...January 27, 2022 NEW YORK (S&P Global Ratings) Jan. 27, 2022--Boeing Co. (###-/Negative/A-3) reported a fourth-quarter 2021 pretax loss of $4.7 billion (compared with a loss of $8.6 billion in fourth quarter 2020) and full-year pretax loss of $5 billion (compared with a loss of $14.5 billion in 2020). It attributed the fourth-quarter loss mostly to a $3.5 billion pretax charge for delays in the 787 program while Boeing works to address concerns by regulators over certain shortcomings in build quality. (Regulators have not deemed these a safety issue that would necessitate grounding already delivered 787s, however.) The delays necessitate a remeasurement of expected profitability of the current lot of 787 deliveries under program accounting. The charge also accounts for the likelihood Boeing will have to compensate airline customers whose planes will be delivered later than the maximum delay allowable in their contracts. The charge is noncash initially but will reduce future cash flows....
