Consolidated Statements of Income
(dollars in millions, except per share amounts) |
|||||||||
Years Ended December 31, |
2007 |
2006 |
2005 |
||||||
|---|---|---|---|---|---|---|---|---|---|
|
|||||||||
Operating Revenues |
$ |
93,469 |
|
$ |
88,182 |
|
$ |
69,518 |
|
|
|||||||||
Operating Expenses |
|||||||||
Cost of services and sales (exclusive of items shown below) |
|
37,547 |
|
|
35,309 |
|
|
24,409 |
|
Selling, general & administrative expense |
|
25,967 |
|
|
24,955 |
|
|
19,443 |
|
Depreciation and amortization expense |
|
14,377 |
|
|
14,545 |
|
|
13,615 |
|
Sales of businesses, net |
|
— |
|
|
— |
|
|
(530 |
) |
Total Operating Expenses |
|
77,891 |
|
|
74,809 |
|
|
56,937 |
|
|
|||||||||
Operating Income |
|
15,578 |
|
|
13,373 |
|
|
12,581 |
|
Equity in earnings of unconsolidated businesses |
|
585 |
|
|
773 |
|
|
686 |
|
Other income and (expense), net |
|
211 |
|
|
395 |
|
|
311 |
|
Interest expense |
|
(1,829 |
) |
|
(2,349 |
) |
|
(2,129 |
) |
Minority interest |
|
(5,053 |
) |
|
(4,038 |
) |
|
(3,001 |
) |
Income Before Provision for Income Taxes, Discontinued Operations, |
|||||||||
Extraordinary Item and Cumulative Effect of Accounting Change |
|
9,492 |
|
|
8,154 |
|
|
8,448 |
|
Provision for income taxes |
|
(3,982 |
) |
|
(2,674 |
) |
|
(2,421 |
) |
Income Before Discontinued Operations, Extraordinary Item |
|||||||||
and Cumulative Effect of Accounting Change |
|
5,510 |
|
|
5,480 |
|
|
6,027 |
|
Income from discontinued operations, net of tax |
|
142 |
|
|
759 |
|
|
1,370 |
|
Extraordinary item, net of tax |
|
(131 |
) |
|
— |
|
|
— |
|
Cumulative effect of accounting change, net of tax |
|
— |
|
|
(42 |
) |
|
— |
|
Net Income |
$ |
5,521 |
|
$ |
6,197 |
|
$ |
7,397 |
|
|
|||||||||
Basic Earnings Per Common Share(1) |
|||||||||
Income before discontinued operations, extraordinary item |
|||||||||
and cumulative effect of accounting change |
$ |
1.90 |
|
$ |
1.88 |
|
$ |
2.18 |
|
Income from discontinued operations, net of tax |
|
.05 |
|
|
.26 |
|
|
.50 |
|
Extraordinary item, net of tax |
|
(.05 |
) |
|
— |
|
|
— |
|
Cumulative effect of accounting change, net of tax |
|
— |
|
|
(.01 |
) |
|
— |
|
Net Income |
$ |
1.91 |
|
$ |
2.13 |
|
$ |
2.67 |
|
Weighted-average shares outstanding (in millions) |
|
2,898 |
|
|
2,912 |
|
|
2,766 |
|
|
|||||||||
Diluted Earnings Per Common Share(1) |
|||||||||
Income before discontinued operations, extraordinary item |
|||||||||
and cumulative effect of accounting change |
$ |
1.90 |
|
$ |
1.88 |
|
$ |
2.16 |
|
Income from discontinued operations, net of tax |
|
.05 |
|
|
.26 |
|
|
.49 |
|
Extraordinary item, net of tax |
|
(.05 |
) |
|
— |
|
|
— |
|
Cumulative effect of accounting change, net of tax |
|
— |
|
|
(.01 |
) |
|
— |
|
Net Income |
$ |
1.90 |
|
$ |
2.12 |
|
$ |
2.65 |
|
Weighted-average shares outstanding (in millions) |
|
2,902 |
|
|
2,938 |
|
|
2,817 |
|
(1) Total per share amounts may not add due to rounding.
See Notes to Consolidated Financial Statements.