IBM 2009 Annual Report Download - page 19

Download and view the complete annual report

Please find page 19 of the 2009 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 136

  • 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
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136

Report of Financials
INTERNATIONAL BUSINESS MACHINES CORPORATION AND SUBSIDIARY COMPANIES
Management Discussion
Overview 18
Forward-Looking and Cautionary Statements 18
Management Discussion Snapshot 19
Description of Business 20
Year in Review 25
Prior Year in Review 40
Discontinued Operations 47
Other Information 47
Looking Forward 47
Liquidity and Capital Resources 49
Critical Accounting Estimates 52
Currency Rate Fluctuations 54
Market Risk 55
Financing Risks 56
Employees and Related Workforce 56
Global Financing 57
REPORT OF MANAGEMENT 62
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM 63
Consolidated Financial Statements
Earnings 64
Financial Position 65
Cash Flows 66
Changes in Equity 67
Notes to Consolidated Financial Statements
A Significant Accounting Policies 70
B Accounting Changes 79
C Acquisitions/Divestitures 82
D Fair Value 86
E Financial Instruments (Excluding Derivatives) 87
F Inventories 88
G Financing Receivables 88
H Plant, Rental Machines and Other Property 89
I Investments and Sundry Assets 89
J Intangible Assets Including Goodwill 89
K Borrowings 90
L Derivatives and Hedging Transactions 92
M Other Liabilities 97
N Equity Activity 98
O Contingencies and Commitments 99
P Taxes 101
Q Research, Development and Engineering 103
R Earnings Per Share of Common Stock 104
S Rental Expense and Lease Commitments 104
T Stock-Based Compensation 105
U Retirement-Related Benefits 109
V Segment Information 122
W Subsequent Events 126
FIVE-YEAR COMPARISON OF SELECTED FINANCIAL DATA 127
SELECTED QUARTERLY DATA 128
PERFORMANCE GRAPHS 129
BOARD OF DIRECTORS AND SENIOR LEADERSHIP 131
STOCKHOLDER INFORMATION 132
17