Boeing 2006 Annual Report Download - page 43

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The Boeing Company and Subsidiaries 41
Consolidated Statements of Operations
(Dollars in millions, except per share data)
Year Ended December 31, 2006 2005 2004
Sales of products $«52,644 $«44,174 $«42,922
Sales of services 8,886 9,447 8,478
Total revenues 61,530 53,621 51,400
Cost of products (42,490)(36,858)(36,864)
Cost of services (7,594)(7,767)(6,754)
Boeing Capital Corporation interest expense (353)(359)(350)
Total costs and expenses (50,437)(44,984)(43,968)
11,093 8,637 7,432
Income from operating investments, net 146 88 91
General and administrative expense (4,171)(4,228)(3,657)
Research and development expense, net of credits of $160, $611, and $205 (3,257)(2,205)(1,879)
(Loss)/gain on dispositions/business shutdown, net (226)520 23
Goodwill impairment (3)
Settlement with U.S. Department of Justice, net of accruals (571)
Earnings from operations 3,014 2,812 2,007
Other income, net 420 301 288
Interest and debt expense (240)(294)(335)
Earnings before income taxes 3,194 2,819 1,960
Income tax expense (988)(257)(140)
Net earnings from continuing operations 2,206 2,562 1,820
Income from discontinued operations, net of taxes of $6 10
Net gain/(loss) on disposal of discontinued operations, net of taxes of $5, $(5) and $24 9(7)42
Cumulative effect of accounting change, net of taxes of $10 17
Net earnings $«÷2,215 $«««2,572 $÷«1,872
Basic earnings per share from continuing operations $÷÷«2.88 $÷÷«3.26 $÷÷«2.27
Income from discontinued operations, net of taxes 0.01
Net gain/(loss) on disposal of discontinued operations, net of taxes 0.01 (0.02)0.05
Cumulative effect of accounting change, net of taxes 0.03
Basic earnings per share $÷÷«2.89 $÷÷«3.27 $÷÷«2.33
Diluted earnings per share from continuing operations $÷÷«2.84 $÷÷«3.19 $÷÷«2.24
Income from discontinued operations, net of taxes 0.01
Net gain/(loss) on disposal of discontinued operations, net of taxes 0.01 (0.01)0.05
Cumulative effect of accounting change, net of taxes 0.02
Diluted earnings per share $÷÷«2.85 $÷÷«3.20 $÷÷«2.30
See notes to consolidated financial statements on pages 45–79.