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Table of Contents

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 JUNE 30, 2020

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

    

Name of each exchange
on which registered

Capital stock, par value $.20 per share

 

IBM

 

New York Stock Exchange

 

 

 

 

NYSE Chicago

2.750%  Notes due 2020

 

IBM 20B

 

New York Stock Exchange

1.875%  Notes due 2020

 

IBM 20A

 

New York Stock Exchange

0.500%  Notes due 2021

 

IBM 21B

 

New York Stock Exchange

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 890,578,748 shares of common stock outstanding at June 30, 2020.

Table of Contents

Index

Page

Part I - Financial Information:

Item 1. Consolidated Financial Statements (Unaudited):

Consolidated Income Statement for the three and six months ended June 30, 2020 and 2019

3

Consolidated Statement of Comprehensive Income for the three and six months ended June 30, 2020 and 2019

4

Consolidated Balance Sheet at June 30, 2020 and December 31, 2019

5

Consolidated Statement of Cash Flows for the six months ended June 30, 2020 and 2019

7

Consolidated Statement of Equity for the three and six months ended June 30, 2020 and 2019

8

Notes to Consolidated Financial Statements

10

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

50

Item 4. Controls and Procedures

92

Part II - Other Information:

Item 1. Legal Proceedings

93

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

93

Item 6. Exhibits

94

2

Table of Contents

Part I - Financial Information

Item 1. Consolidated Financial Statements:

INTERNATIONAL BUSINESS MACHINES CORPORATION

AND SUBSIDIARY COMPANIES

CONSOLIDATED INCOME STATEMENT

(UNAUDITED)

Three Months Ended June 30, 

 

Six Months Ended June 30, 

(Dollars in millions except per share amounts)

    

2020

    

2019

     

2020

    

2019

Revenue:

 

  

 

  

  

 

  

Services

$

10,937

$

11,836

*

$

22,311

$

23,751

*

Sales

 

6,918

 

6,974

*

 

12,813

 

12,836

*

Financing

 

268

 

351

 

570

 

756

Total revenue

 

18,123

 

19,161

 

35,694

 

37,342

Cost:

 

  

 

  

 

  

 

  

Services

 

7,520

 

8,181

*

 

15,363

 

16,453

*

Sales

 

1,739

 

1,741

*

 

3,363

 

3,344

*

Financing

 

165

 

228

 

345

 

492

Total cost

 

9,423

 

10,151

 

19,071

 

20,290

Gross profit

 

8,700

 

9,010

 

16,622

 

17,053

Expense and other (income):

 

  

 

  

 

  

 

  

Selling, general and administrative

 

5,248

 

5,456

 

11,203

 

10,147

Research, development and engineering

 

1,582

 

1,407

 

3,207

 

2,840

Intellectual property and custom development income

 

(203)

 

(222)

 

(319)

 

(323)

Other (income) and expense

 

179

 

(747)

 

361

 

(820)

Interest expense

 

323

 

348

 

649

 

558

Total expense and other (income)

 

7,129

 

6,242

 

15,101

 

12,402

Income from continuing operations before income taxes

 

1,571

 

2,768

 

1,522

 

4,651

Provision for/(benefit from) income taxes

 

209

 

269

 

(1,017)

 

558

Income from continuing operations

$

1,362

$

2,499

$

2,538

$

4,093

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

 

(1)

 

(1)

 

(2)

 

(4)

Net income

$

1,361

$

2,498

$

2,536

$

4,089

Earnings/(loss) per share of common stock:

 

  

 

  

 

  

 

  

Assuming dilution:

 

  

 

  

 

  

 

  

Continuing operations

$

1.52

$

2.81

$

2.83

$

4.58

Discontinued operations

 

0.00

 

0.00

 

0.00

 

0.00

Total

$

1.52

$

2.81

$

2.83

$

4.58

Basic:

 

  

 

  

 

  

 

  

Continuing operations

$

1.53

$

2.82

$

2.85

$

4.61

Discontinued operations

 

0.00

 

0.00

 

0.00

 

0.00

Total

$

1.53

$

2.82

$

2.85

$

4.61

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

 

  

 

  

 

  

 

  

Assuming dilution

 

894.9

 

890.8

 

895.0

 

892.4

Basic

 

889.4

 

886.3

 

888.7

 

887.9

* Reclassified to conform to current period presentation. Refer to note 1, “Basis of Presentation,” for additional information.

(Amounts may not add due to rounding.)

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

3

Table of Contents

INTERNATIONAL BUSINESS MACHINES CORPORATION

AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(UNAUDITED)

Three Months Ended June 30, 

 

Six Months Ended June 30, 

(Dollars in millions)

    

2020

    

2019

     

2020

    

2019

Net income

$

1,361

$

2,498

$

2,536

$

4,089

Other comprehensive income/(loss), before tax:

 

  

 

  

 

  

 

  

Foreign currency translation adjustments

 

4

 

5

 

(915)

 

176

Net changes related to available-for-sale securities:

 

  

 

  

 

  

 

  

Unrealized gains/(losses) arising during the period

 

1

 

(2)

 

1

 

(3)

Reclassification of (gains)/losses to net income

 

 

 

 

Total net changes related to available-for-sale securities

 

1

 

(2)

 

1

 

(3)

Unrealized gains/(losses) on cash flow hedges:

 

  

 

  

 

  

 

  

Unrealized gains/(losses) arising during the period

 

(36)

 

(6)

 

(216)

 

(359)

Reclassification of (gains)/losses to net income

 

(59)

 

(168)

 

32

 

(70)

Total unrealized gains/(losses) on cash flow hedges

 

(94)

 

(175)

 

(184)

 

(429)

Retirement-related benefit plans:

 

  

 

  

 

  

 

  

Prior service costs/(credits)

 

 

 

(4)

 

Net (losses)/gains arising during the period

 

57

 

116

 

65

 

113

Curtailments and settlements

 

13

 

3

 

21

 

4

Amortization of prior service (credits)/costs

 

0

 

(3)

 

1

 

(6)

Amortization of net (gains)/losses

 

566

 

460

 

1,136

 

924

Total retirement-related benefit plans

 

637

 

576

 

1,219

 

1,035

Other comprehensive income/(loss), before tax

 

548

 

405

 

121

 

779

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

 

(21)

 

(64)

 

(281)

 

(131)

Other comprehensive income/(loss), net of tax

 

527

 

340

 

(160)

 

649

Total comprehensive income/(loss)

$

1,888

$

2,839

$

2,377

$

4,738

(Amounts may not add due to rounding.)

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

4

Table of Contents

INTERNATIONAL BUSINESS MACHINES CORPORATION

AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEET

(UNAUDITED)

ASSETS

    

At June 30, 

    

At December 31, 

(Dollars in millions)

2020

    

2019

Assets:

 

  

 

  

Current assets:

 

  

 

  

Cash and cash equivalents

$

12,041

$

8,172

Restricted cash

 

147

 

141

Marketable securities

 

2,063

 

696

Notes and accounts receivable — trade (net of allowances of $369 in 2020 and $299 in 2019)

 

6,543

 

7,870

Short-term financing receivables (net of allowances of $206 in 2020 and $188 in 2019)

 

11,967

 

14,192

Other accounts receivable (net of allowances of $32 in 2020 and $33 in 2019)

 

937

 

1,733

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

 

 

  

Finished goods

 

288

 

220

Work in process and raw materials

 

1,581

 

1,399

Total inventory

 

1,869

 

1,619

Deferred costs

 

2,127

 

1,896

Prepaid expenses and other current assets

 

2,260

 

2,101

Total current assets

 

39,953

 

38,420

Property, plant and equipment

 

31,666

 

32,028

Less: Accumulated depreciation

 

21,957