Global Financing
Return on equity
| ($ in millions) | ||
| At December 31: | 2007 | 2006 |
|---|---|---|
|
* Calculated based upon an estimated tax rate principally based on Global Financing’s geographic mix of earnings as IBM’s provision for income taxes is determined on a consolidated basis. ** Average of the ending equity for Global Financing for the last five quarters. |
||
| Numerator: | ||
| Global Financing After-tax income(a)* | $ 877 | $ 914 |
| Denominator: | ||
| Average Global Financing equity(b)** | $ 3,365 | $ 3,097 |
| Global Financing Return on equity(a)/(b) | 26.1% | 29.5% |
