Return on equity
|($ in millions)|
|At December 31:||2008||2007|
* 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.
|Global Financing after-tax income(a)*||$1,049||$877|
|Average Global Financing equity(b)**||$3,572||$3,365|
|Global Financing return on equity(a)/(b)||29.4%||26.1%|