IBM Reports 2009 Q1 Results

* Restated to reflect the implementation of FSP EITF 03-6-1, "Determining Whether Instruments Granted in Share-Based Payment Transactions Are Participating Securities."

INTERNATIONAL BUSINESS MACHINES CORPORATION

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(Unaudited)

   
(Dollars in Millions) At March 31, At December 31,
2009 2008
 
ASSETS
 
Current Assets:
Cash & cash equivalents $12,294 $12,741
Marketable securities 1 166
Notes and A/R ---- trade (net of allowances of
$244 in 2009 and $226 in 2008) 9,170 10,906
Short-term financing receivables (net of allowances
of $362 in 2009 and $351 in 2008) 12,952 15,477
Other accounts receivable (net of allowances of
$53 in 2009 and $55 in 2008) 1,341 1,172
Inventories, at lower of average cost or market:
Finished goods 568 524
Work in process and raw materials 2,191   2,176  
Total inventories 2,759 2,701
Deferred taxes 1,410 1,542
Prepaid expenses and other current assets 4,068 4,299
 
Total Current Assets 43,995 49,004
 
Plant, rental machines, and other property 37,592 38,445
Less: Accumulated depreciation 23,865   24,140  
Plant, rental machines, and other property (net) 13,727 14,305
Long-term financing receivables (net of allowances
of $174 in 2009 and $179 in 2008) 10,035 11,183
Prepaid pension assets 1,946 1,601
Deferred taxes 6,523 7,270
Goodwill 18,070 18,226
Intangible assets -- net 2,721 2,878
Investments and sundry assets 4,928 5,058
 
Total Assets $101,944 $109,524
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
Current Liabilities:
Taxes $2,032 $2,743
Short-term debt 9,870 11,236
Accounts payable 5,878 7,014
Compensation and benefits 3,368 4,623
Deferred income 10,407 10,239
Other accrued expenses and liabilities 5,870 6,580
 
Total Current Liabilities 37,425 42,435
 
Long-term Debt 21,106 22,689
Retirement & nonpension postretirement 18,276 19,452
Deferred income 3,230 3,171
Other liabilities 8,214

8,192

*

 
Total Liabilities 88,252

95,939

*

 
EQUITY
Common Stock 39,430 39,129
Retained Earnings 71,968 70,353
Noncontrolling Interests* 92

119

*

Treasury Stock (76,148 ) (74,171 )
Accumulated G/L not in Retained Earnings (21,649 ) (21,845 )
 
Total Stockholders' Equity 13,693

13,584

*

 
Total Liabilities and Stockholders' Equity $101,944 $109,524

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