Boeing 2009 Annual Report Download - page 139

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SCHEDULE II—Valuation and Qualifying Accounts
The Boeing Company and Subsidiaries
Allowance for Customer Financing and Other Assets
(Deducted from assets to which they apply)
(Dollars in millions)
Customer Financing 2009 2008 2007
Balance at January 1 $ 269 $ 195 $ 254
Charged to costs and expenses 45 84
Deductions from reserves (12) (10) (59)
Balance at December 31 $ 302 $ 269 $ 195
Sea Launch Reserves 2009 2008 2007
Balance at January 1 $ 723 $ 660 $ 598
Additions(1) 246 63 63
Deductions from reserves (1)
Balance at December 31(2) $ 969 $ 723 $ 660
(1) Includes $179 transferred in from Other accrued liabilities and $67 in charges to costs and
expenses.
(2) At December 31, 2009, $476 was related to other assets and $493 was related to our share of
credit guarantees and receivables for partner loans. At December 31, 2008 and 2007, the entire
amount was included in Other assets.
EXHIBIT (12)
Computation of Ratio of Earnings to Fixed Charges
The Boeing Company and Subsidiaries
(Dollars in millions)
Years ended December 31, 2009 2008 2007 2006 2005
Earnings before federal taxes on income $1,731 $3,995 $6,118 $3,194 $2,819
Fixed charges excluding capitalized interest 564 492 557 636 699
Amortization of previously capitalized interest 61 50 58 51 54
Net adjustment for earnings/loss from affiliates (10) (10) (28) (12) (9)
Earnings available for fixed charges $2,346 $4,527 $6,705 $3,869 $3,563
Fixed charges:
Interest and debt expense(1) $ 514 $ 425 $ 491 $ 593 $ 653
Interest capitalized during the period 90 99 117 110 84
Rentals deemed representative of an interest factor 50 67 66 43 46
Total fixed charges $ 654 $ 591 $ 674 $ 746 $ 783
Ratio of earnings to fixed charges 3.6 7.7 9.9 5.2 4.6
(1) Amount does not include tax-related interest expense which is reported as a component of Income
tax expense in our Consolidated Statements of Operations.
127