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.