Boeing Q4 EPS Doubles

Management believes that the non-GAAP (Generally Accepted Accounting Principles) measures (indicated by an asterisk *) used in this report provide investors with important perspectives into the company's ongoing business performance. The company does not intend for the information to be considered in isolation or as a substitute for the related GAAP measure. Other companies may define the measure differently. The following definitions are provided:

Free Cash Flow

Free cash flow is defined as GAAP operating cash flow less capital expenditures for property, plant and equipment, additions. Management believes free cash flow provides investors with an important perspective on the cash available for shareholders, debt repayment, and acquisitions after making the capital investments required to support ongoing business operations and long term value creation. Free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt. Management uses free cash flow internally to assess both business performance and overall liquidity. Table 2 provides a reconciliation between GAAP operating cash flow and free cash flow.

Adjusted Earnings per Share

Adjusted earnings per share is defined as GAAP diluted earnings per share adjusted for certain significant charges or credits. Management believes adjusted earnings per share are important to understanding the company's on- going operations and provide additional insights into underlying business performance. Significant charges or credits are described in the attachments to this release which provide reconciliations between GAAP earnings per share and adjusted earnings per share.

        Forward-Looking Information Is Subject to Risk and Uncertainty

Certain statements in this report may constitute "forward-looking" statements within the meaning of the Private Litigation Reform Act of 1995. Words such as "expects," "intends," "plans," "projects," "believes," "estimates," and similar expressions are used to identify these forward- looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements in this press release include, among others, statements regarding future results as a result of our growth and productivity initiatives, our 2007 and 2008 financial outlook and the benefits of the new IDS structure. Forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. As a result, these statements speak only as of the date they were made and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Our actual results and future trends may differ materially depending on a variety of factors, including the continued operation, viability and growth of major airline customers and non- airline customers (such as the U.S. Government); adverse developments in the value of collateral securing customer and other financings; the occurrence of any significant collective bargaining labor dispute; our successful execution of internal performance plans including our company-wide growth and productivity initiatives, production rate increases and decreases (including any reduction in or termination of an aircraft product), availability of raw materials, acquisition and divestiture plans, and other cost-reduction and productivity efforts; charges from any future SFAS No. 142 review; ability to meet development, production and certification schedules for the 787 program; technical or quality issues in development programs (affecting schedule and cost estimates) or in the satellite industry; an adverse development in rating agency credit ratings or assessments; the actual outcomes of certain pending sales campaigns and the timely launch of the 787 program and U.S. and foreign government procurement activities, including the uncertainty associated with the procurement of tankers by the U.S. Department of Defense (DoD) and funding of the C-17 program; the cyclical nature of some of our businesses; unanticipated financial market changes which may impact pension plan assumptions; domestic and international competition in the defense, space and commercial areas; continued integration of acquired businesses; performance issues with key suppliers, subcontractors and customers; significant disruption to air travel worldwide (including future terrorist attacks); global trade policies; worldwide political stability; domestic and international economic conditions; price escalation; the outcome of political and legal processes, changing priorities or reductions in the U.S. Government or foreign government defense and space budgets; termination of government or commercial contracts due to unilateral government or customer action or failure to perform; legal, financial and governmental risks related to international transactions; legal and investigatory proceedings; tax settlements with the IRS and various states; U.S. Air Force review of previously awarded contracts; costs associated with the exit of the Connexion by Boeing business; and other economic, political and technological risks and uncertainties. Additional information regarding these factors is contained in our SEC filings, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2005 and our Quarterly Report on Form 10-Q for the quarters ended March 31, 2006, June 30, 2006, and September 30, 2006.



                     The Boeing Company and Subsidiaries
               Condensed Consolidated Statements of Operations
                                 (Unaudited)

                                              Twelve months     Three months
    (Dollars in millions                         ended             ended
     except per share data)                    December 31       December 31
                                              2006     2005     2006     2005
    Sales of products                      $52,644  $44,174  $15,105  $11,576
    Sales of services                        8,886    9,447    2,436    2,325
    Total revenues                          61,530   53,621   17,541   13,901

    Cost of products                       (42,490) (36,858) (12,180) (10,056)
    Cost of services                        (7,594)  (7,767)  (2,185)  (1,717)
    Boeing Capital Corporation interest
     expense                                  (353)    (359)     (86)     (93)
    Total costs and expenses               (50,437) (44,984) (14,451) (11,866)
                                            11,093    8,637    3,090    2,035
    Income from operating investments, net     146             88              51              20
        General  and  administrative  expense            (4,171)    (4,228)    (1,094)        (939)
        Research  and  development  expense                (3,257)    (2,205)        (937)        (601)
        (Loss)/gain  on  dispositions/business
          shutdown,  net                                                        (226)          520              42              29
        Settlement  with  U.S.  Department  of
          Justice,  net  of  accruals                                  (571)
        Earnings  from  operations                                  3,014        2,812        1,152            544
        Other  income,  net                                                    420            301            124            117
        Interest  and  debt  expense                                  (240)        (294)          (37)          (53)
        Earnings  before  income  taxes                          3,194        2,819        1,239            608
        Income  tax  expense                                                (988)        (257)        (259)        (144)
        Net  earnings  from  continuing
          operations                                                            2,206        2,562            980            464
        Cumulative  effect  of  accounting
          change,  net  of  taxes  of  $10  and  $(2)                                17                                (4)
        Net  gain/(loss)  on  disposal  of
          discontinued  operations,  net  of  taxes
          of  $5  and  $(5)                                                            9              (7)              9
        Net  earnings                                                        $2,215      $2,572          $989          $460

        Basic  earnings  per  share  from
          continuing  operations                                      $2.88        $3.26        $1.29        $0.61
        Cumulative  effect  of  accounting
          change,  net  of  taxes                                                            0.03                          (0.01)
        Net  gain/(loss)  on  disposal  of
          discontinued  operations,  net  of  taxes        0.01        (0.02)        0.01
        Basic  earnings  per  share                                  $2.89        $3.27        $1.30        $0.60

        Diluted  earnings  per  share  from
          continuing  operations                                      $2.84        $3.19        $1.28        $0.59
        Cumulative  effect  of  accounting
          change,  net  of  taxes                                                            0.02                          (0.01)
        Net  gain/(loss)  on  disposal  of
          discontinued  operations,  net  of  taxes        0.01        (0.01)        0.01
        Diluted  earnings  per  share                              $2.85        $3.20        $1.29        $0.58
        Cash  dividends  paid  per  share                        $1.20        $1.00        $0.30        $0.25
        Weighted  average  diluted  shares
          (millions)                                                            787.6        802.9        782.5        791.6



                                          The  Boeing  Company  and  Subsidiaries
                      Condensed  Consolidated  Statements  of  Financial  Position
                                                                  (Unaudited)

                                                                                    December  December
        (Dollars  in  millions                                          31              31
          except  per  share  data)                                  2006          2005
        Assets
        Cash  and  cash  equivalents                            $6,118      $5,412
        Short-term  investments                                        268            554
        Accounts  receivable,  net                                5,285        5,246
        Current  portion  of  customer
          financing,  net                                                      370            367
        Deferred  income  taxes                                      2,837        2,449
        Inventories,  net  of  advances  and
          progress  billings                                            8,105        7,878
            Total  current  assets                                  22,983      21,906
        Customer  financing,  net                                  8,520        9,639
        Property,  plant  and  equipment,  net  of
          accumulated  depreciation  of  $11,635
          and  $11,272                                                        7,675        8,420
        Goodwill                                                                3,047        1,924
        Prepaid  pension  expense                                                  13,251
        Other  acquired  intangibles,  net                  1,698            875
        Deferred  income  taxes                                      1,051            140
        Investments                                                          4,085        2,852
        Other  assets,  net  of  accumulated
          amortization  of  $272  and  $204                    2,735            989
                                                                                    $51,794    $59,996

        Liabilities  and  Shareholders'  Equity
        Accounts  payable  and  other
          liabilities                                                    $16,201    $16,513
        Advances  and  billings  in  excess  of
          related  costs                                                  11,449        9,868
        Income  taxes  payable                                            670            556
        Short-term  debt  and  current  portion
          of  long-term  debt                                            1,381        1,189
            Total  current  liabilities                        29,701      28,126
        Deferred  income  taxes                                                        2,067
        Accrued  retiree  health  care                          7,671        5,989
        Accrued  pension  plan  liability                    1,135        2,948
        Other  long-term  liabilities                              391            269
        Long-term  debt                                                    8,157        9,538
            Shareholders'  equity:
            Common  shares,  par  value  $5.00  -
              1,200,000,000  shares  authorized;
            Shares  issued  -  1,012,261,159  and
              1,012,261,159                                                5,061        5,061
        Additional  paid-in  capital                            4,655        4,371
                  Treasury  shares,  at  cost  -
                    223,522,177  and  212,090,978          (12,459)  (11,075)
            Retained  earnings                                        18,453      17,276
            Accumulated  other  comprehensive
              loss                                                                (8,217)    (1,778)
                  ShareValue  Trust  Shares  -
                    30,903,026  and  39,593,463                (2,754)    (2,796)
                      Total  shareholders'  equity              4,739      11,059
                                                                                    $51,794    $59,996



                                          The  Boeing  Company  and  Subsidiaries
                                                        Business  Segment  Data
                                                                  (Unaudited)

                                                                                      Twelve  months          Three  months
                                                                                              ended                          ended
        (Dollars  in  millions)                                      December  31              December  31
                                                                                      2006          2005          2006          2005

        Sales  and  other  operating  revenues:
            Commercial  Airplanes                              $28,465    $21,365      $7,606      $5,534
            Integrated  Defense  Systems:
                Precision  Engagement  and
                  Mobility  Systems                                  14,350      13,510        4,318        3,754
                Network  and  Space  Systems                  11,980      12,254        3,425        2,886
                Support  Systems                                        6,109        5,342        1,944        1,588
            Total  Integrated  Defense  Systems        32,439      31,106        9,687        8,228
            Boeing  Capital  Corporation                      1,025            966            241            238
            Other                                                                    299            657              81              70
            Accounting
              differences/eliminations                          (698)        (473)          (74)        (169)
                Sales  and  other  operating
                  revenues                                                $61,530    $53,621    $17,541    $13,901

        Earnings  from  operations:
            Commercial  Airplanes                                $2,733      $1,431          $665          $330
            Integrated  Defense  Systems:
                Precision  Engagement  and
                  Mobility  Systems                                    1,238        1,755            296            521
                Network  and  Space  Systems                        958        1,399            469            191
                Support  Systems                                            836            765            262            225
            Total  Integrated  Defense  Systems          3,032        3,919        1,027            937
            Boeing  Capital  Corporation                          291            232              37              40
            Other                                                                  (738)        (363)          (93)          (73)
            Unallocated  expense                                  (1,733)    (2,407)        (484)        (690)
            Settlement  with  U.S.  Department  of
              Justice,  net  of  accruals                          (571)
        Earnings  from  operations                              3,014        2,812        1,152            544
        Other  income,  net                                                420            301            124            117
        Interest  and  debt  expense                              (240)        (294)          (37)          (53)
        Earnings  before  income  taxes                      3,194        2,819        1,239            608
        Income  tax  expense                                            (988)        (257)        (259)        (144)
        Net  earnings  from  continuing
          operations                                                        2,206        2,562            980            464
        Cumulative  effect  of  accounting
          change,  net  of  taxes  of  $10  and
          $(2)                                                                                            17                                (4)
        Net  gain(loss)  on  disposal  of
          discontinued  operations,  net  of
          taxes  of  $5  and  $(5)                                            9              (7)              9
        Net  earnings                                                    $2,215      $2,572          $989          $460

        Research  and  development  expense:
            Commercial  Airplanes                                $2,390      $1,302          $722          $381
            Integrated  Defense  Systems:
                Precision  Engagement  and
                  Mobility  Systems                                        404            440            107            112
                Network  and  Space  Systems                        301            334              76              76
                Support  Systems                                              86              81              23              21
            Total  Integrated  Defense  Systems              791            855            206            209
            Other                                                                      76              48                9              11
        Total  research  and  development
          expense                                                            $3,257      $2,205          $937          $601

                                                                                        Twelve  months          Three  months
                                                                                                ended                          ended
                                                                                          December  31              December  31
        Unallocated  expense                                          2006          2005          2006          2005
        Share-based  plans  expense                            $(680)      $(999)      $(140)      $(182)
        Deferred  compensation  expense                      (211)        (186)          (80)          (47)
        Pension                                                                  (369)        (846)          (67)        (334)
        Post-retirement                                                  (103)            (5)          (43)            37
        Capitalized  interest                                          (48)          (47)          (15)            (4)
        Other                                                                      (322)        (324)        (139)        (160)
        Total                                                                $(1,733)  $(2,407)      $(484)      $(690)



                                          The  Boeing  Company  and  Subsidiaries
                                        Consolidated  Statements  of  Cash  Flows
                                                                  (Unaudited)

                                                                                                  Year  ended                Year  ended
                                                                                                  December  31              December  31
        (Dollars  in  millions)                                                      2006                            2005

        Cash  flows  -  operating  activities:
                Net  earnings                                                                $2,215                        $2,572
                Adjustments  to  reconcile  net
                  earnings  to  net  cash  provided  by
                  operating  activities:
                      Non-cash  items  -
                              Share-based  plans  expense                              743                          1,036
                              Depreciation                                                    1,445                          1,412
                              Amortization  of  other
                                acquired  intangibles                                      100                                91
                              Amortization  of  debt
                                discount/premium  and
                                issuance  costs                                                    14                                23
                              Pension  expense                                                  746                          1,225
                              Investment/asset
                                impairment  charges,  net                                118                                83
                              Customer  financing
                                valuation  provision                                          32                                73
                              Loss/(gain)  on  disposal  of
                                discontinued  operations,
                                net                                                                        (14)                              12
                              Loss/(gain)  on
                                dispositions/business
                                shutdown,  net                                                    226                            (520)
                              Other  charges  and  credits,
                                net                                                                          82                              129
                              Excess  tax  benefits  from
                                share-based  payment
                                arrangements                                                    (395)                            (70)
                      Changes  in  assets  and
                        liabilities  -
                              Accounts  receivable                                        (244)                          (592)
                              Inventories,  net  of
                                advances  and  progress
                                billings                                                              444                        (1,965)
                              Accounts  payable  and  other
                                liabilities                                                      (744)                            963
                              Advances  and  billings  in
                                excess  of  related  costs                            1,739                          3,562
                              Income  taxes  receivable,
                                payable  and  deferred                                      933                              628
                              Other  long-term
                                liabilities                                                        (62)                          (476)
                              Prepaid  pension  expense                                (522)                      (1,862)
                              Other  acquired
                                intangibles,  net                                                                                    11
                              Accrued  retiree  health
                                care                                                                      114                                30
                              Customer  financing,  net                                  718                              589
                              Other                                                                    (189)                              46
                                        Net  cash  provided  by
                                          operating  activities                        7,499                          7,000

        Cash  flows  -  investing  activities:
                Discontinued  operations  customer
                  financing,  reductions                                                                                          2
                Property,  plant  and  equipment,
                  additions                                                                    (1,681)                      (1,547)
                Property,  plant  and  equipment,
                  reductions                                                                        225                                51
                Acquisitions,  net  of  cash
                  acquired                                                                      (1,854)                          (172)
                Proceeds  from  dispositions  of
                  discontinued  operations                                                                                    33
                Proceeds  from  dispositions                                          123                          1,676
                Contributions  to  investments                                (2,815)                      (2,866)
                Proceeds  from  investments                                        2,850                          2,725
                Other                                                                                    (34)
                                        Net  cash  (used)/provided
                                          by  investing  activities                (3,186)                            (98)

        Cash  flows  -  financing  activities:
                New  borrowings                                                                      1
                Debt  repayments                                                          (1,681)                      (1,378)
                Stock  options  exercised,  other                                  294                              348
                Excess  tax  benefits  from  share-
                  based  payment  arrangements                                        395                                70
                Common  shares  repurchased                                      (1,698)                      (2,877)
                Dividends  paid                                                                (956)                          (820)
                                        Net  cash  used  by
                                          financing  activities                      (3,645)                      (4,657)

        Effect  of  exchange  rate  changes  on
          cash  and  cash  equivalents                                                    38                              (37)

        Net  (decrease)/increase  in  cash  and
          cash  equivalents                                                                    706                          2,208

        Cash  and  cash  equivalents  at
          beginning  of  year                                                              5,412                          3,204

        Cash  and  cash  equivalents  at  end  of
          year                                                                                      $6,118                        $5,412


        Non-cash  investing  and  financing
          activities:
                Capital  lease  obligations
                  incurred                                                                          $357



                                              The  Boeing  Company  and  Subsidiaries
                                                      Operating  and  Financial  Data
                                                                      (Unaudited)

                                                                      Twelve  months  ended          Three  months  ended
        Deliveries                                                    December  31                        December  31
        Commercial  Airplanes                          2006                2005                2006          2005
                  717                                                        5  (3)            13  (5)                                4  (2)
                  737  Next-Generation                    302                  212                    79              52
                  747                                                      14                    13                      3                4
                  757                                                                                2
                  767                                                      12                    10                      3                3
                  777                                                      65                    40                    18              10
                Total                                                  398                  290                  103              73

                    Note:      Commercial  Airplanes  deliveries  by  model  include  deliveries
                                    under  operating  lease,  which  are  identified  by  parentheses.

        Integrated  Defense  Systems
        Precision  Engagement  and
          Mobility  Systems
                  Chinook  International  New
                    Builds                                                2                                              2
                  Apache  (New  Builds)                      31                    12                    10                5
                  F/A-18E/F                                          42                    42                    10              10
                  T-45TS                                                13                    10                      2                2
                  F-15                                                    12                      6                      9                4
                  C-17                                                    16                    16                      4                4
                  C-40                                                      1                      2

        Network  and  Space  Systems
                  Delta  II                                              2                      2                      1
                  Delta  IV                                              3                                              1
                  Commercial  and  Civil
                    Satellites                                        4                      3                      1
                  Military  Satellites


                                                                              December  31    September  30    December  31
        Contractual  backlog  (Dollars  in
          billions)                                                                2006                    2006                  2005
                Commercial  Airplanes                                $174.3                $154.0              $124.1
              Integrated  Defense  Systems:
                  Precision  Engagement  and
                    Mobility  Systems                                        25.0                    20.0                  21.8
                  Network  and  Space  Systems                          8.0                      7.8                    6.3
                  Support  Systems                                              9.3                      8.3                    8.4
              Total  Integrated  Defense
                Systems                                                              42.3                    36.1                  36.5
        Total  contractual  backlog                              $216.6                $190.1              $160.6
        Unobligated  backlog                                            $33.7                  $38.7                $44.6
        Total  backlog                                                      $250.3                $228.8              $205.2
        Workforce                                                            154,000              156,300            153,000



                                          The  Boeing  Company  and  Subsidiaries
                                          Reconciliation  of  Non-GAAP  Measures
                                                  Adjusted  Earnings  Per  Share
                                                                  (Unaudited)

        In  addition  to  disclosing  results  that  are  determined  in  accordance  with
        U.S.  generally  accepted  accounting  principles  (GAAP),  the  company  also
        discloses  non-GAAP  results  that  exclude  certain  significant  charges  or
        credits  that  are  important  to  an  understanding  of  the  company's  ongoing
        operations.    The  company  provides  reconciliations  of  its  non-GAAP
        financial  reporting  to  the  most  comparable  GAAP  reporting.    The  company
        believes  that  discussion  of  results  excluding  certain  significant  charges
        or  credits  provides  additional  insights  into  underlying  business
        performance.    Adjusted  earnings  per  share  is  not  a  measure  recognized
        under  GAAP.    The  determination  of  significant  charges  or  credits  may  not
        be  comparable  to  similarly  titled  measures  used  by  other  companies  and
        may  vary  from  quarter  to  quarter.


                                                                                                                  Three  months  ended
        Dollars  in  millions  except  per  share  data                                December  31
                                                                                                                        2006          2005

        GAAP  Diluted  earnings  per  share  (1)                                        $1.29        $0.58

        Business  Shutdown/Asset  Dispositions/Divestitures              0.02    a    0.16    b

        Income  tax  adjustments                                                                  (0.13)  c  (0.01)  d

        Interest  associated  with  income  tax  benefits                      (0.01)  e

        Cumulative  effect  of  Accounting  Change,  Net  of  Taxes                          0.01    f

        Net  gain  on  Discontinued  Operations,  Net  of  Taxes            (0.01)  g

        Adjusted  earnings  per  share  *  "Core  Earnings"
            per  share                                                                                        $1.16        $0.74

        Weighted  average  diluted  shares  (millions)                          782.5        791.6

          a  Represents  the  net  earnings  per  share  impact  related  to  shutdown  of
              the  Connexion  business  ($40  pre-tax  charge)  and  the  EDD  divestiture
              which  was  completed  in  2005  ($15  pre-tax  benefit).  The  per  share
              amount  for  the  fourth  quarter  is  presented  net  of  income  taxes  at
              37.3%

          b  Represents  the  net  earnings  per  share  impact  of  settlement  and
              curtailment  of  pension  ($228  charge)  and  other  post-retirement
              benefits  ($28  benefit)  associated  with  the  Rocketdyne  divestiture.
              This  charge  was  disclosed  when  the  transaction  was  completed  in  the
              third  quarter  at  which  time  we  recorded  a  pre-tax  gain  on  the  sale  of
              $578.  The  per  share  amount  for  the  fourth  quarter  is  presented  net  of
              income  taxes  at  37.8%.

          c  Represents  tax  benefits  of  $104  due  to  a  settlement  with  the  Internal
              Revenue  Service  for  the  years  1993-1997  ($46  tax  benefit)  and
              provision  adjustments  primarily  related  to  tax  filings  for  2005  and
              prior  years  ($58  tax  benefit).

          d  Represents  net  tax  benefits  of  $11  resulting  from  favorable
              international  tax  adjustments  and  a  change  in  valuation  allowances
              partly  offset  by  the  tax  cost  of  repatriated  foreign  earnings.

          e  Represents  interest  income  of  $8  related  to  income  tax  audit
              settlements.    The  per  share  amount  is  net  of  income  taxes  at  37.3%

          f  Primarily  represents  the  adoption  of  FASB  Interpretation  No.  47,
              Accounting  for  Conditional  Asset  Retirement  Obligations  of  ($4).

          g  Represents  an  after-tax  adjustment  to  the  2004  sale  of  assets  from
              BCC's  Commercial  Financial  Services  to  General  Electric  Capital
              Corporation.

        (1)  2005  GAAP  diluted  earnings  per  share  and  adjusted  earnings  per  share
                exclude  the  pro-forma  impact  of  8  missed  commercial  aircraft
                deliveries  as  a  result  of  the  International  Association  of  Machinists
                (IAM)  strike.    The  strike  reduced  EPS  by  $0.08  per  share.



                                          The  Boeing  Company  and  Subsidiaries
                                          Reconciliation  of  Non-GAAP  Measures
                                                  Adjusted  Earnings  Per  Share
                                                                  (Unaudited)

        In  addition  to  disclosing  results  that  are  determined  in  accordance  with
        U.S.  generally  accepted  accounting  principles  (GAAP),  the  company  also
        discloses  non-GAAP  results  that  exclude  certain  significant  charges  or
        credits  that  are  important  to  an  understanding  of  the  company's  ongoing
        operations.    The  company  provides  reconciliations  of  its  non-GAAP
        financial  reporting  to  the  most  comparable  GAAP  reporting.    The  company
        believes  that  discussion  of  results  excluding  certain  significant  charges
        or  credits  provides  additional  insights  into  underlying  business
        performance.    Adjusted  earnings  per  share  is  not  a  measure  recognized
        under  GAAP.    The  determination  of  significant  charges  or  credits  may  not
        be  comparable  to  similarly  titled  measures  used  by  other  companies  and
        may  vary  from  quarter  to  quarter.


                                                                                                                Twelve  months  ended
        Dollars  in  millions  except  per  share  data                                December  31
                                                                                                                        2006          2005

        GAAP  Diluted  earnings  per  share  (1)                                        $2.85        $3.20

        Global  settlement  with  U.S.  Department  of  Justice              0.75    a

        Business  Shutdown/Asset  Dispositions/Divestitures              0.24    b  (0.04)  c

        Income  tax  adjustments                                                                  (0.20)  d  (0.71)  e

        Interest  associated  with  income  tax  benefits                      (0.01)  f  (0.05)  g

        Cumulative  effect  of  Accounting  Change,  Net  of  Taxes                        (0.02)  h

        Net  (gain)/loss  on  Discontinued  Operations,
            Net  of  Taxes                                                                                  (0.01)  i    0.01    i

        Adjusted  earnings  per  share  *  "Core  Earnings"
            per  share                                                                                        $3.62        $2.39

        Weighted  average  diluted  shares  (millions)                          787.6        802.9

          a  Represents  the  net  earnings  per  share  impact  for  the  global  settlement
              of  the  Evolved  Expendable  Launch  Vehicle  (EELV)  and  Druyun  matters
              with  the  U.S.  Department  of  Justice  ($571  pre-tax  charge  and  reversal
              of  a  tax  benefit  of  $16,  which  was  recorded  on  previous  accruals  of
              $44  at  37.3%.    No  tax  benefit  recognized  relating  to  global
              settlement.

          b  Represents  the  net  earnings  per  share  impact  related  to  shutdown  of
              the  Connexion  business  ($320  pre-tax  charge)  and  the  EDD  divestiture
              which  was  completed  in  2005  ($15  pre-tax  benefit).  The  per  share
              amount  is  presented  net  of  income  taxes  at  37.3%

          c  Represents  the  net  earnings  per  share  impact  including  pension  and
              other  post  retirement  benefits  on  the  sale  of  Rocketdyne,  Wichita,  and
              EDD.  The  per  share  amount  for  the  year  is  presented  net  of  income
              taxes  at  37.8%.

          d  Represents  tax  benefits  of  $155  due  to  a  settlement  with  the  Internal
              Revenue  Service  for  the  years  1993-1997  ($46  tax  benefit),  tax  benefit
              from  a  state  income  tax  audit  settlement  ($25  tax  benefit),  and
              provision  adjustments  primarily  related  to  tax  filings  for  2005  and
              prior  years  ($84  tax  benefit).

          e  Represents  tax  benefits  of  $570  due  to  a  settlement  with  the  Internal
              Revenue  Service  for  the  years  1998  -  2001,  a  change  in  valuation
              allowances  and  provision  adjustments  related  to  tax  filings  for  2004
              and  prior  years  partly  offset  by  the  tax  cost  of  repatriating  foreign
              earnings.

          f  Represents  interest  income  of  $16  related  to  income  tax  audit
              settlements.    The  per  share  amount  is  net  of  income  taxes  at  37.3%

          g  Represents  interest  income  of  $64  related  to  income  tax  audit
              settlements.    The  per  share  amount  is  net  of  income  taxes  at  37.8%

          h  Primarily  represents  the  adoption  of  SFAS  No.  123  (revised  2004)
              Share-Based  Payment  in  Q1  2005  and  the  adoption  of  FASB  Interpretation
              No.  47,  Accounting  for  Conditional  Asset  Retirement  Obligations  in  Q4
              2005.

          i  Represents  an  after-tax  adjustment  to  the  2004  sale  of  assets  from
              BCC's  Commercial  Financial  Services  to  General  Electric  Capital
              Corporation.

        (1)  GAAP  diluted  earnings  per  share  and  adjusted  earnings  per  share
                exclude  the  pro-forma  impact  of  29  missed  commercial  aircraft
                deliveries  as  a  result  of  the  International  Association  of  Machinists
                (IAM)  strike.    The  strike  reduced  EPS  by  $0.35  per  share.
 

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