IBM 2011 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 19
Description of Business 20
Year in Review 26
Prior Year in Review 44
Other Information 55
Looking Forward 55
Liquidity and Capital Resources 56
Critical Accounting Estimates 58
Currency Rate Fluctuations 61
Market Risk 61
Financing Risks 62
Employees and Related Workforce 63
Global Financing 63
Report of Management 68
Report of Independent Registered
Public Accounting Firm 69
Consolidated Financial Statements
Earnings 70
Comprehensive Income 71
Financial Position 72
Cash Flows 73
Changes in Equity 74
Notes to Consolidated
Financial Statements
A Significant Accounting Policies 76
B Accounting Changes 86
C Acquisitions/Divestitures 89
D Financial Instruments 93
E Inventories 100
F Financing Receivables 101
G Property, Plant and Equipment 104
H Investments and Sundry Assets 104
I Intangible Assets Including Goodwill 105
J Borrowings 106
K Other Liabilities 108
L Equity Activity 110
M Contingencies and Commitments 112
N Ta xes 115
O Research, Development and Engineering 117
P Earnings Per Share of Common Stock 117
Q Rental Expense and Lease Commitments 118
R Stock-Based Compensation 118
S Retirement-Related Benefits 121
T Segment Information 135
U Subsequent Events 139
Five-Year Comparison of Selected Financial Data 140
Selected Quarterly Data 141
Performance Graphs 142
Board of Directors and Senior Leadership 144
Stockholder Information 145