IBM 2000 Annual Report Download

Download and view the complete annual report

Please find the complete 2000 IBM annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 100

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100

you’re one page away
from the no
-
holds
-
barred story
of one year
in the life of a company.
It’s the story of
big battles,
stinging defeats
&
gritty comebacks.
unexpected alliances,
daring forays
&
game
-
changing
discoveries.
In many ways,
it’s a story about the future,
as well as the recent past,
and about all business today.
which means it’s about e
-
business.
and one in particular.
annual report 2000

Table of contents

  • Page 1
    ...page away no-holds-barred story you ' re of one year in the life of a company. It's the story of b i g b at t l e s , s t i n g i n g d e f e at s & g r i t ..., as well as the recent past, and about all business today. which means it ' s about e-business. and one in particular. annual report 2000

  • Page 2
    ... stories. We're opening up new markets and extending our lead in others. We're fighting back in businesses we pioneered and changing ourselves in some fundamental ways. Last year, we absorbed our share of hits, too. But we won more than we lost. And closed the year on a high note. All the while, we...

  • Page 3
    ... servers, storage and databases chapter 2 t h e l e a d e r's d i l e m m a Managing success, growth and expansion in services, software and semiconductors chapter 3 the plot thickens Changing the game through Linux and e-sourcing chapter 4 into the wild Bold forays in technological and business...

  • Page 4
    ... adjustments) 100 87.5 88.4 81.7 75.9 71.9 64.8 64.5 62.7 64.1 60 6.3 78.5 80 7 .0 6.0 5.9 6.1 8.1 10 8 6 40 3.0 2.3 20 1.4 4 2 .01 91 92 93 94 95 96 97 98 99 00 91 92 93 94 95 96 97 98 99 00 earnings per share - diluted ($ after adjustments) total expense as a percentage of revenue (after...

  • Page 5
    ... portfolio -we had enough cash to increase our dividend to shareholders and to buy back $6.7 billion of common shares. The most disappointing note was that our yearto-year stock price went down for the first time since I joined the company -to $85 from $108, a decline of 21 percent. Of course...

  • Page 6
    louis v. gerstner, jr. Chairman of the Board and Chief Executive Officer john m. thompson Vice Chairman of the Board samuel j. palmisano President and Chief Operating Officer

  • Page 7
    ... about a "new economy," the problem with most dot-coms was that their business model -win customers through lower prices - wasn't anything new, not to mention transformative. IBM has always said that e-business involves more than transforming one part of a company, such as selling directly over the...

  • Page 8
    ... world, then you're limited in how you can buy and sell, trade stock, book a vacation, receive health care and cast a vote over the Net. And in the same way, your company is limited in how it can work with its trading partners, its suppliers, its customers -and you. The Internet, of course, began to...

  • Page 9
    ... to support real e-business. There's traditional purchase, of course. And outsourcing-where a partner like IBM Global Services takes on the operation of a customer's existing I/T systems and staff. IBM is already the world leader in strategic outsourcing, including more than 50 deals signed in 2000...

  • Page 10
    ...annual clip. storage business with a product we call Shark; restructured our PC unit and returned it to profitability in the second half of the year; drove the growth of Linux inside and outside IBM; and staked out new ground in emerging markets, such as life sciences. • Finally, there's services...

  • Page 11
    ... sale of the IBM Global Network and other 1999 actions. s i x-y e a r p e r f o r m a n c e 6-Year (dollars in millions except per share amounts) FOR THE YEAR 2000 1994 CAGR ** Revenue Net income Per share of common stock: Assuming dilution Basic Cash dividends paid on common stock Per share...

  • Page 12
    ... to the future of IBM. • Sam Palmisano was named president, chief operating officer and a director of IBM in September. He has a stellar record of achievement in the 27 years he has worked at IBM, including stints as head of our services, PC and server businesses. His primary responsibility is...

  • Page 13
    and so our story begins

  • Page 14

  • Page 15
    chapter 1 r e p o rt s o f o u r demise in markets we o n c e le d s t o r a g e, u n i x s e rv e r s a n d d at a b a s e softwa r e - w e ' r e b att l i n g b a c k a n d m a k i n g u p lost g r o u n d. ( o r s h o u l d h av e ) - h i g h -e n d t h i rt e e n p a g e n o.

  • Page 16
    ... with massive investments in the product itself; then we built marketing and mindshare; and finally we put in place a dedicated sales force. Through the course of 2000, DB2 grew three times faster than the industry on Windows NT and UNIX platforms. ibm db2 software revenue 73 on unix and windows...

  • Page 17
    "We've come all the way back. Now it's time for each of us to look in the mirror and say, 'This is personal. There's no way I'm going to sit back and let any competitor encroach on my account.'" sherry yazdi Data Management Sales Team Leader

  • Page 18
    "We penetrated half of our chief competitor's key accounts even before we had all the advanced function for Shark. Okay, in December we shipped it. Now things are really going to get fun." john power Worldwide Marketing Manager, Shark

  • Page 19
    ... the IBM Enterprise Storage Server code named "Shark." In 2000, the first year after its launch, we shipped nearly 4,000 Sharks, and revenue for high-end disk storage increased 21 percent for the year. in 2000, ibm shipped 73% more terabytes of storage than the previous year - increasing shipped...

  • Page 20
    ... ibm leads the top500 list of supercomputers, with 215 of the world ' s 500 fastest, most powerful supercomputers. according to idc , ibm is the number one worldwide server vendor when measured by revenue. dave turek Vice President, Scientific and Technical Computing Offerings, Web Servers...

  • Page 21
    "In the battle for Web server leadership, it's a performance play. So name your benchmark. For the last two years, our performance has been second to none." rod adkins General Manager, Web Servers

  • Page 22

  • Page 23
    ... technology, services and software businesses, respectively-businesses that generated more than 60 percent of IBM's revenue last year. They plan competitive strategy, lead vast workforces, make decisions about where to invest and when to divest -and stand accountable for their results. And in 2000...

  • Page 24
    john kelly, iii Senior Vice President, IBM Technology Group doug elix Senior Vice President, IBM Global Services

  • Page 25
    ... people and retrain thousands of our own people. It wasn't until the fourth quarter that we saw the momentum return to the business. Kelly: But in any one of our cases, we've got to continue to have confidence that the business is going to grow. steve mills Senior Vice President, IBM Software Group

  • Page 26
    .... By the end of the year, the plant was online. Elix: In almost every one of our big growth businesses, we've started based as much on management judgment as on business cases. I mean, conversion to the customer relationship management services, to e-procurement, to supply chain: we didn't spend...

  • Page 27
    ...'s biggest competitors in the server and box business, and no one has ever constrained me from selling our great technology to them. So I just keep driving. Mills: Yeah, us too. It's a diverse world. We have to coexist with, support and sell to companies that other parts of the product or services...

  • Page 28
    ... for middleware is growing 14 percent annually. with business software specialists to increase sales of hardware, services, database software and other middleware. IBM is investing heavily in WebSphere -including a $1 billion investment in 2000 for marketing, partner development and sales programs.

  • Page 29
    ... 24 38 revenue from e-business services - which include e-commerce consulting, e-business enablement and e-hosting services- grew more than 70 percent in 2000. ibm signed $10 billion in outsourcing contracts in the Asia Pacific region in 2000 - more than twice the value of contracts signed there...

  • Page 30

  • Page 31
    chapter 3 thickens whole to the plot n e w f r o n t s o p e n t h at p r o m i s e dwa r f t o d ay ' s m a r k e t b at t l e s. introducing l i n u x a n d e -s o u r c i n g. with v i c t o ry w i l l g o t o t h e f i r s t o n e t h e r e s o u r c e s, v i s i o n a n d c o m m i t m ...

  • Page 32
    ...hands of customers. This makes possible an equally seismic shift in the way value is delivered -through services, through middleware, through servers. So, we're going to invest $1 billion in Linux, and we've dedicated 1,500 programmers to enable every IBM hardware and software product for Linux. Our...

  • Page 33
    ibm is a over the next three years, ibm will invest more than founding member and contributor to the open source development lab. $ 300 m i l l i o n to develop linux consulting, implementation and support services.

  • Page 34
    $ 4 billion over the next 3 years to build out its e-business hosting infrastructure. ibm is investing 230 data centers worldwide, ibm is working with partners such as at&t, qwest, telecom italia and ntt to open new ibm e-business hosting centers around the world in 2001. with

  • Page 35
    ... our customers are and what we will sell to them. Individual businesses may no longer be the primary decision makers when it comes to I/T purchases. Instead, those decisions may eventually be aggregated to a small number of mammoth computing "service providers," like telecommunications companies and...

  • Page 36

  • Page 37
    chapter 4 into the wi ld h o r i z o n, n e w wo r l d s s h i m m e r i n t h e m o r n i n g l i g h t. w h o w i l l get there f i r s t and d e v e l o p t h e i r p o t e n t i a l ? at n i g h t, w e d r e a m n e w t e c h n o l o g i e s. at d ay b r e a k , w e c o n c e i v e n e w b u ...

  • Page 38
    gerd binnig Nobel Laureate and IBM Fellow, Micromechanics and Nanomechanics real job: Finding the atomic tipping point

  • Page 39
    ... special kind of ingenuity. It's equally demanding and every bit as important to our customers. This is about the invention of new business models and market structures, in every industry -from retail and financial services to education, governance and the delivery of health care. Tucked inside IBM...

  • Page 40
    ... and Vice President, Systems Research shouheng sun Researcher, Materials Chemist real job: Self-assembling magnetic materials real job: Taking computing beyond the computer pekka leppanen Manager, Mobile Internet Solutions real job: Obsoleting the office greg conley General Manager, e-Markets...

  • Page 41
    ... the physics of market ecosystems stuart parkin IBM Fellow, Project Leader, Magnetoelectronics real job: Instant-on computing dr. russell ricci General Manager, Healthcare Industry real job: Tender loving e-care caroline kovac Vice President, Life Science Solutions real job: What makes us...

  • Page 42
    The Wizard of Oz ©1939 Turner Entertainment Co.

  • Page 43
    ... to be: when you can buy something over its Web site. Today, we know better. It's when you work with your customers, take and fulfill orders, provide services, procure billions of dollars in goods and services, interlock with your suppliers-and support thousands of employees in scores of countries...

  • Page 44
    ...Our integrated Web-and-call-center channel, ibm.com - providing direct sales, service and support -does that. Today, customers can access more than 14,000 IBM products and solutions. And at $47,000 in sales per minute on an average business day, we're IBM's lowest-cost channel. IBM's PC business now...

  • Page 45
    ... took 30 days now takes one." patrice knight Vice President, Procurement Strategy and Transformation 377 240 272 nancy deviney General Manager, Learning Services 98 99 00 More than 200,000 employees have received education and training online. New IBM managers are trained through an award-winning...

  • Page 46
    ... and manage: • 401K Plans • Career Planning • Employee Stock Purchase Plans • Health Care Options • Pension Plans • Stock Options • Sales Commissions IBM has also launched a Web resource for retired employees. 83 % of U.S. employees reviewed and enrolled in their annual health care...

  • Page 47
    ... more - productivity tools, workflow managers, places to collaborate, virtual workspaces. We're adding all that functionality to make IBM's intranet a platform for some key e-business goals: to integrate IBM's processes; redefine our culture and our brand; and empower individual employees, so they...

  • Page 48
    reinventing education Scoil Mhuire Senior Primary School, Blakestown, Ireland; and Tran Quoc Toan Primary School, Hanoi, Vietnam

  • Page 49
    .... Our largest ongoing corporate commitment remains the $45 million grant program Reinventing Education -which has the potential to touch one in five children in U.S. public schools, as well as children in seven other countries, including Singapore, site of our latest grant. Independent evaluations...

  • Page 50
    ... of the industry's most advanced information technologies, including computer systems, software, networking systems, storage devices and microelectronics. We translate these advanced technologies into value for our customers through our professional solutions and services businesses worldwide.

  • Page 51
    financial report international business machines corporation and Subsidiary Companies Report of Management Report of Independent Accountants Management Discussion Consolidated Financial Statements EARNINGS FINANCIAL POSITION STOCKHOLDERS' EQUITY CASH FLOWS 50 51 52 64 65 66 68 Notes to ...

  • Page 52
    ... the Board the independent accounting firm to be retained for the coming year, subject to stockholder approval. The Audit Committee meets periodically and privately with the independent accountants, with our internal auditors, as well as with IBM management, to review accounting, auditing, internal...

  • Page 53
    ... position of International Business Machines Corporation and subsidiary companies at December 31, 2000 and 1999, and the results of their operations and their cash ï¬,ows for each of the three years in the period ended December 31, 2000, in conformity with accounting principles generally accepted in...

  • Page 54
    ... its competitors in 2001. The company's top priority is to build on the momentum of last year, driven, for the most part, by business strategies taking hold; the marketplace moving in the company's direction; demand increasing for IBM's products and services (particularly e-business applications and...

  • Page 55
    ... product businesses are the company's disk storage products, which include the Enterprise Storage Server known as "Shark," tape subsystems and the company's storage area networking program, and networking products. Also, in January 2000, the company transferred the Retail Store Solutions business...

  • Page 56
    ...driven by strong revenue growth in Netfinity servers and mobile products. Mobile revenue was constrained due to a shortage of ï¬,at-panel displays in the second half of 1999. In October 2000, the company announced IBM eServers to manage the unprecedented demands of e-business. This new generation of...

  • Page 57
    ... management and Lotus Notes messaging and collaboration for both IBM and non-IBM platforms. This growth was driven by the company's key products on UNIX and Windows NT platforms, led by WebSphere (Web application server software), MQSeries (business integration software) and DB2 (data management...

  • Page 58
    ...-to-revenue ratio in 2000 results from the company's aggressive management of its infrastructure expense and discretionary spending, and improvements in its productivity through the use of technology and other productivity tools. Examples include revenue generation and customer services capabilities...

  • Page 59
    ... in many applications, such as cell phones and personal digital assistants. Included in the company's cost and expense is $327 million of benefit for retirement-related plans, including pension plans and nonpension postretirement benefits, for the year ended December 31, 2000. The comparable...

  • Page 60
    ... storage and technology hardware categories. The company began shipping its new z900 server in mid-December, contributing to a greater than 100 percent increase in shipments of mainframe computing capacity in the fourth quarter, as measured in MIPS. Revenue grew strongly for the pSeries UNIX servers...

  • Page 61
    ... for plant and other property, including machines used in strategic outsourcing contracts; $1,256 million for machines on operating leases with customers; and $6,659 million for the repurchase of the company's common shares. In addition, of the company's nine acquisitions in 2000, the company paid...

  • Page 62
    ... years in the information technology outsourcing sector. On October 10, 2000, the company announced plans to invest $5.0 billion in the following projects: (1) building an advanced chip-making facility in East Fishkill, New York; (2) expanding its chip-making capacity in Burlington, Vermont and Yasu...

  • Page 63
    ...the fair values of the company's debt and other financial instruments. The financial instruments that are included in the sensitivity analysis comprise all of the company's cash and cash equivalents, marketable securities, long-term non-lease receivables, investments, long-term and short-term debt...

  • Page 64
    ... by changes in the company's debt maturity and interest rate profile and amount. In 2000 versus 1999, the reported decline in interest rate sensitivity primarily is due to adjustments in the company's "receive fixed/pay ï¬,oating" interest rate swap portfolio to more closely match the maturity pro...

  • Page 65
    ... employees in wholly owned subsidiaries, increased nearly 9,000 year over year. The company's strategic growth areas - services, software and technology - continue to drive the increase; Global Services hired in excess of 19,000 people in 2000. Acquisitions, such as the LGS Group Inc. in Canada...

  • Page 66
    ... statement of earnings international business machines corporation and Subsidiary Companies (dollars in millions except per share amounts) F O R T H E Y E A R E N D E D D E C E M B E R 31: Notes 2000 1999 * 1998 * Revenue: Hardware Global Services Software Global Financing Enterprise...

  • Page 67
    ...: Cash and cash equivalents Marketable securities Notes and accounts receivable - trade, net of allowances Short-term financing receivables Other accounts receivable Inventories Deferred taxes Prepaid expenses and other current assets Total current assets Plant, rental machines and other property...

  • Page 68
    ... purchased and retired (51,250 shares) Common stock issued under employee plans (29,701,038 shares) Purchases (9,100,678 shares) and sales (9,024,296 shares) of treasury stock under employee plans - net Fair value adjustment of employee benefits trust Tax effect - stock transactions Stockholders...

  • Page 69
    ... common stock Cash dividends declared - preferred stock Treasury shares purchased, not retired (58,867,226 shares) Common stock issued under employee plans (17,275,350 shares) Purchases (8,799,382 shares) and sales (9,074,212 shares) of treasury stock under employee plans - net Fair value adjustment...

  • Page 70
    ... financing activities: Proceeds from new debt Short-term (repayments)/ borrowings less than 90 days - net Payments to settle debt Preferred stock transactions - net Common stock transactions - net Cash dividends paid Net cash used in financing activities Effect of exchange rate changes on cash and...

  • Page 71
    ..., the product has been shipped or the services have been provided to the customer, the sales price is fixed or determinable and collectibility is reasonably assured. The company reduces revenue for estimated customer returns. In addition to the aforementioned general policy, the following...

  • Page 72
    ... are marked-to-market each period. Refer to note K, "Financial Instruments," on pages 76 and 77 for descriptions of the major risk management programs and classes of financial instruments used by the company, including the specific methods used to account for them. In determining fair value of its...

  • Page 73
    ... Benefits Current service costs of retirement plans and postretirement health care and life insurance benefits are accrued in the period. Prior service costs that result from amendments to the plans are amortized over the average remaining service period of the employees expected to receive...

  • Page 74
    notes to consolidated financial statements international business machines corporation and Subsidiary Companies fourth quarter 2000. SAB No. 101 provides guidance on applying generally accepted accounting principles to revenue recognition in financial statements. The company's policies for revenue...

  • Page 75
    ... stock of Mylex Corporation, a leading developer of technology for moving, storing, protecting and managing data in desktop and networked environments, for approximately $259 million. On September 27, 1999, the company acquired all the outstanding stock of DASCOM, Inc., an industry leader in Web...

  • Page 76
    ... in sales-type leases includes unguaranteed residual values of approximately The company manages assets of $136 million and $273 million from the securitization of loans, leases and trade receivables, at year-end 2000 and 1999, respectively. The company did not sell any receivables in 2000, and...

  • Page 77
    ... table and related discussion on page 92 in note X, "Segment Information," for the total interest expense of the Global Financing segment. The decrease in total interest in 2000 versus 1999 was due primarily to lower average interest rates and a decline in average debt outstanding during 2000. The...

  • Page 78
    ... fair value. Accounts payable, other accrued expenses and liabilities, and short-term and long-term debt are financial liabilities with carrying values that approximate fair value. The following table summarizes the company's marketable securities, all of which are considered available for sale...

  • Page 79
    ... international business machines corporation and Subsidiary Companies A description of the major hedging programs follows: DEBT RISK MANAGEMENT The company issues debt in the global capital markets, principally to fund its Global Financing lease and loan portfolio. Access to cost-effective...

  • Page 80
    ... Post-employment/pre-retirement liabilities represent workforce accruals for contractually obligated payments to employees terminated in the ongoing course of business other than those accruals presented separately above. The company executed restructuring actions through 1993 and special actions...

  • Page 81
    ... by employees of certain recently acquired businesses and by non-U.S. employees. At December 31, 2000, approximately $2.9 billion of Board authorized repurchases remained. The company plans to purchase shares on the open market from time to time, depending on market conditions. In 1995, the Board of...

  • Page 82
    ...YEAR ENDED DECEMBER 31: Employee benefits Alternative minimum tax credits Bad debt, inventory and warranty reserves Capitalized research and development Deferred income General business... 2000 1999 Retirement benefits Sales-type leases Depreciation Software costs deferred Other Gross deferred ...

  • Page 83
    ... and test operations to Hungary and Mexico and completed these actions by mid 2000. The actions within NHD relate to a global alliance with Cisco Systems, Inc. As a result of the announcement of the alliance, demand for the router and switch products by both existing and new customers deteriorated...

  • Page 84
    ... venture at the signing of the agreement with in demand for router and switch products. (8) The 1999 year-end and 2000 amounts are also disclosed in note L, "Other Toshiba Corporation. Liabilities," on page 78. Change in Estimate As a result of a change in the estimated useful life of personal...

  • Page 85
    ... 2000 1999 1998 Weighted-average number of shares on which earnings per share calculations are based: Basic Add - incremental shares under stock compensation plans Add - incremental shares associated with contingently issuable shares Assuming dilution Net income applicable to common stockholders...

  • Page 86
    ... million in 2000, 1999 and 1998, respectively. STOCK OPTION GRANTS Stock options are granted to employees at an exercise price equal to the fair market value of the company's stock at the date of grant. Generally, options vest 25 percent per year, are fully vested four years from the grant date and...

  • Page 87
    ... fair market value of stock option grants is estimated using the Black-Scholes option-pricing model with the following assumptions: 2000 1999 1998 V RETIREMENT PLANS Term (years)* Volatility** Risk-free interest rate (zero coupon U.S. treasury note) Dividend yield Weighted-average fair value per...

  • Page 88
    ... cost to the company of approximately $100 million in 2001. Effective July 1, 1999, the company amended the IBM Retirement Plan to establish the IBM Personal Pension Plan (the U.S. Plan). The new plan establishes a new formula for determining pension benefits for many of its employees. Under...

  • Page 89
    ... No. 87, "Employers' Accounting for Pensions." The change in expected return on plan assets and the discount rate for the 2000 U.S. plan year had an effect of an additional $(195) million and $(26) million of net retirement plan (income)/cost, respectively, for the year ended December 31, 2000. This...

  • Page 90
    ... million and $375 million, respectively. The company has a defined benefit postretirement plan that provides medical, dental and life insurance for U.S. retirees and eligible dependents. The total net (income)/cost of this plan for the years ended December 31, 2000, 1999 and 1998, was $374 million...

  • Page 91
    ...at a time (personal computer clients) or as servers. Major brands include the Aptiva home personal computers, IntelliStation workstations, IBM xSeries servers, NetVista and ThinkPad mobile systems. Also, in the first quarter of 2000, the company transferred the Retail Store Solutions (RSS) business...

  • Page 92
    ... corporation and Subsidiary Companies Services, Site and Connectivity Services, and Systems Management and Networking Services. Learning Services supports the three primary lines of business and helps customers design, develop and deploy curricula to educate their employees. The Global Services...

  • Page 93
    ...business machines corporation and Subsidiary Companies MANAGEMENT SYSTEM SEGMENT VIEW Hardware (dollars in millions) Technology Personal Systems Enterprise Systems Global Services Software Global Financing Enterprise Investments Total Segments 2000: External revenue Internal revenue Total revenue...

  • Page 94
    ...ownership on services-managed assets and to provide a more appropriate basis for business and competitive analysis. The assets primarily are accounts receivable, maintenance inventory, and plant, property and equipment including those associated with the segment's outsourcing business. To accomplish...

  • Page 95
    ... and marketable securities Notes and accounts receivable Deferred tax assets Plant, other property and equipment Pension assets Other Total IBM Consolidated $«69,263 $«66,560 $«67,752 (5,300) (5,776) (7,519) of products within the Technology, Enterprise Systems and Global Services segments...

  • Page 96
    ... except per share amounts) FOR THE YEAR: 2000 1999 1998 1997 1996 Revenue Net income Per share of common stock: Assuming dilution Basic Cash dividends paid on common stock Per share of common stock Investment in plant, rental machines and other property Return on stockholders' equity AT...

  • Page 97
    ... Business Machines Corporation New Orchard Road Armonk, New York 10504 (914) 499-1900 The IBM Annual Report is printed on recycled paper and is recyclable. *AIX, Aptiva, AS/400, DB2, IBM, IntelliStation, MiCRUS, MQSeries, Netfinity, NetVista, RS/6000, S/390, Shark, ThinkPad and WebSphere...

  • Page 98
    ... Marketing, Sales Operations and Strategy irving wladawsky-berger Vice President Technology and Strategy j. bruce harreld Senior Vice President Strategy philip s. thompson Vice President Business Transformation and Chief Information Officer ibm global financing joseph c. lane General Manager...

  • Page 99
    you ' re one click away from the no-holds-barred story of one year in the life of a company. w w w. i b m . c o m / a n n u a l r e p o rt / 2000 Design: VSA Partners, Inc., Chicago Printing: Anderson Lithograph

  • Page 100
    ®