Boeing held its annual Investor Day conference and here are four takeaways from that event.

First, defense spending reductions should not hurt the company this fiscal year. Defense spending should remain flat, but at least it won't decline significantly. Second, Boeing's fuel-efficient jetliners -- the 737, 777, and 787 -- are on track for on-time production. Third, the 787 is back in production with battery fixes and the company should continue producing 10 of these aircraft every month. Fourth, Boeing generated $11 billion in cash flow or a 10% return on market capitalization, a good rate of return.

The only downside is Boeing's pension liabilities. The company needs to contribute about $1.5 billion in 2013 and management really didn't address this issue in its investor presentation. This isn't chump change and investors need to keep an eye on just how Boeing is going to meet this obligation. After 2013, the pension requirements should decline, but will still be significant expenses.