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Segment and Revenue Information
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Segment Reporting [Abstract]    
Segment and Revenue Information
Note 19 – Segment and Revenue Information
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 F-70 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.
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:
 
(Dollars in millions)
   
Six months ended
June 30
    
Three months ended
June 30
  
    
2024
     2023    
2024
     2023  
Revenue from contracts with customers:
         
Europe
   
$
1,547
 
   $ 3,393    
$
777
 
   $ 2,038  
Asia
   
 
4,393
 
     2,355    
 
2,280
 
     1,549  
Middle East
   
 
1,174
 
     1,466    
 
406
 
     750  
Other
non-U.S.
   
 
754
 
     1,082    
 
344
 
     729  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total
non-U.S.
revenues
   
 
7,868
 
     8,296    
 
3,807
 
     5,066  
United States
   
 
3,158
 
     7,175    
 
2,173
 
     3,740  
Estimated potential concessions and other considerations to 737 MAX customers, net of insurance recoveries
   
 
(443
) 
     26         26  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total revenues from contracts with customers
   
 
10,583
 
     15,497    
 
5,980
 
     8,832  
Intersegment revenues eliminated on consolidation
   
 
73
 
     47    
 
23
 
     8  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total segment revenues
   
$
10,656
 
   $ 15,544    
$
6,003
 
   $ 8,840  
  
 
 
    
 
 
    
 
 
    
 
 
  
Revenue recognized on fixed-price contracts
   
 
100
% 
     100 %   
 
100
% 
     100 % 
Revenue recognized at a point in time
   
 
99
% 
     99 %   
 
99
% 
     99 % 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
BDS revenues on contracts with customers, based on the customer’s location, consisted of the following:
 
(Dollars in millions)
   
Six months ended
June 30
    
Three months ended
June 30
  
    
2024
     2023    
2024
     2023  
Revenue from contracts with customers:
         
U.S. customers
   
$
9,963
 
   $ 10,338    
$
4,519
 
   $ 5,028  
Non-U.S.
customers(1)
   
 
3,008
 
     2,368    
 
1,502
 
     1,139  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total segment revenue from contracts with customers
   
$
12,971
 
   $ 12,706    
$
6,021
 
   $ 6,167  
  
 
 
    
 
 
    
 
 
    
 
 
  
Revenue recognized over time
   
 
99
% 
     99 %   
 
99
% 
     99 % 
Revenue recognized on fixed-price contracts
   
 
55
% 
     59 %   
 
52
% 
     57 % 
Revenue from the U.S. government
(1)
   
 
90
% 
     90 %   
 
89
% 
     90 % 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
Includes revenues earned from foreign military sales through the U.S. government.
BGS revenues consisted of the following:
 
(Dollars in millions)
   
Six months ended
June 30
    
Three months ended
June 30
  
    
2024
     2023    
2024
     2023  
Revenue from contracts with customers:
         
Commercial
   
$
5,900
 
   $ 5,419    
$
2,900
 
   $ 2,703  
Government
   
 
3,829
 
     3,874    
 
1,895
 
     1,948  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total revenues from contracts with customers
   
 
9,729
 
     9,293    
 
4,795
 
     4,651  
Intersegment revenues eliminated on consolidation
   
 
205
 
     173    
 
94
 
     95  
Total segment revenues
   
$
9,934
 
   $ 9,466    
$
4,889
 
   $ 4,746  
  
 
 
    
 
 
    
 
 
    
 
 
  
Revenue recognized at a point in time
   
 
53
% 
     51 %   
 
53
% 
     51 % 
Revenue recognized on fixed-price contracts
   
 
87
% 
     87 %   
 
87
% 
     87 % 
Revenue from the U.S. government(1)
   
 
28
% 
     31 %   
 
27
% 
     31 % 
  
 
 
    
 
 
    
 
 
    
 
 
  
 
(1)
Includes revenues earned from foreign military sales through the U.S. government.
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 June 30, 2024 was $515,874. We expect approximately 24% to be converted to revenue through 2025 and approximately 69% through 2028, with the remainder thereafter. There is significant uncertainty regarding the timing of when backlog will convert into revenue. We may experience reductions to backlog and/or significant order cancellations due to production disruptions, and/or further delays to 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.
 
    
Six months ended
June 30
     
Three months ended
June 30
  
    
2024
      2023     
2024
      2023  
Share-based plans
   
$
53
 
    ($ 38 )    
$
43
 
    $ 14  
Deferred compensation
   
 
(49
) 
      (96 )    
 
(19
) 
      (42 ) 
Amortization of previously capitalized interest
   
 
(46
) 
      (47 )    
 
(23
) 
      (24 ) 
Research and development expense, net
   
 
(188
) 
      (149 )    
 
(99
) 
      (73 ) 
Eliminations and other unallocated items
   
 
(716
) 
      (466 )    
 
(536
) 
      (211 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Unallocated items, eliminations and other
   
($
946
) 
    ($ 796 )    
($
634
) 
    ($ 336 ) 
  
 
 
     
 
 
     
 
 
     
 
 
  
Eliminations and other unallocated items for the six and three months ended June 30, 2024 includes an earnings charge of $244 that reflects a fine that would be paid if an agreement with the U.S. Department of Justice is approved by the federal district court. For additional discussion, see Note 18 to our Condensed Consolidated Financial Statements.
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:
 
    
Six months ended
June 30
     
Three months ended
June 30
  
    
2024
      2023     
2024
      2023  
Pension FAS/CAS service cost adjustment
   
$
460
 
    $ 445     
$
230
 
    $ 222  
Postretirement FAS/CAS service cost adjustment
   
 
144
 
      137     
 
72
 
      69  
  
 
 
     
 
 
     
 
 
     
 
 
  
FAS/CAS service cost adjustment
   
$
604
 
    $ 582     
$
302
 
    $ 291  
  
 
 
     
 
 
     
 
 
     
 
 
  
Assets
Segment assets are summarized in the table below:
 
    
June 30
2024
      December 31
2023		  
Commercial Airplanes
   
$
83,478
 
    $ 77,047  
Defense, Space & Security
   
 
16,239
 
      14,921  
Global Services
   
 
16,473
 
      16,193  
Unallocated items, eliminations and other
   
 
26,530
 
      28,851  
  
 
 
     
 
 
  
Total
   
$
142,720
 
    $ 137,012  
  
 
 
     
 
 
  
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.
Note 22 – 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 F-6 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.