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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 amounts)
At December 31: Notes 2008 2007

* Reclassified to conform with 2008 presentation of deferred taxes, previously combined in investments and sundry assets.

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

Assets      
Current assets:      
Cash and cash equivalents   $12,741 $14,991
Marketable securities E 166 1,155
Notes and accounts receivable — trade (net of allowances of $226 in 2008 and $241 in 2007) 10,906 11,428
Short-term financing receivables (net of allowances of $351 in 2008 and $296 in 2007) G 15,477 16,289
Other accounts receivable (net of allowances of $55 in 2008 and $13 in 2007) 1,172 1,072
Inventories F 2,701 2,664
Deferred taxes P 1,542 1,687
Prepaid expenses and other current assets 4,299 3,891
Total current assets 49,004 53,177
Plant, rental machines and other property H 38,445 38,584
Less: Accumulated depreciation H 24,140 23,503
Plant, rental machines and other property — net H 14,305 15,081
Long-term financing receivables (net of allowances of $179 in 2008 and $58 in 2007) G 11,183 11,603
Prepaid pension assets U 1,601 17,417
Deferred taxes* P 7,270 1,513
Goodwill J 18,226 14,285
Intangible assets — net J 2,878 2,107
Investments and sundry assets* I 5,058 5,248
Total assets $109,524 $120,431

Liabilities and stockholders’ equity
     
Current liabilities:      
Taxes P $2,743 $3,673
Short-term debt K&L 11,236 12,235
Accounts payable 7,014 8,054
Compensation and benefits 4,623 4,645
Deferred income 10,239 9,802
Other accrued expenses and liabilities   6,580 5,901
Total current liabilities   42,435 44,310
Long-term debt K&L 22,689 23,039
Retirement and nonpension postretirement benefit obligations U 19,452 13,582
Deferred income   3,171 3,060
Other liabilities M 8,311 7,970
Total liabilities   96,058 91,962
Contingencies and Commitments O
Stockholders’ equity: N
Common stock, par value $.20 per share and additional paid-in capital 39,129 35,188
Shares authorized: 4,687,500,000      
Shares issued (2008 — 2,096,981,860;
2007 — 2,057,607,421)
     
Retained earnings 70,353 60,640
Treasury stock, at cost (shares: 2008 — 757,885,937;
2007 — 672,373,283)
(74,171) (63,945)
Accumulated gains and (losses) not affecting retained earnings N (21,845) (3,414)
Total stockholders’ equity 13,465 28,470
Total liabilities and stockholders’ equity $109,524 $120,431
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