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☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

			THE BOEING COMPANY

Delaware

91-0425694

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

929 Long Bridge Drive

Arlington,

VA

22202

(Address of principal executive offices)

(Zip Code)

Common Stock, $5.00 Par Value

BA

New York Stock Exchange

(Title of each class)

(Trading Symbol)

(Name of each exchange on which registered)

Securities registered pursuant to Section 12(g) of the Act: None

Large Accelerated Filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

PART I									Page
			Item  1.			Business			1
			Item  1A.			Risk Factors			6
			Item  1B.			Unresolved Staff Comments			17
			Item  2.			Properties			18
			Item  3.			Legal Proceedings			18
			Item  4.			Mine Safety Disclosures			18
PART II
			Item  5.			Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			19
			Item  6.			[Reserved]			19
			Item  7.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			20
			Item  7A.			Quantitative and Qualitative Disclosures About Market Risk			51
			Item  8.			Financial Statements and Supplementary Data			52
			Item  9.			Changes in and Disagreements With Accountants on Accounting and Financial Disclosure			122
			Item  9A.			Controls and Procedures			122
			Item  9B.			Other Information			122
			Item 9C.			Disclosure Regarding Foreign Jurisdictions that Prevent Inspections			122
PART III
			Item  10.			Directors, Executive Officers and Corporate Governance			123
			Item  11.			Executive Compensation			126
			Item  12.			Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			127
			Item  13.			Certain Relationships and Related Transactions, and Director Independence			127
			Item  14.			Principal Accountant Fees and Services			127
PART IV
			Item  15.			Exhibits, Financial Statement Schedules			128
			Item  16.			Form 10-K Summary			131
			Signatures						132

Item 1. Business

•Commercial Airplanes (BCA);

•Defense, Space & Security (BDS);

•Global Services (BGS);

•Boeing Capital (BCC).

Commercial Airplanes Segment

Defense, Space & Security Segment

Global Services Segment

Intellectual Property

Human Capital

Union			Percent of our Employees Represented			Status of the Agreements with Major Union
The International Association of Machinists and Aerospace Workers (IAM)			20%			We have two major agreements; one expiring in September 2024 and one in July 2025.
The Society of Professional Engineering Employees in Aerospace (SPEEA)			10%			We have two major agreements expiring in October 2026.
The United Automobile, Aerospace and Agricultural Implement Workers of America (UAW)			1%			We have one major agreement expiring in April 2027.

Competition

Regulatory Matters

Government Contracts. The U.S. government, and other governments, may terminate any of our government contracts at their convenience, as well as for default based on our failure to meet specified performance requirements. If any of our U.S. government contracts were to be terminated for convenience, we generally would be entitled to receive payment for work completed and allowable termination or cancellation costs. If any of our government contracts were to be terminated for default, generally the U.S. government would pay only for the work that has been accepted and could require us to pay the difference between the original contract price and the cost to re-procure the contract items, net of the work accepted from the original contract. The U.S. government can also hold us liable for damages resulting from the default.

Commercial Aircraft. In the U.S., our commercial aircraft products are required to comply with FAA regulations governing production and quality systems, airworthiness and installation approvals, repair procedures and continuing operational safety. New aircraft models and new derivative aircraft are required to obtain FAA certification prior to entry into service. Outside the U.S., similar requirements exist for airworthiness, installation and operational approvals. These requirements are generally administered by the national aviation authorities of each country and, in the case of Europe, coordinated by the European Union Aviation Safety Agency.

Environmental. We are subject to various federal, state, local and non-U.S. laws and regulations relating to environmental protection, including the discharge, treatment, storage, disposal and remediation of hazardous substances and wastes. We could also be affected by laws and regulations relating to climate change, including laws limiting or otherwise related to greenhouse gas emissions. These laws and regulations could lead to increased environmental compliance expenditures, increased energy and raw materials costs and new and/or additional investment in designs and technologies. We continually assess our compliance status and management of environmental matters to ensure our operations are in compliance with all applicable environmental laws and regulations. Investigation, remediation and operation and maintenance costs associated with environmental compliance and management of sites are a normal, recurring part of our operations. These costs often are allowable costs under our contracts with the U.S. government. It is reasonably possible that costs incurred to ensure continued environmental compliance could have a material impact on our results of operations, financial condition or cash flows if additional work requirements or more stringent clean-up standards are imposed by regulators, new areas of soil, air and groundwater contamination are discovered and/or expansions of work scope are prompted by the results of investigations.

Non-U.S. Sales. Our non-U.S. sales are subject to both U.S. and non-U.S. governmental regulations and procurement policies and practices, including regulations relating to import-export control, tariffs, investment, exchange controls, anti-corruption and repatriation of earnings. Non-U.S. sales are also subject to varying currency, political and economic risks.

Raw Materials, Parts and Subassemblies

Suppliers

Seasonality

Executive Officers of the Registrant

Other Information

Forward-Looking Statements

Item 1A. Risk Factors

Market conditions have a significant impact on demand for our commercial aircraft and related services. The commercial aircraft market is predominantly driven by long-term trends in airline passenger and cargo traffic. The principal factors underlying long-term traffic growth are sustained economic growth and political stability both in developed and emerging markets. Demand for our commercial aircraft is further influenced by airline profitability, availability of aircraft financing, world trade policies, government-to-government relations, technological advances, price and other competitive factors, fuel prices, terrorism, pandemics, epidemics and environmental regulations. Historically, the airline industry has been cyclical and very competitive and has experienced significant profit swings and constant challenges to be more cost competitive. Significant deterioration in the global economic environment, the airline industry generally or the financial stability of one or more of our major customers could result in fewer new orders for aircraft or services, or could cause customers to seek to postpone or cancel contractual orders and/or payments to us, which could result in lower revenues, profitability and cash flows and a reduction in our contractual backlog. In addition, because our commercial aircraft backlog consists of aircraft scheduled for delivery over a period of several years, any of these macroeconomic, industry or customer impacts could unexpectedly affect deliveries over a long period.

We enter into firm fixed-price aircraft sales contracts with indexed price escalation clauses, which could subject us to losses if we have cost overruns or if increases in our costs exceed the applicable escalation rate. Commercial aircraft sales contracts are often entered into years before the aircraft are delivered. In order to help account for economic fluctuations between the contract date and delivery date, aircraft pricing generally consists of a fixed amount as modified by price escalation formulas derived from labor, commodity and other price indices. Our revenue estimates are based on current expectations with respect to these escalation formulas, but the actual escalation amounts are outside of our control. Escalation factors can fluctuate significantly from period to period. Changes in escalation amounts can significantly impact revenues and operating margins in our Commercial Airplanes business.

We derive a significant portion of our revenues from a limited number of commercial airlines. We can make no assurance that any customer will exercise purchase options, fulfill existing purchase commitments or purchase additional products or services from us. In addition, fleet decisions, airline consolidations or financial challenges involving any of our major commercial airline customers could significantly reduce our revenues and limit our opportunity to generate profits from those customers.

We must minimize disruption caused by production changes, achieve operational stability and implement productivity improvements in order to meet customer demand and maintain our profitability. We have previously announced plans to adjust production rates on several of our commercial aircraft programs. The 787 program is currently producing at low rates and we expect to gradually increase to 5 per month in 2023. Production of the 777X is currently paused and is expected to resume in 2023. The 737 program has experienced operational and supply chain challenges stabilizing production at 31 per month. We plan to gradually increase 737 production rates based on market demand and supply chain capacity. In addition, we continue to seek opportunities to reduce the costs of building our aircraft, including working with our suppliers to reduce supplier costs, identifying and implementing productivity improvements and optimizing how we manage inventory. If production rate changes at any of our

Operational challenges impacting the production system for one or more of our commercial aircraft programs could result in additional production delays and/or failure to meet customer demand for new aircraft, either of which would negatively impact our revenues and operating margins. Our commercial aircraft production system is extremely complex. Operational issues, including delays or defects in supplier components, failure to meet internal performance plans, or delays or failures to achieve required regulatory approval, could result in additional out-of-sequence work and increased production costs, as well as delayed deliveries to customers, impacts to aircraft performance and/or increased warranty or fleet support costs. We and our suppliers are experiencing supply chain disruptions as a result of the lingering impacts of COVID-19, global supply chain constraints, and labor instability. We and our suppliers are also experiencing inflationary pressures. We continue to monitor the health and stability of the supply chain as we ramp up production. These factors have reduced overall productivity and adversely impacted our financial position, results of operations and cash flows.

If our commercial aircraft fail to satisfy performance and reliability requirements and/or potentially required sustainability standards, we could face additional costs and/or lower revenues. Developing and manufacturing commercial aircraft that meet or exceed our performance and reliability standards and/or potentially required sustainability standards, as well as those of customers and regulatory agencies, can be costly and technologically challenging. These challenges are particularly significant with newer aircraft programs. Any failure of any Boeing aircraft to satisfy performance or reliability requirements could result in disruption to our operations, higher costs and/or lower revenues.

•changes in regulatory requirements or other executive branch actions, such as Executive Orders;

•changes in the global trade environment, including disputes with authorities in non-U.S. jurisdictions, including international trade authorities, that could impact sales and/or delivery of products and services outside the U.S. and/or impose costs on our customers in the form of tariffs, duties or penalties attributable to the importation of Boeing products and services;

•changes to U.S. and non-U.S. government policies, including sourcing restrictions, requirements to expend a portion of program funds locally and governmental industrial cooperation or participation requirements;

•fluctuations in international currency exchange rates;

•volatility in international political and economic environments and changes in non-U.S. national priorities and budgets, which can lead to delays or fluctuations in orders;

•the complexity and necessity of using non-U.S. representatives and consultants;

•the uncertainty of the ability of non-U.S. customers to finance purchases, including the availability of financing from the Export-Import Bank of the United States;

•uncertainties and restrictions concerning the availability of funding credit or guarantees;

•imposition of domestic and international taxes, export controls, tariffs, embargoes, sanctions (such as those imposed on Russia) and other trade restrictions;

•the difficulty of management and operation of an enterprise spread over many countries;

•compliance with a variety of non-U.S. laws, as well as U.S. laws affecting the activities of U.S. companies abroad; and

•unforeseen developments and conditions, including terrorism, war, epidemics and international tensions and conflicts.

While the impact of these factors is difficult to predict, any one or more of these factors could adversely affect our operations in the future. For example, since 2018, the U.S. and China have imposed tariffs on each other’s imports. Certain aircraft parts and components that Boeing procures are subject to these tariffs. We are mitigating import costs through Duty Drawback Customs procedures. Overall, the U.S.-China trade relationship remains stalled as economic and national security concerns continue to be a challenge. China is a significant market for commercial aircraft. Boeing has long-standing relationships with our Chinese customers, who represent a key component of our commercial aircraft backlog. For the 737 MAX, there is uncertainty regarding timing of resumption of deliveries in China which is still subject to final regulatory approvals. If we are unable to obtain additional orders from China in the future, our market share could be adversely affected. Furthermore, following Russia’s invasion of Ukraine, we suspended our operations in Russia due to sanctions and export controls, and the war has negatively impacted, and could continue to adversely impact, our business and financial results. Impacts from future potential deterioration in trade relations between the U.S. and one or more other countries, could have a material adverse impact on our financial position, results of operations and/or cash flows.

Our sales to the U.S. government are subject to extensive procurement regulations, and changes to those regulations could increase our costs. New procurement regulations or climate or cyber-related contractual disclosures, or changes to existing requirements, could increase our compliance costs or otherwise have a material impact on the operating margins of our BDS and BGS businesses. These requirements may also result in withheld payments and/or reduced future business if we fail to comply. For example, proposals to raise domestic content thresholds for our U.S. government contracts could have negative impacts on our business. Compliance costs attributable to current and potential future procurement regulations such as these could negatively impact our financial position, results of operations and/or cash flows.

The U.S. government may modify, curtail or terminate one or more of our contracts. The U.S. government contracting party may modify, curtail or terminate its contracts and subcontracts with us, without prior notice and either at its convenience or for default based on performance. In addition, funding pursuant to our U.S. government contracts may be reduced or withheld as part of the U.S. Congressional appropriations process due to fiscal constraints, changes in U.S. national security strategy and/or priorities or other reasons. Further uncertainty with respect to ongoing programs could also result in the event that the U.S. government finances its operations through temporary funding measures such as “continuing resolutions” rather than full-year appropriations. Any loss or anticipated loss or reduction of expected funding and/or modification, curtailment or termination of one or more large programs could have a material adverse effect on our financial position, results of operations and/or cash flows.

We are subject to U.S. government inquiries and investigations, including periodic audits of costs that we determine are reimbursable under U.S. government contracts. U.S. government agencies, including the Defense Contract Audit Agency and the Defense Contract Management Agency, routinely audit government contractors. These agencies review our performance under contracts, cost structure and compliance with applicable laws, regulations and standards, as well as the adequacy of and our compliance with our internal control systems and policies. Any costs found to be misclassified or inaccurately allocated to a specific contract will be deemed non-reimbursable, and to the extent already reimbursed, must be refunded. Any inadequacies in our systems and policies could result in withholds on billed receivables, penalties and reduced future business. Furthermore, if any audit, inquiry or investigation uncovers improper or illegal activities, we could be subject to civil and criminal penalties and administrative sanctions, including termination of contracts, forfeiture of profits, suspension of payments, fines and suspension or debarment from doing business with the U.S. government. We also

Our operations expose us to the risk of material environmental liabilities.

(Square feet in thousands)			Owned						Leased						Government Owned						Total
Commercial Airplanes			39,586						6,673												46,259
Defense, Space & Security			22,643						5,090												27,733
Global Services			1,201						7,591												8,792
Other(1)			1,821						2,476						315						4,612
Total			65,251						21,830						315						87,396

(1) Other includes sites used for corporate offices, enterprise research and development and common internal services.

•Commercial Airplanes – Greater Seattle, WA; China; Greater Charleston, SC; Greater Portland, OR; Greater Los Angeles, CA; Greater Salt Lake City, UT; Australia and Canada

•Defense, Space & Security – Greater St. Louis, MO; Greater Seattle, WA; Greater Los Angeles, CA; Philadelphia, PA; Mesa, AZ; Huntsville, AL; Oklahoma City, OK; Heath, OH; Greater Washington, DC; Australia; Greater Portland, OR; Houston, TX; and Kennedy Space Center

•Global Services – San Antonio, TX; Greater Miami, FL; Dallas, TX; Great Britain; China; Jacksonville, FL; and Germany

•Other – Chicago, IL; India; Greater Los Angeles, CA; Greater St. Louis, MO; and Greater Washington, DC.

PART II

Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Issuer Purchases of Equity Securities

			(a)						(b)						(c)						(d)
			Total Number of Shares Purchased(1)						Average Price Paid per Share						Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs						Approximate Dollar Value of Shares That May Yet be Purchased Under the Plans or Programs(2)
10/1/2022 thru 10/31/2022			4,578						$138.33
11/1/2022 thru 11/30/2022			2,371						142.24
12/1/2022 thru 12/31/2022			18,793						181.13
Total			25,742						$169.94

(1)A total of 25,742 shares were transferred to us from employees in satisfaction of tax withholding obligations associated with the vesting of restricted stock units during the period. We did not purchase any shares of our common stock in the open market pursuant to a repurchase program.

(2)On March 21, 2020, the Board of Directors terminated its prior authorization to repurchase shares of the Company's outstanding common stock. Share repurchases under this open market repurchase program have been suspended since April 2019.

Item 6. [Reserved]

Consolidated Results of Operations and Financial Condition

Business Environment and Trends

(Dollars in millions, except per share data)
Years ended December 31,			2022						2021						2020
Revenues			$66,608						$62,286						$58,158
GAAP
Loss from operations			($3,547)						($2,902)						($12,767)
Operating margins			(5.3)		%				(4.7)		%				(22.0)		%
Effective income tax rate			(0.6)		%				14.8		%				17.5		%
Net loss attributable to Boeing Shareholders			($4,935)						($4,202)						($11,873)
Diluted loss per share			($8.30)						($7.15)						($20.88)
Non-GAAP (1)
Core operating loss			($4,690)						($4,075)						($14,150)
Core operating margins			(7.0		%)				(6.5		%)				(24.3		%)
Core loss per share			($11.06)						($9.44)						($23.25)

(1)These measures exclude certain components of pension and other postretirement benefit expense. See pages 45 - 47 for important information about these non-GAAP measures and reconciliations to the most directly comparable GAAP measures.

(Dollars in millions)
Years ended December 31,			2022						2021						2020
Commercial Airplanes			$25,867						$19,493						$16,162
Defense, Space & Security			23,162						26,540						26,257
Global Services			17,611						16,328						15,543
Boeing Capital			199						272						261
Unallocated items, eliminations and other			(231)						(347)						(65)
Total			$66,608						$62,286						$58,158

Loss From Operations

(Dollars in millions)
Years ended December 31,			2022						2021						2020
Commercial Airplanes			($2,370)						($6,475)						($13,847)
Defense, Space & Security			(3,544)						1,544						1,539
Global Services			2,727						2,017						450
Boeing Capital			29						106						63
Segment operating loss			(3,158)						(2,808)						(11,795)
Pension FAS/CAS service cost adjustment			849						882						1,024
Postretirement FAS/CAS service cost adjustment			294						291						359
Unallocated items, eliminations and other			(1,532)						(1,267)						(2,355)
Loss from operations (GAAP)			($3,547)						($2,902)						($12,767)
FAS/CAS service cost adjustment *			(1,143)						(1,173)						(1,383)
Core operating loss (Non-GAAP) **			($4,690)						($4,075)						($14,150)

*    The FAS/CAS service cost adjustment represents the difference between the FAS pension and postretirement service costs calculated under GAAP and costs allocated to the business segments.

**    Core operating loss is a non-GAAP measure that excludes the FAS/CAS service cost adjustment. See pages 45 - 47.

Unallocated Items, Eliminations and Other The most significant items included in Unallocated items, eliminations and other are shown in the following table:

(Dollars in millions)
Years ended December 31,			2022						2021						2020
Share-based plans			($114)						($174)						($120)
Deferred compensation			117						(126)						(93)
Amortization of previously capitalized interest			(95)						(107)						(95)
Research and development expense, net			(278)						(184)						(240)
Eliminations and other unallocated items			(1,162)						(676)						(1,807)
Unallocated items, eliminations and other			($1,532)						($1,267)						($2,355)

(Dollars in millions)			Pension
Years ended December 31,			2022						2021						2020
Allocated to business segments			($852)						($885)						($1,027)
Pension FAS/CAS service cost adjustment			849						882						1,024
Net periodic pension benefit cost included in Loss from operations			($3)						($3)						($3)

(Dollars in millions)
Years ended December 31,			2022						2021						2020
Loss from operations			($3,547)						($2,902)						($12,767)
Other income, net			1,058						551						447
Interest and debt expense			(2,533)						(2,682)						(2,156)
Loss before income taxes			(5,022)						(5,033)						(14,476)
Income tax (expense)/benefit			(31)						743						2,535
Net loss from continuing operations			(5,053)						(4,290)						(11,941)
Less: net loss attributable to noncontrolling interest			(118)						(88)						($68)
Net loss attributable to Boeing Shareholders			($4,935)						($4,202)						($11,873)

Total Costs and Expenses (“Cost of Sales”)

(Dollars in millions)
Years ended December 31			2022						2021			Change						2021						2020			Change
Cost of sales			$63,106						$59,269			$3,837						$59,269						$63,843			($4,574)
Cost of sales as a % of Revenues			94.7		%				95.2		%	(0.5)		%				95.2		%				109.8		%	(14.6)		%

Research and Development The following table summarizes our Research and development expense:

(Dollars in millions)
Years ended December 31,			2022						2021						2020
Commercial Airplanes			$1,510						$1,140						$1,385
Defense, Space & Security			945						818						713
Global Services			119						107						138
Other			278						184						240
Total			$2,852						$2,249						$2,476

Backlog

(Dollars in millions)
Years ended December 31,			2022						2021
Commercial Airplanes			$329,824						$296,882
Defense, Space & Security			54,373						59,828
Global Services			19,338						20,496
Unallocated items, eliminations and other			846						293
Total Backlog			$404,381						$377,499
Contractual backlog			$381,977						$356,362
Unobligated backlog			22,404						21,137
Total Backlog			$404,381						$377,499

Additional Considerations

Global Trade We continually monitor the global trade environment in response to geopolitical economic developments, as well as changes in tariffs, trade agreements or sanctions that may impact the Company.

Airline Industry Environment See Overview to Management’s Discussion and Analysis of Financial Condition and Results of Operations for a discussion of the airline industry environment.

Industry Competitiveness The industry continues to recover from the lingering effects of the COVID-19 pandemic. The commercial aircraft market and the airline industry both remain extremely competitive. While the impacts and responses have varied globally, the reduction of demand and disruption in production has adversely impacted most manufacturers in the commercial aircraft industry.

(Dollars in millions)
Years ended December 31,			2022						2021						2020
Revenues			$25,867						$19,493						$16,162
% of total company revenues			39		%				31		%				28		%
Loss from operations			($2,370)						($6,475)						($13,847)
Operating margins			(9.2)		%				(33.2)		%				(85.7)		%
Research and development			$1,510						$1,140						$1,385

			737			*			747						767			*			777						787						Total
2022
Cumulative deliveries			8,132						1,572						1,271						1,701						1,037
Deliveries			387			(13)			5						33			(15)			24						31						480
2021
Cumulative deliveries			7,745						1,567						1,238						1,677						1,006
Deliveries			263			(16)			7						32			(13)			24						14						340
2020
Cumulative deliveries			7,482						1,560						1,206						1,653						992
Deliveries			43			(14)			5						30			(11)			26						53						157

* Intercompany deliveries identified by parentheses

Accounting Quantity The accounting quantity is our estimate of the quantity of airplanes that will be produced for delivery under existing and anticipated contracts. The determination of the accounting quantity is limited by the ability to make reasonably dependable estimates of the revenue and cost of existing and anticipated contracts. It is a key determinant of the gross margins we recognize on sales of individual airplanes throughout a program’s life. Estimation of each program’s accounting quantity takes into account several factors that are indicative of the demand for that program, including firm orders, letters of intent from prospective customers and market studies. We review our program accounting quantities quarterly.

			Program
			737						747						767						777						777X						787			†
2022
Program accounting quantities			10,800						1,574						1,267						1,790						400						1,600
Undelivered units under firm orders			3,653						1						106						69						244						505			(8)
Cumulative firm orders			11,785						1,573						1,377						1,770						244						1,542
2021
Program accounting quantities			10,400						1,574						1,243						1,750						350						1,500
Undelivered units under firm orders			3,414						6						108						58						253						411			(14)
Cumulative firm orders			11,159						1,573						1,346						1,735						253						1,417
2020
Program accounting quantities			10,000						1,574						1,207						1,700						350						1,500
Undelivered units under firm orders			3,282						8						75						41						191						458			(22)
Cumulative firm orders			10,764						1,568						1,281						1,694						191						1,450

† Aircraft ordered by BCC are identified in parentheses.

737 Program The accounting quantity for the 737 program increased by 400 units during 2022 due to the program's normal progress of obtaining additional orders and delivering airplanes.

747 Program We completed production of the 747 in the fourth quarter of 2022 and delivery of the last aircraft is expected to occur in early 2023. Ending production of the 747 did not have a material impact on our financial position, results of operations or cash flows.

767 Program The accounting quantity for the 767 program increased by 24 units during 2022 due to the program's normal progress of obtaining additional orders and delivering airplanes. The 767 assembly line includes the commercial program and a derivative to support the KC-46A Tanker program. The commercial program has near break-even gross margins. We are currently producing at a combined rate of 3 aircraft per month.

777 and 777X Programs The accounting quantity for the 777 program increased by 40 units during 2022 due to the program's normal progress of obtaining additional orders and delivering airplanes. We are currently producing at a combined production rate of 3 per month for the 777/777X programs. The accounting quantity for the 777X program increased by 50 units during 2022 reflecting the launch of the 777X-8 freighter during the first quarter of 2022. First delivery of the 777X-8 freighter is expected in 2027.

787 Program During the fourth quarter of 2022, we increased the accounting quantity for the 787 program by 100 units due to the program’s normal progress of obtaining additional orders and delivering aircraft. The increase in the accounting quantity improved the program’s profit margin.

Fleet Support We provide the operators of our commercial aircraft with assistance and services to facilitate efficient and safe airplane operation. Collectively known as fleet support services, these activities and services begin prior to airplane delivery and continue throughout the operational life of the airplane. They include flight and maintenance training, field service support, engineering services, information services and systems and technical data and documents. The costs for fleet support are expensed as incurred and have historically been approximately 1% of total consolidated costs of products and services.

Program Development The following chart summarizes the time horizon between go-ahead and planned initial delivery for major Commercial Airplanes derivatives and programs.

Go-ahead and Initial Delivery
737-7			2011																																										2023
737-10																					2017																																										2024
777X-9									2013																																																									2025
777X-8F																																				2022																																				2027

Non-U.S. Defense Environment Overview The non-U.S. market continues to be driven by complex and evolving security challenges and the need to modernize aging equipment and inventories. BDS expects that it will continue to have a wide range of opportunities across Asia, Europe and the Middle East given the diverse regional threats. At the end of 2022, 28% of BDS backlog was attributable to non-U.S. customers.

Results of Operations

(Dollars in millions)
Years ended December 31,			2022						2021						2020
Revenues			$23,162						$26,540						$26,257
% of total company revenues			35		%				43		%				45		%
(Loss)/earnings from operations			($3,544)						$1,544						$1,539
Operating margins			(15.3)		%				5.8		%				5.9		%

Deliveries of new-build production units, including remanufactures and modifications, were as follows:

Years ended December 31,			2022						2021						2020
F/A-18 Models			14						21						20
F-15 Models			12						16						4
CH-47 Chinook (New)			19						15						27
CH-47 Chinook (Renewed)			9						5						3
AH-64 Apache (New)			25						27						19
AH-64 Apache (Remanufactured)			50						56						52
MH-139 Grey Wolf			4
KC-46 Tanker			15						13						14
P-8 Models			12						16						15
Commercial Satellites			4
Military Satellites			1
Total			165						169						154

Revenues

(Loss)/earnings From Operations

Additional Considerations

Global Services

Industry Competitiveness Aviation services is a competitive market with many domestic and international competitors. This market environment has resulted in intense pressures on pricing, and we expect these pressures to continue or intensify in the coming years. Continued access to global markets remains vital to our ability to fully realize our sales growth potential and long-term investment returns.

Results of Operations

(Dollars in millions)
Years ended December 31,			2022						2021						2020
Revenues			$17,611						$16,328						$15,543
% of total company revenues			26		%				26		%				27		%
Earnings from operations			$2,727						$2,017						$450
Operating margins			15.5		%				12.4		%				2.9		%

Boeing Capital

Results of Operations

(Dollars in millions)
Years ended December 31,			2022						2021						2020
Revenues			$199						$272						$261
Earnings from operations			$29						$106						$63
Operating margins			15		%				39		%				24		%

(Dollars in millions)			2022						2021
Customer financing and investment portfolio, net			$1,494						$1,720
Other assets, primarily cash and short-term investments			460						462
Total assets			$1,954						$2,182
Other liabilities, primarily income taxes			$239						$347
Debt, including intercompany loans			1,425						1,525
Equity			290						310
Total liabilities and equity			$1,954						$2,182
Debt-to-equity ratio			4.9-to-1						4.9-to-1

Liquidity and Capital Resources

(Dollars in millions)
Years ended December 31,			2022						2021						2020
Net loss			($5,053)						($4,290)						($11,941)
Non-cash items			4,426						7,851						10,866
Changes in assets and liabilities			4,139						(6,977)						(17,335)
Net cash provided/(used) by operating activities			3,512						(3,416)						(18,410)
Net cash provided/(used) by investing activities			4,370						9,324						(18,366)
Net cash (used)/provided by financing activities			(1,266)						(5,600)						34,955
Effect of exchange rate changes on cash and cash equivalents			(73)						(39)						85
Net increase/(decrease) in cash & cash equivalents, including restricted			6,543						269						(1,736)
Cash & cash equivalents, including restricted, at beginning of year			8,104						7,835						9,571
Cash & cash equivalents, including restricted, at end of year			$14,647						$8,104						$7,835

Operating Activities Net cash provided by operating activities was $3.5 billion during 2022, compared with net cash used by operating activities of $3.4 billion during 2021. The $6.9 billion improvement in cash provided by operating activities in 2022 is primarily driven by improved changes in assets and liabilities of $11.1 billion, partially offset by lower non-cash items of $3.4 billion and higher net loss of $0.8 billion. Changes in assets and liabilities for 2022 improved by $11.1 billion compared with 2021 primarily driven by favorable changes in Accrued liabilities ($6.6 billion), Accounts payable ($4.6 billion) and Inventories ($1.5 billion), partially offset by a decrease in Advances and progress billings ($2.4 billion) in 2022. The increase in Accrued liabilities is primarily driven by the accrued losses on BDS fixed-price development programs, lower payments to 737 MAX customers in 2022, and a $0.7 billion

The reduction in cash used by operating activities in 2021 compared with 2020 is primarily driven by lower net loss and improved changes in assets and liabilities. Non-cash items in 2021 include the $3.5 billion reach-forward loss on the 787 program which was recorded as a reduction to inventory, as well as $1.2 billion of treasury shares issued to fund Company contributions to the 401(k) plan and $0.8 billion of share-based plans expense reflecting a one-time stock grant to most employees in lieu of 2021 salary increases. The changes in assets and liabilities reflect the significant increase in commercial aircraft inventory in 2020 driven by lower deliveries due to the COVID-19 pandemic and the 737 MAX grounding. In 2021, inventory growth slowed as the continued buildup of 787 aircraft caused by production issues and 777X inventory growth was partially offset by a decrease in 737 MAX inventory following the resumption of deliveries. Compensation payments to 737 MAX customers totaled $2.5 billion in 2021 and $2.2 billion in 2020. In the first quarter of 2021, we paid $0.7 billion consistent with the terms of the Deferred Prosecution Agreement between Boeing and the U.S. Department of Justice. Additionally, in 2021, we received income tax refunds of $1.7 billion. Cash provided by Advances and progress billings was $2.5 billion in 2021, as compared with Cash used by Advances and progress billings of $1.1 billion in 2020.

Investing Activities Cash provided by investing activities during 2022 was $4.4 billion, compared with cash provided by investing activities of $9.3 billion during 2021 and cash used by investing activities of $18.4 billion during 2020. The decrease in cash inflows in 2022 compared to 2021 is primarily due to $5.6 billion of net proceeds from investments compared to $9.8 billion in 2021. The increase in cash inflows in 2021 compared to 2020 is primarily due to $27.1 billion of higher net proceeds from investments. Capital expenditures totaled $1.2 billion in 2022, compared with $1.0 billion in 2021 and $1.3 billion in 2020. We expect capital expenditures in 2023 to be higher than in 2022.

Financing Activities Cash used by financing activities was $1.3 billion during 2022, compared with $5.6 billion during 2021 and cash provided of $35.0 billion in 2020. The decrease of $4.3 billion compared with 2021 primarily reflects higher net debt repayments in 2021. During 2021, debt repayments net of new borrowings were $5.6 billion, primarily due to $13.8 billion of repayments of our two-year delayed draw term loan credit agreement, partially offset by $9.8 billion of fixed rate senior notes issued in the first quarter of 2021. During the year ended December 31, 2020, new borrowings net of repayments were $36.3 billion, primarily due to $29.9 billion of fixed rate senior notes issued in 2020 and $13.8 billion of new borrowings under a two-year delayed draw term loan agreement entered into in the first quarter of 2020.

(Dollars in millions)			Current						Long-term						Total
Long-term debt (including current portion)			$5,197						$52,338						$57,535
Interest on debt			2,266						31,397						33,663
Pension and other postretirement			519						8,133						8,652
Purchase obligations			62,025						59,515						121,540
737 MAX customer concessions and consideration(1)			100						600						700

(1)    For further discussion, see Note 13 to our Consolidated Financial Statements.

Pension and Other Postretirement Benefits Pension cash requirements are based on an estimate of our minimum funding requirements, pursuant to Employee Retirement Income Security Act (ERISA) regulations, although we may make additional discretionary contributions. Estimates of other postretirement benefits are based on both our estimated future benefit payments and the estimated contributions to plans that are funded through trusts.

Purchase Obligations Purchase obligations represent contractual agreements to purchase goods or services that are legally binding; specify a fixed, minimum or range of quantities; specify a fixed, minimum, variable or indexed price provision; and specify approximate timing of the transaction. Purchase obligations include amounts recorded as well as amounts that are not recorded on the Consolidated Statements of Financial Position.

Off-Balance Sheet Arrangements We are a party to certain off-balance sheet arrangements including certain guarantees. For discussion of these arrangements, see Note 14 to our Consolidated Financial Statements.

Commercial Commitments

(Dollars in millions)			Total Amounts Committed/Maximum Amount of Loss						Less than 1 year						1-3 years						4-5 years						After 5 years
Standby letters of credit and surety bonds			$5,070						$3,859						$1,036						$10						$165
Commercial aircraft financing commitments			16,105						3,084						5,989						4,075						2,957
Total commercial commitments			$21,175						$6,943						$7,025						$4,085						$3,122

Contingent Obligations

Legal Various legal proceedings, claims and investigations are pending against us. Legal contingencies are discussed in Note 21 to our Consolidated Financial Statements.

Environmental Remediation We are involved with various environmental remediation activities and have recorded a liability of $752 million at December 31, 2022. For additional information, see Note 13 to our Consolidated Financial Statements.

Non-GAAP Measures

(Dollars in millions, except per share data)
Years ended December 31,			2022						2021						2020
Revenues			$66,608						$62,286						$58,158
Loss from operations, as reported			($3,547)						($2,902)						($12,767)
Operating margins			(5.3)		%				(4.7)		%				(22.0)		%
Pension FAS/CAS service cost adjustment(1)			($849)						($882)						($1,024)
Postretirement FAS/CAS service cost adjustment(1)			(294)						(291)						(359)
FAS/CAS service cost adjustment(1)			($1,143)						($1,173)						($1,383)
Core operating loss (non-GAAP)			($4,690)						($4,075)						($14,150)
Core operating margins (non-GAAP)			(7.0)		%				(6.5)		%				(24.3)		%
Diluted loss per share, as reported			($8.30)						($7.15)						($20.88)
Pension FAS/CAS service cost adjustment(1)			(1.43)						(1.50)						(1.80)
Postretirement FAS/CAS service cost adjustment(1)			(0.49)						(0.49)						(0.63)
Non-operating pension expense(2)			(1.47)						(0.91)						(0.60)
Non-operating postretirement expense(2)			(0.10)												0.03
Provision for deferred income taxes on adjustments (3)			0.73						0.61						0.63
Core loss per share (non-GAAP)			($11.06)						($9.44)						($23.25)
Weighted average diluted shares (in millions)			595.2						588.0						569.0

(1)FAS/CAS service cost adjustment represents the difference between the FAS pension and postretirement service costs calculated under GAAP and costs allocated to the business segments. This adjustment is excluded from Core operating loss (non-GAAP).

(2)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 and are excluded from Core loss per share (non-GAAP).

(3)The income tax impact is calculated using the U.S. corporate statutory tax rate.

777X Program The 777X program had near break-even gross margins at December 31, 2022. The level of profitability on the 777X program will be subject to a number of factors. These factors include continued production disruption due to labor instability and supply chain disruption, customer negotiations, further production rate adjustments for the 777X or other commercial aircraft programs, contraction of the accounting quantity and potential risks associated with the testing program and the timing of aircraft certification. One or more of these factors could result in additional reach-forward losses on the 777X program in future periods, which may be material.

787 Program During the fourth quarter of 2021, we recorded a loss of $3.5 billion on the 787 program primarily due to rework driving longer delivery delays than were previously expected and associated customer considerations. During the fourth quarter of 2022, we increased the 787 program accounting quantity by 100 units due to the program’s normal progress of obtaining additional orders and delivering aircraft. The increase in the accounting quantity improved the program’s profit margin.

Deferred tax liabilities represent the assumed source of future taxable income and the majority are assumed to generate taxable amounts during the next five years. Deferred tax assets include amounts related to pension and other postretirement benefits that are assumed to generate significant deductible amounts beyond five years. The Company’s valuation allowance of $3,162 million at December 31, 2022 primarily relates to pension and other postretirement benefit obligation deferred tax assets, tax credits and other carryforwards that are assumed to reverse beyond the period in which reversals of deferred tax liabilities are assumed to occur. During 2022, the Company increased the valuation allowance by $739 million primarily due to tax credits and other carryforwards generated in 2022 that

Item 7A. Quantitative and Qualitative Disclosures About Market Risk

Foreign Currency Exchange Rate Risk

Commodity Price Risk

Index to the Consolidated Financial Statements

			Page
Consolidated Statements of Operations			53
Consolidated Statements of Comprehensive Income			54
Consolidated Statements of Financial Position			55
Consolidated Statements of Cash Flows			56
Consolidated Statements of Equity			57
Summary of Business Segment Data			58
Note 1 - Summary of Significant Accounting Policies			59
Note 2 - Goodwill and Acquired Intangibles			70
Note 3 - Earnings Per Share			70
Note 4 - Income Taxes			72
Note 5 - Accounts Receivable			75
Note 6 - Allowance for Losses on Financial Assets			76
Note 7 - Inventories			76
Note 8 - Contracts with Customers			77
Note 9 - Customer Financing			78
Note 10 - Property, Plant and Equipment			80
Note 11 - Investments			81
Note 12 - Leases			81
Note 13 - Liabilities, Commitments and Contingencies			83
Note 14 - Arrangements with Off-Balance Sheet Risk			88
Note 15 - Debt			89
Note 16 - Postretirement Plans			90
Note 17 - Share-Based Compensation and Other Compensation Arrangements			99
Note 18 - Shareholders’ Equity			103
Note 19 - Derivative Financial Instruments			104
Note 20 - Fair Value Measurements			106
Note 21 - Legal Proceedings			108
Note 22 - Segment and Revenue Information			109
Reports of Independent Registered Public Accounting Firm			115

(Dollars in millions, except per share data)
Years ended December 31,			2022						2021						2020
Sales of products			$55,893						$51,386						$47,142
Sales of services			10,715						10,900						11,016
Total revenues			66,608						62,286						58,158
Cost of products			(53,969)						(49,954)						(54,568)
Cost of services			(9,109)						(9,283)						(9,232)
Boeing Capital interest expense			(28)						(32)						(43)
Total costs and expenses			(63,106)						(59,269)						(63,843)
			3,502						3,017						(5,685)
(Loss)/income from operating investments, net			(16)						210						9
General and administrative expense			(4,187)						(4,157)						(4,817)
Research and development expense, net			(2,852)						(2,249)						(2,476)
Gain on dispositions, net			6						277						202
Loss from operations			(3,547)						(2,902)						(12,767)
Other income, net			1,058						551						447
Interest and debt expense			(2,533)						(2,682)						(2,156)
Loss before income taxes			(5,022)						(5,033)						(14,476)
Income tax (expense)/benefit			(31)						743						2,535
Net loss			(5,053)						(4,290)						(11,941)
Less: net loss attributable to noncontrolling interest			(118)						(88)						(68)
Net loss attributable to Boeing Shareholders			($4,935)						($4,202)						($11,873)
Basic loss per share			($8.30)						($7.15)						($20.88)
Diluted loss per share			($8.30)						($7.15)						($20.88)

(Dollars in millions)
Years ended December 31,			2022						2021						2020
Net loss			($5,053)						($4,290)						($11,941)
Other comprehensive income/(loss), net of tax:
Currency translation adjustments			(62)						(75)						98
Unrealized loss on certain investments, net of tax of $0, $0 and $0			(1)
Derivative instruments:
Unrealized (loss)/gain arising during period, net of tax of $12, ($16) and ($4)			(40)						55						14
Reclassification adjustment for loss/(gain) included in net earnings, net of tax of ($3), $2 and ($7)			10						(6)						27
Total unrealized (loss)/gain on derivative instruments, net of tax			(30)						49						41
Defined benefit pension plans & other postretirement benefits:
Net actuarial gain/(loss) arising during the period, net of tax of ($22), ($32) and $111			1,533						4,262						(1,956)
Amortization of actuarial loss included in net periodic pension cost, net of tax of ($11), ($8) and ($52)			791						1,155						917
Settlements included in net (loss)/income, net of tax of $0, ($2) and $0			(4)						191						5
Amortization of prior service credits included in net periodic pension cost, net of tax of $2, $1 and $6			(114)						(114)						(112)
Prior service (credit)/cost arising during the period, net of tax of $0, $0 and ($2)			(1)												27
Pension and postretirement (cost)/benefit related to our equity method investments, net of tax of $0, ($2) and $0			(3)						6
Total defined benefit pension plans & other postretirement benefits, net of tax			2,202						5,500						(1,119)
Other comprehensive income/(loss), net of tax			2,109						5,474						(980)
Comprehensive (loss)/income, net of tax			(2,944)						1,184						(12,921)
Less: Comprehensive loss related to noncontrolling interest			(118)						(88)						(68)
Comprehensive (loss)/income attributable to Boeing Shareholders, net of tax			($2,826)						$1,272						($12,853)

(Dollars in millions, except per share data)
December 31,			2022						2021
Assets
Cash and cash equivalents			$14,614						$8,052
Short-term and other investments			2,606						8,192
Accounts receivable, net			2,517						2,641
Unbilled receivables, net			8,634						8,620
Current portion of customer financing, net			154						117
Inventories			78,151						78,823
Other current assets, net			2,847						2,221
Total current assets			109,523						108,666
Customer financing, net			1,450						1,695
Property, plant and equipment, net			10,550						10,918
Goodwill			8,057						8,068
Acquired intangible assets, net			2,311						2,562
Deferred income taxes			63						77
Investments			983						975
Other assets, net of accumulated amortization of $949 and $975			4,163						5,591
Total assets			$137,100						$138,552
Liabilities and equity
Accounts payable			$10,200						$9,261
Accrued liabilities			21,581						18,455
Advances and progress billings			53,081						52,980
Short-term debt and current portion of long-term debt			5,190						1,296
Total current liabilities			90,052						81,992
Deferred income taxes			230						218
Accrued retiree health care			2,503						3,528
Accrued pension plan liability, net			6,141						9,104
Other long-term liabilities			2,211						1,750
Long-term debt			51,811						56,806
Total liabilities			152,948						153,398
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			9,947						9,052
Treasury stock, at cost			(50,814)						(51,861)
Retained earnings			29,473						34,408
Accumulated other comprehensive loss			(9,550)						(11,659)
Total shareholders’ deficit			(15,883)						(14,999)
Noncontrolling interests			35						153
Total equity			(15,848)						(14,846)
Total liabilities and equity			$137,100						$138,552