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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, 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

    

Name of each exchange
on which registered

Capital stock, par value $.20 per share

 

IBM

 

New York Stock Exchange

 

 

 

 

NYSE Chicago

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 896,320,073 shares of common stock outstanding at June 30, 2021.

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, 2021 and 2020

3

Consolidated Statement of Comprehensive Income for the three and six months ended June 30, 2021 and 2020

4

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

5

Consolidated Statement of Cash Flows for the six months ended June 30, 2021 and 2020

7

Consolidated Statement of Equity for the three and six months ended June 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

48

Item 4. Controls and Procedures

91

Part II - Other Information:

Item 1. Legal Proceedings

92

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

92

Item 5. Other Information

92

Item 6. Exhibits

93

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)

    

2021

    

2020

     

2021

    

2020

Revenue:

 

  

 

  

  

 

  

Services

$

11,485

$

10,937

$

22,889

$

22,311

Sales

 

7,018

 

6,918

 

13,101

 

12,813

Financing

 

242

 

268

 

485

 

570

Total revenue

 

18,745

 

18,123

 

36,474

 

35,694

Cost:

 

  

 

  

 

  

 

  

Services

 

7,871

 

7,520

 

15,646

 

15,363

Sales

 

1,694

 

1,739

 

3,279

 

3,363

Financing

 

176

 

165

 

341

 

345

Total cost

 

9,741

 

9,423

 

19,266

 

19,071

Gross profit

 

9,004

 

8,700

 

17,208

 

16,622

Expense and other (income):

 

  

 

  

 

  

 

  

Selling, general and administrative

 

5,334

 

5,248

 

10,508

 

11,203

Research, development and engineering

 

1,657

 

1,582

 

3,286

 

3,207

Intellectual property and custom development income

 

(135)

 

(203)

 

(282)

 

(319)

Other (income) and expense

 

315

 

179

 

676

 

361

Interest expense

 

281

 

323

 

562

 

649

Total expense and other (income)

 

7,451

 

7,129

 

14,751

 

15,101

Income from continuing operations before income taxes

 

1,552

 

1,571

 

2,457

 

1,522

Provision for/(benefit from) income taxes

 

227

 

209

 

177

 

(1,017)

Income from continuing operations

$

1,325

$

1,362

$

2,281

$

2,538

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

 

 

(1)

 

(1)

 

(2)

Net income

$

1,325

$

1,361

$

2,280

$

2,536

Earnings/(loss) per share of common stock:

 

  

 

  

 

  

 

  

Assuming dilution:

 

  

 

  

 

  

 

  

Continuing operations

$

1.47

$

1.52

$

2.52

$

2.83

Discontinued operations

 

 

0.00

 

0.00

 

0.00

Total

$

1.47

$

1.52

$

2.52

$

2.83

Basic:

 

  

 

  

 

  

 

  

Continuing operations

$

1.48

$

1.53

$

2.55

$

2.85

Discontinued operations

 

 

0.00

 

0.00

 

0.00

Total

$

1.48

$

1.53

$

2.55

$

2.85

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

 

  

 

  

 

  

 

  

Assuming dilution

 

904.2

 

894.9

 

903.0

 

895.0

Basic

 

895.0

 

889.4

 

894.3

 

888.7

(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)

    

2021

    

2020

     

2021

    

2020

Net income

$

1,325

$

1,361

$

2,280

$

2,536

Other comprehensive income/(loss), before tax:

 

  

 

  

 

  

 

  

Foreign currency translation adjustments

 

28

 

4

 

577

 

(915)

Net changes related to available-for-sale securities:

 

  

 

  

 

  

 

  

Unrealized gains/(losses) arising during the period

 

0

 

1

 

0

 

1

Reclassification of (gains)/losses to net income

 

 

 

 

Total net changes related to available-for-sale securities

 

0

 

1

 

0

 

1

Unrealized gains/(losses) on cash flow hedges:

 

  

 

  

 

  

 

  

Unrealized gains/(losses) arising during the period

 

(34)

 

(36)

 

153

 

(216)

Reclassification of (gains)/losses to net income

 

90

 

(59)

 

251

 

32

Total unrealized gains/(losses) on cash flow hedges

 

56

 

(94)

 

404

 

(184)

Retirement-related benefit plans:

 

  

 

  

 

  

 

  

Prior service costs/(credits)

 

0

 

 

0

 

(4)

Net (losses)/gains arising during the period

 

2

 

57

 

22

 

65

Curtailments and settlements

 

16

 

13

 

34

 

21

Amortization of prior service (credits)/costs

 

1

 

0

 

4

 

1

Amortization of net (gains)/losses

 

643

 

566

 

1,291

 

1,136

Total retirement-related benefit plans

 

661

 

637

 

1,350

 

1,219

Other comprehensive income/(loss), before tax

 

745

 

548

 

2,330

 

121

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

 

(140)

 

(21)

 

(645)

 

(281)

Other comprehensive income/(loss), net of tax

 

605

 

527

 

1,685

 

(160)

Total comprehensive income

$

1,930

$

1,888

$

3,965

$

2,377

(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)

2021

    

2020

Assets:

 

  

 

  

Current assets:

 

  

 

  

Cash and cash equivalents

$

7,350

$

13,212

Restricted cash

 

215

 

463

Marketable securities

 

600

 

600

Notes and accounts receivable — trade (net of allowances of $300 in 2021 and $351 in 2020)

 

6,827

 

7,132

Short-term financing receivables (net of allowances of $195 in 2021 and $218 in 2020)

 

8,194

 

10,892

Other accounts receivable (net of allowances of $23 in 2021 and $28 in 2020)

 

802

 

714

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

 

 

  

Finished goods

 

213

 

190

Work in process and raw materials

 

1,594

 

1,649

Total inventory

 

1,807

 

1,839

Deferred costs

 

2,211

 

2,107

Prepaid expenses and other current assets

 

2,768

 

2,206

Total current assets

 

30,774

 

39,165

Property, plant and equipment

 

32,575

 

33,176

Less: Accumulated depreciation

 

23,152

 

23,136

Property, plant and equipment — net

 

9,423

 

10,040

Operating right-of-use assets — net

 

4,387

 

4,686

Long-term financing receivables (net of allowances of $33 in 2021 and $45 in 2020)

 

5,674

 

7,086

Prepaid pension assets

 

8,046

 

7,610

Deferred costs

 

2,362

 

2,449

Deferred taxes

 

8,954

 

9,241

Goodwill

 

61,645

 

59,617

Intangible assets — net

 

13,539

 

13,796

Investments and sundry assets

 

2,010

 

2,282

Total assets

$

146,814

$

155,971

(Amounts may not add due to rounding.)

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

5

Table of Contents

INTERNATIONAL BUSINESS MACHINES CORPORATION

AND SUBSIDIARY COMPANIES

CONSOLIDATED BALANCE SHEET – (CONTINUED)

(UNAUDITED)

LIABILITIES AND EQUITY

    

At June 30, 

    

At December 31, 

(Dollars in millions except per share amounts)

2021

    

2020

Liabilities:

Current liabilities:

 

  

 

  

Taxes

$

2,260

$

3,301

Short-term debt

 

6,442

 

7,183

Accounts payable

 

4,214

 

4,908

Compensation and benefits

 

3,846

 

3,440

Deferred income

 

13,272

 

12,833

Operating lease liabilities

 

1,334

 

1,357

Other accrued expenses and liabilities

 

5,249

 

6,847

Total current liabilities

 

36,616

 

39,869

Long-term debt

 

48,735

 

54,355

Retirement and nonpension postretirement benefit obligations

 

17,265

 

18,248

Deferred income

 

4,113

 

4,301

Operating lease liabilities

 

3,278

 

3,574

Other liabilities

 

14,741

 

14,897

Total liabilities

 

124,747

 

135,244

Equity:

 

 

  

IBM stockholders’ equity:

 

 

  

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

 

56,912

 

56,556

Shares authorized: 4,687,500,000

 

 

  

Shares issued: 2021 - 2,246,982,842

 

 

  

2020 - 2,242,969,004

 

 

  

Retained earnings

 

162,086

 

162,717

Treasury stock - at cost

 

(169,404)

 

(169,339)

Shares: 2021 - 1,350,662,770

 

 

  

2020 - 1,350,315,580

 

 

  

Accumulated other comprehensive income/(loss)

 

(27,652)

 

(29,337)

Total IBM stockholders’ equity

 

21,942

 

20,597

Noncontrolling interests

 

125

 

129

Total equity

 

22,067

 

20,727

Total liabilities and equity

$

146,814

$

155,971

(Amounts may not add due to rounding.)

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

6

Table of Contents

INTERNATIONAL BUSINESS MACHINES CORPORATION

AND SUBSIDIARY COMPANIES

CONSOLIDATED STATEMENT OF CASH FLOWS

(UNAUDITED)