Deconsolidation, Revaluation of Retained Investment, Gain (Loss), Amount

[Table of Contents](#i96cbbb599c964cb4a125b720672b6568_10)Note 11 – InvestmentsOur investments, which are recorded in Short-term and other investments or Investments, consisted of the following at December 31:

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2021 |   | 2020 |
| Equity method investments (1) | $930  |  |  | $936  |  |
| Time deposits | 7,676  |  |  | 17,154  |  |
| Available for sale debt instruments | 464  |  |  | 596  |  |
| Equity and other investments | 45  |  |  | 85  |  |
| Restricted cash & cash equivalents (2) | 52  |  |  | 83  |  |
| Total | $9,167  |  |  | $18,854  |  |

(1)Dividends received were $77 and $149 during 2021 and 2020. Retained earnings at December 31, 2021 include undistributed earnings from our equity method investments of $136. During the third quarter of 2021, Boeing and AE Industrial Partners announced a strategic partnership to establish a dedicated aerospace venture fund. This transaction resulted in the deconsolidation of HorizonX and generated a gain of $117 which is included in Income from operating investments, net.(2)Reflects amounts restricted in support of our property sales, workers’ compensation programs and insurance premiums.Allowance for losses on available for sale debt instruments are assessed quarterly. All instruments are considered investment grade and, as such, we have not recognized an allowance for credit losses as of December 31, 2021.Equity Method InvestmentsOur equity method investments consisted of the following as of December 31:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Segment | Ownership Percentages |  | Investment Balance |
|  |  |  |  | 2021 |   | 2020 |
| United Launch Alliance | BDS | 50% |  | $617  |  |  | $735  |  |
| Other | BCA, BDS, BGS and Other  |  |  | 313  |  |  | 201  |  |
| Total equity method investments |  |  | $930  |  |  | $936  |  |

Note 12 – LeasesOur operating lease assets primarily represent manufacturing and research and development facilities, warehouses and offices. Total operating lease expense was $380 and $360 for the years ended December 31, 2021 and 2020, of which $73 and $71 was attributable to variable lease expenses.For the years ended December 31, 2021 and 2020, cash payments against operating lease liabilities totaled $301 and $299 and non-cash transactions totaled $443 and $371 to recognize operating assets and liabilities for new leases.90
