EX-99.1 2 a202109sep308kprex991.htm EX-99.1 Document
Exhibit 99.1
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Boeing Reports Third-Quarter Results
▪Continued progress on global safe return to service of 737 MAX and focus on operational stability
▪Revenue of $15.3 billion, GAAP loss per share of ($0.19) and core (non-GAAP)* loss per share of ($0.60)
▪Operating cash flow of ($0.3) billion; cash and marketable securities of $20.0 billion
▪Commercial Airplanes backlog of $290 billion and added 93 net orders
Table 1. Summary Financial Results
Third QuarterNine Months
(Dollars in Millions, except per share data)20212020Change20212020Change
Revenues$15,278 $14,139 8%$47,493 $42,854 11%
GAAP
Earnings/(Loss) From Operations$329 ($401)NM$1,269 ($4,718)NM
Operating Margin2.2 %(2.8)%NM2.7 %(11.0)%NM
Net Loss($132)($466)NM($126)($3,502)NM
Loss Per Share($0.19)($0.79)NM($0.10)($6.10)NM
Operating Cash Flow($262)($4,819)NM($4,132)($14,401)NM
Non-GAAP*
Core Operating Earnings/(Loss)$59 ($754)NM$461 ($5,773)NM
Core Operating Margin0.4 %(5.3)%NM1.0 %(13.5)%NM
Core Loss Per Share($0.60)($1.39)NM($1.72)($7.88)NM
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 6, “Non-GAAP Measures Disclosures."    
    CHICAGO, October 27, 2021 – The Boeing Company [NYSE: BA] reported third-quarter revenue of $15.3 billion, driven by higher commercial airplanes and services volume. GAAP loss per share of ($0.19) and core loss per share (non-GAAP)* of ($0.60) primarily reflects higher commercial volume (Table 1). Boeing recorded operating cash flow of ($0.3) billion.
    “We are driving stability across our operations, investing in our future and positioning our teams to deliver for our customers as the market recovers,” said Boeing President and Chief Executive Officer David Calhoun. “Commercial market demand continues to gain traction with broad-based vaccine distribution and border protocols beginning to open. Going forward, supply chain capacity and global trade will be key drivers of our industry and the broader economy's recovery. Our portfolio across commercial, defense, space and services is well positioned, and we’re focused on improving performance, while advancing technologies and digital manufacturing capabilities to drive our next generation of products and a sustainable future.”





1

Table 2. Cash Flow
Third QuarterNine Months
(Millions)2021202020212020
Operating Cash Flow($262)($4,819)($4,132)($14,401)
Less Additions to Property, Plant & Equipment($245)($262)($758)($1,038)
Free Cash Flow*($507)($5,081)($4,890)($15,439)
*Non-GAAP measure; complete definitions of Boeing’s non-GAAP measures are on page 6, “Non-GAAP Measures Disclosures."    
    Operating cash flow improved to ($0.3) billion in the quarter, reflecting higher commercial deliveries, higher order receipts, and lower expenditures (Table 2). Operating cash flow was also favorably impacted by a $1.3 billion income tax refund in the quarter.
Table 3. Cash, Marketable Securities and Debt Balances
Quarter-End
(Billions)Q3 21Q2 21
Cash$9.8 $8.2 
Marketable Securities1
$10.2 $13.1 
Total$20.0 $21.3 
Debt Balances:
The Boeing Company, net of intercompany loans to BCC$60.9 $62.1 
Boeing Capital, including intercompany loans$1.5 $1.5 
Total Consolidated Debt$62.4 $63.6 
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 $20.0 billion, compared to $21.3 billion at the beginning of the quarter, primarily driven by debt repayment and operating cash outflows (Table 3). Debt was $62.4 billion, down from $63.6 billion at the beginning of the quarter due to the repayment of maturing debt.
    Total company backlog at quarter-end was $367 billion.
2

Segment Results
Commercial Airplanes
Table 4. Commercial AirplanesThird QuarterNine Months
(Dollars in Millions)20212020Change20212020Change
Commercial Airplanes Deliveries85 28 204%241 98 146%
Revenues$4,459 $3,596 24%$14,743 $11,434 29%
Loss from Operations($693)($1,369)NM($2,021)($6,199)NM
Operating Margin(15.5)%(38.1)%NM(13.7)%(54.2)%NM
Commercial Airplanes third-quarter revenue increased to $4.5 billion primarily driven by higher 737 deliveries, partially offset by lower 787 deliveries. Third-quarter operating margin improved to (15.5) percent primarily due to higher deliveries (Table 4).
Boeing is continuing to make progress on the global safe return to service of the 737 MAX. Since the FAA's approval to return the 737 MAX to operations in November 2020, Boeing has delivered more than 195 737 MAX aircraft and airlines have returned more than 200 previously grounded airplanes to service. 31 airlines are now operating the 737 MAX, safely flying over 206,000 revenue flights totaling more than 500,000 flight hours (as of October 24, 2021). The 737 program is currently producing at a rate of 19 per month and continues to progress towards a production rate of 31 per month in early 2022, and the company is evaluating the timing of further rate increases.
The company continues to focus 787 production resources on conducting inspections and rework and continues to engage in detailed discussions with the FAA regarding required actions for resuming delivery. The current 787 production rate is approximately two airplanes per month. The company expects to continue at this rate until deliveries resume and then return to five per month over time. The low production rates and rework are expected to result in approximately $1 billion of abnormal costs, of which $183 million was recorded in the quarter.
Commercial Airplanes secured orders for 70 737 MAX, 24 freighter, and 12 787 airplanes. Commercial Airplanes delivered 85 airplanes during the quarter and backlog included over 4,100 airplanes valued at $290 billion.
3

Defense, Space & Security
Table 5. Defense, Space & Security
Third QuarterNine Months
(Dollars in Millions)20212020Change20212020Change
Revenues$6,617 $6,848 (3)%$20,678 $19,478 6%
Earnings from Operations$436 $628 (31)%$1,799 $1,037 73%
Operating Margin6.6 %9.2 %(28)%8.7 %5.3 %64%
    Defense, Space & Security third-quarter revenue decreased to $6.6 billion and third-quarter operating margin decreased to 6.6 percent, primarily due to a $185 million earnings charge on the Commercial Crew program driven by the second uncrewed Orbital Flight Test now anticipated in 2022 and the latest assessment of remaining work.
    During the quarter, Defense, Space & Security secured awards for five P-8A Poseidon aircraft for the German Navy and four CH-47F Block II Chinook helicopters for the U.S Army, as well as a Joint Direct Attack Munition contract for the U.S. Air Force. Defense, Space & Security also conducted the MQ-25 unmanned aerial refueling of a U.S. Navy E-2D and F-35C, and delivered a total of 37 aircraft during the quarter, including the first CH-47F Chinook to the Royal Australian Army.
     Backlog at Defense, Space & Security was $58 billion, of which 33 percent represents orders from customers outside the U.S.
Global Services
Table 6. Global Services
Third QuarterNine Months
(Dollars in Millions)20212020Change20212020Change
Revenues$4,221 $3,694 14%$12,037 $11,810 2%
Earnings from Operations$644 $271 138%$1,616 $307 426%
Operating Margin15.3 %7.3 %110%13.4 %2.6 %415%
    Global Services third-quarter revenue increased to $4.2 billion and third-quarter operating margin increased to 15.3 percent primarily driven by higher commercial services volume. Operating margin was also favorably impacted by lower severance costs and mix of products and services.
    During the quarter, Global Services captured orders for 12 additional 737-800 converted freighters for BBAM, an award for performance-based logistics support of the global C-17 fleet, and a modification award for Chinook infra-red suppression systems for the U.K. Armed Forces. Global Services also announced a partnership to expand capacity for 767-300 Boeing Converted Freighters and was selected to provide training to the United Aviate Academy.
4

Additional Financial Information
Table 7. Additional Financial Information
Third QuarterNine Months
(Dollars in Millions)2021202020212020
Revenues
Boeing Capital$71 $71 $209 $205 
Unallocated items, eliminations and other($90)($70)($174)($73)
Earnings/(Loss) from Operations
Boeing Capital$42 $30 $99 $47 
FAS/CAS service cost adjustment$270 $353 $808 $1,055 
Other unallocated items and eliminations($370)($314)($1,032)($965)
Other income, net$30 $119 $419 $325 
Interest and debt expense($669)($643)($2,021)($1,458)
Effective tax rate57.4 %49.6 %62.2 %40.1 %
    At quarter-end, Boeing Capital's net portfolio balance was $1.8 billion. The earnings from FAS/CAS service cost adjustment primarily reflects an increase in the CAS discount rate driven by pension relief provisions in the American Rescue Plan Act of 2021. Interest and debt expense increased due to higher debt balances. The change in other income was driven by a pension settlement charge recorded during the quarter. The third quarter 2021 effective tax rate primarily reflects a lower pre-tax loss compared to the prior period, as well as benefits from R&D tax credits.

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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.


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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 increased 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 or our customers’ 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; and (24) potential environmental liabilities.
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

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The Boeing Company and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
Nine months ended September 30Three months ended September 30
(Dollars in millions, except per share data)2021202020212020
Sales of products$39,224 $34,656 $12,552 $11,402 
Sales of services8,269 8,198 2,726 2,737 
Total revenues47,493 42,854 15,278 14,139 
Cost of products(35,166)(36,001)(11,271)(10,910)
Cost of services(6,771)(6,817)(2,288)(2,185)
Boeing Capital interest expense(25)(33)(7)(10)
Total costs and expenses(41,962)(42,851)(13,566)(13,105)
5,531 3 1,712 1,034 
Income/(loss) from operating investments, net195 (61)120 (14)
General and administrative expense(3,169)(2,989)(1,097)(955)
Research and development expense, net(1,571)(1,871)(575)(574)
Gain on dispositions, net283 200 169 108 
Earnings/(loss) from operations1,269 (4,718)329 (401)
Other income, net419 325 30 119 
Interest and debt expense(2,021)(1,458)(669)(643)
Loss before income taxes(333)(5,851)(310)(925)
Income tax benefit207 2,349 178 459 
Net loss(126)(3,502)(132)(466)
Less: net loss attributable to noncontrolling interest(67)(49)(23)(17)
Net loss attributable to Boeing Shareholders($59)($3,453)($109)($449)
Basic loss per share($0.10)($6.10)($0.19)($0.79)
Diluted loss per share($0.10)($6.10)($0.19)($0.79)
Weighted average diluted shares (millions)587.3566.3589.0566.6




8

The Boeing Company and Subsidiaries
Consolidated Statements of Financial Position
(Unaudited) 
(Dollars in millions, except per share data)September 30
2021		December 31
2020
Assets
Cash and cash equivalents$9,764 $7,752 
Short-term and other investments10,231 17,838 
Accounts receivable, net2,247 1,955 
Unbilled receivables, net10,009 7,995 
Current portion of customer financing, net76 101 
Inventories81,897 81,715 
Other current assets, net2,664 4,286 
Total current assets116,888 121,642 
Customer financing, net1,795 1,936 
Property, plant and equipment, net of accumulated depreciation of $20,442 and $20,507
11,113 11,820 
Goodwill8,070 8,081 
Acquired intangible assets, net2,631 2,843 
Deferred income taxes74 86 
Investments963 1,016 
Other assets, net of accumulated amortization of of $916 and $729
5,312 4,712 
Total assets$146,846 $152,136 
Liabilities and equity
Accounts payable$10,151 $12,928 
Accrued liabilities18,974 22,171 
Advances and progress billings51,269 50,488 
Short-term debt and current portion of long-term debt5,377 1,693 
Total current liabilities85,771 87,280 
Deferred income taxes1,185 1,010 
Accrued retiree health care3,957 4,137 
Accrued pension plan liability, net11,435 14,408 
Other long-term liabilities1,722 1,486 
Long-term debt57,042 61,890 
Total liabilities161,112 170,211 
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 capital8,796 7,787 
Treasury stock, at cost - 424,789,354 and 429,941,021 shares
(52,030)(52,641)
Retained earnings38,551 38,610 
Accumulated other comprehensive loss(14,818)(17,133)
Total shareholders’ deficit(14,440)(18,316)
Noncontrolling interests174 241 
Total equity(14,266)(18,075)
Total liabilities and equity$146,846 $152,136 


9

The Boeing Company and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Nine months ended September 30
(Dollars in millions)20212020
Cash flows – operating activities:
Net loss($126)($3,502)
Adjustments to reconcile net loss to net cash used by operating activities:
Non-cash items – 
Share-based plans expense677 165 
Treasury shares issued for 401(k) contribution951 
Depreciation and amortization1,610 1,668 
Investment/asset impairment charges, net72 317 
Customer financing valuation adjustments(3)12 
Gain on dispositions, net(283)(200)
Other charges and credits, net(82)912 
Changes in assets and liabilities – 
Accounts receivable(280)125 
Unbilled receivables(2,010)56 
Advances and progress billings781 428 
Inventories508 (9,653)
Other current assets279 319 
Accounts payable(3,565)(3,303)
Accrued liabilities(3,168)967 
Income taxes receivable, payable and deferred1,011 (2,404)
Other long-term liabilities(168)(149)
Pension and other postretirement plans(731)(556)
Customer financing, net170 108 
Other225 289 
Net cash used by operating activities(4,132)(14,401)
Cash flows – investing activities:
Property, plant and equipment additions(758)(1,038)
Property, plant and equipment reductions385 275 
Acquisitions, net of cash acquired(6)
Contributions to investments(27,902)(25,846)
Proceeds from investments35,664 9,772 
Other6 14 
Net cash provided/(used) by investing activities7,389 (16,823)
Cash flows – financing activities:
New borrowings9,822 42,362 
Debt repayments(11,049)(8,792)
Stock options exercised36 31 
Employee taxes on certain share-based payment arrangements(47)(169)
Dividends paid(1,158)
Net cash (used)/provided by financing activities(1,238)32,274 
Effect of exchange rate changes on cash and cash equivalents, including restricted(34)26 
Net increase in cash & cash equivalents, including restricted1,985 1,076 
Cash & cash equivalents, including restricted, at beginning of year7,835 9,571 
Cash & cash equivalents, including restricted, at end of period9,820 10,647 
Less restricted cash & cash equivalents, included in Investments56 83 
Cash and cash equivalents at end of period$9,764 $10,564 

10

The Boeing Company and Subsidiaries
Summary of Business Segment Data
(Unaudited)
Nine months ended September 30Three months ended September 30
(Dollars in millions)2021202020212020
Revenues:
Commercial Airplanes$14,743 $11,434 $4,459 $3,596 
Defense, Space & Security20,678 19,478 6,617 6,848 
Global Services12,037 11,810 4,221 3,694 
Boeing Capital209 205 71 71 
Unallocated items, eliminations and other(174)(73)(90)(70)
Total revenues$47,493 $42,854 $15,278 $14,139 
Earnings/(loss) from operations:
Commercial Airplanes($2,021)($6,199)($693)($1,369)
Defense, Space & Security1,799 1,037 436 628 
Global Services1,616 307 644 271 
Boeing Capital99 47 42 30 
Segment operating earnings/(loss)1,493 (4,808)429 (440)
Unallocated items, eliminations and other(1,032)(965)(370)(314)
FAS/CAS service cost adjustment808 1,055 270 353 
Earnings/(loss) from operations1,269 (4,718)329 (401)
Other income, net419 325 30 119 
Interest and debt expense(2,021)(1,458)(669)(643)
Loss before income taxes(333)(5,851)(310)(925)
Income tax benefit207 2,349 178 459 
Net loss(126)(3,502)(132)(466)
Less: Net loss attributable to noncontrolling interest(67)(49)(23)(17)
Net loss attributable to Boeing Shareholders($59)($3,453)($109)($449)
Research and development expense, net:
Commercial Airplanes$817 $1,107 $293 $321 
Defense, Space & Security530 494 193 164 
Global Services80 110 30 45 
Other144 160 59 44 
Total research and development expense, net$1,571 $1,871 $575 $574 
Unallocated items, eliminations and other:
Share-based plans($171)($80)($29)($37)
Deferred compensation(86)34 8 (39)
Amortization of previously capitalized interest(66)(69)(22)(19)
Research and development expense, net(144)(160)(59)(44)
Eliminations and other unallocated items(565)(690)(268)(175)
Sub-total (included in core operating loss)(1,032)(965)(370)(314)
Pension FAS/CAS service cost adjustment576 773 192 260 
Postretirement FAS/CAS service cost adjustment232 282 78 93 
FAS/CAS service cost adjustment808 1,055 $270 $353 
Total($224)$90 ($100)$39 
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The Boeing Company and Subsidiaries
Operating and Financial Data
(Unaudited)
  
DeliveriesNine months ended September 30Three months ended September 30
Commercial Airplanes2021202020212020
737179 12 66 3 
7474 2 2 1 
76724 20 11 6 
77720 15 6 5 
78714 49 — 13 
Total241 98 85 28 
Defense, Space & Security
AH-64 Apache (New)191847
AH-64 Apache (Remanufactured)42441112
CH-47 Chinook (New)121964
CH-47 Chinook (Renewed)5312
F-15 Models1133—
F/A-18 Models151445
KC-46A Tanker71034
P-8 Models11953
Total backlog (Dollars in millions)
September 30
2021		December 31
2020
Commercial Airplanes$289,644 $281,588 
Defense, Space & Security58,435 60,847 
Global Services18,781 20,632 
Unallocated items, eliminations and other248 337 
Total backlog$367,108 $363,404 
Contractual backlog$348,193 $339,309 
Unobligated backlog18,915 24,095 
Total backlog$367,108 $363,404 
12

The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial measures core operating earnings/(loss), core operating margin, and core loss per share with the most directly comparable GAAP financial measures, earnings/(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)Third Quarter 2021Third Quarter 2020
$ millionsPer Share$ millionsPer Share
Revenues15,278 14,139 
Earnings/(loss) from operations (GAAP)329 (401)
Operating margin (GAAP)2.2 %(2.8)%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment(192)(260)
Postretirement FAS/CAS service cost adjustment(78)(93)
FAS/CAS service cost adjustment(270)(353)
Core operating earnings/(loss) (non-GAAP)$59 ($754)
Core operating margin (non-GAAP)0.4 %(5.3)%
Diluted loss per share (GAAP)($0.19)($0.79)
Pension FAS/CAS service cost adjustment($192)(0.33)($260)(0.46)
Postretirement FAS/CAS service cost adjustment(78)(0.13)(93)(0.16)
Non-operating pension expense(29)(0.05)(84)(0.16)
Non-operating postretirement expense(6)(0.01)10 0.02 
Provision for deferred income taxes on adjustments 1
64 0.11 90 0.16 
Subtotal of adjustments($241)($0.41)($337)($0.60)
Core loss per share (non-GAAP)($0.60)($1.39)
Weighted average diluted shares (in millions)589.0 566.6 
1 The income tax impact is calculated using the U.S. corporate statutory tax rate.
























13

The Boeing Company and Subsidiaries
Reconciliation of Non-GAAP Measures
(Unaudited)
The tables provided below reconcile the non-GAAP financial measures core operating earnings/(loss), core operating margin, and core loss per share with the most directly comparable GAAP financial measures, earnings/(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)Nine Months 2021Nine months 2020
$ millionsPer Share$ millionsPer Share
Revenues47,493 42,854 
Earnings/(loss) from operations (GAAP)1,269 (4,718)
Operating margin (GAAP)2.7 %(11.0)%
FAS/CAS service cost adjustment:
Pension FAS/CAS service cost adjustment(576)(773)
Postretirement FAS/CAS service cost adjustment(232)(282)
FAS/CAS service cost adjustment(808)(1,055)
Core operating earnings/(loss) (non-GAAP)$461 ($5,773)
Core operating margin (non-GAAP)1.0 %(13.5)%
Diluted loss per share (GAAP)($0.10)($6.10)
Pension FAS/CAS service cost adjustment($576)(0.98)($773)(1.36)
Postretirement FAS/CAS service cost adjustment(232)(0.40)(282)(0.50)
Non-operating pension expense(381)(0.64)(255)(0.46)
Non-operating postretirement expense(16)(0.03)37 0.07 
Provision for deferred income taxes on adjustments 1
253 0.43 267 0.47 
Subtotal of adjustments($952)($1.62)($1,006)($1.78)
Core loss per share (non-GAAP)($1.72)($7.88)
Weighted average diluted shares (in millions)587.3 566.3 
1 The income tax impact is calculated using the U.S. corporate statutory tax rate.
14