Boeing 2010 Annual Report Download - page 88
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Customer Financing Exposure
Customer financing is collateralized by security in the related asset. The value of the collateral is
closely tied to commercial airline performance and may be subject to reduced valuation with market
decline. Our Customer financing portfolio has a concentration of various model aircraft. Customer
financing carrying values related to major aircraft concentrations at December 31 were as follows:
2010 2009
717 Aircraft ($561 and $662 accounted for as operating leases)(1) $2,070 $2,262
757 Aircraft ($629 and $708 accounted for as operating leases)(1) 720 902
737 Aircraft ($317 and $400 accounted for as operating leases) 366 553
767 Aircraft ($115 and $154 accounted for as operating leases) 372 465
MD-11 Aircraft ($327 and $384 accounted for as operating leases)(1) 327 384
(1) Out of production aircraft
Charges related to customer financing asset impairment for the years ended December 31 were as
follows:
2010 2009 2008
Boeing Capital Corporation $85 $91 $35
Other Boeing 85 8
Total $170 $99 $35
Scheduled receipts on customer financing are as follows:
Year 2011 2012 2013 2014 2015 Beyond 2015
Principal payments on notes receivable $170 $ 98 $138 $ 23 $ 25 $ 26
Sales-type/finance lease payments receivable 319 317 274 274 273 1,422
Operating lease equipment payments receivable 292 231 184 141 120 200
Customer financing assets leased under capital leases and subleased to others were not significant in
2010 and 2009.
Note 9 – Property, Plant and Equipment
Property, plant and equipment at December 31 consisted of the following:
2010 2009
Land $ 542 $ 539
Buildings and land improvements 9,695 9,548
Machinery and equipment 11,002 10,383
Construction in progress 1,014 1,109
Gross property, plant and equipment 22,253 21,579
Less accumulated depreciation (13,322) (12,795)
Total $ 8,931 $ 8,784
Depreciation expense was $1,096, $1,066 and $1,013 for the years ended December 31, 2010, 2009
and 2008, respectively. Interest capitalized during the years ended December 31, 2010, 2009 and
2008 totaled $48, $90 and $99, respectively.
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