred production, unamortized tooling and other nonrecurring costs to be recovered from future orders 2,159   1,480    
Abnormal production costs 157 $ 693 1,014 1,240 $ 468
Supplier advances 1,563   1,764 1,831  
Amount of deferred costs related to commercial aircraft programs $ 12,336   $ 12,384 $ 12,689  
v3.24.2.u1
Contracts with Customers - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Schedule Of Contract Assets And Liabilities [Line Items]            
Unbilled receivables, net $ 9,660   $ 9,660   $ 8,317 $ 8,634
Advances and progress billings 58,151   58,151   56,328 53,081
Contract with customer, liability, revenue recognized $ 3,696 $ 4,004 $ 7,877 $ 7,885 15,298 12,087
Commercial            
Schedule Of Contract Assets And Liabilities [Line Items]            
Unbilled receivables, expected to be collected after one year         $ 42 $ 117
v3.24.2.u1
Contracts with Customers - Schedule of Unbilled Receivables and Claims) (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Dec. 31, 2021
Contracts with Customers [Abstract]          
Contract with customers, unbilled, current   $ 6,565   $ 6,478  
Contract with customers, expected to be collected after one year   1,771   2,179  
Contract with customers, less valuation allowance $ (20) (19) $ (21) (23) $ (91)
Total unbilled receivables $ 9,660 8,317   8,634  
Contracts with customers, claims, current   6      
Contract with customers, claims, expected to be collected after one year   40   16  
Total claims receivables   $ 46   $ 16  
v3.24.2.u1
Financing Receivables and Operating Lease Equipment - Schedule of Financing Receivables and Operating Lease Equipment, Net (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Dec. 31, 2021
Financing Receivables and Operating Lease Equipment [Abstract]          
Investment in sales-type leases $ 461 $ 556   $ 804  
Notes 89 102   385  
Total financing receivables 550 658   1,189  
Less allowance for losses on receivables 16 51 $ 53 55 $ 18
Financing receivables, net 534 607   1,134  
Operating lease equipment, at cost, less accumulated depreciation of $70 and $70 311 352   470  
Total 845 959   1,604  
Operating lease equipment, accumulated depreciation $ 70 $ 70   $ 76  
v3.24.2.u1
Financing Receivables and Operating Lease Equipment - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Financing Receivables and Operating Lease Equipment [Line Items]              
Financing receivable, nonaccrual, no allowance $ 14   $ 14   $ 44 $ 405  
Financing receivable, nonaccrual, interest income 2 $ 58 4 $ 62 108 13  
Financing receivable, 90 days or more past due, still accruing         9    
Investment/asset impairment charges, net     34 12 46 112 $ 98
Sales-type and direct financing leases, lease income 11 14 21 29 55 69 54
Operating lease, lease income 14 16 32 27 $ 60 $ 65 $ 68
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]         Total revenues Total revenues Total revenues
Sales-type and direct financing leases, profit (loss) 4 $ 8 4 $ 20 $ 32 $ 28 $ 78
Unguaranteed residual assets $ 6   $ 6   21 86  
Operating Lease Assets              
Financing Receivables and Operating Lease Equipment [Line Items]              
Investment/asset impairment charges, net         $ 0 $ 7 $ 31
CCC              
Financing Receivables and Operating Lease Equipment [Line Items]              
Percentage of credit default rates applied to customers 100.00%   100.00%   100.00%    
B              
Financing Receivables and Operating Lease Equipment [Line Items]              
Percentage of credit default rates applied to customers 0.00%   0.00%   0.00%    
BB              
Financing Receivables and Operating Lease Equipment [Line Items]              
Percentage of credit default rates applied to customers         2.40%    
BBB              
Financing Receivables and Operating Lease Equipment [Line Items]              
Percentage of credit default rates applied to customers 0.40%   0.40%   0.10%    
Minimum              
Financing Receivables and Operating Lease Equipment [Line Items]              
Lessee, finance lease, term of contract (in years) 1 year   1 year   1 year    
Maximum              
Financing Receivables and Operating Lease Equipment [Line Items]              
Lessee, finance lease, term of contract (in years) 12 years   12 years   12 years    
v3.24.2.u1
Financing Receivables and Operating Lease Equipment - Components of Investment in Sales-Type or Finance Leases (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Receivables [Abstract]      
Gross lease payments receivable $ 585 $ 697 $ 924
Unearned income (130) (162) (206)
Net lease payments receivable 455 535 718
Unguaranteed residual assets 6 21 86
Investment in sales-type leases $ 461 $ 556 $ 804
v3.24.2.u1
Financing Receivables and Operating Lease Equipment - Financing Receivable Credit Quality Indicators (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Financing Receivable, Credit Quality Indicator [Line Items]      
Current $ 10 $ 73  
2022/2023 70 32  
2021/2022 30 233  
2020/2021 204 103  
2019/2020 97 48  
Prior 139 169  
Total financing receivables 550 658 $ 1,189
BBB      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current 10    
2022/2023 70    
2021/2022 30    
2020/2021 190    
2019/2020 97    
Prior 50 13  
Total financing receivables 447 13  
BB      
Financing Receivable, Credit Quality Indicator [Line Items]      
Current   73  
2022/2023   32  
2021/2022   198  
2020/2021   103  
2019/2020   36  
Prior   53  
Total financing receivables   495  
B      
Financing Receivable, Credit Quality Indicator [Line Items]      
2019/2020   12  
Prior 89 94  
Total financing receivables 89 106  
CCC      
Financing Receivable, Credit Quality Indicator [Line Items]      
2021/2022   35  
2020/2021 14    
Prior   9  
Total financing receivables $ 14 $ 44  
v3.24.2.u1
Financing Receivables and Operating Lease Equipment - Schedule of Customer Financing Carrying Values Related to Major Aircraft Concentrations (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Financing Receivables and Operating Lease Equipment [Line Items]      
Operating lease equipment $ 311 $ 352 $ 470
B-717      
Financing Receivables and Operating Lease Equipment [Line Items]      
Gross customer financing 447 478 563
Operating lease equipment   0 45
B747-8      
Financing Receivables and Operating Lease Equipment [Line Items]      
Gross customer financing 104 129 394
B-737      
Financing Receivables and Operating Lease Equipment [Line Items]      
Gross customer financing 112 156 186
Operating lease equipment 112 148 174
B-777      
Financing Receivables and Operating Lease Equipment [Line Items]      
Gross customer financing $ 188 194 209
Operating lease equipment   194 209
MD-80 Aircraft      
Financing Receivables and Operating Lease Equipment [Line Items]      
Gross customer financing     96
B-757 Aircraft      
Financing Receivables and Operating Lease Equipment [Line Items]      
Gross customer financing     107
B747-400      
Financing Receivables and Operating Lease Equipment [Line Items]      
Gross customer financing   $ 43 $ 46
v3.24.2.u1
Financing Receivables and Operating Lease Equipment - Scheduled Receipts on Customer Financing (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Notes receivable      
Year 1   $ 17  
Year 2   9  
Year 3   10  
Year 4   11  
Year 5   12  
Thereafter   43  
Total financing receipts   102  
Sales-type leases      
Year 1   149  
Year 2   102  
Year 3   109  
Year 4   127  
Year 5   137  
Thereafter   73  
Total financing receipts $ 585 697 $ 924
Less imputed interest   (162)  
Estimated unguaranteed residual values 6 21 86
Total $ 461 556 $ 804
Operating leases      
Year 1   69  
Year 2   61  
Year 3   52  
Year 4   47  
Year 5   45  
Thereafter   48  
Total financing receipts   $ 322  
v3.24.2.u1
Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]      
Gross property, plant and equipment   $ 32,906 $ 31,992
Less accumulated depreciation $ (22,640) (22,245) (21,442)
Total $ 10,976 10,661 10,550
Land      
Property, Plant and Equipment [Line Items]      
Gross property, plant and equipment   377 376
Buildings and land improvements      
Property, Plant and Equipment [Line Items]      
Gross property, plant and equipment   14,795 14,404
Machinery and equipment      
Property, Plant and Equipment [Line Items]      
Gross property, plant and equipment   16,055 15,844
Construction in progress      
Property, Plant and Equipment [Line Items]      
Gross property, plant and equipment   $ 1,679 $ 1,368
v3.24.2.u1
Property, Plant and Equipment - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Line Items]      
Interest capitalized $ 101 $ 89 $ 76
Property, plant and equipment additions, non-cash 124 101  
Property, plant and equipment included in accounts payable 498 396  
Property, plant and equipment      
Property, Plant and Equipment [Line Items]      
Depreciation $ 1,328 $ 1,396 $ 1,488
v3.24.2.u1
Investments - Schedule of Investments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Investments [Abstract]              
Time deposits $ 1,208   $ 1,208   $ 2,753 $ 2,093  
Equity method investments 956   956   966 948  
Available-for-sale debt investments 515   515   499 479  
Equity and other investments 53   53   69 36  
Restricted cash & cash equivalents 21 $ 21 21 $ 21 22 33 $ 52
Total 2,753   2,753   4,309 3,589  
Dividends received $ 17 $ 5 $ 37 $ 5 31 $ 111  
Undistributed earnings from equity method investments         $ 110    
v3.24.2.u1
Investments - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net Investment Income [Line Items]          
Payments to acquire investments $ 1,617 $ 9,496 $ 16,448 $ 5,051 $ 35,713
Proceeds from investments 3,173 5,567 15,739 10,619 45,489
Time Deposits          
Net Investment Income [Line Items]          
Payments to acquire investments 1,298 9,165 15,794 4,358 34,905
Proceeds from investments $ 2,845 $ 5,274 $ 15,140 $ 9,943 $ 44,372
v3.24.2.u1
Investments - Schedule of Equity Method Investments (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]      
Equity method investments $ 956 $ 966 $ 948
Defense, Space & Security | United Launch Alliance      
Schedule of Equity Method Investments [Line Items]      
Equity method investment, ownership percentage   50.00% 50.00%
Equity method investments   $ 582 $ 587
BCA, BDS, BGS and Other      
Schedule of Equity Method Investments [Line Items]      
Equity method investments   $ 384 $ 361
v3.24.2.u1
Leases - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Lessee, Lease, Description [Line Items]    
Operating lease, cost $ 457 $ 421
Variable lease, cost 76 75
Operating lease, payments 323 294
Right-of-use asset obtained in exchange for operating lease liability 488 $ 245
Lessee, operating lease, lease not yet commenced, value $ 430  
Minimum    
Lessee, Lease, Description [Line Items]    
Lessee, operating lease, lease not yet commenced, term of contract 2 years  
Maximum    
Lessee, Lease, Description [Line Items]    
Lessee, operating lease, lease not yet commenced, term of contract 27 years  
v3.24.2.u1
Leases - Schedule of Supplemental Balance Sheet Information Related to Operating Leases (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Operating lease right-of-use assets $ 1,690 $ 1,451
Current portion of lease liabilities 296 276
Non-current portion of lease liabilities 1,518 1,305
Total operating lease liabilities $ 1,814 $ 1,581
Weighted average remaining lease term (years) 11 years 12 years
Weighted average discount rate 3.21% 4.13%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Long-term debt Long-term debt
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Liabilities, Current Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other long-term liabilities Other long-term liabilities
v3.24.2.u1
Leases - Schedule of Maturities of Operating Liabilities (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
2024 $ 358  
2025 317  
2026 279  
2027 230  
2028 182  
Thereafter 1,032  
Total lease payments 2,398  
Less imputed interest (584)  
Total operating lease liabilities $ 1,814 $ 1,581
v3.24.2.u1
Liabilities, Commitments and Contingencies - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Dec. 31, 2021
Loss Contingencies [Line Items]          
Accrued compensation and employee benefit costs   $ 6,721   $ 6,351  
737 MAX customer concessions and other considerations   1,327   1,864  
Other customer concessions and considerations   1,300   1,102  
Environmental $ 831 844 $ 800 752 $ 605
Product warranties 2,255 2,448 $ 2,526 2,275 $ 1,900
Forward loss recognition   4,699   4,060  
Accrued interest payable   652   599  
Current portion of lease liabilities   296   276  
Current portion of retiree healthcare and pension liabilities   473   494  
Other   3,571   3,808  
Accrued liabilities $ 21,850 $ 22,331   $ 21,581  
v3.24.2.u1
Liabilities, Commitments and Contingencies - Narrative (Details)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended 84 Months Ended
Jun. 30, 2024
USD ($)
aircraft
lot
Mar. 31, 2024
USD ($)
aircraft
Dec. 31, 2023
USD ($)
aircraft
Jun. 30, 2023
USD ($)
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
aircraft
Jun. 30, 2024
USD ($)
aircraft
lot
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
aircraft
Dec. 31, 2022
USD ($)
lot
Dec. 31, 2021
USD ($)
Dec. 31, 2016
USD ($)
aircraft
lot
Dec. 31, 2019
aircraft
Dec. 31, 2018
USD ($)
aircraft
simulator
lot
Dec. 31, 2011
tanker
lot
aircraft
Commitments And Contingencies [Line Items]                              
737 MAX customer concessions and other considerations liability     $ 1,327           $ 1,327 $ 1,864          
Loss contingency, range of possible loss, portion not accrued $ 964   1,030       $ 964   1,030 1,058          
Contingent liabilities on outstanding letters of credit agreements and surety bonds 3,184   4,548       3,184   4,548 5,070          
Cash surrender value of life insurance policies     360           360 376          
Total value of loans against underlying life insurance policies     334           334 346          
Offsetting capital lease obligation and IRB asset     $ 333           $ 333 271          
Number of commercial aircraft | aircraft     2           2            
Number of annual production lot | lot                             13
Increase to Loss from operations (1,334)     $ (830)     $ (1,700) $ (1,348) $ (2,943) (5,253) $ (880)        
Environmental loss contingency, operation and maintenance period, maximum             30 years                
Supplier finance program, obligation 2,700   $ 2,900       $ 2,700   2,900            
2023                              
Commitments And Contingencies [Line Items]                              
Changes in estimates             208                
Alaska Airlines 737-9 Accident and 737-9 Grounding                              
Commitments And Contingencies [Line Items]                              
Revenue from contract with customer, excluding assessed tax   $ 443                          
VC-25B                              
Commitments And Contingencies [Line Items]                              
Contract value $ 4,000   4,000       $ 4,000   4,000            
Number of commercial aircraft | aircraft 2           2                
Increase to Loss from operations $ (250)   (482)           (482) (1,452)          
KC-46A Tanker                              
Commitments And Contingencies [Line Items]                              
Contract value 27,000   $ 27,000       $ 27,000   27,000            
Number of annual production lot | lot                             13
Increase to Loss from operations $ (391) (128)             $ (309) (1,374)          
Number of generation aerial refueling tanker | tanker                             4
Number of aircraft | aircraft 139   179       139   179     139     179
Number of low rate initial production lot | lot 10           10         10      
KC-46A Tanker | Capitalized Precontract Costs                              
Commitments And Contingencies [Line Items]                              
Capitalized precontract costs $ 139   $ 125       $ 139   $ 125            
KC-46A Tanker | Potential Termination Liabilities                              
Commitments And Contingencies [Line Items]                              
Capitalized precontract costs 205   48       205   48            
MQ-25                              
Commitments And Contingencies [Line Items]                              
Contract value         $ 890 $ 890                  
Increase to Loss from operations         $ 291 $ 291     (231) (579)          
Number of aircraft | aircraft           7             7    
Cost-type contract modification, awarded amount   $ 657                          
Number of additional test aircraft | aircraft   2                          
T-7A EMD                              
Commitments And Contingencies [Line Items]                              
Contract value                           $ 860  
Increase to Loss from operations                   $ (203)          
Number of aircraft | aircraft                           5  
Number of simulator | simulator                           7  
Services probable of being exercised, number of aircrafts | aircraft                           346  
T-7A Production                              
Commitments And Contingencies [Line Items]                              
Number of annual production lot | lot                   11       11  
Increase to Loss from operations                 (275) $ (552)          
T-7A Production | Capitalized Precontract Costs                              
Commitments And Contingencies [Line Items]                              
Capitalized precontract costs 258   185       258   185            
T-7A Production | Potential Termination Liabilities                              
Commitments And Contingencies [Line Items]                              
Capitalized precontract costs 451   249       451   249            
Commercial Crew                              
Commitments And Contingencies [Line Items]                              
Increase to Loss from operations (125)               (288) (288)          
Commercial Crew | Capitalized Precontract Costs                              
Commitments And Contingencies [Line Items]                              
Capitalized precontract costs 238   226       238   226            
Commercial Crew | Potential Termination Liabilities                              
Commitments And Contingencies [Line Items]                              
Capitalized precontract costs 148   160       $ 148   160            
T-7A EMD and Production                              
Commitments And Contingencies [Line Items]                              
Increase to Loss from operations $ (278) $ (94)             (275)            
SOUTH CAROLINA                              
Commitments And Contingencies [Line Items]                              
Cash grants, amount                       $ 346      
Inventory, amortization                 10 11          
SOUTH CAROLINA | Accrued Liabilities                              
Commitments And Contingencies [Line Items]                              
Income tax (expense) benefit, continuing operations, government grants                 97 106          
SOUTH CAROLINA | Inventories                              
Commitments And Contingencies [Line Items]                              
Income tax (expense) benefit, continuing operations, government grants                 62 64          
SOUTH CAROLINA | Cost of Sales                              
Commitments And Contingencies [Line Items]                              
Income tax (expense) benefit, continuing operations, government grants                 12 5          
State of Missouri and City Of Irving, Texas                              
Commitments And Contingencies [Line Items]                              
Cash grants, amount                 22 30          
Other receivables, net, current     26           26 20          
Proceeds from income tax refunds                 60            
State of Missouri and City Of Irving, Texas | Cost of Sales                              
Commitments And Contingencies [Line Items]                              
Income tax (expense) benefit, continuing operations, government grants                 28 21          
Queensland, Australia                              
Commitments And Contingencies [Line Items]                              
Maximum eligible cash grants, amount                 62            
Tax refunds, clawback amount                 4            
Queensland, Australia | Cost of Sales                              
Commitments And Contingencies [Line Items]                              
Cash grants, amount                 5 7          
Supply Chain Financing                              
Commitments And Contingencies [Line Items]                              
Accounts payable, trade     $ 2,900           $ 2,900 2,500          
Minimum | Supplier Finance Program, Majority of Amounts Payable                              
Commitments And Contingencies [Line Items]                              
Supplier finance program, payment timing, period 30 days   30 days       30 days   30 days            
Maximum                              
Commitments And Contingencies [Line Items]                              
Supplier finance program, payment timing, period 12 months   12 months       12 months   12 months            
Maximum | Supplier Finance Program, Majority of Amounts Payable                              
Commitments And Contingencies [Line Items]                              
Supplier finance program, payment timing, period 90 days   90 days       90 days   90 days            
Financing Commitment                              
Commitments And Contingencies [Line Items]                              
Other commitment $ 17,356   $ 17,003       $ 17,356   $ 17,003 16,105          
Financing Commitment | External Credit Rating, Non Investment Grade                              
Commitments And Contingencies [Line Items]                              
Other commitment 14,030           14,030                
Joint Venture                              
Commitments And Contingencies [Line Items]                              
Other commitment 262   264       $ 262   $ 264            
Other commitment, period             9 years   9 years            
Total Contractual Trade-In Commitment | Commercial Aircraft Commitments                              
Commitments And Contingencies [Line Items]                              
Other commitment 1,375   1,415       $ 1,375   $ 1,415 1,117          
Net Amounts Payable to Customers Related to Probable Contractual Trade-In Commitments | Commercial Aircraft Commitments                              
Commitments And Contingencies [Line Items]                              
Other commitment 434   407       434   407 286          
Fair Value of Trade in Value of Aircraft | Commercial Aircraft Commitments                              
Commitments And Contingencies [Line Items]                              
Other commitment 434   407       434   407 $ 286          
Contingent on Customer Negotiations                              
Commitments And Contingencies [Line Items]                              
737 MAX customer concessions and other considerations liability $ 92   100       $ 92   100            
Cash Payments to Customers                              
Commitments And Contingencies [Line Items]                              
737 MAX customer concessions and other considerations liability     $ 600           $ 600            
v3.24.2.u1
Liabilities, Commitments and Contingencies - Schedule of 737 Max Customer Concessions and Other Considerations Liability (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Customer Concession And Other Consideration Liability [Roll Forward]        
Beginning balance $ 1,327 $ 1,864 $ 1,864  
Ending balance     1,327 $ 1,864
B-737        
Customer Concession And Other Consideration Liability [Roll Forward]        
Beginning balance 1,327 1,864 1,864 2,940
Reductions for payments made (681) (273) (449) (1,031)
Reductions for concessions and other in-kind considerations (221) (51) (61) (29)
Changes in estimates 510 (26) (27) (16)
Ending balance $ 935 $ 1,514 $ 1,327 $ 1,864
v3.24.2.u1
Liabilities, Commitments and Contingencies - Schedule of Environmental Remediation Activity (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Environmental [Roll Forward]        
Beginning balance $ 844 $ 752 $ 752 $ 605
Reductions for payments made, net of recoveries (40) (24) (79) (43)
Changes in estimates 27 72 171 190
Ending balance $ 831 $ 800 $ 844 $ 752
v3.24.2.u1
Liabilities, Commitments and Contingencies - Schedule of Product Warranty Activity (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Product Warranties [Roll Forward]        
Beginning balance $ 2,448 $ 2,275 $ 2,275 $ 1,900
Additions for current year deliveries 42 92 164 202
Reductions for payments made (227) (179) (320) (403)
Changes in estimates (8) 338 329 576
Ending balance $ 2,255 $ 2,526 $ 2,448 $ 2,275
v3.24.2.u1
Liabilities, Commitments and Contingencies - Schedule of Contractual Obligation, Fiscal Year Maturity (Details) - Financing Commitment - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Financing Commitments [Line Items]      
July through December 2024 $ 1,508    
2025 3,529 $ 1,946  
2026 4,027 3,098  
2027 2,891 4,829  
2028 1,643 2,421  
2028   1,641  
Thereafter   3,068  
Total 17,356 $ 17,003 $ 16,105
Thereafter $ 3,758    
v3.24.2.u1
Arrangements with Off-Balance Sheet Risk - Schedule of Guarantor Obligations (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Contingent repurchase commitments      
Guarantor Obligations [Line Items]      
Maximum Potential Payments $ 388 $ 404 $ 514
Estimated Proceeds from Collateral/Recourse 388 404 514
Credit guarantees      
Guarantor Obligations [Line Items]      
Maximum Potential Payments $ 15 15 45
Carrying Amount of  Liabilities   $ 14 $ 27
v3.24.2.u1
Arrangements with Off-Balance Sheet Risk - Narrative (Details) - Contingent repurchase commitments
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Minimum    
Guarantor Obligations [Line Items]    
Guarantor obligations, repurchase commitment, period post delivery 10 years 10 years
Maximum    
Guarantor Obligations [Line Items]    
Guarantor obligations, repurchase commitment, period post delivery 15 years 15 years
v3.24.2.u1
Debt - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
May 15, 2024
Sep. 30, 2023
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
May 01, 2024
Debt Instrument [Line Items]              
Line of credit facility, expiration period     5 years 5 years      
Interest costs incurred       $ 2,560 $ 2,650 $ 2,790  
Interest paid, including capitalized interest, operating and investing activities       2,408 $ 2,572 $ 2,583  
Senior Unsecured Notes | Senior Notes              
Debt Instrument [Line Items]              
Debt instrument, face amount             $ 10,000
Unsecured Senior Notes Due May 2027 | Senior Notes              
Debt Instrument [Line Items]              
Long-term debt, gross             $ 1,000
Debt instrument, interest rate, stated percentage             6.259%
Unsecured Senior Notes Due May 2029 | Senior Notes              
Debt Instrument [Line Items]              
Long-term debt, gross             $ 1,500
Debt instrument, interest rate, stated percentage             6.298%
Unsecured Senior Notes Due May 2031 | Senior Notes              
Debt Instrument [Line Items]              
Long-term debt, gross             $ 1,000
Debt instrument, interest rate, stated percentage             6.388%
Unsecured Senior Notes Due May 2034 | Senior Notes              
Debt Instrument [Line Items]              
Long-term debt, gross             $ 2,500
Debt instrument, interest rate, stated percentage             6.528%
Unsecured Senior Notes Due May 2054 | Senior Notes              
Debt Instrument [Line Items]              
Long-term debt, gross             $ 2,500
Debt instrument, interest rate, stated percentage             6.858%
Unsecured Senior Notes Due May 2064 | Senior Notes              
Debt Instrument [Line Items]              
Long-term debt, gross             $ 1,500
Debt instrument, interest rate, stated percentage             7.008%
Five Year Credit Facility Expiring - August 2028              
Debt Instrument [Line Items]              
Line of credit facility, maximum borrowing capacity $ 3,000 $ 3,000          
Line of credit facility, expiration period 5 years 5 years          
364 Day Revolving Credit Facility - Expiring August 2024              
Debt Instrument [Line Items]              
Line of credit facility, maximum borrowing capacity $ 800 $ 800          
Line of credit facility, expiration period 364 days 364 days          
364 Day Revolving Credit Facility - Expiring August 2025              
Debt Instrument [Line Items]              
Line of credit facility, expiration period   364 days          
Line of credit facility, term out period   1 year          
Three Year Credit Facility - Expiring August 2025              
Debt Instrument [Line Items]              
Line of credit facility, maximum borrowing capacity $ 3,000 $ 3,000          
Line of credit facility, expiration period 3 years 3 years          
Five Year Credit Facility - Expiring October 2024              
Debt Instrument [Line Items]              
Line of credit facility, maximum borrowing capacity $ 3,200 $ 3,200          
Line of credit facility, expiration period 5 years 5 years          
Revolving Credit Facility              
Debt Instrument [Line Items]              
Line of credit facility, maximum borrowing capacity     $ 10,000 $ 10,000      
Five Year Credit Facility Expiring - May 2029              
Debt Instrument [Line Items]              
Line of credit facility, maximum borrowing capacity $ 4,000            
Line of credit facility, expiration period 5 years            
v3.24.2.u1
Debt - Schedule of Short-Term Debt and Current Portion of Long-Term Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]      
Unsecured debt   $ 5,072 $ 5,103
Finance lease obligations   77 65
Other notes   55 22
Short-term debt and current portion of long-term debt $ 4,765 $ 5,204 $ 5,190
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]   Short-term debt and current portion of long-term debt Short-term debt and current portion of long-term debt
v3.24.2.u1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Other notes $ 370 $ 61
Total debt 52,307 57,001
1.17% - 2.50% due through 2026    
Debt Instrument [Line Items]    
Unsecured debt securities 10,135 11,846
2.60% - 3.20% due through 2030    
Debt Instrument [Line Items]    
Unsecured debt securities 6,071 6,412
3.25% - 3.90% due through 2059    
Debt Instrument [Line Items]    
Unsecured debt securities 9,584 9,576
3.95% - 5.15% due through 2059    
Debt Instrument [Line Items]    
Unsecured debt securities 11,024 14,035
5.71% - 6.63% due through 2060    
Debt Instrument [Line Items]    
Unsecured debt securities 13,015 13,011
6.88% - 8.75% due through 2043    
Debt Instrument [Line Items]    
Unsecured debt securities 1,855 1,854
Finance lease obligations due through 2044    
Debt Instrument [Line Items]    
Finance lease obligations due through 2044 $ 253 $ 206
Minimum | 1.17% - 2.50% due through 2026    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 1.17%  
Minimum | 2.60% - 3.20% due through 2030    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 2.60%  
Minimum | 3.25% - 3.90% due through 2059    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 3.25%  
Minimum | 3.95% - 5.15% due through 2059    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 3.95%  
Minimum | 5.71% - 6.63% due through 2060    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 5.71%  
Minimum | 6.88% - 8.75% due through 2043    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 6.88%  
Maximum | 1.17% - 2.50% due through 2026    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 2.50%  
Maximum | 2.60% - 3.20% due through 2030    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 3.20%  
Maximum | 3.25% - 3.90% due through 2059    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 3.90%  
Maximum | 3.95% - 5.15% due through 2059    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 5.15%  
Maximum | 5.71% - 6.63% due through 2060    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 6.63%  
Maximum | 6.88% - 8.75% due through 2043    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage 8.75%  
v3.24.2.u1
Debt - Scheduled Principal Payments for Debt and Capital Lease Obligations (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Debt and other notes  
2024 $ 5,128
2025 4,581
2026 7,983
2027 3,300
2028 1,800
Minimum finance lease obligations  
2024 84
2025 76
2026 55
2027 24
2028 $ 3
v3.24.2.u1
Postretirement Plans - Components of Net Periodic Benefit Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pension              
Defined Benefit Plan Disclosure [Line Items]              
Service cost $ 1 $ 1 $ 3 $ 2 $ 2 $ 3 $ 3
Interest cost 659 705 1,318 1,410 2,820 2,080 1,988
Expected return on plan assets (827) (859) (1,656) (1,720) (3,441) (3,789) (3,848)
Amortization of prior service credits (21) (21) (41) (41) (81) (81) (80)
Recognized net actuarial loss 67 41 134 83 173 913 1,219
Settlement/curtailment (gain)/loss           (4) 193
Net periodic benefit income (121) (133) (242) (266) (527) (878) (525)
Postretirement              
Defined Benefit Plan Disclosure [Line Items]              
Service cost 13 12 25 24 49 72 87
Interest cost 31 37 62 74 148 98 97
Expected return on plan assets (4) (2) (6) (4) (9) (10) (7)
Amortization of prior service credits (2) (5) (5) (11) (22) (35) (35)
Recognized net actuarial loss (44) (44) (88) (88) (175) (111) (56)
Net periodic benefit income (6) (2) (12) (5) (9) 14 86
Operating Income (Loss) | Pension              
Defined Benefit Plan Disclosure [Line Items]              
Net periodic benefit (income)/cost included in (loss)/earnings from operations, other income, and loss before income taxes 1 1 3 2 2 3 3
Operating Income (Loss) | Postretirement              
Defined Benefit Plan Disclosure [Line Items]              
Net periodic benefit (income)/cost included in (loss)/earnings from operations, other income, and loss before income taxes 12 16 23 31 62 79 90
Other Income | Pension              
Defined Benefit Plan Disclosure [Line Items]              
Net periodic benefit (income)/cost included in (loss)/earnings from operations, other income, and loss before income taxes (122) (134) (245) (268) (529) (881) (528)
Other Income | Postretirement              
Defined Benefit Plan Disclosure [Line Items]              
Net periodic benefit (income)/cost included in (loss)/earnings from operations, other income, and loss before income taxes (19) (14) (37) (29) (58) (58) (1)
Operating Income (Loss) Before Taxes | Pension              
Defined Benefit Plan Disclosure [Line Items]              
Net periodic benefit (income)/cost included in (loss)/earnings from operations, other income, and loss before income taxes (121) (133) (242) (266) (527) (878) (525)
Operating Income (Loss) Before Taxes | Postretirement              
Defined Benefit Plan Disclosure [Line Items]              
Net periodic benefit (income)/cost included in (loss)/earnings from operations, other income, and loss before income taxes $ (7) $ 2 $ (14) $ 2 $ 4 $ 21 $ 89
v3.24.2.u1
Postretirement Plans - Schedule of Changes in the Benefit Obligation, Plan Assets and Funded Status of Pensions and OPB (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Nov. 30, 2020
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]                
Company contribution $ 3,000              
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]                
Accrued pension plan liability, net   $ (6,248)   $ (6,248)   $ (6,516) $ (6,141)  
Pension                
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]                
Beginning balance       54,325 $ 55,117 55,117 75,635  
Service cost   1 $ 1 3 2 2 3 $ 3
Interest cost   659 705 1,318 1,410 2,820 2,080 1,988
Amendments             1  
Actuarial loss/(gain)           1,217 (17,605)  
Gross benefits paid           (4,837) (4,971)  
Exchange rate adjustment           6 (26)  
Ending balance           54,325 55,117 75,635
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]                
Beginning balance at fair value       48,891 49,825 49,825 67,813  
Actual return on plan assets           3,756 (13,141)  
Company contribution             2  
Benefits paid           (4,698) (4,824)  
Exchange rate adjustment           8 (25)  
Ending balance at fair value           48,891 49,825 67,813
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]                
Other assets           1,219 987  
Accrued liabilities           (137) (138)  
Accrued pension plan liability, net           (6,516) (6,141)  
Net amount recognized           (5,434) (5,292)  
Other Postretirement Benefits                
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]                
Beginning balance       2,651 2,978 2,978 4,092  
Service cost   13 12 25 24 49 72 87
Interest cost   $ 31 $ 37 62 74 148 98 97
Actuarial loss/(gain)           (152) (914)  
Gross benefits paid           (375) (406)  
Subsidies           2 39  
Exchange rate adjustment           1 (3)  
Ending balance           2,651 2,978 4,092
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]                
Beginning balance at fair value       $ 163 $ 140 140 172  
Actual return on plan assets           23 (27)  
Plan participants' contributions           4 6  
Benefits paid           (4) (11)  
Ending balance at fair value           163 140 $ 172
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position [Abstract]                
Other assets           81 21  
Accrued liabilities           (336) (356)  
Accrued retiree health care           (2,233) (2,503)  
Net amount recognized           $ (2,488) $ (2,838)  
v3.24.2.u1
Postretirement Plans - Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Pension    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial loss/(gain) $ 18,175 $ 17,448
Prior service credits (1,143) (1,224)
Total recognized in AOCI 17,032 16,224
Other Postretirement Benefits    
Defined Benefit Plan Disclosure [Line Items]    
Net actuarial loss/(gain) (1,852) (1,862)
Prior service credits (19) (41)
Total recognized in AOCI $ (1,871) $ (1,903)
v3.24.2.u1
Postretirement Plans - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Nov. 30, 2020
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]        
Amount by which fair value of plan assets exceeds market-related value of plan assets (MRVA)   $ (8,466)    
Derivative net notional amount for fixed income as percentage of total plan assets   38.30% 37.10%  
Derivative net notional amount for global equity, currency overlay and commodities as a percentage of total plan assets   2.10% (5.60%)  
Company contribution $ 3,000      
Defined contribution plan, cost   $ 1,564 $ 1,260 $ 1,268
Pension        
Defined Benefit Plan Disclosure [Line Items]        
Accumulated benefit obligation (ABO) for all pension plans   53,671 54,481  
Company contribution     2  
Defined benefit plan, plan assets, amount   $ 48,891 $ 49,825 67,813
Defined benefit plan, actual plan asset allocations   100.00% 100.00%  
Pension | Fixed income        
Defined Benefit Plan Disclosure [Line Items]        
Defined benefit plan, actual plan asset allocations   60.00% 63.00%  
Pension | Equity securities:        
Defined Benefit Plan Disclosure [Line Items]        
Defined benefit plan, actual plan asset allocations   19.00% 14.00%  
Pension | Level 1        
Defined Benefit Plan Disclosure [Line Items]        
Defined benefit plan, plan assets, amount   $ 5,950 $ 7,054  
Pension | Level 3        
Defined Benefit Plan Disclosure [Line Items]        
Defined benefit plan, plan assets, amount   226 268 198
Pension | Boeing company stock | Level 1        
Defined Benefit Plan Disclosure [Line Items]        
Defined benefit plan, plan assets, amount     1,782  
Pension | Corporate | Level 3 | Fixed income        
Defined Benefit Plan Disclosure [Line Items]        
Defined benefit plan, plan assets Level 3 reconciliation, increase (decrease) for actual return (loss) on plan assets still held   2 (16)  
Pension | Mortgage backed and asset backed | Level 3 | Fixed income        
Defined Benefit Plan Disclosure [Line Items]        
Defined benefit plan, plan assets Level 3 reconciliation, increase (decrease) for actual return (loss) on plan assets still held   6 (11)  
Pension | Other | Level 3 | Fixed income        
Defined Benefit Plan Disclosure [Line Items]        
Defined benefit plan, plan assets Level 3 reconciliation, increase (decrease) for actual return (loss) on plan assets still held   3    
Pension | Municipal | Level 3 | Fixed income        
Defined Benefit Plan Disclosure [Line Items]        
Defined benefit plan, plan assets Level 3 reconciliation, increase (decrease) for actual return (loss) on plan assets still held     (14)  
Pension | Real estate and real assets | Level 3 | Fixed income        
Defined Benefit Plan Disclosure [Line Items]        
Defined benefit plan, plan assets Level 3 reconciliation, increase (decrease) for actual return (loss) on plan assets still held     (1)  
Other Postretirement Benefits        
Defined Benefit Plan Disclosure [Line Items]        
Defined benefit plan, plan assets, amount   $ 163 $ 140 $ 172
Other Postretirement Benefits | Fixed income        
Defined Benefit Plan Disclosure [Line Items]        
Defined benefit plan, actual plan asset allocations   40.00%    
Other Postretirement Benefits | Equity securities:        
Defined Benefit Plan Disclosure [Line Items]        
Defined benefit plan, actual plan asset allocations   60.00%    
v3.24.2.u1
Postretirement Plans - Schedule of Key Information for All Plans with ABO in Excess of Plan Assets (Details) - Pension - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]    
Accumulated benefit obligation $ 47,665 $ 48,134
Fair value of plan assets 41,666 42,491
Projected benefit obligation $ 48,320 $ 48,770
v3.24.2.u1
Postretirement Plans - Schedule of Assumptions Used to Calculate the Benefit Obligation and Net Periodic Benefit Costs (Details)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Expected return on plan assets 6.00% 6.00% 6.30%
Rate of compensation increase 4.30% 4.30% 4.30%
Interest crediting rates for cash balance plans 5.00% 5.00% 5.00%
Pension      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.10% 5.40% 2.80%
Other Postretirement Benefits      
Defined Benefit Plan Disclosure [Line Items]      
Discount rate 5.00% 5.30% 2.50%
v3.24.2.u1
Postretirement Plans - Schedule of Assumed Health Care Cost Trend Rates (Details)
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Retirement Benefits, Description [Abstract]      
Health care cost trend rate assumed next year 5.50% 5.50% 4.50%
Ultimate trend rate 4.50% 4.50% 4.50%
v3.24.2.u1
Postretirement Plans - Schedule of Actual Allocations for Pension Assets and Target Allocations by Asset Class (Details) - Pension
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]    
Defined benefit plan, actual plan asset allocations 100.00% 100.00%
Defined benefit plan, target plan asset allocations 100.00% 100.00%
Fixed income    
Defined Benefit Plan Disclosure [Line Items]    
Defined benefit plan, actual plan asset allocations 60.00% 63.00%
Defined benefit plan, target plan asset allocations 59.00% 63.00%
Global equity    
Defined Benefit Plan Disclosure [Line Items]    
Defined benefit plan, actual plan asset allocations 19.00% 14.00%
Defined benefit plan, target plan asset allocations 20.00% 20.00%
Private equity    
Defined Benefit Plan Disclosure [Line Items]    
Defined benefit plan, actual plan asset allocations 8.00% 8.00%
Defined benefit plan, target plan asset allocations 7.00% 4.00%
Real estate and real assets    
Defined Benefit Plan Disclosure [Line Items]    
Defined benefit plan, actual plan asset allocations 7.00% 8.00%
Defined benefit plan, target plan asset allocations 7.00% 7.00%
Hedge funds    
Defined Benefit Plan Disclosure [Line Items]    
Defined benefit plan, actual plan asset allocations 6.00% 7.00%
Defined benefit plan, target plan asset allocations 7.00% 6.00%
v3.24.2.u1
Postretirement Plans - Schedule of Allocation of Plan Assets (Details) - Pension - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount $ 48,891 $ 49,825 $ 67,813
Defined benefit plan, plan assets measured at net asset value 15,435 16,255  
Estimate of Fair Value Measurement      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 33,056 32,753  
Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 5,950 7,054  
Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 26,880 25,431  
Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 226 268 198
Cash equivalents and other short-term investments      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 326 571  
Cash equivalents and other short-term investments | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 326 571  
Real estate and real assets      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets measured at net asset value 3,138 3,525  
Private equity      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets measured at net asset value 4,102 4,239  
Hedge funds      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets measured at net asset value 2,751 3,391  
Cash      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 86 409  
Receivables      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 438 541  
Payables      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount (124) (133)  
Corporate | Fixed income      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 17,809 15,095  
Corporate | Fixed income | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 17,750 15,025  
Corporate | Fixed income | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 59 70 53
U.S. government and agencies | Fixed income      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 6,822 7,827  
U.S. government and agencies | Fixed income | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 6,822 7,827  
U.S. government and agencies | Fixed income | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 1    
Mortgage backed and asset backed | Fixed income      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 505 664  
Mortgage backed and asset backed | Fixed income | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 344 502  
Mortgage backed and asset backed | Fixed income | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 161 162 102
Municipal | Fixed income      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 816 843  
Municipal | Fixed income | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 816 811  
Municipal | Fixed income | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount   32 29
Sovereign | Fixed income      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 720 706  
Sovereign | Fixed income | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 720 706  
Sovereign | Fixed income | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount     9
Other | Fixed income      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 9 8  
Defined benefit plan, plan assets measured at net asset value 1,364 832  
Other | Fixed income | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 6 8  
Other | Fixed income | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 3    
Assets | Fixed income      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 69 36  
Assets | Fixed income | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 69 36  
Assets | Real estate and real assets      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount   1  
Assets | Real estate and real assets | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount   1  
Liabilities | Fixed income      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount   (87)  
Liabilities | Fixed income | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount   (87)  
Liabilities | Equity securities:      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount   (1)  
Liabilities | Equity securities: | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount   (1)  
Liabilities | Real estate and real assets      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount   (8)  
Liabilities | Real estate and real assets | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount   (7)  
Liabilities | Real estate and real assets | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount   (1)  
U.S. common and preferred stock | Equity securities:      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 3,391 2,931  
U.S. common and preferred stock | Equity securities: | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 3,391 2,931  
Non-U.S. common and preferred stock | Equity securities:      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 2,204 2,023  
Non-U.S. common and preferred stock | Equity securities: | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 2,204 2,023  
Non-U.S. common and preferred stock | Equity securities: | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount     $ 5
Boeing company stock | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount   1,782  
Boeing company stock | Equity securities:      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount   1,782  
Boeing company stock | Equity securities: | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount   1,782  
Real assets | Real estate and real assets      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 385 362  
Real assets | Real estate and real assets | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 349 310  
Real assets | Real estate and real assets | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 33 47  
Real assets | Real estate and real assets | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets, amount 3 5  
Common or collective or pooled funds | Fixed income      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets measured at net asset value 1,378 1,511  
Common or collective or pooled funds | Equity securities:      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, plan assets measured at net asset value $ 2,702 $ 2,757  
v3.24.2.u1
Postretirement Plans - Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets (Details) - Pension - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]    
Beginning balance at fair value $ 49,825 $ 67,813
Net Realized and Unrealized Gains/(Losses) 3,756 (13,141)
Ending balance at fair value 48,891 49,825
Level 3    
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]    
Beginning balance at fair value 268 198
Net Realized and Unrealized Gains/(Losses) 14 (90)
Net Purchases, Issuances and Settlements (12) 31
Net Transfers Into/(Out of) Level 3 (44) 129
Ending balance at fair value 226 268
Fixed income | Corporate    
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]    
Beginning balance at fair value 15,095  
Ending balance at fair value 17,809 15,095
Fixed income | Corporate | Level 3    
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]    
Beginning balance at fair value 70 53
Net Realized and Unrealized Gains/(Losses) 5 (19)
Net Purchases, Issuances and Settlements (16) 3
Net Transfers Into/(Out of) Level 3   33
Ending balance at fair value 59 70
Fixed income | U.S. government and agencies    
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]    
Beginning balance at fair value 7,827  
Ending balance at fair value 6,822 7,827
Fixed income | U.S. government and agencies | Level 3    
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]    
Net Purchases, Issuances and Settlements (1)  
Ending balance at fair value 1  
Fixed income | Mortgage backed and asset backed    
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]    
Beginning balance at fair value 664  
Ending balance at fair value 505 664
Fixed income | Mortgage backed and asset backed | Level 3    
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]    
Beginning balance at fair value 162 102
Net Realized and Unrealized Gains/(Losses) 7 (11)
Net Purchases, Issuances and Settlements 10 16
Net Transfers Into/(Out of) Level 3 (18) 55
Ending balance at fair value 161 162
Fixed income | Municipal    
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]    
Beginning balance at fair value 843  
Ending balance at fair value 816 843
Fixed income | Municipal | Level 3    
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]    
Beginning balance at fair value 32 29
Net Realized and Unrealized Gains/(Losses)   (14)
Net Purchases, Issuances and Settlements (5) 9
Net Transfers Into/(Out of) Level 3 (27) 8
Ending balance at fair value   32
Fixed income | Other | Level 3    
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]    
Net Realized and Unrealized Gains/(Losses) 3  
Ending balance at fair value 3  
Fixed income | Sovereign    
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]    
Beginning balance at fair value 706  
Ending balance at fair value 720 706
Fixed income | Sovereign | Level 3    
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]    
Beginning balance at fair value   9
Net Transfers Into/(Out of) Level 3   (9)
Global equity | Non-U.S. common and preferred stock    
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]    
Beginning balance at fair value 2,023  
Ending balance at fair value 2,204 2,023
Global equity | Non-U.S. common and preferred stock | Level 3    
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]    
Beginning balance at fair value   5
Net Realized and Unrealized Gains/(Losses)   (45)
Net Purchases, Issuances and Settlements   (2)
Net Transfers Into/(Out of) Level 3   42
Real estate and real assets | Real assets | Level 3    
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]    
Beginning balance at fair value 4  
Net Realized and Unrealized Gains/(Losses) (1) (1)
Net Purchases, Issuances and Settlements   5
Ending balance at fair value $ 3 $ 4
v3.24.2.u1
Postretirement Plans - Schedule of Estimated Future Benefit Payments (Details)
$ in Millions
Dec. 31, 2023
USD ($)
Pension  
Pensions  
2024 $ 4,524
2025 4,425
2026 4,345
2027 4,241
2028 4,143
2029-2033 19,106
Other Postretirement Benefits  
Pensions  
2024 346
2025 328
2026 306
2027 282
2028 256
2029-2033 943
Gross benefits paid  
2024 358
2025 341
2026 319
2027 295
2028 269
2029-2033 1,004
Subsidies  
2024 (12)
2025 (13)
2026 (13)
2027 (13)
2028 (13)
2029-2033 $ (61)
v3.24.2.u1
Share-Based Compensation and Other Compensation Arrangements - Narrative (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Mar. 11, 2024
$ / shares
shares
Feb. 20, 2024
$ / shares
shares
Feb. 16, 2023
$ / shares
shares
Jul. 29, 2022
$ / shares
shares
Feb. 16, 2022
shares
Feb. 17, 2021
shares
Feb. 28, 2022
$ / shares
shares
Feb. 28, 2021
$ / shares
shares
Feb. 28, 2020
$ / shares
shares
Dec. 31, 2023
USD ($)
FUND
$ / shares
shares
Dec. 31, 2022
USD ($)
$ / shares
Dec. 31, 2021
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Aggregate number of shares of stock available for issuance (in shares)                   12,900,000    
Granted (in shares)                   30,000    
Share-based compensation arrangement by share-based payment award, options, exercises in period, total intrinsic value | $                   $ 80 $ 75 $ 84
Share-based payment arrangement, exercise of option, tax benefit | $                   $ 18 17 19
Share-based compensation arrangement by share-based payment award, purchase period                   3 months    
Number of investment funds | FUND                   23    
Deferred compensation | $                   $ 188 (117) $ 126
Deferred compensation liability which is being marked to market | $                   1,640 $ 1,499  
2022 Stock Options                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Unrecognized compensation cost | $                   $ 11    
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition                   1 year 2 months 12 days    
Executive Long-Term Incentive Program                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Unrecognized compensation cost | $                   $ 366    
Granted (in shares)                   411,134    
Stock options                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Share-based compensation arrangement by share-based payment award, award vesting period                   3 years    
Share-based compensation arrangement by share-based payment award, expiration period                   10 years    
Granted in period, weighted average grant date fair value (in shares) | $ / shares                     $ 83.04 $ 74.63
Stock options | 2021 Stock Options                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Granted (in shares)         348,769 342,986           148,322
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent           120.00%           120.00%
Stock options | 2022 Stock Options                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent         120.00%              
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent (reduced)         110.00%              
Stock options | 2021 Stock Options Premium                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Granted (in shares)                       40,322
Stock options | 2021 Stock Options Non-Premium                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Granted (in shares)                       108,000
Restricted stock units                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Granted (in shares) 125,432 2,008,499                    
Granted in period, weighted average grant date fair value (in shares) | $ / shares $ 192.94 $ 204.15                    
Restricted stock units | Executive Long-Term Incentive Program                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Granted (in shares)       2,568,112     327,523 1,804,541 980,077      
Granted in period, weighted average grant date fair value (in shares) | $ / shares       $ 157.69     $ 214.35 $ 217.48 $ 215.7      
Performance Restricted Stock Units (PRSU)                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Unrecognized compensation cost | $                   $ 31    
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition                   2 years 1 month 6 days    
Granted (in shares) 153,306   199,899                  
Granted in period, weighted average grant date fair value (in shares) | $ / shares $ 192.94   $ 214.35                  
Performance Restricted Stock Units (PRSU) | Minimum                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Award payout percentage 0.00%   0.00%                  
Performance Restricted Stock Units (PRSU) | Maximum                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Award payout percentage 200.00%   200.00%                  
Performance Based Restricted Stock Units (PBRSUs)                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Share-based compensation arrangement by share-based payment award, award vesting period                   3 years    
Performance Based Restricted Stock Units (PBRSUs) | 2020 PBRSU                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Award payout range                   0.00%    
Performance Based Restricted Stock Units (PBRSUs) | 2020 PBRSU | Minimum                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Award payout range                   0.00%    
Performance Based Restricted Stock Units (PBRSUs) | 2020 PBRSU | Maximum                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Award payout range                   200.00%    
Performance Based Restricted Stock Units (PBRSUs) | 2019 PBRSU | Minimum                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Award payout range                   0.00%    
Performance Based Restricted Stock Units (PBRSUs) | 2019 PBRSU | Maximum                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Award payout range                   200.00%    
Employee Stock                        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                        
Aggregate number of shares of stock available for issuance (in shares)                   12,000,000    
Share-based compensation arrangement by share-based payment award, purchase price of common stock, percent                   95.00%    
Share-based compensation arrangement by share-based payment award, shares issued in period (in shares)                   216,719    
Employee stock ownership plan (ESOP), weighted average purchase price of shares purchased (in dollars per share) | $ / shares                   $ 193.52    
v3.24.2.u1
Share-Based Compensation and Other Compensation Arrangements - Schedule of Share-Based Plans Expense and Related Income Tax Benefit (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]      
Restricted stock units and other awards $ 697 $ 726 $ 840
Income tax benefit (before consideration of valuation allowance) $ 157 $ 178 $ 148
v3.24.2.u1
Share-Based Compensation and Other Compensation Arrangements - Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details) - Stock options - $ / shares
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected Life 6 years 9 months 18 days 6 years 7 months 6 days
Expected Volatility 36.60% 37.80%
Risk Free Interest Rate 2.00% 1.30%
Granted date fair value (in dollars per share) $ 83.04 $ 74.63
v3.24.2.u1
Share-Based Compensation and Other Compensation Arrangements - Schedule of Stock Options Activity (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]  
Outstanding at beginning of year (in shares) | shares 1,390,769
Granted (in shares) | shares 30,000
Exercised (in shares) | shares (597,030)
Forfeited (in shares) | shares (31,077)
Outstanding at end of the year (in shares) | shares 792,662
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward]  
Outstanding at beginning of year, weighted average exercised (in dollars per share) | $ / shares $ 178.18
Weighted average exercise price, granted (in dollars per share) | $ / shares 210.68
Weighted average exercise price, exercised (in dollars per share) | $ / shares 77.06
Weighted average exercise price, forfeited (in dollars per share) | $ / shares 260.26
Outstanding at end of year, weighted average exercised (in dollars per share) | $ / shares $ 252.35
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]  
Outstanding at end of year, weighted average remaining contractual life (in years) 7 years 8 months 12 days
Outstanding at end of year, aggregate intrinsic value | $ $ 7
Exercisable at end of year (in shares) | shares 7,953
Exercisable at end of year, weighted average exercise price (in dollars per share) | $ / shares $ 197.07
Exercisable at end of year, weighted average remaining contractual life (in years) 3 years 1 month 6 days
Exercisable at end of year, aggregate intrinsic value | $ $ 1
v3.24.2.u1
Share-Based Compensation and Other Compensation Arrangements - Schedule of Restricted Stock Units Award Activity (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]  
Weighted average remaining amortization period (years) 7 years 8 months 12 days
Executive Long-Term Incentive Program  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]  
Number of units, outstanding at beginning of year (in shares) 6,117,900
Number of units, granted (in shares) 411,134
Number of units, forfeited (in shares) (229,226)
Number of units, distributed (in shares) (950,318)
Number of units, outstanding at end of year (in shares) 5,349,490
Number of units, undistributed and vested (in shares) 1,630,233
Unrecognized compensation cost | $ $ 366
Weighted average remaining amortization period (years) 1 year 6 months
Employee Long-Term Incentive Program  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]  
Number of units, outstanding at beginning of year (in shares) 4,373,807
Number of units, forfeited (in shares) (106,087)
Number of units, distributed (in shares) (4,242,199)
Number of units, outstanding at end of year (in shares) 25,521
Number of units, undistributed and vested (in shares) 25,407
Other  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]  
Number of units, outstanding at beginning of year (in shares) 958,694
Number of units, granted (in shares) 142,711
Number of units, forfeited (in shares) (32,253)
Number of units, distributed (in shares) (303,642)
Number of units, outstanding at end of year (in shares) 765,510
Number of units, undistributed and vested (in shares) 34,600
Unrecognized compensation cost | $ $ 55
Weighted average remaining amortization period (years) 1 year 7 months 6 days
v3.24.2.u1
Shareholders' Equity - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Jun. 30, 2024
Dec. 31, 2022
Stockholders' Equity Note [Abstract]      
Common stock, shares authorized (in shares) 1,200,000,000 1,200,000,000 1,200,000,000
Preferred stock, authorized (in shares) 20,000,000   20,000,000
Preferred stock, issued (in shares) 0   0
Additional paid in capital, period increase (decrease) $ (267)    
v3.24.2.u1
Shareholders' Equity - Schedule of Common Stock Outstanding Roll Forward (Details) - shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Common Stock      
Common stock, beginning balance (in shares) 1,012,261,159 1,012,261,159 1,012,261,159
Common stock, ending balance (in shares) 1,012,261,159 1,012,261,159 1,012,261,159
Treasury Stock      
Treasury stock, beginning balance (in shares) 414,671,383 423,343,707 429,941,021
Treasury stock, issued (in shares) (13,651,201) (8,877,047) (6,904,556)
Treasury stock, acquired (in shares) 1,725,954 204,723 307,242
Treasury stock, ending balance (in shares) 402,746,136 414,671,383 423,343,707
v3.24.2.u1
Shareholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accumulated Other Comprehensive Income [Roll Forward]              
Beginning balance     $ (10,305) $ (9,550) $ (9,550)    
Other comprehensive (loss)/income before reclassifications $ 1 [1] $ (48) [1] (113) [1] (21) [1] (646) $ 1,426 $ 4,248
Amounts reclassified from AOCI 19 [1] (19) [1] 26 [1] (46) [1] (109) 683 1,226
Net current period Other comprehensive (loss)/income 20 [1] (67) [1] (87) [1] (67) [1] (755) 2,109 5,474
Ending balance (10,392)   (10,392)   (10,305) (9,550)  
Net actuarial (loss)/gain arising during the period, net of tax 1 1 (18) (6) (722) 1,533 4,262
Net actuarial gain/(loss) arising during the period, tax 0 0 17 2 13 (22) (32)
Amortization of actuarial losses/(gains) included in net periodic benefit cost, net of tax 15 (2) 26 (4) (2) 791 1,155
Amortization of actuarial loss included in net periodic pension cost, tax (8) 1 (20) 1 0 (11) (8)
Amortization of prior service credits included in net periodic pension cost, net of tax of $1, $2 and $1 (15) (20) (26) (40) (102) (114) (114)
Amortization of prior service credits included in net periodic pension cost, tax 8 6 20 12 1 2 1
Gain (loss) on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring, net         39    
Loss on discontinuation of cash flow hedge due to forecasted transaction Probable of not occurring, tax         (11)    
Other comprehensive (income) loss, defined benefit plan, reclassification adjustment from AOCI, after tax 0 (22) 0 (44)      
Other comprehensive (income) loss, defined benefit plan, reclassification adjustment from AOCI, tax 0 (7) 0 (13)      
Currency Translation Adjustments              
Accumulated Other Comprehensive Income [Roll Forward]              
Beginning balance (169) (151) (134) (167) (167) (105) (30)
Other comprehensive (loss)/income before reclassifications 11 (6) (24) 10 33 (62) (75)
Amounts reclassified from AOCI            
Net current period Other comprehensive (loss)/income 11 (6) (24) 10 33 (62) (75)
Ending balance (158) (157) (158) (157) (134) (167) (105)
Unrealized Gains and Losses on Certain Investments              
Accumulated Other Comprehensive Income [Roll Forward]              
Beginning balance 2   2     1 1
Other comprehensive (loss)/income before reclassifications       2 (1)  
Amounts reclassified from AOCI            
Net current period Other comprehensive (loss)/income         2 (1)  
Ending balance 2 2 2   1
Unrealized Gains and Losses on Derivative Instruments              
Accumulated Other Comprehensive Income [Roll Forward]              
Beginning balance (46) (11) 12 (24) (24) 6 (43)
Other comprehensive (loss)/income before reclassifications (11) (43) (76) (25) 41 (40) 55
Amounts reclassified from AOCI 19 3 26 (2) (5) 10 (6)
Net current period Other comprehensive (loss)/income 8 (40) (50) (27) 36 (30) 49
Ending balance (38) (51) (38) (51) 12 (24) 6
Defined Benefit Pension Plans & Other Postretirement Benefits              
Accumulated Other Comprehensive Income [Roll Forward]              
Beginning balance (10,199) (9,388) (10,185) (9,359) (9,359) (11,561) (17,061)
Other comprehensive (loss)/income before reclassifications 1 [2] 1 (13) [2] (6) (722) 1,529 4,268
Amounts reclassified from AOCI (22) [2]   (44) [2] (104) 673 1,232
Net current period Other comprehensive (loss)/income 1 (21) (13) (50) (826) 2,202 5,500
Ending balance (10,198) (9,409) (10,198) (9,409) (10,185) (9,359) (11,561)
Accumulated Other Comprehensive Loss              
Accumulated Other Comprehensive Income [Roll Forward]              
Beginning balance (10,412) [1] (9,550) [1] (10,305) [1] (9,550) [1] (9,550) [1] (11,659) (17,133)
Ending balance $ (10,392) [1] $ (9,617) [1] $ (10,392) [1] $ (9,617) [1] $ (10,305) [1] $ (9,550) [1] $ (11,659)
[1] Net of tax.
[2] Primarily relates to the amortization of prior service credits and actuarial losses/(gains) included in net periodic benefit cost for the six and three months ended June 30, 2024 totaling $0 and $0 (net of tax of $0 and $0), and ($44) and ($22) (net of tax of $13 and $7) for the same periods in prior year.
v3.24.2.u1
Derivative Financial Instruments - Schedule of Derivative Instruments in Statement of Financial Position, Fair Value (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative [Line Items]      
Derivative, notional amount $ 5,289 $ 5,003 $ 4,291
Other assets 125 169 145
Accrued liabilities (114) (105) (174)
Netting arrangement, other assets (47) (47) (33)
Netting arrangement, accrued liabilities 47 47 33
Net recorded balance, other assets 78 122 112
Net recorded balance, accrued liabilities $ (67) $ (58) (141)
Derivative asset, statement of financial position [Extensible Enumeration] Other current assets, net Other current assets, net  
Derivative liability, statement of financial position [Extensible Enumeration] Accrued liabilities Accrued liabilities  
Foreign exchange contracts | Designated as Hedging Instrument      
Derivative [Line Items]      
Derivative, notional amount $ 4,524 $ 4,120 2,815
Other assets 48 85 23
Accrued liabilities (89) (63) (122)
Foreign exchange contracts | Not Designated as Hedging Instrument      
Derivative [Line Items]      
Derivative, notional amount 253 254 462
Other assets 3 1 5
Accrued liabilities (20) (32) (42)
Commodity contracts | Designated as Hedging Instrument      
Derivative [Line Items]      
Derivative, notional amount 449 514 602
Other assets 74 83 115
Accrued liabilities (5) (8) (9)
Commodity contracts | Not Designated as Hedging Instrument      
Derivative [Line Items]      
Derivative, notional amount 63 115 412
Other assets     2
Accrued liabilities $ (2) $ (1)
v3.24.2.u1
Derivative Financial Instruments - Schedule of Derivative Instruments, Gains/(Losses) in Statement of Financial Performance (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Foreign exchange contracts              
Derivative [Line Items]              
Recognized in Other comprehensive income/(loss), net of taxes $ (18) $ 1 $ (75) $ 11 $ 61 $ (118) $ (47)
Commodity contracts              
Derivative [Line Items]              
Recognized in Other comprehensive income/(loss), net of taxes $ 7 $ (44) $ (1) $ (36) $ (20) $ 78 $ 102
v3.24.2.u1
Derivative Financial Instruments - Reclassification Out of Accumulated Other Comprehensive Income (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Costs and expenses              
Derivative [Line Items]              
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax $ (12) $ 10 $ (12) $ 27 $ 31 $ 31 $ (18)
General and administrative expense              
Derivative [Line Items]              
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax 1 3 3 5 7 10 5
Revenues              
Derivative [Line Items]              
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax           1  
Costs and expenses              
Derivative [Line Items]              
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax (5) (4) (12) (6) (15) 7 13
General and administrative expense              
Derivative [Line Items]              
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax $ (9) $ (12) $ (13) $ (23) $ (17) $ (12) $ 8
v3.24.2.u1
Derivative Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Loss on discontinuation of cash flow hedge due to forecasted transaction probable of not occurring     $ 50
Cash flow hedge loss to be reclassified within 12 Months $ 37 $ (39)  
Line of credit facility, expiration period 5 years 5 years  
Derivative, maturity 5 years 5 years  
Derivative, net liability position, aggregate fair value $ 11 $ 16  
v3.24.2.u1
Fair Value Measurements - Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Corporate notes $ 515 $ 499 $ 479
Derivatives 78 122 112
Derivatives (67) (58) (141)
Fair Value, Recurring      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Money market funds 2,101 1,514 1,797
Commercial paper 251 291 256
Corporate notes 247 183 195
U.S. and local government agencies 17 25 47
Other equity investments 57 44 10
Derivatives 78 122 112
Total assets 2,751 2,179 2,417
Derivatives (67) (58) (141)
Other (17)    
Total liabilities (84) (58) (141)
Fair Value, Recurring | Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Money market funds 2,101 1,514 1,797
Other equity investments 57 44 10
Total assets 2,158 1,558 1,807
Fair Value, Recurring | Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Commercial paper 251 291 256
Corporate notes 247 183 195
U.S. and local government agencies 17 25 47
Derivatives 78 122 112
Total assets 593 621 610
Derivatives (67) (58) (141)
Other (17)    
Total liabilities $ (84) $ (58) $ (141)
v3.24.2.u1
Fair Value Measurements - Fair Value, Assets Measured on Nonrecurring Basis Using Unobservable Inputs (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]          
Nonrecurring fair value losses $ (34) $ (12) $ (46) $ (112) $ (98)
Fair Value, Nonrecurring          
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]          
Fair Value 15 14 62  
Nonrecurring fair value losses (34) (12) (46) (112)  
Investments | Fair Value, Nonrecurring          
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]          
Fair Value      
Nonrecurring fair value losses (17) (11) (18) (31)  
Operating lease equipment | Fair Value, Nonrecurring          
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]          
Fair Value 15   47  
Nonrecurring fair value losses (5)   (7)  
Property, plant and equipment | Fair Value, Nonrecurring          
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]          
Fair Value 14    
Nonrecurring fair value losses (9) (26) (19)  
Other Assets | Fair Value, Nonrecurring          
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]          
Fair Value   15  
Nonrecurring fair value losses $ (3) $ (1) $ (2) $ (55)  
v3.24.2.u1
Fair Value Measurements - Fair Value, Assets Measured on Nonrecurring Basis, Valuation Techniques (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Fair Value, Nonrecurring        
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]        
Fair Value $ 15 $ 14 $ 62
Fair Value, Nonrecurring | Operating lease equipment        
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]        
Fair Value 15   $ 47
Valuation, Market Approach | Aircraft value publications        
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]        
Range Median or Average 23      
Valuation, Market Approach | Aircraft condition adjustments        
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]        
Range Median or Average (8)      
Valuation, Market Approach | Minimum | Aircraft value publications        
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]        
Range Median or Average 21      
Valuation, Market Approach | Minimum | Aircraft condition adjustments        
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]        
Range Median or Average (8)      
Valuation, Market Approach | Maximum | Aircraft value publications        
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]        
Range Median or Average 27      
Valuation, Market Approach | Maximum | Aircraft condition adjustments        
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]        
Range Median or Average 0      
Valuation, Market Approach | Level 3 | Fair Value, Nonrecurring | Operating lease equipment        
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]        
Fair Value $ 15      
v3.24.2.u1
Fair Value Measurements - Fair Values and Related Carrying Values of Financial Instruments (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Notes receivable, net, carrying amount $ 760 $ 257 $ 385
Notes receivable, net, fair value 778 270 403
Debt, excluding capital lease obligations, carrying amount (57,669) (52,055) (56,794)
Debt, excluding capital lease obligations, fair value (53,642) (51,039) (52,856)
Level 2      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Notes receivable, net, fair value 766 270 403
Debt, excluding capital lease obligations, fair value (53,642) $ (51,039) $ (52,856)
Level 3      
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]      
Notes receivable, net, fair value $ 12    
v3.24.2.u1
Legal Proceedings - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Jul. 24, 2024
Jul. 07, 2024
Dec. 31, 2019
Commitments And Contingencies [Line Items]      
Controlling interest ownership percentage after acquisition     80.00%
Payments to acquire interest in joint venture     $ 4,200
Loss contingency, settlement agreement, investment commitment, period 3 years    
Subsequent Event [Member]      
Commitments And Contingencies [Line Items]      
Loss contingency, settlement agreement, additional fine $ 244 $ 244  
Loss contingency, settlement agreement, minimum investment commitment $ 455    
v3.24.2.u1
Segment and Revenue Information - Narrative (Details)
$ in Millions
 6 Months Ended 12 Months Ended
Jul. 24, 2024
USD ($)
Jul. 07, 2024
USD ($)
Jun. 30, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
segment
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Segment Reporting Information [Line Items]            
Number of reportable segments | segment     3 3    
Percentage of operating assets located outside united states       4.00% 4.00%  
Income (loss) from equity method investments       $ 70 $ 56 $ 40
Revenue, remaining performance obligation, amount     $ 515,874 $ 520,195    
Subsequent Event [Member]            
Segment Reporting Information [Line Items]            
Loss contingency, settlement agreement, additional fine $ 244 $ 244        
Within Next Fiscal Year            
Segment Reporting Information [Line Items]            
Revenue, remaining performance obligation, percent recognized     24.00% 16.00%    
Within Next 4 Fiscal Years            
Segment Reporting Information [Line Items]            
Revenue, remaining performance obligation, percent recognized       62.00%    
Within Next 4 Fiscal Years            
Segment Reporting Information [Line Items]            
Revenue, remaining performance obligation, percent recognized     69.00%      
U.S. government contracts | Revenues | U.S. government contracts            
Segment Reporting Information [Line Items]            
Concentration risk, percentage       37.00% 40.00% 49.00%
v3.24.2.u1
Segment and Revenue Information - Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]              
Total revenues $ 16,866 $ 19,751 $ 33,435 $ 37,672 $ 77,794 $ 66,608 $ 62,286
Operating Segments | Commercial Airplanes              
Revenues from External Customers and Long-Lived Assets [Line Items]              
Total revenues 6,003 8,840 10,656 15,544 33,901 26,026 19,714
Operating Segments | Commercial Airplanes | B-737-Max | Customer Concessions              
Revenues from External Customers and Long-Lived Assets [Line Items]              
Revenue from contract with customer, excluding assessed tax 26 (443) 26 27 16 14
Total non-U.S. revenues              
Revenues from External Customers and Long-Lived Assets [Line Items]              
Total revenues         32,387 27,374 23,196
Total non-U.S. revenues | Operating Segments | Commercial Airplanes              
Revenues from External Customers and Long-Lived Assets [Line Items]              
Revenue from contract with customer, excluding assessed tax 3,807 5,066 7,868 8,296 19,242 13,618 9,984
Europe              
Revenues from External Customers and Long-Lived Assets [Line Items]              
Total revenues         10,520 7,916 8,967
Europe | Operating Segments | Commercial Airplanes              
Revenues from External Customers and Long-Lived Assets [Line Items]              
Revenue from contract with customer, excluding assessed tax 777 2,038 1,547 3,393 6,172 4,085 4,387
Asia              
Revenues from External Customers and Long-Lived Assets [Line Items]              
Total revenues         10,013 8,393 5,845
Asia | Operating Segments | Commercial Airplanes              
Revenues from External Customers and Long-Lived Assets [Line Items]              
Revenue from contract with customer, excluding assessed tax 2,280 1,549 4,393 2,355 6,328 4,488 2,816
Middle East              
Revenues from External Customers and Long-Lived Assets [Line Items]              
Total revenues         6,594 5,047 4,653
Middle East | Operating Segments | Commercial Airplanes              
Revenues from External Customers and Long-Lived Assets [Line Items]              
Revenue from contract with customer, excluding assessed tax 406 750 1,174 1,466 4,311 2,003 1,098
Oceania              
Revenues from External Customers and Long-Lived Assets [Line Items]              
Total revenues         1,655 1,576 1,147
Canada              
Revenues from External Customers and Long-Lived Assets [Line Items]              
Total revenues         1,256 1,612 969
Africa              
Revenues from External Customers and Long-Lived Assets [Line Items]              
Total revenues         825 418 239
Latin America, Caribbean and other              
Revenues from External Customers and Long-Lived Assets [Line Items]              
Total revenues         1,524 2,412 1,376
United States              
Revenues from External Customers and Long-Lived Assets [Line Items]              
Total revenues         45,380 39,218 39,076
United States | Operating Segments | Commercial Airplanes              
Revenues from External Customers and Long-Lived Assets [Line Items]              
Revenue from contract with customer, excluding assessed tax $ 2,173 $ 3,740 $ 3,158 $ 7,175 $ 14,501 $ 12,275 $ 9,614
v3.24.2.u1
Segment and Revenue Information - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]              
Total revenues $ 16,866 $ 19,751 $ 33,435 $ 37,672 $ 77,794 $ 66,608 $ 62,286
Asia              
Disaggregation of Revenue [Line Items]              
Total revenues         10,013 8,393 5,845
Europe              
Disaggregation of Revenue [Line Items]              
Total revenues         10,520 7,916 8,967
Middle East              
Disaggregation of Revenue [Line Items]              
Total revenues         6,594 5,047 4,653
Total non-U.S. revenues              
Disaggregation of Revenue [Line Items]              
Total revenues         32,387 27,374 23,196
United States              
Disaggregation of Revenue [Line Items]              
Total revenues         45,380 39,218 39,076
Operating Segments | Commercial Airplanes              
Disaggregation of Revenue [Line Items]              
Total revenues 6,003 8,840 10,656 15,544 33,901 26,026 19,714
Operating Segments | Commercial Airplanes | B-737-Max | Customer Concessions              
Disaggregation of Revenue [Line Items]              
Revenue from contract with customer, excluding assessed tax 26 (443) 26 27 16 14
Operating Segments | Commercial Airplanes | Total revenues from contracts with customers              
Disaggregation of Revenue [Line Items]              
Revenue from contract with customer, excluding assessed tax $ 5,980 $ 8,832 $ 10,583 $ 15,497 $ 33,770 $ 25,909 $ 19,612
Operating Segments | Commercial Airplanes | Revenue recognized on fixed-price contracts              
Disaggregation of Revenue [Line Items]              
Revenue from contract with customer, excluding assessed tax, percentage 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Operating Segments | Commercial Airplanes | Revenue recognized at a point in time              
Disaggregation of Revenue [Line Items]              
Revenue from contract with customer, excluding assessed tax, percentage 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00%
Operating Segments | Commercial Airplanes | Asia              
Disaggregation of Revenue [Line Items]              
Revenue from contract with customer, excluding assessed tax $ 2,280 $ 1,549 $ 4,393 $ 2,355 $ 6,328 $ 4,488 $ 2,816
Operating Segments | Commercial Airplanes | Europe              
Disaggregation of Revenue [Line Items]              
Revenue from contract with customer, excluding assessed tax 777 2,038 1,547 3,393 6,172 4,085 4,387
Operating Segments | Commercial Airplanes | Middle East              
Disaggregation of Revenue [Line Items]              
Revenue from contract with customer, excluding assessed tax 406 750 1,174 1,466 4,311 2,003 1,098
Operating Segments | Commercial Airplanes | Other              
Disaggregation of Revenue [Line Items]              
Revenue from contract with customer, excluding assessed tax 344 729 754 1,082 2,431 3,042 1,683
Operating Segments | Commercial Airplanes | Total non-U.S. revenues              
Disaggregation of Revenue [Line Items]              
Revenue from contract with customer, excluding assessed tax 3,807 5,066 7,868 8,296 19,242 13,618 9,984
Operating Segments | Commercial Airplanes | United States              
Disaggregation of Revenue [Line Items]              
Revenue from contract with customer, excluding assessed tax 2,173 3,740 3,158 7,175 14,501 12,275 9,614
Operating Segments | Defense, Space & Security              
Disaggregation of Revenue [Line Items]              
Total revenues $ 6,021 $ 6,167 $ 12,971 $ 12,706 $ 24,933 $ 23,162 $ 26,540
Operating Segments | Defense, Space & Security | Revenue from the U.S. government              
Disaggregation of Revenue [Line Items]              
Revenue from contract with customer, excluding assessed tax, percentage 89.00% 90.00% 90.00% 90.00% 91.00% 89.00% 89.00%
Operating Segments | Defense, Space & Security | Revenue recognized over time              
Disaggregation of Revenue [Line Items]              
Revenue from contract with customer, excluding assessed tax, percentage 99.00% 99.00% 99.00% 99.00% 99.00% 99.00% 99.00%
Operating Segments | Defense, Space & Security | Revenue recognized on fixed-price contracts              
Disaggregation of Revenue [Line Items]              
Revenue from contract with customer, excluding assessed tax, percentage 52.00% 57.00% 55.00% 59.00% 58.00% 60.00% 68.00%
Operating Segments | Defense, Space & Security | Total non-U.S. revenues              
Disaggregation of Revenue [Line Items]              
Revenue from contract with customer, excluding assessed tax $ 1,502 $ 1,139 $ 3,008 $ 2,368 $ 4,882 $ 6,018 $ 6,671
Operating Segments | Defense, Space & Security | United States              
Disaggregation of Revenue [Line Items]              
Revenue from contract with customer, excluding assessed tax 4,519 5,028 9,963 10,338 20,051 17,144 19,869
Operating Segments | Global Services              
Disaggregation of Revenue [Line Items]              
Total revenues 4,889 4,746 9,934 9,466 19,127 17,611 16,328
Operating Segments | Global Services | Commercial              
Disaggregation of Revenue [Line Items]              
Revenue from contract with customer, excluding assessed tax 2,900 2,703 5,900 5,419 11,020 9,560 7,527
Operating Segments | Global Services | Government              
Disaggregation of Revenue [Line Items]              
Revenue from contract with customer, excluding assessed tax 1,895 1,948 3,829 3,874 7,751 7,681 8,553
Operating Segments | Global Services | Total revenues from contracts with customers              
Disaggregation of Revenue [Line Items]              
Revenue from contract with customer, excluding assessed tax $ 4,795 $ 4,651 $ 9,729 $ 9,293 $ 18,771 $ 17,241 $ 16,080
Operating Segments | Global Services | Revenue from the U.S. government              
Disaggregation of Revenue [Line Items]              
Revenue from contract with customer, excluding assessed tax, percentage 27.00% 31.00% 28.00% 31.00% 30.00% 33.00% 40.00%
Operating Segments | Global Services | Revenue recognized at a point in time              
Disaggregation of Revenue [Line Items]              
Revenue from contract with customer, excluding assessed tax, percentage 53.00% 51.00% 53.00% 51.00% 51.00% 50.00% 45.00%
Operating Segments | Global Services | Revenue recognized on fixed-price contracts              
Disaggregation of Revenue [Line Items]              
Revenue from contract with customer, excluding assessed tax, percentage 87.00% 87.00% 87.00% 87.00% 87.00% 88.00% 86.00%
Intersegment revenues eliminated on consolidation | Commercial Airplanes              
Disaggregation of Revenue [Line Items]              
Total revenues $ 23 $ 8 $ 73 $ 47 $ 131 $ 117 $ 102
Intersegment revenues eliminated on consolidation | Global Services              
Disaggregation of Revenue [Line Items]              
Total revenues $ 94 $ 95 $ 205 $ 173 $ 356 $ 370 $ 248
v3.24.2.u1
Segment and Revenue Information - Schedule of Segment, Reconciliation of Other Items from Segments to Consolidated (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]              
Share-based plans     $ 208 $ 381 $ 690 $ 725 $ 833
Deferred compensation         188 (117) 126
Research and development expense, net $ 954 $ 797 1,822 1,538 3,377 2,852 2,249
Unallocated items, eliminations and other              
Segment Reporting Information [Line Items]              
Share-based plans 43 14 53 (38) 62 (114) (174)
Deferred compensation (19) (42) (49) (96) (188) 117 (126)
Amortization of previously capitalized interest (23) (24) (46) (47) (95) (95) (107)
Research and development expense, net (99) (73) (188) (149) (315) (278) (184)
Eliminations and other unallocated items (536) (211) (716) (466) (1,223) (1,134) (636)
Unallocated items, eliminations and other $ (634) $ (336) $ (946) $ (796) $ (1,759) $ (1,504) $ (1,227)
v3.24.2.u1
Segment and Revenue Information - Components of Financial Accounting Standards and Cost Accounting Standards Adjustment (Details) - Unallocated items, eliminations and other - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]              
FAS/CAS service cost adjustment $ 302 $ 291 $ 604 $ 582 $ 1,056 $ 1,143 $ 1,173
Pension FAS/CAS service cost adjustment              
Segment Reporting, Asset Reconciling Item [Line Items]              
FAS/CAS service cost adjustment 230 222 460 445 799 849 882
Postretirement FAS/CAS service cost adjustment              
Segment Reporting, Asset Reconciling Item [Line Items]              
FAS/CAS service cost adjustment $ 72 $ 69 $ 144 $ 137 $ 257 $ 294 $ 291
v3.24.2.u1
Segment and Revenue Information - Reconciliation of Assets from Segment to Consolidated (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Assets $ 142,720 $ 137,012 $ 137,100
Operating Segments | Commercial Airplanes      
Segment Reporting Information [Line Items]      
Assets 83,478 77,047 76,825
Operating Segments | Defense, Space & Security      
Segment Reporting Information [Line Items]      
Assets 16,239 14,921 14,426
Operating Segments | Global Services      
Segment Reporting Information [Line Items]      
Assets 16,473 16,193 16,149
Unallocated items, eliminations and other      
Segment Reporting Information [Line Items]      
Assets $ 26,530 $ 28,851 $ 29,700
v3.24.2.u1
Segment and Revenue Information - Schedule of Capital Expenditures by Segment (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Capital expenditures $ 1,527 $ 1,222 $ 980
Operating Segments | Commercial Airplanes      
Segment Reporting Information [Line Items]      
Capital expenditures 420 218 177
Operating Segments | Defense, Space & Security      
Segment Reporting Information [Line Items]      
Capital expenditures 192 202 199
Operating Segments | Global Services      
Segment Reporting Information [Line Items]      
Capital expenditures 127 130 94
Other      
Segment Reporting Information [Line Items]      
Capital expenditures $ 788 $ 672 $ 510
v3.24.2.u1
Segment and Revenue Information - Schedule of Depreciation and Amortization Expense by Segment (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]          
Depreciation and amortization $ 883 $ 913 $ 1,861 $ 1,979 $ 2,144
Operating Segments | Commercial Airplanes          
Segment Reporting Information [Line Items]          
Depreciation and amortization     464 554 594
Depreciation and amortization expense, business segment allocation     311 361 387
Operating Segments | Defense, Space & Security          
Segment Reporting Information [Line Items]          
Depreciation and amortization     219 238 233
Depreciation and amortization expense, business segment allocation     264 230 222
Operating Segments | Global Services          
Segment Reporting Information [Line Items]          
Depreciation and amortization     320 346 414
Depreciation and amortization expense, business segment allocation     75 53 60
Other          
Segment Reporting Information [Line Items]          
Depreciation and amortization     858 841 903
Intersegment revenues, eliminated on consolidation          
Segment Reporting Information [Line Items]          
Depreciation and amortization expense, business segment allocation     $ 650 $ 644 $ 669
v3.24.2.u1
Submission
Jun. 30, 2024
Submission [Line Items]  
Central Index Key 0000012927
Registrant Name BOEING CO
Form Type S-4
Submission Type S-4
Fee Exhibit Type EX-FILING FEES
v3.24.2.u1
Offerings - Offering: 1
Jun. 30, 2024
USD ($)
shares
Offering:  
Fee Previously Paid false
Other Rule true
Security Type Equity
Security Class Title Common Stock, par value $5.00 per share
Amount Registered | shares 30,341,050
Proposed Maximum Offering Price per Unit 0
Maximum Aggregate Offering Price $ 4,046,889,148.97
Fee Rate 0.01476%
Amount of Registration Fee $ 597,320.84
Offering Note
(1)
The amount registered represents the estimated maximum number of shares of common stock, par value $5.00 per share (the “Boeing Common Stock”), of The Boeing Company (the “Registrant”) to be issued upon the completion of the merger (the “Merger”) and other transactions contemplated by the Agreement and Plan of Merger (the “Merger Agreement”), dated June 30, 2024, among the Registrant, Spirit AeroSystems Holdings, Inc., a Delaware corporation (“Spirit”), and Sphere Acquisition Corp., a Delaware corporation and wholly owned direct subsidiary of the Registrant, and is estimated as the product of (a) the maximum exchange ratio in the Merger Agreement of 0.2500 multiplied by (b) 121,364,197 shares of Class A Common Stock, par value $0.01 of Spirit (“Spirit Common Stock”), which is the sum of (i) 116,619,149 shares of Spirit Common Stock outstanding as of June 26, 2024; (ii) 3,257,517 shares of Spirit Common Stock underlying certain Restricted Stock Units and Performance Stock Units of Spirit outstanding as of August 8, 2024 (assuming award
pay-outs
based on maximum performance having been achieved); (iii) 1,328,010 shares of Spirit Common Stock underlying equity awards expected to be granted prior to the closing of the Merger under Spirit’s 2014 Omnibus Incentive Plan and (iv) 159,521 shares of Spirit Common Stock expected to be issued prior to the closing of the Merger under the Spirit Employee Stock Purchase Plan.
The maximum aggregate offering price is estimated solely for purposes of calculating the registration fee required by Section 6(b) of the Securities Act of 1933, as amended (the “Securities Act”), and calculated pursuant to Rule 457(c) and Rule 457(f)(1) under the Securities Act. Such amount was calculated as the product of (i) $33.35, the average of the high and low prices per share of Spirit Common Stock as of August 6, 2024, which is within five business days prior to the filing of this Registration Statement on
Form S-4,
and (ii) 121,364,197, the estimated maximum number of shares of Spirit Common Stock that may be exchanged for Boeing Common Stock, calculated as described above.
v3.24.2.u1
Fees Summary
Jun. 30, 2024
USD ($)
Fees Summary [Line Items]  
Total Offering $ 4,046,889,148.97
Previously Paid Amount 0
Total Fee Amount 597,320.84
Total Offset Amount 0
Net Fee $ 597,320.84