IBM 2010 Annual Report Download - page 19

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17
Report of Financials
International Business Machines Corporation and Subsidiary Companies
Management Discussion
Overview 18
Forward-Looking and Cautionary Statements 18
Management Discussion Snapshot 18
Description of Business 20
Year in Review 25
Prior Year in Review 39
Other Information 46
Looking Forward 46
Liquidity and Capital Resources 47
Critical Accounting Estimates 50
Currency Rate Fluctuations 53
Market Risk 53
Financing Risks 54
Employees and Related Workforce 54
Global Financing 55
Report of Management 60
Report of Independent Registered
Public Accounting Firm 61
Consolidated Financial Statements
Earnings 62
Financial Position 63
Cash Flows 64
Changes in Equity 65
Notes to Consolidated
Financial Statements
A Significant Accounting Policies 68
B Accounting Changes 79
C Acquisitions/Divestitures 81
D Fair Value 86
E Financial Instruments (Excluding Derivatives) 88
F Inventories 90
G Financing Receivables 90
H Plant, Rental Machines and Other Property 92
I Investments and Sundry Assets 92
J Intangible Assets Including Goodwill 93
K Borrowings 94
L Derivative Financial Instruments 96
M Other Liabilities 102
N Equity Activity 103
O Contingencies and Commitments 103
P Taxes 106
Q Research, Development and Engineering 108
R Earnings Per Share of Common Stock 108
S Rental Expense and Lease Commitments 109
T Stock-Based Compensation 109
U Retirement-Related Benefits 112
V Segment Information 126
W Subsequent Event 130
Five-Year Comparison of Selected Financial Data 131
Selected Quarterly Data 132
Performance Graphs 133
Board of Directors and Senior Leadership 135
Stockholder Information 136