IBM 2015 Annual Report Download - page 101
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99
Notes to Consolidated Financial Statements
International Business Machines Corporation and Subsidiary Companies
NOTED.
FINANCIAL INSTRUMENTS
Fair Value Measurements
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the company’s financial assets and financial liabilities that are measured at fair value on a recurring basis
at December31, 2015 and 2014.
($ inmillions)
At December 31, 2015: Level 1 Level 2 Level 3 Total
Assets
Cash equivalents
(1)
Time deposits and certifi cates of deposit $ — $2,856 $— $2,856
Money market funds 2,069 — — 2,069
Other securities —18—18
Total 2,069 2,874 — 4,943 (6)
Debt securities—current
(2) — 506 — 506 (6)
Debt securities—noncurrent
(3) 16—8
Trading security investments
(3) 28——28
Available-for-sale equity investments
(3) 192 — — 192
Derivative assets
(4)
Interest rate contracts — 656 — 656
Foreign exchange contracts — 332 — 332
Equity contracts —6—6
Total — 994 — 994 (7)
Total assets $2,290 $4,381 $— $6,671 (7)
Liabilities
Derivative liabilities
(5)
Foreign exchange contracts $ — $ 164 $— $ 164
Equity contracts —19—19
Interest rate contracts —3—3
Total liabilities $ — $ 186 $— $ 186 (7)
(1) Included within cash and cash equivalents in the Consolidated Statement of Financial Position.
(2) Commercial paper and certificates of deposit reported as marketable securities in the Consolidated Statement of Financial Position.
(3) Included within investments and sundry assets in the Consolidated Statement of Financial Position.
(4) The gross balances of derivative assets contained within prepaid expenses and other current assets, and investments and sundry assets in the Consolidated Statement
of Financial Position at December 31, 2015 were $292million and $702million, respectively.
(5) The gross balances of derivative liabilities contained within other accrued expenses and liabilities, and other liabilities in the Consolidated Statement of Financial Position
at December 31, 2015 were $164million and $22million, respectively.
(6) Available-for-sale securities with carrying values that approximate fair value.
(7) If derivative exposures covered by a qualifying master netting agreement had been netted in the Consolidated Statement of Financial Position, the total derivative asset
and liability positions would have been reduced by $139million each.
2013—In the first quarter of 2013, the company completed the
divestiture of its Showcase Reporting product set to Help/Sys-
tems. In the fourth quarter of 2013, the company completed two
divestitures, the Applicazioni Contabili Gestionali (ACG) business
to TeamSystem and the Cognos Application Development Tools
(ADT) business to UNICOM Systems, Inc.
Financial terms of these transactions did not have a material
impact in the consolidated financial results.