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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, 2021

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

1.750%  Notes due 2031

 

IBM 31

 

New York Stock Exchange

0.650% Notes due 2032

IBM 32A

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 896,800,350 shares of common stock outstanding at September 30, 2021.

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, 2021 and 2020

3

Consolidated Statement of Comprehensive Income for the three and nine months ended September 30, 2021 and 2020

4

Consolidated Balance Sheet at September 30, 2021 and December 31, 2020

5

Consolidated Statement of Cash Flows for the nine months ended September 30, 2021 and 2020

7

Consolidated Statement of Equity for the three and nine months ended September 30, 2021 and 2020

8

Notes to Consolidated Financial Statements

10

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

51

Item 4. Controls and Procedures

94

Part II - Other Information:

Item 1. Legal Proceedings

95

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

95

Item 5. Other Information

95

Item 6. Exhibits

96

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)

    

2021

    

2020

     

2021

    

2020

Revenue:

 

  

 

  

  

 

  

Services

$

11,418

$

11,180

$

34,307

$

33,490

Sales

 

5,978

 

6,106

 

19,079

 

18,918

Financing

 

222

 

275

 

706

 

845

Total revenue

 

17,618

 

17,560

 

54,093

 

53,253

Cost:

 

  

 

  

 

  

 

  

Services

 

7,770

 

7,357

 

23,416

 

22,720

Sales

 

1,513

 

1,601

 

4,792

 

4,964

Financing

 

165

 

172

 

506

 

517

Total cost

 

9,447

 

9,130

 

28,714

 

28,202

Gross profit

 

8,171

 

8,430

 

25,379

 

25,052

Expense and other (income):

 

  

 

  

 

  

 

  

Selling, general and administrative

 

4,860

 

4,647

 

15,368

 

15,849

Research, development and engineering

 

1,621

 

1,515

 

4,907

 

4,722

Intellectual property and custom development income

 

(153)

 

(134)

 

(435)

 

(453)

Other (income) and expense

 

234

 

253

 

911

 

614

Interest expense

 

291

 

323

 

852

 

971

Total expense and other (income)

 

6,852

 

6,603

 

21,603

 

21,704

Income from continuing operations before income taxes

 

1,319

 

1,827

 

3,776

 

3,348

Provision for/(benefit from) income taxes

 

188

 

128

 

365

 

(888)

Income from continuing operations

$

1,130

$

1,698

$

3,411

$

4,237

Income/(loss) from discontinued operations, net of tax

 

 

(1)

 

(1)

 

(2)

Net income

$

1,130

$

1,698

$

3,410

$

4,234

Earnings/(loss) per share of common stock:

 

  

 

  

 

  

 

  

Assuming dilution:

 

  

 

  

 

  

 

  

Continuing operations

$

1.25

$

1.89

$

3.77

$

4.72

Discontinued operations

 

 

0.00

 

0.00

 

0.00

Total

$

1.25

$

1.89

$

3.77

$

4.72

Basic:

 

  

 

  

 

  

 

  

Continuing operations

$

1.26

$

1.90

$

3.81

$

4.76

Discontinued operations

 

 

0.00

 

0.00

 

0.00

Total

$

1.26

$

1.90

$

3.81

$

4.76

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

 

  

 

  

 

  

 

  

Assuming dilution

 

906.0

 

897.3

 

904.0

 

895.8

Basic

 

897.1

 

891.4

 

895.3

 

889.6

(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)

    

2021

    

2020

     

2021

    

2020

Net income

$

1,130

$

1,698

$

3,410

$

4,234

Other comprehensive income/(loss), before tax:

 

  

 

  

 

  

 

  

Foreign currency translation adjustments

 

(114)

 

(439)

 

463

 

(1,354)

Net changes related to available-for-sale securities:

 

  

 

  

 

  

 

  

Unrealized gains/(losses) arising during the period

 

0

 

(1)

 

0

 

0

Reclassification of (gains)/losses to net income

 

 

 

 

Total net changes related to available-for-sale securities

 

0

 

(1)

 

0

 

0

Unrealized gains/(losses) on cash flow hedges:

 

  

 

  

 

  

 

  

Unrealized gains/(losses) arising during the period

 

109

 

(32)

 

262

 

(249)

Reclassification of (gains)/losses to net income

 

32

 

(69)

 

282

 

(37)

Total unrealized gains/(losses) on cash flow hedges

 

141

 

(101)

 

545

 

(285)

Retirement-related benefit plans:

 

  

 

  

 

  

 

  

Prior service costs/(credits)

 

0

 

(1)

 

0

 

(5)

Net (losses)/gains arising during the period

 

1

 

0

 

23

 

65

Curtailments and settlements

 

13

 

21

 

46

 

42

Amortization of prior service (credits)/costs

 

3

 

0

 

8

 

1

Amortization of net (gains)/losses

638

586

1,929

1,722

Total retirement-related benefit plans

 

656

 

607

 

2,006

 

1,826

Other comprehensive income/(loss), before tax

 

683

 

66

 

3,014

 

187

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

 

(333)

 

106

 

(978)

 

(175)

Other comprehensive income/(loss), net of tax

 

350

 

172

 

2,035

 

12

Total comprehensive income

$

1,480

$

1,870

$

5,446

$

4,247

(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)

2021

    

2020

Assets:

 

  

 

  

Current assets:

 

  

 

  

Cash and cash equivalents

$

7,455

$

13,212

Restricted cash

 

352

 

463

Marketable securities

 

600

 

600

Notes and accounts receivable — trade (net of allowances of $277 in 2021 and $351 in 2020)

 

6,609

 

7,132

Short-term financing receivables (net of allowances of $183 in 2021 and $218 in 2020)

 

7,161

 

10,892

Other accounts receivable (net of allowances of $26 in 2021 and $28 in 2020)

 

899

 

714

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

 

 

  

Finished goods

 

287

 

190

Work in process and raw materials

 

1,604

 

1,649

Total inventory

 

1,891

 

1,839

Deferred costs

 

2,046

 

2,107

Prepaid expenses and other current assets

 

2,954

 

2,206

Total current assets

 

29,967

 

39,165

Property, plant and equipment

 

32,349

 

33,176

Less: Accumulated depreciation

 

23,211

 

23,136

Property, plant and equipment — net

 

9,138

 

10,040

Operating right-of-use assets — net

 

4,253

 

4,686

Long-term financing receivables (net of allowances of $24 in 2021 and $45 in 2020)

 

5,046

 

7,086

Prepaid pension assets

 

8,197

 

7,610

Deferred costs

 

2,248

 

2,449

Deferred taxes

 

8,967

 

9,241

Goodwill

 

61,378

 

59,617

Intangible assets — net

 

13,025

 

13,796

Investments and sundry assets

 

1,996

 

2,282

Total assets

$

144,214

$

155,971

(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)

2021

    

2020

Liabilities:

Current liabilities:

 

  

 

  

Taxes

$

2,159

$

3,301

Short-term debt

 

7,575

 

7,183

Accounts payable

 

4,248

 

4,908

Compensation and benefits

 

3,780

 

3,440

Deferred income

 

12,264

 

12,833

Operating lease liabilities

 

1,285

 

1,357

Other accrued expenses and liabilities

 

4,520

 

6,847

Total current liabilities

 

35,832

 

39,869

Long-term debt

 

46,926

 

54,355

Retirement and nonpension postretirement benefit obligations

 

16,764

 

18,248

Deferred income

 

3,965

 

4,301

Operating lease liabilities

 

3,192

 

3,574

Other liabilities

 

15,179

 

14,897

Total liabilities

 

121,858

 

135,244

Equity:

 

 

  

IBM stockholders’ equity:

 

 

  

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

 

57,189

 

56,556

Shares authorized: 4,687,500,000

 

 

  

Shares issued: 2021 - 2,247,465,474