| (dollars
in millions, except per share amounts |
) |
|
| Years
Ended December 31, |
|
2004 |
|
 |
|
2003 |
|
|
|
2002 |
|
|
 |
|
| Operating
Revenues |
$ |
71,283 |
|
|
$ |
67,468 |
|
|
$ |
67,056 |
|
|
|
| Operating
Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
| Cost
of services and sales (exclusive of items
shown below) |
|
23,168 |
|
|
|
21,701 |
|
|
|
19,866 |
|
|
| Selling,
general & administrative expense |
|
21,088 |
|
|
|
24,894 |
|
|
|
21,778 |
|
|
| Depreciation
and amortization expense |
|
13,910 |
|
|
|
13,607 |
|
|
|
13,282 |
|
|
| Sales
of businesses, net |
|
– |
|
|
|
(141 |
) |
|
|
(2,747 |
) |
|
|
| Total
Operating Expenses |
|
58,166 |
|
|
|
60,061 |
|
|
|
52,179 |
|
|
|
| Operating
Income |
|
13,117 |
|
|
|
7,407 |
|
|
|
14,877 |
|
|
| Equity
in earnings (loss) of unconsolidated businesses |
|
1,691 |
|
|
|
1,278 |
|
|
|
(1,547 |
) |
|
| Income
(loss) from other unconsolidated businesses |
|
75 |
|
|
|
331 |
|
|
|
(2,857 |
) |
|
| Other
income and (expense), net |
|
22 |
|
|
|
37 |
|
|
|
191 |
|
|
| Interest
expense |
|
(2,384 |
) |
|
|
(2,797 |
) |
|
|
(3,130 |
) |
|
| Minority
interest |
|
(2,409 |
) |
|
|
(1,583 |
) |
|
|
(1,404 |
) |
|
|
Income
Before Provision for Income Taxes, Discontinued
Operations and Cumulative
Effect of Accounting Change |
|
10,112 |
|
|
|
4,673 |
|
|
|
6,130 |
|
|
| Provision
for income taxes |
|
(2,851 |
) |
|
|
(1,213 |
) |
|
|
(1,539 |
) |
|
|
|
Income
Before Discontinued Operations and Cumulative
Effect of Accounting Change |
|
7,261 |
|
|
|
3,460 |
|
|
|
4,591 |
|
|
| Discontinued
Operations |
|
|
|
|
|
|
|
|
|
|
|
|
| Income
(loss) from operations |
|
1,116 |
|
|
|
(869 |
) |
|
|
53 |
|
|
| Provision
for income taxes |
|
(546 |
) |
|
|
(17 |
) |
|
|
(69 |
) |
|
|
| Income
(loss) on discontinued operations, net of
tax |
|
570 |
|
|
|
(886 |
) |
|
|
(16 |
) |
|
| Cumulative
Effect of Accounting Change, Net of Tax |
|
– |
|
|
|
503 |
|
|
|
(496 |
) |
|
|
| Net
Income |
$ |
7,831 |
|
|
$ |
3,077 |
|
|
$ |
4,079 |
|
|
 |
|
| Basic
Earnings Per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
Income
before discontinued operations and cumulative
effect of accounting change |
$ |
2.62 |
|
|
$ |
1.26 |
|
|
$ |
1.68 |
|
|
| Income
(loss) on discontinued operations, net of
tax |
|
.21 |
|
|
|
(.32 |
) |
|
|
(.01 |
) |
|
| Cumulative
effect of accounting change, net of tax |
|
– |
|
|
|
.18 |
|
|
|
(.18 |
) |
|
|
| Net
Income |
$ |
2.83 |
|
|
$ |
1.12 |
|
|
$ |
1.49 |
|
|
|
| Weighted-average
shares outstanding (in millions) |
|
2,770 |
|
|
|
2,756 |
|
|
|
2,729 |
|
|
|
|
| Diluted
Earnings Per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|
Income
before discontinued operations and cumulative
effect of accounting change |
$ |
2.59 |
|
|
$ |
1.25 |
|
|
$ |
1.67 |
|
|
| Income
(loss) on discontinued operations, net of
tax |
|
.20 |
|
|
|
(.31 |
) |
|
|
(.01 |
) |
|
| Cumulative
effect of accounting change, net of tax |
|
– |
|
|
|
.18 |
|
|
|
(.18 |
) |
|
|
| Net
Income (1) |
$ |
2.79 |
|
|
$ |
1.12 |
|
|
$ |
1.49 |
|
|
|
| Weighted-average
shares outstanding (in millions) |
|
2,831 |
|
|
|
2,832 |
|
|
|
2,789 |
|
|
|
