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| Notes
to Consolidated Financial Statements | | |
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| The Sea Launch venture in which Boeing is a 40% partner with RSC Energia
(25%) of Russia, Kvaerner Maritime (20%) of Norway, and KB Yuzhnoye/PO Yuzhmach
(15%) of Ukraine had two successful launches in 2001. Boeing’s investment
in this venture as of December 31, 2001, is reported at zero, which reflects the
prior recognition of losses reported by Sea Launch. The venture incurred losses
in 2001, due to the relatively low volume of launches, reflecting a depressed
satellite market. Boeing has financial exposure with respect to the venture, which
relates to guarantees by the Company provided to certain Sea Launch creditors,
performance guarantees provided by the Company to a Sea Launch customer and financial
exposure related to accounts receivable/inventory reflected in the consolidated
financial statements. Net of liabilities established, the Company’s maximum
exposure to credit-related losses associated with credit guarantees amounts to
$357, which is included in the disclosure in Note 24 to the consolidated financial
statements. Financial exposure related to performance guarantees and accounts
receivable/inventory amounted to $200 at December 31, 2001. | | As
of December 31, 2001 and 2000, other assets included $274 and $260 attributable
to investments in joint ventures. | | Note
8 – General and Administrative Expense | | The Company issued
7,651,298 stock units as of December 31, 2001, that are convertible to either
stock or a cash equivalent, of which 6,943,846 are vested, and the remainder vest
with employee service. These stock units principally represent a method of deferring
employee compensation by which a liability is established based upon the current
stock price. An expense or reduction in expense is recognized associated with
the change in that liability balance and is recorded against general and administrative
expense. General and administrative expense related to deferred stock compensation
was $(163), $75 and $12 in 2001, 2000 and 1999, respectively. | | Note
9 – Earnings per Share | | The weighted average number of
shares outstanding (in millions) used to compute earnings per share for the years
ended December 31, 2001, 2000 and 1999, are as follows: | | |
| |  | 2001 | | 2000 | 1999 | |
| |
| Basic shares | | Diluted shares | | |
| |
|
| |
 | |
| Basic earnings per share are calculated based on the weighted average
number of shares outstanding, excluding treasury shares and the outstanding shares
held by the ShareValue Trust. Diluted earnings per share are calculated based
on that same number of shares plus additional dilutive shares representing stock
distributable under stock option and stock unit plans computed using the treasury
stock method, plus contingently issuable shares from other share-based plans on
an as-if converted basis. | | Note 10 –
Accounts Receivable | | Accounts receivable at December 31 consisted
of the following: | | |
| | 2001 | | 2000 | |
| |
| U.S. Government contracts | | Commercial Airplanes segment
customers | | Other | | Less valuation allowance |
| |
| |
| |
| |
| | | $5,156 | | $5,519 | |
| |
| Accounts receivable included the following as of December 31, 2001 and
2000: amounts not currently billable of $792 and $616 relating primarily to sales
values recorded upon attainment of performance milestones that differ from contractual
billing milestones and withholds on U.S. Government contracts ($466 and $487 not
expected to be collected within one year); $75 and $172 relating to claims and
other amounts on U.S. Government contracts subject to future settlement ($55 and
$56 not expected to be collected within one year); and $185 and $169 of other
receivables not expected to be collected within one year. | | As
of December 31, 2001, other accounts receivable included $1,025 related to long-term
contracts ($997 as of December 31, 2000) with customers other than the U.S. Government
and $450 of reinsurance receivables relating to a captive insurance company. The
accounts receivable balance as of December 31, 2000, has been reclassified to
include $591 of reinsurance receivables. | | |
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