Free Cash Flow to The Firm (FCFF)
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International Business Machines Corp., FCFF calculation
USD $ in millions
| 12 months ended | Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | |
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Net income | |
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Add: Net noncash charges | |
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Less: Changes in operating assets and liabilities, net of acquisitions/divestitures | |
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Net cash provided by operating activities | |
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Add: Interest paid on debt, net of tax | |
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Less: Payments for property, plant and equipment | |
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Add: Proceeds from disposition of property, plant and equipment | |
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Less: Investment in software | |
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Less: Capital lease obligations | |
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Free cash flow to the firm (FCFF) | |
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| Item | Description | The company |
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| FCFF | Free cash flow to the firm is the cash flow available to the International Business Machines Corp.'s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. | International Business Machines Corp.'s FCFF declined from 2009 to 2010 but then slightly increased from 2010 to 2011. |