Goodwill and Intangible Asset Disclosure
Adjustments to Financial Statements: Removal of Goodwill
Adjusted Financial Ratios: Removal of Goodwill (Summary)
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Boeing Co., balance sheet: goodwill and intangible assets

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Goodwill	8,093)	8,057)	8,068)	8,081)	8,060)
Trade names	197)	197)	197)	197)	197)
In process research and development	202)	202)	202)	202)	202)
Indefinite-lived intangible assets	399)	399)	399)	399)	399)
Distribution rights	2,545)	2,546)	2,554)	2,812)	2,989)
Product know-how	552)	552)	553)	553)	553)
Customer base	1,358)	1,356)	1,360)	1,373)	1,364)
Developed technology	638)	621)	626)	626)	653)
Other	280)	276)	301)	303)	280)
Acquired finite-lived intangible assets, gross carrying amount	5,373)	5,351)	5,394)	5,667)	5,839)
Accumulated amortization	(3,678)	(3,439)	(3,231)	(3,223)	(2,900)
Acquired finite-lived intangible assets, net	1,695)	1,912)	2,163)	2,444)	2,939)
Acquired intangibles	2,094)	2,311)	2,562)	2,843)	3,338)
Goodwill and acquired intangibles	10,187)	10,368)	10,630)	10,924)	11,398)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Item	Description	The company
Goodwill	Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.	Boeing Co. goodwill decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Acquired intangibles	Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Boeing Co. acquired intangibles decreased from 2021 to 2022 and from 2022 to 2023.
Goodwill and acquired intangibles	Sum of the carrying amounts of all intangible assets, including goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.	Boeing Co. goodwill and acquired intangibles decreased from 2021 to 2022 and from 2022 to 2023.

Boeing Co., adjustments to financial statements

US$ in millions

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Adjustment to Total Assets
Total assets (as reported)	137,012)	137,100)	138,552)	152,136)	133,625)
Less: Goodwill	8,093)	8,057)	8,068)	8,081)	8,060)
Total assets (adjusted)	128,919)	129,043)	130,484)	144,055)	125,565)
Adjustment to Shareholders’ Deficit
Shareholders’ deficit (as reported)	(17,233)	(15,883)	(14,999)	(18,316)	(8,617)
Less: Goodwill	8,093)	8,057)	8,068)	8,081)	8,060)
Shareholders’ deficit (adjusted)	(25,326)	(23,940)	(23,067)	(26,397)	(16,677)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Boeing Co., Financial Data: Reported vs. Adjusted

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Boeing Co., adjusted financial ratios

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Total Asset Turnover
Reported total asset turnover	0.57	0.49	0.45	0.38	0.57
Adjusted total asset turnover	0.60	0.52	0.48	0.40	0.61
Financial Leverage
Reported financial leverage	—	—	—	—	—
Adjusted financial leverage	—	—	—	—	—
Return on Equity (ROE)
Reported ROE	—	—	—	—	—
Adjusted ROE	—	—	—	—	—
Return on Assets (ROA)
Reported ROA	-1.62%	-3.60%	-3.03%	-7.80%	-0.48%
Adjusted ROA	-1.72%	-3.82%	-3.22%	-8.24%	-0.51%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Boeing Co. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Boeing Co. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Boeing Co., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Revenues	77,794)	66,608)	62,286)	58,158)	76,559)
Total assets	137,012)	137,100)	138,552)	152,136)	133,625)
Activity Ratio
Total asset turnover¹	0.57	0.49	0.45	0.38	0.57
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Revenues	77,794)	66,608)	62,286)	58,158)	76,559)
Adjusted total assets	128,919)	129,043)	130,484)	144,055)	125,565)
Activity Ratio
Adjusted total asset turnover²	0.60	0.52	0.48	0.40	0.61

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Total asset turnover = Revenues ÷ Total assets
= 77,794 ÷ 137,012 = 0.57

² Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 77,794 ÷ 128,919 = 0.60

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Boeing Co. adjusted total asset turnover ratio improved from 2021 to 2022 and from 2022 to 2023.

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	137,012)	137,100)	138,552)	152,136)	133,625)
Shareholders’ deficit	(17,233)	(15,883)	(14,999)	(18,316)	(8,617)
Solvency Ratio
Financial leverage¹	—	—	—	—	—
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets	128,919)	129,043)	130,484)	144,055)	125,565)
Adjusted shareholders’ deficit	(25,326)	(23,940)	(23,067)	(26,397)	(16,677)
Solvency Ratio
Adjusted financial leverage²	—	—	—	—	—

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ Financial leverage = Total assets ÷ Shareholders’ deficit
= 137,012 ÷ -17,233 = —

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ deficit
= 128,919 ÷ -25,326 = —

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net loss attributable to Boeing Shareholders	(2,222)	(4,935)	(4,202)	(11,873)	(636)
Shareholders’ deficit	(17,233)	(15,883)	(14,999)	(18,316)	(8,617)
Profitability Ratio
ROE¹	—	—	—	—	—
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net loss attributable to Boeing Shareholders	(2,222)	(4,935)	(4,202)	(11,873)	(636)
Adjusted shareholders’ deficit	(25,326)	(23,940)	(23,067)	(26,397)	(16,677)
Profitability Ratio
Adjusted ROE²	—	—	—	—	—

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROE = 100 × Net loss attributable to Boeing Shareholders ÷ Shareholders’ deficit
= 100 × -2,222 ÷ -17,233 = —

² Adjusted ROE = 100 × Net loss attributable to Boeing Shareholders ÷ Adjusted shareholders’ deficit
= 100 × -2,222 ÷ -25,326 = —

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	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net loss attributable to Boeing Shareholders	(2,222)	(4,935)	(4,202)	(11,873)	(636)
Total assets	137,012)	137,100)	138,552)	152,136)	133,625)
Profitability Ratio
ROA¹	-1.62%	-3.60%	-3.03%	-7.80%	-0.48%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net loss attributable to Boeing Shareholders	(2,222)	(4,935)	(4,202)	(11,873)	(636)
Adjusted total assets	128,919)	129,043)	130,484)	144,055)	125,565)
Profitability Ratio
Adjusted ROA²	-1.72%	-3.82%	-3.22%	-8.24%	-0.51%

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

2023 Calculations

¹ ROA = 100 × Net loss attributable to Boeing Shareholders ÷ Total assets
= 100 × -2,222 ÷ 137,012 = -1.62%

² Adjusted ROA = 100 × Net loss attributable to Boeing Shareholders ÷ Adjusted total assets
= 100 × -2,222 ÷ 128,919 = -1.72%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as net income divided by adjusted total assets.	Boeing Co. adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Boeing Co. (NYSE:BA)

Analysis of Goodwill and Intangible Assets

Goodwill and Intangible Asset Disclosure

Adjustments to Financial Statements: Removal of Goodwill

Boeing Co., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Boeing Co., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)