Picture of Boeing Co logo

BA Boeing Co News Story

0.000.00%
us flag iconLast trade - 00:00
IndustrialsBalancedLarge CapNeutral

REG-Boeing Co: Final Results

Boeing Reports Fourth-Quarter Results

CHICAGO, Jan. 26, 2022 /PRNewswire/ --

Fourth Quarter 2021
* Continued global return to service of 737 MAX, including progress in China
* Revenue of $14.8 billion; operating cash flow of $0.7 billion
* 787 program recorded $3.5 billion pre-tax non-cash charge; focused on
actions required to resume deliveries
* GAAP loss per share of ($7.02) and core (non-GAAP)* loss per share of
($7.69)
Full-Year 2021
* Revenue of $62.3 billion; operating cash flow of ($3.4) billion; cash and
marketable securities of $16.2 billion
* GAAP loss per share of ($7.15) and core (non-GAAP)* loss per share of
($9.44)
* Total backlog of $377 billion and added 535 net commercial orders
* Focused on safety, quality and operational stability
 Table 1. Summary Financial Results                                     Fourth Quarter                                                                      Full Year                             
 (Dollars in Millions, except per share data)                   2021                      2020                     Change                     2021                         2020           Change  
                                                                                                                                                                                                  
 Revenues                                                        $14,793                   $15,304                  (3)%                       $62,286                          $58,158     7%    
 GAAP                                                                                                                                                                                             
 Loss From Operations                                           ($4,171)                  ($8,049)                   NM                       ($2,902)                        ($12,767)     NM    
 Operating Margin                                                (28.2)%                   (52.6)%                   NM                         (4.7)%                          (22.0)%     NM    
 Net Loss                                                       ($4,164)                  ($8,439)                   NM                       ($4,290)                        ($11,941)     NM    
 Loss Per Share                                                  ($7.02)                  ($14.65)                   NM                        ($7.15)                         ($20.88)     NM    
 Operating Cash Flow                                                $716                  ($4,009)                   NM                       ($3,416)                        ($18,410)     NM    
 Non-GAAP*                                                                                                                                                                                        
 Core Operating Loss                                            ($4,536)                  ($8,377)                   NM                       ($4,075)                        ($14,150)     NM    
 Core Operating Margin                                           (30.7)%                   (54.7)%                   NM                         (6.5)%                          (24.3)%     NM    
 Core Loss Per Share                                             ($7.69)                  ($15.25)                   NM                        ($9.44)                         ($23.25)     NM    
                                                                                                                                                                                 
 *Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 6, "Non-GAAP Measures Disclosures."                                                           
                                                                                                                                                                                                  

The Boeing Company [NYSE: BA] reported fourth-quarter revenue of
$14.8 billion, reflecting higher commercial volume and lower defense revenue.
GAAP loss per share of ($7.02) and core loss per share (non-GAAP)* of ($7.69)
reflect lower charges and higher commercial volume (Table 1). Boeing recorded
operating cash flow of $0.7 billion.

"2021 was a rebuilding year for us as we overcame hurdles and reached key
milestones across our commercial, defense and services portfolios. We
increased 737 MAX production and deliveries, and safely returned the 737 MAX
to service in nearly all global markets. As the commercial market recovery
gained traction, we also generated robust commercial orders, including record
freighter sales. Demonstrating progress in our overall recovery, we also
returned to generating positive cash flow in the fourth quarter," said David
Calhoun, Boeing President and Chief Executive Officer. "On the 787 program,
we're progressing through a comprehensive effort to ensure every airplane in
our production system conforms to our exacting specifications. While this
continues to impact our near-term results, it is the right approach to
building stability and predictability as demand returns for the long term.
Across the enterprise, we remain focused on safety and quality as we deliver
for our customers and invest in our people and in our sustainable future."

 Table 2. Cash Flow                                    Fourth Quarter                Full Year          
 (Millions)                                        2021            2020        2021             2020    
 Operating Cash Flow                                 $716         ($4,009)    ($3,416)        ($18,410) 
 Less Additions to Property, Plant & Equipment     ($222)           ($265)      ($980)         ($1,303) 
 Free Cash Flow*                                     $494         ($4,274)    ($4,396)        ($19,713) 
                                                                                                        
 *Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on page 6, "Non-GAAP Measures Disclosures." 

Operating cash flow improved to $0.7 billion in the quarter, reflecting higher
commercial volume, higher advance payments, and lower expenditures (Table 2).

 Table 3. Cash, Marketable Securities and Debt Balances        Quarter-End     
 (Billions)                                                Q4 21        Q3 21  
 Cash                                                        $8.0         $9.8 
 Marketable Securities (1)                                   $8.2        $10.2 
 Total                                                      $16.2        $20.0 
 Debt Balances:                                                                
 The Boeing Company, net of intercompany loans to BCC       $56.6        $60.9 
 Boeing Capital, including intercompany loans                $1.5         $1.5 
 Total Consolidated Debt                                    $58.1        $62.4 
                                                                                 
 (1) Marketable securities consists primarily of time deposits due within one year classified as "short-term investments." 
                                                                                 

Cash and investments in marketable securities decreased to $16.2 billion,
compared to $20.0 billion at the beginning of the quarter, primarily driven by
debt repayment partially offset by operating cash flow. Debt was $58.1
billion, down from $62.4 billion at the beginning of the quarter due to the
prepayment of a term loan and repayment of maturing debt.

Total company backlog at quarter-end was $377 billion.

Segment Results

Commercial Airplanes

 Table 4. Commercial Airplanes            Fourth Quarter                           Full Year                    
 (Dollars in Millions)                2021             2020      Change      2021             2020      Change  
                                                                                                                
 Commercial Airplanes Deliveries           99               59     68%           340              157    117%   
                                                                                                                
 Revenues                              $4,750           $4,728     0%        $19,493          $16,162     21%   
 Loss from Operations                ($4,454)         ($7,648)     NM       ($6,475)        ($13,847)     NM    
 Operating Margin                     (93.8)%         (161.8)%     NM        (33.2)%          (85.7)%     NM    

Commercial Airplanes fourth-quarter revenue increased slightly to
$4.8 billion primarily driven by higher 737 deliveries, partially offset by
lower widebody deliveries and less favorable mix (Table 4). Fourth-quarter
operating margin was primarily driven by a charge on the 787 program.

Boeing is continuing to make progress on the global safe return to service of
the 737 MAX. In December, the Civil Aviation Administration of China issued an
airworthiness directive outlining changes required for Chinese airlines to
prepare their fleets to resume service. Since the FAA's approval to return the
737 MAX to operations in November 2020, over 300,000 revenue flights have
been completed, and the reliability of the 737 MAX fleet remains above 99
percent (as of January 24, 2022). The 737 program is currently producing at a
rate of 26 per month and continues to progress towards a production rate of 31
per month in early 2022. The company is evaluating the timing of further rate
increases.

The company continues to perform rework on 787 airplanes in inventory and is
engaged in detailed discussions with the FAA regarding required actions to
resume deliveries. In the fourth quarter, the company determined that these
activities will take longer than previously expected, resulting in further
delays in customer delivery dates and associated customer considerations.
Accordingly, Commercial Airplanes recorded a $3.5 billion pre-tax non-cash
charge on the 787 program. The program is producing at a very low rate and
will continue to do so until deliveries resume, with an expected gradual
return to five per month over time. The company now anticipates 787 abnormal
costs will increase to approximately $2 billion, with most being incurred by
the end of 2023, including $285 million recorded in the quarter.

Commercial Airplanes secured orders for 164 737 MAX and 24 freighter aircraft.
Commercial Airplanes delivered 99 airplanes during the quarter and backlog
included over 4,200 airplanes valued at $297 billion.

Defense, Space & Security

 Table 5. Defense, Space & Security        Fourth Quarter                        Full Year                  
 (Dollars in Millions)                    2021           2020   Change        2021           2020   Change  
                                                                                                            
 Revenues                               $5,862         $6,779    (14)%     $26,540        $26,257     1%    
 (Loss)/earnings from Operations        ($255)           $502   (151)%      $1,544         $1,539     —%    
 Operating Margin                       (4.4)%           7.4%   (159)%        5.8%           5.9%    (2)%   

Defense, Space & Security fourth-quarter revenue decreased to $5.9 billion and
fourth-quarter operating margin decreased to (4.4) percent, primarily due to
lower volume and less favorable performance across the portfolio, including a
$402 million pre-tax charge on the KC-46A Tanker program.

During the quarter, Defense, Space & Security secured an award for six MH-47G
Block II Chinook helicopters for the U.S. Army Special Operations, a contract
extension for Future Logistics Information Services for the U.K. Ministry of
Defence, an award for modernization of Airborne Warning and Control System to
the Royal Saudi Air Force, and contracts for proprietary space programs.
Defense, Space & Security also completed the first carrier tests for the MQ-25
unmanned aerial tanker and started flight testing on the second uncrewed Loyal
Wingman aircraft.

Backlog at Defense, Space & Security was $60 billion, of which 33 percent
represents orders from customers outside the U.S.

Global Services

 Table 6. Global Services        Fourth Quarter                        Full Year                  
 (Dollars in Millions)        2021           2020     Change      2021           2020     Change  
                                                                                                  
 Revenues                     $4,291         $3,733     15%      $16,328        $15,543     5%    
 Earnings from Operations       $401           $143    180%       $2,017           $450    348%   
 Operating Margin               9.3%           3.8%    145%        12.4%           2.9%    328%   

Global Services fourth-quarter revenue increased to $4.3 billion and
fourth-quarter operating margin increased to 9.3 percent primarily driven by
higher commercial volume and favorable mix. Operating margin was negatively
impacted by a $220 million inventory impairment.

During the quarter, Global Services secured a V-22 Performance Based Logistics
contract for the U.S. Marine Corps, was awarded a contract for F/A-18 Landing
Gear Repair for the U.S. Navy, and was selected to provide Apache training and
support services to the U.K. Ministry of Defence. Global Services also
delivered the 50th 767-300 converted freighter.

Additional Financial Information

 Table 7. Additional Financial Information         Fourth Quarter                Full Year         
 (Dollars in Millions)                         2021            2020        2021            2020    
 Revenues                                                                                          
 Boeing Capital                                   $63              $56        $272            $261 
 Unallocated items, eliminations and other     ($173)               $8      ($347)           ($65) 
 Earnings/(Loss) from Operations                                                                   
 Boeing Capital                                    $7              $16        $106             $63 
 FAS/CAS service cost adjustment                 $365             $328      $1,173          $1,383 
 Other unallocated items and eliminations      ($235)         ($1,390)    ($1,267)        ($2,355) 
 Other income, net                               $132             $122        $551            $447 
 Interest and debt expense                     ($661)           ($698)    ($2,682)        ($2,156) 
 Effective tax rate                             11.4%             2.2%       14.8%           17.5% 

At quarter-end, Boeing Capital's net portfolio balance was $1.7 billion. The
change in revenue and earnings from other unallocated items and eliminations
was primarily due to the timing of allocations. The loss from other
unallocated items and eliminations was also impacted by a $744 million charge
related to an agreement between Boeing and the U.S. Department of Justice in
2020. The fourth quarter 2021 effective tax rate primarily reflects a higher
income tax benefit due to a lower valuation allowance charge than in fourth
quarter 2020.

Non-GAAP Measures Disclosures

We supplement the reporting of our financial information determined under
Generally Accepted Accounting Principles in the United States of America
(GAAP) with certain non-GAAP financial information. The non-GAAP financial
information presented excludes certain significant items that may not be
indicative of, or are unrelated to, results from our ongoing business
operations. We believe that these non-GAAP measures provide investors with
additional insight into the company's ongoing business performance. These
non-GAAP measures should not be considered in isolation or as a substitute for
the related GAAP measures, and other companies may define such measures
differently. We encourage investors to review our financial statements and
publicly-filed reports in their entirety and not to rely on any single
financial measure. The following definitions are provided:

Core Operating Earnings, Core Operating Margin and Core Earnings Per Share

Core operating earnings is defined as GAAP earnings from operations excluding
the FAS/CAS service cost adjustment. The 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. Core operating margin is defined as core
operating earnings expressed as a percentage of revenue. Core earnings per
share is defined as GAAP diluted earnings per share excluding the net earnings
per share impact of the FAS/CAS service cost adjustment and Non-operating
pension and postretirement expenses. Non-operating pension and postretirement
expenses represent the components of net periodic benefit costs other than
service cost. Pension costs, comprising service and prior service costs
computed in accordance with GAAP are allocated to Commercial Airplanes and BGS
businesses supporting commercial customers. Pension costs allocated to BDS and
BGS businesses supporting government customers are computed in accordance with
U.S. Government Cost Accounting Standards (CAS), which employ different
actuarial assumptions and accounting conventions than GAAP. CAS costs are
allocable to government contracts. Other postretirement benefit costs are
allocated to all business segments based on CAS, which is generally based on
benefits paid. Management uses core operating earnings, core operating margin
and core earnings per share for purposes of evaluating and forecasting
underlying business performance. Management believes these core earnings
measures provide investors additional insights into operational performance as
they exclude non-service pension and post-retirement costs, which primarily
represent costs driven by market factors and costs not allocable to government
contracts. A reconciliation between the GAAP and non-GAAP measures is provided
on pages 13-14.

Free Cash Flow

Free cash flow is GAAP operating cash flow reduced by capital expenditures for
property, plant and equipment. Management believes free cash flow provides
investors with an important perspective on the cash available for
shareholders, debt repayment, and acquisitions after making the capital
investments required to support ongoing business operations and long term
value creation. Free cash flow does not represent the residual cash flow
available for discretionary expenditures as it excludes certain mandatory
expenditures such as repayment of maturing debt. Management uses free cash
flow as a measure to assess both business performance and overall liquidity.
Table 2 provides a reconciliation of free cash flow to GAAP operating cash
flow.

Caution Concerning Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Words such as "may,"
"should," "expects," "intends," "projects," "plans," "believes," "estimates,"
"targets," "anticipates," and similar expressions generally identify these
forward-looking statements. Examples of forward-looking statements include
statements relating to our future financial condition and operating results,
as well as any other statement that does not directly relate to any historical
or current fact. Forward-looking statements are based on expectations and
assumptions that we believe to be reasonable when made, but that may not prove
to be accurate. These statements are not guarantees and are subject to risks,
uncertainties, and changes in circumstances that are difficult to predict.
Many factors could cause actual results to differ materially and adversely
from these forward-looking statements. Among these factors are risks related
to: (1) the COVID-19 pandemic and related industry impacts, including with
respect to our operations, our liquidity, the health of our customers and
suppliers, and future demand for our products and services; (2) the 737 MAX,
including the timing and conditions of remaining 737 MAX regulatory approvals,
lower than planned production rates and/or delivery rates, and additional
considerations to customers and suppliers; (3) general conditions in the
economy and our industry, including those due to regulatory changes; (4) our
reliance on our commercial airline customers; (5) the overall health of our
aircraft production system, planned commercial aircraft production rate
changes, our commercial development and derivative aircraft programs, and our
aircraft being subject to stringent performance and reliability standards; (6)
changing budget and appropriation levels and acquisition priorities of the
U.S. government; (7) our dependence on U.S. government contracts; (8) our
reliance on fixed-price contracts; (9) our reliance on cost-type contracts;
(10) uncertainties concerning contracts that include in-orbit incentive
payments; (11) our dependence on our subcontractors and suppliers, as well as
the availability of raw materials; (12) changes in accounting estimates; (13)
changes in the competitive landscape in our markets; (14) our non-U.S.
operations, including sales to non-U.S. customers; (15) threats to the
security of our, our customers' and/or our suppliers' information; (16)
potential adverse developments in new or pending litigation and/or government
investigations; (17) customer and aircraft concentration in our customer
financing portfolio; (18) changes in our ability to obtain debt financing on
commercially reasonable terms and at competitive rates; (19) realizing the
anticipated benefits of mergers, acquisitions, joint ventures/strategic
alliances or divestitures; (20) the adequacy of our insurance coverage to
cover significant risk exposures; (21) potential business disruptions,
including those related to physical security threats, information technology
or cyber-attacks, epidemics, sanctions or natural disasters; (22) work
stoppages or other labor disruptions; (23) substantial pension and other
postretirement benefit obligations; (24) potential environmental liabilities;
and (25) effects of climate change and legal, regulatory or market responses
to such change.

Additional information concerning these and other factors can be found in our
filings with the Securities and Exchange Commission, including our most recent
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K. Any forward-looking statement speaks only as of the date on which
it is made, and we assume no obligation to update or revise any
forward-looking statement, whether as a result of new information, future
events, or otherwise, except as required by law.

 Contact:                                                        
                                                                 
 Investor Relations:    Matt Welch or Keely Moos (312) 544-2140  
 Communications:        Michael Friedman media@boeing.com        

   

                The Boeing Company and Subsidiaries  Consolidated Statements of Operations (Unaudited)                
                                                                                                                      
                                                             Twelve months ended             Three months ended       
                                                                  December 31                    December 31          
 (Dollars in millions, except per share data)                 2021                2020        2021               2020 
 Sales of products                                         $51,386             $47,142     $12,162            $12,486 
 Sales of services                                          10,900              11,016       2,631              2,818 
 Total revenues                                             62,286              58,158      14,793             15,304 
                                                                                                                      
 Cost of products                                         (49,954)            (54,568)    (14,788)           (18,567) 
 Cost of services                                          (9,283)             (9,232)     (2,512)            (2,415) 
 Boeing Capital interest expense                              (32)                (43)         (7)               (10) 
 Total costs and expenses                                 (59,269)            (63,843)    (17,307)           (20,992) 
                                                             3,017             (5,685)     (2,514)            (5,688) 
 Income from operating investments, net                        210                   9          15                 70 
 General and administrative expense                        (4,157)             (4,817)       (988)            (1,828) 
 Research and development expense, net                     (2,249)             (2,476)       (678)              (605) 
 Gain/(loss) on dispositions, net                              277                 202         (6)                  2 
 Loss from operations                                      (2,902)            (12,767)     (4,171)            (8,049) 
 Other income, net                                             551                 447         132                122 
 Interest and debt expense                                 (2,682)             (2,156)       (661)              (698) 
 Loss before income taxes                                  (5,033)            (14,476)     (4,700)            (8,625) 
 Income tax benefit                                            743               2,535         536                186 
 Net loss                                                  (4,290)            (11,941)     (4,164)            (8,439) 
 Less: net loss attributable to noncontrolling interest       (88)                (68)        (21)               (19) 
 Net loss attributable to Boeing Shareholders             ($4,202)           ($11,873)    ($4,143)           ($8,420) 
                                                                                                                      
 Basic loss per share                                      ($7.15)            ($20.88)     ($7.02)           ($14.65) 
                                                                                                                      
 Diluted loss per share                                    ($7.15)            ($20.88)     ($7.02)           ($14.65) 
                                                                                                                      
 Weighted average diluted shares (millions)                  588.0               569.0       590.3              575.4 

   

                  The Boeing Company and Subsidiaries  Consolidated Statements of Financial Position (Unaudited)                   
                                                                                                                                   
 (Dollars in millions, except per share data)                                                     December 31     December 31 2020 
                                                                                                          2021                     
 Assets                                                                                                                            
 Cash and cash equivalents                                                                              $8,052              $7,752 
 Short-term and other investments                                                                        8,192              17,838 
 Accounts receivable, net                                                                                2,641               1,955 
 Unbilled receivables, net                                                                               8,620               7,995 
 Current portion of customer financing, net                                                                117                 101 
 Inventories                                                                                            78,823              81,715 
 Other current assets, net                                                                               2,221               4,286 
 Total current assets                                                                                  108,666             121,642 
 Customer financing, net                                                                                 1,695               1,936 
 Property, plant and equipment, net of accumulated depreciation of $20,538 and $20,507                  10,918              11,820 
 Goodwill                                                                                                8,068               8,081 
 Acquired intangible assets, net                                                                         2,562               2,843 
 Deferred income taxes                                                                                      77                  86 
 Investments                                                                                               975               1,016 
 Other assets, net of accumulated amortization of of $975 and $729                                       5,591               4,712 
 Total assets                                                                                         $138,552            $152,136 
 Liabilities and equity                                                                                                            
 Accounts payable                                                                                       $9,261             $12,928 
 Accrued liabilities                                                                                    18,455              22,171 
 Advances and progress billings                                                                         52,980              50,488 
 Short-term debt and current portion of long-term debt                                                   1,296               1,693 
 Total current liabilities                                                                              81,992              87,280 
 Deferred income taxes                                                                                     218               1,010 
 Accrued retiree health care                                                                             3,528               4,137 
 Accrued pension plan liability, net                                                                     9,104              14,408 
 Other long-term liabilities                                                                             1,750               1,486 
 Long-term debt                                                                                         56,806              61,890 
 Total liabilities                                                                                     153,398             170,211 
 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                                                                              9,052               7,787 
 Treasury stock, at cost - 423,343,707 and 429,941,021 shares                                         (51,861)            (52,641) 
 Retained earnings                                                                                      34,408              38,610 
 Accumulated other comprehensive loss                                                                 (11,659)            (17,133) 
 Total shareholders' deficit                                                                          (14,999)            (18,316) 
 Noncontrolling interests                                                                                  153                 241 
 Total equity                                                                                         (14,846)            (18,075) 
 Total liabilities and equity                                                                         $138,552            $152,136 

   

           The Boeing Company and Subsidiaries  Consolidated Statements of Cash Flows (Unaudited)           
                                                                                                            
                                                                                  Twelve months ended       
                                                                                       December 31          
 (Dollars in millions)                                                             2021                2020 
 Cash flows – operating activities:                                                                         
 Net loss                                                                      ($4,290)           ($11,941) 
 Adjustments to reconcile net loss to net cash used by operating activities:                                
 Non-cash items –                                                                                           
 Share-based plans expense                                                          833                 250 
 Treasury shares issued for 401(k) contribution                                   1,233                 195 
 Depreciation and amortization                                                    2,144               2,246 
 Investment/asset impairment charges, net                                            98                 410 
 Customer financing valuation adjustments                                                                12 
 Gain on dispositions, net                                                        (277)               (202) 
 787 and 777X reach-forward losses                                                3,460               6,493 
 Other charges and credits, net                                                     360               1,462 
 Changes in assets and liabilities –                                                                        
 Accounts receivable                                                              (713)                 909 
 Unbilled receivables                                                             (586)                 919 
 Advances and progress billings                                                   2,505             (1,060) 
 Inventories                                                                    (1,127)            (11,002) 
 Other current assets                                                               345                 372 
 Accounts payable                                                               (3,783)             (5,363) 
 Accrued liabilities                                                            (3,687)               1,074 
 Income taxes receivable, payable and deferred                                      733             (2,576) 
 Other long-term liabilities                                                      (206)               (222) 
 Pension and other postretirement plans                                           (972)               (794) 
 Customer financing, net                                                            210                 173 
 Other                                                                              304                 235 
 Net cash used by operating activities                                          (3,416)            (18,410) 
 Cash flows – investing activities:                                                                         
 Payments to acquire property, plant and equipment                                (980)             (1,303) 
 Proceeds from disposals of property, plant and equipment                           529                 296 
 Acquisitions, net of cash acquired                                                 (6)                     
 Contributions to investments                                                  (35,713)            (37,616) 
 Proceeds from investments                                                       45,489              20,275 
 Other                                                                                5                (18) 
 Net cash provided/(used) by investing activities                                 9,324            (18,366) 
 Cash flows – financing activities:                                                                         
 New borrowings                                                                   9,795              47,248 
 Debt repayments                                                               (15,371)            (10,998) 
 Stock options exercised                                                             42                  36 
 Employee taxes on certain share-based payment arrangements                        (66)               (173) 
 Dividends paid                                                                                     (1,158) 
 Net cash (used)/provided by financing activities                               (5,600)              34,955 
 Effect of exchange rate changes on cash and cash equivalents                      (39)                  85 
 Net increase/(decrease) in cash & cash equivalents, including restricted           269             (1,736) 
 Cash & cash equivalents, including restricted, at beginning of year              7,835               9,571 
 Cash & cash equivalents, including restricted, at end of year                    8,104               7,835 
 Less restricted cash & cash equivalents, included in Investments                    52                  83 
 Cash and cash equivalents at end of year                                        $8,052              $7,752 

   

                  The Boeing Company and Subsidiaries  Summary of Business Segment Data  (Unaudited)                  
                                                                                                                      
                                                             Twelve months ended             Three months ended       
                                                                  December 31                    December 31          
 (Dollars in millions)                                     2021                2020        2021               2020    
 Revenues:                                                                                                            
 Commercial Airplanes                                      $19,493             $16,162      $4,750             $4,728 
 Defense, Space & Security                                  26,540              26,257       5,862              6,779 
 Global Services                                            16,328              15,543       4,291              3,733 
 Boeing Capital                                                272                 261          63                 56 
 Unallocated items, eliminations and other                   (347)                (65)       (173)                  8 
 Total revenues                                            $62,286             $58,158     $14,793            $15,304 
 Earnings/(loss) from operations:                                                                                     
 Commercial Airplanes                                     ($6,475)           ($13,847)    ($4,454)           ($7,648) 
 Defense, Space & Security                                   1,544               1,539       (255)                502 
 Global Services                                             2,017                 450         401                143 
 Boeing Capital                                                106                  63           7                 16 
 Segment operating loss                                    (2,808)            (11,795)     (4,301)            (6,987) 
 Unallocated items, eliminations and other                 (1,267)             (2,355)       (235)            (1,390) 
 FAS/CAS service cost adjustment                             1,173               1,383         365                328 
 Loss from operations                                      (2,902)            (12,767)     (4,171)            (8,049) 
 Other income, net                                             551                 447         132                122 
 Interest and debt expense                                 (2,682)             (2,156)       (661)              (698) 
 Loss before income taxes                                  (5,033)            (14,476)     (4,700)            (8,625) 
 Income tax benefit                                            743               2,535         536                186 
 Net loss                                                  (4,290)            (11,941)     (4,164)            (8,439) 
 Less: Net loss attributable to noncontrolling interest       (88)                (68)        (21)               (19) 
 Net loss attributable to Boeing Shareholders             ($4,202)           ($11,873)    ($4,143)           ($8,420) 
 Research and development expense, net:                                                                               
 Commercial Airplanes                                       $1,140              $1,385        $323               $278 
 Defense, Space & Security                                     818                 713         288                219 
 Global Services                                               107                 138          27                 28 
 Other                                                         184                 240          40                 80 
 Total research and development expense, net                $2,249              $2,476        $678               $605 
                                                                                                                      
 Unallocated items, eliminations and other:                                                                           
 Share-based plans                                          ($174)              ($120)        ($3)              ($40) 
 Deferred compensation                                       (126)                (93)        (40)              (127) 
 Amortization of previously capitalized interest             (107)                (95)        (41)               (26) 
 Research and development expense, net                       (184)               (240)        (40)               (80) 
 Eliminations and other unallocated items                    (676)             (1,807)       (111)            (1,117) 
 Sub-total (included in core operating loss)               (1,267)             (2,355)       (235)            (1,390) 
 Pension FAS/CAS service cost adjustment                       882               1,024         306                251 
 Postretirement FAS/CAS service cost adjustment                291                 359          59                 77 
 FAS/CAS service cost adjustment                             1,173               1,383        $365               $328 
 Total                                                       ($94)              ($972)        $130           ($1,062) 

   

                       The Boeing Company and Subsidiaries  Operating and Financial Data (Unaudited)                       
                                                                                                                           
 Deliveries                                      Twelve months ended                 Three months ended                    
                                                     December 31                         December 31                       
 Commercial Airplanes                            2021                  2020            2021                2020            
 737                                              263                    43              84                  31            
 747                                                7                     5               3                   3            
 767                                               32                    30               8                  10            
 777                                               24                    26               4                  11            
 787                                               14                    53               —                   4            
 Total                                            340                   157              99                  59            
                                                                                                                           
                                                                                                                           
 Defense, Space & Security                                                                                                 
 AH-64 Apache (New)                                27                    19               8                   1            
 AH-64 Apache (Remanufactured)                     56                    52              14                   8            
 CH-47 Chinook (New)                               15                    27               3                   8            
 CH-47 Chinook (Renewed)                            5                     3               —                   —            
 F-15 Models                                       16                     4               5                   1            
 F/A-18 Models                                     21                    20               6                   6            
 KC-46 Tanker                                      13                    14               6                   4            
 P-8 Models                                        16                    15               5                   6            
                                                                                                                           
                                                                                                                           
 Total backlog (Dollars in millions)                                           December 31                December 31 2020 
                                                                                       2021                                
 Commercial Airplanes                                                              $296,882            $281,588            
 Defense, Space & Security                                                           59,828              60,847            
 Global Services                                                                     20,496              20,632            
 Unallocated items, eliminations and other                                              293                 337            
 Total backlog                                                                     $377,499            $363,404            
                                                                                                                           
 Contractual backlog                                                               $356,362            $339,309            
 Unobligated backlog                                                                 21,137              24,095            
 Total backlog                                                                     $377,499            $363,404            
                                                                                                                           

The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core
operating loss, core operating margin, and core loss per share with the most
directly comparable GAAP financial measures, loss from operations, operating
margin, and diluted loss per share. See page 6 of this release for additional
information on the use of these non-GAAP financial measures.

 (Dollars in millions, except per share data)                                                      Fourth Quarter 2021                      Fourth Quarter 2020   
                                                                                       $ millions                   Per Share             $ millions   Per Share  
 Revenues                                                                                         14,793                                       15,304             
 Loss from operations (GAAP)                                                                     (4,171)                                      (8,049)             
 Operating margin (GAAP)                                                                         (28.2)%                                      (52.6)%             
                                                                                                                                                                  
 FAS/CAS service cost adjustment:                                                                                                                                 
 Pension FAS/CAS service cost adjustment                                                           (306)                                        (251)             
 Postretirement FAS/CAS service cost adjustment                                                     (59)                                         (77)             
 FAS/CAS service cost adjustment                                                                   (365)                                        (328)             
 Core operating loss (non-GAAP)                                                                 ($4,536)                                     ($8,377)             
 Core operating margin (non-GAAP)                                                                (30.7)%                                      (54.7)%             
                                                                                                                                                                  
 Diluted loss per share (GAAP)                                                                                                    ($7.02)                ($14.65) 
 Pension FAS/CAS service cost adjustment                                                          ($306)                           (0.52)      ($251)      (0.44) 
 Postretirement FAS/CAS service cost adjustment                                                     (59)                           (0.10)        (77)      (0.13) 
 Non-operating pension expense                                                                     (147)                           (0.26)        (85)      (0.15) 
 Non-operating postretirement expense                                                                 15                             0.03        (21)      (0.04) 
 Provision for deferred income taxes on adjustments (1)                                              104                             0.18          91        0.16 
 Subtotal of adjustments                                                                          ($393)                          ($0.67)      ($343)     ($0.60) 
 Core loss per share (non-GAAP)                                                                                                   ($7.69)                ($15.25) 
                                                                                                                                                                  
 Weighted average diluted shares (in millions)                                                                                      590.3                   575.4 
                                                                                                                                 
 (1) The income tax impact is calculated using the U.S. corporate statutory tax rate.                                            
                                                                                                                                                                  

The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)

The tables provided below reconcile the non-GAAP financial measures core
operating loss, core operating margin, and core loss per share with the most
directly comparable GAAP financial measures, loss from operations, operating
margin, and diluted loss per share. See page 6 of this release for additional
information on the use of these non-GAAP financial measures.

 (Dollars in millions, except per share data)                                                       Twelve Months 2021                      Twelve months 2020    
                                                                                       $ millions                   Per Share             $ millions   Per Share  
 Revenues                                                                                         62,286                                       58,158             
 Loss from operations (GAAP)                                                                     (2,902)                                     (12,767)             
 Operating margin (GAAP)                                                                          (4.7)%                                      (22.0)%             
                                                                                                                                                                  
 FAS/CAS service cost adjustment:                                                                                                                                 
 Pension FAS/CAS service cost adjustment                                                           (882)                                      (1,024)             
 Postretirement FAS/CAS service cost adjustment                                                    (291)                                        (359)             
 FAS/CAS service cost adjustment                                                                 (1,173)                                      (1,383)             
 Core operating loss (non-GAAP)                                                                 ($4,075)                                    ($14,150)             
 Core operating margin (non-GAAP)                                                                 (6.5)%                                      (24.3)%             
                                                                                                                                                                  
 Diluted loss per share (GAAP)                                                                                                    ($7.15)                ($20.88) 
 Pension FAS/CAS service cost adjustment                                                          ($882)                           (1.50)    ($1,024)      (1.80) 
 Postretirement FAS/CAS service cost adjustment                                                    (291)                           (0.49)       (359)      (0.63) 
 Non-operating pension expense                                                                     (528)                           (0.91)       (340)      (0.60) 
 Non-operating postretirement expense                                                                (1)                                           16        0.03 
 Provision for deferred income taxes on adjustments (1)                                              357                             0.61         358        0.63 
 Subtotal of adjustments                                                                        ($1,345)                          ($2.29)    ($1,349)     ($2.37) 
 Core loss per share (non-GAAP)                                                                                                   ($9.44)                ($23.25) 
                                                                                                                                                                  
 Weighted average diluted shares (in millions)                                                                                      588.0                   569.0 
                                                                                                                                                                  
 (1) The income tax impact is calculated using the U.S. corporate statutory tax rate.                                            
                                                                                                                                                                  



Copyright (c) 2022 PR Newswire Association,LLC. All Rights Reserved

Recent news on Boeing Co

See all news