Subsequent Events	9 Months Ended
Sep. 30, 2018
Subsequent Events
Subsequent Events	17. Subsequent Events: On October 30, 2018, the company announced that the Board of Directors approved a quarterly dividend of $1.57 per common share. The dividend is payable December 10, 2018 to shareholders of record on November 9, 2018. On October 30, 2018, the company announced that the Board of Directors authorized $4.0 billion in additional funds for use in the company’s stock repurchase program. On October 28, 2018, the company announced its intent to acquire all of the outstanding shares of Red Hat, Inc. (Red Hat). The combination of Red Hat’s vast portfolio of open-source technologies, innovative cloud development platform and developer community combined with IBM’s innovative hybrid cloud technology, industry expertise and commitment to data, trust and security will bring clients the hybrid, multi-cloud capabilities they are demanding. Under the terms of the definitive agreement, Red Hat shareholders will receive $190 per share in cash. The transaction values Red Hat at approximately $34 billion. The transaction is subject to customary closing conditions, including regulatory clearance and approval by the Red Hat shareholders. In connection with the proposed transaction, IBM has entered into a commitment letter pursuant to which certain banks have committed to provide a 364-day bridge loan credit facility in an amount of $20 billion in support of the transaction. At signing, the company has ample cash, credit and bridge lines to secure the transaction financing. The company intends to close the transaction through a combination of cash and debt. IBM will continue with a disciplined financial policy and is committed to continued dividend growth and maintaining strong investment grade credit ratings. As a result of the proposed transaction, the company expects the major rating agencies to downgrade IBM and IBM Credit LLC long-term debt securities by one rating. Standard and Poor’s has lowered IBM and IBM Credit’s long-term debt rating one notch to A from A+, with no change to the short-term debt rating of A-1. The other major rating agencies are reviewing the companies’ ratings. In addition, the company intends to suspend its share repurchase program in 2020 and 2021.

17. Subsequent Events: On October 30, 2018, the company announced that the Board of Directors approved a quarterly dividend of $1.57 per common share. The dividend is payable December 10, 2018 to shareholders of record on November 9, 2018.

On October 30, 2018, the company announced that the Board of Directors authorized $4.0 billion in additional funds for use in the company’s stock repurchase program.

On October 28, 2018, the company announced its intent to acquire all of the outstanding shares of Red Hat, Inc. (Red Hat). The combination of Red Hat’s vast portfolio of open-source technologies, innovative cloud development platform and developer community combined with IBM’s innovative hybrid cloud technology, industry expertise and commitment to data, trust and security will bring clients the hybrid, multi-cloud capabilities they are demanding. Under the terms of the definitive agreement, Red Hat shareholders will receive $190 per share in cash. The transaction values Red Hat at approximately $34 billion. The transaction is subject to customary closing conditions, including regulatory clearance and approval by the Red Hat shareholders.

In connection with the proposed transaction, IBM has entered into a commitment letter pursuant to which certain banks have committed to provide a 364-day bridge loan credit facility in an amount of $20 billion in support of the transaction. At signing, the company has ample cash, credit and bridge lines to secure the transaction financing. The company intends to close the transaction through a combination of cash and debt. IBM will continue with a disciplined financial policy and is committed to continued dividend growth and maintaining strong investment grade credit ratings. As a result of the proposed transaction, the company expects the major rating agencies to downgrade IBM and IBM Credit LLC long-term debt securities by one rating. Standard and Poor’s has lowered IBM and IBM Credit’s long-term debt rating one notch to A from A+, with no change to the short-term debt rating of A-1. The other major rating agencies are reviewing the companies’ ratings. In addition, the company intends to suspend its share repurchase program in 2020 and 2021.