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Item 8. Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 
 
 Index to the Consolidated Financial Statements 
 
 Page 
 Consolidated Statements of Operations 
 51 
 
 Consolidated Statements of Comprehensive Income 
 52 
 
 Consolidated Statements of Financial Position 
 53 
 
 Consolidated Statements of Cash Flows 
 54 
 
 Consolidated Statements of Equity 
 55 
 
 Summary of Business Segment Data 
 56 
 
 Note 1 - Summary of Significant Accounting Policies 
 57 
 
 Note 2 - Goodwill and Acquired Intangibles 
 68 
 
 Note 3 - Earnings Per Share 
 68 
 
 Note 4 - Income Taxes 
 70 
 
 Note 5 - Accounts Receivable 
 73 
 
 Note 6 - Allowance for Losses on Financial Assets 
 73 
 
 Note 7 - Inventories 
 74 
 
 Note 8 - Contracts with Customers 
 74 
 
 Note 9 - Financing Receivables and Operating Lease Equipment 
 75 
 
 Note 10 - Property, Plant and Equipment 
 77 
 
 Note 11 - Investments 
 78 
 
 Note 12 - Leases 
 78 
 
 Note 13 - Liabilities, Commitments and Contingencies 
 80 
 
 Note 14 - Arrangements with Off-Balance Sheet Risk 
 85 
 
 Note 15 - Debt 
 86 
 
 Note 16 - Postretirement Plans 
 87 
 
 Note 17 - Share-Based Compensation and Other Compensation Arrangements 
 95 
 
 Note 18 - Shareholders’ Equity 
 99 
 
 Note 19 - Derivative Financial Instruments 
 100 
 
 Note 20 - Fair Value Measurements 
 102 
 
 Note 21 - Legal Proceedings 
 104 
 
 Note 22 - Segment and Revenue Information 
 104 
 
 N ote 23 - Su bsequent Events 
 109 
 
 
 Reports of Independent Registered Public Accounting Firm 
 111 
 

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 The Boeing Company and Subsidiaries 
 Consolidated Statements of Operations 
 
 (Dollars in millions, except per share data) 
 Years ended December 31, 2023 2022 2021 
 Sales of products $ 65,581 $ 55,893 $ 51,386 
 Sales of services 12,213 10,715 10,900 
 Total revenues 77,794 66,608 62,286 
 
 Cost of products ( 59,864 ) ( 53,969 ) ( 49,954 ) 
 Cost of services ( 10,206 ) ( 9,109 ) ( 9,283 ) 
 Total costs and expenses ( 70,070 ) ( 63,078 ) ( 59,237 ) 
 7,724 3,530 3,049 
 Income/(loss) from operating investments, net 46 ( 16 ) 210 
 General and administrative expense ( 5,168 ) ( 4,187 ) ( 4,157 ) 
 Research and development expense, net ( 3,377 ) ( 2,852 ) ( 2,249 ) 
 Gain on dispositions, net 2 6 277 
 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 ) 
 
 
 
 Basic loss per share ($ 3.67 ) ($ 8.30 ) ($ 7.15 ) 
 
 
 
 Diluted loss per share ($ 3.67 ) ($ 8.30 ) ($ 7.15 ) 

 See Notes to the Consolidated Financial Statements on pages 57 - 110. 
 
 
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 The Boeing Company and Subsidiaries 
 Consolidated Statements of Comprehensive Income 
 
 (Dollars in millions) 
 Years ended December 31, 2023 2022 2021 
 Net loss ($ 2,242 ) ($ 5,053 ) ($ 4,290 ) 
 Other comprehensive (loss)/income, net of tax: 
 Currency translation adjustments 33 ( 62 ) ( 75 ) 
 Unrealized gain/(loss) on certain investments, net of tax of $ 0 , $ 0 and $ 0 
 2 ( 1 ) 
 Derivative instruments: 
 Unrealized gain/(loss) arising during period, net of tax of ($ 11 ), $ 12 and ($ 16 ) 
 41 ( 40 ) 55 
 Reclassification adjustment for (gain)/loss included in net loss, net of tax of $ 1 , ($ 3 ) and $ 2 
 ( 5 ) 10 ( 6 ) 
 Total unrealized gain/(loss) on derivative instruments, net of tax 
 36 ( 30 ) 49 
 Defined benefit pension plans & other postretirement benefits: 
 Net actuarial (loss)/gain arising during the period, net of tax of $ 13 , ($ 22 ) and ($ 32 ) 
 ( 722 ) 1,533 4,262 
 Amortization of actuarial (gain)/loss included in net periodic pension cost, net of tax of $ 0 , ($ 11 ) and ($ 8 ) 
 ( 2 ) 791 1,155 
 Settlement (gain)/loss included in net periodic cost, net of tax of $ 0 , $ 0 and ($ 2 ) 
 ( 4 ) 191 
 Amortization of prior service credits included in net periodic pension cost, net of tax of $ 1 , $ 2 and $ 1 
 ( 102 ) ( 114 ) ( 114 ) 
 Prior service credit arising during the period, net of tax of $ 0 , $ 0 and $ 0 
 ( 1 ) 
 Pension and postretirement (cost)/benefit related to our equity method investments, net of tax of $ 0 , $ 0 and ($ 2 ) 
 ( 3 ) 6 
 Total defined benefit pension plans & other postretirement benefits, net of tax ( 826 ) 2,202 5,500 
 Other comprehensive (loss)/income, net of tax 
 ( 755 ) 2,109 5,474 
 
 Comprehensive (loss)/income, net of tax ( 2,997 ) ( 2,944 ) 1,184 
 Less: Comprehensive loss related to noncontrolling interest ( 20 ) ( 118 ) ( 88 ) 
 Comprehensive (loss)/income attributable to Boeing Shareholders, net of tax ($ 2,977 ) ($ 2,826 ) $ 1,272 

 See Notes to the Consolidated Financial Statements on pages 57 - 110. 
 
 
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 The Boeing Company and Subsidiaries 
 Consolidated Statements of Financial Position 
 
 (Dollars in millions, except per share data) 
 December 31, 2023 2022 
 Assets 
 Cash and cash equivalents $ 12,691 $ 14,614 
 Short-term and other investments 3,274 2,606 
 Accounts receivable, net 2,649 2,517 
 Unbilled receivables, net 8,317 8,634 
 Current portion of financing receivables, net 99 154 
 Inventories 79,741 78,151 
 Other current assets, net 2,504 2,847 
 Total current assets 109,275 109,523 
 Financing receivables and operating lease equipment, net 860 1,450 
 Property, plant and equipment, net 10,661 10,550 
 Goodwill 8,093 8,057 
 Acquired intangible assets, net 2,094 2,311 
 Deferred income taxes 59 63 
 Investments 1,035 983 
 Other assets, net of accumulated amortization of $ 1,046 and $ 949 
 4,935 4,163 
 Total assets $ 137,012 $ 137,100 
 Liabilities and equity 
 Accounts payable $ 11,964 $ 10,200 
 Accrued liabilities 22,331 21,581 
 Advances and progress billings 56,328 53,081 
 Short-term debt and current portion of long-term debt 5,204 5,190 
 Total current liabilities 95,827 90,052 
 Deferred income taxes 229 230 
 Accrued retiree health care 2,233 2,503 
 Accrued pension plan liability, net 6,516 6,141 
 Other long-term liabilities 2,332 2,211 
 Long-term debt 47,103 51,811 
 Total liabilities 154,240 152,948 
 Shareholders’ equity: 
 Common stock, par value $ 5.00 – 1,200,000,000 shares authorized; 1,012,261,159 shares issued 
 5,061 5,061 
 Additional paid-in capital 10,309 9,947 
 Treasury stock, at cost ( 49,549 ) ( 50,814 ) 
 Retained earnings 27,251 29,473 
 Accumulated other comprehensive loss ( 10,305 ) ( 9,550 ) 
 Total shareholders’ deficit ( 17,233 ) ( 15,883 ) 
 Noncontrolling interests 5 35 
 Total equity ( 17,228 ) ( 15,848 ) 
 Total liabilities and equity $ 137,012 $ 137,100 

 See Notes to the Consolidated Financial Statements on pages 57 - 110. 
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 The Boeing Company and Subsidiaries 
 Consolidated Statements of Cash Flows 
 
 (Dollars in millions) 
 Years ended December 31, 2023 2022 2021 
 Cash flows – operating activities: 
 Net loss ($ 2,242 ) ($ 5,053 ) ($ 4,290 ) 
 Adjustments to reconcile net loss to net cash provided/(used) by operating activities: 
 
 Non-cash items – 
 Share-based plans expense 690 725 833 
 Treasury shares issued for 401(k) contribution 1,515 1,215 1,233 
 Depreciation and amortization 1,861 1,979 2,144 
 Investment/asset impairment charges, net 46 112 98 
 
 
 
 Gain on dispositions, net ( 2 ) ( 6 ) ( 277 ) 
 787 reach-forward loss 3,460 
 Other charges and credits, net 3 401 360 
 
 Changes in assets and liabilities – 
 Accounts receivable ( 128 ) 142 ( 713 ) 
 Unbilled receivables 321 6 ( 586 ) 
 Advances and progress billings 3,365 108 2,505 
 Inventories ( 1,681 ) 420 ( 1,127 ) 
 Other current assets 389 ( 591 ) 345 
 Accounts payable 1,672 838 ( 3,783 ) 
 Accrued liabilities 779 2,956 ( 3,687 ) 
 Income taxes receivable, payable and deferred 44 1,347 733 
 Other long-term liabilities ( 313 ) ( 158 ) ( 206 ) 
 Pension and other postretirement plans ( 1,049 ) ( 1,378 ) ( 972 ) 
 Financing receivables and operating lease equipment, net 
 571 142 210 
 Other 119 307 304 
 Net cash provided/(used) by operating activities 5,960 3,512 ( 3,416 ) 
 Cash flows – investing activities: 
 Payments to acquire property, plant and equipment ( 1,527 ) ( 1,222 ) ( 980 ) 
 Proceeds from disposals of property, plant and equipment 27 35 529 
 Acquisitions, net of cash acquired ( 70 ) ( 6 ) 
 
 Contributions to investments ( 16,448 ) ( 5,051 ) ( 35,713 ) 
 Proceeds from investments 15,739 10,619 45,489 
 
 Other ( 158 ) ( 11 ) 5 
 Net cash (used)/provided by investing activities ( 2,437 ) 4,370 9,324 
 Cash flows – financing activities: 
 New borrowings 75 34 9,795 
 Debt repayments ( 5,216 ) ( 1,310 ) ( 15,371 ) 
 
 
 
 Stock options exercised 45 50 42 
 
 Employee taxes on certain share-based payment arrangements ( 408 ) ( 40 ) ( 66 ) 
 
 
 Other 17 
 Net cash used by financing activities ( 5,487 ) ( 1,266 ) ( 5,600 ) 
 Effect of exchange rate changes on cash and cash equivalents 30 ( 73 ) ( 39 ) 
 Net (decrease)/increase in cash & cash equivalents, including restricted ( 1,934 ) 6,543 269 
 Cash & cash equivalents, including restricted, at beginning of year 14,647 8,104 7,835 
 Cash & cash equivalents, including restricted, at end of year 12,713 14,647 8,104 
 Less restricted cash & cash equivalents, included in Investments 22 33 52 
 Cash and cash equivalents at end of year $ 12,691 $ 14,614 $ 8,052 

 See Notes to the Consolidated Financial Statements on pages 57 - 110. 
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 The Boeing Company and Subsidiaries 
 Consolidated Statements of Equity 
 
 Boeing shareholders 
 (Dollars in millions, except per share data) Common
Stock Additional
Paid-In
Capital Treasury 
Stock Retained
Earnings Accumulated
Other 
Comprehensive 
Loss Non-
controlling
Interests Total 
 Balance at January 1, 2021 $ 5,061 $ 7,787 ($ 52,641 ) $ 38,610 ($ 17,133 ) $ 241 ($ 18,075 ) 
 Net loss 
 ( 4,202 ) ( 88 ) ( 4,290 ) 
 Other comprehensive income, net of tax of ($ 57 ) 
 5,474 5,474 
 Share-based compensation 833 833 
 
 Treasury shares issued for stock options exercised, net 
 ( 28 ) 70 42 
 Treasury shares issued for other share-based plans, net 
 ( 98 ) 35 ( 63 ) 
 
 Treasury shares issued for 401(k) contribution 558 675 1,233 
 
 
 
 
 Balance at December 31, 2021 $ 5,061 $ 9,052 ($ 51,861 ) $ 34,408 ($ 11,659 ) $ 153 ($ 14,846 ) 
 
 
 Net loss 
 ( 4,935 ) ( 118 ) ( 5,053 ) 
 Other comprehensive income, net of tax of ($ 22 ) 
 2,109 2,109 
 Share-based compensation 725 725 
 
 Treasury shares issued for stock options exercised, net 
 ( 31 ) 81 50 
 Treasury shares issued for other share-based plans, net 
 ( 94 ) 46 ( 48 ) 
 
 
 
 Treasury shares issued for 401(k) contribution 295 920 1,215 
 
 
 Balance at December 31, 2022 $ 5,061 $ 9,947 ($ 50,814 ) $ 29,473 ($ 9,550 ) $ 35 ($ 15,848 ) 
 Net loss 
 ( 2,222 ) ( 20 ) ( 2,242 ) 
 Other comprehensive loss, net of tax of $ 4 
 ( 755 ) ( 755 ) 
 Share-based compensation 690 690 
 
 Treasury shares issued for stock options exercised, net 
 ( 28 ) 73 45 
 Treasury shares issued for other share-based plans, net 
 ( 660 ) 304 ( 356 ) 
 
 
 
 Treasury shares issued for 401(k) contribution 627 888 1,515 
 Subsidiary shares purchased from noncontrolling interests 
 ( 267 ) ( 267 ) 
 Other changes in noncontrolling interests ( 10 ) ( 10 ) 
 
 Balance at December 31, 2023 $ 5,061 $ 10,309 ($ 49,549 ) $ 27,251 ($ 10,305 ) $ 5 ($ 17,228 ) 

 See Notes to the Consolidated Financial Statements on pages 57 - 110. 
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 The Boeing Company and Subsidiaries 
 Notes to the Consolidated Financial Statements 
 Summary of Business Segment Data 
 
 (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. 
 
 
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 The Boeing Company and Subsidiaries 
 Notes to the Consolidated Financial Statements 
 Years ended December 31, 2023, 2022 and 2021 
 (Dollars in millions, except otherwise stated) 
 
 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. 
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 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. 
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 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. 
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 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 
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 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. 
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 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. 
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 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 
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 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 
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 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 
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 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 
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 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. 
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 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 

 
 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. 
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 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. 
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 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 % 

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 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 
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 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. 
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 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. 
 
 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 
 
 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 ) 

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 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. 
 
 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. 
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 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 . 
 
 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. 
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 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 
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 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 . 
 
 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. 
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 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 

 
 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. 
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 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. 
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 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 
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 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 . 
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 Financing Commitments 
 Financing commitments related to aircraft on order, including options and those proposed in sales campaigns, and refinancing of delivered aircraft, totaled $ 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. 
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 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 
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 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 
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 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. 
 
 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. 
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 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 obligations 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 

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 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. 
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 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 ) 

 
 
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 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 

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 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 
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 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. 
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 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 
 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. 
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 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. 
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 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. 
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 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. 
 
 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. 
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 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. 
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 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. 
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 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. 
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 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 . 
 
 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. 
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 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. 
 
 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. 
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 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 

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 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. 
 
 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. 
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 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 ) 

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 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). 
 
 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. 
 
 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. 
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 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 56 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. 
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 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. 
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 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. 
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 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 

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 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. 
 
 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 
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 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. 
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 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
 To the shareholders and the Board of Directors of The Boeing Company 
 Opinion on the Financial Statements 
 We have audited the accompanying consolidated statements of financial position of The Boeing Company and subsidiaries (the "Company") as of December 31, 2023 and 2022, the related consolidated statements of operations, comprehensive income, equity, and cash flows, for each of the three years in the period ended December 31, 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America. 
 We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated January 31, 2024, expressed an unqualified opinion on the Company's internal control over financial reporting. 
 Basis for Opinion 
 These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 
 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. 
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 Critical Audit Matters 
 The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. 
 Cost Estimates for Fixed-Price Development Contracts - Refer to Notes 1 and 13 to the financial statements 
 Critical Audit Matter Description 
 As more fully described in Notes 1 and 13 to the consolidated financial statements, the Company recognizes revenue over time for long-term contracts as goods are produced or services are rendered. The Company uses costs incurred as the method for determining progress, and revenue is recognized based on costs incurred to date plus an estimate of margin at completion. The process of estimating margin at completion involves estimating the costs to complete production of goods or rendering of services and comparing those costs to the estimated final revenue amount. Margins on fixed-price development contracts are inherently uncertain in that revenue is fixed while the estimates of costs required to complete these contracts are subject to significant variability. The operational and technical complexities of fixed-price development contracts create financial risk, which could increase the estimates of costs and result in lower margins or material reach-forward losses. The ongoing effects of supply chain and labor disruption compound these complexities and related financial risks. 
 Given the operational and technical complexities of certain of the Company’s fixed-price development contracts, including the KC-46A Tanker, Commercial Crew, VC-25B Presidential Aircraft, T-7A Redhawk, and MQ-25 contracts and the limited amount of historical data available in certain instances and significant judgments necessary to estimate future costs at completion, auditing these estimates involved extensive audit effort, a high degree of auditor judgment, and required audit professionals with specialized industry experience. 
 How the Critical Audit Matter Was Addressed in the Audit 
 Our audit procedures related to the cost estimates for the KC-46A Tanker, Commercial Crew, VC-25B Presidential Aircraft, T-7A Redhawk, and MQ-25 fixed-price development contracts included the following, among others: 
 • We evaluated the appropriateness and consistency of management’s methods used in developing its estimates. 
 • We evaluated the reasonableness of judgments made and significant assumptions used by management relating to key cost and schedule estimates, including the effects of supply chain and labor disruptions. We also evaluated the range and probabilities of reasonably possible outcomes, and where management set its point estimate within the range. 
 • We evaluated the appropriateness of the timing of the incorporation of changes to key estimates, including evaluating the timeline of key events and knowledge points that led to management’s determination that a change in estimate was necessary. 
 • We inquired of project management, engineers, supply chain leadership, and others directly involved with the execution of contracts to evaluate management’s ability to achieve the key 
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 cost and schedule estimates, as well as evaluate project status and challenges which may affect total estimated costs to complete. 
 • We observed the project work site when key estimates related to tangible or physical progress of the project. 
 • We tested the accuracy and completeness of the key data used in developing estimates. We developed independent expectations of reasonable outcomes using, in part, the program’s data and compared our expectations to management’s estimates. 
 • We performed retrospective reviews when evaluating the thoroughness and precision of management’s estimation process and effectiveness of the related internal controls by comparing actual outcomes to previous estimates and the related financial statement impact, and evaluating key judgements made by management when determining the timing of changes to key estimates. 
 • We tested the effectiveness of internal controls including, those over the review of significant judgments made and assumptions used to develop key estimates, key data used in developing the estimates and the mathematical extrapolation of such data. 
 Program Accounting Estimates for the 777X Program — Refer to Notes 1 and 7 to the financial statements 
 Critical Audit Matter Description 
 The introduction of new aircraft programs involves increased risk associated with meeting development, certification, and production schedules. The Company uses program accounting to compute cost of sales and margin for each commercial airplane sold. The use of program accounting requires estimating the costs over the expected life of each program. In particular, the level of effort to meet regulatory requirements and achieve certification may be challenging to predict, including potential delays in the timing of achieving certification that would delay entry into service and corresponding increases in estimated costs. Changes to the cost estimates related to regulatory requirements to achieve certification could occur, resulting in lower margins or material reach-forward losses. Auditing these estimated costs for the 777X program involved extensive audit effort, a high degree of auditor judgment, and required audit professionals with specialized industry experience. 
 How the Critical Audit Matter Was Addressed in the Audit 
 Our audit procedures related to the estimated costs for the 777X program included the following, among others: 
 • We evaluated the appropriateness and consistency of management’s methods used in developing its cost estimates related to regulatory requirements to achieve certification. 
 • We performed procedures to evaluate new changes in estimated costs driven by changes in regulatory requirements to achieve certification. 
 • We evaluated the timeline of key events and knowledge points that informs management’s determination to change the cost estimate related to regulatory requirements to achieve certification. 
 • We inquired of those directly involved with the certification of the aircraft to evaluate project status and challenges which may affect total estimated costs to certify the aircraft. 
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 • We obtained and evaluated communications with regulatory bodies for consistency between management’s certification timeline assumptions and cost estimates related to regulatory requirements. 
 • We tested the effectiveness of internal controls, including those over the data used in developing the cost estimates, the mathematical extrapolation of such data, and management’s judgment regarding the range of possible outcomes relating to the specific cost estimates in the current regulatory environment. 
 
 
 /s/ Deloitte & Touche LLP 
 Chicago, Illinois 
 January 31, 2024 
 
 
 We have served as the Company's auditor since at least 1934; however, an earlier year could not be reliably determined. 
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 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 
 To the shareholders and the Board of Directors of The Boeing Company 
 Opinion on Internal Control over Financial Reporting 
 We have audited the internal control over financial reporting of The Boeing Company and subsidiaries (the “Company”) as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework (2013 ) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO. 
 We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2023 of the Company, and our report dated January 31, 2024 expressed an unqualified opinion on those financial statements. 
 Basis for Opinion 
 The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 
 We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. 
 Definition and Limitations of Internal Control over Financial Reporting 
 A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. 
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 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 
 
 
 /s/ Deloitte & Touche LLP 
 
 
 Chicago, Illinois 
 January 31, 2024 
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 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 
 None.
BOEING CO 10-K

Item 8. Financial Statements and Supplementary Data
