In case you have not seen the analysis of IBM Profit growth from the IBM Alliance Website.
REVENUE, PROFIT, AND VAPOR PROFIT AT IBM 1996-2003
While revenue and profit have been stagnant, vapor profit grew
Vapor profit is the paper boost to IBM income from pension fund accounting rules. It is purely an accounting
rule treatment: no money is transferred to IBM from the pension fund. Vapor profit is found on p. 112 of
the 2003 annual report, adding US and non-US plans it was $692 + $111 million = $803 million