IBM 1998 Annual Report Download - page 67

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65
CONSOLIDATED STATEMENT OF FINANCIAL POSITION International Business Machines Corporation and Subsidiary Companies
(Dollars in millions)
At December 31: Notes 1998 1997*
Assets
Current assets:
Cash and cash equivalents $÷«5,375 $«««7,106
Marketable securities M393 447
Notes and accounts receivable — trade, net of allowances 18,958 16,850
Sales-type leases receivable 6,510 5,720
Other accounts receivable 1,313 1,256
Inventories F5,200 5,139
Prepaid expenses and other current assets 4,611 3,900
Total current assets 42,360 40,418
Plant, rental machines and other property G44,870 42,133
Less: Accumulated depreciation 25,239 23,786
Plant, rental machines and other property— net 19,631 18,347
Software, less accumulated amortization (1998–$12,516; 1997–$12,610) 599 819
Investments and sundry assets H23,510 21,915
Total assets $«86,100 $«81,499
Liabilities and Stockholders’ Equity
Current liabilities:
Taxes Q$÷«3,125 $÷«2,381
Short-term debt K & M 13,905 13,230
Accounts payable 6,252 5,215
Compensation and benefits 3,530 3,043
Deferred income 4,115 3,445
Other accrued expenses and liabilities 5,900 6,193
Total current liabilities 36,827 33,507
Long-term debt K & M 15,508 13,696
Other liabilities N12,818 12,993
Deferred income taxes Q1,514 1,487
Total liabilities 66,667 61,683
Contingencies P
Stockholders’ equity: O
Preferred stock, par value $.01 per share 247 252
Shares authorized: 150,000,000
Shares issued (1998 –2,546,011; 1997–2,597,261)
Common stock, par value $.50 per share 10,121 8,601
Shares authorized: 1,875,000,000
Shares issued (1998 –926,869,052; 1997–969,015,351)
Retained earnings 10,141 11,010
Treasury stock, at cost (shares: 1998 –962,146; 1997– 923,955) (133) (86)
Employee benefits trust (shares: 1998 –10,000,000; 1997–10,000,000) (1,854) (860)
Accumulated gains and losses not affecting retained earnings 911 899
Total stockholders’ equity 19,433 19,816
Total liabilities and stockholders’ equity $«86,100 $«81,499
*Reclassified to conform to 1998 presentation.
The notes on pages 69 through 89 of the 1998 IBM Annual Report are an integral part of this statement.