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Segment and Revenue Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment and Revenue Information | Segment and Revenue Information Segment results reflect the realignment of the Boeing Customer Financing team and portfolio into the BCA segment during the first quarter of 2023. Interest and debt expense now includes interest and debt expense previously attributable to Boeing Capital and classified as a component of Total Costs and Expenses ("Cost of Sales"). Prior period amounts have been reclassified to conform to current period presentation. Our primary profitability measurement to review segment operating results is Loss from operations. We operate in three reportable segments: BCA, BDS, and BGS. All other activities fall within Unallocated items, eliminations and other. See page 56 for the Summary of Business Segment Data, which is an integral part of this note. BCA develops, produces and markets commercial jet aircraft principally to the commercial airline industry worldwide. Revenue on commercial aircraft contracts is recognized at the point in time when an aircraft is completed and accepted by the customer. BDS engages in the research, development, production and modification of the following products and related services: manned and unmanned military aircraft and weapons systems, surveillance and engagement, strategic defense and intelligence systems, satellite systems and space exploration. BDS revenue is generally recognized over the contract term (over time) as costs are incurred. BGS provides parts, maintenance, modifications, logistics support, training, data analytics and information-based services to commercial and government customers worldwide. BGS segment revenue and costs include certain products and services provided to other segments. Revenue on commercial spare parts contracts is recognized at the point in time when a spare part is delivered to the customer. Revenue on other contracts is generally recognized over the contract term (over time) as costs are incurred. While our principal operations are in the United States, Canada and Australia, some key suppliers and subcontractors are located in Europe and Japan. Revenues, including foreign military sales, are reported by customer location and consisted of the following:
Years ended December 31, | 2023 |  | 2022 |  | 2021
Europe | $10,520 |  |  | $7,916 |  |  | $8,967 |
Asia | 10,013 |  |  | 8,393 |  |  | 5,845 |
Middle East | 6,594 |  |  | 5,047 |  |  | 4,653 |
Oceania | 1,655 |  |  | 1,576 |  |  | 1,147 |
Canada | 1,256 |  |  | 1,612 |  |  | 969 |
Africa | 825 |  |  | 418 |  |  | 239 |
Latin America, Caribbean and other | 1,524 |  |  | 2,412 |  |  | 1,376 |
Total non-U.S. revenues | 32,387 |  |  | 27,374 |  |  | 23,196 |
United States | 45,380 |  |  | 39,218 |  |  | 39,076 |
Estimated potential concessions and other considerations to 737 MAX customers | 27 |  |  | 16 |  |  | 14 |
Total revenues | $77,794 |  |  | $66,608 |  |  | $62,286 |
Revenues from the U.S. government (including foreign military sales through the U.S. government), primarily recorded at BDS and BGS, represented 37%, 40% and 49% of consolidated revenues for 2023, 2022 and 2021, respectively. Approximately 4% of operating assets were located outside the United States as of December 31, 2023 and 2022. The following tables present BCA, BDS and BGS revenues from contracts with customers disaggregated in a number of ways, such as geographic location, contract type and the method of revenue recognition. We believe these best depict how the nature, amount, timing and uncertainty of our revenues and cash flows are affected by economic factors. BCA revenues by customer location consisted of the following:
Years ended December 31, | 2023 |  | 2022 |  | 2021
Revenue from contracts with customers: |  |  |  |  |
Asia | $6,328 |  |  | $4,488 |  |  | $2,816 |
Europe | 6,172 |  |  | 4,085 |  |  | 4,387 |
Middle East | 4,311 |  |  | 2,003 |  |  | 1,098 |
Other non-U.S. | 2,431 |  |  | 3,042 |  |  | 1,683 |
Total non-U.S. revenues | 19,242 |  |  | 13,618 |  |  | 9,984 |
United States | 14,501 |  |  | 12,275 |  |  | 9,614 |
Estimated potential concessions and other considerations to 737 MAX customers | 27 |  |  | 16 |  |  | 14 |
Total revenues from contracts with customers | 33,770 |  |  | 25,909 |  |  | 19,612 |
Intersegment revenues, eliminated on consolidation | 131 |  |  | 117 |  |  | 102 |
Total segment revenues | $33,901 |  |  | $26,026 |  |  | $19,714 |
Revenue recognized on fixed-price contracts | 100 | % |  | 100 | % |  | 100 | %
Revenue recognized at a point in time | 99 | % |  | 99 | % |  | 99 | %
BDS revenues on contracts with customers, based on the customer's location, consisted of the following:
Years ended December 31, | 2023 |  | 2022 |  | 2021
Revenue from contracts with customers: |  |  |  |  |
U.S. customers | $20,051 |  |  | $17,144 |  |  | $19,869 |
Non-U.S. customers(1) | 4,882 |  |  | 6,018 |  |  | 6,671 |
Total segment revenue from contracts with customers | $24,933 |  |  | $23,162 |  |  | $26,540 |
Revenue recognized over time | 99 | % |  | 99 | % |  | 99 | %
Revenue recognized on fixed-price contracts | 58 | % |  | 60 | % |  | 68 | %
Revenue from the U.S. government(1) | 91 | % |  | 89 | % |  | 89 | %
(1)Includes revenues earned from foreign military sales through the U.S. government. BGS revenues consisted of the following:
Years ended December 31, | 2023 |  | 2022 |  | 2021
Revenue from contracts with customers: |  |  |  |  |
Commercial | $11,020 |  |  | $9,560 |  |  | $7,527 |
Government | 7,751 |  |  | 7,681 |  |  | 8,553 |
Total revenues from contracts with customers | 18,771 |  |  | 17,241 |  |  | 16,080 |
Intersegment revenues eliminated on consolidation | 356 |  |  | 370 |  |  | 248 |
Total segment revenues | $19,127 |  |  | $17,611 |  |  | $16,328 |
Revenue recognized at a point in time | 51 | % |  | 50 | % |  | 45 | %
Revenue recognized on fixed-price contracts | 87 | % |  | 88 | % |  | 86 | %
Revenue from the U.S. government(1) | 30 | % |  | 33 | % |  | 40 | %
(1)Includes revenues earned from foreign military sales through the U.S. government. Earnings in Equity Method Investments During the years ended December 31, 2023, 2022, and 2021, our share of income from equity method investments was $70, $56, and $40, respectively. In 2023 and 2021, earnings in equity method investments were primarily driven by investments held at our BDS segment. In 2022, earnings in equity method investments were primarily driven by investments held in Unallocated items, eliminations and other. Backlog Our total backlog includes contracts that we and our customers are committed to perform. The value in backlog represents the estimated transaction prices on performance obligations to our customers for which work remains to be performed. Backlog is converted into revenue, primarily based on the cost incurred or at delivery and acceptance of products, depending on the applicable revenue recognition model. Our backlog at December 31, 2023 was $520,195. We expect approximately 16% to be converted to revenue through 2024 and approximately 62% through 2027, with the remainder thereafter. There is significant uncertainty regarding the timing of when backlog will convert into revenue due to timing of 737 and 787 deliveries from inventory and timing of entry into service of the 777X, 737-7 and/or 737-10. Unallocated Items, Eliminations and other Unallocated items, eliminations and other include common internal services that support Boeing’s global business operations and eliminations of certain sales between segments. We generally allocate costs to business segments based on the U.S. Government Cost Accounting Standards (CAS). Components of Unallocated items, eliminations and other (expense)/income are shown in the following table.
Years ended December 31, | 2023 |  | 2022 |  | 2021
Share-based plans | $62 |  |  | ($114) |  |  | ($174) |
Deferred compensation | (188) |  |  | 117 |  |  | (126) |
Amortization of previously capitalized interest | (95) |  |  | (95) |  |  | (107) |
Research and development expense, net | (315) |  |  | (278) |  |  | (184) |
Eliminations and other unallocated items | (1,223) |  |  | (1,134) |  |  | (636) |
Unallocated items, eliminations and other | ($1,759) |  |  | ($1,504) |  |  | ($1,227) |
Pension and Other Postretirement Benefit Expense Pension costs are allocated to BDS and BGS businesses supporting government customers using CAS, which employ different actuarial assumptions and accounting conventions than GAAP. These costs are allocable to government contracts. Other postretirement benefit costs are allocated to business segments based on CAS, which is generally based on benefits paid. 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. 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. Components of FAS/CAS service cost adjustment are shown in the following table:
Years ended December 31, | 2023 |  | 2022 |  | 2021
Pension FAS/CAS service cost adjustment | $799 |  |  | $849 |  |  | $882 |
Postretirement FAS/CAS service cost adjustment | 257 |  |  | 294 |  |  | 291 |
FAS/CAS service cost adjustment | $1,056 |  |  | $1,143 |  |  | $1,173 |
Assets Segment assets are summarized in the table below.
December 31, | 2023 |  | 2022 |  |
Commercial Airplanes | $77,047 |  |  | $76,825 |  |  |
Defense, Space & Security | 14,921 |  |  | 14,426 |  |  |
Global Services | 16,193 |  |  | 16,149 |  |  |
Unallocated items, eliminations and other | 28,851 |  |  | 29,700 |  |  |
Total | $137,012 |  |  | $137,100 |  |  |
Assets included in Unallocated items, eliminations and other primarily consist of Cash and cash equivalents, Short-term and other investments, tax assets, capitalized interest and assets managed centrally on behalf of the three principal business segments and intercompany eliminations. Capital Expenditures
Years ended December 31, | 2023 |  | 2022 |  | 2021
Commercial Airplanes | $420 |  |  | $218 |  |  | $177 |
Defense, Space & Security | 192 |  |  | 202 |  |  | 199 |
Global Services | 127 |  |  | 130 |  |  | 94 |
Unallocated items, eliminations and other | 788 |  |  | 672 |  |  | 510 |
Total | $1,527 |  |  | $1,222 |  |  | $980 |
Capital expenditures for Unallocated items, eliminations and other relate primarily to assets managed centrally on behalf of the three principal business segments. Depreciation and Amortization
Years ended December 31, | 2023 |  | 2022 |  | 2021
Commercial Airplanes | $464 |  |  | $554 |  |  | $594 |
Defense, Space & Security | 219 |  |  | 238 |  |  | 233 |
Global Services | 320 |  |  | 346 |  |  | 414 |
Centrally Managed Assets (1) | 858 |  |  | 841 |  |  | 903 |
Total | $1,861 |  |  | $1,979 |  |  | $2,144 |
(1)Amounts shown in the table represent depreciation and amortization expense recorded by the individual business segments. Depreciation and amortization for centrally managed assets are included in segment operating earnings based on usage and occupancy. In 2023, $650 was included in the primary business segments, of which $311, $264 and $75 was included in BCA, BDS and BGS, respectively. In 2022, $644 was included in the primary business segments, of which $361, $230 and $53 was included in BCA, BDS and BGS, respectively. In 2021, $669 was included in the primary business segments, of which $387, $222 and $60 was included in BCA, BDS and BGS, respectively.

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