IBM 2009 Annual Report Download - page 68

Download and view the complete annual report

Please find page 68 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

Consolidated Statement of Cash Flows
INTERNATIONAL BUSINESS MACHINES CORPORATION AND SUBSIDIARY COMPANIES
($ in millions)
For the year ended December 31: 2009 2008 2007
Cash flow from operating activities from continuing operations:
Net income $ 13,425 $ 12,334 $ 10,418
(Income)/loss from discontinued operations — — 00
Adjustments to reconcile income from continuing operations
to cash provided by operating activities:
Depreciation 3,773 4,140 4,038
Amortization of intangibles 1,221 1,310 1,163
Stock-based compensation 558 659 713
Deferred taxes 1,773 1,900 740
Net gain on asset sales and other (395) (338) (89)
Change in operating assets and liabilities, net of acquisitions/divestitures:
Receivables (including financing receivables) 2,131 274 (1,408)
Retirement related (2,465) (1,773) (228)
Inventories 263 (102) 182
Other assets/other liabilities 319 1,268 706
Accounts payable 170 (860) (142)
Net cash provided by operating activities from continuing operations 20,773 18,812 16,094
Cash flow from investing activities from continuing operations:
Payments for plant, rental machines and other property (3,447) (4,171) (4,630)
Proceeds from disposition of plant, rental machines and other property 330 350 537
Investment in software (630) (716) (875)
Purchases of marketable securities and other investments (5,604) (4,590) (24,117)
Proceeds from disposition of marketable securities and other investments 3,599 6,100 24,984
Non-operating finance receivables — net (184) (16) 125
Divestiture of businesses, net of cash transferred 400 71 310
Acquisition of businesses, net of cash acquired (1,194) (6,313) (1,009)
Net cash used in investing activities from continuing operations (6,729) (9,285) (4,675)
Cash flow from financing activities from continuing operations:
Proceeds from new debt 6,683 13,829 21,744
Payments to settle debt (13,495) (10,248) (11,306)
Short-term (repayments)/borrowings less than 90 days — net (651) (6,025) 1,674
Common stock repurchases (7,429) (10,578) (18,828)
Common stock transactions — other 3,052 3,774 4,123
Cash dividends paid (2,860) (2,585) (2,147)
Net cash used in financing activities from continuing operations (14,700) (11,834) (4,740)
Effect of exchange rate changes on cash and cash equivalents 98 58 294
Net cash used in discontinued operations from: operating activities — — (5)
Net change in cash and cash equivalents (558) (2,250) 6,969
Cash and cash equivalents at January 1 12,741 14,991 8,022
Cash and cash equivalents at December 31 $ 12,183 $ 12,741 $ 14,991
Supplemental data:
Income taxes paid — net of refunds received $ 1,567 $ 2,111 $ 2,608
Interest paid on debt $ 1,240 $ 1,460 $ 1,485
Capital lease obligations $ 15 $ 41 $ 57
The accompanying notes on pages 70 through 126 are an integral part of the financial statements.
66