Boeing 2008 Annual Report Download - page 86
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benefits. Settlement of unrecognized tax benefits that effect the effective tax rate could increase
earnings in an amount ranging from $0 to $500 based on current estimates. Audit outcomes and the
timing of audit settlements are subject to significant uncertainty.
Note 5 – Accounts Receivable
Accounts receivable at December 31 consisted of the following:
2008 2007
U.S. government contracts $2,675 $2,838
Commercial customers 1,041 1,232
Other11,940 1,742
Less valuation allowance (54) (72)
$5,602 $5,740
1Included $495 and $498 of reinsurance receivables held by Astro Ltd., a wholly owned subsidiary,
which operates as a captive insurance company and $391 and $683 related to non-U.S. military
contracts at December 31, 2008 and 2007.
The following table summarizes our accounts receivable under long-term contracts that were not
billable or related to outstanding claims as of December 31:
2008 2007
Unbillable
Current $ 990 $ 825
Expected to be collected after one year 467 520
$1,457 $1,345
Claims
Current $32 $18
Expected to be collected after one year 120 128
$ 152 $ 146
Unbillable receivables on long-term contracts arise when the sales or revenues based on performance
attainment, though appropriately recognized, cannot be billed yet under terms of the contract as of the
balance sheet date. Accounts receivable related to claims are items that we believe are earned, but
are subject to uncertainty concerning their determination or ultimate realization. Accounts receivable,
other than those described above, expected to be collected after one year are not material.
Note 6 – Inventories
Inventories at December 31 consisted of the following:
2008 2007
Long-term contracts in progress $ 14,051 $ 13,159
Commercial aircraft programs 19,309 11,710
Commercial spare parts, used aircraft, general stock materials and other 4,340 3,401
37,700 28,270
Less advances and progress billings (22,088) (18,707)
$ 15,612 $ 9,563
72