Boeing 2006 Annual Report Download - page 24

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(Dollars in millions except per share data) 2006 2005 2004 2003 2002
Operations
Revenues
Commercial Airplanes(a) $÷28,465 $÷21,365 $÷19,925 $÷21,380 $÷27,202
Integrated Defense Systems:(b)
Precision Engagement and Mobility Systems 14,350 13,510 12,835 11,783 11,635
Network and Space Systems 11,980 12,254 13,023 11,416 9,658
Support Systems 6,109 5,342 4,881 4,408 3,977
Total Integrated Defense Systems 32,439 31,106 30,739 27,607 25,270
Boeing Capital Corporation(c) 1,025 966 959 991 764
Other 299 657 275 625 223
Accounting differences/eliminations (698)(473)(498)(1,292)(739)
Total revenues $÷61,530 $÷53,621 $÷51,400 $÷49,311 $÷52,720
General and administrative expense(c) 4,171 4,228 3,657 3,200 2,959
Research and development expense 3,257 2,205 1,879 1,651 1,639
Other income, net 420 301 288 460 37
Net earnings from continuing operations(c) $««««2,206 $÷÷2,562 $÷÷1,820 $÷÷÷«685 $÷÷2,296
Cumulative effect of accounting change, net of taxes 17 (1,827)
Income from discontinued operations, net of taxes(c) 10 33 23
Net gain/(loss) on disposal of discontinued operations, net of tax 9(7)42
Net earnings $÷÷2,215 $÷÷2,572 $÷÷1,872 $÷÷÷«718 $÷÷÷«492
Basic earnings per share from continuing operations 2.88 3.26 2.27 0.86 2.87
Diluted earnings per share from continuing operations 2.84 3.19 2.24 0.85 2.84
Cash dividends declared $÷÷÷«991 $÷÷÷«861 $÷÷÷«714 $÷÷÷«573 $÷÷÷«570
Per share 1.25 1.05 0.85 0.68 0.68
Additions to plant and equipment 1,681 1,547 1,246 836 954
Depreciation of plant and equipment 1,058 1,001 1,028 1,005 1,094
Employee salaries and wages 15,871 13,667 12,700 12,067 12,566
Year-end workforce 154,000 153,000 159,000 157,000 166,000
Financial position at December 31
Total assets(d) $÷51,794 $÷59,996 $÷56,224 $÷55,171 $÷54,225
Working capital (6,718)(6,220)(5,735)892 (2,955)
Property, plant and equipment, net 7,675 8,420 8,443 8,597 8,765
Cash 6,118 5,412 3,204 4,633 2,333
Short-term investments 268 554 319
Total debt 9,538 10,727 12,200 14,443 14,403
Customer financing assets 8,890 10,006 11,001 10,914 9,878
Shareholders’ equity(d) 4,739 11,059 11,286 8,139 7,696
Per share 6.25 14.54 14.23 10.17 9.62
Common shares outstanding (in millions)(e) 757.8 760.6 793.2 800.3 799.7
Contractual Backlog
Commercial Airplanes(a) $174,276 $124,132 $÷65,482 $÷63,929 $÷68,159
Integrated Defense Systems:(b)
Precision Engagement and Mobility Systems 24,988 21,815 21,539 23,131 17,862
Network and Space Systems 8,001 6,324 10,923 11,753 12,634
Support Systems 9,302 8,366 6,834 6,042 5,518
Total Integrated Defense Systems 42,291 36,505 39,296 40,926 36,014
Total $216,567 $160,637 $104,778 $104,855 $104,173
Cash dividends have been paid on common stock every year since 1942.
(a) In the first quarter of 2006, Commercial Airplanes changed its accounting policy for concessions received from vendors. The years 2005 through 2002
were retroactively adjusted for comparative purposes.
(b) In 2006, we realigned IDS into three capabilities-driven businesses: Precision Engagement and Mobility Systems (PE&MS), Network and Space Systems
(N&SS), and Support Systems. As part of the realignment, certain advanced systems and research and development activities previously included in the
Other segment transferred to the new IDS segments. The years 2005 through 2002 were restated for comparative purposes.
(c) During 2004, BCC sold substantially all of the assets related to its Commercial Financial Services business. Thus, the Commercial Financial Services
business is reflected as discontinued operations. The years 2003 and 2002 were restated for comparative purposes.
(d) Statement of Financial Accounting Standard No. 158, Employers’ Accounting for Defined Benefit Pension and Other Postretirement Plans was
adopted in 2006 and reduced shareholders’ equity by $8.2 billion. Retrospective application is not permitted.
(e) Computation represents actual shares outstanding as of December 31, and excludes treasury shares and the outstanding shares held by the
ShareValue Trust.
22 The Boeing Company and Subsidiaries
Five-Year Summary (Unaudited)