IBM 2013 Annual Report Download - page 26

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25
Report of Financials
International Business Machines Corporation and Subsidiary Companies
MANAGEMENT DISCUSSION
Overview 26
Forward-Looking and Cautionary Statements 26
Management Discussion Snapshot 27
Description of Business 28
Year in Review 35
Prior Year in Review 53
Other Information 63
Looking Forward 63
Liquidity and Capital Resources 65
Critical Accounting Estimates 67
Currency Rate Fluctuations 70
Market Risk 70
Financing Risks 71
Cybersecurity 71
Employees and Related Workforce 72
Global Financing 72
Report of Management 76
Report of Independent Registered
Public Accounting Firm 77
CONSOLIDATED FINANCIAL STATEMENTS
Earnings 78
Comprehensive Income 79
Financial Position 80
Cash Flows 81
Changes in Equity 82
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
A Significant Accounting Policies 84
B Accounting Changes 94
C Acquisitions/Divestitures 95
D Financial Instruments 100
E Inventories 107
F Financing Receivables 107
G Property, Plant and Equipment 110
H Investments and Sundry Assets 110
I Intangible Assets Including Goodwill 111
J Borrowings 112
K Other Liabilities 114
L Equity Activity 116
M Contingencies and Commitments 119
N Taxes 121
O Research, Development and Engineering 123
P Earnings Per Share of Common Stock 123
Q Rental Expense and Lease Commitments 124
R Stock-Based Compensation 124
S Retirement-Related Benefits 127
T Segment Information 141
U Subsequent Events 146
Five-Year Comparison of Selected Financial Data 147
Selected Quarterly Data 148
Performance Graph 149
Board of Directors and Senior Leadership 150
Stockholder Information 151