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Consolidated Financial Statements (Audited)
International Business Machines Corporation and Subsidiary Companies
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| Consolidated Statement of Stockholders’ Equity |
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Consolidated Statement of Stockholders’ Equity — 2001
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| PREFERRED STOCK |
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COMMON STOCK |
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RETAINED EARNINGS |
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TREASURY STOCK |
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EMPLOYEE BENEFITS TRUST |
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ACCUMULATED GAINS AND (LOSSES) NOT AFFECTING RETAINED EARNINGS |
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TOTAL | ||||||||||||||
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| 2001* | ||||||||||||||||||||||||||
Stockholders’ equity, January 1, 2001 |
$ | 247 | $ | 12,400 | $ | 23,784 | $ | (13,800 | ) | $ | (1,712 | ) | $ | (369 | ) | $ | 20,550 | |||||||||
Net income plus gains and (losses) not affecting retained earnings: |
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Net Income |
7,723 | $ | 7,723 | |||||||||||||||||||||||
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Gains and (losses) not affecting retained earnings (net of tax): |
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Cumulative effect of adoption of SFAS No. 133 on Jan. 1 (net of tax expense of $120) |
219 | 219 | ||||||||||||||||||||||||
Net unrealized gains on SFAS No. 133 cash flow hedge derivatives during 2001 (net of tax expense of $44) |
77 | 77 | ||||||||||||||||||||||||
Foreign currency translation adjustments (net of tax expense of $323) |
(539 | ) | (539 | ) | ||||||||||||||||||||||
Minimum pension liability adjustment (net of tax benefit of $226) |
(308 | ) | (308 | ) | ||||||||||||||||||||||
Net unrealized gains on marketable securities (net of tax expense of $58) |
92 | 92 | ||||||||||||||||||||||||
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Total gains and (losses) not affecting retained earnings |
(459 | ) | ||||||||||||||||||||||||
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Subtotal: Net income plus gains and (losses) not affecting retained earnings |
$ | 7,264 | ||||||||||||||||||||||||
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Cash dividends declared — common stock |
(956 | ) | (956 | ) | ||||||||||||||||||||||
Cash dividends declared — preferred stock |
(10 | ) | (10 | ) | ||||||||||||||||||||||
Preferred stock purchased and retired (10,184,043 shares) |
(247 | ) | (7 | ) | (254 | ) | ||||||||||||||||||||
Common stock issued under employee plans (19,572,623 shares) |
774 | (1 | ) | 773 | ||||||||||||||||||||||
Purchases (314,433 shares) and sales (11,801,053 shares) of treasury stock under employee plans — net |
32 | (391 | ) | 1,234 | 875 | |||||||||||||||||||||
Other treasury shares purchased, not retired (50,764,698 shares) |
(5,293 | ) | (5,293 | ) | ||||||||||||||||||||||
Dissolution of employee benefits trust (20,000,000 shares) |
546 | (2,255 | ) | 1,712 | 3 | |||||||||||||||||||||
Decrease in shares remaining to be issued in acquisition |
(6 | ) | (6 | ) | ||||||||||||||||||||||
Tax effect — stock transactions |
502 | 502 | ||||||||||||||||||||||||
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| Stockholders’ equity, December 31, 2001 | $ | — | $ | 14,248 | $ | 30,142 | $ | (20,114 | ) | $ | — | $ | (828 | ) | $ | 23,448 | ||||||||||
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Consolidated Statement of Stockholders’ Equity — 2002
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| COMMON STOCK |
RETAINED EARNINGS |
TREASURY STOCK |
ACCUMULATED GAINS AND (LOSSES) NOT AFFECTING RETAINED EARNINGS |
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TOTAL | |||||||||||||||
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| 2002* | ||||||||||||||||||||
Stockholders’ equity, January 1, 2002 |
$ | 14,248 | $ | 30,142 | $ | (20,114 | ) | $ | (828 | ) | $ | 23,448 | ||||||||
Net income plus gains and (losses) not affecting retained earnings: |
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Net income |
3,579 | $ | 3,579 | |||||||||||||||||
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Gains and (losses) not affecting retained earnings (net of tax): |
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Net unrealized losses on SFAS No. 133 cash flow hedge derivatives during 2002 (net of tax benefit of $372) |
(659 | ) | (659 | ) | ||||||||||||||||
Foreign currency translation adjustments (net of tax benefit of $197) |
850 | 850 | ||||||||||||||||||
Minimum pension liability adjustment (net of tax benefit of $1,574) |
(2,765 | ) | (2,765 | ) | ||||||||||||||||
Net unrealized losses on marketable securities (net of tax benefit of $8) |
(16 | ) | (16 | ) | ||||||||||||||||
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Total gains and (losses) not affecting retained earnings |
(2,590 | ) | ||||||||||||||||||
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Subtotal: Net income plus gains and (losses) not affecting retained earnings |
$ | 989 | ||||||||||||||||||
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Cash dividends declared — common stock |
(1,005 | ) | (1,005 | ) | ||||||||||||||||
Common stock issued under employee plans (7,255,995 shares) |
440 | 4 | 444 | |||||||||||||||||
Purchases (189,797 shares) and sales (12,873,502 shares) of treasury stock under employee plans — net |
(475 | ) | 1,311 | 836 | ||||||||||||||||
Other treasury shares purchased, not retired (48,481,100 shares) |
(4,212 | ) | (4,212 | ) | ||||||||||||||||
Treasury shares issued to fund the U.S. pension fund (24,037,354 shares) |
(576 | ) | 2,447 | 1,871 | ||||||||||||||||
Shares issued/to be issued in the PwCC acquisition (3,677,213 shares issued) |
43 | (114 | ) | 355 | 284 | |||||||||||||||
Decrease in shares remaining to be issued in acquisition |
(9 | ) | (9 | ) | ||||||||||||||||
Tax effect — stock transactions |
136 | 136 | ||||||||||||||||||
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| Stockholders’ equity, December 31, 2002 | $ | 14,858 | $ | 31,555 | $ | (20,213 | ) | $ | (3,418 | ) | $ | 22,782 | ||||||||
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Consolidated Statement of Stockholders’ Equity — 2003
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| COMMON STOCK |
RETAINED EARNINGS |
TREASURY STOCK |
ACCUMULATED GAINS AND (LOSSES) NOT AFFECTING RETAINED EARNINGS |
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TOTAL | |||||||||||||
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| 2003 | ||||||||||||||||||
Stockholders’ equity, January 1, 2003 |
$ | 14,858 | $ | 31,555 | $ | (20,213 | ) | $ | (3,418 | ) | $ | 22,782 | ||||||
Net income plus gains and (losses) not affecting retained earnings: |
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Net Income |
7,583 | $ | 7,583 | |||||||||||||||
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Gains and (losses) not affecting retained earnings (net of tax): |
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Net unrealized losses on SFAS No. 133 cash flow hedge derivatives during 2003 (net of tax benefit of $51) |
(91 | ) | (91 | ) | ||||||||||||||
Foreign currency translation adjustments (net of tax benefit of $125) |
1,768 | 1,768 | ||||||||||||||||
Minimum pension liability adjustment (net of tax benefit of $124) |
(162 | ) | (162 | ) | ||||||||||||||
Net unrealized gains on marketable securities (net of tax expense of $3) |
7 | 7 | ||||||||||||||||
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Total gains and (losses) not affecting retained earnings |
1,522 | |||||||||||||||||
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Subtotal: Net income plus gains and (losses) not affecting retained earnings |
$ | 9,105 | ||||||||||||||||
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Cash dividends declared — common stock |
(1,085 | ) | (1,085 | ) | ||||||||||||||
Common stock issued under employee plans (16,445,473 shares) |
1,205 | (282 | ) | 923 | ||||||||||||||
Purchases (291,921 shares) and sales (5,992,342 shares) of treasury stock under employee plans — net |
(246 | ) | 582 | 336 | ||||||||||||||
Other treasury shares purchased, not retired (49,994,514 shares) |
(4,403 | ) | (4,403 | ) | ||||||||||||||
Shares to be issued in the PwCC acquisition |
8 | 8 | ||||||||||||||||
Decrease in shares remaining to be issued in acquisition |
(4 | ) | (4 | ) | ||||||||||||||
Tax effect — stock transactions |
202 | 202 | ||||||||||||||||
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| Stockholders’ equity, December 31, 2003 | $ | 16,269 | $ | 37,525 | $ | (24,034 | ) | $ | (1,896 | ) | $ | 27,864 | ||||||
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