Consolidated Statements of Income
(dollars in millions, except per share amounts) |
|||||||||
Years Ended December 31, |
2008 |
|
2007 |
|
2006 |
|
|||
|---|---|---|---|---|---|---|---|---|---|
Operating Revenues |
$ |
97,354 |
|
$ |
93,469 |
|
$ |
88,182 |
|
|
|||||||||
Operating Expenses |
|||||||||
Cost of services and sales (exclusive of items shown below) |
|
39,007 |
|
|
37,547 |
|
|
35,309 |
|
Selling, general and administrative expense |
|
26,898 |
|
|
25,967 |
|
|
24,955 |
|
Depreciation and amortization expense |
|
14,565 |
|
|
14,377 |
|
|
14,545 |
|
Total Operating Expenses |
|
80,470 |
|
|
77,891 |
|
|
74,809 |
|
|
|||||||||
Operating Income |
|
16,884 |
|
|
15,578 |
|
|
13,373 |
|
Equity in earnings of unconsolidated businesses |
|
567 |
|
|
585 |
|
|
773 |
|
Other income and (expense), net |
|
282 |
|
|
211 |
|
|
395 |
|
Interest expense |
|
(1,819 |
) |
|
(1,829 |
) |
|
(2,349 |
) |
Minority interest |
|
(6,155 |
) |
|
(5,053 |
) |
|
(4,038 |
) |
Income Before Provision for Income Taxes, Discontinued Operations, |
|||||||||
Extraordinary Item and Cumulative Effect of Accounting Change |
|
9,759 |
|
|
9,492 |
|
|
8,154 |
|
Provision for income taxes |
|
(3,331 |
) |
|
(3,982 |
) |
|
(2,674 |
) |
Income Before Discontinued Operations, Extraordinary Item |
|||||||||
and Cumulative Effect of Accounting Change |
|
6,428 |
|
|
5,510 |
|
|
5,480 |
|
Income from discontinued operations, net of tax |
|
– |
|
|
142 |
|
|
759 |
|
Extraordinary item, net of tax |
|
– |
|
|
(131 |
) |
|
– |
|
Cumulative effect of accounting change, net of tax |
|
– |
|
|
– |
|
|
(42 |
) |
Net Income |
$ |
6,428 |
|
$ |
5,521 |
|
$ |
6,197 |
|
|
|||||||||
Basic Earnings Per Common Share(1) |
|||||||||
Income before discontinued operations, extraordinary item |
|||||||||
and cumulative effect of accounting change |
$ |
2.26 |
|
$ |
1.90 |
|
$ |
1.88 |
|
Income from discontinued operations, net of tax |
|
– |
|
|
.05 |
|
|
.26 |
|
Extraordinary item, net of tax |
|
– |
|
|
(.05 |
) |
|
– |
|
Cumulative effect of accounting change, net of tax |
|
– |
|
|
– |
|
|
(.01 |
) |
Net Income |
$ |
2.26 |
|
$ |
1.91 |
|
$ |
2.13 |
|
Weighted-average shares outstanding (in millions) |
|
2,849 |
|
|
2,898 |
|
|
2,912 |
|
|
|||||||||
Diluted Earnings Per Common Share(1) |
|||||||||
Income before discontinued operations, extraordinary item |
|||||||||
and cumulative effect of accounting change |
$ |
2.26 |
|
$ |
1.90 |
|
$ |
1.88 |
|
Income from discontinued operations, net of tax |
|
– |
|
|
.05 |
|
|
.26 |
|
Extraordinary item, net of tax |
|
– |
|
|
(.05 |
) |
|
– |
|
Cumulative effect of accounting change, net of tax |
|
– |
|
|
– |
|
|
(.01 |
) |
Net Income |
$ |
2.26 |
|
$ |
1.90 |
|
$ |
2.12 |
|
Weighted-average shares outstanding (in millions) |
|
2,850 |
|
|
2,902 |
|
|
2,938 |
|
(1) Total per share amounts may not add due to rounding.
See Notes to Consolidated Financial Statements.