Stock Analysis on Net
Stock Analysis on Net

Boeing Co. (NYSE:BA)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Boeing Co., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Accounts payable 7.27 8.73 7.44 6.68 8.50
Forward loss recognition 4.88 3.43 2.96 1.45 1.26
Accrued compensation and employee benefit costs 3.91 4.91 4.63 4.36 4.68
Product warranties 1.36 1.79 1.66 1.37 1.00
Environmental 0.53 0.62 0.55 0.44 0.37
Accrued interest payable 0.51 0.48 0.44 0.46 0.00
737 MAX customer concessions and other considerations 0.41 0.97 1.36 2.12 3.64
Other customer concessions and considerations 0.99 0.95 0.80 0.17 0.00
Current portion of retiree healthcare and pension liabilities 0.29 0.35 0.36 0.39 0.00
Current portion of operating lease liabilities 0.21 0.22 0.20 0.19 0.18
Department of Justice agreement liability 0.00 0.00 0.00 0.00 0.49
Other 2.32 2.61 2.78 2.36 2.96
Accrued liabilities 15.41% 16.30% 15.74% 13.32% 14.57%
Advances and progress billings 38.59 41.11 38.72 38.24 33.19
Short-term debt and current portion of long-term debt 0.82 3.80 3.79 0.94 1.11
Current liabilities 62.09% 69.94% 65.68% 59.18% 57.37%
Deferred income taxes 0.08 0.17 0.17 0.16 0.66
Accrued retiree health care 1.39 1.63 1.83 2.55 2.72
Accrued pension plan liability, net 3.84 4.76 4.48 6.57 9.47
Other long-term liabilities 1.48 1.70 1.61 1.26 0.98
Long-term debt, excluding current portion 33.63 34.38 37.79 41.00 40.68
Long-term liabilities 40.42% 42.63% 45.88% 51.54% 54.51%
Total liabilities 102.50% 112.57% 111.56% 110.72% 111.88%
Mandatory convertible preferred stock, 6.00% Series A, par value $1.00 0.00 0.00 0.00 0.00 0.00
Common stock, par value $5.00 3.24 3.69 3.69 3.65 3.33
Additional paid-in capital 12.13 7.52 7.26 6.53 5.12
Treasury stock, at cost -20.71 -36.16 -37.06 -37.43 -34.60
Retained earnings 9.82 19.89 21.50 24.83 25.38
Accumulated other comprehensive loss -6.98 -7.52 -6.97 -8.41 -11.26
Shareholders’ deficit -2.50% -12.58% -11.58% -10.83% -12.04%
Noncontrolling interests 0.00 0.00 0.03 0.11 0.16
Total deficit -2.50% -12.57% -11.56% -10.72% -11.88%
Total liabilities and deficit 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2024-12-31), 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).

Liabilities Structure
The composition of total liabilities displays shifts over the observed periods. Current liabilities as a percentage of total liabilities and deficit rose from 57.37% in 2020 to peak at 69.94% in 2023, before decreasing notably to 62.09% in 2024. Conversely, long-term liabilities consistently declined from 54.51% in 2020 to 40.42% in 2024, indicating a gradual rebalancing from longer-term towards more immediate liabilities.
Accounts Payable and Accrued Liabilities
Accounts payable experienced a decrease from 8.5% in 2020 to 6.68% in 2021, followed by fluctuations reaching 8.73% in 2023 and then declining to 7.27% in 2024. Accrued liabilities showed an overall upward trend, starting at 14.57% in 2020 and peaking at 16.3% in 2023, marginally reducing to 15.41% in 2024. This suggests that accruals, potentially related to expenses and benefits, gained a larger share within the liabilities.
Advances and Progress Billings
Advances and progress billings steadily increased from 33.19% in 2020 to 41.11% in 2023, before retreating slightly to 38.59% in 2024. This category consistently constitutes a significant portion of liabilities, reflecting ongoing customer prepayments or contract progress, with a high relative level maintained across years.
Debt Obligations
Short-term debt and the current portion of long-term debt displayed volatility, with a low of 0.82% in 2024 after a peak of 3.8% in 2023. Long-term debt (excluding current portion) declined from 40.68% in 2020 to 33.63% in 2024, indicating a reduction in long-term borrowings as a relative share of total liabilities and deficit.
Specific Liability Categories
Forward loss recognition rose significantly from 1.26% in 2020 to 4.88% in 2024, potentially signaling increased anticipated losses. The proportion related to "737 MAX customer concessions and other considerations" consistently decreased each year from 3.64% in 2020 to a low 0.41% in 2024, indicating resolution or reduction of this specific liability.
Employee Compensation and Benefits
Accrued compensation and employee benefit costs remained relatively stable but showed a slight decrease from 4.68% in 2020 to 3.91% in 2024. Similarly, accrued pension plan liability (net) decreased substantially from 9.47% in 2020 to 3.84% in 2024, reflecting possible pension plan funding improvements or changes in actuarial estimates. Accrued retiree health care declined steadily over the period from 2.72% to 1.39%.
Environmental and Other Liabilities
Environmental liabilities slightly increased from 0.37% in 2020 to 0.53% in 2024, indicating a modest rise in related obligations. Other miscellaneous liabilities fluctuated within a narrow range, ending at 2.32% in 2024, slightly lower than earlier years.
Equity and Deficit Trends
Common stock and additional paid-in capital increased moderately over the period, with additional paid-in capital rising sharply from 5.12% in 2020 to 12.13% in 2024, implying capital injections or stock issuance activities. Treasury stock, at cost, showed a significant reduction in negative balance from -34.6% in 2020 to -20.71% in 2024, indicating possible share repurchases were reduced or shares were retired.
Retained Earnings and Shareholders’ Deficit
Retained earnings decreased markedly from 25.38% in 2020 to 9.82% in 2024, which may reflect accumulated losses or dividends over the period. The shareholders’ deficit improved considerably, moving from -12.04% in 2020 closer to -2.5% in 2024, suggesting an improvement in net equity position possibly through capital contributions or earnings recovery.
Overall Observations
Total liabilities remained relatively stable as a percentage of total liabilities and deficit, slightly decreasing from 111.88% in 2020 to 102.5% in 2024. The reduction in total deficit and improvement in equity measures indicate a gradual strengthening of the balance sheet, although retained earnings show erosion which may warrant further analysis. The decrease in long-term liabilities alongside fluctuations in current liabilities suggests a strategic shift in debt management toward shorter-term obligations by the final year observed.