At the beginning of a new year, there's a lot of discussion about the previous year and the perceived Boeing - Airbus "horse race." We've already talked a little bit about the Boeing side of the ledger - 2005 was a record year for us in many ways. But I want to delve a little deeper, and set this in a proper perspective.

Reflecting on 2005, I must admit we're feeling pretty good about where we stood at the stroke of midnight. But it's our position going forward that really excites us.

Going into 2006 and 2007 - and even 2008 and beyond - I think we've got an outstanding set of products and services lined up to meet our customers' needs for the future. And as you can see in the graphic, we're simplifying our airplane product family.

Part of the BCA airplane product strategy is to simplify fleets from 6 to 4 airplane types, with better efficiency and more complete market coverage. This simplified product family enables more frequent, nonstop service with breakthrough economics and technology.

2005 positioned us well, not only in twin-aisles, but the single-aisle segment as well, with the launch of the 747-8 program, the 777 Freighter, the 737-900ER, the Boeing Converted Freighter program, and of course, the resounding success of the 787 family of airplanes.

And as I sit here today in Seattle, I can't help but wonder what discussions are going on in Toulouse right about now. Maybe we'll find out on Tuesday when Airbus releases its year-end results. But in light of the overwhelming response Boeing has had to the 787 and 777 this past year, do you think the other guys are beginning to ask some difficult questions? Could they be talking about whether their widebody product strategy is out of step with today's market realities?

Now, don't get me wrong - Airbus is a tough competitor. They obviously had a very good year in terms of orders, too, mostly with the A320 program. But their twin-aisle products had a tougher year. And they've got to be asking where they're going to go next with their twin-aisle strategy.

Separately, I also noticed this past week that Airbus is looking to follow our lead on technology, floating as "new," concepts that Boeing has already committed to and is already working on.

Take the recent comments from the chief executive of Airbus' parent company about building an airplane using composites - exactly what we're already doing today with the 787. Noel Forgeard is quoted in the "Financial Times" as saying Airbus is "actively engaged" in developing lighter composite airplanes as the way to go because of fuel efficiency. They're recognizing that with high fuel prices, they have to make more fuel-efficient airplanes. (I find this interesting, since Boeing has always recognized that lighter airplanes use less fuel. And that's why all our airplanes weigh less than the competition's across the board.)

Anyway, getting back to my reflections on 2005, I do have to acknowledge that Airbus has delivered more airplanes than us, and may do so for the near term. There are many reasons for that, which we can get into another time. But in that respect, I'll give them their due.

As to the future? Well, I don't know if I'd go so far as to say the future is ours. But I think the best is yet to come.