Boeing Co. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Boeing Co. has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

BOEING CO (BA-PA) filed a Annual Report (10-K) with the SEC on January 31, 2024. Boeing Co. filed its 2023 Form 10-K on January 31, 2024. The filing covers the fiscal year ending December 31, 2023. Boeing's principal business is aircraft manufacturing. The company is incorporated in Delaware. Its principal executive offices are located in Arlington, VA.

Why It Matters

For investors and stakeholders tracking BOEING CO, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Boeing's financial health, operational performance, and strategic direction for investors and stakeholders. As a major player in the aerospace industry, Boeing's annual report offers insights into the broader economic conditions and regulatory landscape affecting global aviation.

Risk Assessment

Risk Level: medium — BOEING CO shows moderate risk based on this filing. Boeing operates in the highly regulated and cyclical aerospace industry, facing significant risks related to production, supply chain disruptions, and geopolitical events, as evidenced by its history of production challenges and market volatility.

Analyst Insight

Investors should review Boeing's detailed financial statements and risk factors in the 10-K to assess its performance and outlook in the aerospace sector.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240131 — Filing Date (As of Date)
• 166 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• BOEING CO (company) — Filer
• 0000012927 (company) — Central Index Key
• AIRCRAFT (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• VA (company) — State of Business Address
• 7034146338 (company) — Business Phone
• BOEING AIRPLANE CO (company) — Former Company Name
• 19730725 (company) — Date of Name Change

Forward-Looking Statements

• Boeing's financial performance for 2023 will be closely scrutinized by investors. (BOEING CO) — high confidence, target: 2024-03-31
• The company's stock price will react to the detailed financial figures once they are fully analyzed. (BOEING CO) — medium confidence, target: 2024-02-15

FAQ

Industry Context

Boeing is a leading manufacturer of commercial airplanes, defense systems, and space equipment, operating within a highly competitive and regulated global aerospace industry.

Regulatory Implications

The aerospace industry is subject to stringent regulations from bodies like the FAA (Federal Aviation Administration) and EASA (European Union Aviation Safety Agency) concerning safety, production, and airworthiness.

What Investors Should Do

1. Review Boeing's revenue segments (Commercial Airplanes, Defense, Space & Security, etc.) for the fiscal year 2023.
2. Analyze the company's balance sheet for key financial metrics such as total assets, total debt, and cash position as of December 31, 2023.
3. Examine the risk factors section for potential challenges and uncertainties impacting Boeing's operations and future performance.

Key Dates

• 2023-12-31: Fiscal Year End — The period covered by the 10-K report.
• 2024-01-31: Filing Date — The date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year ending December 31, 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $5.00 — ction 12(b) of the Act: Common Stock, $5.00 Par Value BA New York Stock Exchange (

Filing Documents

• ba-20231231.htm (10-K) — 3044KB
• a202312dec3110kex1013.htm (EX-10.13) — 135KB
• a202312dec3110kex21.htm (EX-21) — 11KB
• a202312dec3110kex23.htm (EX-23) — 9KB
• a202312dec3110kex311.htm (EX-31.1) — 10KB
• a202312dec3110kex312.htm (EX-31.2) — 10KB
• a202312dec3110kex321.htm (EX-32.1) — 4KB
• a202312dec3110kex322.htm (EX-32.2) — 4KB
• a202312dec3110kex97.htm (EX-97) — 20KB
• ba-20231231_g1.jpg (GRAPHIC) — 579KB
• 0000012927-24-000010.txt (&nbsp;) — 20062KB
• ba-20231231.xsd (EX-101.SCH) — 137KB
• ba-20231231_cal.xml (EX-101.CAL) — 193KB
• ba-20231231_def.xml (EX-101.DEF) — 634KB
• ba-20231231_lab.xml (EX-101.LAB) — 1577KB
• ba-20231231_pre.xml (EX-101.PRE) — 1075KB
• ba-20231231_htm.xml (XML) — 3351KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 17 I tem 1C. C ybersecurity 17 Item 2.

Properties

Properties 19 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6. [ Reserved ] 21 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 50 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 117 Item 9A.

Controls and Procedures

Controls and Procedures 117 Item 9B. Other Information 117 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 117 PART III Item 10. Directors, Executive Officers and Corporate Governance 118 Item 11.

Executive Compensation

Executive Compensation 121 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 122 Item 13. Certain Relationships and Related Transactions, and Director Independence 122 Item 14. Principal Accountant Fees and Services 123 PART IV Item 15. Exhibits, Financial Statement Schedules 123 Item 16. Form 10-K Summary 126

Signatures

Signatures 127 Table of Contents PART I

Business

Item 1. Business The Boeing Company, together with its subsidiaries (herein referred to as "Boeing," the "Company," "we," "us," "our"), is one of the world's major aerospace firms. We are organized based on the products and services we offer. We operate in three reportable segments: Commercial Airplanes (BCA); Defense, Space & Security (BDS); Global Services (BGS). Commercial Airplanes Segment This segment develops, produces and markets commercial jet aircraft principally to the commercial airline industry worldwide. We are a leading producer of commercial aircraft and offer a family of commercial jetliners designed to meet a broad spectrum of global passenger and cargo requirements of airlines. This family of commercial jet aircraft in production includes the 737 narrow-body model and the 767, 777 and 787 wide-body models. Development continues on the 777X program and the 737-7 and 737-10 derivatives. Defense, Space & Security Segment This segment engages in the research, development, production and modification of manned and unmanned military aircraft and weapons systems for strike, surveillance and mobility, including fighter and trainer aircraft; vertical lift, including rotorcraft and tilt-rotor aircraft; and commercial derivative aircraft, including anti-submarine and tanker aircraft. In addition, this segment engages in the research, development, production and modification of the following products and related services: strategic defense and intelligence systems, including strategic missile and defense systems, command, control, communications, computers, intelligence, surveillance and reconnaissance (C4ISR), cyber and information solutions, and intelligence systems, satellite systems, including government and commercial satellites and space exploration. Global Services Segment This segment provides services to our commercial and defense customers worldwide. Global Services sustains aerospace platforms and systems with a full spectrum of produc

Forward-Looking Statements

Forward-Looking Statements This report, as well as our annual report to shareholders, quarterly reports and other filings we make with the SEC, press and earnings releases and other written and oral communications, contain "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, including those set forth in the "Risk Factors" section below and other important factors disclosed in this report and from time to time in our other filings with the SEC, could cause actual results to differ materially and adversely from these forward-looking statements. Any forward-looking statement 5 Table of Contents 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.

Risk Factors

Item 1A. Risk Factors An investment in our common stock or debt securities involves risks and uncertainties, and our actual results and future trends may differ materially from our past or projected future performance. We urge investors to consider carefully the risk factors described below in evaluating the information contained in this report. Risks Related to Our Business and Operations We depend heavily on commercial airlines, subjecting us to unique risks. 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

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