Boeing Reports Fourth-Quarter Results

Jan 26, 2022

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 Financial Results


Fourth Quarter




Full Year



(Dollars in Millions, except per share data)


2021


2020


Change


2021


2020


Change














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 & Equipment


($222)


($265)


($980)


($1,303)

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 Securities 1


$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 Airplanes


Fourth Quarter




Full Year



(Dollars in Millions)


2021


2020


Change


2021


2020


Change














Commercial Airplanes Deliveries


99


59


68%


340


157


117%














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 & Security


Fourth Quarter




Full Year



(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
December 31


Three months ended
December 31

(Dollars in millions, except per share data)

2021


2020


2021


2020

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 noncontrolling interest

(88)


(68)


(21)


(19)

Net loss attributable to Boeing Shareholders

($4,202)


($11,873)


($4,143)


($8,420)









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 (millions)

588.0


569.0


590.3


575.4

 

The Boeing Company and Subsidiaries

Consolidated Statements of Financial Position

(Unaudited) 


(Dollars in millions, except per share data)

December 31
2021


December 31
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 depreciation of $20,538 and $20,507

10,918


11,820

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 $729

5,591


4,712

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 authorized; 1,012,261,159 shares issued

5,061


5,061

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 equivalents

(39)


85

Net increase/(decrease) in cash & cash equivalents, including restricted

269


(1,736)

Cash & cash equivalents, including restricted, at beginning of year

7,835


9,571

Cash & cash equivalents, including restricted, at end of year

8,104


7,835

Less restricted cash & cash equivalents, included in Investments

52


83

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
December 31


Three months ended
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 other

(347)


(65)


(173)


8

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 other

(1,267)


(2,355)


(235)


(1,390)

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 noncontrolling interest

(88)


(68)


(21)


(19)

Net loss attributable to Boeing Shareholders

($4,202)


($11,873)


($4,143)


($8,420)

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, net

$2,249


$2,476


$678


$605









Unallocated items, eliminations and other:








Share-based plans

($174)


($120)


($3)


($40)

Deferred compensation

(126)


(93)


(40)


(127)

Amortization of previously capitalized interest

(107)


(95)


(41)


(26)

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 loss)

(1,267)


(2,355)


(235)


(1,390)

Pension FAS/CAS service cost adjustment

882


1,024


306


251

Postretirement FAS/CAS service cost adjustment

291


359


59


77

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
December 31


Three months ended
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
2021


December 31
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 data)


Fourth Quarter 2021

Fourth Quarter 2020



$ millions

Per Share

$ millions

Per 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 adjustment


(59)


(77)


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 adjustment


(59)

(0.10)

(77)

(0.13)

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 adjustments1


104

0.18

91

0.16

Subtotal of adjustments


($393)

($0.67)

($343)

($0.60)

Core loss per share (non-GAAP)



($7.69)


($15.25)







Weighted average diluted shares (in millions)



590.3


575.4


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 data)


Twelve Months 2021

Twelve months 2020



$ millions

Per Share

$ millions

Per 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 adjustment


(291)


(359)


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 adjustment


 

(291)

(0.49)

 

(359)

(0.63)

Non-operating pension expense


(528)

(0.91)

(340)

(0.60)

Non-operating postretirement expense


(1)


16

0.03

Provision for deferred income taxes on adjustments 1


357

0.61

358

0.63

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 millions)



588.0


569.0







1 The income tax impact is calculated using the U.S. corporate statutory tax rate .

 

Cision View original content:https://www.prnewswire.com/news-releases/boeing-reports-fourth-quarter-results-301468571.html

SOURCE Boeing

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