Separation of Kyndryl (Tables)

6 Months Ended

Jun. 30, 2022

Separation of Kyndryl

Schedule of discontinued operations

	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in millions)	2022		2021*		2022		2021*
Revenue	$	(11)	$	4,527	$	7	$	9,070
Cost of sales		(4)		3,375		17		6,741
Selling, general and administrative expense		73		485		66		972
RD&E and Other (income) and expense		0		26		(69)		55
Income/(loss) from discontinued operations before income taxes	$	(80)	$	641	$	(7)	$	1,302
Provision for/(benefit from) income taxes		(7)		126		(5)		235
Income/(loss) from discontinued operations, net of tax	$	(73)	$	515	$	(2)	$	1,067

* Excludes intercompany transactions between IBM and Kyndryl and general corporate overhead costs transferred to Kyndryl as discussed above.

	Six Months Ended June 30,
(Dollars in millions)	2022		2021
Net cash provided by/(used in) operating activities	$	—	$	1,465	*
Net cash provided by/(used in) investing activities		48		(321)

* Excludes intercompany transactions between IBM and Kyndryl and general corporate overhead costs transferred to Kyndryl as discussed above.