United States
Securities and Exchange Commission
Washington, D.C. 20549
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Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the quarterly period ended September 30, 2003 |
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OR |
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Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the transition period from to |
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Commission File Number 0-10795 |
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(Exact name of registrant as specified in its charter)
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Delaware |
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95-2564584 |
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(State or other jurisdiction of |
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(I.R.S. Employer |
500 Naches Ave., SW, 3rd Floor • Renton, Washington 98055
(Address of principal executive offices)
(425) 393-2914
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes o No ý
No common stock is held by non-affiliates of the registrant. Common shares outstanding at October 29, 2003: 50,000 shares
Registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is therefore filing this Form with the reduced disclosure format.
Table of Contents
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Consolidated Statements of Shareholder’s Equity and Comprehensive Income (Loss) |
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2
Boeing Capital Corporation and Subsidiaries
(Unaudited)
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(Dollars in millions, except par value) |
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September 30, |
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December 31, |
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ASSETS |
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Cash and cash equivalents |
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$ |
748 |
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$ |
686 |
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Receivables: |
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Financing leases |
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4,301 |
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4,550 |
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Notes and other receivables |
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3,297 |
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2,878 |
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7,598 |
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7,428 |
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Allowance for losses on receivables |
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(350 |
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(260 |
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7,248 |
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7,168 |
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Equipment under operating leases, net of accumulated depreciation |
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3,871 |
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3,506 |
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Investments |
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492 |
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517 |
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Equipment held for sale or re-lease, net of accumulated depreciation |
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282 |
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311 |
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Other assets |
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331 |
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375 |
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$ |
12,972 |
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$ |
12,563 |
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LIABILITIES AND SHAREHOLDER’S EQUITY |
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Liabilities: |
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Accounts payable and accrued expenses |
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$ |
63 |
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$ |
127 |
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Other liabilities |
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224 |
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220 |
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Accounts due to Boeing and BCSC |
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74 |
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22 |
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Deferred income taxes |
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1,203 |
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1,073 |
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Debt: |
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Senior |
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9,535 |
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9,441 |
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Subordinated |
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24 |
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24 |
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11,123 |
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10,907 |
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Commitments and contingencies – Note 9 |
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Shareholder’s equity: |
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Common Stock - $100 par value; authorized
100,000 shares; |
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5 |
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5 |
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Capital in excess of par value |
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1,231 |
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1,090 |
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Accumulated other comprehensive loss, net of tax |
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(12 |
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(17 |
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Income retained for growth |
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625 |
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578 |
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1,849 |
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1,656 |
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$ |
12,972 |
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$ |
12,563 |
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See Notes to Consolidated Financial Statements.
3
(Unaudited)
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Three
Months Ended |
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Nine
Months Ended |
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(Dollars in millions) |
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2003 |
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2002 |
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2003 |
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2002 |
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REVENUES |
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Finance lease income |
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$ |
70 |
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$ |
70 |
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$ |
221 |
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$ |
219 |
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Interest income on notes receivable |
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62 |
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62 |
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167 |
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165 |
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Operating lease income |
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124 |
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109 |
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376 |
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302 |
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Investment income (loss) |
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13 |
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(4 |
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38 |
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15 |
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Net gain on disposal |
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47 |
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— |
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49 |
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7 |
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Other |
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28 |
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(2 |
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63 |
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10 |
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344 |
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235 |
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914 |
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718 |
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Equity in gain (loss) from joint venture |
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1 |
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(43 |
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— |
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(44 |
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345 |
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192 |
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914 |
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674 |
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EXPENSES |
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Interest expense |
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110 |
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108 |
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332 |
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297 |
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Depreciation expense |
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66 |
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60 |
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193 |
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157 |
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Provision for losses |
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11 |
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84 |
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160 |
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101 |
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Operating expenses |
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18 |
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18 |
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