IBM 1999 Annual Report Download - page 67

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consolidated statement of financial position
International Business Machines Corporation
and Subsidiary Companies
(Dollars in millions except per share amounts)
At December 31: Notes 1999 1998
Assets
Current assets:
Cash and cash equivalents $÷«5,043 $«««5,375
Marketable securities L788 393
Notes and accounts receivable —trade, net of allowances 20,039 18,958
Sales-type leases receivable 6,220 6,510
Other accounts receivable 1,359 1,313
Inventories E4,868 5,200
Prepaid expenses and other current assets 4,838 4,611
Total current assets 43,155 42,360
Plant, rental machines and other property F39,616 44,870
Less: Accumulated depreciation 22,026 25,239
Plant, rental machines and other property—net 17,590 19,631
Software 663 599
Investments and sundry assets G26,087 23,510
Total assets $«87,495 $«86,100
Liabilities and Stockholders’ Equity
Current liabilities:
Taxes P$÷«4,792 $÷«3,125
Short-term debt J & L 14,230 13,905
Accounts payable 6,400 6,252
Compensation and benefits 3,840 3,530
Deferred income 4,529 4,115
Other accrued expenses and liabilities 5,787 5,900
Total current liabilities 39,578 36,827
Long-term debt J & L 14,124 15,508
Other liabilities M11,928 12,818
Deferred income taxes P1,354 1,514
Total liabilities 66,984 66,667
Contingencies O
Stockholders’ equity: N
Preferred stock, par value $.01 per share 247 247
Shares authorized: 150,000,000
Shares issued and outstanding (1999 and 1998– 2,546,011)
Common stock, par value $.20*per share C11,762 10,121
Shares authorized: 4,687,500,000*
Shares issued (1999– 1,876,665,245; 1998– 1,853,738,104*)
Retained earnings 16,878 10,141
Treasury stock, at cost (shares: 1999– 72,449,015; 1998– 1,924,293*)(7,375) (133)
Employee benefits trust (shares: 1999– 20,000,000; 1998– 20,000,000*)(2,162) (1,854)
Accumulated gains and losses not affecting retained earnings 1,161 911
Total stockholders’ equity 20,511 19,433
Total liabilities and stockholders’ equity $«87,495 $«86,100
*Adjusted to reflect a two-for-one stock split effective May 10, 1999.
The accompanying notes on pages 69 through 93 are an integral part of the financial statements.
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