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Notes to consolidated financial statements (audited)

International Business Machines Corporation and Subsidiary Companies

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H. Investments and sundry assets (audited)



(Dollars in millions)
At December 31:		2005			2004^*
Deferred taxes	$	1,832		$	4,671
Alliance investments:
Equity method		456			550
Non-equity method		558			309
Deferred transition and set-up costs and other deferred arrangements^**		804			572
Long-term deposits		200			209
Derivatives — non-current+		160			48
Other assets		964			756
Total	$	4,974		$	7,115

^*	Reclassified to conform with 2005 presentation.
^**	Deferred transition and set-up costs and other deferred arrangements are related to Global Services client arrangements. Also see note A, “Significant Accounting Policies” for additional information.
⁺	See note L, “Derivatives and Hedging Transactions” for the fair value of all derivatives reported in the Consolidated Statement of Financial Position.

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