Boeing 2005 Annual Report Download - page 48

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Consolidated Statements of Operations
(Dollars in millions, except per share data)
Year Ended December 31, 2005 2004 2003
Sales of products $«45,398 $«43,979 $«41,493
Sales of services 9,447 8,478 8,763
Total revenues 54,845 52,457 50,256
Cost of products (38,082) (37,921) (35,562)
Cost of services (7,767) (6,754) (8,230)
Boeing Capital Corporation interest expense (359) (350) (358)
Total costs and expenses (46,208) (45,025) (44,150)
8,637 7,432 6,106
Income from operating investments, net 88 91 28
General and administrative expense (4,228) (3,657) (3,200)
Research and development expense (2,205) (1,879) (1,651)
Gain on dispositions, net 520 23 7
Goodwill impairment (3) (913)
Impact of September 11, 2001, recoveries 21
Earnings from continuing operations 2,812 2,007 398
Other income, net 301 288 460
Interest and debt expense (294) (335) (358)
Earnings before income taxes 2,819 1,960 500
Income tax (expense)/benefit (257) (140) 185
Net earnings from continuing operations 2,562 1,820 685
Income from discontinued operations, net of taxes 10 33
Net (loss) gain on disposal of discontinued operations, net of taxes (7) 42
Cumulative effect of accounting change, net of taxes 17
Net earnings $«««2,572 $«««1,872 $««««««718
Basic earnings per share from continuing operations $«««««3.26 $«««««2.27 $«««««0.86
Income from discontinued operations, net of taxes 0.01 0.04
Net (loss) gain on disposal of discontinued operations, net of taxes (0.02) 0.05
Cumulative effect of accounting change, net of taxes 0.03
Basic earnings per share $«««««3.27 $ «2.33 $«««««0.90
Diluted earnings per share from continuing operations $«««««3.19 $«««««2.24 $«««««0.85
Income from discontinued operations, net of taxes 0.01 0.04
Net (loss) gain on disposal of discontinued operations, net of taxes (0.01) 0.05
Cumulative effect of accounting change, net of taxes 0.02
Diluted earnings per share $«««««3.20 $«««««2.30 $«««««0.89
See notes to consolidated financial statements on pages 50–84.
46 The Boeing Company and Subsidiaries