IBM 2012 Annual Report Download - page 18

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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 21
Year in Review 26
Prior Year in Review 44
Other Information 55
Looking Forward 55
Liquidity and Capital Resources 56
Critical Accounting Estimates 59
Currency Rate Fluctuations 61
Market Risk 62
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 87
D Financial Instruments 92
E Inventories 98
F Financing Receivables 99
G Property, Plant and Equipment 102
H Investments and Sundry Assets 102
I Intangible Assets Including Goodwill 102
J Borrowings 104
K Other Liabilities 106
L Equity Activity 107
M Contingencies and Commitments 110
N Ta xe s 113
O Research, Development and Engineering 115
P Earnings Per Share of Common Stock 116
Q Rental Expense and Lease Commitments 116
R Stock-Based Compensation 117
S Retirement-Related Benefits 120
T Segment Information 134
U Subsequent Events 138
Five-Year Comparison of Selected Financial Data 139
Selected Quarterly Data 140
Performance Graph 141
Board of Directors and Senior Leadership 142
Stockholder Information 143