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Consolidated financial statements (audited)
International Business Machines Corporation and Subsidiary Companies

Consolidated statement of financial position (audited)

($ in millions except per share amount)
At December 31: Notes 2007 2006

* Reclassified to conform with 2007 presentation of new Deferred income category, previously combined in Other liabilities.

The accompanying notes are an integral part of the financial statements.

Assets
Current assets:
Cash and cash equivalents $ 14,991 $ 8,022
Marketable securities D 1,155 2,634
Notes and accounts receivable—trade (net of allowances of $241 in 2007 and $221 in 2006) 11,428 10,789
Short-term financing receivables (net of allowances of $296 in 2007 and $307 in 2006) F 16,289 15,095
Other accounts receivable (net of allowances of $13 in 2007 and $15 in 2006) 1,072 964
Inventories E 2,664 2,810
Deferred taxes O 1,687 1,806
Prepaid expenses and other current assets 3,891 2,539
Total current assets 53,177 44,660
Plant, rental machines and other property G 38,584 36,521
Less: Accumulated depreciation G 23,503 22,082
Plant, rental machines and other property—net G 15,081 14,440
Long-term financing receivables F 11,603 10,068
Prepaid pension assets U 17,417 10,629
Goodwill I 14,285 12,854
Intangible assets—net I 2,107 2,202
Investments and sundry assets H 6,761 8,381
Total Assets $ 120,431 $ 103,234
Liabilities and Stockholders’ Equity
Current liabilities:
Taxes O $ 3,673 $ 4,670
Short-term debt J&K 12,235 8,902
Accounts payable 8,054 7,964
Compensation and benefits 4,645 4,595
Deferred income 9,802 8,587
Other accrued expenses and liabilities 5,901 5,372
Total current liabilities 44,310 40,091
Long-term debt J&K 23,039 13,780
Retirement and nonpension postretirement benefit obligations U 13,582 13,553
Deferred income 3,060 2,502*
Other liabilities L 7,970 4,801*
Total Liabilities 91,962 74,728
Contingencies and Commitments N
Stockholders’ equity: M
Common stock, par value $.20 per share and additional paid-in capital 35,188 31,271
Shares authorized: 4,687,500,000
Shares issued (2007—2,057,607,421; 2006—2,008,470,383)
Retained earnings 60,640 52,432
Treasury stock, at cost (shares: 2007—672,373,283; 2006—501,987,771) (63,945) (46,296)
Accumulated gains and (losses) not affecting retained earnings M (3,414) (8,901)
Total Stockholders’ Equity 28,470 28,506
Total Liabilities and Stockholders’ Equity $ 120,431 $ 103,234
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