Consolidated Statement of Operations

Year Ended December 31 (Dollars in millions, except per share data)	2005			2004				2003
Revenues	$	22,255			$	20,307		$	18,348
Costs and Expenses
Operating (excluding depreciation)		7,969				7,462			7,041
Selling, general and administrative		5,793				5,314			4,915
Depreciation		3,630				3,420			3,166
Amortization		1,173				1,203			1,272
		18,565				17,399			16,394
Operating Income		3,690				2,908			1,954
Other Income (Expense)
Interest expense		(1,796	)			(1,876	)		(2,018	)
Investment income (loss), net		89				472			(84	)
Equity in net losses of affiliates		(47	)			(88	)		(60	)
Other income (expense)		(56	)			394			71
		(1,810	)			(1,098	)		(2,091	)
Income (Loss) from Continuing Operations Before Income Taxes and Minority Interest		1,880				1,810			(137	)
Income Tax (Expense) Benefit		(933	)			(826	)		16
Income (Loss) from Continuing Operations Before Minority Interest		947				984			(121	)
Minority Interest		(19	)			(14	)		(97	)
Income (Loss) from Continuing Operations		928				970			(218	)
Income from Discontinued Operations, net of tax		–				–			168
Gain on Discontinued Operations, net of tax		–				–			3,290
Net Income	$	928			$	970		$	3,240
Basic Earnings (Loss) for Common Stockholders per Common Share
Income (loss) from continuing operations	$	0.42			$	0.43		$	(0.10	)
Income from discontinued operations		–				–			0.08
Gain on discontinued operations		–				–			1.46
Net income	$	0.42			$	0.43		$	1.44
Diluted Earnings (Loss) for Common Stockholders per Common Share
Income (loss) from continuing operations	$	0.42			$	0.43		$	(0.10	)
Income from discontinued operations		–				–			0.08
Gain on discontinued operations		–				–			1.46
Net income	$	0.42			$	0.43		$	1.44
See notes to consolidated financial statements.