IBM 2006 Annual Report Download - page 60
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Black
MAC
129 CG10
(Dollars in millions)
FOR THE YEAR ENDED DECEMBER 31: 2006 2005* 2004*
Cash Flow from Operating Activities from Continuing Operations:
Net income $ , $ , $ ,
(Income)/loss from discontinued operations ()
Adjustments to reconcile income from continuing operations
to cash provided by operating activities:
Depreciation , , ,
Amortization of intangibles , ,
Stock-based compensation , ,
Deferred income taxes , , ,
Net gain on asset sales and other () (,) ()
Other than temporary declines in securities and other investments
Change in operating assets and liabilities, net of acquisitions/divestitures:
Receivables (including financing receivables) () , ,
Inventories ()
Pension assets (,) (,)
Other assets/other liabilities () () ()
Accounts payable ()
Pension liabilities (,) () ()
Net Cash Provided by Operating Activities from Continuing Operations , , ,
Cash Flow from Investing Activities from Continuing Operations:
Payments for plant, rental machines and other property (,) (,) (,)
Proceeds from disposition of plant, rental machines and other property , ,
Investment in software () () ()
Purchases of marketable securities and other investments (,) (,) (,)
Proceeds from disposition of marketable securities and other investments , , ,
Divestiture of businesses, net of cash transferred —
Acquisition of businesses, net of cash acquired (,) (,) (,)
Net Cash Used in Investing Activities from Continuing Operations (,) (,) (,)
Cash Flow from Financing Activities from Continuing Operations:
Proceeds from new debt , , ,
Short-term borrowings/(repayments) less than 90 days—net , () ,
Payments to settle debt (,) (,) (,)
Common stock transactions—net (,) (,) (,)
Cash dividends paid (,) (,) (,)
Net Cash Used in Financing Activities from Continuing Operations (,) (,) (,)
Effect of exchange rate changes on cash and cash equivalents ()
Net cash used in discontinued operations from:
Operating activities () () ()
Net change in cash and cash equivalents (,) , ,
Cash and cash equivalents at January 1 , , ,
Cash and Cash Equivalents at December 31 $ , $, $,
Supplemental Data:
Income taxes paid—net of refunds received $ , $ , $ ,
Interest paid $ , $ $
Capital lease obligations $ $ $
Equity securities received as divestiture consideration** $ — $ $ —
* Reclassified to conform with 2006 presentation.
** Lenovo equity valued at $542 million net of lock-up provisions of $112 million. See note C, “Acquisitions/Divestitures,”
on pages 77 and 78 for additional information.
The accompanying notes on pages 62 through 115 are an integral part of the financial statements.
CONSOLIDATED STATEMENT OF CASH FLOWS
INTERNATIONAL BUSINESS MACHINES CORPORATION AND SUBSIDIARY COMPANIES
58 2006 Annual Report