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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. Fair value E. Financial instruments (excluding derivatives) F. Inventories G. Financing receivables H. Plant, rental machines and other property
I. Investments and sundry assets J. Intangible assets including goodwill K. Borrowings L. Derivatives and hedging transactions M. Other liabilities N. Stockholders’ equity activity O. Contingencies and commitments P. Taxes
Q. Research, development and engineering 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 event

F. Inventories

($ in millions)
At December 31: 2008 2007
Finished goods $524 $668
Work in process and raw materials 2,176 1,996
Total $2,701 $2,664
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IBM 2008 Annual Report

Annual report cover