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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTER ENDED MARCH 31, 2022

1-2360

(Commission file number)

INTERNATIONAL BUSINESS MACHINES CORPORATION

(Exact name of registrant as specified in its charter)

New York

13-0871985

(State of incorporation)

(IRS employer identification number)

One New Orchard Road

Armonk, New York

10504

(Address of principal executive offices)

(Zip Code)

914-499-1900

(Registrant’s telephone number)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading symbol(s)

    

Name of each exchange
on which registered

Capital stock, par value $.20 per share

 

IBM

 

New York Stock Exchange

 

 

 

 

NYSE Chicago

2.625%  Notes due 2022

 

IBM 22A

 

New York Stock Exchange

1.250%  Notes due 2023

 

IBM 23A

 

New York Stock Exchange

0.375%  Notes due 2023

 

IBM 23B

 

New York Stock Exchange

1.125%  Notes due 2024

 

IBM 24A

 

New York Stock Exchange

2.875%  Notes due 2025

 

IBM 25A

 

New York Stock Exchange

0.950%  Notes due 2025

 

IBM 25B

 

New York Stock Exchange

0.875%  Notes due 2025

 

IBM 25C

 

New York Stock Exchange

0.300%  Notes due 2026

 

IBM 26B

 

New York Stock Exchange

1.250%  Notes due 2027

 

IBM 27B

 

New York Stock Exchange

0.300% Notes due 2028

IBM 28B

New York Stock Exchange

1.750%  Notes due 2028

 

IBM 28A

 

New York Stock Exchange

1.500%  Notes due 2029

 

IBM 29

 

New York Stock Exchange

0.875% Notes due 2030

IBM 30

New York Stock Exchange

1.750%  Notes due 2031

 

IBM 31

 

New York Stock Exchange

0.650% Notes due 2032

IBM 32A

New York Stock Exchange

1.250% Notes due 2034

IBM 34

New York Stock Exchange

1.200% Notes due 2040

IBM 40

New York Stock Exchange

7.00%    Debentures due 2025

 

IBM 25

 

New York Stock Exchange

6.22%    Debentures due 2027

 

IBM 27

 

New York Stock Exchange

6.50%    Debentures due 2028

 

IBM 28

 

New York Stock Exchange

7.00%    Debentures due 2045

 

IBM 45

 

New York Stock Exchange

7.125%  Debentures due 2096

 

IBM 96

 

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section l3 or l5(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes     No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer 

Accelerated filer 

Non-accelerated filer 

Smaller reporting company

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No 

The registrant had 899,435,325 shares of common stock outstanding at March 31, 2022.

Index

9

Page

Part I - Financial Information:

Item 1. Consolidated Financial Statements (Unaudited):

Consolidated Income Statement for the three months ended March 31, 2022 and 2021

3

Consolidated Statement of Comprehensive Income for the three months ended March 31, 2022 and 2021

4

Consolidated Balance Sheet at March 31, 2022 and December 31, 2021

5

Consolidated Statement of Cash Flows for the three months ended March 31, 2022 and 2021

7

Consolidated Statement of Equity for the three months ended March 31, 2022 and 2021

8

Notes to Consolidated Financial Statements

9

Item 2. Management’s Discussion and Analysis of Results of Operations and Financial Condition

44

Item 4. Controls and Procedures

75

Part II - Other Information:

Item 1. Legal Proceedings

76

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities

76

Item 5. Other Information

76

Item 6. Exhibits

77

2

Part I - Financial Information

Item 1. Consolidated Financial Statements:

INTERNATIONAL BUSINESS MACHINES CORPORATION

AND SUBSIDIARY COMPANIES

CONSOLIDATED INCOME STATEMENT

(UNAUDITED)

 

Three Months Ended March 31, 

(Dollars in millions except per share amounts)

     

2022

    

2021*

Revenue:

  

 

  

Services

$

7,703

$

7,096

Sales

 

6,339

 

5,880

**

Financing

 

155

 

211

**

Total revenue

 

14,197

 

13,187

Cost:

 

  

 

  

Services

 

5,349

 

4,644

Sales

 

1,415

 

1,379

**

Financing

 

98

 

137

**

Total cost

 

6,862

 

6,160

Gross profit

 

7,335

 

7,027

Expense and other (income):

 

  

 

  

Selling, general and administrative

 

4,597

 

4,688

Research, development and engineering

 

1,679

 

1,616

Intellectual property and custom development income

 

(121)

 

(146)

Other (income) and expense

 

246

 

346

Interest expense

 

311

 

280

Total expense and other (income)

 

6,712

 

6,784

Income from continuing operations before income taxes

 

623

 

244

Provision for/(benefit from) income taxes

 

(39)

 

(160)

Income from continuing operations

$

662

$

403

Income from discontinued operations, net of tax

 

71

 

552

Net income

$

733

$

955

Earnings/(loss) per share of common stock:

 

  

 

  

Assuming dilution:

 

  

 

  

Continuing operations

$

0.73

$

0.45

Discontinued operations

 

0.08

 

0.61

Total

$

0.81

$

1.06

Basic:

 

  

 

  

Continuing operations

$

0.74

$

0.45

Discontinued operations

 

0.08

 

0.62

Total

$

0.82

$

1.07

Weighted-average number of common shares outstanding: (millions)

 

  

 

  

Assuming dilution

 

909.2

 

901.7

Basic

 

899.3

 

893.6

*

Reclassified to reflect discontinued operations presentation.

** Reclassified to conform to current year presentation.

(Amounts may not add due to rounding.)

(The accompanying notes are an integral part of the financial statements.)

3

INTERNATIONAL BUSINESS MACHINES CORPORATION

AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(UNAUDITED)

 

Three Months Ended March 31, 

(Dollars in millions)

     

2022

    

2021*

Net income

$

733

$

955

Other comprehensive income/(loss), before tax:

 

  

 

  

Foreign currency translation adjustments

 

442

 

549

Net changes related to available-for-sale securities:

 

  

 

  

Unrealized gains/(losses) arising during the period

 

0

 

0

Reclassification of (gains)/losses to net income

 

 

Total net changes related to available-for-sale securities

 

0

 

0

Unrealized gains/(losses) on cash flow hedges:

 

  

 

  

Unrealized gains/(losses) arising during the period

 

60

 

187

Reclassification of (gains)/losses to net income

 

(1)

 

160

Total unrealized gains/(losses) on cash flow hedges

 

59

 

347

Retirement-related benefit plans:

 

  

 

  

Prior service costs/(credits)

 

(5)

 

0

Net (losses)/gains arising during the period

 

9

 

20

Curtailments and settlements

 

8

 

17

Amortization of prior service (credits)/costs

 

7

 

3

Amortization of net (gains)/losses

468

648

Total retirement-related benefit plans

 

486

 

689

Other comprehensive income/(loss), before tax

 

987

 

1,586

Income tax (expense)/benefit related to items of other comprehensive income

 

(285)

 

(505)

Other comprehensive income/(loss), net of tax

 

703

 

1,080

Total comprehensive income

$

1,436

$

2,036

* Amounts presented have not been recast to exclude discontinued operations.

(Amounts may not add due to rounding.)

(The accompanying notes are an integral part of the financial statements.)

4

INTERNATIONAL BUSINESS MACHINES CORPORATION

AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEET

(UNAUDITED)

ASSETS

    

At March 31, 

    

At December 31, 

 

(Dollars in millions)

2022

    

2021

 

Assets:

 

  

 

  

Current assets:

 

  

 

  

Cash and cash equivalents

$

9,934

$

6,650

Restricted cash

 

286

 

307

Marketable securities

 

550

 

600

Notes and accounts receivable — trade (net of allowances of $225 in 2022 and $218 in 2021)

 

5,963

 

6,754

Short-term financing receivables:

 

 

Held for investment (net of allowances of $157 in 2022 and $176 in 2021)

 

6,759

 

7,221

Held for sale

 

410

 

793

Other accounts receivable (net of allowances of $28 in 2022 and $24 in 2021)

 

1,003

 

1,002

Inventory, at lower of average cost or net realizable value:

 

 

Finished goods

 

269

 

208

Work in process and raw materials

 

1,507

 

1,442

Total inventory

 

1,776

 

1,649

Deferred costs

 

1,103

 

1,097

Prepaid expenses and other current assets

 

3,548

 

3,466

Total current assets

 

31,330

 

29,539

Property, plant and equipment

 

20,006

 

20,085

Less: Accumulated depreciation

 

14,448

 

14,390

Property, plant and equipment — net

 

5,559

 

5,694

Operating right-of-use assets — net

 

3,108

 

3,222

Long-term financing receivables (net of allowances of $21 in 2022 and $25 in 2021)

 

4,610

 

5,425

Prepaid pension assets

 

9,995

 

9,850

Deferred costs

 

916

 

924

Deferred taxes

 

7,567

 

7,370

Goodwill

 

56,106

 

55,643

Intangible assets — net

 

12,312

 

12,511

Investments and sundry assets

 

1,771

 

1,823

Total assets

$

133,275

$

132,001

(Amounts may not add due to rounding.)

(The accompanying notes are an integral part of the financial statements.)

5

INTERNATIONAL BUSINESS MACHINES CORPORATION

AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEET – (CONTINUED)

(UNAUDITED)

LIABILITIES AND EQUITY

    

At March 31, 

    

At December 31, 

(Dollars in millions except per share amounts)

2022

    

2021

Liabilities:

Current liabilities:

 

  

 

  

Taxes

$

1,798

$

2,289

Short-term debt

 

7,690

 

6,787

Accounts payable

 

3,453

 

3,955

Compensation and benefits

 

2,937

 

3,204

Deferred income

 

13,526

 

12,518

Operating lease liabilities

 

954

 

974

Other accrued expenses and liabilities

 

3,699

 

3,892

Total current liabilities

 

34,056

 

33,619

Long-term debt

 

46,545

 

44,917

Retirement and nonpension postretirement benefit obligations

 

13,937

 

14,435

Deferred income

 

3,423

 

3,577

Operating lease liabilities

 

2,358

 

2,462

Other liabilities

 

13,844

 

13,996

Total liabilities

 

114,162

 

113,005

Equity:

 

 

IBM stockholders’ equity:

 

 

Common stock, par value $0.20 per share, and additional paid-in capital

 

57,603

 

57,319

Shares authorized: 4,687,500,000

 

 

Shares issued: 2022 - 2,250,139,983

 

 

2021 - 2,248,577,848

 

 

Retained earnings

 

153,401

 

154,209

Treasury stock - at cost

 

(169,422)

 

(169,392)

Shares: 2022 - 1,350,704,659

 

 

2021 - 1,350,509,249

 

 

Accumulated other comprehensive income/(loss)

 

(22,532)

 

(23,234)

Total IBM stockholders’ equity

 

19,050

 

18,901

Noncontrolling interests

 

62

 

95

Total equity

 

19,112

 

18,996

Total liabilities and equity

$

133,275

$

132,001

(Amounts may not add due to rounding.)

(The accompanying notes are an integral part of the financial statements.)

6

INTERNATIONAL BUSINESS MACHINES CORPORATION

AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(UNAUDITED)

Three Months Ended March 31, 

(Dollars in millions)

    

2022

    

2021

Cash flows from operating activities:

 

  

 

  

Net income

$

733

$

955

Adjustments to reconcile net income to cash provided by operating activities

 

  

 

  

Depreciation

 

631

 

1,052

Amortization of intangibles

 

625

 

620

Stock-based compensation

 

234

 

213

Net (gain)/loss on asset sales and other

 

(51)

 

7

Changes in operating assets and liabilities, net of acquisitions/divestitures

 

1,076

 

2,066

Net cash provided by operating activities

 

3,248

 

4,914

Cash flows from investing activities:

 

  

 

  

Payments for property, plant and equipment

 

(281)

 

(494)

Proceeds from disposition of property, plant and equipment

 

72

 

139

Investment in software

 

(169)

 

(175)

Acquisition of businesses, net of cash acquired

 

(698)

 

(1,120)

Divestitures of businesses, net of cash transferred

 

61

 

(15)

Non-operating finance receivables — net

 

0

 

(9)

Purchases of marketable securities and other investments

 

(1,025)

 

(875)

Proceeds from disposition of marketable securities and other investments

 

682

 

549

Net cash provided by/(used in) investing activities

 

(1,358)

 

(2,000)

Cash flows from financing activities:

 

  

 

  

Proceeds from new debt

 

4,084

 

51

Payments to settle debt

 

(1,129)

 

(4,261)

Short-term borrowings/(repayments) less than 90 days — net

 

(8)

 

(89)

Common stock repurchases for tax withholdings

 

(80)

 

(41)

Financing — other

 

(15)

 

15

Cash dividends paid

 

(1,475)

 

(1,457)

Net cash provided by/(used in) financing activities

 

1,377

 

(5,783)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(5)

 

(134)

Net change in cash, cash equivalents and restricted cash

 

3,263

 

(3,002)

Cash, cash equivalents and restricted cash at January 1

 

6,957

 

13,675

Cash, cash equivalents and restricted cash at March 31

$

10,219

$

10,673

Cash flows are presented on an IBM consolidated basis. Refer to note 3, “Separation of Kyndryl,” for additional information related to cash flows from Kyndryl discontinued operations.

(Amounts may not add due to rounding.)

(The accompanying notes are an integral part of the financial statements.)

7

INTERNATIONAL BUSINESS MACHINES CORPORATION

AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENT OF EQUITY

(UNAUDITED)

 

Common

Stock and

Accumulated

Additional

Other

Total IBM

Non-

Paid-in

Retained

Treasury

Comprehensive

Stockholders’

Controlling

Total

(Dollars in millions except per share amounts)

  

Capital

  

Earnings

 

Stock

 

Income/(Loss)

 

Equity

 

Interests

 

Equity

Equity - January 1, 2022

$

57,319

$

154,209

$

(169,392)

$

(23,234)

$

18,901

$

95

$

18,996

Net income plus other comprehensive income/(loss):

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Net income

 

  

 

733

 

  

 

  

 

733

 

  

 

733

Other comprehensive income/(loss)

 

  

 

  

 

  

 

703

 

703

 

  

 

703

Total comprehensive income/(loss)

 

  

 

  

 

  

 

  

$

1,436

 

  

$

1,436

Cash dividends paid — common stock ($1.64 per share)

 

  

 

(1,475)

 

  

 

  

 

(1,475)

 

  

 

(1,475)

Common stock issued under employee plans (1,562,135 shares)

 

221

 

 

  

 

  

 

221

 

  

 

221

Purchases (595,710 shares) and sales (400,300 shares) of treasury stock under employee plans — net

 

  

 

(3)

 

(30)

 

  

 

(34)

 

  

 

(34)

Other equity

 

63

 

(63)

 

  

 

  

 

0

 

  

 

0

Changes in noncontrolling interests

 

  

 

  

 

  

 

  

 

  

 

(33)

 

(33)

Equity – March 31, 2022

$

57,603

$

153,401

$

(169,422)

$

(22,532)

$

19,050

$

62

$

19,112

  

Common

  

  

  

  

  

  

Stock and

Accumulated

Additional

Other

Total IBM

Non-

Paid-in

Retained

Treasury

Comprehensive

Stockholders’

Controlling

Total

(Dollars in millions except per share amounts)

Capital

Earnings

Stock

Income/(Loss)

Equity

Interests

Equity

Equity - January 1, 2021

$

56,556

$

162,717

$

(169,339)

$

(29,337)

$

20,597

$

129

$

20,727

Net income plus other comprehensive income/(loss):