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Notes to consolidated financial statements (audited)
International Business Machines Corporation and Subsidiary Companies

A. Significant accounting policies B. Accounting changes C. Acquisitions/divestitures D. Financial instruments (excluding derivatives) E. Inventories F. Financing receivables G. Plant, rental machines and other property H. Investments and sundry assets
I. Intangible assets including goodwill J. Borrowings K. Derivatives and hedging transactions L. Other liabilities M. Stockholders’ equity activity N. Contingencies and commitments O. Taxes P. Research, development and engineering
Q. 2005 actions R. Earnings per share of common stock S. Rental expense and lease commitments T. Stock-based compensation U. Retirement-related benefits V. Segment information W. Subsequent events

E. Inventories

($ in millions)
At December 31: 2007 2006
Finished goods $ 668 $ 506
Work in process and raw materials 1,996 2,304
Total $ 2,664 $ 2,810
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IBM 2007 Annual Report

Annual report cover