CONSOLIDATED BALANCE SHEET - USD ($) $ in Millions Dec. 31, 2023 Current assets CONSOLIDATED INCOME STATEMENT - USD ($) $ in Millions Cash and cash equivalents $ 13,068 Revenue Cost Dec. 31, 2023 $61,860 Restricted cash 21 Marketable securities 373 27,560 Gross profit 34,300 Notes and accounts receivable-trade (net of allowances of $192 in 2023 and $233 in 2022) 7,214 Expense and other (income) Short-term financing receivables Selling, general and administrative 19,003 Research, development and engineering 6,775 Held for investment (net of allowances of $129 in 2023 and $145 in 2022) Held for sale 6,102 692 Intellectual property and custom development income (860) Other accounts receivable (net of allowances of $109 in 2023 and $89 in 2022) Inventory 640 1,161 Other (income) and expense (914) Deferred costs 998 Interest expense 1,607 Prepaid expenses and other current assets 2,639 Total expense and other (income) 25,610 Total current assets 32,908 Income from continuing operations before income taxes 8,690 Property, plant and equipment 18,122 Provision for/(benefit from) income taxes 1,176 Less: Accumulated depreciation 12,621 Income from continuing operations 7,514 Property, plant and equipment-net 5,501 Income/(loss) from discontinued operations, net of tax (12) Operating right-of-use assets-net 3,220 Net income $7,502 Long-term financing receivables (net of allowances of $27 in 2023 and $28 in Prepaid pension assets 5,766 7,506 Assuming dilution Deferred costs 842 Continuing operations (in dollars per share) $8.15 Deferred taxes 6,656 Discontinued operations (in dollars per share) (0.01) Goodwill 60,178 Total (in dollars per share) Basic 8.14 Intangible assets-net 11,036 Investments and sundry assets 1,626 Continuing operations (in dollars per share) 8.25 Total assets 135,241 Discontinued operations (in dollars per share) (0.01) Current liabilities Total (in dollars per share) $8.23 Taxes 2,270 Short-term debt 6,426 Weighted-average number of common shares outstanding Accounts payable 4,132 Assuming dilution (in shares) 922,073,828 Compensation and benefits 3,501 Basic (in shares) 911,210,319 Deferred income 13,451 Services Operating lease liabilities 820 Revenue Cost $30,378 Other accrued expenses and liabilities 3,521 21,051 Total current liabilities 34,122 Sales Revenue Cost Long-term debt 50,121 30,745 6,127 Retirement and nonpension postretirement benefit obligations Deferred income 10,808 3,533 Financing Revenue Operating lease liabilities 2,568 Other liabilities 11,475 737 Total liabilities 112,628 Cost $382 Commitments and Contingencies IBM stockholders' equity Common stock 59,643 Retained earnings 151,276 Treasury stock, at cost (shares: 2023-1,351,897,514; 20221,351,024,943) (169,624) Accumulated other comprehensive income/(loss) (18,761) Total IBM stockholders' equity 22,533 Noncontrolling interests Total equity Total liabilities and equity 80 22,613 $ 135,241