In pilot-speak, VR is rotation speed, or the point at which an aircraft begins to rotate its nose into the air for takeoff. I think it's a good analogy for Boeing's trajectory as we look back on the past year, and look ahead to the new one.

Exactly when Boeing Commercial Airplanes reached VR is anybody's guess. All I know is we reached that critical juncture sometime in the past year and have been climbing.

This flight we're on has taken us higher than we've ever flown before. As we finalize business for 2005 it's clear that BCA has set a new record for airplane orders. Several new records in fact.

Our customers ordered a net total of 1,002 new airplanes in 2005. Let that number sink in a minute. This far exceeds the previous record by any measure. And we chose the most conservative measure as the benchmark, which is to say the most orders we've ever recorded in the past, including both Boeing and McDonnell Douglas legacy aircraft. That previous peak was in 1988, when the two companies combined (pre-merger) recorded a total of 877 orders.

If you want to get a real feel for what a remarkable year 2005 was, consider that in 2004 Boeing posted 272 orders for commercial airplanes. I think that says as much about the recovery of the airline industry as it does about the on-going transformation here at Boeing.

In 2005 we also achieved individual records in three airplane programs. The 737 program set a single-year record with 569 orders. 2005 also saw a record 154 orders for new 777s. And the 787 program, with 235 orders, established a new record as well. I should mention that the 747 and 767 programs also exceeded orders expectations in 2005.

The way I see it, every order announced during the year was a new validation that we've got the right strategy for the market. We've created a product line of efficient and reliable airplanes which offer a superior passenger experience. Airplanes ranging from 100 to 450 seats. Airlines around the world recognize that Boeing airplanes are the definitive choice for taking passengers where they want to go, when they want to go.

Although we don't have a final number for how Airbus did this past year, clearly the other guys had a tremendous year as well. What this says to me is, the recovery is in full swing. Air travel is growing in leaps and bounds, and airlines and nations are investing in new aircraft to accommodate that growth. Regardless of Boeing vs. Airbus issues, this is good news for everyone who works in or supports the commercial aircraft industry.

And while it's not for me to speculate about what 2006 might bring, I think it's fair to say that the New Year will see even more exciting milestones. Whether we've now reached cruising altitude, or have more yet to climb is something we'll have to sit back and find out as the flight progresses.