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page no.
sixty-six
consolidated statement of stockholders’equity
international business machines corporation
and Subsidiary Companies
Accumulated
Gains and
Losses Not
Employee Affecting
Preferred Common Retained Treasury Benefits Retained
(dollars in millions) Stock Stock Earnings Stock Trust Earnings Total
1998
Stockholders’ equity, January 1, 1998 $«252 $«««8,601 $«11,010 $÷÷««(86) $««÷(860) $«÷«899 $«19,816
Net income plus gains and losses not
affecting retained earnings:
Net income 6,328 $«««6,328
Gains and losses not affecting retained
earnings (net of tax):
Foreign currency translation adjustments
(net of tax benefit of $45)69 69
Net unrealized losses on marketable
securities (net of tax benefit of $36)(57) (57)
Total gains and losses not affecting
retained earnings 12
Subtotal: Net income plus gains and
losses not affecting retained earnings $«««6,340
Cash dividends declared
—
common stock (814) (814)
Cash dividends declared
—
preferred stock (20) (20)
Common stock purchased and retired
(113,993,636 shares) (556) (6,291) (6,847)
Preferred stock purchased and retired (51,250 shares) (5) (5)
Common stock issued under employee
plans (29,701,038 shares) 709 (1) 708
Purchases (9,100,678 shares) and sales (9,024,296 shares)
of treasury stock under employee plans
—
net (71) (47) (118)
Fair value adjustment of employee benefits trust 1,002 (994) 8
Tax effect
—
stock transactions 365 365
Stockholders’ equity, December 31, 1998 $«247 $«10,121 $«10,141 $««««(133) $«(1,854) $««««911 $«19,433
1999
Net income plus gains and losses not
affecting retained earnings:
Net income 7,712 $«««7,712
Gains and losses not affecting retained
earnings (net of tax):
Foreign currency translation adjustments
(net of tax expense of $180)(546) (546)
Net unrealized gains on marketable
securities (net of tax expense of $456)796 796
Total gains and losses not affecting
retained earnings 250
Subtotal: Net income plus gains and
losses not affecting retained earnings $«««7,962
Cash dividends declared
—
common stock (859) (859)
Cash dividends declared
—
preferred stock (20) (20)
Treasury shares purchased, not retired
(70,711,971 shares) (7,192) (7,192)
Common stock issued under employee
plans (22,927,141 shares) 741 (1) 740
Purchases (6,418,975 shares) and sales (6,606,223 shares)
of treasury stock under employee plans
—
net (95) (50) (145)
Fair value adjustment of employee benefits trust 318 (308) 10
Increase due to shares issued by subsidiary 37 37
Tax effect
—
stock transactions 545 545
Stockholders’ equity, December 31, 1999 $«247 $«11,762 $«16,878 $«(7,375) $«(2,162) $«1,161 $«20,511