Alcoa 2006 Annual Report Download - page 46

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Statement of Consolidated Income
(in millions, except per-share amounts)
Alcoa and subsidiaries
For the year ended December 31, 2006 2005 2004
Sales (Q) $30,379 $25,568 $22,609
Cost of goods sold (exclusive of expenses below) 23,318 20,704 17,928
Selling, general administrative, and other expenses 1,402 1,295 1,194
Research and development expenses 213 192 178
Provision for depreciation, depletion, and amortization 1,280 1,256 1,177
Restructuring and other charges (D) 543 292 (22)
Interest expense (V) 384 339 271
Other income, net (O) (193) (480) (270)
Total costs and expenses 26,947 23,598 20,456
Income from continuing operations before taxes on income 3,432 1,970 2,153
Provision for taxes on income (T) 835 454 539
Income from continuing operations before minority interests’ share 2,597 1,516 1,614
Less: Minority interests’ share 436 259 245
Income from continuing operations 2,161 1,257 1,369
Income (loss) from discontinued operations (B) 87 (22) (59)
Cumulative effect of accounting change (C) —(2) —
Net Income $ 2,248 $ 1,233 $ 1,310
Earnings (loss) per Common Share (S)
Basic:
Income from continuing operations $ 2.49 $ 1.44 $ 1.57
Income (loss) from discontinued operations .10 (.03) (.07)
Cumulative effect of accounting change ———
Net income $ 2.59 $ 1.41 $ 1.50
Diluted:
Income from continuing operations $ 2.47 $ 1.43 $ 1.56
Income (loss) from discontinued operations .10 (.03) (.07)
Cumulative effect of accounting change ———
Net income $ 2.57 $ 1.40 $ 1.49
The accompanying notes are an integral part of the consolidated financial statements.
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