TIDMBOE
Boeing Reports Fourth-Quarter Results
CHICAGO, Jan. 26, 2022 /PRNewswire/ --
Fourth Quarter 2021
* Continued global return to service of 737 MAX, including progress in China
* Revenue of $14.8 billion; operating cash flow of $0.7 billion
* 787 program recorded $3.5 billion pre-tax non-cash charge; focused on
actions required to resume deliveries
* GAAP loss per share of ($7.02) and core (non-GAAP)* loss per share of
($7.69)
Full-Year 2021
* Revenue of $62.3 billion; operating cash flow of ($3.4) billion; cash and
marketable securities of $16.2 billion
* GAAP loss per share of ($7.15) and core (non-GAAP)* loss per share of
($9.44)
* Total backlog of $377 billion and added 535 net commercial orders
* Focused on safety, quality and operational stability
Table 1. Summary Fourth Quarter Full Year
Financial Results
(Dollars in Millions, 2021 2020 Change 2021 2020 Change
except per share data)
Revenues $14,793 $15,304 (3)% $62,286 $58,158 7%
GAAP
Loss From Operations ($4,171) ($8,049) NM ($2,902) ($12,767) NM
Operating Margin (28.2)% (52.6)% NM (4.7)% (22.0)% NM
Net Loss ($4,164) ($8,439) NM ($4,290) ($11,941) NM
Loss Per Share ($7.02) ($14.65) NM ($7.15) ($20.88) NM
Operating Cash Flow $716 ($4,009) NM ($3,416) ($18,410) NM
Non-GAAP*
Core Operating Loss ($4,536) ($8,377) NM ($4,075) ($14,150) NM
Core Operating Margin (30.7)% (54.7)% NM (6.5)% (24.3)% NM
Core Loss Per Share ($7.69) ($15.25) NM ($9.44) ($23.25) NM
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures
are on page 6, "Non-GAAP Measures Disclosures."
The Boeing Company [NYSE: BA] reported fourth-quarter revenue of $14.8 billion,
reflecting higher commercial volume and lower defense revenue. GAAP loss per
share of ($7.02) and core loss per share (non-GAAP)* of ($7.69) reflect lower
charges and higher commercial volume (Table 1). Boeing recorded operating cash
flow of $0.7 billion.
"2021 was a rebuilding year for us as we overcame hurdles and reached key
milestones across our commercial, defense and services portfolios. We increased
737 MAX production and deliveries, and safely returned the 737 MAX to service
in nearly all global markets. As the commercial market recovery gained
traction, we also generated robust commercial orders, including record
freighter sales. Demonstrating progress in our overall recovery, we also
returned to generating positive cash flow in the fourth quarter," said David
Calhoun, Boeing President and Chief Executive Officer. "On the 787 program,
we're progressing through a comprehensive effort to ensure every airplane in
our production system conforms to our exacting specifications. While this
continues to impact our near-term results, it is the right approach to building
stability and predictability as demand returns for the long term. Across the
enterprise, we remain focused on safety and quality as we deliver for our
customers and invest in our people and in our sustainable future."
Table 2. Cash Flow Fourth Quarter Full Year
(Millions) 2021 2020 2021 2020
Operating Cash Flow $716 ($4,009) ($3,416) ($18,410)
Less Additions to Property, Plant & ($222) ($265) ($980) ($1,303)
Equipment
Free Cash Flow* $494 ($4,274) ($4,396) ($19,713)
*Non-GAAP measure; complete definitions of Boeing's non-GAAP measures are on
page 6, "Non-GAAP Measures Disclosures."
Operating cash flow improved to $0.7 billion in the quarter, reflecting higher
commercial volume, higher advance payments, and lower expenditures (Table 2).
Table 3. Cash, Marketable Securities and Debt Balances Quarter-End
(Billions) Q4 21 Q3 21
Cash $8.0 $9.8
Marketable Securities1 $8.2 $10.2
Total $16.2 $20.0
Debt Balances:
The Boeing Company, net of intercompany loans to BCC $56.6 $60.9
Boeing Capital, including intercompany loans $1.5 $1.5
Total Consolidated Debt $58.1 $62.4
1 Marketable securities consists primarily of time deposits due within one year
classified as "short-term investments."
Cash and investments in marketable securities decreased to $16.2 billion,
compared to $20.0 billion at the beginning of the quarter, primarily driven by
debt repayment partially offset by operating cash flow. Debt was $58.1 billion,
down from $62.4 billion at the beginning of the quarter due to the prepayment
of a term loan and repayment of maturing debt.
Total company backlog at quarter-end was $377 billion.
Segment Results
Commercial Airplanes
Table 4. Commercial Fourth Quarter Full Year
Airplanes
(Dollars in Millions) 2021 2020 Change 2021 2020 Change
Commercial Airplanes 99 59 68% 340 157 117%
Deliveries
Revenues $4,750 $4,728 0% $19,493 $16,162 21%
Loss from Operations ($4,454) ($7,648) NM ($6,475) ($13,847) NM
Operating Margin (93.8)% (161.8)% NM (33.2)% (85.7)% NM
Commercial Airplanes fourth-quarter revenue increased slightly to $4.8 billion
primarily driven by higher 737 deliveries, partially offset by lower widebody
deliveries and less favorable mix (Table 4). Fourth-quarter operating margin
was primarily driven by a charge on the 787 program.
Boeing is continuing to make progress on the global safe return to service of
the 737 MAX. In December, the Civil Aviation Administration of China issued an
airworthiness directive outlining changes required for Chinese airlines to
prepare their fleets to resume service. Since the FAA's approval to return the
737 MAX to operations in November 2020, over 300,000 revenue flights have been
completed, and the reliability of the 737 MAX fleet remains above 99 percent
(as of January 24, 2022). The 737 program is currently producing at a rate of
26 per month and continues to progress towards a production rate of 31 per
month in early 2022. The company is evaluating the timing of further rate
increases.
The company continues to perform rework on 787 airplanes in inventory and is
engaged in detailed discussions with the FAA regarding required actions to
resume deliveries. In the fourth quarter, the company determined that these
activities will take longer than previously expected, resulting in further
delays in customer delivery dates and associated customer considerations.
Accordingly, Commercial Airplanes recorded a $3.5 billion pre-tax non-cash
charge on the 787 program. The program is producing at a very low rate and will
continue to do so until deliveries resume, with an expected gradual return to
five per month over time. The company now anticipates 787 abnormal costs will
increase to approximately $2 billion, with most being incurred by the end of
2023, including $285 million recorded in the quarter.
Commercial Airplanes secured orders for 164 737 MAX and 24 freighter aircraft.
Commercial Airplanes delivered 99 airplanes during the quarter and backlog
included over 4,200 airplanes valued at $297 billion.
Defense, Space & Security
Table 5. Defense, Space & Fourth Quarter Full Year
Security
(Dollars in Millions) 2021 2020 Change 2021 2020 Change
Revenues $5,862 $6,779 (14)% $26,540 $26,257 1%
(Loss)/earnings from Operations ($255) $502 (151)% $1,544 $1,539 -%
Operating Margin (4.4)% 7.4% (159)% 5.8% 5.9% (2)%
Defense, Space & Security fourth-quarter revenue decreased to $5.9 billion and
fourth-quarter operating margin decreased to (4.4) percent, primarily due to
lower volume and less favorable performance across the portfolio, including a
$402 million pre-tax charge on the KC-46A Tanker program.
During the quarter, Defense, Space & Security secured an award for six MH-47G
Block II Chinook helicopters for the U.S. Army Special Operations, a contract
extension for Future Logistics Information Services for the U.K. Ministry of
Defence, an award for modernization of Airborne Warning and Control System to
the Royal Saudi Air Force, and contracts for proprietary space programs.
Defense, Space & Security also completed the first carrier tests for the MQ-25
unmanned aerial tanker and started flight testing on the second uncrewed Loyal
Wingman aircraft.
Backlog at Defense, Space & Security was $60 billion, of which 33 percent
represents orders from customers outside the U.S.
Global Services
Table 6. Global Services Fourth Quarter Full Year
(Dollars in Millions) 2021 2020 Change 2021 2020 Change
Revenues $4,291 $3,733 15% $16,328 $15,543 5%
Earnings from Operations $401 $143 180% $2,017 $450 348%
Operating Margin 9.3% 3.8% 145% 12.4% 2.9% 328%
Global Services fourth-quarter revenue increased to $4.3 billion and
fourth-quarter operating margin increased to 9.3 percent primarily driven by
higher commercial volume and favorable mix. Operating margin was negatively
impacted by a $220 million inventory impairment.
During the quarter, Global Services secured a V-22 Performance Based Logistics
contract for the U.S. Marine Corps, was awarded a contract for F/A-18 Landing
Gear Repair for the U.S. Navy, and was selected to provide Apache training and
support services to the U.K. Ministry of Defence. Global Services also
delivered the 50th 767-300 converted freighter.
Additional Financial Information
Table 7. Additional Financial Information Fourth Quarter Full Year
(Dollars in Millions) 2021 2020 2021 2020
Revenues
Boeing Capital $63 $56 $272 $261
Unallocated items, eliminations and other ($173) $8 ($347) ($65)
Earnings/(Loss) from Operations
Boeing Capital $7 $16 $106 $63
FAS/CAS service cost adjustment $365 $328 $1,173 $1,383
Other unallocated items and eliminations ($235) ($1,390) ($1,267) ($2,355)
Other income, net $132 $122 $551 $447
Interest and debt expense ($661) ($698) ($2,682) ($2,156)
Effective tax rate 11.4% 2.2% 14.8% 17.5%
At quarter-end, Boeing Capital's net portfolio balance was $1.7 billion. The
change in revenue and earnings from other unallocated items and eliminations
was primarily due to the timing of allocations. The loss from other unallocated
items and eliminations was also impacted by a $744 million charge related to an
agreement between Boeing and the U.S. Department of Justice in 2020. The fourth
quarter 2021 effective tax rate primarily reflects a higher income tax benefit
due to a lower valuation allowance charge than in fourth quarter 2020.
Non-GAAP Measures Disclosures
We supplement the reporting of our financial information determined under
Generally Accepted Accounting Principles in the United States of America (GAAP)
with certain non-GAAP financial information. The non-GAAP financial information
presented excludes certain significant items that may not be indicative of, or
are unrelated to, results from our ongoing business operations. We believe that
these non-GAAP measures provide investors with additional insight into the
company's ongoing business performance. These non-GAAP measures should not be
considered in isolation or as a substitute for the related GAAP measures, and
other companies may define such measures differently. We encourage investors to
review our financial statements and publicly-filed reports in their entirety
and not to rely on any single financial measure. The following definitions are
provided:
Core Operating Earnings, Core Operating Margin and Core Earnings Per Share
Core operating earnings is defined as GAAP earnings from operations excluding
the FAS/CAS service cost adjustment. The 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. Core operating margin is defined as core
operating earnings expressed as a percentage of revenue. Core earnings per
share is defined as GAAP diluted earnings per share excluding the net earnings
per share impact of the FAS/CAS service cost adjustment and Non-operating
pension and postretirement expenses. Non-operating pension and postretirement
expenses represent the components of net periodic benefit costs other than
service cost. Pension costs, comprising service and prior service costs
computed in accordance with GAAP are allocated to Commercial Airplanes and BGS
businesses supporting commercial customers. Pension costs allocated to BDS and
BGS businesses supporting government customers are computed in accordance with
U.S. Government Cost Accounting Standards (CAS), which employ different
actuarial assumptions and accounting conventions than GAAP. CAS costs are
allocable to government contracts. Other postretirement benefit costs are
allocated to all business segments based on CAS, which is generally based on
benefits paid. Management uses core operating earnings, core operating margin
and core earnings per share for purposes of evaluating and forecasting
underlying business performance. Management believes these core earnings
measures provide investors additional insights into operational performance as
they exclude non-service pension and post-retirement costs, which primarily
represent costs driven by market factors and costs not allocable to government
contracts. A reconciliation between the GAAP and non-GAAP measures is provided
on pages 13-14.
Free Cash Flow
Free cash flow is GAAP operating cash flow reduced by capital expenditures for
property, plant and equipment. Management believes free cash flow provides
investors with an important perspective on the cash available for shareholders,
debt repayment, and acquisitions after making the capital investments required
to support ongoing business operations and long term value creation. Free cash
flow does not represent the residual cash flow available for discretionary
expenditures as it excludes certain mandatory expenditures such as repayment of
maturing debt. Management uses free cash flow as a measure to assess both
business performance and overall liquidity. Table 2 provides a reconciliation
of free cash flow to GAAP operating cash flow.
Caution Concerning Forward-Looking Statements
This press release contains "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 could cause actual results to differ materially and adversely from
these forward-looking statements. Among these factors are risks related to: (1)
the COVID-19 pandemic and related industry impacts, including with respect to
our operations, our liquidity, the health of our customers and suppliers, and
future demand for our products and services; (2) the 737 MAX, including the
timing and conditions of remaining 737 MAX regulatory approvals, lower than
planned production rates and/or delivery rates, and additional considerations
to customers and suppliers; (3) general conditions in the economy and our
industry, including those due to regulatory changes; (4) our reliance on our
commercial airline customers; (5) the overall health of our aircraft production
system, planned commercial aircraft production rate changes, our commercial
development and derivative aircraft programs, and our aircraft being subject to
stringent performance and reliability standards; (6) changing budget and
appropriation levels and acquisition priorities of the U.S. government; (7) our
dependence on U.S. government contracts; (8) our reliance on fixed-price
contracts; (9) our reliance on cost-type contracts; (10) uncertainties
concerning contracts that include in-orbit incentive payments; (11) our
dependence on our subcontractors and suppliers, as well as the availability of
raw materials; (12) changes in accounting estimates; (13) changes in the
competitive landscape in our markets; (14) our non-U.S. operations, including
sales to non-U.S. customers; (15) threats to the security of our, our
customers' and/or our suppliers' information; (16) potential adverse
developments in new or pending litigation and/or government investigations;
(17) customer and aircraft concentration in our customer financing portfolio;
(18) changes in our ability to obtain debt financing on commercially reasonable
terms and at competitive rates; (19) realizing the anticipated benefits of
mergers, acquisitions, joint ventures/strategic alliances or divestitures; (20)
the adequacy of our insurance coverage to cover significant risk exposures;
(21) potential business disruptions, including those related to physical
security threats, information technology or cyber-attacks, epidemics, sanctions
or natural disasters; (22) work stoppages or other labor disruptions; (23)
substantial pension and other postretirement benefit obligations; (24)
potential environmental liabilities; and (25) effects of climate change and
legal, regulatory or market responses to such change.
Additional information concerning these and other factors can be found in our
filings with the Securities and Exchange Commission, including our most recent
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports
on Form 8-K. Any forward-looking statement 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.
Contact:
Investor Relations: Matt Welch or Keely Moos (312) 544-2140
Communications: Michael Friedman media@boeing.com
The Boeing Company and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Twelve months ended Three months ended
December 31 December 31
(Dollars in millions, except per share 2021 2020 2021 2020
data)
Sales of products $51,386 $47,142 $12,162 $12,486
Sales of services 10,900 11,016 2,631 2,818
Total revenues 62,286 58,158 14,793 15,304
Cost of products (49,954) (54,568) (14,788) (18,567)
Cost of services (9,283) (9,232) (2,512) (2,415)
Boeing Capital interest expense (32) (43) (7) (10)
Total costs and expenses (59,269) (63,843) (17,307) (20,992)
3,017 (5,685) (2,514) (5,688)
Income from operating investments, net 210 9 15 70
General and administrative expense (4,157) (4,817) (988) (1,828)
Research and development expense, net (2,249) (2,476) (678) (605)
Gain/(loss) on dispositions, net 277 202 (6) 2
Loss from operations (2,902) (12,767) (4,171) (8,049)
Other income, net 551 447 132 122
Interest and debt expense (2,682) (2,156) (661) (698)
Loss before income taxes (5,033) (14,476) (4,700) (8,625)
Income tax benefit 743 2,535 536 186
Net loss (4,290) (11,941) (4,164) (8,439)
Less: net loss attributable to (88) (68) (21) (19)
noncontrolling interest
Net loss attributable to Boeing ($4,202) ($11,873) ($4,143) ($8,420)
Shareholders
Basic loss per share ($7.15) ($20.88) ($7.02) ($14.65)
Diluted loss per share ($7.15) ($20.88) ($7.02) ($14.65)
Weighted average diluted shares 588.0 569.0 590.3 575.4
(millions)
The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Unaudited)
(Dollars in millions, except per share data) December December
31 31
2021 2020
Assets
Cash and cash equivalents $8,052 $7,752
Short-term and other investments 8,192 17,838
Accounts receivable, net 2,641 1,955
Unbilled receivables, net 8,620 7,995
Current portion of customer financing, net 117 101
Inventories 78,823 81,715
Other current assets, net 2,221 4,286
Total current assets 108,666 121,642
Customer financing, net 1,695 1,936
Property, plant and equipment, net of accumulated 10,918 11,820
depreciation of $20,538 and $20,507
Goodwill 8,068 8,081
Acquired intangible assets, net 2,562 2,843
Deferred income taxes 77 86
Investments 975 1,016
Other assets, net of accumulated amortization of of $975 and 5,591 4,712
$729
Total assets $138,552 $152,136
Liabilities and equity
Accounts payable $9,261 $12,928
Accrued liabilities 18,455 22,171
Advances and progress billings 52,980 50,488
Short-term debt and current portion of long-term debt 1,296 1,693
Total current liabilities 81,992 87,280
Deferred income taxes 218 1,010
Accrued retiree health care 3,528 4,137
Accrued pension plan liability, net 9,104 14,408
Other long-term liabilities 1,750 1,486
Long-term debt 56,806 61,890
Total liabilities 153,398 170,211
Shareholders' equity:
Common stock, par value $5.00 - 1,200,000,000 shares 5,061 5,061
authorized; 1,012,261,159 shares issued
Additional paid-in capital 9,052 7,787
Treasury stock, at cost - 423,343,707 and 429,941,021 shares (51,861) (52,641)
Retained earnings 34,408 38,610
Accumulated other comprehensive loss (11,659) (17,133)
Total shareholders' deficit (14,999) (18,316)
Noncontrolling interests 153 241
Total equity (14,846) (18,075)
Total liabilities and equity $138,552 $152,136
The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Twelve months ended
December 31
(Dollars in millions) 2021 2020
Cash flows - operating activities:
Net loss ($4,290) ($11,941)
Adjustments to reconcile net loss to net cash used by
operating activities:
Non-cash items -
Share-based plans expense 833 250
Treasury shares issued for 401(k) contribution 1,233 195
Depreciation and amortization 2,144 2,246
Investment/asset impairment charges, net 98 410
Customer financing valuation adjustments 12
Gain on dispositions, net (277) (202)
787 and 777X reach-forward losses 3,460 6,493
Other charges and credits, net 360 1,462
Changes in assets and liabilities -
Accounts receivable (713) 909
Unbilled receivables (586) 919
Advances and progress billings 2,505 (1,060)
Inventories (1,127) (11,002)
Other current assets 345 372
Accounts payable (3,783) (5,363)
Accrued liabilities (3,687) 1,074
Income taxes receivable, payable and deferred 733 (2,576)
Other long-term liabilities (206) (222)
Pension and other postretirement plans (972) (794)
Customer financing, net 210 173
Other 304 235
Net cash used by operating activities (3,416) (18,410)
Cash flows - investing activities:
Payments to acquire property, plant and equipment (980) (1,303)
Proceeds from disposals of property, plant and equipment 529 296
Acquisitions, net of cash acquired (6)
Contributions to investments (35,713) (37,616)
Proceeds from investments 45,489 20,275
Other 5 (18)
Net cash provided/(used) by investing activities 9,324 (18,366)
Cash flows - financing activities:
New borrowings 9,795 47,248
Debt repayments (15,371) (10,998)
Stock options exercised 42 36
Employee taxes on certain share-based payment arrangements (66) (173)
Dividends paid (1,158)
Net cash (used)/provided by financing activities (5,600) 34,955
Effect of exchange rate changes on cash and cash (39) 85
equivalents
Net increase/(decrease) in cash & cash equivalents, 269 (1,736)
including restricted
Cash & cash equivalents, including restricted, at beginning 7,835 9,571
of year
Cash & cash equivalents, including restricted, at end of 8,104 7,835
year
Less restricted cash & cash equivalents, included in 52 83
Investments
Cash and cash equivalents at end of year $8,052 $7,752
The Boeing Company and Subsidiaries
Summary of Business Segment Data
(Unaudited)
Twelve months ended Three months ended
December 31 December 31
(Dollars in millions) 2021 2020 2021 2020
Revenues:
Commercial Airplanes $19,493 $16,162 $4,750 $4,728
Defense, Space & Security 26,540 26,257 5,862 6,779
Global Services 16,328 15,543 4,291 3,733
Boeing Capital 272 261 63 56
Unallocated items, eliminations and (347) (65) (173) 8
other
Total revenues $62,286 $58,158 $14,793 $15,304
Earnings/(loss) from operations:
Commercial Airplanes ($6,475) ($13,847) ($4,454) ($7,648)
Defense, Space & Security 1,544 1,539 (255) 502
Global Services 2,017 450 401 143
Boeing Capital 106 63 7 16
Segment operating loss (2,808) (11,795) (4,301) (6,987)
Unallocated items, eliminations and (1,267) (2,355) (235) (1,390)
other
FAS/CAS service cost adjustment 1,173 1,383 365 328
Loss from operations (2,902) (12,767) (4,171) (8,049)
Other income, net 551 447 132 122
Interest and debt expense (2,682) (2,156) (661) (698)
Loss before income taxes (5,033) (14,476) (4,700) (8,625)
Income tax benefit 743 2,535 536 186
Net loss (4,290) (11,941) (4,164) (8,439)
Less: Net loss attributable to (88) (68) (21) (19)
noncontrolling interest
Net loss attributable to Boeing ($4,202) ($11,873) ($4,143) ($8,420)
Shareholders
Research and development expense, net:
Commercial Airplanes $1,140 $1,385 $323 $278
Defense, Space & Security 818 713 288 219
Global Services 107 138 27 28
Other 184 240 40 80
Total research and development expense, $2,249 $2,476 $678 $605
net
Unallocated items, eliminations and
other:
Share-based plans ($174) ($120) ($3) ($40)
Deferred compensation (126) (93) (40) (127)
Amortization of previously capitalized (107) (95) (41) (26)
interest
Research and development expense, net (184) (240) (40) (80)
Eliminations and other unallocated items (676) (1,807) (111) (1,117)
Sub-total (included in core operating (1,267) (2,355) (235) (1,390)
loss)
Pension FAS/CAS service cost adjustment 882 1,024 306 251
Postretirement FAS/CAS service cost 291 359 59 77
adjustment
FAS/CAS service cost adjustment 1,173 1,383 $365 $328
Total ($94) ($972) $130 ($1,062)
The Boeing Company and Subsidiaries
Operating and Financial Data
(Unaudited)
Deliveries Twelve months ended Three months ended
December 31 December 31
Commercial Airplanes 2021 2020 2021 2020
737 263 43 84 31
747 7 5 3 3
767 32 30 8 10
777 24 26 4 11
787 14 53 - 4
Total 340 157 99 59
Defense, Space & Security
AH-64 Apache (New) 27 19 8 1
AH-64 Apache (Remanufactured) 56 52 14 8
CH-47 Chinook (New) 15 27 3 8
CH-47 Chinook (Renewed) 5 3 - -
F-15 Models 16 4 5 1
F/A-18 Models 21 20 6 6
KC-46 Tanker 13 14 6 4
P-8 Models 16 15 5 6
Total backlog (Dollars in millions) December 31 December 31
2021 2020
Commercial Airplanes $296,882 $281,588
Defense, Space & Security 59,828 60,847
Global Services 20,496 20,632
Unallocated items, eliminations and other 293 337
Total backlog $377,499 $363,404
Contractual backlog $356,362 $339,309
Unobligated backlog 21,137 24,095
Total backlog $377,499 $363,404
The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial measures core
operating loss, core operating margin, and core loss per share with the most
directly comparable GAAP financial measures, loss from operations, operating
margin, and diluted loss per share. See page 6 of this release for additional
information on the use of these non-GAAP financial measures.
(Dollars in millions, except per share Fourth Quarter Fourth Quarter
data) 2021 2020
$ Per $ Per
millions Share millions Share
Revenues 14,793 15,304
Loss from operations (GAAP) (4,171) (8,049)
Operating margin (GAAP) (28.2)% (52.6)%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (306) (251)
Postretirement FAS/CAS service cost (59) (77)
adjustment
FAS/CAS service cost adjustment (365) (328)
Core operating loss (non-GAAP) ($4,536) ($8,377)
Core operating margin (non-GAAP) (30.7)% (54.7)%
Diluted loss per share (GAAP) ($7.02) ($14.65)
Pension FAS/CAS service cost adjustment ($306) (0.52) ($251) (0.44)
Postretirement FAS/CAS service cost (59) (0.10) (77) (0.13)
adjustment
Non-operating pension expense (147) (0.26) (85) (0.15)
Non-operating postretirement expense 15 0.03 (21) (0.04)
Provision for deferred income taxes on 104 0.18 91 0.16
adjustments1
Subtotal of adjustments ($393) ($0.67) ($343) ($0.60)
Core loss per share (non-GAAP) ($7.69) ($15.25)
Weighted average diluted shares (in 590.3 575.4
millions)
1 The income tax impact is calculated using the U.S.
corporate statutory tax rate.
The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial measures core
operating loss, core operating margin, and core loss per share with the most
directly comparable GAAP financial measures, loss from operations, operating
margin, and diluted loss per share. See page 6 of this release for additional
information on the use of these non-GAAP financial measures.
(Dollars in millions, except per share Twelve Months Twelve months 2020
data) 2021
$ Per $ Per
millions Share millions Share
Revenues 62,286 58,158
Loss from operations (GAAP) (2,902) (12,767)
Operating margin (GAAP) (4.7)% (22.0)%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment (882) (1,024)
Postretirement FAS/CAS service cost (291) (359)
adjustment
FAS/CAS service cost adjustment (1,173) (1,383)
Core operating loss (non-GAAP) ($4,075) ($14,150)
Core operating margin (non-GAAP) (6.5)% (24.3)%
Diluted loss per share (GAAP) ($7.15) ($20.88)
Pension FAS/CAS service cost adjustment ($882) (1.50) ($1,024) (1.80)
Postretirement FAS/CAS service cost (0.49) (0.63)
adjustment (291) (359)
Non-operating pension expense (528) (0.91) (340) (0.60)
Non-operating postretirement expense (1) 16 0.03
Provision for deferred income taxes on 357 0.61 358 0.63
adjustments 1
Subtotal of adjustments ($1,345) ($2.29) ($1,349) ($2.37)
Core loss per share (non-GAAP) ($9.44) ($23.25)
Weighted average diluted shares (in 588.0 569.0
millions)
1 The income tax impact is calculated using the U.S.
corporate statutory tax rate.
END
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