IBM 2008 Annual Report Download - page 63

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
Consolidated Statement of Financial Position
INTERNATIONAL BUSINESS MACHINES CORPORATION and Subsidiary Companies
($     )
At December : Notes 2008 2007
ASSETS
Current assets:
Cash and cash equivalents $ 12,741 $ 14,991
Marketable securities E 166 1,155
Notes and accounts receivable — trade (net of allowances of $226 in 2008 and $241 in 2007) 10,906 11,428
Short-term financing receivables (net of allowances of $351 in 2008 and $296 in 2007) G 15,477 16,289
Other accounts receivable (net of allowances of $55 in 2008 and $13 in 2007) 1,172 1,072
Inventories F 2,701 2,664
Deferred taxes P 1,542 1,687
Prepaid expenses and other current assets 4,299 3,891
Total current assets 49,004 53,177
Plant, rental machines and other property H 38,445 38,584
Less: Accumulated depreciation H 24,140 23,503
Plant, rental machines and other property — net H 14,305 15,081
Long-term financing receivables (net of allowances of $179 in 2008 and $58 in 2007) G 11,183 11,603
Prepaid pension assets U 1,601 17,417
Deferred taxes* P 7,270 1,513
Goodwill J 18,226 14,285
Intangible assets — net J 2,878 2,107
Investments and sundry assets* I 5,058 5,248
TOTAL ASSETS $109,524 $120,431
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Taxes P $ 2,743 $ 3,673
Short-term debt K&L 11,236 12,235
Accounts payable 7,014 8,054
Compensation and benefits 4,623 4,645
Deferred income 10,239 9,802
Other accrued expenses and liabilities 6,580 5,901
Total current liabilities 42,435 44,310
Long-term debt K&L 22,689 23,039
Retirement and nonpension postretirement benefit obligations U 19,452 13,582
Deferred income 3,171 3,060
Other liabilities M 8,311 7,970
TOTAL LIABILITIES 96,058 91,962
Contingencies and Commitments O
Stockholders’ equity: N
Common stock, par value $.20 per share and additional paid-in capital 39,129 35,188
Shares authorized: 4,687,500,000
Shares issued (2008 — 2,096,981,860; 2007— 2,057,607,421)
Retained earnings 70,353 60,640
Treasury stock, at cost (shares: 2008 — 757,885,937; 2007— 672,373,283) (74,171) (63,945)
Accumulated gains and (losses) not affecting retained earnings N (21,845) (3,414)
TOTAL STOCKHOLDERS’ EQUITY 13,465 28,470
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $109,524 $120,431
* Reclassified to conform with 2008 presentation of deferred taxes, previously combined in investments and sundry assets.
The accompanying notes on pages 66 through 119 are an integral part of the financial statements.