IBM 2014 Annual Report Download - page 22

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21
Report of Financials
International Business Machines Corporation and Subsidiary Companies
MANAGEMENT DISCUSSION
Overview 22
Forward-Looking and Cautionary Statements 23
Management Discussion Snapshot 23
Description of Business 26
Year in Review 33
Prior Year in Review 53
Other Information 64
Looking Forward 64
Liquidity and Capital Resources 65
Critical Accounting Estimates 68
Currency Rate Fluctuations 71
Market Risk 72
Financing Risks 72
Cybersecurity 73
Employees and Related Workforce 73
Global Financing 73
Report of Management 78
Report of Independent Registered
Public Accounting Firm 79
CONSOLIDATED FINANCIAL STATEMENTS
Earnings 80
Comprehensive Income 81
Financial Position 82
Cash Flows 83
Changes in Equity 84
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
A Significant Accounting Policies 86
B Accounting Changes 96
C Acquisitions/Divestitures 97
D Financial Instruments 103
E Inventories 110
F Financing Receivables 110
G Property, Plant and Equipment 113
H Investments and Sundry Assets 113
I Intangible Assets Including Goodwill 114
J Borrowings 115
K Other Liabilities 118
L Equity Activity 118
M Contingencies and Commitments 122
N Taxes 124
O Research, Development and Engineering 127
P Earnings Per Share of Common Stock 127
Q Rental Expense and Lease Commitments 128
R Stock-Based Compensation 128
S Retirement-Related Benefits 131
T Segment Information 145
U Subsequent Events 150
Five-Year Comparison of Selected Financial Data 151
Selected Quarterly Data 152
Performance Graph 153
Board of Directors and Senior Leadership 154
Stockholder Information 155