International Business Machines (IBM)
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Fiscal Year End Date: 12/31
| 12-2013 | 12-2012 | 12-2011 | 12-2010 | 12-2009 | |
| Cash Flows From Operating Activities | |||||
| Net Income | 16,483,000 | 16,604,000 | 15,855,000 | 14,833,000 | 13,425,000 |
| Depreciation Amortization | 4,678,000 | 4,676,000 | 4,815,000 | 4,831,000 | 4,994,000 |
| Income taxes - deferred | -1,610,000 | 797,000 | 1,212,000 | 1,294,000 | 1,773,000 |
| Accounts receivable | -1,407,000 | -2,230,000 | -1,279,000 | -489,000 | 2,131,000 |
| Accounts payable and accrued liabilities | -529,000 | -224,000 | 451,000 | 174,000 | 170,000 |
| Other Working Capital | -2,446,000 | -2,449,000 | -2,390,000 | -1,237,000 | 418,000 |
| Other Operating Activity | 2,316,000 | 2,412,000 | 1,182,000 | 143,000 | -2,138,000 |
| Operating Cash Flow | $17,485,000 | $19,586,000 | $19,846,000 | $19,549,000 | $20,773,000 |
| Cash Flows From Investing Activities | |||||
| PPE Investments | -3,251,000 | -3,672,000 | -3,500,000 | -3,415,000 | -3,117,000 |
| Net Acquisitions | -2,759,000 | -3,123,000 | -1,797,000 | -5,867,000 | -794,000 |
| Purchase Of Investment | -5,125,000 | -4,744,000 | -2,153,000 | -6,698,000 | -6,234,000 |
| Sale Of Investment | 4,873,000 | 3,142,000 | 3,345,000 | 7,877,000 | 3,599,000 |
| Other Investing Activity | -1,064,000 | -607,000 | -291,000 | -404,000 | -183,000 |
| Investing Cash Flow | $-7,326,000 | $-9,004,000 | $-4,396,000 | $-8,507,000 | $-6,729,000 |
| Cash Flows From Financing Activities | |||||
| Change In Short Term Borrowing | 621,000 | -441,000 | 1,321,000 | 817,000 | -651,000 |
| Debt Issued | 16,353,000 | 12,242,000 | 9,996,000 | 8,055,000 | 6,683,000 |
| Debt Repayment | -10,013,000 | -9,549,000 | -8,947,000 | -6,522,000 | -13,495,000 |
| Common Stock Issued | 1,074,000 | 1,540,000 | 2,453,000 | 3,774,000 | 3,052,000 |
| Common Stock Repurchased | -13,859,000 | -11,995,000 | -15,046,000 | -15,375,000 | -7,429,000 |
| Dividend Paid | -4,058,000 | -3,773,000 | -3,473,000 | -3,177,000 | -2,860,000 |
| Other Financing Activity | -1,000 | 0 | 0 | -1,000 | 0 |
| Financing Cash Flow | $-9,883,000 | $-11,976,000 | $-13,696,000 | $-12,429,000 | $-14,700,000 |
| Exchange Rate Effect | 28,000 | -116,000 | -493,000 | -135,000 | 98,000 |
| Beginning Cash Position | 10,412,000 | 11,922,000 | 10,661,000 | 12,183,000 | 12,741,000 |
| End Cash Position | 10,716,000 | 10,412,000 | 11,922,000 | 10,661,000 | 12,183,000 |
| Net Cash Flow | $304,000 | $-1,511,000 | $1,262,000 | $-1,522,000 | $-558,000 |
| Free Cash Flow | |||||
| Operating Cash Flow | 17,485,000 | 19,586,000 | 19,846,000 | 19,549,000 | 20,773,000 |
| Capital Expenditure | -3,623,000 | -4,082,000 | -4,108,000 | -4,185,000 | -3,447,000 |
| Free Cash Flow | 13,862,000 | 15,504,000 | 15,738,000 | 15,364,000 | 17,326,000 |