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Postretirement Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Retirement Benefits, Description [Abstract] |
Components of Net Periodic Benefit Cost | The components of net periodic benefit (income)/cost were as follows:
| Pension |  | Other Postretirement Benefits
Years ended December 31, | 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022 |  | 2021
Service cost | $2 |  |  | $3 |  |  | $3 |  |  | $49 |  |  | $72 |  |  | $87 |
Interest cost | 2,820 |  |  | 2,080 |  |  | 1,988 |  |  | 148 |  |  | 98 |  |  | 97 |
Expected return on plan assets | (3,441) |  |  | (3,789) |  |  | (3,848) |  |  | (9) |  |  | (10) |  |  | (7) |
Amortization of prior service credits | (81) |  |  | (81) |  |  | (80) |  |  | (22) |  |  | (35) |  |  | (35) |
Recognized net actuarial loss/(gain) | 173 |  |  | 913 |  |  | 1,219 |  |  | (175) |  |  | (111) |  |  | (56) |
Settlement/curtailment (gain)/loss |  |  | (4) |  |  | 193 |  |  |  |  |  |  |
Net periodic benefit (income)/cost | ($527) |  |  | ($878) |  |  | ($525) |  |  | ($9) |  |  | $14 |  |  | $86 |
Net periodic benefit cost included in Loss from operations | $2 |  |  | $3 |  |  | $3 |  |  | $62 |  |  | $79 |  |  | $90 |
Net periodic benefit income included in Other income, net | (529) |  |  | (881) |  |  | (528) |  |  | (58) |  |  | (58) |  |  | (1) |
Net periodic benefit (income)/cost included in Loss before income taxes | ($527) |  |  | ($878) |  |  | ($525) |  |  | $4 |  |  | $21 |  |  | $89 |
Schedule of Changes in the Benefit Obligation, Plan Assets and Funded Status of Pensions and OPB | The following tables show changes in the benefit obligation, plan assets and funded status of both pensions and OPB for the years ended December 31, 2023 and 2022. Benefit obligation balances presented below reflect the PBO for our pension plans and accumulated postretirement benefit obligations (APBO) for our OPB plans.
| Pension |  | Other Postretirement Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
Change in benefit obligation |  |  |  |  |  |  |
Beginning balance | $55,117 |  |  | $75,635 |  |  | $2,978 |  |  | $4,092 |
Service cost | 2 |  |  | 3 |  |  | 49 |  |  | 72 |
Interest cost | 2,820 |  |  | 2,080 |  |  | 148 |  |  | 98 |
Amendments |  |  |  | 1 |  |  |  |  |  |
Actuarial loss/(gain) | 1,217 |  |  | (17,605) |  |  | (152) |  |  | (914) |
Gross benefits paid | (4,837) |  |  | (4,971) |  |  | (375) |  |  | (406) |
Subsidies |  |  |  |  |  | 2 |  |  | 39 |
Exchange rate adjustment | 6 |  |  | (26) |  |  | 1 |  |  | (3) |
Ending balance | $54,325 |  |  | $55,117 |  |  | $2,651 |  |  | $2,978 |
Change in plan assets |  |  |  |  |  |  |
Beginning balance at fair value | $49,825 |  |  | $67,813 |  |  | $140 |  |  | $172 |
Actual return on plan assets | 3,756 |  |  | (13,141) |  |  | 23 |  |  | (27) |
Company contribution |  |  |  | 2 |  |  |  |  |
Plan participants’ contributions |  |  |  |  |  | 4 |  |  | 6 |
Benefits paid | (4,698) |  |  | (4,824) |  |  | (4) |  |  | (11) |
Exchange rate adjustment | 8 |  |  | (25) |  |  |  |  |
Ending balance at fair value | $48,891 |  |  | $49,825 |  |  | $163 |  |  | $140 |
Amounts recognized in statement of financial position at December 31 consist of: |  |  |  |  |  |  |
Other assets | $1,219 |  |  | $987 |  |  | $81 |  |  | $21 |
Accrued liabilities | (137) |  |  | (138) |  |  | (336) |  |  | (356) |
Accrued retiree health care |  |  |  |  | (2,233) |  |  | (2,503) |
Accrued pension plan liability, net | (6,516) |  |  | (6,141) |  |  |  |  |
Net amount recognized | ($5,434) |  |  | ($5,292) |  |  | ($2,488) |  |  | ($2,838) |
Schedule of Amounts Recognized in Accumulated Other Comprehensive Loss | Amounts recognized in Accumulated other comprehensive loss (AOCI) at December 31 were as follows:
| Pension |  | Other Postretirement Benefits
| 2023 |  | 2022 |  | 2023 |  | 2022
Net actuarial loss/(gain) | $18,175 |  |  | $17,448 |  |  | ($1,852) |  |  | ($1,862) |
Prior service credits | (1,143) |  |  | (1,224) |  |  | (19) |  |  | (41) |
Total recognized in AOCI | $17,032 |  |  | $16,224 |  |  | ($1,871) |  |  | ($1,903) |
Schedule of Key Information for All Plans with ABO in Excess of Plan Assets | Key information for our plans with ABO and PBO in excess of plan assets as of December 31 was as follows:
| 2023 |  | 2022
Accumulated benefit obligation | $47,665 |  |  | $48,134 |
Fair value of plan assets | 41,666 |  |  | 42,491 |
| 2023 |  | 2022
Projected benefit obligation | $48,320 |  |  | $48,770 |
Fair value of plan assets | 41,666 |  |  | 42,491 |
Schedule of Assumptions Used to Calculate the Benefit Obligation and Net Periodic Benefit Costs | The following assumptions, which are the weighted average for all plans, are used to calculate the benefit obligation at December 31 of each year and the net periodic benefit cost for the subsequent year.
December 31, | 2023 |  | 2022 |  | 2021
Discount rate: |  |  |  |  |
Pension | 5.10 | % |  | 5.40 | % |  | 2.80 | %
Other postretirement benefits | 5.00 | % |  | 5.30 | % |  | 2.50 | %
Expected return on plan assets | 6.00 | % |  | 6.00 | % |  | 6.30 | %
Rate of compensation increase | 4.30 | % |  | 4.30 | % |  | 4.30 | %
Interest crediting rates for cash balance plans | 5.00 | % |  | 5.00 | % |  | 5.00 | %
Schedule of Assumed Health Care Cost Trend Rates | Assumed health care cost trend rates were as follows:
December 31, | 2023 |  | 2022 |  | 2021
Health care cost trend rate assumed next year | 5.50 | % |  | 5.50 | % |  | 4.50 | %
Ultimate trend rate | 4.50 | % |  | 4.50 | % |  | 4.50 | %
Year that trend reaches ultimate rate | 2028 |  | 2028 |  | 2021
Schedule of Actual Allocations for Pension Assets and Target Allocations by Asset Class | The actual and target allocations by asset class for the pension assets at December 31 were as follows:
| Actual Allocations |  | Target Allocations
Asset Class | 2023 |  | 2022 |  | 2023 |  | 2022
Fixed income | 60 | % |  | 63 | % |  | 59 | % |  | 63 | %
Global equity | 19 |  |  | 14 |  |  | 20 |  |  | 20 |
Private equity | 8 |  |  | 8 |  |  | 7 |  |  | 4 |
Real estate and real assets | 7 |  |  | 8 |  |  | 7 |  |  | 7 |
Hedge funds | 6 |  |  | 7 |  |  | 7 |  |  | 6 |
Total | 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
Schedule of Allocation of Plan Assets | The following table presents our plan assets using the fair value hierarchy as of December 31, 2023 and 2022. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value. Level 1 refers to fair values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant other observable inputs and Level 3 includes fair values estimated using significant unobservable inputs.
| December 31, 2023 | December 31, 2022
| Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3
Fixed income securities: |  |  |  |  |  |  |  |
Corporate | $17,809 |  |  | $17,750 |  | $59 |  | $15,095 |  |  | $15,025 |  | $70 |
U.S. government and agencies | 6,822 |  |  | 6,822 |  |  | 7,827 |  |  | 7,827 |  |
Mortgage backed and asset backed | 505 |  |  | 344 |  | 161 |  | 664 |  |  | 502 |  | 162 |
Municipal | 816 |  |  | 816 |  |  | 843 |  |  | 811 |  | 32 |
Sovereign | 720 |  |  | 720 |  |  | 706 |  |  | 706 |  |
Other | 9 |  | $6 |  |  | 3 |  | 8 |  | $8 |  |  |
Derivatives: |  |  |  |  |  |  |  |
Assets | 69 |  |  | 69 |  |  | 36 |  |  | 36 |  |
Liabilities |  |  |  |  | (87) |  |  | (87) |  |
Cash equivalents and other short-term investments | 326 |  |  | 326 |  |  | 571 |  |  | 571 |  |
Equity securities: |  |  |  |  |  |  |  |
U.S. common and preferred stock | 3,391 |  | 3,391 |  |  |  | 2,931 |  | 2,931 |  |  |
Non-U.S. common and preferred stock | 2,204 |  | 2,204 |  |  |  | 2,023 |  | 2,023 |  |  |
Boeing company stock |  |  |  |  | 1,782 |  | 1,782 |  |  |
Derivatives: |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |
Liabilities |  |  |  |  | (1) |  |  | (1) |  |
Private equity |  |  |  |  |  |  |  |
Real estate and real assets: |  |  |  |  |  |  |  |
Real estate |  |  |  |  |  |  |  |
Real assets | 385 |  | 349 |  | 33 |  | 3 |  | 362 |  | 310 |  | 47 |  | 5 |
Derivatives: |  |  |  |  |  |  |  |
Assets |  |  |  |  | 1 |  |  | 1 |  |
Liabilities |  |  |  |  | (8) |  |  | (7) |  | (1) |
Total | $33,056 |  | $5,950 |  | $26,880 |  | $226 |  | $32,753 |  | $7,054 |  | $25,431 |  | $268 |
Fixed income common/collective/pooled funds | $1,378 |  |  |  |  | $1,511 |  |  |  |
Fixed income other | 1,364 |  |  |  |  | 832 |  |  |  |
Equity common/collective/ pooled funds | 2,702 |  |  |  |  | 2,757 |  |  |  |
Private equity | 4,102 |  |  |  |  | 4,239 |  |  |  |
Real estate and real assets | 3,138 |  |  |  |  | 3,525 |  |  |  |
Hedge funds | 2,751 |  |  |  |  | 3,391 |  |  |  |
Total investments measured at NAV as a practical expedient | $15,435 |  |  |  |  | $16,255 |  |  |  |
Cash | $86 |  |  |  |  | $409 |  |  |  |
Receivables | 438 |  |  |  |  | 541 |  |  |  |
Payables | (124) |  |  |  |  | (133) |  |  |  |
Total | $48,891 |  |  |  |  | $49,825 |  |  |  |
Schedule of Effect of Significant Unobservable Inputs, Changes in Plan Assets | The following tables summarizes the changes of Level 3 assets, reconciled by asset class, held during the years ended December 31, 2023 and 2022. Transfers into and out of Level 3 are reported at the beginning-of-year values.
| January 1 2023 Balance |  | Net Realized and Unrealized Gains/(Losses) |  | Net Purchases, Issuances and Settlements |  | Net Transfers Into/(Out of) Level 3 |  | December 31 2023 Balance
Fixed income securities: |  |  |  |  |  |  |  |  |
Corporate | $70 |  |  | $5 |  |  | ($16) |  |  |  |  | $59 |
U.S. government and agencies |  |  |  |  |  | (1) |  |  | $1 |  |  |
Mortgage backed and asset backed | 162 |  |  | 7 |  |  | 10 |  |  | (18) |  |  | 161 |
Municipal | 32 |  |  |  |  | (5) |  |  | (27) |  |  |
Other |  |  | 3 |  |  |  |  |  |  | 3 |
Real assets | 4 |  |  | (1) |  |  |  |  |  |  | 3 |
Total | $268 |  |  | $14 |  |  | ($12) |  |  | ($44) |  |  | $226 |
| January 1 2022 Balance |  | Net Realized and Unrealized Gains/(Losses) |  | Net Purchases, Issuances and Settlements |  | Net Transfers Into/(Out of) Level 3 |  | December 31 2022 Balance
Fixed income securities: |  |  |  |  |  |  |  |  |
Corporate | $53 |  |  | ($19) |  |  | $3 |  |  | $33 |  |  | $70 |
Mortgage backed and asset backed | 102 |  |  | (11) |  |  | 16 |  |  | 55 |  |  | 162 |
Municipal | 29 |  |  | (14) |  |  | 9 |  |  | 8 |  |  | 32 |
Sovereign | 9 |  |  |  |  |  |  | (9) |  |  |
Equity securities: |  |  |  |  |  |  |  |  |
Non-U.S. common and preferred stock | 5 |  |  | (45) |  |  | (2) |  |  | 42 |  |  |
Real assets |  |  | (1) |  |  | 5 |  |  |  |  | 4 |
Total | $198 |  |  | ($90) |  |  | $31 |  |  | $129 |  |  | $268 |
Schedule of Estimated Future Benefit Payments | The table below reflects the total pension benefits expected to be paid from the plans or from our assets, including both our share of the benefit cost and the participants’ share of the cost, which is funded by participant contributions. OPB payments reflect our portion only.
Year(s) | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029-2033
Pensions | $4,524 |  |  | $4,425 |  |  | $4,345 |  |  | $4,241 |  |  | $4,143 |  |  | $19,106 |
Other postretirement benefits: |  |  |  |  |  |  |  |  |  |  |
Gross benefits paid | 358 |  |  | 341 |  |  | 319 |  |  | 295 |  |  | 269 |  |  | 1,004 |
Subsidies | (12) |  |  | (13) |  |  | (13) |  |  | (13) |  |  | (13) |  |  | (61) |
Net other postretirement benefits | $346 |  |  | $328 |  |  | $306 |  |  | $282 |  |  | $256 |  |  | $943 |

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