IBM 2003 Annual Report Download - page 77

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75
(dollars in millions)
AT DECEMBER 31: NOTES 2003 2002*
Assets
Current assets:
Cash and cash equivalents $«««««7,290 $«««5,382
Marketable securities D357 593
Notes and accounts receivable—trade, net of allowances 10,026 9,915
Short-term financing receivables F17,583 15,996
Other accounts receivable 1,314 1,447
Inventories E2,942 3,148
Deferred taxes P2,542 2,617
Intangible assets—net I336 245
Prepaid expenses and other current assets 2,608 2,379
Total current assets 44,998 41,722
Plant, rental machines and other property G37,122 36,083
Less: Accumulated depreciation G22,433 21,643
Plant, rental machines and other property—net G14,689 14,440
Long-term financing receivables F10,741 11,440
Prepaid pension assets W18,426 16,003
Investments and sundry assets H8,108 8,272
Goodwill I6,921 4,115
Intangible assets—net I574 492
Total Assets $«104,457 $«96,484
Liabilities and Stockholders’ Equity
Current liabilities:
Taxes P$«««««5,475 $«««5,476
Short-term debt K & L 6,646 6,031
Accounts payable 8,460 7,630
Compensation and benefits 3,671 3,724
Deferred income 6,492 4,946
Other accrued expenses and liabilities 7,156 6,413
Total current liabilities 37,900 34,220
Long-term debt K & L 16,986 19,986
Retirement and nonpension postretirement benefit obligations W14,251 13,215
Other liabilities M7,456 6,281
Total Liabilities 76,593 73,702
Contingencies and commitments O
Stockholders’ equity: N
Common stock, par value $.20 per share 16,269 14,858
Shares authorized: 4,687,500,000
Shares issued (2003—1,937,393,604; 2002—1,920,957,772)
Retained earnings 37,525 31,555
Treasury stock, at cost (shares: 2003—242,884,969; 2002—198,590,876) (24,034) (20,213)
Accumulated gains and (losses) not affecting retained earnings (1,896) (3,418)
Total Stockholders’ Equity 27,864 22,782
Total Liabilities and Stockholders’ Equity $«104,457 $«96,484
*Reclassified to conform with 2003 presentation.
The accompanying notes on pages 80 through 121 are an integral part of the financial statements.
Consolidated Statement of Financial Position
INTERNATIONAL BUSINESS MACHINES CORPORATION AND SUBSIDIARY COMPANIES