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FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
 12 Months Ended
Dec. 31, 2025
EBP 002  
EBP, Investment, Fair Value and NAV [Line Items]  
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
ASC 820, Fair Value Measurement, establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 820 for financial assets and financial liabilities are described below:
Level 1 — Values are based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. An active market is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.
Level 2 — Values are based on (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in nonactive markets; or (c) valuation models whose inputs are observable, directly or indirectly, for substantially the full term of the asset or liability.
Level 3 — Values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.
The following tables set forth by level within the fair value hierarchy a summary of Master Trust investments by general types of assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024. As required by ASC 820, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
Quoted Prices
in Active Market
for Identical
Asset
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Not Leveled*
Balance as of December 31, 2025
Investments:
Investments in the fair value hierarchy:
Common and preferred stock$10,763 $— $5 $— $10,768 
Government and agency securities— 967 9 — 976 
Corporate bonds— 699 — — 699 
Mortgage and asset-backed securities— 272 9 — 281 
Boeing common stock6,402 — — — 6,402 
Mutual funds175 — — — 175 
Short-term investments— 31 — — 31 
Other investments— 10 — — 10 
Total investments in the fair value hierarchy
17,340 1,979 23 — 19,342 
Investments measured at net asset value:
Common/collective trusts— — — 49,406 49,406 
Total investments — at fair value
17,340 1,979 23 49,406 68,748 
Investments measured at contract value:
Synthetic GICs/SVF— — — 10,853 10,853 
Cash and cash equivalents
— — — 111 111 
Receivables:
Receivables for securities sold— — — 86 86 
Accrued investment income— — — 45 45 
Other1 4 — — 5 
Total receivables1 4 — 131 136 
Total assets17,341 1,983 23 60,501 79,848 
Liabilities:
Payables for securities purchased— — — 218 218 
Accrued investment and administration expenses— — — 30 30 
Other3 6 — 10 19 
Total liabilities3 6 — 258 267 
NET ASSETS$17,338 $1,977 $23 $60,243 $79,581 
Quoted Prices
in Active Market
for Identical
Asset
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Not Leveled*
Balance as of December 31, 2024
Investments:
Investments in the fair value hierarchy:
Common and preferred stock$8,863 $— $4 $— $8,867 
Government and agency securities— 727 10 — 737 
Corporate bonds— 552 1 — 553 
Mortgage and asset-backed securities— 330 26 — 356 
Boeing common stock5,434 — — — 5,434 
Mutual funds133 — — — 133 
Short-term investments— 42 — — 42 
Other investments— 15 — — 15 
Total investments in the fair value hierarchy
14,430 1,666 41 — 16,137 
Investments measured at net asset value:
Common/collective trusts— — — 45,742 45,742 
Total investments — at fair value
14,430 1,666 41 45,742 61,879 
Investments measured at contract value:
Synthetic GICs/SVF— — — 11,231 11,231 
Cash and cash equivalents
— — — 180 180 
Receivables:
Receivables for securities sold— — — 166 166 
Accrued investment income— — — 38 38 
Other1 5 — — 6 
Total receivables1 5 — 204 210 
Total assets14,431 1,671 41 57,357 73,500 
Liabilities:
Payables for securities purchased— — — 296 296 
Accrued investment and administration expenses— — — 26 26 
Other1 10 — 13 24 
Total liabilities1 10 — 335 346 
NET ASSETS$14,430 $1,661 $41 $57,022 $73,154 
*The amounts not leveled are related to investments using NAV as a practical expedient to estimate fair value, investments measured at contract value, and non-investment assets and liabilities. The amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Master Trust’s statements of net assets.
Master Trust net assets at fair value classified within Level 3 consisted of common and preferred stock, government and agency securities, corporate bonds, and mortgage and asset-backed securities. Such amounts were 0.03% and 0.06% of the Master Trust’s net assets as of December 31, 2025 and 2024, respectively.
Level 3 Transfers — The availability of observable market data is monitored to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. The significance of transfers between levels is evaluated based upon the nature of the financial instrument and size of the transfer relative to net assets. There were no significant transfers into or out of Level 3 for the years ended December 31, 2025 and 2024.