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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 SEPTEMBER 30, 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

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

5.875% Debentures due 2032

IBM 32D

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 904,126,363 shares of common stock outstanding at September 30, 2022.

Index

9

Page

Part I - Financial Information:

Item 1. Consolidated Financial Statements (Unaudited):

Consolidated Income Statement for the three and nine months ended September 30, 2022 and 2021

3

Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2022 and 2021

4

Consolidated Balance Sheet at September 30, 2022 and December 31, 2021

5

Consolidated Statement of Cash Flows for the nine months ended September 30, 2022 and 2021

7

Consolidated Statement of Equity for the three and nine months ended September 30, 2022 and 2021

8

Notes to Consolidated Financial Statements

10

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

54

Item 4. Controls and Procedures

97

Part II - Other Information:

Item 1. Legal Proceedings

98

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

98

Item 6. Exhibits

99

2

Part I - Financial Information

Item 1. Consolidated Financial Statements:

INTERNATIONAL BUSINESS MACHINES CORPORATION

AND SUBSIDIARY COMPANIES

CONSOLIDATED INCOME STATEMENT

(UNAUDITED)

Three Months Ended September 30, 

 

Nine Months Ended September 30, 

(Dollars in millions except per share amounts)

    

2022

    

2021*

     

2022

    

2021*

Revenue:

 

  

 

  

  

 

  

Services

$

7,365

$

7,251

$

22,708

$

21,549

Sales

 

6,565

 

5,814

**

 

20,652

 

18,502

**

Financing

 

176

 

186

**

 

479

 

606

**

Total revenue

 

14,107

 

13,251

 

43,840

 

40,656

Cost:

 

  

 

  

 

  

 

  

Services

 

5,168

 

4,650

 

15,915

 

14,014

Sales

 

1,389

 

1,363

**

 

4,555

 

4,241

**

Financing

 

120

 

132

**

 

314

 

416

**

Total cost

 

6,677

 

6,145

 

20,784

 

18,670

Gross profit

 

7,430

 

7,106

 

23,055

 

21,985

Expense and other (income):

 

  

 

  

 

  

 

  

Selling, general and administrative

 

4,391

 

4,306

 

13,843

 

13,842

Research, development and engineering

 

1,611

 

1,606

 

4,963

 

4,863

Intellectual property and custom development income

 

(121)

 

(153)

 

(418)

 

(431)

Other (income) and expense

 

5,755

 

244

 

5,921

 

891

Interest expense

 

295

 

290

 

903

 

852

Total expense and other (income)

 

11,931

 

6,293

 

25,212

 

20,017

Income/(loss) from continuing operations before income taxes

 

(4,501)

 

813

 

(2,156)

 

1,968

Provision for/(benefit from) income taxes

 

(1,287)

 

(224)

 

(1,070)

 

(282)

Income/(loss) from continuing operations

$

(3,214)

$

1,037

$

(1,087)

$

2,250

Income from discontinued operations, net of tax

 

18

 

93

 

16

 

1,160

Net income/(loss)

$

(3,196)

+

$

1,130

$

(1,071)

+

$

3,410

Earnings/(loss) per share of common stock:

 

  

 

  

 

  

 

  

Assuming dilution:

 

  

 

  

 

  

 

  

Continuing operations

$

(3.55)

$

1.14

$

(1.21)

$

2.49

Discontinued operations

 

0.02

 

0.10

 

0.02

 

1.28

Total

$

(3.54)

$

1.25

$

(1.19)

$

3.77

Basic:

 

  

 

  

 

  

 

  

Continuing operations

$

(3.55)

$

1.16

$

(1.21)

$

2.51

Discontinued operations

 

0.02

 

0.10

 

0.02

 

1.30

Total

$

(3.54)

$

1.26

$

(1.19)

$

3.81

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

 

  

 

  

 

  

 

  

Assuming dilution

 

904.1

 

906.0

 

901.6

 

904.0

Basic

 

904.1

 

897.1

 

901.6

 

895.3

*

Reclassified to reflect discontinued operations presentation.

**

Reclassified to conform to current year presentation.

+ Includes the impact of a one-time, non-cash pension settlement charge. Refer to note 18, "Retirement-Related Benefits," for additional information.

(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 September 30, 

 

Nine Months Ended September 30, 

(Dollars in millions)

    

2022

    

2021*

     

2022

    

2021*

Net income/(loss)

$

(3,196)

$

1,130

$

(1,071)

$

3,410

Other comprehensive income/(loss), before tax:

 

  

 

  

 

  

 

  

Foreign currency translation adjustments

 

143

 

(114)

 

799

 

463

Net changes related to available-for-sale securities:

 

  

 

  

 

  

 

  

Unrealized gains/(losses) arising during the period

 

0

 

0

 

(1)

 

0

Reclassification of (gains)/losses to net income

 

 

 

 

Total net changes related to available-for-sale securities

 

0

 

0

 

(1)

 

0

Unrealized gains/(losses) on cash flow hedges:

 

  

 

  

 

  

 

  

Unrealized gains/(losses) arising during the period

 

189

 

109

 

449

 

262

Reclassification of (gains)/losses to net income

 

(12)

 

32

 

4

 

282

Total unrealized gains/(losses) on cash flow hedges

 

178

 

141

 

453

 

545

Retirement-related benefit plans:

 

  

 

  

 

  

 

  

Prior service costs/(credits)

 

412

 

0

 

408

 

0

Net (losses)/gains arising during the period

 

53

 

1

 

63

 

23

Curtailments and settlements

 

5,913

 

13

 

5,931

 

46

Amortization of prior service (credits)/costs

 

3

 

3

 

16

 

8

Amortization of net (gains)/losses

388

638

1,305

1,929

Total retirement-related benefit plans

 

6,768

 

656

 

7,722

 

2,006

Other comprehensive income/(loss), before tax

 

7,089

 

683

 

8,973

 

3,014

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

 

(2,058)

 

(333)

 

(2,877)

 

(978)

Other comprehensive income/(loss), net of tax

 

5,030

 

350

 

6,096

 

2,035

Total comprehensive income

$

1,834

$

1,480

$

5,025

$

5,446

* 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 September 30, 

    

At December 31, 

 

(Dollars in millions)

2022

    

2021

 

Assets:

 

  

 

  

Current assets:

 

  

 

  

Cash and cash equivalents

$

7,816

$

6,650

Restricted cash

 

159

 

307

Marketable securities

 

1,753

 

600

Notes and accounts receivable — trade (net of allowances of $214 in 2022 and $218 in 2021)

 

5,526

 

6,754

Short-term financing receivables:

 

 

Held for investment (net of allowances of $139 in 2022 and $176 in 2021)

 

6,280

 

7,221

Held for sale

 

395

 

793

Other accounts receivable (net of allowances of $48 in 2022 and $24 in 2021)

 

902

 

1,002

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

 

 

Finished goods

 

209

 

208

Work in process and raw materials

 

1,585

 

1,442

Total inventory

 

1,794

 

1,649

Deferred costs

 

921

 

1,097

Prepaid expenses and other current assets

 

3,452

 

3,466

Total current assets

 

28,999

 

29,539

Property, plant and equipment

 

18,675

 

20,085

Less: Accumulated depreciation

 

13,525

 

14,390

Property, plant and equipment — net

 

5,150

 

5,694

Operating right-of-use assets — net

 

2,740

 

3,222

Long-term financing receivables (net of allowances of $20 in 2022 and $25 in 2021)

 

4,781

 

5,425

Prepaid pension assets

 

9,695

 

9,850

Deferred costs

 

818

 

924

Deferred taxes

 

6,868

 

7,370

Goodwill

 

54,218

 

55,643

Intangible assets — net

 

10,967

 

12,511

Investments and sundry assets

 

1,614

 

1,823

Total assets

$

125,850

$

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 September 30, 

    

At December 31, 

(Dollars in millions except per share amounts)

2022

    

2021

Liabilities:

Current liabilities:

 

  

 

  

Taxes

$

1,667

$

2,289

Short-term debt

 

5,937

 

6,787

Accounts payable

 

3,806

 

3,955

Compensation and benefits

 

3,369

 

3,204

Deferred income

 

11,139

 

12,518

Operating lease liabilities

 

844

 

974

Other accrued expenses and liabilities

 

3,702

 

3,892

Total current liabilities

 

30,466

 

33,619

Long-term debt

 

44,942

 

44,917

Retirement and nonpension postretirement benefit obligations

 

11,760

 

14,435

Deferred income

 

3,018

 

3,577

Operating lease liabilities

 

2,103