IBM 2015 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 19
Management Discussion Snapshot 19
Description of Business 22
Year in Review 29
Prior Year in Review 49
Other Information 60
Looking Forward 60
Liquidity and Capital Resources 61
Critical Accounting Estimates 64
Currency Rate Fluctuations 67
Market Risk 68
Financing Risks 68
Cybersecurity 68
Employees and Related Workforce 69
Global Financing 69
Report of Management 74
Report of Independent Registered
Public Accounting Firm 75
CONSOLIDATED FINANCIAL STATEMENTS
Earnings 76
Comprehensive Income 77
Financial Position 78
Cash Flows 79
Changes in Equity 80
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
A Significant Accounting Policies 82
B Accounting Changes 92
C Acquisitions/Divestitures 93
D Financial Instruments 99
E Inventories 106
F Financing Receivables 106
G Property, Plant and Equipment 109
H Investments and Sundry Assets 110
I Intangible Assets Including Goodwill 110
J Borrowings 111
K Other Liabilities 114
L Equity Activity 114
M Contingencies and Commitments 118
N Taxes 120
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