Boeing 2014 Annual Report Download - page 120

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108
Note 22 – Quarterly Financial Data (Unaudited)
2014 2013
4th 3rd 2nd 1st 4th 3rd 2nd 1st
Total revenues $24,468 $23,784 $22,045 $20,465 $23,785 $22,130 $21,815 $18,893
Total costs and expenses (20,711) (20,075) (18,670) (17,296) (20,388) (18,674) (18,450) (15,756)
Earnings from operations 2,025 2,119 1,787 1,542 1,515 1,803 1,716 1,528
Net earnings from continuing
operations 1,466 1,362 1,653 965 1,233 1,160 1,087 1,106
Net (loss)/gain from disposal of
discontinued operations (2) 1
Net earnings 1,466 1,362 1,653 965 1,233 1,158 1,088 1,106
Basic earnings per share from
continuing operations 2.05 1.88 2.26 1.30 1.63 1.53 1.43 1.45
Basic earnings per share 2.05 1.88 2.26 1.30 1.63 1.53 1.43 1.45
Diluted earnings per share
from continuing operations 2.02 1.86 2.24 1.28 1.61 1.51 1.41 1.44
Diluted earnings per share 2.02 1.86 2.24 1.28 1.61 1.51 1.41 1.44
Cash dividends declared per
share 1.64 1.46 1.215 0.97
Common stock sales price per
share:
High 135.78 130.58 138.39 144.57 142.00 120.38 104.15 86.84
Low 116.32 117.87 121.92 118.77 113.34 98.99 83.80 72.68
Quarter end 129.98 127.38 127.23 125.49 136.49 117.50 102.44 85.85
Gross profit is calculated as Total revenues minus Total costs and expenses. Total costs and expenses
includes Cost of products, Cost of services and Boeing Capital interest expense.
In the fourth quarter of 2014, we recorded income tax benefits of $188 related to the reinstatement of the
research tax credit for 2014. In the first quarter of 2013, we recorded tax benefits of $145 related to the
retroactive reinstatement of the research tax credit for 2012.
During the second quarter of 2014, we recorded an incremental tax benefit of $265 that related to the
application of a 2012 Federal Court of Claims decision. We also recorded tax benefits of $116 and $143
as a result of the 2007-2008 and 2009-2010 federal tax audit settlements. See Note 4.
During the second quarter of 2014, higher estimated costs to complete the KC-46A Tanker contract for
the U.S. Air Force resulted in a reach-forward loss of $425.
We recorded charges related to defined benefit pension plan changes of $334 in the first quarter of 2014.
During the fourth quarter of 2013, we recorded a charge of $406 related to the A-12 aircraft litigation
settlement.
We increased our quarterly dividend from $0.485 to $0.73 in December 2013 and to $0.91 in December
2014.