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Cover and table of contents

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

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

For the quarterly period ended March 31, 2022

or

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

For the transition period from to

Commission file number 1-442

THE BOEING COMPANY

(Exact name of registrant as specified in its charter)

Delaware91-0425694
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
100 N. Riverside Plaza,Chicago,IL60606-1596
(Address of principal executive offices)(Zip Code)
(312)544-2000

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405/ of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $5.00 Par ValueBANew York Stock Exchange

As of April 20, 2022, there were 591,635,833 shares of common stock, $5.00 par value, issued and outstanding.

THE BOEING COMPANY

FORM 10-Q

For the Quarter Ended March 31, 2022

INDEX

Part I. Financial Information (Unaudited)Page
Item 1.Financial Statements1
Condensed Consolidated Statements of Operations1
Condensed Consolidated Statements of Comprehensive Income2
Condensed Consolidated Statements of Financial Position3
Condensed Consolidated Statements of Cash Flows4
Condensed Consolidated Statements of Equity5
Summary of Business Segment Data6
Note 1 - Basis of Presentation7
Note 2 - Earnings Per Share8
Note 3 - Income Taxes9
Note 4 - Allowance for Losses on Financial Assets10
Note 5 - Inventories11
Note 6 - Contracts with Customers12
Note 7 - Customer Financing12
Note 8 - Investments14
Note 9 - Commitments & Contingencies14
Note 10 - Arrangements with Off-Balance Sheet Risk18
Note 11 - Postretirement Plans19
Note 12 - Share-Based Compensation and Other Comprehensive Arrangements19
Note 13 - Shareholders' Equity20
Note 14 - Derivative Financial Instruments20
Note 15 - Fair Value Measurements22
Note 16 - Legal Proceedings24
Note 17 - Segment and Revenue Information24
Report of Independent Registered Public Accounting Firm28
Forward-Looking Statements29
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations31
Consolidated Results of Operations and Financial Condition31
Commercial Airplanes38
Defense, Space & Security42
Global Services45
Boeing Capital45
Liquidity and Capital Resources46
Contingent Obligations48
Non-GAAP Measures48
Item 3.Quantitative and Qualitative Disclosures About Market Risk49
Item 4.Controls and Procedures50
Part II. Other Information
Item 1.Legal Proceedings51
Item 1A.Risk Factors51
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds51
Item 3.Defaults Upon Senior Securities51
Item 4.Mine Safety Disclosures51
Item 5.Other Information51
Item 6.Exhibits52
Signature53

Table of Contents

Part I. Financial Information

Next: Item 1. Financial Statements